Greystone Housing Impact Investors (GHI) 10-K26 Feb 202019 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Cover [Abstract]
Entity Registrant Name	AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
Entity Central Index Key	0001059142
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-K
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Trading Symbol	ATAX
Title of each class	Beneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P.
Name of each exchange on which registered	NASDAQ
Entity Common Stock, Units Outstanding	0
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	000-24843
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 Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Public Float		$ 432,123,245
Documents Incorporated by Reference	None

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 42,308,153	$ 32,001,925
Restricted cash	877,828	1,266,686
Interest receivable, net	7,432,433	7,011,839
Mortgage revenue bonds held in trust, at fair value (Note 6)	743,587,715	645,258,873
Mortgage revenue bonds, at fair value (Note 6)	30,009,750	86,894,562
Public housing capital fund trust certificates, at fair value (Note 7)	43,349,357	48,672,086
Real estate assets: (Note 8)
Land and improvements	4,906,130	4,971,665
Buildings and improvements	72,011,533	71,897,070
Real estate assets before accumulated depreciation	76,917,663	76,868,735
Accumulated depreciation	(15,357,700)	(12,272,387)
Net real estate assets	61,559,963	64,596,348
Investments in unconsolidated entities (Note 9)	86,981,864	76,534,306
Property loans, net of loan loss allowance (Note 10)	7,999,094	15,961,012
Other assets (Note 12)	5,062,351	4,515,609
Total Assets	1,029,168,508	982,713,246
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 13)	9,036,167	7,543,822
Distribution payable	7,607,984	7,576,167
Unsecured lines of credit (Note 14)	13,200,000	35,659,200
Debt financing, net (Note 15)	536,197,421	505,663,565
Mortgages payable and other secured financing, net (Note 16)	26,802,246	27,454,375
Total Liabilities	592,843,818	583,897,129
Commitments and Contingencies (Note 18)
Redeemable Series A Preferred Units, approximately $94.5 million redemption value, 9.5 million issued and outstanding, net (Note 19)	94,386,427	94,350,376
Partnersʼ Capital:
General Partner (Note 1)	735,128	344,590
Beneficial Unit Certificates ("BUCs," Note 1)	341,203,135	304,121,151
Total Partnersʼ Capital	341,938,263	304,465,741
Total Liabilities and Partnersʼ Capital	$ 1,029,168,508	$ 982,713,246

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Redeemable preferred units redemption value	$ 94.5	$ 94.5
Redeemable preferred units, issued	9.5	9.5
Redeemable preferred units, outstanding	9.5	9.5

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Property revenues	$ 8,081,029	$ 9,074,805
Investment income	50,222,435	51,479,641
Contingent interest income	3,045,462	9,322,849
Other interest income	851,123	7,636,226
Other income	117,964	3,842,055
Total revenues	62,318,013	81,355,576
Expenses:
Real estate operating (exclusive of items shown below)	4,473,558	5,300,296
Impairment of securities		1,141,020
Impairment charge on real estate assets	75,000	150,000
Depreciation and amortization	3,091,417	3,556,265
Interest expense	24,717,294	24,863,056
General and administrative	15,564,403	13,082,023
Total expenses	47,921,672	48,092,660
Other Income:
Gain on sales of real estate assets, net		4,051,429
Gain on sale of investments in unconsolidated entities	16,141,797	2,904,087
Income before income taxes	30,538,138	40,218,432
Income tax expense (benefit)	45,987	(921,097)
Net income	30,492,151	41,139,529
Redeemable Series A Preferred Unit distributions and accretion	(2,871,051)	(2,871,050)
Net income available to Partners	27,621,100	38,268,479
Net income available to Partners allocated to:
General Partner	2,102,874	2,285,943
Net income available to Partners and noncontrolling interest	$ 27,621,100	$ 38,268,479
BUC holders' interest in net income per BUC, basic and diluted	$ 0.42	$ 0.60
Weighted average number of BUCs outstanding, basic	60,551,775	60,028,120
Weighted average number of BUCs outstanding, diluted	60,551,775	60,028,120
Beneficial Unit Certificate Holders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 25,423,398	$ 35,755,806
Restricted Unitholders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 94,828	$ 226,730

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
Consolidated Statements of Comprehensive Income - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Net income	$ 30,492,151	$ 41,139,529
Unrealized loss on bond purchase commitments		(3,002,540)
Comprehensive income	70,822,786	24,493,741
Accumulated Other Comprehensive Income (Loss) [Member]
Net income	30,492,151	41,139,529
Reversal of net unrealized losses on securities with other-than-temporary impairment		525,446
Unrealized gain (loss) on securities	$ 40,330,635	(14,168,694)
Unrealized loss on bond purchase commitments		(3,002,540)
Commitments [Member] \| Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized loss on bond purchase commitments		$ (3,002,540)

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - USD ($)	Total	Tier 2 [Member]	Tier 3 [Member]	General Partner [Member]	General Partner [Member]Tier 2 [Member]	BUCs - Restricted and Unrestricted [Member]	BUCs - Restricted and Unrestricted [Member]Tier 2 [Member]	BUCs - Restricted and Unrestricted [Member]Tier 3 [Member]	Number of BUCs - Restricted and Unrestricted [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2017	$ 313,840,270			$ 437,256		$ 313,403,014				$ 75,623,830
Partners' Capital Account, Units at Dec. 31, 2017									60,373,674
Cumulative effect of accounting change (Note 2)	(216,948)			(2,169)		(214,779)
Distributions paid or accrued:
Regular distribution	(16,608,950)			(166,089)		(16,442,861)
Distribution of Tier 2 and Tier 3 income (Note 3)		$ (8,248,474)	$ (7,637,602)		$ (2,062,118)		$ (6,186,356)	$ (7,637,602)
Net income allocable to Partners	38,268,479			2,285,943		35,982,536
Sale of Beneficial Unit Certificates, net of issuance costs, value	1,953,829					1,953,829
Sale of Beneficial Unit Certificates, net of issuance costs, unit									349,136
Repurchase of BUCs, Value	(1,697,613)					(1,697,613)
Repurchase of BUCs, Units									(268,575)
Restricted units awarded									309,212
Restricted units compensation expense	1,822,525			18,225		1,804,300
Restricted units forfeited									(6,957)
BUCs surrendered to pay tax withholding on vested restricted units	(363,987)					(363,987)
BUCs surrendered to pay tax withholding, Units									(65,023)
Unrealized gain (loss) on securities	(14,168,694)			(141,687)		(14,027,007)				(14,168,694)
Unrealized loss on bond purchase commitments	(3,002,540)			(30,025)		(2,972,515)				(3,002,540)
Reversal of net unrealized loss on securities with other-than-temporary impairment	525,446			5,254		520,192				525,446
Balance at Dec. 31, 2018	304,465,741			344,590		304,121,151				58,978,042
Partners' Capital Account, Units at Dec. 31, 2018									60,691,467
Cumulative effect of accounting change (Note 2)	(212)			(2)		(210)
Distributions paid or accrued:
Regular distribution	(13,379,769)			(133,799)		(13,245,970)
Distribution of Tier 2 and Tier 3 income (Note 3)		$ (8,072,809)	$ (11,081,091)		$ (2,018,202)		$ (6,054,607)	$ (11,081,091)
Net income allocable to Partners	27,621,100			2,102,874		25,518,226
Restricted units awarded									353,197
Restricted units compensation expense	3,636,091			36,361		3,599,730
BUCs surrendered to pay tax withholding on vested restricted units	(1,581,423)					(1,581,423)
BUCs surrendered to pay tax withholding, Units									(209,460)
Unrealized gain (loss) on securities	40,330,635			403,306		39,927,329				40,330,635
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

Consolidated Statements of Pa_2

Consolidated Statements of Partners' Capital (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Regular distributions paid or accrued	$ 0.50	$ 0.50
Tier 2 [Member]
Distributions paid or accrued of tier 2 and tier 3	0.50	0.50
Tier 3 [Member]
Distributions paid or accrued of tier 2 and tier 3	$ 0.50	$ 0.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 30,492,151	$ 41,139,529
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	3,091,417	3,556,265
Gain on sale of real estate assets, net		(4,051,429)
Gain on sale of investment in an unconsolidated entity	(16,141,797)	(2,904,087)
Contingent interest realized on investing activities	(3,045,462)	(9,322,849)
Impairment of securities		1,141,020
Impairment charge on real estate assets	75,000	150,000
Loss (gain) on derivatives, net of cash paid	615,722	(856,264)
Restricted unit compensation expense	3,636,091	1,822,525
Bond premium/discount amortization	(135,648)	(67,596)
Debt premium amortization	(18,513)
Amortization of deferred financing costs	1,713,534	1,673,044
Deferred income tax expense (benefit) & income tax payable/receivable	(29,343)	(957,501)
Change in preferred return receivable from unconsolidated entities, net	(2,246,395)	(3,498,255)
Changes in operating assets and liabilities
Increase in interest receivable	(420,594)	(470,707)
(Increase) decrease in other assets	672,803	(870,098)
Decrease in accounts payable and accrued expenses	(264,717)	(818,176)
Net cash provided by operating activities	17,994,249	25,665,421
Cash flows from investing activities:
Capital expenditures	(126,732)	(532,977)
Proceeds from sale of MF Properties		13,450,000
Proceeds from sale of investment in an unconsolidated entity	33,215,533	11,002,761
Acquisition of mortgage revenue bonds	(19,250,000)	(41,708,000)
Contributions to unconsolidated entities	(25,274,899)	(38,646,325)
Principal payments received on taxable mortgage revenue bonds	53,086	979,808
Cash paid for land held for development and deposits on potential purchases		(2,764,403)
Advances on property loans	(405,717)	(66,652)
Principal payments received on property loans and contingent interest	11,413,098	18,696,269
Net cash provided by investing activities	23,192,923	49,118,433
Cash flows from financing activities:
Distributions paid	(35,336,852)	(36,161,829)
Repurchase of BUCs		(1,697,613)
Proceeds from the sale of BUCs		2,033,731
Payment of offering costs related to the sale of BUCs		(40,703)
Payment of tax withholding related to restricted unit awards	(1,581,423)	(363,987)
Proceeds from debt financing	122,921,712	238,920,000
Principal payments on debt financing	(92,811,848)	(292,601,847)
Principal payments on mortgages payable	(739,897)	(8,215,176)
Principal borrowing on unsecured lines of credit	23,200,000	52,708,000
Principal payments on unsecured lines of credit	(45,659,200)	(67,048,800)
Increase (decrease) in security deposit liability related to restricted cash	(22,199)	19,213
Debt financing and other deferred costs	(1,240,095)	(649,561)
Net cash used in financing activities	(31,269,802)	(113,098,572)
Net increase (decrease) in cash, cash equivalents and restricted cash	9,917,370	(38,314,718)
Cash, cash equivalents and restricted cash at beginning of period	33,268,611	71,583,329
Cash, cash equivalents and restricted cash at end of period	43,185,981	33,268,611
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	22,084,197	23,534,203
Cash paid during the period for income taxes	340,374	180,476
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner	7,607,984	7,576,167
Distributions declared but not paid for Series A Preferred Units	708,750	708,750
Land contributed as investment in an unconsolidated entity		2,879,473
Capital expenditures financed through accounts payable		43,673
Deferred financing costs financed through accounts payable	73,724
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Principal payments received	6,300,042	701,614
Mortgage Revenue Bonds and Contingent Interest [Member]
Cash flows from investing activities:
Principal payments received	$ 17,268,512	$ 88,006,338

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 42,308,153	$ 32,001,925
Restricted cash	877,828	1,266,686
Total cash, cash equivalents and restricted cash	$ 43,185,981	$ 33,268,611

Basis of Presentation

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2019
Basis Of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation America First Multifamily Investors, L.P. (the “Partnership”) was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act for the purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds (“MRBs”) that have been issued to provide construction and/or permanent financing for affordable multifamily and student housing residential properties (collectively “Residential Properties”) and commercial properties. The Partnership expects and believes the interest earned on these MRBs is excludable from gross income for federal income tax purposes. The Partnership may also invest in other types of securities that may or may not be secured by real estate and may make property loans to multifamily residential properties which may or may not be financed by MRBs held by the Partnership. The Partnership may acquire real estate securing its MRBs or property loans through foreclosure in the event of a default or through the receipt of a fee simple deed in lieu of foreclosure. In addition, the Partnership may acquire interests in multifamily, student and senior citizen residential properties (“MF Properties”) in order to position itself for future investments in MRBs that finance these properties or to operate the MF Properties until their “highest and best use” can be determined by management. The Partnership’s sole general partner is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”). The general partner of AFCA 2 is Greystone AF Manager LLC (“Greystone Manager”), a wholly owned subsidiary 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 Partnerships’ First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as further amended (the “Partnership Agreement”). The Series A Preferred Units are redeemable in the future and represent limited partnership interests in the Partnership pursuant to subscription agreements with five financial institutions (see Note 19). The holders of the BUCs and Series A Preferred Units are referred to herein as “Unitholders.” All disclosures of the number of rental units for properties related to MRBs, taxable MRBs and MF Properties are unaudited.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2019
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes the Partnership, 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 Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to loan money or provide equity for the development of multifamily properties; • One wholly owned corporation (“the Greens Hold Co”). The Greens Hold Co owns 100% of The 50/50 MF Property and certain property loans as of December 31, 2019; • The Suites on Paseo MF Property, a real estate asset, is owned directly by the Partnership; and • The Partnership owned, through a wholly owned subsidiary, 100% of the Jade Park MF Property until selling the property in September 2018. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary. Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining: (i) the fair value of MRBs and Public Housing Capital Fund Trusts Certificates (“PHC Certificates”); (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for loan losses. Variable Interest Entities Under the accounting guidance for consolidation, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are VIEs and if the Partnership is the primary beneficiary. The entity that is deemed to have: (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it must consolidate the VIEs in its consolidated financial statements. The Partnership has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Partnership’s consolidated financial statements, all transactions and accounts between the Partnership and the consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. The Partnership does not believe that the consolidation of VIEs for reporting under GAAP impacts its status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership. In addition, the consolidation of VIEs is not expected to impact the treatment of the MRBs owned by consolidated VIEs, the tax-exempt nature of the interest payments on secured debt financings, or the manner in which the Partnership’s income is reported to Unitholders on IRS Schedule K-1. Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased. Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at three financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances have exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s short-term investment portfolio being restricted to investment grade securities. Restricted Cash Restricted cash is legally restricted as to its use and is comprised of resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities. Restricted cash is presented with cash and cash equivalents on the Partnership’s consolidated statement of cash flows. Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds The Partnership accounts for its investments in MRBs and taxable MRBs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership periodically reviews its MRBs and taxable MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including: • The duration and severity of the decline in fair value; • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers; • Adverse conditions specifically related to the security, its collateral, or both; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make payments; • Failure of the issuer to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost, if the Partnership has the intent to sell or may be required to sell the security prior to the time that the value recovers or until maturity, and whether the Partnership expects to recover the security’s entire amortized cost basis. The recognition of other-than-temporary impairment 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 consolidated financial statements. If the Partnership experiences deterioration in the values of its investment portfolio, the Partnership may incur impairments to its investment portfolio that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. There were no impairment charges reported by the Partnership related to MRBs or taxable MRBs during the years ended December 31, 2019 and 2018. Investment in Public Housing Capital Fund Trust Certificates The Partnership accounts for its investments in PHC Certificates under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the certificates, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of the PHC Certificates. The Partnership periodically reviews the PHC Certificates for impairment. The Partnership evaluates whether declines in the fair value of the investments below amortized cost are other-than temporary. Factors considered include: • The duration and severity of the decline in fair value of the security; • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers; • Potential changes in HUD appropriations to local housing authorities; • A downgrade in the security’s rating by Standard & Poor’s; and • The volatility of the fair value of the security. See Note 7 for information on recognized impairments of the PHC Certificates. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily and student housing residential apartment buildings, and five to 15 years on capital improvements. Depreciation expense is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gains and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets for impairment at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. See Note 8 for information on recognized impairments of the real estate assets. Investments in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited membership interests using The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Factors considered include: • The absence of an ability to recover the carrying amount of the investment; • The inability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment; or • Estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment of whether a decline in value is other than temporary is based on the Partnership’s ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered other than temporary, an impairment charge would be recorded equal to the excess of the carrying value over the estimated fair value of the investment. The Partnership earns a return on its investments in unconsolidated entities that is guaranteed by an unrelated third party, which is also an affiliate of the unconsolidated entities. Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily properties. Most of the property loans have been made to multifamily properties that secure MRBs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these property loans and accrued interest is dependent largely on the cash flows or proceeds upon sale of the related property. The Partnership periodically evaluates these loans for potential impairment by estimating the fair value of the related property and comparing the fair value to the outstanding MRBs or senior financing plus the Partnership’s property loans. The Partnership utilizes a discounted cash flow model that considers varying assumptions. The discounted cash flow analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the related property, after deducting the amortized cost basis of the MRB or senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. See Note 10 for additional information on the Partnership’s property loan loss allowances. Accounting for TOB, Term TOB, Term A/B and TEBS Financing Arrangements The Partnership has evaluated the accounting guidance related its TOB (“Tender Option Bond”), Term TOB, Term A/B and TEBS Financings and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and therefore are accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets. The financing agreements contain certain provisions that allow the Partnership to unilaterally cause the holder to return the securitized assets, other than through a cleanup call. Based on these terms, the Partnership has concluded that the Partnership has not transferred effective control over the transferred assets and, as such, the transactions do not meet the conditions to de-recognize the transferred assets. In addition, the Partnership has evaluated the securitization trusts associated with the TOB, Term TOB, Term A/B and TEBS Financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts in the Partnership’s consolidated financial statements. The Partnership recognizes interest expense for fixed-rate TEBS Financings with escalating stated interest rates using the effective interest method over the estimated term of the arrangement. Deferred Financing Costs Debt financing costs are capitalized and amortized using the effective interest method through either the stated maturity date or the optional redemption date of the related debt financing agreement. Debt financing costs associated with revolving line of credit (“LOC”) arrangements are reported within “Other assets” on the Partnership’s consolidated balance sheets. Deferred financing costs associated with debt financing arrangements are reported as reductions to the carrying value of the related debt financing arrangements on the Partnership’s consolidated balance sheets. Income Taxes No provision has been made for income taxes of the Partnership because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. The Partnership pays franchise margin taxes on revenues in certain jurisdictions relating to property loans and investments in unconsolidated entities. The Greens Hold Co is subject to federal and state income taxes. The Partnership recognizes income tax expense or benefit for the federal and state income taxes incurred by this entity in its consolidated financial statements. The Partnership evaluates the tax positions it takes in its consolidated financial statements under the accounting guidance for uncertain tax positions. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. The Partnership accrues interest and penalties, if any, and reports them within “Income tax expense” on the Partnership’s consolidated statements of operations. Deferred income tax expense or benefit, is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes), such as depreciation, amortization of financing costs, etc. and the utilization of tax net operating losses (“NOLs”). The Partnership values its deferred tax assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Partnership records a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred income tax expense. Investment Income from Investments in Mortgage Revenue Bonds The interest income received by the Partnership from its MRBs is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing MRBs is recognized as it is earned. Current and past due base interest income on MRBs not fully performing is recognized as it is received. The Partnership reinstates the accrual of base interest once the MRBs’ ability to perform is adequately demonstrated. Base interest income related to MRBs and taxable MRBs is reported within “Investment income” and “Other interest income”, respectively, on the Partnership’s consolidated statements of operations. Certain MRBs contain contingent interest provisions that may generate excess available cash flow. Contingent interest income is recognized when realized or realizable. Past due contingent interest on MRBs, which are or were previously not fully performing, is recognized when realized or realizable. As of December 31, 2019 and 2018, the Partnership’s MRBs were fully performing as to their base interest. As of December 31, 2019, there were no MRBs outstanding that included contingent interest provisions. Premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Discounts on MRB investments are amortized as a yield adjustment to the stated maturity date. Amortization of premiums and discounts is reported within “Investment income” on the Partnership’s consolidated statements of operations. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the period to the stated maturity of the related MRBs. Bond issuance costs are reported as an adjustment to the carrying cost of the related MRB on the Partnership’s consolidated balance sheets. Investment Income from PHC Certificates Interest income on the PHC Certificates is recognized as it is earned. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at discounts to par value. The premiums and discounts are amortized using the effective yield method over the term of the related PHC Certificate and amortization is reported within “Investment income” on the Partnership’s consolidated statements of operations. Derivative Instruments and Hedging Activities The Partnership reports all interest rate derivatives in its consolidated balance sheets at fair value. The Partnership’s derivative instruments are not designated as hedging instruments and changes in fair value are reported within “Interest expense” on the Partnership’s consolidated statements of operations. The Partnership is exposed to loss should a counterparty to its interest rate derivative agreements default. The Partnership does not anticipate non-performance by any counterparty. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units representing limited partnership interests in the Partnership to various financial institutions. The Series A Preferred Units are recorded as mezzanine equity due to the holders’ redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. The costs of issuing the Series A Preferred Units are been netted against the carrying value of the Series A Preferred Units and are being amortized to the first redemption date. Beneficial Unit Certificates (“BUCs”) The Partnership has issued BUCs representing assigned limited partnership interests to investors. Costs related to the issuance of BUCs are recorded as a reduction to partners’ capital when issued. Restricted Unit Awards (“RUA” or “RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the BUC holders in September 2015, permits the grant of RUAs and other awards to the employees of Greystone Manager, or any affiliate, who performs services for Greystone Manager, the Partnership or an affiliate, and members of Greystone Manager’s Board of Managers for up to 3.0 million BUCs. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. RUAs typically provide for the payment of distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control, or upon death or disability of the participant. The Partnership accounts for forfeitures as they occur. 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 Partnership accounts for modifications to RUAs as they occur, if the fair value of the RUAs change, there are changes to vesting conditions or the awards no longer qualify for equity classification. Net Income per BUC The Partnership uses the two-class method to allocate net income available to the BUCs, and to the unvested RUAs as the RUAs are participating securities. Unvested RUAs are included with BUCs for the calculation of diluted net income per BUC using the treasury stock method, if the treasury stock method is more dilutive than the two-class method. Lease Accounting On January 1, 2019, the Partnership adopted the lease guidance in Accounting Standards Codification (“ASC”) 842. The Partnership adopted ASC 842 at the required adoption date of January 1, 2019, using the transition method that allowed the Partnership to initially apply ASC 842 as of January 1, 2019 and recognize a cumulative-effect adjustment to the opening balance of partners’ capital in the period of adoption. No changes have been made to the Partnership’s consolidated financial statements dated prior to January 1, 2019. Lessee Operating Leases. The Partnership’s lessee ROU assets are reported within “Other assets” on the Partnership’s consolidated balance sheet (see Note 12). The Partnership’s lessee operating lease liabilities are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheet (see Note 13). See Note 13 for additional information on the Partnership’s ground lease. Lessor Operating Leases. Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. For the year ended December 31, 2019, the Partnership is reporting the amortization of deferred financing costs within “Interest expense” on the Partnership’s consolidated statements of operations. Previously, “Amortization of deferred financing costs” had been reported as a separate expense line item on the Partnership’s consolidated statement of operations. Accordingly, for the year ended December 31, 2018, the Partnership has included the amortization of deferred financing costs expense within “Interest expense” in conformity with the current reporting period presented herein. This reclassification has no effect on the Partnership’s reported “Net income” or “Partners’ capital” in the Partnership’s consolidated financial statements for the periods presented. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued 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, PHC Certificates, and taxable MRBs. In November 2019, the FASB issued ASU 2019-10 which amended the mandatory effective dates of certain ASUs, including ASU 2016-13, based on an entity’s filing status. As a smaller reporting company, the Partnership’s mandatory effective date for ASU 2016-13 is now January 1, 2023, and the Partnership has elected to defer adoption until that date. The delay in implementing ASU 2016-13 will allow the Partnership to take advantage of any additional guidance that may come out from the FASB on implementing ASU 2016-13. The effective date may be sooner if the Partnership becomes an accelerated filer in the future. Prior to the issuance of ASU 2019-10, the Partnership had completed an initial assessment of the items that are within the scope of ASU 2016-13. Furthermore, the Partnership began developing data collection processes, assessment procedures and internal controls required to implement ASU 2016-13. The Partnership will continue to develop data collection processes, assessment procedures and internal controls that will be required when it does implement ASU 2016-13, and to evaluate the impact on the Partnership’s consolidated financial statements.

Partnership Income, Expenses an

Partnership Income, Expenses and Cash Distributions	12 Months Ended
Partnership Income, Expenses and Cash Distributions	Dec. 31, 2019
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. The distributions paid or accrued per BUC during the fiscal years ended December 31, 2019 and 2018 were as follows: For the Years Ended December 31, 2019 2018 Cash distributions $ 0.5000 $ 0.5000

Net Income per BUC

Net Income per BUC	12 Months Ended
Net Income per BUC	Dec. 31, 2019
Earnings Per Share [Abstract]
Net Income per BUC	4. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC on the Partnership’s consolidated statements of operations. The unvested RUAs issued under the Partnership’s 2015 Equity Incentive Plan (the “2015 Plan”) are considered participating securities. There were no dilutive BUCs for the years ended December 31, 2019 and 2018.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	5. Variable Interest Entities Consolidated VIEs The Partnership has determined the TOB, Term TOB, Term A/B and TEBS Financings are VIEs and the Partnership is the primary beneficiary. In determining the primary beneficiary of each VIE, the Partnership considered which party has the power to control the activities of the VIE which most significantly impact its financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The executed agreements related to the TOB, Term TOB, Term A/B and TEBS Financings stipulate the Partnership has the sole right to cause the trusts to sell the underlying assets. If the underlying assets were sold, the extent to which the VIEs will be exposed to gains or losses would result from decisions made by the Partnership. As the primary beneficiary, the Partnership reports the TOB, Term TOB, Term A/B and TEBS Financings on a consolidated basis. The Partnership reports the senior Floater Certificates related to the TOB Financings, and the Class A Certificates related to the Term TOB, Term A/B and TEBS Financings as secured debt financings on the Partnership’s consolidated balance sheets (see Note 15). The MRBs secured by the TOB, Term TOB, Term A/B and TEBS Financings, and the PHCs secured by the TOB Financings, are reported as assets on the Partnership’s consolidated balance sheets (see Notes 6 and 7). Non-Consolidated VIEs The Partnership has variable interests in various entities in the form of MRBs, property loans and investments in unconsolidated entities. These variable interests do not allow the Partnership to direct the activities that most significantly impact the economic performance of such VIEs. As a result, the Partnership is not considered the primary beneficiary and does not consolidate the financial statements of these VIEs in the Partnership’s consolidated financial statements. The Partnership held variable interests in 17 non-consolidated VIEs as of December 31, 2019 and 2018. The following table summarizes the Partnership’s variable interests in these entities as of December 31, 2019 and 2018: Maximum Exposure to Loss December 31, 2019 December 31, 2018 Mortgage revenue bonds $ 30,455,000 $ 51,791,000 Property loans - 8,367,635 Investment in unconsolidated entities 86,981,864 76,534,306 $ 117,436,864 $ 136,692,941 The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns. The difference between a MRB’s carrying value on the Partnership’s 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 property loans is equal to the unpaid principal balance plus accrued interest. The difference between a property loan’s carrying value and the maximum exposure is the value of a loan loss allowance, if any, that has been recorded against the property loan. The maximum exposure to loss for investments in unconsolidated entities is equal to the Partnership’s carrying value.

Investments in Mortgage Revenue

Investments in Mortgage Revenue Bonds	12 Months Ended
Investments in Mortgage Revenue Bonds	Dec. 31, 2019
Investments In Mortgage Revenue Bonds [Abstract]
Investments in Mortgage Revenue Bonds	6. Investments in Mortgage Revenue Bonds The Partnership owns MRBs that were issued by state and local governments, their agencies and authorities to finance the construction or rehabilitation of income-producing real estate properties. However, the MRBs do not constitute an obligation of any state or local government, agency or authority and no state or local government, agency or authority is liable on them, nor is the taxing power of any state or local government pledged to the payment of principal or interest on the MRBs. The MRBs are non-recourse obligations of the respective owners of the properties. The sole source of the funds to pay principal and interest on the MRBs is the net cash flow or the sale or refinancing proceeds from the properties. Each MRB is collateralized by a mortgage on all real and personal property included in the related property. The MRBs bear interest at a fixed rate and certain MRBs may provide for the payment of additional contingent interest that is payable from available net cash flow generated by the related property. There were no outstanding MRBs with contingent interest provisions as of December 31, 2019. The following tables present information regarding the MRBs owned by the Partnership as of December 31, 2019 and 2018: December 31, 2019 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (5) CA $ 10,147,686 $ 1,602,534 $ - $ 11,750,220 Glenview Apartments - Series A (4) CA 4,533,958 757,900 - 5,291,858 Harmony Court Bakersfield - Series A (5) CA 3,699,987 549,211 - 4,249,198 Harmony Terrace - Series A (5) CA 6,849,214 1,121,262 - 7,970,476 Harden Ranch - Series A (3) CA 6,700,868 1,281,980 - 7,982,848 Las Palmas II - Series A (5) CA 1,679,022 263,441 - 1,942,463 Montclair Apartments - Series A (4) CA 2,456,298 446,558 - 2,902,856 Montecito at Williams Ranch Apartments - Series A (7) CA 7,681,146 1,580,303 - 9,261,449 San Vicente - Series A (5) CA 3,462,053 510,593 - 3,972,646 Santa Fe Apartments - Series A (4) CA 2,975,713 540,988 - 3,516,701 Seasons at Simi Valley - Series A (5) CA 4,282,477 860,856 - 5,143,333 Seasons Lakewood - Series A (5) CA 7,295,901 1,124,372 - 8,420,273 Seasons San Juan Capistrano - Series A (5) CA 12,283,916 1,893,075 - 14,176,991 Summerhill - Series A (5) CA 6,371,318 797,228 - 7,168,546 Sycamore Walk - Series A (5) CA 3,559,011 567,713 - 4,126,724 The Village at Madera - Series A (5) CA 3,060,177 454,240 - 3,514,417 Tyler Park Townhomes - Series A (3) CA 5,837,595 864,894 - 6,702,489 Vineyard Gardens - Series A (7) CA 3,995,000 815,213 - 4,810,213 Westside Village Market - Series A (3) CA 3,814,857 594,361 - 4,409,218 Brookstone (1) IL 7,406,755 2,194,994 - 9,601,749 Copper Gate Apartments (3) IN 5,005,000 682,497 - 5,687,497 Renaissance - Series A (4) LA 11,001,027 1,775,086 - 12,776,113 Live 929 Apartments (7), (8) MD 39,984,026 - (280,711 ) 39,703,315 Woodlynn Village (1) MN 4,172,000 44,510 - 4,216,510 Gateway Village (2) NC 2,600,000 509,901 - 3,109,901 Greens Property - Series A (3) NC 7,936,000 845,678 - 8,781,678 Lynnhaven Apartments (2) NC 3,450,000 393,686 - 3,843,686 Silver Moon - Series A (4) NM 7,762,116 1,166,748 - 8,928,864 Village at Avalon - Series A (6) NM 16,302,038 3,131,843 - 19,433,881 Ohio Properties - Series A (1) OH 13,857,000 48,813 - 13,905,813 Bridle Ridge (1) SC 7,315,000 113,469 - 7,428,469 Columbia Gardens (5) SC 13,064,589 2,179,744 - 15,244,333 Companion at Thornhill Apartments (5) SC 11,178,557 1,709,040 - 12,887,597 Cross Creek (1) SC 6,143,976 2,507,072 - 8,651,048 Rosewood Townhomes - Series A (7) SC 9,280,000 316,916 - 9,596,916 South Pointe Apartments - Series A (7) SC 21,600,000 835,005 - 22,435,005 The Palms at Premier Park Apartments (3) SC 18,838,478 2,799,411 - 21,637,889 Village at River's Edge (5) SC 9,872,297 2,236,259 - 12,108,556 Willow Run (5) SC 12,884,191 2,100,598 - 14,984,789 Arbors at Hickory Ridge (3) TN 11,056,825 1,934,146 - 12,990,971 Pro Nova 2014-1 (2), (8) TN 10,022,352 - (372,169 ) 9,650,183 Avistar at Copperfield - Series A (2) TX 13,945,681 2,356,231 - 16,301,912 Avistar at the Crest - Series A (3) TX 9,252,257 1,715,456 - 10,967,713 Avistar at the Oaks - Series A (3) TX 7,475,794 1,336,580 - 8,812,374 Avistar at the Parkway - Series A (4) TX 12,854,039 2,065,468 - 14,919,507 Avistar at Wilcrest - Series A (2) TX 5,285,131 806,523 - 6,091,654 Avistar at Wood Hollow - Series A (2) TX 40,129,878 6,450,704 - 46,580,582 Avistar in 09 - Series A (3) TX 6,455,058 1,125,239 - 7,580,297 Avistar on the Boulevard - Series A (3) TX 15,762,217 2,648,781 - 18,410,998 Avistar on the Hills - Series A (3) TX 5,118,097 938,032 - 6,056,129 Bruton Apartments (5) TX 17,807,768 3,534,702 - 21,342,470 Concord at Gulfgate - Series A (5) TX 18,975,786 3,572,995 - 22,548,781 Concord at Little York - Series A (5) TX 13,293,436 2,624,054 - 15,917,490 Concord at Williamcrest - Series A (5) TX 20,592,957 3,971,001 - 24,563,958 Crossing at 1415 - Series A (5) TX 7,405,406 1,229,438 - 8,634,844 Decatur Angle (5) TX 22,455,747 4,198,200 - 26,653,947 Esperanza at Palo Alto (5) TX 19,356,959 4,111,518 - 23,468,477 Heights at 515 - Series A (5) TX 6,779,777 1,154,387 - 7,934,164 Heritage Square - Series A (4) TX 10,695,037 1,455,672 - 12,150,709 Oaks at Georgetown - Series A (5) TX 12,239,247 1,645,817 - 13,885,064 Runnymede (1) TX 9,925,000 80,343 - 10,005,343 Southpark (1) TX 11,548,337 2,334,262 - 13,882,599 15 West Apartments (5) WA 9,673,117 2,287,904 - 11,961,021 Mortgage revenue bonds held in trust $ 648,445,150 $ 95,795,445 $ (652,880 ) $ 743,587,715 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (6) MRB held by Morgan Stanley in a secured financing transaction, see Note 15 (7) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15 (8) As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months. December 31, 2019 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montevista - Series A & B CA $ 13,200,000 $ 1,654,870 $ - $ 14,854,870 Solano Vista - Series A & B CA 5,768,000 625,235 - 6,393,235 Greens Property - Series B NC 930,016 142,265 - 1,072,281 Ohio Properties - Series B OH 3,504,171 10,363 - 3,514,534 Rosewood Townhomes - Series B SC 470,000 1,685 - 471,685 South Pointe Apartments - Series B SC 1,100,000 2,952 - 1,102,952 Avistar at the Crest - Series B TX 740,876 94,819 - 835,695 Avistar at the Oaks - Series B TX 542,170 65,455 - 607,625 Avistar at the Parkway - Series B TX 124,305 38,045 - 162,350 Avistar in 09 - Series B TX 447,241 53,995 - 501,236 Avistar on the Boulevard - Series B TX 440,231 53,056 - 493,287 Mortgage revenue bonds held by the Partnership $ 27,267,010 $ 2,742,740 $ - $ 30,009,750 December 31, 2018 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (5) CA $ 10,230,000 $ 954,573 $ - $ 11,184,573 Glenview Apartments - Series A (4) CA 4,581,930 524,024 - 5,105,954 Harmony Court Bakersfield - Series A (5) CA 3,730,000 312,844 - 4,042,844 Harmony Terrace - Series A (5) CA 6,900,000 647,686 - 7,547,686 Harden Ranch - Series A (3) CA 6,775,508 1,007,557 - 7,783,065 Las Palmas II - Series A (5) CA 1,692,774 141,187 - 1,833,961 Montclair Apartments - Series A (4) CA 2,482,288 246,752 - 2,729,040 Montecito at Williams Ranch Apartments - Series A (2) CA 7,690,000 973,133 - 8,663,133 San Vicente - Series A (5) CA 3,490,410 291,121 - 3,781,531 Santa Fe Apartments - Series A (4) CA 3,007,198 401,203 - 3,408,401 Seasons at Simi Valley - Series A (5) CA 4,325,536 655,326 - 4,980,862 Seasons Lakewood - Series A (5) CA 7,350,000 654,929 - 8,004,929 Seasons San Juan Capistrano - Series A (5) CA 12,375,000 1,102,687 - 13,477,687 Summerhill - Series A (5) CA 6,423,000 508,639 - 6,931,639 Sycamore Walk - Series A (5) CA 3,598,006 363,405 - 3,961,411 The Village at Madera - Series A (5) CA 3,085,000 229,934 - 3,314,934 Tyler Park Townhomes - Series A (3) CA 5,903,368 731,073 - 6,634,441 Vineyard Gardens - Series A (2) CA 3,995,000 534,351 - 4,529,351 Westside Village Market - Series A (3) CA 3,857,839 483,436 - 4,341,275 Brookstone (1) IL 7,432,076 1,956,010 - 9,388,086 Copper Gate Apartments (3) IN 5,055,000 643,012 - 5,698,012 Renaissance - Series A (4) LA 11,123,800 1,383,680 - 12,507,480 Live 929 Apartments (2) MD 40,240,405 2,873,978 - 43,114,383 Woodlynn Village (1) MN 4,221,000 34,155 - 4,255,155 Greens Property - Series A (3) NC 8,032,000 818,686 - 8,850,686 Silver Moon - Series A (4) NM 7,822,610 778,940 - 8,601,550 Ohio Properties - Series A (1) OH 13,989,000 241,675 - 14,230,675 Bridle Ridge (1) SC 7,395,000 90,349 - 7,485,349 Columbia Gardens (5) SC 13,222,480 1,396,828 - 14,619,308 Companion at Thornhill Apartments (5) SC 11,294,928 1,148,219 - 12,443,147 Cross Creek (1) SC 6,143,919 2,540,949 - 8,684,868 The Palms at Premier Park Apartments (3) SC 19,044,617 2,194,791 - 21,239,408 Village at River's Edge (5) SC 9,938,059 1,421,114 - 11,359,173 Willow Run (5) SC 13,040,029 1,375,542 - 14,415,571 Arbors at Hickory Ridge (3) TN 11,194,690 1,399,461 - 12,594,151 Pro Nova 2014-1 (2) TN 10,027,413 19,710 - 10,047,123 Avistar at Copperfield - Series A (2) TX 10,000,000 589,196 - 10,589,196 Avistar at the Crest - Series A (3) TX 9,357,374 1,036,288 - 10,393,662 Avistar at the Oaks - Series A (3) TX 7,558,240 706,970 - 8,265,210 Avistar at the Parkway - Series A (4) TX 13,114,418 1,232,292 - 14,346,710 Avistar at Wilcrest - Series A (2) TX 3,775,000 206,263 - 3,981,263 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,624,687 - 33,474,687 Avistar in 09 - Series A (3) TX 6,526,247 525,939 - 7,052,186 Avistar on the Boulevard - Series A (3) TX 15,941,296 1,628,269 - 17,569,565 Avistar on the Hills - Series A (3) TX 5,221,971 557,084 - 5,779,055 Bruton Apartments (5) TX 17,933,482 2,046,056 - 19,979,538 Concord at Gulfgate - Series A (5) TX 19,144,400 2,222,555 - 21,366,955 Concord at Little York - Series A (5) TX 13,411,558 1,617,217 - 15,028,775 Concord at Williamcrest - Series A (5) TX 20,775,940 2,505,243 - 23,281,183 Crossing at 1415 - Series A (5) TX 7,474,716 600,738 - 8,075,454 Decatur Angle (5) TX 22,630,276 1,945,516 - 24,575,792 Esperanza at Palo Alto (5) TX 19,487,713 2,350,453 - 21,838,166 Heights at 515 - Series A (5) TX 6,843,232 722,522 - 7,565,754 Heritage Square - Series A (4) TX 10,958,661 893,881 - 11,852,542 Oaks at Georgetown - Series A (5) TX 12,330,000 693,579 - 13,023,579 Runnymede (1) TX 10,040,000 64,280 - 10,104,280 Southpark (1) TX 11,623,649 2,482,923 - 14,106,572 15 West Apartments (5) WA 9,737,418 1,480,489 - 11,217,907 Mortgage revenue bonds held in trust $ 586,445,474 $ 58,813,399 $ - $ 645,258,873 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 December 31, 2018 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series B CA $ 6,228,000 $ 2,450 $ - $ 6,230,450 Seasons San Juan Capistrano - Series B (1) CA 5,574,000 - (1,078 ) 5,572,922 Solano Vista - Series A & B CA 5,768,000 - - 5,768,000 Greens Property - Series B NC 933,928 149,789 - 1,083,717 Village at Avalon - Series A NM 16,400,000 1,408,802 - 17,808,802 Ohio Properties - Series B OH 3,520,900 51,334 - 3,572,234 Rosewood Townhomes - Series A & B (1) SC 9,750,000 - (644,962 ) 9,105,038 South Pointe Apartments - Series A & B (1) SC 22,700,000 - (1,411,986 ) 21,288,014 Avistar at Copperfield - Series B TX 4,000,000 11,730 - 4,011,730 Avistar at the Crest - Series B TX 745,358 50,965 - 796,323 Avistar at the Oaks - Series B TX 545,321 28,738 - 574,059 Avistar at the Parkway - Series B TX 124,600 32,220 - 156,820 Avistar at Wilcrest - Series B TX 1,550,000 4,013 - 1,554,013 Avistar at Wood Hollow - Series B TX 8,410,000 23,940 - 8,433,940 Avistar in 09 - Series B TX 449,841 18,742 - 468,583 Avistar on the Boulevard - Series B TX 442,894 27,023 - 469,917 Mortgage revenue bonds held by the Partnership $ 87,142,842 $ 1,809,746 $ (2,058,026 ) $ 86,894,562 (1) As of the date presented, the MRBs had been in a cumulative unrealized loss for less than 12 consecutive months. See Note 23 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership’s consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. Cumulative unrealized loss positions on MRBs are not considered credit losses as of December 31, 2019. The cumulative unrealized loss for the Pro Nova 2014-1 MRB, related to a commercial property, as of December 31, 2019, is a result of fluctuations in market interest rates and comparable trades of MRBs for similar commercial properties. As of December 31, 2019, the MRB is current on all principal and interest payments. Due to the historical volatility of the fair value of this MRB, the cumulative unrealized loss is considered temporary. The cumulative unrealized loss for the Live 929 Apartments MRB as of December 31, 2019, is due to recent operational results and debt service coverage declines. A forbearance agreement was executed in January 2020 to forbear certain default provisions under the MRB. As of December 31, 2019, the MRB is current on all principal and interest payments. The Partnership has evaluated the operational results and loan-to-collateral value ratio for the property underlying this MRB and has determined that the cumulative unrealized loss is temporary. MRB Activity in 2019: Acquisitions: The following MRBs were acquired during the year ended December 31, 2019: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Gateway Village February Durham, NC 64 4/1/2032 6.10 % $ 2,600,000 Lynnhaven Apartments February Durham, NC 75 4/1/2032 6.10 % 3,450,000 Montevista - Series A June San Pablo, CA 82 7/1/2036 5.75 % 6,720,000 Montevista - Series B June San Pablo, CA 82 7/1/2021 5.75 % 6,480,000 $ 19,250,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2019: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Seasons San Juan Capistrano - Series B January San Juan Capistrano, CA 112 1/1/2019 8.00 % $ 5,574,000 Courtyard - Series B April Fullerton, CA 108 6/1/2019 8.00 % 6,228,000 $ 11,802,000 Restructurings: The following MRBs were restructured during the year ended December 31, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows: Property Name Month Restructured Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Avistar at Copperfield - Series B May Houston, TX 192 6/1/2054 12.00 % $ 4,000,000 Avistar at Wilcrest - Series B May Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series B May Austin, TX 409 6/1/2054 12.00 % 8,410,000 $ 13,960,000 MRB Activity in 2018: Acquisitions: The following MRBs were acquired during the year ended December 31, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Esperanza at Palo Alto (1) May San Antonio, TX 322 7/1/2058 5.80 % $ 19,540,000 Solano Vista - Series A December Vallejo, CA 96 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B December Vallejo, CA 96 1/1/2021 5.85 % 3,103,000 Village at Avalon (1) December Albuquerque, NM 240 1/1/2059 5.80 % 16,400,000 $ 41,708,000 (1) Previously reported bond purchase commitment that converted to an MRB. Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2018: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Sycamore Walk - Series B January Bakersfield, CA 112 1/1/2018 8.00 % $ 1,815,000 Seasons Lakewood - Series B March Lakewood, CA 85 1/1/2019 8.00 % 5,260,000 Summerhill - Series B March Bakersfield, CA 128 12/1/2018 8.00 % 3,372,000 Oaks at Georgetown - Series B April Georgetown, TX 192 1/1/2019 8.00 % 5,512,000 Seasons at Simi Valley - Series B April Simi Valley, CA 69 9/1/2018 8.00 % 1,944,000 San Vicente - Series B May Soledad, CA 50 11/1/2018 8.00 % 1,825,000 The Village at Madera - Series B May Madera, CA 75 12/1/2018 8.00 % 1,719,000 Las Palmas - Series B July Coachella, CA 81 11/1/2018 8.00 % 1,770,000 Harmony Terrace - Series B August Simi Valley, CA 136 1/1/2019 8.00 % 7,400,000 Lake Forest September Daytona Beach, FL 240 12/1/2031 6.25 % 8,397,000 Bella Vista October Gainesville, TX 144 4/1/2046 6.15 % 6,225,000 Montecito at Williams Ranch Apartments - Series B December Salinas, CA 132 10/1/2019 8.00 % 4,781,000 Vantage at Judson - Series B December San Antonio, TX 288 1/1/2053 6.00 % 25,908,568 Vineyard Gardens - Series B December Oxnard, CA 62 1/1/2020 5.50 % 2,846,000 $ 78,774,568 Upon redemption of the Lake Forest MRB, the Partnership realized contingent interest income of approximately $4.2 million, which is considered either Tier 2 or Tier 3 income (see Note 3). The Partnership also realized additional income due to the early redemption of the MRB of approximately $1.5 million. The additional income is reported within “Other income” on the Partnership’s consolidated statements of operations. Upon redemption of the Vantage at Judson Series B MRB, the Partnership realized additional income for the early redemption of the MRB of approximately $2.2 million. The additional income is reported within “Other income” on the Partnership’s consolidated statements of operations. Geographic Concentrations The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding: December 31, 2019 December 31, 2018 Texas 43 % 43 % California 18 % 18 % South Carolina 17 % 17 % The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2019, and 2018: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2019 15 West Apartments - Series A (5) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,673,117 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 10,985,959 Avistar at Copperfield - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 13,945,681 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 15,762,217 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,252,257 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,181,107 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,475,794 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,455,058 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,118,097 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 989,411 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 12,854,039 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,305 Avistar at Wilcrest - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 5,285,131 Avistar at Wood Hollow - Series A (2) 2017 Austin, TX 5/1/2054 5.75 % 40,129,878 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,315,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,767,616 Bruton Apartments (5) 2014 Dallas, TX 8/1/2054 6.00 % 17,807,768 Columbia Gardens (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,922,000 Companion at Thornhill Apartments (5) 2016 Lexington, SC 1/1/2052 5.80 % 11,178,557 Concord at Gulfgate - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 18,975,786 Concord at Little York - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 13,293,436 Concord at Williamcrest - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 20,592,957 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,005,000 Courtyard - Series A (5) 2016 Fullerton, CA 12/1/2033 5.00 % 10,147,686 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 7,970,921 Crossing at 1415 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 7,405,406 Decatur Angle (5) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,455,747 Esperanza at Palo Alto (5) 2018 San Antonio, TX 7/1/2058 5.80 % 19,356,959 Gateway Village (2) 2019 Durham, NC 4/1/2032 6.10 % 2,600,000 Glenview Apartments - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,533,958 Greens Property - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 7,936,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 930,016 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,700,868 Harmony Court Bakersfield - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,699,987 Harmony Terrace - Series A (5) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,849,214 Heights at 515 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 6,779,777 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 10,695,037 Las Palmas II - Series A (5) 2016 Coachella, CA 11/1/2033 5.00 % 1,679,022 Live 929 Apartments (7) 2014 Baltimore, MD 7/1/2049 5.78 % 39,685,000 Lynnhaven Apartments (2) 2019 Durham, NC 4/1/2032 6.10 % 3,450,000 Montclair Apartments - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,456,298 Montecito at Williams Ranch Apartments - Series A (7) 2017 Salinas, CA 10/1/2034 5.50 % 7,681,146 Montevista - Series A 2019 San Pablo, CA 7/1/2036 5.75 % 6,720,000 Montevista - Series B 2019 San Pablo, CA 7/1/2021 5.75 % 6,480,000 Oaks at Georgetown - Series A (5) 2016 Georgetown, TX 1/1/2034 5.00 % 12,239,247 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,857,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,504,170 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,001,027 Rosewood Townhomes - Series A (7) 2017 Goose Creek, SC 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 470,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 9,925,000 San Vicente - Series A (5) 2016 Soledad, CA 11/1/2033 5.00 % 3,462,053 Santa Fe Apartments - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 2,975,713 Seasons at Simi Valley - Series A (5) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,282,477 Seasons Lakewood - Series A (5) 2016 Lakewood, CA 1/1/2034 5.00 % 7,295,901 Seasons San Juan Capistrano - Series A (5) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,283,916 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,762,116 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B 2018 Vallejo, CA 1/1/2021 5.85 % 3,103,000 South Pointe Apartments - Series A (7) 2017 Hanahan, SC 7/1/2055 5.75 % 21,600,000 South Pointe Apartments - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,100,000 Southpark ( 1) 2009 Austin, TX 12/1/2049 6.13 % 13,005,000 Summerhill - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,371,318 Sycamore Walk - Series A (5) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,559,011 The Palms at Premier Park Apartments (3) 2013 Columbia, SC 1/1/2050 6.25 % 18,838,478 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,837,595 The Village at Madera - Series A (5) 2016 Madera, CA 12/1/2033 5.00 % 3,060,177 Village at Avalon (6) 2018 Albuquerque, NM 1/1/2059 5.80 % 16,302,038 Village at River's Edge (5) 2017 Columbia, SC 6/1/2033 6.00 % 9,872,297 Vineyard Gardens - Series A (7) 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,814,857 Willow Run (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,742,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,172,000 $ 679,679,604 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (6) MRB held by Morgan Stanley in a secured financing transaction, see Note 15 (7) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15 Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2018 15 West Apartments - Series A (5) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,737,418 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,115,410 Avistar at Copperfield - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 10,000,000 Avistar at Copperfield - Series B 2017 Houston, TX 6/1/2054 12.00 % 4,000,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 15,941,296 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,357,374 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,188,251 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,558,240 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,526,247 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,221,971 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 995,162 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,114,418 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,600 Avistar at Wilcrest - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B 2017 Houston, TX 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series A (2) 2017 Austin, TX 5/1/2054 5.75 % 31,850,000 Avistar at Wood Hollow - Series B 2017 Austin, TX 6/1/2054 12.00 % 8,410,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,395,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,876,298 Bruton Apartments (5) 2014 Dallas, TX 8/1/2054 6.00 % 17,933,482 Columbia Gardens (5) 2015 Columbia, SC 12/1/2050 5.50 % 13,061,000 Companion at Thornhill Apartments (5) 2016 Lexington, SC 1/1/2052 5.80 % 11,294,928 Concord at Gulfgate - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 19,144,400 Concord at Little York - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 13,411,558 Concord at Williamcrest - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 20,775,940 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,055,000 Courtyard - Series A (5) 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard - Series B 2016 Fullerton, CA 6/1/2019 8.00 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,072,754 Crossing at 1415 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 7,474,716 Decatur Angle (5) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,630,276 Esperanza at Palo Alto (5) 2018 San Antonio, TX 7/1/2058 5.80 % 19,487,713 Glenview Apartments - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,581,930 Greens Property - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,032,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 933,928 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,775,508 Harmony Court Bakersfield - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Terrace - Series A (5) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Heights at 515 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 6,843,232 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 10,958,661 Las Palmas II - Series A (5) 2016 Coachella, CA 11/1/2033 5.00 % 1,692,774 Live 929 Apartments (2) 2014 Baltimore, MD 7/1/2049 5.78 % 39,875,000 Montclair Apartments - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,482,288 Montecito at Williams Ranch Apartments - Series A (2) 2017 Salinas, CA 10/1/2034 5.50 % 7,690,000 Oaks at Georgetown - Series A (5) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,989,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,520,900 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,123,800 Rosewood Townhomes - Series A 2017 Goose Creek, SC 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 470,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,040,000 San Vicente - Series A (5) 2016 Soledad, CA 11/1/2033 5.00 % 3,490,410 Santa Fe Apartments - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,007,198 Seasons at Simi Valley - Series A (5) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,325,536 Seasons Lakewood - Series A (5) 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons San Juan Capistrano - Series A (5) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B 2016 San Juan Capistrano, CA 1/1/2019 8.00 % 5,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,822,610 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B 2018 Vallejo, CA 1/1/2021 5.85 % 3,103,000 South Pointe Apartments - Series A 2017 Hanahan, SC 7/1/2055 5.75 % 21,600,000 South Pointe Apartments - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,100,000 Southpark ( 1) 2009 Austin, TX 12/1/2049 6.13 % 13,155,000 Summerhill - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Sycamore Walk - Series A (5) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,598,006 The Palms at Premier Park Apartments (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,044,617 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,903,368 The Village at Madera - Series A (5) 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 Village at Avalon 2018 Albuquerque, NM 1/1/2059 5.80 % 16,400,000 Village at River's Edge (5) 2017 Columbia, SC 6/1/2033 6.00 % 9,938,059 Vineyard Gardens - Series A (2) 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,857,839 Willow Run (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,879,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,221,000 $ 677,698,116 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB held by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15

Public Housing Capital Fund Tru

Public Housing Capital Fund Trust Certificates	12 Months Ended
Public Housing Capital Fund Trust Certificates	Dec. 31, 2019
Public Housing Capital Fund Trusts [Abstract]
Public Housing Capital Fund Trust Certificates	7. Public Housing Capital Fund Trust Certificates The Partnership’s PHC Certificates represent beneficial interests in three PHC Trusts. The assets held by the PHC Trusts consist of custodial receipts evidencing loans made to numerous local public housing authorities. Principal and interest on these loans are payable by the respective public housing authorities out of annual appropriations to be made to the public housing authorities under the Department of Housing and Urban Development’s (“HUD”) Capital Fund Program established under the Quality Housing and Work Responsibility Act of 1998 (the “Capital Fund Program”). The PHC Trusts have a first lien on these annual Capital Fund Program payments to secure the public housing authorities’ respective obligations to pay principal and interest on their loans. The loans payable by the public housing authorities are not debts of, or guaranteed by, the United States of America or HUD. Interest payable on the public housing authority debt held by the PHC Trusts is exempt from federal income taxes. The PHC Certificates issued by each of the PHC Trusts have been rated investment grade by Standard & Poor’s. As of December 31, 2019, the PHC Certificates are held in trust at Mizuho Capital Markets, LLC (“Mizuho”) in secured financing transactions (see Note 15). The Partnership had the following investments in the PHC Certificates as of December 31, 2019 and 2018: December 31, 2019 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 5.47 AA- 5.33% $ 24,477,478 $ 435,659 $ - $ 24,913,137 PHC Certificate Trust II 4.58 AA- 4.41% 4,375,296 386,433 - 4,761,729 PHC Certificate Trust III 5.43 BBB 5.12% 13,087,779 586,712 - 13,674,491 $ 41,940,553 $ 1,408,804 $ - $ 43,349,357 December 31, 2018 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 6.49 AA- 5.33% $ 24,608,543 $ 285,984 $ - $ 24,894,527 PHC Certificate Trust II 5.56 A+ 4.35% 9,071,785 44,768 - 9,116,553 PHC Certificate Trust III 6.76 BBB 5.30% 14,566,975 94,031 - 14,661,006 $ 48,247,303 $ 424,783 $ - $ 48,672,086 See Note 23 for a description of the methodology and significant assumptions for determining the fair value of the PHC Certificates. Unrealized gains or losses on the PHC Certificates are reported on the Partnership’s consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the PHC Certificates . There were no impairment charges on the PHC Certificates recorded during the year ended December 31, 2019. The Partnership recognized impairment charges on PHC Certificates of approximately $1.1 million during the year ended December 31, 2018. See Note 2 for information considered in the Partnership’s evaluation of impairment of the PHC Certificates. The PHC Certificate Trusts I, II and III Trust Certificates were sold in January 2020. See Note 26 for additional information.

Real Estate Assets

Real Estate Assets	12 Months Ended
Real Estate Assets	Dec. 31, 2019
Real Estate [Abstract]
Real Estate Assets	8. Real Estate Assets The Partnership owns MF Properties either directly or through a wholly owned subsidiary, as described in Note 2. The financial statements of the MF properties are consolidated with those of the Partnership. The Partnership also invests in land with plans to develop into rental properties or for future sale. These investments are reported as “Land held for development” below. The following tables summarize information regarding the Partnership’s real estate assets as of December 31, 2019 and 2018: Real Estate Assets as of December 31, 2019 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,073,728 $ 42,272,996 The 50/50 MF Property Lincoln, NE 475 - 32,937,805 32,937,805 Land held for development (1) 1,706,862 - 1,706,862 $ 76,917,663 Less accumulated depreciation (15,357,700 ) Total real estate assets $ 61,559,963 (1) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. Real Estate Assets as of December 31, 2018 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,195,468 $ 38,961,163 $ 42,156,631 The 50/50 MF Property Lincoln, NE 475 - 32,935,907 32,935,907 Land held for development (2) 1,776,197 - 1,776,197 $ 76,868,735 Less accumulated depreciation (12,272,387 ) Total real estate assets $ 64,596,348 (2) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. Activity in 2019 In September 2019 and 2018, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded impairment charges of $75,000 and $150,000 in the third quarter of 2019 and 2018, respectively. The impairment charges represent the difference between the Partnership’s carrying value and the estimated fair value of the land. The fair value was determined using Level 3 inputs (see Note 23). In November 2019, the Partnership executed a purchase agreement for a parcel of land in Escondido, CA. The purchase is expected to close in the first quarter of 2020. Activity in 2018 During 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is considered either Tier 2 or Tier 3 income (see Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units Gross Proceeds Gain on Sale before Income Taxes Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429 During 2018, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded an impairment charge of $150,000 during the third quarter of 2018, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. The fair value was determined using Level 3 inputs (see Note 23).

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
Investments in Unconsolidated Entities	Dec. 31, 2019
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Entities	9. Investments in Unconsolidated Entities ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, has equity investment commitments and has made equity investments in unconsolidated entities. The carrying value of the investments represents the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in the unconsolidated entities. An affiliate of the unconsolidated entities guarantees ATAX Vantage Holdings, LLC’s return on its investments through the second anniversary of construction completion The following table provides the details of the investments in unconsolidated entities as of December 31, 2019 and 2018 and remaining equity commitment amounts as of December 31, 2019: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of December 31, 2019 Carrying Value as of December 31, 2018 Maximum Remaining Equity Commitment as of December 31, 2019 Vantage at Boerne Boerne, TX 288 August 2016 April 2018 $ - $ 8,830,000 $ - Vantage at Waco Waco, TX 288 August 2016 May 2018 9,337,166 9,337,166 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 July 2018 - 11,408,135 - Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 12,295,801 11,535,895 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,840,500 7,572,819 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 10,144,052 9,182,522 - Vantage at Germantown Germantown, TN 288 June 2018 N/A 11,745,155 7,033,398 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 13,516,425 6,254,104 - Vantage at Coventry Omaha, NE 288 September 2018 N/A 9,007,435 5,380,267 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 8,078,519 - 1,347,128 Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 5,016,811 - 2,475,171 3,174 $ 86,981,864 $ 76,534,306 $ 5,414,338 Activity in 2019 In September 2019, the membership interests of Vantage at Panama City Beach were sold to an unrelated third party. The Partnership received cash of approximately $22.7 million upon sale. The Partnership recognized approximately $547,000 of “Investment income” and approximately $10.5 million of “Gain on sale of investments in unconsolidated entities” associated with the sale. The Partnership may also be entitled to receive up to $325,000 of additional proceeds in the third quarter of 2020 if certain gain contingencies are satisfied. In April 2019, the Partnership executed a $9.0 million equity commitment to fund construction of the Vantage at O’Connor multifamily property. In December 2019, Vantage at Boerne sold substantially all its assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $15.2 million upon sale. The Partnership recognized approximately $1.2 million of “Investment income” and approximately $5.7 million as “Gain on sale of investments in unconsolidated entities” associated with the sale. Activity in 2018 In December 2018, Vantage at Corpus Christi sold substantially all its assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $12.1 million upon sale. The Partnership recognized approximately $590,000 of “Investment income” on sale. In addition, the Partnership recognized approximately $2.9 million as “Gain on sale of investments in unconsolidated entities”, which is considered either Tier 2 or Tier 3 income (see Note 3). The following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Property Revenues $ 12,541,852 $ 9,262,127 Gain on sale of property $ 35,871,041 $ 7,424,879 Net income $ 32,662,003 $ 5,001,702

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances	12 Months Ended
Property Loans, Net of Loan Loss Allowances	Dec. 31, 2019
Property Loans Net Of Loan Loss Allowance [Abstract]
Property Loans, Net of Loan Loss Allowances	10. Property Loans, Net of Loan Loss Allowances The following table summarizes the Partnership’s property loans, net of loan loss allowances, as of December 31, 2019 and 2018: December 31, 2019 Outstanding Balance Loan Loss Allowance Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Live 929 Apartments 405,717 - 405,717 Ohio Properties 2,390,446 - 2,390,446 Total $ 15,392,908 $ (7,393,814 ) $ 7,999,094 December 31, 2018 Outstanding Balance Loan Loss Allowance Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,367,635 - 8,367,635 Total $ 23,354,826 $ (7,393,814 ) $ 15,961,012 During the years ended December 31, 2019 and 2018, the interest to be earned on the Cross Creek property loans was in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest earned since inception was not probable. During the years ended December 31, 2019 and 2018, 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. As of December 31, 2019, the outstanding property loan balance for Live 929 was in nonaccrual status as, in management’s opinion, the interest was not considered collectible. Activity in 2019 In January 2019, the Vantage at Brooks property was sold by its owner. Upon sale, the Partnership received all outstanding principal and accrued interest on the Vantage at Brooks, LLC property loan. The Partnership received additional proceeds of approximately $3.0 million, which is reported as “Contingent interest” on the Partnership’s consolidated statements of operations. The contingent interest recognized is considered Tier 2 income for purposes of distributions to the General Partner and BUC holders (see Note 3). In August 2019, the Partnership entered into a secured property loan with Live 929 Apartments. The property may request additional advances for the sole purpose of funding monthly operating shortfalls up to a total loan amount of $1.0 million. The property loan is subordinate to the MRBs associated with the property and has a stated maturity date of July 31, 2049. Activity in 2018 In September 2018, the Lake Forest property was sold by its owner. Upon the sale, the Partnership received all outstanding principal and accrued interest on the Lake Forest property loans. The Partnership received approximately $5.1 million of principal and $4.6 million of interest on the property loans at sale. The interest received was not previously recognized as income as the property loans were on nonaccrual status. The interest realized is reported as “Other interest income” on the Partnership’s consolidated statements of operations. In December 2018, the Vantage at New Braunfels, LLC property was sold by its owner. Upon the sale, the Partnership received all outstanding principal and accrued interest on the Vantage at New Braunfels, LLC property loan. The Partnership received additional proceeds totaling approximately $5.1 million, which is reported as “Contingent interest” on the Partnership’s consolidated statements of operations. The contingent interest recognized is considered Tier 2 or Tier 3 for purposes of distributions to BUC holders (see Note 3). The following table summarizes the changes in the Partnership’s loan loss reserves for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Balance, beginning of year $ 7,393,814 $ 7,393,814 Balance, end of year $ 7,393,814 $ 7,393,814

Income Tax Provision

Income Tax Provision	12 Months Ended
Income Tax Provision	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Tax Provision	11. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by the Greens Hold Co, which owns The 50/50 MF Property and certain property loans. The following table summarizes income tax expense (benefit) for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Current income tax expense (benefit) $ 195,861 $ (678,862 ) Deferred income tax benefit (149,874 ) (242,235 ) Total income tax expense (benefit) $ 45,987 $ (921,097 ) The Partnership’s income tax expense fluctuates from period to period based on the timing of the taxable income in the Greens Hold Co and the impact of deferred income taxes. Deferred income tax expense is generally a function of the period’s temporary differences (i.e. depreciation, amortization of finance costs, etc.), and the utilization of net operating losses (“NOLs”). The deferred tax assets and liabilities are valued based on enacted tax rates. The Greens Hold Co had net deferred tax assets of approximately $426,000 and $268,000 as of December 31, 2019 and 2018, respectively. These amounts are reported within “Other assets” on the Partnership’s consolidated balance sheets. The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable and recorded no valuation allowance as of December 31, 2019 and 2018. For the years ended December 31, 2019 and 2018, income taxes computed by applying the U.S. federal statutory rates to income from continuing operations before income taxes for the Greens Hold Co differ from the provision for income taxes due to state income taxes (net of the effect on federal income tax). The Partnership accrues interest and penalties associated with uncertain tax positions as part of income tax expense. There was no accrued interest or penalties as of December 31, 2019 and 2018. The Partnership files U.S. federal and state tax returns. The Partnership’s returns for years 2016 through 2018 remain subject to examination by the Internal Revenue Service.

Other Assets

Other Assets	12 Months Ended
Other Assets	Dec. 31, 2019
Other Assets [Abstract]
Other Assets	12. Other Assets The following table summarizes the Partnership’s other assets as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Deferred financing costs, net $ 353,862 $ 397,823 Fair value of derivative instruments (Note 17) 10,911 626,633 Taxable mortgage revenue bonds, at fair value 1,383,237 1,409,895 Operating lease right-of-use assets, net 1,673,242 - Other assets 1,641,099 2,081,258 Total other assets $ 5,062,351 $ 4,515,609 See Note 2 for a discussion of the operating lease right-of-use lease assets, net, recorded pursuant to the adoption of ASC 842 effective January 1, 2019. See Note 23 for a description of the methodology and significant assumptions for determining the fair value of the derivative instruments and taxable MRBs. Unrealized gains or losses on these assets are reported on the Partnership’s consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. The following table includes the details of the taxable MRBs redeemed during the year ended December 31, 2018. The taxable MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest. Property Name Redemption Date Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Vantage at Judson - Series D December San Antonio, TX 288 2/1/2053 9.00 % $ 923,502

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	12 Months Ended
Accounts Payable, Accrued Expenses and Other Liabilities	Dec. 31, 2019
Payables And Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	13. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Accounts payable $ 93,834 $ 230,631 Accrued expenses 2,529,982 2,956,368 Accrued interest expense 2,690,076 2,270,348 Operating lease liabilities 2,138,783 - Other liabilities 1,583,492 2,086,475 Total accounts payable, accrued expenses and other liabilities $ 9,036,167 $ 7,543,822 See Note 2 for discussion of the adoption of ASC 842 effective January 1, 2019 and the impact to the reported operating lease liabilities. 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 period, which has not been factored into the calculation of the ROU asset and lease liability. Annual lease payments are $100 per year. The Partnership is also required to make monthly payments, when cash is available at The 50/50 MF Property, to the University of Nebraska-Lincoln. Payment amounts are based on The 50/50 MF Property’s revenues, subject to an annual guaranteed minimum amount. As of December 31, 2019, the minimum aggregate annual payment due under the agreement is approximately $132,000. The minimum aggregate annual payment increases 2% annually until July 31, 2034 and increases 3% annually thereafter. The 50/50 MF Property will be required to make additional payments under the agreement if its gross revenues exceed certain thresholds. The Partnership recognized expenses related to the ground lease of approximately $168,000 for the years ended December 31, 2019 and 2018, respectively, and are reported within “Real estate operating expenses” on the Partnership’s consolidated statements of operations. The Partnership’s contractual payments related to operating leases for the twelve-month periods ending December 31 st 2020 $ 135,812 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,273 Total 5,215,119 Less: Amount representing interest (3,076,336 ) Total operating lease liabilities $ 2,138,783

Unsecured Lines of Credit

Unsecured Lines of Credit	12 Months Ended
Unsecured Lines of Credit	Dec. 31, 2019
Unsecured Lines of Credit	15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2019: Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (3) 102,591,789 - 2019 July 2020 - September 2020 Weekly 1.79% - 2.08% 1.12% - 1.66% 2.96% - 3.45% Fixed - Term TOB (3) 21,073,418 - 2014 - 2019 January 2020 - May 2022 N/A N/A N/A 3.53% - 4.01% Fixed - Term A/B (3) 43,561,212 - 2017 - 2019 February 2020 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (6) The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $ 31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45 % Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % Total TOB Financing\ Weighted Average Period End Rate $ 102,591,789 3.19 % Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $ 8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 21,073,418 3.71 % Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $ 8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 43,561,212 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) 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. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 Deutsche Bank 2014 October 2019 4.39 % Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 Deutsche Bank 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 % The TOB, Term TOB, Term A/B 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, Term A/B and TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TOB, Term TOB, Term A/B and TEBS 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 PHCs or of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the underlying collateral may be sold and, if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. Freddie Mac Tax Exempt Bond Securitization (“TEBS”) Financings The Partnership, through four wholly owned subsidiaries (collectively, the “Sponsors”), has sponsored four separate TEBS financings – the M24 TEBS Financing, the M31 TEBS Financing, the M33 TEBS Financing, and the M45 TEBS Financing (collectively, the “TEBS Financings”). The TEBS Financings are structured such that the Partnership transferred MRBs to Freddie Mac to be securitized into the TEBS Financings. Freddie Mac then issued Class A and Class B Freddie Mac Multifamily Variable Rate Certificates or Class A and Class B Freddie Mac Multifamily Fixed Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class A TEBS Certificates are credit enhanced by Freddie Mac such that Freddie Mac will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Class A TEBS Certificate holders. The Sponsors or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets., and the Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TEBS Financing. As of December 31, 2019 and 2018, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. In addition, the Partnership has entered in interest rate cap agreements to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS Financing (Note 17). TEBS Financings Activity in 2019: In June 2019, the Partnership exercised its unilateral right to extend the M31 TEBS Financing with Freddie Mac for an additional five-year period through July 2024. In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended from September 2020 to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended from July 2020 to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000, which will be amortized using the effective interest method through the term of the agreement. In June 2019, the Partnership exercised its unilateral right to extend the M31 TEBS Financing with Freddie Mac for an additional five-year period through July 2024. TEBS Financings Activity in 2018: In August 2018, the Partnership and its newly created consolidated subsidiary, ATAX TEBS IV, LLC (the “2018 Sponsor”), entered into a long-term debt financing facility provided through the securitization of 25 MRBs, with an initial par value of approximately $260.6 million owned by the 2018 Sponsor pursuant to the M45 TEBS Financing. The M45 TEBS Financing facility provided the Partnership with a long-term, fixed-rate facility. The M45 TEBS Financing was structured such that the Partnership transferred ownership of the 25 MRBs to Freddie Mac to be securitized into a TEBS Trust. The Class A TEBS Certificates had an aggregate initial par value of approximately $221.5 million. Of the 25 MRBs securitized in the M45 TEBS Financings, 24 MRBs were in Term A/B Trusts that were collapsed prior to the closing of the M45 TEBS Financing. The collapse of the Term A/B Trusts and subsequent closing of the M45 TEBS Financing resulted in a debt modification for accounting purposes and the Partnership capitalized transaction costs totaling approximately $371,000 as deferred financing costs. There were three unscheduled paydowns during the year ended December 31, 2018 due to redemptions of MRBs held by the respective TEBS. The following table summarizes the MRBs redeemed and the amount of Class A Certificates redeemed upon redemption: Mortgage Revenue Bond Redeemed TEBS Facility Month Paydown Applied Lake Forest M24 TEBS September 2018 $ 8,122,000 Bella Vista M24 TEBS October 2018 5,076,000 Vantage at Judson - Series B M33 TEBS December 2018 25,908,568 TOB, Term TOB and Term A/B Trust Financings Deutsche Bank The Partnership has executed a Master Trust Agreement with Deutsche Bank that allows the Partnership to execute multiple TOB, Term TOB and Term A/B Trust (collectively, “Trusts”) structures upon the approval and agreement of terms by Deutsche Bank. Under each TOB Trust structure, the trustee issues SPEARS and LIFERS that represent beneficial interests in the securitized asset held by the TOB Trusts. Under each Term TOB and Term A/B Trust structure, the trustee issues Class A and Class B Certificates that represent beneficial interests in the securitized assets held by the Term TOB or Term A/B Trusts. Deutsche Bank has purchased the SPEARS and Class A Certificates and the Partnership has retained the LIFERS and Class B Certificates of each Trust. Pursuant to the terms of the Trusts, the Partnership is required to reimburse Deutsche Bank for any shortfall realized on the contractual cash flows on the SPEARS or Class A Certificates. The LIFERS and Class B Certificates grant the Partnership certain rights to the securitized assets. The Master Trust Agreement with Deutsche Bank contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered which would require the Partnership to purchase a portion or all of the senior SPEARS or Class A Certificates held by Deutsche Bank. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute plus interest expense for the trailing twelve months must be at least twice the trailing twelve-month interest expense. The Partnership was in compliance with these covenants as of December 31, 2019. Mizuho Capital Markets During the third quarter of 2019, the Partnership entered into various TOB Trust financings with Mizuho secured by MRBs and PHC Certificates. Under each TOB Trust structure, the trustee issues senior Floater Certificates and Residual Certificates that represent beneficial interests in the securitized asset held by the TOB Trusts. The Floater Certificates are sold to unaffiliated investors and entitle the holder to cash flows from the securitized assets at a variable interest rate. The Floater Certificates are credit enhanced by Mizuho such that Mizuho will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Floater Certificate holders. The Partnership would then be required to reimburse Mizuho for any credit enhancement payments. The Residual Certificates are retained by the Partnership and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Floater Certificates and related trust fees, as well as certain other rights to the securitized assets. The TOB Trusts with Mizuho require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that it remained 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 December 31, 2019. Morgan Stanley Bank In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley Bank, N.A. (“Morgan Stanley”) secured by an MRB. Under the Term TOB Trust structure, the trustee issues Class A and Class B Certificates that represent beneficial interests in the securitized asset held by the Term TOB. Morgan Stanley has purchased the Class A Certificates and the Partnership has retained the Class B Certificates of each Trust. The Class B Certificates grant the Partnership certain rights to the securitized assets. The Term TOB Trust with Morgan Stanley is subject to a Trust Agreement and other related agreements that contains covenants with which the Partnership is required to comply. If the Partnership is out of compliance with any of these covenants, a termination event of the financing facility would be triggered which would require the Partnership to purchase a portion or all of the Class A Certificates held by Morgan Stanley. The most restrictive covenant within the Trust Agreement and related agreements requires the maintenance of a debt service coverage ratio above a specified threshold and the Partnership’s net assets cannot decline by more than specific percentages over designated periods of time. The Partnership was in compliance with these covenants as of December 31, 2019. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2020 $ 121,117,504 2021 5,326,861 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,815 Total 538,587,979 Unamortized deferred financing costs and debt premium (2,390,558 ) Total debt financing, net $ 536,197,421 Certain Term TOB Trusts and certain Term A/B Trusts mature in 2020. The Partnership expects to refinance these financings with either the current lender or a similar lender. In addition, the Partnership expects to renew each TOB financing facility maturing in 2020. There can be no assurances that the Partnership’s efforts to refinance will be successful.
Unsecured Lines of Credit [Member]
Unsecured Lines of Credit	14. Unsecured Lines of Credit The following tables summarize the Partnership’s unsecured lines of credit as of December 31, 2019 and 2018: Unsecured Lines of Credit Outstanding as of December 31, 2019 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 13,200,000 $ 50,000,000 June 2021 Variable (1) Monthly 4.19 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 4.94 % Total unsecured lines of credit $ 13,200,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 2018 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 35,659,200 $ 50,000,000 June 2020 Variable (2) Monthly 5.38 % Bankers Trust operating - 10,000,000 June 2020 Variable (2) Monthly 5.63 % Total unsecured lines of credit $ 35,659,200 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin. The Partnership has entered into a Credit Agreement (the “Credit Agreement”) for an unsecured LOC (“non-operating LOC”) of up to $50.0 million with Bankers Trust, the Partnership’s sole lead arranger and administrative agent. The Credit Agreement originated in May 2015 and has been subsequently amended. The non-operating LOC bears interest at a variable rate equal to 2.5% plus the 30-day London Interbank Offered Rate (“LIBOR”) as of December 31, 2019. The proceeds of the non-operating LOC are used by the Partnership to purchase multifamily real estate assets, MRBs or taxable MRBs. The Partnership intends to repay each advance either through alternative long-term debt or equity financing. The principal amount of each acquisition advance is due on the 270th day following the advance date (the “Repayment Date”). The Partnership may extend any Repayment Date for up to three additional 90-day periods. In order to extend the Repayment Date, the Partnership must make principal payments equal to 5% of the original advance for the first extension, 10% for the second extension, and 20% for the third extension. The Repayment Date may not be extended beyond the stated maturity of the non-operating LOC. The Repayment Dates for the balance outstanding as of December 31, 2019, exclusive of available extensions, range from March 2020 to September 2020. The non-operating LOC contains a covenant, among others, that the Partnership’s ratio of the lender’s senior debt will not exceed a specified percentage 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 December 31, 2019. During 2019 and 2018, the Partnership had an unsecured operating Line of Credit (“operating LOC”) with Bankers Trust. The operating LOC bears interest at a variable rate equal to 3.25% plus the 30-day LIBOR. The Partnership is required to make principal payments to reduce the outstanding principal balance on the operating LOC to zero for fifteen consecutive days during each calendar quarter. The Partnership fulfilled this requirement throughout 2019 and for the first quarter of 2020.

Debt Financing

Debt Financing	12 Months Ended
Debt Financing	Dec. 31, 2019
Debt Financing [Abstract]
Unsecured Lines of Credit	15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2019: Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (3) 102,591,789 - 2019 July 2020 - September 2020 Weekly 1.79% - 2.08% 1.12% - 1.66% 2.96% - 3.45% Fixed - Term TOB (3) 21,073,418 - 2014 - 2019 January 2020 - May 2022 N/A N/A N/A 3.53% - 4.01% Fixed - Term A/B (3) 43,561,212 - 2017 - 2019 February 2020 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (6) The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $ 31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45 % Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % Total TOB Financing\ Weighted Average Period End Rate $ 102,591,789 3.19 % Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $ 8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 21,073,418 3.71 % Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $ 8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 43,561,212 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) 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. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 Deutsche Bank 2014 October 2019 4.39 % Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 Deutsche Bank 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 % The TOB, Term TOB, Term A/B 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, Term A/B and TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TOB, Term TOB, Term A/B and TEBS 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 PHCs or of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the underlying collateral may be sold and, if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. Freddie Mac Tax Exempt Bond Securitization (“TEBS”) Financings The Partnership, through four wholly owned subsidiaries (collectively, the “Sponsors”), has sponsored four separate TEBS financings – the M24 TEBS Financing, the M31 TEBS Financing, the M33 TEBS Financing, and the M45 TEBS Financing (collectively, the “TEBS Financings”). The TEBS Financings are structured such that the Partnership transferred MRBs to Freddie Mac to be securitized into the TEBS Financings. Freddie Mac then issued Class A and Class B Freddie Mac Multifamily Variable Rate Certificates or Class A and Class B Freddie Mac Multifamily Fixed Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class A TEBS Certificates are credit enhanced by Freddie Mac such that Freddie Mac will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Class A TEBS Certificate holders. The Sponsors or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets., and the Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TEBS Financing. As of December 31, 2019 and 2018, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. In addition, the Partnership has entered in interest rate cap agreements to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS Financing (Note 17). TEBS Financings Activity in 2019: In June 2019, the Partnership exercised its unilateral right to extend the M31 TEBS Financing with Freddie Mac for an additional five-year period through July 2024. In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended from September 2020 to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended from July 2020 to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000, which will be amortized using the effective interest method through the term of the agreement. In June 2019, the Partnership exercised its unilateral right to extend the M31 TEBS Financing with Freddie Mac for an additional five-year period through July 2024. TEBS Financings Activity in 2018: In August 2018, the Partnership and its newly created consolidated subsidiary, ATAX TEBS IV, LLC (the “2018 Sponsor”), entered into a long-term debt financing facility provided through the securitization of 25 MRBs, with an initial par value of approximately $260.6 million owned by the 2018 Sponsor pursuant to the M45 TEBS Financing. The M45 TEBS Financing facility provided the Partnership with a long-term, fixed-rate facility. The M45 TEBS Financing was structured such that the Partnership transferred ownership of the 25 MRBs to Freddie Mac to be securitized into a TEBS Trust. The Class A TEBS Certificates had an aggregate initial par value of approximately $221.5 million. Of the 25 MRBs securitized in the M45 TEBS Financings, 24 MRBs were in Term A/B Trusts that were collapsed prior to the closing of the M45 TEBS Financing. The collapse of the Term A/B Trusts and subsequent closing of the M45 TEBS Financing resulted in a debt modification for accounting purposes and the Partnership capitalized transaction costs totaling approximately $371,000 as deferred financing costs. There were three unscheduled paydowns during the year ended December 31, 2018 due to redemptions of MRBs held by the respective TEBS. The following table summarizes the MRBs redeemed and the amount of Class A Certificates redeemed upon redemption: Mortgage Revenue Bond Redeemed TEBS Facility Month Paydown Applied Lake Forest M24 TEBS September 2018 $ 8,122,000 Bella Vista M24 TEBS October 2018 5,076,000 Vantage at Judson - Series B M33 TEBS December 2018 25,908,568 TOB, Term TOB and Term A/B Trust Financings Deutsche Bank The Partnership has executed a Master Trust Agreement with Deutsche Bank that allows the Partnership to execute multiple TOB, Term TOB and Term A/B Trust (collectively, “Trusts”) structures upon the approval and agreement of terms by Deutsche Bank. Under each TOB Trust structure, the trustee issues SPEARS and LIFERS that represent beneficial interests in the securitized asset held by the TOB Trusts. Under each Term TOB and Term A/B Trust structure, the trustee issues Class A and Class B Certificates that represent beneficial interests in the securitized assets held by the Term TOB or Term A/B Trusts. Deutsche Bank has purchased the SPEARS and Class A Certificates and the Partnership has retained the LIFERS and Class B Certificates of each Trust. Pursuant to the terms of the Trusts, the Partnership is required to reimburse Deutsche Bank for any shortfall realized on the contractual cash flows on the SPEARS or Class A Certificates. The LIFERS and Class B Certificates grant the Partnership certain rights to the securitized assets. The Master Trust Agreement with Deutsche Bank contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered which would require the Partnership to purchase a portion or all of the senior SPEARS or Class A Certificates held by Deutsche Bank. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute plus interest expense for the trailing twelve months must be at least twice the trailing twelve-month interest expense. The Partnership was in compliance with these covenants as of December 31, 2019. Mizuho Capital Markets During the third quarter of 2019, the Partnership entered into various TOB Trust financings with Mizuho secured by MRBs and PHC Certificates. Under each TOB Trust structure, the trustee issues senior Floater Certificates and Residual Certificates that represent beneficial interests in the securitized asset held by the TOB Trusts. The Floater Certificates are sold to unaffiliated investors and entitle the holder to cash flows from the securitized assets at a variable interest rate. The Floater Certificates are credit enhanced by Mizuho such that Mizuho will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Floater Certificate holders. The Partnership would then be required to reimburse Mizuho for any credit enhancement payments. The Residual Certificates are retained by the Partnership and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Floater Certificates and related trust fees, as well as certain other rights to the securitized assets. The TOB Trusts with Mizuho require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that it remained 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 December 31, 2019. Morgan Stanley Bank In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley Bank, N.A. (“Morgan Stanley”) secured by an MRB. Under the Term TOB Trust structure, the trustee issues Class A and Class B Certificates that represent beneficial interests in the securitized asset held by the Term TOB. Morgan Stanley has purchased the Class A Certificates and the Partnership has retained the Class B Certificates of each Trust. The Class B Certificates grant the Partnership certain rights to the securitized assets. The Term TOB Trust with Morgan Stanley is subject to a Trust Agreement and other related agreements that contains covenants with which the Partnership is required to comply. If the Partnership is out of compliance with any of these covenants, a termination event of the financing facility would be triggered which would require the Partnership to purchase a portion or all of the Class A Certificates held by Morgan Stanley. The most restrictive covenant within the Trust Agreement and related agreements requires the maintenance of a debt service coverage ratio above a specified threshold and the Partnership’s net assets cannot decline by more than specific percentages over designated periods of time. The Partnership was in compliance with these covenants as of December 31, 2019. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2020 $ 121,117,504 2021 5,326,861 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,815 Total 538,587,979 Unamortized deferred financing costs and debt premium (2,390,558 ) Total debt financing, net $ 536,197,421 Certain Term TOB Trusts and certain Term A/B Trusts mature in 2020. The Partnership expects to refinance these financings with either the current lender or a similar lender. In addition, the Partnership expects to renew each TOB financing facility maturing in 2020. There can be no assurances that the Partnership’s efforts to refinance will be successful.

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing	12 Months Ended
Mortgages Payable and Other Secured Financing	Dec. 31, 2019
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing	16. Mortgages Payable and Other Secured Financing The Partnership has entered into mortgages payable and other secured financings collateralized by MF Properties. The following is a MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2019, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 2,859,390 2014 March 2020 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 23,942,856 2013 March 2020 Variable Monthly 4.75 % (1) 4.75 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,802,246 4.74 % (1) MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2018, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 3,118,478 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,335,897 2013 March 2020 Variable Monthly 5.00 % (2) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,454,375 4.96 % (2) Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0% In September 2018, the Partnership sold the Jade Park MF Property (see Note 8). At the closing of the sale, the Partnership paid all outstanding principal and accrued interest on the related mortgage payable. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st : 2020 $ 26,812,851 2021 - 2022 - 2023 - 2024 - Thereafter - Total 26,812,851 Unamortized deferred financing costs (10,605 ) Total mortgages payable and other secured financings, net $ 26,802,246 In February 2020, the Partnership refinanced The 50/50 MF Property Mortgage loan. See Note 26 for additional information.

Interest Rate Derivatives

Interest Rate Derivatives	12 Months Ended
Interest Rate Derivatives	Dec. 31, 2019
Interest Rate Derivative Agreements [Abstract]
Interest Rate Derivatives	17. Interest Rate Derivatives The following table summarizes the Partnership’s interest rate derivatives as of December 31, 2019 and 2018: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2019 July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc - June 2017 81,101,364 Aug 2020 1.5 % SIFMA TOB Trusts Barclays Bank PLC 4,090 Sept 2017 58,090,000 Sept 2020 4.0 % SIFMA TOB Trusts Barclays Bank PLC - Aug 2019 79,333,280 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 6,821 $ 10,911 (1 ) For additional details, see Note 23 to the Partnership’s consolidated financial statements. Purchase Date Notional Amount Maturity Date Effective Capped Rate (2) Index Variable Debt Financing Facility Hedged (2) Counterparty Fair Value as of December 31, 2018 July 2014 $ 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc - July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 536 June 2017 90,757,226 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 158,989 June 2017 82,079,066 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 465,983 Sept 2017 59,038,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 53 $ 626,633 ( 2 ) For additional details, see Note 23 to the Partnership’s consolidated financial statements. In August 2019, the Partnership purchased an interest rate derivative intended to cap the variable interest rate component of the M31 TEBS Financing at 4.5%. The Partnership paid approximately $30,000 for the interest rate derivative. During 2018, the Partnership was a party to two interest rate swaps with Deutsche Bank, which were designated to mitigate interest rate risk for the variable-rate TOB Trusts secured by the Partnership’s PHC Certificates. The interest rate swaps were terminated in September 2018 and October 2018. The Partnership’s interest rate derivatives are not designated as hedging instruments and are recorded at fair value. Changes in fair value are reported within “Interest expense” on the Partnership’s consolidated statements of operations. See Note 23 for a description of the methodology and significant assumptions for determining the fair value of the interest rate derivatives. The interest rate derivatives are reported within “Other assets” on the Partnership’s consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies Legal Proceedings The Partnership, from time to time, may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable to occur, the estimated amount of the loss is accrued in the Partnership’s 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 consolidated financial statements. Investment Commitments ATAX Vantage Holdings, LLC has outstanding commitments to contribute equity to unconsolidated entities. See Note 9 for additional information. Construction Loan Guarantees The Partnership entered into guaranty agreements for construction loans related to certain investments in unconsolidated entities. The Partnership will only have to perform on the guarantees if a default by the borrower were to occur. All guarantees were initially for the entire amount of the construction loans and decrease based on the achievement of certain events or financial ratios, as defined by the respective construction loan agreements. 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 December 31, 2019: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of December 31, 2019 Partnership's Maximum Exposure as of December 31, 2019 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 28,264,790 $ 28,264,790 (1) Vantage at Coventry 2018 31,500,000 11,502,353 11,502,353 (1) (1) The Partnership’s maximum exposure will decrease to 50% of the construction loan balance upon receipt of the certificate of occupancy and to 25% of the construction loan balance when certain debt service coverage levels are achieved by the borrower. Other Guarantees and Commitments The Partnership has entered into guarantee agreements with unaffiliated entities under which the Partnership has guaranteed certain obligations of the general partners of certain limited partnerships upon the occurrence of a “repurchase event.” Potential repurchase events include 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 December 31, 2019: Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of December 31, 2019 Ohio Properties 2011 2026 $ 3,361,979 Greens of Pine Glen, LP 2012 2027 2,237,843 The Partnership has agreed, in limited instances, to indemnify certain parties to the TOB Trusts related to the PHC Certificates for claims by the Floater Certificates holders related to the calculation of interest and principal payments. The maximum exposure for such claims is up to the total value of the Floater Certificates plus accrued interest. The Partnership has not accrued any amount for this commitment as of December 31, 2019 because the likelihood of a claim is remote. The maximum exposure was approximately $34.9 million as of December 31, 2019. The TOB Trusts related to the PHC Certificates were collapsed and all principal and interest paid in full upon the sale of the PHC Certificates in January 2020. See Note 26 for additional information.

Redeemable Series A Preferred U

Redeemable Series A Preferred Units	12 Months Ended
Redeemable Series A Preferred Units	Dec. 31, 2019
Temporary Equity Disclosure [Abstract]
Redeemable Series A Preferred Units	19. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units via 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 Series A Preferred Units outstanding as of December 31, 2019 and 2018: 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 December 31, 2019 and December 31, 2018 9,450,000 $ 94,500,000

Issuances of Beneficial Unit Ce

Issuances of Beneficial Unit Certificates	12 Months Ended
Issuances of Beneficial Unit Certificates	Dec. 31, 2019
Issuances Of Beneficial Unit Certificates [Abstract]
Issuances of Beneficial Unit Certificates	20. Issuances of Beneficial Unit Certificates In August 2018, the Partnership initiated a “at the market offering” to sell up to $75.0 million of BUCs at market prices on the date of sale. The Partnership sold 310,519 BUCs under this program for net proceeds of approximately $1.8 million, net of issuance costs, during the year ended December 31, 2018. This offering was terminated effective February 8, 2019. In December 2019, a “shelf” Registration Statement on Form S-3 was declared effective by the SEC and allows the Partnership to offer up to $225.0 million of BUCs for sale from time to time. This Registration Statement will expire in December 2022.

Restricted Unit Awards

Restricted Unit Awards	12 Months Ended
Restricted Unit Awards	Dec. 31, 2019
Restricted Unit Awards [Member]
Restricted Unit Awards	21. Restricted Unit Awards The Partnership’s 2015 Plan permits the grant of restricted units and other awards to the employees of Greystone Manager, or any affiliate, 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. All of the restrictions applicable to the previously unvested RUAs lapsed and all outstanding RUAs became immediately vested and nonforfeitable upon the closing of the previously disclosed acquisition of all of the issued and outstanding partnership interests in the General Partner by affiliates of Greystone, which occurred on September 10, 2019 (see Note 1). The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The compensation expense for RUAs totaled approximately $3.6 million and $1.8 million for the years ended December 31, 2019 and 2018, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s consolidated statements of operations. The following table summarizes the RUA activity for years ended December 31, 2019 and 2018: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested as of January 1, 2018 242,069 $ 5.83 Granted 309,212 6.31 Vested (279,034 ) 6.06 Forfeited (6,957 ) 6.31 Nonvested as of December 31, 2018 265,290 $ 6.14 Granted 353,197 7.74 Vested (618,487 ) 7.05 Nonvested as of December 31, 2019 - $ - As of December 31, 2019, there was no unrecognized compensation expense related to nonvested RUAs granted under the Plan.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
Transactions with Related Parties	Dec. 31, 2019
Related Party Transactions [Abstract]
Transactions with Related Parties	22. Transactions with Related Parties Effective September 10, 2019, Greystone acquired all the issued and outstanding partnership interests of AFCA 2 from Burlington Capital LLC and an affiliate, at which time Burlington Capital LLC and its affiliates (collectively, “Burlington”) ceased to be related parties of the Partnership. The Partnership is managed by AFCA 2, which is controlled by AFCA 2’s general partner, Greystone Manager. The Board of Managers of Greystone Manager act as managers (and effectively as the directors) of the Partnership and certain employees of Greystone Manager are executive officers of the Partnership. Certain services are provided to the Partnership by employees of Greystone Manager and the Partnership reimburses Greystone Manager for its allocated share of these salaries and benefits. The Partnership also reimburses Greystone Manager for its share of general and administrative expenses. These reimbursed costs represent a substantial portion of the Partnership’s general and administrative expenses. The amounts in the following table represent amounts reimbursable to AFCA 2, the general partner of AFCA 2, or an affiliate for the years ended December 31, 2019 and 2018: 2019 2018 Reimbursable salaries and benefits $ 4,702,754 $ 3,993,067 Other expenses 19,622 13,121 Office expenses 17,630 - Insurance 243,773 215,867 Professional fees and expenses 82,962 154,653 $ 5,066,741 $ 4,376,708 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 consolidated financial statements for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Partnership administrative fees paid to AFCA 2 (1) $ 3,620,000 $ 3,721,000 Property management fees paid to an affiliate (2) 101,000 190,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 131,000 77,000 (1) AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s consolidated statements of operations. (2) A former affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). The property management fees are reported within “Real estate operating expenses” on the Partnership’s consolidated statements of operations. (3) The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s consolidated statements of operations. AFCA 2 received fees from the borrowers of the Partnership’s MRBs for services provided to the borrower and based on the occurrence of certain investment transactions. These fees were paid by the borrowers and are not reported on the Partnership’s consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s MRBs and affiliates for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Non-Partnership property administrative fees received by AFCA 2 (1) $ 36,000 $ 69,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,362,000 2,873,000 MRB redemption administrative fee received by AFCA 2 (3) - 283,000 (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 and investments in unconsolidated entities. (3) AFCA 2 rec eived one-time administrative fees related to early redemptions of the Lake Forest MRB in September 2018 and the Vantage at Judson MRBs in December 2018. Properties Management provides services to seven of the properties collateralizing MRBs of the Partnership. In addition, Properties Management provides services to one of our investments in unconsolidated entities. These property management fees are paid out of the revenues generated by the respective property prior to the payment of debt service on the Partnership's MRBs and property loans, as applicable, and the construction loan for the unconsolidated entity. The Partnership reported receivables due from unconsolidated entities of approximately $116,000 and $77,000 as of December 31, 2019 and 2018, respectively. These amounts are reported within “Other assets” on the Partnership’s consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $301,000 and $330,000 as of December 31, 2019 and 2018, respectively. These amounts are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2019
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments	23. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • 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 assets and liabilities measured at fair value. Investments in MRBs and Taxable MRBs The fair value of the Partnership’s investments in MRBs and taxable MRBs as of December 31, 2019 and 2018 is based upon prices obtained from a third-party pricing service, which are estimates of market prices. There is no active trading market for the MRBs, and price quotes for the MRBs are not available. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each MRB as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, illiquidity, legal structure of the borrower, collateral, seniority to other obligations, operating results of the underlying property, geographic location, and property quality. These characteristics are used to estimate an effective yield for each MRB. The MRB fair value is estimated using a discounted cash flow and yield to maturity or call analysis by applying the effective yield to contractual cash flows. Significant increases (decreases) in the effective yield would have resulted in a significantly lower (higher) fair value estimate. Changes in fair value due to an increase or decrease in the effective yield do not impact the Partnership’s cash flows. The Partnership evaluates pricing data received from the third-party pricing service by evaluating consistency with information from either the third-party pricing service or public sources. The fair value estimates of the MRBs and taxable MRBs are based largely on unobservable inputs believed to be used by market participants and 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 and taxable MRBs are categorized as a Level 3 input. As of December 31, 2019, the range of effective yields on the individual MRBs was 2.4% to 8.5% per annum, with a weighted average effective yield of 3.8% when weighted by the total principal outstanding of all MRBs as of the reporting date; and the range of effective yields on the individual taxable MRBs was 8.7% to 8.9% per annum, with a weighted average effective yield of 8.8% when weighted by the total principal outstanding of all taxable MRBs as of the reporting date. As of December 31, 2018, the range of effective yields on the individual MRBs was 3.3% to 9.1% per annum, with a weighted average effective yield of 4.6% when weighted by the total principal outstanding of all MRBs as of the reporting date; and the range of effective yields on the individual taxable MRBs was 8.3% to 9.3% per annum, with a weighted average effective yield of 9.1% when weighted by the total principal outstanding of all taxable MRBs as of the reporting date. Investments in PHC Certificates The fair value of the Partnership’s investment in PHC Certificates as of December 31, 2019 and 2018 is based upon prices obtained from a third-party pricing service, which are estimates of market prices. There is no active trading market for the PHC Certificates owned by the Partnership. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each PHC Certificate as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, illiquidity, security ratings from rating agencies, the impact of potential political and regulatory change, and other inputs. The Partnership reviews the inputs used by the primary third-party pricing service by reviewing source information and reviews the methodology for reasonableness. The Partnership also engages a second third-party pricing service to confirm the values developed by the primary third-party pricing service. The valuation methodologies used by the third-party pricing services encompass the use of judgment in their application. Due to the judgments involved, the fair value measurement of the Partnership’s investment in PHC Certificates is categorized as a Level 3 input. As of December 31, 2019, the range of effective yields on the PHC Certificates was 4.4% to 5.3% per annum, with a weighted average effective yield of 5.2% when weighted by the principal outstanding of PHC Certificates as of the reporting date. As of December 31, 2018, the range of effective yields on the PHC Certificates was 5.3% to 6.0% per annum, with a weighted average effective yield of 5.5% when weighted by the principal outstanding of PHC Certificates as of that date. Interest Rate Derivatives The effect of the Partnership’s interest rate derivatives is to set a cap, or upper limit, subject to performance of the counterparty, on the base rate of interest paid on the Partnership’s variable rate debt financings equal to the notional amount of the derivative agreement. The effect of the Partnership’s interest rate swaps is to change a variable rate debt obligation to a fixed rate for that portion of the debt equal to the notional amount of the derivative agreement. The fair value of the interest rate derivatives and interest rate swaps is based on a model whose inputs are not observable and therefore is categorized as a Level 3 input. The inputs in the valuation model include three-month LIBOR rates, unobservable adjustments to account for the SIFMA index, as well as any recent interest rate cap trades with similar terms. Assets measured at fair value on a recurring basis as of December 31, 2019 are summarized as follows: Fair Value Measurements as of December 31, 2019 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds, held in trust $ 743,587,715 $ - $ - $ 743,587,715 Mortgage revenue bonds 30,009,750 - - 30,009,750 PHC Certificates 43,349,357 - - 43,349,357 Taxable mortgage revenue bonds (reported within other assets) 1,383,237 - - 1,383,237 Derivative instruments (reported within other assets) 10,911 - - 10,911 Total Assets at Fair Value, net $ 818,340,970 $ - $ - $ 818,340,970 The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2019: For the Years Ended December 31, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2019 $ 732,153,435 $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 142,356 (6,708 ) - (499,835 ) (364,187 ) Included in other comprehensive income 39,320,186 984,021 26,428 - 40,330,635 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (17,268,512 ) (6,300,042 ) (53,086 ) (145,414 ) (23,767,054 ) Ending Balance December 31, 2019 $ 773,597,465 $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2019 $ - $ - $ - $ (499,835 ) $ (499,835 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 are summarized as follows: Fair Value Measurements as of December 31, 2018 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds, held in trust $ 645,258,873 $ - $ - $ 645,258,873 Mortgage revenue bonds 86,894,562 - - 86,894,562 PHC Certificates 48,672,086 - - 48,672,086 Taxable mortgage revenue bonds (reported within other assets) 1,409,895 - - 1,409,895 Derivative instruments (reported within other assets) 626,633 - - 626,633 Total Assets at Fair Value, net $ 782,862,049 $ - $ - $ 782,862,049 The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2018: For the Years Ended December 31, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2018 $ 788,621,707 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,458,663 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 144,692 - (77,096 ) - 724,579 792,175 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive (loss) income (14,560,720 ) (3,002,540 ) 950,228 (32,756 ) - (16,645,788 ) Purchases 41,708,000 - - - - 41,708,000 Settlements (83,760,244 ) - (701,614 ) (979,808 ) 131,685 (85,309,981 ) Ending Balance December 31, 2018 $ 732,153,435 $ - $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 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 December 31, 2018 $ - $ - $ (1,141,020 ) $ - $ 724,579 $ (416,441 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. Total gains and loss included in earnings for the interest rate derivatives are reported within “Interest expense” on the Partnership’s consolidated statements of operations. As of December 31, 2019 and 2018, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s financial liabilities, which are estimates of market prices. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each financial liability as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure, seniority to other obligations, operating results of the underlying assets, and asset quality. The financial liability values are then estimated using a discounted cash flow and yield to maturity or call analysis. The Partnership evaluates pricing data received from the third-party pricing service, including consideration of current market interest rates, quantitative and qualitative characteristics of the underlying collateral, and other information from either the third-party pricing service or public sources. The fair value estimates of these financial liabilities are based largely on unobservable inputs believed to be used by market participants and require the use of judgment on the part of the third-party pricing service and the Partnership. Due to the judgments involved, the fair value measurements of the Partnership’s financial liabilities are categorized as a Level 3 input. The TEBS Financings are credit enhanced by Freddie Mac. The TOB Trust financings are credit enhanced by either Deutsche Bank or Mizuho. The table below summarizes the fair value of the Partnership’s financial liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 549,397,421 $ 568,193,494 $ 541,322,765 $ 550,766,809 Mortgages payable and other secured financing 26,802,246 26,812,851 27,454,375 27,552,748

Segments

Segments	12 Months Ended
Segments	Dec. 31, 2019
Segment Reporting [Abstract]
Segments	24. Segments The Partnership has four reportable segments - Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership Agreement authorizes the Partnership to make investments in tax-exempt securities other than in MRBs provided that the tax-exempt investments are rated in one of the four highest rating categories by a national securities rating agency. The Partnership Agreement also allows the Partnership to invest in other securities whose interest may be taxable for federal income tax purposes. Total tax-exempt and other investments cannot exceed 25% of the Partnership’s total assets at the time of acquisition as required under the Partnership Agreement. Tax-exempt and other investments consist of the PHC Certificates, taxable MRBs, real estate assets and investments in unconsolidated entities. In addition, the amount of other investments is limited based on the conditions to the exemption from registration under the Investment Company Act of 1940. Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of MRBs 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 are held as investments and the related property loans, net of loan loss allowances, are reported as such on the Partnership’s consolidated balance sheets. As of December 31, 2019, the Partnership held 76 MRBs. The Residential Properties financed by the MRBs contain a total of 10,871 rental units. In addition, one MRB (Pro Nova 2014-1) is collateralized by commercial real estate. All “General and administrative expenses” on the Partnership’s consolidated statements of operations are reported within this segment. MF Properties Segment The MF Properties segment consists of multifamily and student housing residential properties held by the Partnership (see Note 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 December 31, 2019, the Partnership owned two MF Properties containing a total of 859 rental units. Income tax expense (benefit) for the Greens Hold Co is reported within this segment. Public Housing Capital Fund Trusts Segment The Public Housing Capital Fund Trusts segment consists of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates (see Note 7) and the related debt financings. In January 2020, the Partnership sold the PHC Certificates to an unrelated third party and the related debt financings were repaid in full. Other Investments Segment The Other Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (see Note 9) and property loans to certain multifamily housing properties (see Note 10). The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Total revenues Mortgage Revenue Bond Investments $ 41,348,004 $ 57,625,273 MF Properties 8,081,029 9,149,105 Public Housing Capital Fund Trusts 2,368,541 2,479,494 Other Investments 10,520,439 12,101,704 Total revenues $ 62,318,013 $ 81,355,576 Interest expense Mortgage Revenue Bond Investments $ 21,862,030 $ 22,231,479 MF Properties 1,444,700 1,699,121 Public Housing Capital Fund Trusts 1,410,564 932,456 Other Investments - - Total interest expense $ 24,717,294 $ 24,863,056 Depreciation expense Mortgage Revenue Bond Investments $ - $ - MF Properties 3,088,117 3,488,058 Public Housing Capital Fund Trusts - - Other Investments - - Total depreciation expense $ 3,088,117 $ 3,488,058 Net income (loss) Mortgage Revenue Bond Investments $ 3,835,002 $ 22,048,372 MF Properties (964,355 ) 3,676,560 Public Housing Capital Fund Trusts 957,977 406,019 Other Investments 26,663,527 15,008,578 Net income $ 30,492,151 $ 41,139,529 The following table details total assets for the Partnership’s reportable segments as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Total assets Mortgage Revenue Bond Investments $ 918,301,172 $ 864,311,647 MF Properties 70,569,646 71,120,280 Public Housing Capital Fund Trusts 43,591,048 48,942,334 Other Investments 87,098,315 85,048,514 Consolidation/eliminations (90,391,673 ) (86,709,529 ) Total assets $ 1,029,168,508 $ 982,713,246

Summary of Unaudited Quarterly

Summary of Unaudited Quarterly Results of Operations	12 Months Ended
Summary of Unaudited Quarterly Results of Operations	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Summary of Unaudited Quarterly Results of Operations	25. Summary of Unaudited Quarterly Results of Operations 2019 March 31, June 30, September 30, December 31, Revenues and other income $ 17,664,598 $ 14,346,334 $ 25,341,629 $ 21,107,249 Income from continuing operations 6,451,813 3,886,190 9,707,903 10,446,245 Net income $ 6,451,813 $ 3,886,190 $ 9,707,903 $ 10,446,245 Income from continuing operations, per BUC $ 0.08 $ 0.05 $ 0.13 $ 0.16 Net income, basic and diluted, per BUC $ 0.08 $ 0.05 $ 0.13 $ 0.16 2018 March 31, June 30, September 30, December 31, Revenues and other income $ 16,458,034 $ 15,785,165 $ 30,052,544 $ 26,015,349 Income from continuing operations 6,004,304 3,338,121 17,883,055 13,914,049 Net income $ 6,004,304 $ 3,338,121 $ 17,883,055 $ 13,914,049 Income from continuing operations, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22 Net income, basic and diluted, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	26. Subsequent Events In January 2020, the Partnership executed a $7.3 million equity commitment to fund construction of the Vantage at Westover Hills multifamily property in San Antonio, TX. In January 2020, the Partnership sold its PHC Certificate Trusts I, II and III Trust Certificates for approximately $43.3 million plus accrued interest. Upon sale, the Partnership collapsed and paid off in full all principal and interest due on the TOB Trust financings secured by the PHC Certificates. In January 2020, the Solano Vista – Series B MRB was redeemed at price equal to outstanding principal plus accrued interest. In January 2020, the Partnership extended the maturity date of the Term TOB Trust related to Pro Nova 2014-1 to May 2020. In February 2020, the Partnership extended the maturity date of the Term A/B Trusts related to Gateway Village and Lynnhaven Apartments to February 2021. In February 2020, the Partnership refinanced The 50/50 MF Property Mortgage loan with its current lender. The Mortgage loan maturity date was extended seven years to April 2027 and the interest rate decreased to a fixed rate of 4.35%.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2019
Accounting Policies [Abstract]
Consolidation	Consolidation The “Partnership,” as used herein, includes the Partnership, 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 Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to loan money or provide equity for the development of multifamily properties; • One wholly owned corporation (“the Greens Hold Co”). The Greens Hold Co owns 100% of The 50/50 MF Property and certain property loans as of December 31, 2019; • The Suites on Paseo MF Property, a real estate asset, is owned directly by the Partnership; and • The Partnership owned, through a wholly owned subsidiary, 100% of the Jade Park MF Property until selling the property in September 2018. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary.
Use of Estimates in Preparation of Consolidated Financial Statements	Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining: (i) the fair value of MRBs and Public Housing Capital Fund Trusts Certificates (“PHC Certificates”); (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for loan losses.
Variable Interest Entities	Variable Interest Entities Under the accounting guidance for consolidation, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are VIEs and if the Partnership is the primary beneficiary. The entity that is deemed to have: (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it must consolidate the VIEs in its consolidated financial statements. The Partnership has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Partnership’s consolidated financial statements, all transactions and accounts between the Partnership and the consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. The Partnership does not believe that the consolidation of VIEs for reporting under GAAP impacts its status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership. In addition, the consolidation of VIEs is not expected to impact the treatment of the MRBs owned by consolidated VIEs, the tax-exempt nature of the interest payments on secured debt financings, or the manner in which the Partnership’s income is reported to Unitholders on IRS Schedule K-1. Accounting for TOB, Term TOB, Term A/B and TEBS Financing Arrangements The Partnership has evaluated the accounting guidance related its TOB (“Tender Option Bond”), Term TOB, Term A/B and TEBS Financings and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and therefore are accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets. The financing agreements contain certain provisions that allow the Partnership to unilaterally cause the holder to return the securitized assets, other than through a cleanup call. Based on these terms, the Partnership has concluded that the Partnership has not transferred effective control over the transferred assets and, as such, the transactions do not meet the conditions to de-recognize the transferred assets. In addition, the Partnership has evaluated the securitization trusts associated with the TOB, Term TOB, Term A/B and TEBS Financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts in the Partnership’s consolidated financial statements. The Partnership recognizes interest expense for fixed-rate TEBS Financings with escalating stated interest rates using the effective interest method over the estimated term of the arrangement.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased.
Concentration of Credit Risk	Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at three financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances have exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s short-term investment portfolio being restricted to investment grade securities.
Restricted Cash	Restricted Cash Restricted cash is legally restricted as to its use and is comprised of resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities. Restricted cash is presented with cash and cash equivalents on the Partnership’s consolidated statement of cash flows.
Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds	Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds The Partnership accounts for its investments in MRBs and taxable MRBs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership periodically reviews its MRBs and taxable MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including: • The duration and severity of the decline in fair value; • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers; • Adverse conditions specifically related to the security, its collateral, or both; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make payments; • Failure of the issuer to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost, if the Partnership has the intent to sell or may be required to sell the security prior to the time that the value recovers or until maturity, and whether the Partnership expects to recover the security’s entire amortized cost basis. The recognition of other-than-temporary impairment 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 consolidated financial statements. If the Partnership experiences deterioration in the values of its investment portfolio, the Partnership may incur impairments to its investment portfolio that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. There were no impairment charges reported by the Partnership related to MRBs or taxable MRBs during the years ended December 31, 2019 and 2018. Investment in Public Housing Capital Fund Trust Certificates The Partnership accounts for its investments in PHC Certificates under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the certificates, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of the PHC Certificates. The Partnership periodically reviews the PHC Certificates for impairment. The Partnership evaluates whether declines in the fair value of the investments below amortized cost are other-than temporary. Factors considered include: • The duration and severity of the decline in fair value of the security; • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers; • Potential changes in HUD appropriations to local housing authorities; • A downgrade in the security’s rating by Standard & Poor’s; and • The volatility of the fair value of the security. See Note 7 for information on recognized impairments of the PHC Certificates. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily and student housing residential apartment buildings, and five to 15 years on capital improvements. Depreciation expense is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gains and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets for impairment at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. See Note 8 for information on recognized impairments of the real estate assets. Investments in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited membership interests using The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Factors considered include: • The absence of an ability to recover the carrying amount of the investment; • The inability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment; or • Estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment of whether a decline in value is other than temporary is based on the Partnership’s ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered other than temporary, an impairment charge would be recorded equal to the excess of the carrying value over the estimated fair value of the investment. The Partnership earns a return on its investments in unconsolidated entities that is guaranteed by an unrelated third party, which is also an affiliate of the unconsolidated entities.
Property Loans, Net of Loan Loss Allowance	Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily properties. Most of the property loans have been made to multifamily properties that secure MRBs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these property loans and accrued interest is dependent largely on the cash flows or proceeds upon sale of the related property. The Partnership periodically evaluates these loans for potential impairment by estimating the fair value of the related property and comparing the fair value to the outstanding MRBs or senior financing plus the Partnership’s property loans. The Partnership utilizes a discounted cash flow model that considers varying assumptions. The discounted cash flow analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the related property, after deducting the amortized cost basis of the MRB or senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. See Note 10 for additional information on the Partnership’s property loan loss allowances.
Deferred Financing Costs	Deferred Financing Costs Debt financing costs are capitalized and amortized using the effective interest method through either the stated maturity date or the optional redemption date of the related debt financing agreement. Debt financing costs associated with revolving line of credit (“LOC”) arrangements are reported within “Other assets” on the Partnership’s consolidated balance sheets. Deferred financing costs associated with debt financing arrangements are reported as reductions to the carrying value of the related debt financing arrangements on the Partnership’s consolidated balance sheets.
Income Taxes	Income Taxes No provision has been made for income taxes of the Partnership because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. The Partnership pays franchise margin taxes on revenues in certain jurisdictions relating to property loans and investments in unconsolidated entities. The Greens Hold Co is subject to federal and state income taxes. The Partnership recognizes income tax expense or benefit for the federal and state income taxes incurred by this entity in its consolidated financial statements. The Partnership evaluates the tax positions it takes in its consolidated financial statements under the accounting guidance for uncertain tax positions. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. The Partnership accrues interest and penalties, if any, and reports them within “Income tax expense” on the Partnership’s consolidated statements of operations. Deferred income tax expense or benefit, is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes), such as depreciation, amortization of financing costs, etc. and the utilization of tax net operating losses (“NOLs”). The Partnership values its deferred tax assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Partnership records a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred income tax expense.
Investment Income from Investments in Mortgage Revenue Bonds	Investment Income from Investments in Mortgage Revenue Bonds The interest income received by the Partnership from its MRBs is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing MRBs is recognized as it is earned. Current and past due base interest income on MRBs not fully performing is recognized as it is received. The Partnership reinstates the accrual of base interest once the MRBs’ ability to perform is adequately demonstrated. Base interest income related to MRBs and taxable MRBs is reported within “Investment income” and “Other interest income”, respectively, on the Partnership’s consolidated statements of operations. Certain MRBs contain contingent interest provisions that may generate excess available cash flow. Contingent interest income is recognized when realized or realizable. Past due contingent interest on MRBs, which are or were previously not fully performing, is recognized when realized or realizable. As of December 31, 2019 and 2018, the Partnership’s MRBs were fully performing as to their base interest. As of December 31, 2019, there were no MRBs outstanding that included contingent interest provisions. Premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Discounts on MRB investments are amortized as a yield adjustment to the stated maturity date. Amortization of premiums and discounts is reported within “Investment income” on the Partnership’s consolidated statements of operations. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the period to the stated maturity of the related MRBs. Bond issuance costs are reported as an adjustment to the carrying cost of the related MRB on the Partnership’s consolidated balance sheets. Investment Income from PHC Certificates Interest income on the PHC Certificates is recognized as it is earned. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at discounts to par value. The premiums and discounts are amortized using the effective yield method over the term of the related PHC Certificate and amortization is reported within “Investment income” on the Partnership’s consolidated statements of operations.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Partnership reports all interest rate derivatives in its consolidated balance sheets at fair value. The Partnership’s derivative instruments are not designated as hedging instruments and changes in fair value are reported within “Interest expense” on the Partnership’s consolidated statements of operations. The Partnership is exposed to loss should a counterparty to its interest rate derivative agreements default. The Partnership does not anticipate non-performance by any counterparty.
Redeemable Series A Preferred Units	Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units representing limited partnership interests in the Partnership to various financial institutions. The Series A Preferred Units are recorded as mezzanine equity due to the holders’ redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. The costs of issuing the Series A Preferred Units are been netted against the carrying value of the Series A Preferred Units and are being amortized to the first redemption date.
Beneficial Unit Certificates ("BUCs")	Beneficial Unit Certificates (“BUCs”) The Partnership has issued BUCs representing assigned limited partnership interests to investors. Costs related to the issuance of BUCs are recorded as a reduction to partners’ capital when issued.
Restricted Unit Awards ("RUA" or "RUAs")	Restricted Unit Awards (“RUA” or “RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the BUC holders in September 2015, permits the grant of RUAs and other awards to the employees of Greystone Manager, or any affiliate, who performs services for Greystone Manager, the Partnership or an affiliate, and members of Greystone Manager’s Board of Managers for up to 3.0 million BUCs. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. RUAs typically provide for the payment of distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control, or upon death or disability of the participant. The Partnership accounts for forfeitures as they occur. 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 Partnership accounts for modifications to RUAs as they occur, if the fair value of the RUAs change, there are changes to vesting conditions or the awards no longer qualify for equity classification.
Net Income per BUC	Net Income per BUC The Partnership uses the two-class method to allocate net income available to the BUCs, and to the unvested RUAs as the RUAs are participating securities. Unvested RUAs are included with BUCs for the calculation of diluted net income per BUC using the treasury stock method, if the treasury stock method is more dilutive than the two-class method.
Lease Accounting	Lease Accounting On January 1, 2019, the Partnership adopted the lease guidance in Accounting Standards Codification (“ASC”) 842. The Partnership adopted ASC 842 at the required adoption date of January 1, 2019, using the transition method that allowed the Partnership to initially apply ASC 842 as of January 1, 2019 and recognize a cumulative-effect adjustment to the opening balance of partners’ capital in the period of adoption. No changes have been made to the Partnership’s consolidated financial statements dated prior to January 1, 2019. Lessee Operating Leases. The Partnership’s lessee ROU assets are reported within “Other assets” on the Partnership’s consolidated balance sheet (see Note 12). The Partnership’s lessee operating lease liabilities are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheet (see Note 13). See Note 13 for additional information on the Partnership’s ground lease. Lessor Operating Leases.
Reclassification	Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. For the year ended December 31, 2019, the Partnership is reporting the amortization of deferred financing costs within “Interest expense” on the Partnership’s consolidated statements of operations. Previously, “Amortization of deferred financing costs” had been reported as a separate expense line item on the Partnership’s consolidated statement of operations. Accordingly, for the year ended December 31, 2018, the Partnership has included the amortization of deferred financing costs expense within “Interest expense” in conformity with the current reporting period presented herein. This reclassification has no effect on the Partnership’s reported “Net income” or “Partners’ capital” in the Partnership’s consolidated financial statements for the periods presented.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued 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, PHC Certificates, and taxable MRBs. In November 2019, the FASB issued ASU 2019-10 which amended the mandatory effective dates of certain ASUs, including ASU 2016-13, based on an entity’s filing status. As a smaller reporting company, the Partnership’s mandatory effective date for ASU 2016-13 is now January 1, 2023, and the Partnership has elected to defer adoption until that date. The delay in implementing ASU 2016-13 will allow the Partnership to take advantage of any additional guidance that may come out from the FASB on implementing ASU 2016-13. The effective date may be sooner if the Partnership becomes an accelerated filer in the future. Prior to the issuance of ASU 2019-10, the Partnership had completed an initial assessment of the items that are within the scope of ASU 2016-13. Furthermore, the Partnership began developing data collection processes, assessment procedures and internal controls required to implement ASU 2016-13. The Partnership will continue to develop data collection processes, assessment procedures and internal controls that will be required when it does implement ASU 2016-13, and to evaluate the impact on the Partnership’s consolidated financial statements.

Partnership Income, Expenses _2

Partnership Income, Expenses and Cash Distributions (Tables)	12 Months Ended
	Dec. 31, 2019
Partnership Income Expenses And Cash Distributions [Abstract]
Schedule of Distributions Paid or Accrued per Beneficial Unit Certificates	The distributions paid or accrued per BUC during the fiscal years ended December 31, 2019 and 2018 were as follows: For the Years Ended December 31, 2019 2018 Cash distributions $ 0.5000 $ 0.5000

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
Variable Interest Entities (Tables)	Dec. 31, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure	The following table summarizes the Partnership’s variable interests in these entities as of December 31, 2019 and 2018: Maximum Exposure to Loss December 31, 2019 December 31, 2018 Mortgage revenue bonds $ 30,455,000 $ 51,791,000 Property loans - 8,367,635 Investment in unconsolidated entities 86,981,864 76,534,306 $ 117,436,864 $ 136,692,941

Investments in Mortgage Reven_2

Investments in Mortgage Revenue Bonds (Tables)	12 Months Ended
Investments in Mortgage Revenue Bonds (Tables)	Dec. 31, 2019
Investments In Mortgage Revenue Bonds [Abstract]
Information Regarding MRBs Owned	The following tables present information regarding the MRBs owned by the Partnership as of December 31, 2019 and 2018: December 31, 2019 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (5) CA $ 10,147,686 $ 1,602,534 $ - $ 11,750,220 Glenview Apartments - Series A (4) CA 4,533,958 757,900 - 5,291,858 Harmony Court Bakersfield - Series A (5) CA 3,699,987 549,211 - 4,249,198 Harmony Terrace - Series A (5) CA 6,849,214 1,121,262 - 7,970,476 Harden Ranch - Series A (3) CA 6,700,868 1,281,980 - 7,982,848 Las Palmas II - Series A (5) CA 1,679,022 263,441 - 1,942,463 Montclair Apartments - Series A (4) CA 2,456,298 446,558 - 2,902,856 Montecito at Williams Ranch Apartments - Series A (7) CA 7,681,146 1,580,303 - 9,261,449 San Vicente - Series A (5) CA 3,462,053 510,593 - 3,972,646 Santa Fe Apartments - Series A (4) CA 2,975,713 540,988 - 3,516,701 Seasons at Simi Valley - Series A (5) CA 4,282,477 860,856 - 5,143,333 Seasons Lakewood - Series A (5) CA 7,295,901 1,124,372 - 8,420,273 Seasons San Juan Capistrano - Series A (5) CA 12,283,916 1,893,075 - 14,176,991 Summerhill - Series A (5) CA 6,371,318 797,228 - 7,168,546 Sycamore Walk - Series A (5) CA 3,559,011 567,713 - 4,126,724 The Village at Madera - Series A (5) CA 3,060,177 454,240 - 3,514,417 Tyler Park Townhomes - Series A (3) CA 5,837,595 864,894 - 6,702,489 Vineyard Gardens - Series A (7) CA 3,995,000 815,213 - 4,810,213 Westside Village Market - Series A (3) CA 3,814,857 594,361 - 4,409,218 Brookstone (1) IL 7,406,755 2,194,994 - 9,601,749 Copper Gate Apartments (3) IN 5,005,000 682,497 - 5,687,497 Renaissance - Series A (4) LA 11,001,027 1,775,086 - 12,776,113 Live 929 Apartments (7), (8) MD 39,984,026 - (280,711 ) 39,703,315 Woodlynn Village (1) MN 4,172,000 44,510 - 4,216,510 Gateway Village (2) NC 2,600,000 509,901 - 3,109,901 Greens Property - Series A (3) NC 7,936,000 845,678 - 8,781,678 Lynnhaven Apartments (2) NC 3,450,000 393,686 - 3,843,686 Silver Moon - Series A (4) NM 7,762,116 1,166,748 - 8,928,864 Village at Avalon - Series A (6) NM 16,302,038 3,131,843 - 19,433,881 Ohio Properties - Series A (1) OH 13,857,000 48,813 - 13,905,813 Bridle Ridge (1) SC 7,315,000 113,469 - 7,428,469 Columbia Gardens (5) SC 13,064,589 2,179,744 - 15,244,333 Companion at Thornhill Apartments (5) SC 11,178,557 1,709,040 - 12,887,597 Cross Creek (1) SC 6,143,976 2,507,072 - 8,651,048 Rosewood Townhomes - Series A (7) SC 9,280,000 316,916 - 9,596,916 South Pointe Apartments - Series A (7) SC 21,600,000 835,005 - 22,435,005 The Palms at Premier Park Apartments (3) SC 18,838,478 2,799,411 - 21,637,889 Village at River's Edge (5) SC 9,872,297 2,236,259 - 12,108,556 Willow Run (5) SC 12,884,191 2,100,598 - 14,984,789 Arbors at Hickory Ridge (3) TN 11,056,825 1,934,146 - 12,990,971 Pro Nova 2014-1 (2), (8) TN 10,022,352 - (372,169 ) 9,650,183 Avistar at Copperfield - Series A (2) TX 13,945,681 2,356,231 - 16,301,912 Avistar at the Crest - Series A (3) TX 9,252,257 1,715,456 - 10,967,713 Avistar at the Oaks - Series A (3) TX 7,475,794 1,336,580 - 8,812,374 Avistar at the Parkway - Series A (4) TX 12,854,039 2,065,468 - 14,919,507 Avistar at Wilcrest - Series A (2) TX 5,285,131 806,523 - 6,091,654 Avistar at Wood Hollow - Series A (2) TX 40,129,878 6,450,704 - 46,580,582 Avistar in 09 - Series A (3) TX 6,455,058 1,125,239 - 7,580,297 Avistar on the Boulevard - Series A (3) TX 15,762,217 2,648,781 - 18,410,998 Avistar on the Hills - Series A (3) TX 5,118,097 938,032 - 6,056,129 Bruton Apartments (5) TX 17,807,768 3,534,702 - 21,342,470 Concord at Gulfgate - Series A (5) TX 18,975,786 3,572,995 - 22,548,781 Concord at Little York - Series A (5) TX 13,293,436 2,624,054 - 15,917,490 Concord at Williamcrest - Series A (5) TX 20,592,957 3,971,001 - 24,563,958 Crossing at 1415 - Series A (5) TX 7,405,406 1,229,438 - 8,634,844 Decatur Angle (5) TX 22,455,747 4,198,200 - 26,653,947 Esperanza at Palo Alto (5) TX 19,356,959 4,111,518 - 23,468,477 Heights at 515 - Series A (5) TX 6,779,777 1,154,387 - 7,934,164 Heritage Square - Series A (4) TX 10,695,037 1,455,672 - 12,150,709 Oaks at Georgetown - Series A (5) TX 12,239,247 1,645,817 - 13,885,064 Runnymede (1) TX 9,925,000 80,343 - 10,005,343 Southpark (1) TX 11,548,337 2,334,262 - 13,882,599 15 West Apartments (5) WA 9,673,117 2,287,904 - 11,961,021 Mortgage revenue bonds held in trust $ 648,445,150 $ 95,795,445 $ (652,880 ) $ 743,587,715 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (6) MRB held by Morgan Stanley in a secured financing transaction, see Note 15 (7) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15 (8) As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months. December 31, 2019 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montevista - Series A & B CA $ 13,200,000 $ 1,654,870 $ - $ 14,854,870 Solano Vista - Series A & B CA 5,768,000 625,235 - 6,393,235 Greens Property - Series B NC 930,016 142,265 - 1,072,281 Ohio Properties - Series B OH 3,504,171 10,363 - 3,514,534 Rosewood Townhomes - Series B SC 470,000 1,685 - 471,685 South Pointe Apartments - Series B SC 1,100,000 2,952 - 1,102,952 Avistar at the Crest - Series B TX 740,876 94,819 - 835,695 Avistar at the Oaks - Series B TX 542,170 65,455 - 607,625 Avistar at the Parkway - Series B TX 124,305 38,045 - 162,350 Avistar in 09 - Series B TX 447,241 53,995 - 501,236 Avistar on the Boulevard - Series B TX 440,231 53,056 - 493,287 Mortgage revenue bonds held by the Partnership $ 27,267,010 $ 2,742,740 $ - $ 30,009,750 December 31, 2018 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (5) CA $ 10,230,000 $ 954,573 $ - $ 11,184,573 Glenview Apartments - Series A (4) CA 4,581,930 524,024 - 5,105,954 Harmony Court Bakersfield - Series A (5) CA 3,730,000 312,844 - 4,042,844 Harmony Terrace - Series A (5) CA 6,900,000 647,686 - 7,547,686 Harden Ranch - Series A (3) CA 6,775,508 1,007,557 - 7,783,065 Las Palmas II - Series A (5) CA 1,692,774 141,187 - 1,833,961 Montclair Apartments - Series A (4) CA 2,482,288 246,752 - 2,729,040 Montecito at Williams Ranch Apartments - Series A (2) CA 7,690,000 973,133 - 8,663,133 San Vicente - Series A (5) CA 3,490,410 291,121 - 3,781,531 Santa Fe Apartments - Series A (4) CA 3,007,198 401,203 - 3,408,401 Seasons at Simi Valley - Series A (5) CA 4,325,536 655,326 - 4,980,862 Seasons Lakewood - Series A (5) CA 7,350,000 654,929 - 8,004,929 Seasons San Juan Capistrano - Series A (5) CA 12,375,000 1,102,687 - 13,477,687 Summerhill - Series A (5) CA 6,423,000 508,639 - 6,931,639 Sycamore Walk - Series A (5) CA 3,598,006 363,405 - 3,961,411 The Village at Madera - Series A (5) CA 3,085,000 229,934 - 3,314,934 Tyler Park Townhomes - Series A (3) CA 5,903,368 731,073 - 6,634,441 Vineyard Gardens - Series A (2) CA 3,995,000 534,351 - 4,529,351 Westside Village Market - Series A (3) CA 3,857,839 483,436 - 4,341,275 Brookstone (1) IL 7,432,076 1,956,010 - 9,388,086 Copper Gate Apartments (3) IN 5,055,000 643,012 - 5,698,012 Renaissance - Series A (4) LA 11,123,800 1,383,680 - 12,507,480 Live 929 Apartments (2) MD 40,240,405 2,873,978 - 43,114,383 Woodlynn Village (1) MN 4,221,000 34,155 - 4,255,155 Greens Property - Series A (3) NC 8,032,000 818,686 - 8,850,686 Silver Moon - Series A (4) NM 7,822,610 778,940 - 8,601,550 Ohio Properties - Series A (1) OH 13,989,000 241,675 - 14,230,675 Bridle Ridge (1) SC 7,395,000 90,349 - 7,485,349 Columbia Gardens (5) SC 13,222,480 1,396,828 - 14,619,308 Companion at Thornhill Apartments (5) SC 11,294,928 1,148,219 - 12,443,147 Cross Creek (1) SC 6,143,919 2,540,949 - 8,684,868 The Palms at Premier Park Apartments (3) SC 19,044,617 2,194,791 - 21,239,408 Village at River's Edge (5) SC 9,938,059 1,421,114 - 11,359,173 Willow Run (5) SC 13,040,029 1,375,542 - 14,415,571 Arbors at Hickory Ridge (3) TN 11,194,690 1,399,461 - 12,594,151 Pro Nova 2014-1 (2) TN 10,027,413 19,710 - 10,047,123 Avistar at Copperfield - Series A (2) TX 10,000,000 589,196 - 10,589,196 Avistar at the Crest - Series A (3) TX 9,357,374 1,036,288 - 10,393,662 Avistar at the Oaks - Series A (3) TX 7,558,240 706,970 - 8,265,210 Avistar at the Parkway - Series A (4) TX 13,114,418 1,232,292 - 14,346,710 Avistar at Wilcrest - Series A (2) TX 3,775,000 206,263 - 3,981,263 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,624,687 - 33,474,687 Avistar in 09 - Series A (3) TX 6,526,247 525,939 - 7,052,186 Avistar on the Boulevard - Series A (3) TX 15,941,296 1,628,269 - 17,569,565 Avistar on the Hills - Series A (3) TX 5,221,971 557,084 - 5,779,055 Bruton Apartments (5) TX 17,933,482 2,046,056 - 19,979,538 Concord at Gulfgate - Series A (5) TX 19,144,400 2,222,555 - 21,366,955 Concord at Little York - Series A (5) TX 13,411,558 1,617,217 - 15,028,775 Concord at Williamcrest - Series A (5) TX 20,775,940 2,505,243 - 23,281,183 Crossing at 1415 - Series A (5) TX 7,474,716 600,738 - 8,075,454 Decatur Angle (5) TX 22,630,276 1,945,516 - 24,575,792 Esperanza at Palo Alto (5) TX 19,487,713 2,350,453 - 21,838,166 Heights at 515 - Series A (5) TX 6,843,232 722,522 - 7,565,754 Heritage Square - Series A (4) TX 10,958,661 893,881 - 11,852,542 Oaks at Georgetown - Series A (5) TX 12,330,000 693,579 - 13,023,579 Runnymede (1) TX 10,040,000 64,280 - 10,104,280 Southpark (1) TX 11,623,649 2,482,923 - 14,106,572 15 West Apartments (5) WA 9,737,418 1,480,489 - 11,217,907 Mortgage revenue bonds held in trust $ 586,445,474 $ 58,813,399 $ - $ 645,258,873 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 December 31, 2018 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series B CA $ 6,228,000 $ 2,450 $ - $ 6,230,450 Seasons San Juan Capistrano - Series B (1) CA 5,574,000 - (1,078 ) 5,572,922 Solano Vista - Series A & B CA 5,768,000 - - 5,768,000 Greens Property - Series B NC 933,928 149,789 - 1,083,717 Village at Avalon - Series A NM 16,400,000 1,408,802 - 17,808,802 Ohio Properties - Series B OH 3,520,900 51,334 - 3,572,234 Rosewood Townhomes - Series A & B (1) SC 9,750,000 - (644,962 ) 9,105,038 South Pointe Apartments - Series A & B (1) SC 22,700,000 - (1,411,986 ) 21,288,014 Avistar at Copperfield - Series B TX 4,000,000 11,730 - 4,011,730 Avistar at the Crest - Series B TX 745,358 50,965 - 796,323 Avistar at the Oaks - Series B TX 545,321 28,738 - 574,059 Avistar at the Parkway - Series B TX 124,600 32,220 - 156,820 Avistar at Wilcrest - Series B TX 1,550,000 4,013 - 1,554,013 Avistar at Wood Hollow - Series B TX 8,410,000 23,940 - 8,433,940 Avistar in 09 - Series B TX 449,841 18,742 - 468,583 Avistar on the Boulevard - Series B TX 442,894 27,023 - 469,917 Mortgage revenue bonds held by the Partnership $ 87,142,842 $ 1,809,746 $ (2,058,026 ) $ 86,894,562
Schedule of MRBs Acquisitions	Acquisitions: The following MRBs were acquired during the year ended December 31, 2019: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Gateway Village February Durham, NC 64 4/1/2032 6.10 % $ 2,600,000 Lynnhaven Apartments February Durham, NC 75 4/1/2032 6.10 % 3,450,000 Montevista - Series A June San Pablo, CA 82 7/1/2036 5.75 % 6,720,000 Montevista - Series B June San Pablo, CA 82 7/1/2021 5.75 % 6,480,000 $ 19,250,000 Acquisitions: The following MRBs were acquired during the year ended December 31, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Esperanza at Palo Alto (1) May San Antonio, TX 322 7/1/2058 5.80 % $ 19,540,000 Solano Vista - Series A December Vallejo, CA 96 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B December Vallejo, CA 96 1/1/2021 5.85 % 3,103,000 Village at Avalon (1) December Albuquerque, NM 240 1/1/2059 5.80 % 16,400,000 $ 41,708,000 (1) Previously reported bond purchase commitment that converted to an MRB.
Schedule of MRBs Redeemed	Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2019: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Seasons San Juan Capistrano - Series B January San Juan Capistrano, CA 112 1/1/2019 8.00 % $ 5,574,000 Courtyard - Series B April Fullerton, CA 108 6/1/2019 8.00 % 6,228,000 $ 11,802,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2018: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Sycamore Walk - Series B January Bakersfield, CA 112 1/1/2018 8.00 % $ 1,815,000 Seasons Lakewood - Series B March Lakewood, CA 85 1/1/2019 8.00 % 5,260,000 Summerhill - Series B March Bakersfield, CA 128 12/1/2018 8.00 % 3,372,000 Oaks at Georgetown - Series B April Georgetown, TX 192 1/1/2019 8.00 % 5,512,000 Seasons at Simi Valley - Series B April Simi Valley, CA 69 9/1/2018 8.00 % 1,944,000 San Vicente - Series B May Soledad, CA 50 11/1/2018 8.00 % 1,825,000 The Village at Madera - Series B May Madera, CA 75 12/1/2018 8.00 % 1,719,000 Las Palmas - Series B July Coachella, CA 81 11/1/2018 8.00 % 1,770,000 Harmony Terrace - Series B August Simi Valley, CA 136 1/1/2019 8.00 % 7,400,000 Lake Forest September Daytona Beach, FL 240 12/1/2031 6.25 % 8,397,000 Bella Vista October Gainesville, TX 144 4/1/2046 6.15 % 6,225,000 Montecito at Williams Ranch Apartments - Series B December Salinas, CA 132 10/1/2019 8.00 % 4,781,000 Vantage at Judson - Series B December San Antonio, TX 288 1/1/2053 6.00 % 25,908,568 Vineyard Gardens - Series B December Oxnard, CA 62 1/1/2020 5.50 % 2,846,000 $ 78,774,568
Term of Mortgage Revenue Bond After Restructuring	The following MRBs were restructured during the year ended December 31, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows: Property Name Month Restructured Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Avistar at Copperfield - Series B May Houston, TX 192 6/1/2054 12.00 % $ 4,000,000 Avistar at Wilcrest - Series B May Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series B May Austin, TX 409 6/1/2054 12.00 % 8,410,000 $ 13,960,000
Schedule of Percentage of MRBs Principal Outstanding	The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding: December 31, 2019 December 31, 2018 Texas 43 % 43 % California 18 % 18 % South Carolina 17 % 17 %
Description of Certain Terms of Partnership' MRB's	The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2019, and 2018: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2019 15 West Apartments - Series A (5) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,673,117 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 10,985,959 Avistar at Copperfield - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 13,945,681 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 15,762,217 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,252,257 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,181,107 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,475,794 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,455,058 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,118,097 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 989,411 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 12,854,039 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,305 Avistar at Wilcrest - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 5,285,131 Avistar at Wood Hollow - Series A (2) 2017 Austin, TX 5/1/2054 5.75 % 40,129,878 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,315,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,767,616 Bruton Apartments (5) 2014 Dallas, TX 8/1/2054 6.00 % 17,807,768 Columbia Gardens (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,922,000 Companion at Thornhill Apartments (5) 2016 Lexington, SC 1/1/2052 5.80 % 11,178,557 Concord at Gulfgate - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 18,975,786 Concord at Little York - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 13,293,436 Concord at Williamcrest - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 20,592,957 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,005,000 Courtyard - Series A (5) 2016 Fullerton, CA 12/1/2033 5.00 % 10,147,686 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 7,970,921 Crossing at 1415 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 7,405,406 Decatur Angle (5) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,455,747 Esperanza at Palo Alto (5) 2018 San Antonio, TX 7/1/2058 5.80 % 19,356,959 Gateway Village (2) 2019 Durham, NC 4/1/2032 6.10 % 2,600,000 Glenview Apartments - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,533,958 Greens Property - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 7,936,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 930,016 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,700,868 Harmony Court Bakersfield - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,699,987 Harmony Terrace - Series A (5) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,849,214 Heights at 515 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 6,779,777 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 10,695,037 Las Palmas II - Series A (5) 2016 Coachella, CA 11/1/2033 5.00 % 1,679,022 Live 929 Apartments (7) 2014 Baltimore, MD 7/1/2049 5.78 % 39,685,000 Lynnhaven Apartments (2) 2019 Durham, NC 4/1/2032 6.10 % 3,450,000 Montclair Apartments - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,456,298 Montecito at Williams Ranch Apartments - Series A (7) 2017 Salinas, CA 10/1/2034 5.50 % 7,681,146 Montevista - Series A 2019 San Pablo, CA 7/1/2036 5.75 % 6,720,000 Montevista - Series B 2019 San Pablo, CA 7/1/2021 5.75 % 6,480,000 Oaks at Georgetown - Series A (5) 2016 Georgetown, TX 1/1/2034 5.00 % 12,239,247 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,857,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,504,170 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,001,027 Rosewood Townhomes - Series A (7) 2017 Goose Creek, SC 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 470,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 9,925,000 San Vicente - Series A (5) 2016 Soledad, CA 11/1/2033 5.00 % 3,462,053 Santa Fe Apartments - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 2,975,713 Seasons at Simi Valley - Series A (5) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,282,477 Seasons Lakewood - Series A (5) 2016 Lakewood, CA 1/1/2034 5.00 % 7,295,901 Seasons San Juan Capistrano - Series A (5) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,283,916 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,762,116 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B 2018 Vallejo, CA 1/1/2021 5.85 % 3,103,000 South Pointe Apartments - Series A (7) 2017 Hanahan, SC 7/1/2055 5.75 % 21,600,000 South Pointe Apartments - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,100,000 Southpark ( 1) 2009 Austin, TX 12/1/2049 6.13 % 13,005,000 Summerhill - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,371,318 Sycamore Walk - Series A (5) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,559,011 The Palms at Premier Park Apartments (3) 2013 Columbia, SC 1/1/2050 6.25 % 18,838,478 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,837,595 The Village at Madera - Series A (5) 2016 Madera, CA 12/1/2033 5.00 % 3,060,177 Village at Avalon (6) 2018 Albuquerque, NM 1/1/2059 5.80 % 16,302,038 Village at River's Edge (5) 2017 Columbia, SC 6/1/2033 6.00 % 9,872,297 Vineyard Gardens - Series A (7) 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,814,857 Willow Run (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,742,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,172,000 $ 679,679,604 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (6) MRB held by Morgan Stanley in a secured financing transaction, see Note 15 (7) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15 Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2018 15 West Apartments - Series A (5) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,737,418 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,115,410 Avistar at Copperfield - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 10,000,000 Avistar at Copperfield - Series B 2017 Houston, TX 6/1/2054 12.00 % 4,000,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 15,941,296 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,357,374 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,188,251 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,558,240 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,526,247 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,221,971 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 995,162 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,114,418 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,600 Avistar at Wilcrest - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B 2017 Houston, TX 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series A (2) 2017 Austin, TX 5/1/2054 5.75 % 31,850,000 Avistar at Wood Hollow - Series B 2017 Austin, TX 6/1/2054 12.00 % 8,410,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,395,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,876,298 Bruton Apartments (5) 2014 Dallas, TX 8/1/2054 6.00 % 17,933,482 Columbia Gardens (5) 2015 Columbia, SC 12/1/2050 5.50 % 13,061,000 Companion at Thornhill Apartments (5) 2016 Lexington, SC 1/1/2052 5.80 % 11,294,928 Concord at Gulfgate - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 19,144,400 Concord at Little York - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 13,411,558 Concord at Williamcrest - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 20,775,940 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,055,000 Courtyard - Series A (5) 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard - Series B 2016 Fullerton, CA 6/1/2019 8.00 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,072,754 Crossing at 1415 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 7,474,716 Decatur Angle (5) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,630,276 Esperanza at Palo Alto (5) 2018 San Antonio, TX 7/1/2058 5.80 % 19,487,713 Glenview Apartments - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,581,930 Greens Property - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,032,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 933,928 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,775,508 Harmony Court Bakersfield - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Terrace - Series A (5) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Heights at 515 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 6,843,232 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 10,958,661 Las Palmas II - Series A (5) 2016 Coachella, CA 11/1/2033 5.00 % 1,692,774 Live 929 Apartments (2) 2014 Baltimore, MD 7/1/2049 5.78 % 39,875,000 Montclair Apartments - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,482,288 Montecito at Williams Ranch Apartments - Series A (2) 2017 Salinas, CA 10/1/2034 5.50 % 7,690,000 Oaks at Georgetown - Series A (5) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,989,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,520,900 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,123,800 Rosewood Townhomes - Series A 2017 Goose Creek, SC 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 470,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,040,000 San Vicente - Series A (5) 2016 Soledad, CA 11/1/2033 5.00 % 3,490,410 Santa Fe Apartments - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,007,198 Seasons at Simi Valley - Series A (5) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,325,536 Seasons Lakewood - Series A (5) 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons San Juan Capistrano - Series A (5) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B 2016 San Juan Capistrano, CA 1/1/2019 8.00 % 5,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,822,610 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B 2018 Vallejo, CA 1/1/2021 5.85 % 3,103,000 South Pointe Apartments - Series A 2017 Hanahan, SC 7/1/2055 5.75 % 21,600,000 South Pointe Apartments - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,100,000 Southpark ( 1) 2009 Austin, TX 12/1/2049 6.13 % 13,155,000 Summerhill - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Sycamore Walk - Series A (5) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,598,006 The Palms at Premier Park Apartments (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,044,617 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,903,368 The Village at Madera - Series A (5) 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 Village at Avalon 2018 Albuquerque, NM 1/1/2059 5.80 % 16,400,000 Village at River's Edge (5) 2017 Columbia, SC 6/1/2033 6.00 % 9,938,059 Vineyard Gardens - Series A (2) 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,857,839 Willow Run (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,879,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,221,000 $ 677,698,116 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB held by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15

Public Housing Capital Fund T_2

Public Housing Capital Fund Trust Certificates (Tables)	12 Months Ended
Public Housing Capital Fund Trust Certificates (Tables)	Dec. 31, 2019
Public Housing Capital Fund Trusts [Abstract]
Schedule of Investments in PHC Certificates	The Partnership had the following investments in the PHC Certificates as of December 31, 2019 and 2018: December 31, 2019 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 5.47 AA- 5.33% $ 24,477,478 $ 435,659 $ - $ 24,913,137 PHC Certificate Trust II 4.58 AA- 4.41% 4,375,296 386,433 - 4,761,729 PHC Certificate Trust III 5.43 BBB 5.12% 13,087,779 586,712 - 13,674,491 $ 41,940,553 $ 1,408,804 $ - $ 43,349,357 December 31, 2018 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 6.49 AA- 5.33% $ 24,608,543 $ 285,984 $ - $ 24,894,527 PHC Certificate Trust II 5.56 A+ 4.35% 9,071,785 44,768 - 9,116,553 PHC Certificate Trust III 6.76 BBB 5.30% 14,566,975 94,031 - 14,661,006 $ 48,247,303 $ 424,783 $ - $ 48,672,086

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
Real Estate Assets (Tables)	Dec. 31, 2019
Real Estate [Line Items]
Real Estate Assets Owned by Partnership	The following tables summarize information regarding the Partnership’s real estate assets as of December 31, 2019 and 2018: Real Estate Assets as of December 31, 2019 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,073,728 $ 42,272,996 The 50/50 MF Property Lincoln, NE 475 - 32,937,805 32,937,805 Land held for development (1) 1,706,862 - 1,706,862 $ 76,917,663 Less accumulated depreciation (15,357,700 ) Total real estate assets $ 61,559,963 (1) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. Real Estate Assets as of December 31, 2018 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,195,468 $ 38,961,163 $ 42,156,631 The 50/50 MF Property Lincoln, NE 475 - 32,935,907 32,935,907 Land held for development (2) 1,776,197 - 1,776,197 $ 76,868,735 Less accumulated depreciation (12,272,387 ) Total real estate assets $ 64,596,348 (2) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE.
MF Properties [Member]
Real Estate [Line Items]
Gains on Sale, Net of Income Taxes	During 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is considered either Tier 2 or Tier 3 income (see Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units Gross Proceeds Gain on Sale before Income Taxes Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	12 Months Ended
Investments in Unconsolidated Entities (Tables)	Dec. 31, 2019
Equity Method Investments And Joint Ventures [Abstract]
Summary of Investments in Unconsolidated Entities	The following table provides the details of the investments in unconsolidated entities as of December 31, 2019 and 2018 and remaining equity commitment amounts as of December 31, 2019: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of December 31, 2019 Carrying Value as of December 31, 2018 Maximum Remaining Equity Commitment as of December 31, 2019 Vantage at Boerne Boerne, TX 288 August 2016 April 2018 $ - $ 8,830,000 $ - Vantage at Waco Waco, TX 288 August 2016 May 2018 9,337,166 9,337,166 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 July 2018 - 11,408,135 - Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 12,295,801 11,535,895 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,840,500 7,572,819 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 10,144,052 9,182,522 - Vantage at Germantown Germantown, TN 288 June 2018 N/A 11,745,155 7,033,398 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 13,516,425 6,254,104 - Vantage at Coventry Omaha, NE 288 September 2018 N/A 9,007,435 5,380,267 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 8,078,519 - 1,347,128 Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 5,016,811 - 2,475,171 3,174 $ 86,981,864 $ 76,534,306 $ 5,414,338
Summary of Partnership's Investments in Unconsolidated Entities	The following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Property Revenues $ 12,541,852 $ 9,262,127 Gain on sale of property $ 35,871,041 $ 7,424,879 Net income $ 32,662,003 $ 5,001,702

Property Loans, Net of Loan L_2

Property Loans, Net of Loan Loss Allowances (Tables)	12 Months Ended
Property Loans, Net of Loan Loss Allowances (Tables)	Dec. 31, 2019
Property Loans Net Of Loan Loss Allowance [Abstract]
Summary of Partnership's Property Loans, Net of Loan Loss Allowances	The following table summarizes the Partnership’s property loans, net of loan loss allowances, as of December 31, 2019 and 2018: December 31, 2019 Outstanding Balance Loan Loss Allowance Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Live 929 Apartments 405,717 - 405,717 Ohio Properties 2,390,446 - 2,390,446 Total $ 15,392,908 $ (7,393,814 ) $ 7,999,094 December 31, 2018 Outstanding Balance Loan Loss Allowance Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,367,635 - 8,367,635 Total $ 23,354,826 $ (7,393,814 ) $ 15,961,012
Summary of Changes in Partnership's Loan Loss Reserves	The following table summarizes the changes in the Partnership’s loan loss reserves for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Balance, beginning of year $ 7,393,814 $ 7,393,814 Balance, end of year $ 7,393,814 $ 7,393,814

Income Tax Provision (Tables)

Income Tax Provision (Tables)	12 Months Ended
Income Tax Provision (Tables)	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	. The following table summarizes income tax expense (benefit) for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Current income tax expense (benefit) $ 195,861 $ (678,862 ) Deferred income tax benefit (149,874 ) (242,235 ) Total income tax expense (benefit) $ 45,987 $ (921,097 )

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
Other Assets (Tables)	Dec. 31, 2019
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the Partnership’s other assets as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Deferred financing costs, net $ 353,862 $ 397,823 Fair value of derivative instruments (Note 17) 10,911 626,633 Taxable mortgage revenue bonds, at fair value 1,383,237 1,409,895 Operating lease right-of-use assets, net 1,673,242 - Other assets 1,641,099 2,081,258 Total other assets $ 5,062,351 $ 4,515,609
Investments Classified by Contractual Maturity Date	The following table includes the details of the taxable MRBs redeemed during the year ended December 31, 2018. The taxable MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest. Property Name Redemption Date Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Vantage at Judson - Series D December San Antonio, TX 288 2/1/2053 9.00 % $ 923,502

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Payables And Accruals [Abstract]
Summary of Partnership's Accounts Payable, Accrued Expenses and Other Liabilities	The following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Accounts payable $ 93,834 $ 230,631 Accrued expenses 2,529,982 2,956,368 Accrued interest expense 2,690,076 2,270,348 Operating lease liabilities 2,138,783 - Other liabilities 1,583,492 2,086,475 Total accounts payable, accrued expenses and other liabilities $ 9,036,167 $ 7,543,822
Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities	The Partnership’s contractual payments related to operating leases for the twelve-month periods ending December 31 st 2020 $ 135,812 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,273 Total 5,215,119 Less: Amount representing interest (3,076,336 ) Total operating lease liabilities $ 2,138,783

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)	12 Months Ended
Unsecured Lines of Credit (Tables)	Dec. 31, 2019
Unsecured Lines of Credit [Member]
Summary of Unsecured Lines of Credit	The following tables summarize the Partnership’s unsecured lines of credit as of December 31, 2019 and 2018: Unsecured Lines of Credit Outstanding as of December 31, 2019 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 13,200,000 $ 50,000,000 June 2021 Variable (1) Monthly 4.19 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 4.94 % Total unsecured lines of credit $ 13,200,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 2018 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 35,659,200 $ 50,000,000 June 2020 Variable (2) Monthly 5.38 % Bankers Trust operating - 10,000,000 June 2020 Variable (2) Monthly 5.63 % Total unsecured lines of credit $ 35,659,200 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin.

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
Debt Financing (Tables)	Dec. 31, 2019
Debt Financing [Abstract]
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2019: Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (3) 102,591,789 - 2019 July 2020 - September 2020 Weekly 1.79% - 2.08% 1.12% - 1.66% 2.96% - 3.45% Fixed - Term TOB (3) 21,073,418 - 2014 - 2019 January 2020 - May 2022 N/A N/A N/A 3.53% - 4.01% Fixed - Term A/B (3) 43,561,212 - 2017 - 2019 February 2020 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (6) The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $ 31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45 % Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % Total TOB Financing\ Weighted Average Period End Rate $ 102,591,789 3.19 % Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $ 8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 21,073,418 3.71 % Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $ 8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 43,561,212 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) 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. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 Deutsche Bank 2014 October 2019 4.39 % Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 Deutsche Bank 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 %
Summary of MRBs Redeemed and Class A Certificates Redeemed Upon Redemption	The following table summarizes the MRBs redeemed and the amount of Class A Certificates redeemed upon redemption: Mortgage Revenue Bond Redeemed TEBS Facility Month Paydown Applied Lake Forest M24 TEBS September 2018 $ 8,122,000 Bella Vista M24 TEBS October 2018 5,076,000 Vantage at Judson - Series B M33 TEBS December 2018 25,908,568
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2020 $ 121,117,504 2021 5,326,861 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,815 Total 538,587,979 Unamortized deferred financing costs and debt premium (2,390,558 ) Total debt financing, net $ 536,197,421

Mortgages Payable and Other S_2

Mortgages Payable and Other Secured Financing (Tables)	12 Months Ended
Mortgages Payable and Other Secured Financing (Tables)	Dec. 31, 2019
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2019: Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (3) 102,591,789 - 2019 July 2020 - September 2020 Weekly 1.79% - 2.08% 1.12% - 1.66% 2.96% - 3.45% Fixed - Term TOB (3) 21,073,418 - 2014 - 2019 January 2020 - May 2022 N/A N/A N/A 3.53% - 4.01% Fixed - Term A/B (3) 43,561,212 - 2017 - 2019 February 2020 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (6) The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $ 31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45 % Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % Total TOB Financing\ Weighted Average Period End Rate $ 102,591,789 3.19 % Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $ 8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 21,073,418 3.71 % Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $ 8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 43,561,212 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) 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. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 Deutsche Bank 2014 October 2019 4.39 % Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 Deutsche Bank 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 %
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2020 $ 121,117,504 2021 5,326,861 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,815 Total 538,587,979 Unamortized deferred financing costs and debt premium (2,390,558 ) Total debt financing, net $ 536,197,421
Mortgages payable [Member]
Schedule of Total Debt Financing	The following is a MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2019, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 2,859,390 2014 March 2020 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 23,942,856 2013 March 2020 Variable Monthly 4.75 % (1) 4.75 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,802,246 4.74 % (1) MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2018, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 3,118,478 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,335,897 2013 March 2020 Variable Monthly 5.00 % (2) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,454,375 4.96 % (2) Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0%
Schedule of Contractual Maturities of Borrowings	Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st : 2020 $ 26,812,851 2021 - 2022 - 2023 - 2024 - Thereafter - Total 26,812,851 Unamortized deferred financing costs (10,605 ) Total mortgages payable and other secured financings, net $ 26,802,246

Interest Rate Derivatives (Tabl

Interest Rate Derivatives (Tables)	12 Months Ended
Interest Rate Derivatives (Tables)	Dec. 31, 2019
Interest Rate Derivative Agreements [Abstract]
Summary of Partnership's Interest Rate Derivatives	The following table summarizes the Partnership’s interest rate derivatives as of December 31, 2019 and 2018: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2019 July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc - June 2017 81,101,364 Aug 2020 1.5 % SIFMA TOB Trusts Barclays Bank PLC 4,090 Sept 2017 58,090,000 Sept 2020 4.0 % SIFMA TOB Trusts Barclays Bank PLC - Aug 2019 79,333,280 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 6,821 $ 10,911 (1 ) For additional details, see Note 23 to the Partnership’s consolidated financial statements. Purchase Date Notional Amount Maturity Date Effective Capped Rate (2) Index Variable Debt Financing Facility Hedged (2) Counterparty Fair Value as of December 31, 2018 July 2014 $ 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc - July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 536 June 2017 90,757,226 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 158,989 June 2017 82,079,066 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 465,983 Sept 2017 59,038,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 53 $ 626,633 ( 2 ) For additional details, see Note 23 to the Partnership’s consolidated financial statements.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Summary of Partnership's Maximum Exposure Under Guarantee Agreements	The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2019: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of December 31, 2019 Partnership's Maximum Exposure as of December 31, 2019 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 28,264,790 $ 28,264,790 (1) Vantage at Coventry 2018 31,500,000 11,502,353 11,502,353 (1) (1) The Partnership’s maximum exposure will decrease to 50% of the construction loan balance upon receipt of the certificate of occupancy and to 25% of the construction loan balance when certain debt service coverage levels are achieved by the borrower. Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of December 31, 2019 Ohio Properties 2011 2026 $ 3,361,979 Greens of Pine Glen, LP 2012 2027 2,237,843

Redeemable Series A Preferred_2

Redeemable Series A Preferred Units (Tables)	12 Months Ended
Redeemable Series A Preferred Units (Tables)	Dec. 31, 2019
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Series A Preferred Units	The following table summarizes the Series A Preferred Units outstanding as of December 31, 2019 and 2018: 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 December 31, 2019 and December 31, 2018 9,450,000 $ 94,500,000

Restricted Unit Awards (Tables)

Restricted Unit Awards (Tables)	12 Months Ended
Restricted Unit Awards (Tables)	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of RUA Activity	The following table summarizes the RUA activity for years ended December 31, 2019 and 2018: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested as of January 1, 2018 242,069 $ 5.83 Granted 309,212 6.31 Vested (279,034 ) 6.06 Forfeited (6,957 ) 6.31 Nonvested as of December 31, 2018 265,290 $ 6.14 Granted 353,197 7.74 Vested (618,487 ) 7.05 Nonvested as of December 31, 2019 - $ -

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
Transactions with Related Parties (Tables)	Dec. 31, 2019
Related Party Transactions [Abstract]
Summary of Amounts Reimbursable to AFCA 2, the General Partner of AFCA 2, or an Affiliate	The amounts in the following table represent amounts reimbursable to AFCA 2, the general partner of AFCA 2, or an affiliate for the years ended December 31, 2019 and 2018: 2019 2018 Reimbursable salaries and benefits $ 4,702,754 $ 3,993,067 Other expenses 19,622 13,121 Office expenses 17,630 - Insurance 243,773 215,867 Professional fees and expenses 82,962 154,653 $ 5,066,741 $ 4,376,708
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 consolidated financial statements for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Partnership administrative fees paid to AFCA 2 (1) $ 3,620,000 $ 3,721,000 Property management fees paid to an affiliate (2) 101,000 190,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 131,000 77,000 (1) AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s consolidated statements of operations. (2) A former affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). The property management fees are reported within “Real estate operating expenses” on the Partnership’s consolidated statements of operations. (3) The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s consolidated statements of operations.
Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates	The following table summarizes transactions between borrowers of the Partnership’s MRBs and affiliates for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Non-Partnership property administrative fees received by AFCA 2 (1) $ 36,000 $ 69,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,362,000 2,873,000 MRB redemption administrative fee received by AFCA 2 (3) - 283,000 (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 and investments in unconsolidated entities. (3) AFCA 2 rec eived one-time administrative fees related to early redemptions of the Lake Forest MRB in September 2018 and the Vantage at Judson MRBs in December 2018.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
Fair Value of Financial Instruments (Tables)	Dec. 31, 2019
Fair Value Measurements [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets measured at fair value on a recurring basis as of December 31, 2019 are summarized as follows: Fair Value Measurements as of December 31, 2019 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds, held in trust $ 743,587,715 $ - $ - $ 743,587,715 Mortgage revenue bonds 30,009,750 - - 30,009,750 PHC Certificates 43,349,357 - - 43,349,357 Taxable mortgage revenue bonds (reported within other assets) 1,383,237 - - 1,383,237 Derivative instruments (reported within other assets) 10,911 - - 10,911 Total Assets at Fair Value, net $ 818,340,970 $ - $ - $ 818,340,970 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 are summarized as follows: Fair Value Measurements as of December 31, 2018 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds, held in trust $ 645,258,873 $ - $ - $ 645,258,873 Mortgage revenue bonds 86,894,562 - - 86,894,562 PHC Certificates 48,672,086 - - 48,672,086 Taxable mortgage revenue bonds (reported within other assets) 1,409,895 - - 1,409,895 Derivative instruments (reported within other assets) 626,633 - - 626,633 Total Assets at Fair Value, net $ 782,862,049 $ - $ - $ 782,862,049
Summary of Activity Related to Level 3 Assets and Liabilities	The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2019: For the Years Ended December 31, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2019 $ 732,153,435 $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 142,356 (6,708 ) - (499,835 ) (364,187 ) Included in other comprehensive income 39,320,186 984,021 26,428 - 40,330,635 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (17,268,512 ) (6,300,042 ) (53,086 ) (145,414 ) (23,767,054 ) Ending Balance December 31, 2019 $ 773,597,465 $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2019 $ - $ - $ - $ (499,835 ) $ (499,835 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2018: For the Years Ended December 31, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2018 $ 788,621,707 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,458,663 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 144,692 - (77,096 ) - 724,579 792,175 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive (loss) income (14,560,720 ) (3,002,540 ) 950,228 (32,756 ) - (16,645,788 ) Purchases 41,708,000 - - - - 41,708,000 Settlements (83,760,244 ) - (701,614 ) (979,808 ) 131,685 (85,309,981 ) Ending Balance December 31, 2018 $ 732,153,435 $ - $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 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 December 31, 2018 $ - $ - $ (1,141,020 ) $ - $ 724,579 $ (416,441 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities.
Summary of Fair Value of Partnership's Financial Liabilities	The table below summarizes the fair value of the Partnership’s financial liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 549,397,421 $ 568,193,494 $ 541,322,765 $ 550,766,809 Mortgages payable and other secured financing 26,802,246 26,812,851 27,454,375 27,552,748

Segments (Tables)

Segments (Tables)	12 Months Ended
Segments (Tables)	Dec. 31, 2019
Segment Reporting [Abstract]
Summary of Partnership Reportable Segment Information	The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Total revenues Mortgage Revenue Bond Investments $ 41,348,004 $ 57,625,273 MF Properties 8,081,029 9,149,105 Public Housing Capital Fund Trusts 2,368,541 2,479,494 Other Investments 10,520,439 12,101,704 Total revenues $ 62,318,013 $ 81,355,576 Interest expense Mortgage Revenue Bond Investments $ 21,862,030 $ 22,231,479 MF Properties 1,444,700 1,699,121 Public Housing Capital Fund Trusts 1,410,564 932,456 Other Investments - - Total interest expense $ 24,717,294 $ 24,863,056 Depreciation expense Mortgage Revenue Bond Investments $ - $ - MF Properties 3,088,117 3,488,058 Public Housing Capital Fund Trusts - - Other Investments - - Total depreciation expense $ 3,088,117 $ 3,488,058 Net income (loss) Mortgage Revenue Bond Investments $ 3,835,002 $ 22,048,372 MF Properties (964,355 ) 3,676,560 Public Housing Capital Fund Trusts 957,977 406,019 Other Investments 26,663,527 15,008,578 Net income $ 30,492,151 $ 41,139,529 The following table details total assets for the Partnership’s reportable segments as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Total assets Mortgage Revenue Bond Investments $ 918,301,172 $ 864,311,647 MF Properties 70,569,646 71,120,280 Public Housing Capital Fund Trusts 43,591,048 48,942,334 Other Investments 87,098,315 85,048,514 Consolidation/eliminations (90,391,673 ) (86,709,529 ) Total assets $ 1,029,168,508 $ 982,713,246

Summary of Unaudited Quarterl_2

Summary of Unaudited Quarterly Results of Operations (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	2019 March 31, June 30, September 30, December 31, Revenues and other income $ 17,664,598 $ 14,346,334 $ 25,341,629 $ 21,107,249 Income from continuing operations 6,451,813 3,886,190 9,707,903 10,446,245 Net income $ 6,451,813 $ 3,886,190 $ 9,707,903 $ 10,446,245 Income from continuing operations, per BUC $ 0.08 $ 0.05 $ 0.13 $ 0.16 Net income, basic and diluted, per BUC $ 0.08 $ 0.05 $ 0.13 $ 0.16 2018 March 31, June 30, September 30, December 31, Revenues and other income $ 16,458,034 $ 15,785,165 $ 30,052,544 $ 26,015,349 Income from continuing operations 6,004,304 3,338,121 17,883,055 13,914,049 Net income $ 6,004,304 $ 3,338,121 $ 17,883,055 $ 13,914,049 Income from continuing operations, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22 Net income, basic and diluted, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019USD ($)Propertyshares	Dec. 31, 2018USD ($)	Jan. 01, 2019USD ($)	Sep. 30, 2018
Summary Of Significant Accounting Policies [Line Items]
Cash, FDIC Insured Amount	$ 250,000
Operating leases, right-of-use assets	$ 1,673,242
Minimum [Member] \| Restricted Unit Awards [Member] \| Greystone Manager [Member]
Summary Of Significant Accounting Policies [Line Items]
RUAs granted with vesting range	3 months	3 months
Maximum [Member] \| RUA and Other Awards [Member] \| Greystone Manager [Member]
Summary Of Significant Accounting Policies [Line Items]
Approved grant of restricted units and other awards to employees \| shares	3,000,000
Maximum [Member] \| Restricted Unit Awards [Member] \| Greystone Manager [Member]
Summary Of Significant Accounting Policies [Line Items]
Approved grant of restricted units and other awards to employees \| shares	3,000,000
RUAs granted with vesting range	3 years	3 years
Mortgage Revenue Bonds, Taxable Bonds or Bond Purchase Commitments
Summary Of Significant Accounting Policies [Line Items]
Impairment charges	$ 0	$ 0
Mortgage Revenue Bonds [Member]
Summary Of Significant Accounting Policies [Line Items]
Contingent interest provisions	$ 0
Real Estate Buildings [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	19 years
Real Estate Buildings [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	40 years
Capital Improvements [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	5 years
Capital Improvements [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	15 years
The 5050 MF Property [Member] \| ASU 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating leases, right-of-use assets			$ 1,700,000
Operating leases, liabilities for current leases			$ 2,200,000
Lessee operating lease discount rate			6.60%
Greens Hold Co [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties \| Property	1
Ownership interest percentage in MF property	100.00%
Greens Hold Co [Member] \| Jade Park [Member]
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage in MF property				100.00%

Partnership Income, Expenses _3

Partnership Income, Expenses and Cash Distributions - Additional Information (Details)	Dec. 31, 2019
Partners capital account, fixed rate	3.00%
Tier 1 [Member] \| Limited Partner [Member]
Percent of regular allocations	99.00%
Tier 1 [Member] \| General Partner [Member]
Percent of regular allocations	1.00%
Tier 2 [Member] \| Limited Partner [Member]
Percent of special allocations	75.00%
Tier 2 [Member] \| General Partner [Member]
Percent of special allocations	25.00%
Tier 3 [Member] \| Limited Partner [Member]
Percent of special allocations	100.00%

Partnership Income, Expenses _4

Partnership Income, Expenses and Cash Distributions - Schedule of Distributions Paid or Accrued per Beneficial Unit Certificates (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Cash distributions	$ 0.5000	$ 0.5000

Net Income per BUC (Details)

Net Income per BUC (Details) - shares	12 Months Ended
Net Income per BUC (Details) - shares	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Dilutive BUCs	0	0

Variable Interest Entities - Ad

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

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 117,436,864	$ 136,692,941
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	30,455,000	51,791,000
Property Loan [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure		8,367,635
Investment in Unconsolidated Entities [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 86,981,864	$ 76,534,306

Investments in Mortgage Reven_3

Investments in Mortgage Revenue Bonds - Information Regarding MRBs Owned (Details) - USD ($)		Dec. 31, 2019		Dec. 31, 2018
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		$ 648,445,150		$ 586,445,474
Cumulative Unrealized Gain		95,795,445		58,813,399
Cumulative Unrealized Loss		(652,880)
Estimated Fair Value		743,587,715		645,258,873
Mortgage Revenue Bonds Held In Trust [Member] \| Courtyard [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	10,147,686		10,230,000
Cumulative Unrealized Gain	[1]	1,602,534		954,573
Estimated Fair Value	[1]	11,750,220		11,184,573
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	[2]	11,056,825		11,194,690
Cumulative Unrealized Gain	[2]	1,934,146		1,399,461
Estimated Fair Value	[2]	12,990,971		12,594,151
Mortgage Revenue Bonds Held In Trust [Member] \| Harmony Court Bakersfield [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	3,699,987		3,730,000
Cumulative Unrealized Gain	[1]	549,211		312,844
Estimated Fair Value	[1]	4,249,198		4,042,844
Mortgage Revenue Bonds Held In Trust [Member] \| Harmony Terrace [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	6,849,214		6,900,000
Cumulative Unrealized Gain	[1]	1,121,262		647,686
Estimated Fair Value	[1]	7,970,476		7,547,686
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	[2]	9,252,257		9,357,374
Cumulative Unrealized Gain	[2]	1,715,456		1,036,288
Estimated Fair Value	[2]	10,967,713		10,393,662
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar at the Oaks [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[2]	7,475,794		7,558,240
Cumulative Unrealized Gain	[2]	1,336,580		706,970
Estimated Fair Value	[2]	8,812,374		8,265,210
Mortgage Revenue Bonds Held In Trust [Member] \| Las Palmas II [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	1,679,022		1,692,774
Cumulative Unrealized Gain	[1]	263,441		141,187
Estimated Fair Value	[1]	1,942,463		1,833,961
Mortgage Revenue Bonds Held In Trust [Member] \| Seasons at Simi Valley [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	4,282,477		4,325,536
Cumulative Unrealized Gain	[1]	860,856		655,326
Estimated Fair Value	[1]	5,143,333		4,980,862
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	[3]	12,854,039		13,114,418
Cumulative Unrealized Gain	[3]	2,065,468		1,232,292
Estimated Fair Value	[3]	14,919,507		14,346,710
Mortgage Revenue Bonds Held In Trust [Member] \| Sycamore Walk [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	3,559,011		3,598,006
Cumulative Unrealized Gain	[1]	567,713		363,405
Estimated Fair Value	[1]	4,126,724		3,961,411
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	[2]	6,455,058		6,526,247
Cumulative Unrealized Gain	[2]	1,125,239		525,939
Estimated Fair Value	[2]	7,580,297		7,052,186
Mortgage Revenue Bonds Held In Trust [Member] \| Montecito at Williams Ranch Apartments [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		7,681,146	[4]	7,690,000	[5]
Cumulative Unrealized Gain		1,580,303	[4]	973,133	[5]
Estimated Fair Value		9,261,449	[4]	8,663,133	[5]
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	[2]	15,762,217		15,941,296
Cumulative Unrealized Gain	[2]	2,648,781		1,628,269
Estimated Fair Value	[2]	18,410,998		17,569,565
Mortgage Revenue Bonds Held In Trust [Member] \| San Vicente [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	3,462,053		3,490,410
Cumulative Unrealized Gain	[1]	510,593		291,121
Estimated Fair Value	[1]	3,972,646		3,781,531
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	[2]	5,118,097		5,221,971
Cumulative Unrealized Gain	[2]	938,032		557,084
Estimated Fair Value	[2]	6,056,129		5,779,055
Mortgage Revenue Bonds Held In Trust [Member] \| Bridle Ridge [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[6]	7,315,000		7,395,000
Cumulative Unrealized Gain	[6]	113,469		90,349
Estimated Fair Value	[6]	7,428,469		7,485,349
Mortgage Revenue Bonds Held In Trust [Member] \| Seasons Lakewood [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	7,295,901		7,350,000
Cumulative Unrealized Gain	[1]	1,124,372		654,929
Estimated Fair Value	[1]	8,420,273		8,004,929
Mortgage Revenue Bonds Held In Trust [Member] \| Brookstone [Member] \| IL [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[6]	7,406,755		7,432,076
Cumulative Unrealized Gain	[6]	2,194,994		1,956,010
Estimated Fair Value	[6]	9,601,749		9,388,086
Mortgage Revenue Bonds Held In Trust [Member] \| Seasons San Juan Capistrano [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	12,283,916		12,375,000
Cumulative Unrealized Gain	[1]	1,893,075		1,102,687
Estimated Fair Value	[1]	14,176,991		13,477,687
Mortgage Revenue Bonds Held In Trust [Member] \| Bruton Apartments [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	17,807,768		17,933,482
Cumulative Unrealized Gain	[1]	3,534,702		2,046,056
Estimated Fair Value	[1]	21,342,470		19,979,538
Mortgage Revenue Bonds Held In Trust [Member] \| Summerhill [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	6,371,318		6,423,000
Cumulative Unrealized Gain	[1]	797,228		508,639
Estimated Fair Value	[1]	7,168,546		6,931,639
Mortgage Revenue Bonds Held In Trust [Member] \| Columbia Gardens [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	13,064,589		13,222,480
Cumulative Unrealized Gain	[1]	2,179,744		1,396,828
Estimated Fair Value	[1]	15,244,333		14,619,308
Mortgage Revenue Bonds Held In Trust [Member] \| Concord at Gulfgate [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	18,975,786		19,144,400
Cumulative Unrealized Gain	[1]	3,572,995		2,222,555
Estimated Fair Value	[1]	22,548,781		21,366,955
Mortgage Revenue Bonds Held In Trust [Member] \| The Village at Madera [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	3,060,177		3,085,000
Cumulative Unrealized Gain	[1]	454,240		229,934
Estimated Fair Value	[1]	3,514,417		3,314,934
Mortgage Revenue Bonds Held In Trust [Member] \| Concord at Little York [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	13,293,436		13,411,558
Cumulative Unrealized Gain	[1]	2,624,054		1,617,217
Estimated Fair Value	[1]	15,917,490		15,028,775
Mortgage Revenue Bonds Held In Trust [Member] \| Concord at Williamcrest [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	20,592,957		20,775,940
Cumulative Unrealized Gain	[1]	3,971,001		2,505,243
Estimated Fair Value	[1]	24,563,958		23,281,183
Mortgage Revenue Bonds Held In Trust [Member] \| Vineyard Gardens \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		3,995,000	[4]	3,995,000	[5]
Cumulative Unrealized Gain		815,213	[4]	534,351	[5]
Estimated Fair Value		4,810,213	[4]	4,529,351	[5]
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	[2]	5,005,000		5,055,000
Cumulative Unrealized Gain	[2]	682,497		643,012
Estimated Fair Value	[2]	5,687,497		5,698,012
Mortgage Revenue Bonds Held In Trust [Member] \| Cross Creek [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[6]	6,143,976		6,143,919
Cumulative Unrealized Gain	[6]	2,507,072		2,540,949
Estimated Fair Value	[6]	8,651,048		8,684,868
Mortgage Revenue Bonds Held In Trust [Member] \| Decatur-Angle [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	22,455,747		22,630,276
Cumulative Unrealized Gain	[1]	4,198,200		1,945,516
Estimated Fair Value	[1]	26,653,947		24,575,792
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	[3]	4,533,958		4,581,930
Cumulative Unrealized Gain	[3]	757,900		524,024
Estimated Fair Value	[3]	5,291,858		5,105,954
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	[2]	7,936,000		8,032,000
Cumulative Unrealized Gain	[2]	845,678		818,686
Estimated Fair Value	[2]	8,781,678		8,850,686
Mortgage Revenue Bonds Held In Trust [Member] \| Companion at Thornhill Apartments [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	11,178,557		11,294,928
Cumulative Unrealized Gain	[1]	1,709,040		1,148,219
Estimated Fair Value	[1]	12,887,597		12,443,147
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	[2]	6,700,868		6,775,508
Cumulative Unrealized Gain	[2]	1,281,980		1,007,557
Estimated Fair Value	[2]	7,982,848		7,783,065
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	[3]	10,695,037		10,958,661
Cumulative Unrealized Gain	[3]	1,455,672		893,881
Estimated Fair Value	[3]	12,150,709		11,852,542
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		39,984,026	[4],[7]	40,240,405	[5]
Cumulative Unrealized Gain	[5]			2,873,978
Cumulative Unrealized Loss	[4],[7]	(280,711)
Estimated Fair Value		39,703,315	[4],[7]	43,114,383	[5]
Mortgage Revenue Bonds Held In Trust [Member] \| Gateway Village [Member] \| NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	2,600,000
Cumulative Unrealized Gain	[5]	509,901
Estimated Fair Value	[5]	3,109,901
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	[3]	2,456,298		2,482,288
Cumulative Unrealized Gain	[3]	446,558		246,752
Estimated Fair Value	[3]	2,902,856		2,729,040
Mortgage Revenue Bonds Held In Trust [Member] \| Lynnhaven Apartments [Member] \| NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	3,450,000
Cumulative Unrealized Gain	[5]	393,686
Estimated Fair Value	[5]	3,843,686
Mortgage Revenue Bonds Held In Trust [Member] \| Pro Nova [Member] \| TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	10,022,352	[7]	10,027,413
Cumulative Unrealized Gain	[5]			19,710
Cumulative Unrealized Loss	[5],[7]	(372,169)
Estimated Fair Value	[5]	9,650,183	[7]	10,047,123
Mortgage Revenue Bonds Held In Trust [Member] \| Ohio Properties [Member] \| Series A [Member] \| OH [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[6]	13,857,000		13,989,000
Cumulative Unrealized Gain	[6]	48,813		241,675
Estimated Fair Value	[6]	13,905,813		14,230,675
Mortgage Revenue Bonds Held In Trust [Member] \| Rosewood Townhomes [Member] \| Series A [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[4]	9,280,000
Cumulative Unrealized Gain	[4]	316,916
Estimated Fair Value	[4]	9,596,916
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	[3]	11,001,027		11,123,800
Cumulative Unrealized Gain	[3]	1,775,086		1,383,680
Estimated Fair Value	[3]	12,776,113		12,507,480
Mortgage Revenue Bonds Held In Trust [Member] \| Village at Avalon [Member] \| Series A [Member] \| NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[8]	16,302,038
Cumulative Unrealized Gain	[8]	3,131,843
Estimated Fair Value	[8]	19,433,881
Mortgage Revenue Bonds Held In Trust [Member] \| South Pointe Apartments [Member] \| Series A [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[4]	21,600,000
Cumulative Unrealized Gain	[4]	835,005
Estimated Fair Value	[4]	22,435,005
Mortgage Revenue Bonds Held In Trust [Member] \| Runnymede [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[6]	9,925,000		10,040,000
Cumulative Unrealized Gain	[6]	80,343		64,280
Estimated Fair Value	[6]	10,005,343		10,104,280
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	[3]	2,975,713		3,007,198
Cumulative Unrealized Gain	[3]	540,988		401,203
Estimated Fair Value	[3]	3,516,701		3,408,401
Mortgage Revenue Bonds Held In Trust [Member] \| Village at River's Edge [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	9,872,297		9,938,059
Cumulative Unrealized Gain	[1]	2,236,259		1,421,114
Estimated Fair Value	[1]	12,108,556		11,359,173
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	[3]	7,762,116		7,822,610
Cumulative Unrealized Gain	[3]	1,166,748		778,940
Estimated Fair Value	[3]	8,928,864		8,601,550
Mortgage Revenue Bonds Held In Trust [Member] \| Southpark [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[6]	11,548,337		11,623,649
Cumulative Unrealized Gain	[6]	2,334,262		2,482,923
Estimated Fair Value	[6]	13,882,599		14,106,572
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	[2]	18,838,478		19,044,617
Cumulative Unrealized Gain	[2]	2,799,411		2,194,791
Estimated Fair Value	[2]	21,637,889		21,239,408
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	[2]	5,837,595		5,903,368
Cumulative Unrealized Gain	[2]	864,894		731,073
Estimated Fair Value	[2]	6,702,489		6,634,441
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar at Copperfield [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	13,945,681		10,000,000
Cumulative Unrealized Gain	[5]	2,356,231		589,196
Estimated Fair Value	[5]	16,301,912		10,589,196
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	[2]	3,814,857		3,857,839
Cumulative Unrealized Gain	[2]	594,361		483,436
Estimated Fair Value	[2]	4,409,218		4,341,275
Mortgage Revenue Bonds Held In Trust [Member] \| Willow Run [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	12,884,191		13,040,029
Cumulative Unrealized Gain	[1]	2,100,598		1,375,542
Estimated Fair Value	[1]	14,984,789		14,415,571
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar at Wilcrest [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	5,285,131		3,775,000
Cumulative Unrealized Gain	[5]	806,523		206,263
Estimated Fair Value	[5]	6,091,654		3,981,263
Mortgage Revenue Bonds Held In Trust [Member] \| Crossing at 1415 [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	7,405,406		7,474,716
Cumulative Unrealized Gain	[1]	1,229,438		600,738
Estimated Fair Value	[1]	8,634,844		8,075,454
Mortgage Revenue Bonds Held In Trust [Member] \| Woodlynn Village [Member] \| MN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[6]	4,172,000		4,221,000
Cumulative Unrealized Gain	[6]	44,510		34,155
Estimated Fair Value	[6]	4,216,510		4,255,155
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar at Wood Hollow [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	40,129,878		31,850,000
Cumulative Unrealized Gain	[5]	6,450,704		1,624,687
Estimated Fair Value	[5]	46,580,582		33,474,687
Mortgage Revenue Bonds Held In Trust [Member] \| Heights at 515 [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	6,779,777		6,843,232
Cumulative Unrealized Gain	[1]	1,154,387		722,522
Estimated Fair Value	[1]	7,934,164		7,565,754
Mortgage Revenue Bonds Held In Trust [Member] \| 15 West Apartments [Member] \| WA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	9,673,117		9,737,418
Cumulative Unrealized Gain	[1]	2,287,904		1,480,489
Estimated Fair Value	[1]	11,961,021		11,217,907
Mortgage Revenue Bonds Held In Trust [Member] \| Esperanza at Palo Alto [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	19,356,959		19,487,713
Cumulative Unrealized Gain	[1]	4,111,518		2,350,453
Estimated Fair Value	[1]	23,468,477		21,838,166
Mortgage Revenue Bonds Held In Trust [Member] \| Oaks at Georgetown [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	12,239,247		12,330,000
Cumulative Unrealized Gain	[1]	1,645,817		693,579
Estimated Fair Value	[1]	13,885,064		13,023,579
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		27,267,010		87,142,842
Cumulative Unrealized Gain		2,742,740		1,809,746
Cumulative Unrealized Loss				(2,058,026)
Estimated Fair Value		30,009,750		86,894,562
Mortgage Revenue Bonds [Member] \| Courtyard [Member] \| Series B [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns				6,228,000
Cumulative Unrealized Gain				2,450
Estimated Fair Value				6,230,450
Mortgage Revenue Bonds [Member] \| Avistar at the Crest [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		740,876		745,358
Cumulative Unrealized Gain		94,819		50,965
Estimated Fair Value		835,695		796,323
Mortgage Revenue Bonds [Member] \| Avistar at the Oaks [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		542,170		545,321
Cumulative Unrealized Gain		65,455		28,738
Estimated Fair Value		607,625		574,059
Mortgage Revenue Bonds [Member] \| Avistar at the Parkway [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		124,305		124,600
Cumulative Unrealized Gain		38,045		32,220
Estimated Fair Value		162,350		156,820
Mortgage Revenue Bonds [Member] \| Avistar in 09 [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		447,241		449,841
Cumulative Unrealized Gain		53,995		18,742
Estimated Fair Value		501,236		468,583
Mortgage Revenue Bonds [Member] \| Avistar on the Boulevard [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		440,231		442,894
Cumulative Unrealized Gain		53,056		27,023
Estimated Fair Value		493,287		469,917
Mortgage Revenue Bonds [Member] \| Seasons San Juan Capistrano [Member] \| Series B [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[9]			5,574,000
Cumulative Unrealized Loss	[9]			(1,078)
Estimated Fair Value	[9]			5,572,922
Mortgage Revenue Bonds [Member] \| Greens Property [Member] \| Series B [Member] \| NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		930,016		933,928
Cumulative Unrealized Gain		142,265		149,789
Estimated Fair Value		1,072,281		1,083,717
Mortgage Revenue Bonds [Member] \| Ohio Properties [Member] \| Series B [Member] \| OH [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		3,504,171		3,520,900
Cumulative Unrealized Gain		10,363		51,334
Estimated Fair Value		3,514,534		3,572,234
Mortgage Revenue Bonds [Member] \| Rosewood Townhomes [Member] \| Series A and B [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[9]			9,750,000
Cumulative Unrealized Loss	[9]			(644,962)
Estimated Fair Value	[9]			9,105,038
Mortgage Revenue Bonds [Member] \| Rosewood Townhomes [Member] \| Series B [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		470,000
Cumulative Unrealized Gain		1,685
Estimated Fair Value		471,685
Mortgage Revenue Bonds [Member] \| Village at Avalon [Member] \| Series A [Member] \| NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns				16,400,000
Cumulative Unrealized Gain				1,408,802
Estimated Fair Value				17,808,802
Mortgage Revenue Bonds [Member] \| South Pointe Apartments [Member] \| Series A and B [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[9]			22,700,000
Cumulative Unrealized Loss	[9]			(1,411,986)
Estimated Fair Value	[9]			21,288,014
Mortgage Revenue Bonds [Member] \| South Pointe Apartments [Member] \| Series B [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		1,100,000
Cumulative Unrealized Gain		2,952
Estimated Fair Value		1,102,952
Mortgage Revenue Bonds [Member] \| Avistar at Copperfield [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns				4,000,000
Cumulative Unrealized Gain				11,730
Estimated Fair Value				4,011,730
Mortgage Revenue Bonds [Member] \| Avistar at Wilcrest [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns				1,550,000
Cumulative Unrealized Gain				4,013
Estimated Fair Value				1,554,013
Mortgage Revenue Bonds [Member] \| Avistar at Wood Hollow [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns				8,410,000
Cumulative Unrealized Gain				23,940
Estimated Fair Value				8,433,940
Mortgage Revenue Bonds [Member] \| Montevista [Member] \| Series A and B [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		13,200,000
Cumulative Unrealized Gain		1,654,870
Estimated Fair Value		14,854,870
Mortgage Revenue Bonds [Member] \| Solano Vista [Member] \| Series A and B [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		5,768,000		5,768,000
Cumulative Unrealized Gain		625,235
Estimated Fair Value		$ 6,393,235		$ 5,768,000

[1]	MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15
[2]	MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15
[3]	MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15
[4]	MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15
[5]	MRB held by Deutsche Bank in a secured financing transaction, see Note 15
[6]	MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15
[7]	As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months.
[8]	MRB held by Morgan Stanley in a secured financing transaction, see Note 15
[9]	As of the date presented, the MRBs had been in a cumulative unrealized loss for less than 12 consecutive months.

Investments in Mortgage Reven_4

Investments in Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)		12 Months Ended
		Dec. 31, 2019USD ($)Unit	Dec. 31, 2018USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units \| Unit		3,174
Principal Outstanding at Date of Acquisition \| $		$ 19,250,000	$ 41,708,000
Gateway Village [Member] \| Durham NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired		February
Units \| Unit		64
Maturity Date		Apr. 1, 2032
Base Interest Rate		6.10%
Principal Outstanding at Date of Acquisition \| $		$ 2,600,000
Lynnhaven Apartments [Member] \| Durham NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired		February
Units \| Unit		75
Maturity Date		Apr. 1, 2032
Base Interest Rate		6.10%
Principal Outstanding at Date of Acquisition \| $		$ 3,450,000
Montevista [Member] \| Series A [Member] \| San Pablo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired		June
Units \| Unit		82
Maturity Date		Jul. 1, 2036
Base Interest Rate		5.75%
Principal Outstanding at Date of Acquisition \| $		$ 6,720,000
Montevista [Member] \| Series B [Member] \| San Pablo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired		June
Units \| Unit		82
Maturity Date		Jul. 1, 2021
Base Interest Rate		5.75%
Principal Outstanding at Date of Acquisition \| $		$ 6,480,000
Esperanza at Palo Alto [Member] \| San Antonio, TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[1]		May
Units \| Unit	[1]		322
Maturity Date	[1]		Jul. 1, 2058
Base Interest Rate	[1]		5.80%
Principal Outstanding at Date of Acquisition \| $	[1]		$ 19,540,000
Solano Vista [Member] \| Series A [Member] \| Vallejo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired			December
Units \| Unit			96
Maturity Date			Jan. 1, 2036
Base Interest Rate			5.85%
Principal Outstanding at Date of Acquisition \| $			$ 2,665,000
Solano Vista [Member] \| Series B [Member] \| Vallejo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired			December
Units \| Unit			96
Maturity Date			Jan. 1, 2021
Base Interest Rate			5.85%
Principal Outstanding at Date of Acquisition \| $			$ 3,103,000
Village at Avalon [Member] \| Albuquerque, NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[1]		December
Units \| Unit	[1]		240
Maturity Date	[1]		Jan. 1, 2059
Base Interest Rate	[1]		5.80%
Principal Outstanding at Date of Acquisition \| $	[1]		$ 16,400,000

[1]	Previously reported bond purchase commitment that converted to an MRB.

Investments in Mortgage Reven_5

Investments in Mortgage Revenue Bonds - Schedule of MRBs Redeemed (Details)	12 Months Ended
	Dec. 31, 2019USD ($)Unit	Dec. 31, 2018USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units \| Unit	3,174
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption \| $	$ 11,802,000	$ 78,774,568
Mortgage Revenue Bonds [Member] \| Seasons San Juan Capistrano [Member] \| Series B [Member] \| San Juan Capistrano California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	January
Units \| Unit	112
Original Maturity Date	Jan. 1, 2019
Base Interest Rate	8.00%
Principal Outstanding at Date of Redemption \| $	$ 5,574,000
Mortgage Revenue Bonds [Member] \| Courtyard [Member] \| Series B [Member] \| Fullerton Califonia [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	April
Units \| Unit	108
Original Maturity Date	Jun. 1, 2019
Base Interest Rate	8.00%
Principal Outstanding at Date of Redemption \| $	$ 6,228,000
Mortgage Revenue Bonds [Member] \| Sycamore Walk [Member] \| Series B [Member] \| Bakersfield, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		January
Units \| Unit		112
Original Maturity Date		Jan. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption \| $		$ 1,815,000
Mortgage Revenue Bonds [Member] \| Seasons Lakewood [Member] \| Series B [Member] \| Lakewood, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		March
Units \| Unit		85
Original Maturity Date		Jan. 1, 2019
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption \| $		$ 5,260,000
Mortgage Revenue Bonds [Member] \| Summerhill [Member] \| Series B [Member] \| Bakersfield, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		March
Units \| Unit		128
Original Maturity Date		Dec. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption \| $		$ 3,372,000
Mortgage Revenue Bonds [Member] \| Oaks at Georgetown [Member] \| Series B [Member] \| Georgetown, Texas [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		April
Units \| Unit		192
Original Maturity Date		Jan. 1, 2019
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption \| $		$ 5,512,000
Mortgage Revenue Bonds [Member] \| Seasons at Simi Valley [Member] \| Series B [Member] \| Simi Valley, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		April
Units \| Unit		69
Original Maturity Date		Sep. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption \| $		$ 1,944,000
Mortgage Revenue Bonds [Member] \| San Vicente [Member] \| Series B [Member] \| Soledad, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		May
Units \| Unit		50
Original Maturity Date		Nov. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption \| $		$ 1,825,000
Mortgage Revenue Bonds [Member] \| The Village at Madera [Member] \| Series B [Member] \| Madera, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		May
Units \| Unit		75
Original Maturity Date		Dec. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption \| $		$ 1,719,000
Mortgage Revenue Bonds [Member] \| Las Palmas [Member] \| Series B [Member] \| Coachella, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		July
Units \| Unit		81
Original Maturity Date		Nov. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption \| $		$ 1,770,000
Mortgage Revenue Bonds [Member] \| Harmony Terrace [Member] \| Series B [Member] \| Simi Valley, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		August
Units \| Unit		136
Original Maturity Date		Jan. 1, 2019
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption \| $		$ 7,400,000
Mortgage Revenue Bonds [Member] \| Lake Forest [Member] \| Daytona Florida [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		September
Units \| Unit		240
Original Maturity Date		Dec. 1, 2031
Base Interest Rate		6.25%
Principal Outstanding at Date of Redemption \| $		$ 8,397,000
Mortgage Revenue Bonds [Member] \| Bella Vista [Member] \| Gainesville, TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		October
Units \| Unit		144
Original Maturity Date		Apr. 1, 2046
Base Interest Rate		6.15%
Principal Outstanding at Date of Redemption \| $		$ 6,225,000
Mortgage Revenue Bonds [Member] \| Montecito at Williams Ranch Apartments [Member] \| Series B [Member] \| Salinas, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		December
Units \| Unit		132
Original Maturity Date		Oct. 1, 2019
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption \| $		$ 4,781,000
Mortgage Revenue Bonds [Member] \| Vantage at Judson [Member] \| Series B [Member] \| San Antonio, TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		December
Units \| Unit		288
Original Maturity Date		Jan. 1, 2053
Base Interest Rate		6.00%
Principal Outstanding at Date of Redemption \| $		$ 25,908,568
Mortgage Revenue Bonds [Member] \| Vineyard Gardens \| Series B [Member] \| Oxnard, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		December
Units \| Unit		62
Original Maturity Date		Jan. 1, 2020
Base Interest Rate		5.50%
Principal Outstanding at Date of Redemption \| $		$ 2,846,000

Investments in Mortgage Reven_6

Investments in Mortgage Revenue Bonds - Schedule of MRBs Eliminated (Details)	12 Months Ended
	Dec. 31, 2019USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units \| Unit	3,174
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Restructuring \| $	$ 13,960,000
Mortgage Revenue Bonds [Member] \| Avistar at Copperfield [Member] \| Series B [Member] \| Houston, TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Restructured	May
Units \| Unit	192
Original Maturity Date	Jun. 1, 2054
Base Interest Rate	12.00%
Principal Outstanding at Date of Restructuring \| $	$ 4,000,000
Mortgage Revenue Bonds [Member] \| Avistar at Wilcrest [Member] \| Series B [Member] \| Houston, TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Restructured	May
Units \| Unit	88
Original Maturity Date	Jun. 1, 2054
Base Interest Rate	12.00%
Principal Outstanding at Date of Restructuring \| $	$ 1,550,000
Mortgage Revenue Bonds [Member] \| Avistar at Wood Hollow [Member] \| Series B [Member] \| Austin,TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Restructured	May
Units \| Unit	409
Original Maturity Date	Jun. 1, 2054
Base Interest Rate	12.00%
Principal Outstanding at Date of Restructuring \| $	$ 8,410,000

Investments in Mortgage Reven_7

Investments in Mortgage Revenue Bonds - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Contingent interest income	$ 3,045,462	$ 9,322,849
Lake Forest [Member] \| Daytona Florida [Member] \| Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Contingent interest income	4,200,000
Lake Forest [Member] \| Daytona Florida [Member] \| Mortgage Revenue Bonds [Member] \| Other Income [Member]
Schedule Of Available For Sale Securities [Line Items]
Gain on early redemption of mortgage revenue bonds	1,500,000
Vantage at Judson [Member] \| San Antonio, TX [Member] \| Mortgage Revenue Bonds [Member] \| Series B [Member]
Schedule Of Available For Sale Securities [Line Items]
Gain on early redemption of mortgage revenue bonds	$ 2,200,000

Investments in Mortgage Reven_8

Investments in Mortgage Revenue Bonds - Schedule of Percentage of MRBs Principal Outstanding (Details)	Dec. 31, 2019	Dec. 31, 2018
TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location	43.00%	43.00%
CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location	18.00%	18.00%
SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location	17.00%	17.00%

Investments in Mortgage Reven_9

Investments in Mortgage Revenue Bonds - Description of Certain Terms of Partnership's MRBs (Details) - USD ($)		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018
Summary Of Investment Holdings [Line Items]
Principal Outstanding		$ 679,679,604		$ 677,698,116
15 West Apartments [Member] \| Series A [Member] \| Vancouver Washington
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jul. 1, 2054		Jul. 1, 2054
Base Interest Rate	[1]	6.25%		6.25%
Principal Outstanding	[1]	$ 9,673,117		$ 9,737,418
Arbors at Hickory Ridge [Member] \| Memphis, Tennessee [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2012	[2]	2012	[3]
Maturity Date		Jan. 1, 2049	[2]	Jan. 1, 2049	[3]
Base Interest Rate		6.25%	[2]	6.25%	[3]
Principal Outstanding		$ 10,985,959	[2]	$ 11,115,410	[3]
Avistar at Copperfield [Member] \| Series A [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[4]	2017		2017
Maturity Date	[4]	May 1, 2054		May 1, 2054
Base Interest Rate	[4]	5.75%		5.75%
Principal Outstanding	[4]	$ 13,945,681		$ 10,000,000
Avistar at Copperfield [Member] \| Series B [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired				2017
Maturity Date				Jun. 1, 2054
Base Interest Rate				12.00%
Principal Outstanding				$ 4,000,000
Avistar on the Boulevard [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2013
Maturity Date	[2]	Mar. 1, 2050
Base Interest Rate	[2]	6.00%
Principal Outstanding	[2]	$ 15,762,217
Avistar at the Crest [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[2]	2013	[3]
Maturity Date		Mar. 1, 2050	[2]	Mar. 1, 2050	[3]
Base Interest Rate		6.00%	[2]	6.00%	[3]
Principal Outstanding		$ 9,252,257	[2]	$ 9,357,374	[3]
Avistar (February 2013 Acquisition) [Member] \| Series B [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013		2013
Maturity Date		Apr. 1, 2050		Apr. 1, 2050
Base Interest Rate		9.00%		9.00%
Principal Outstanding		$ 1,181,107		$ 1,188,251
Avistar at the Oaks [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[2]	2013	[3]
Maturity Date		Aug. 1, 2050	[2]	Aug. 1, 2050	[3]
Base Interest Rate		6.00%	[2]	6.00%	[3]
Principal Outstanding		$ 7,475,794	[2]	$ 7,558,240	[3]
Avistar in 09 [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[2]	2013	[3]
Maturity Date		Aug. 1, 2050	[2]	Aug. 1, 2050	[3]
Base Interest Rate		6.00%	[2]	6.00%	[3]
Principal Outstanding		$ 6,455,058	[2]	$ 6,526,247	[3]
Avistar on the Hills [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[2]	2013	[3]
Maturity Date		Aug. 1, 2050	[2]	Aug. 1, 2050	[3]
Base Interest Rate		6.00%	[2]	6.00%	[3]
Principal Outstanding		$ 5,118,097	[2]	$ 5,221,971	[3]
Avistar (June 2013 Acquisition) [Member] \| Series B [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013		2013
Maturity Date		Sep. 1, 2050		Sep. 1, 2050
Base Interest Rate		9.00%		9.00%
Principal Outstanding		$ 989,411		$ 995,162
Avistar at the Parkway [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[5]	2015	[6]
Maturity Date		May 1, 2052	[5]	May 1, 2052	[6]
Base Interest Rate		6.00%	[5]	6.00%	[6]
Principal Outstanding		$ 12,854,039	[5]	$ 13,114,418	[6]
Avistar at the Parkway [Member] \| Series B [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015		2015
Maturity Date		Jun. 1, 2052		Jun. 1, 2052
Base Interest Rate		12.00%		12.00%
Principal Outstanding		$ 124,305		$ 124,600
Avistar at Wilcrest [Member] \| Series A [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[4]	2017		2017
Maturity Date	[4]	May 1, 2054		May 1, 2054
Base Interest Rate	[4]	5.75%		5.75%
Principal Outstanding	[4]	$ 5,285,131		$ 3,775,000
Avistar at Wilcrest [Member] \| Series B [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired				2017
Maturity Date				Jun. 1, 2054
Base Interest Rate				12.00%
Principal Outstanding				$ 1,550,000
Bridle Ridge [Member] \| Greer South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2008		2008
Maturity Date	[7]	Jan. 1, 2043		Jan. 1, 2043
Base Interest Rate	[7]	6.00%		6.00%
Principal Outstanding	[7]	$ 7,315,000		$ 7,395,000
Avistar at Wood Hollow [Member] \| Series A [Member] \| Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[4]	2017		2017
Maturity Date	[4]	May 1, 2054		May 1, 2054
Base Interest Rate	[4]	5.75%		5.75%
Principal Outstanding	[4]	$ 40,129,878		$ 31,850,000
Avistar at Wood Hollow [Member] \| Series B [Member] \| Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired				2017
Maturity Date				Jun. 1, 2054
Base Interest Rate				12.00%
Principal Outstanding				$ 8,410,000
Brookstone [Member] \| Waukegan, Illinois [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2009		2009
Maturity Date	[7]	May 1, 2040		May 1, 2040
Base Interest Rate	[7]	5.45%		5.45%
Principal Outstanding	[7]	$ 8,767,616		$ 8,876,298
Bruton Apartments [Member] \| Dallas Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2014		2014
Maturity Date	[1]	Aug. 1, 2054		Aug. 1, 2054
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 17,807,768		$ 17,933,482
Columbia Gardens [Member] \| Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Dec. 1, 2050		Dec. 1, 2050
Base Interest Rate	[1]	5.50%		5.50%
Principal Outstanding	[1]	$ 12,922,000		$ 13,061,000
Companion at Thornhill Apartments [Member] \| Lexington, South Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jan. 1, 2052		Jan. 1, 2052
Base Interest Rate	[1]	5.80%		5.80%
Principal Outstanding	[1]	$ 11,178,557		$ 11,294,928
Concord at Gulfgate [Member] \| Series A [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Feb. 1, 2032		Feb. 1, 2032
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 18,975,786		$ 19,144,400
Concord at Little York [Member] \| Series A [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Feb. 1, 2032		Feb. 1, 2032
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 13,293,436		$ 13,411,558
Concord at Williamcrest [Member] \| Series A [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Feb. 1, 2032		Feb. 1, 2032
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 20,592,957		$ 20,775,940
Courtyard [Member] \| Series A [Member] \| Fullerton California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Dec. 1, 2033		Dec. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 10,147,686		$ 10,230,000
Courtyard [Member] \| Series B [Member] \| Fullerton California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired				2016
Maturity Date				Jun. 1, 2019
Base Interest Rate				8.00%
Principal Outstanding				$ 6,228,000
Cross Creek [Member] \| Beaufort, South Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2009		2009
Maturity Date	[7]	Mar. 1, 2049		Mar. 1, 2049
Base Interest Rate	[7]	6.15%		6.15%
Principal Outstanding	[7]	$ 7,970,921		$ 8,072,754
Crossing at 1415 [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Dec. 1, 2052		Dec. 1, 2052
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 7,405,406		$ 7,474,716
Decatur Angle [Member] \| Fort Worth, Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2014		2014
Maturity Date	[1]	Jan. 1, 2054		Jan. 1, 2054
Base Interest Rate	[1]	5.75%		5.75%
Principal Outstanding	[1]	$ 22,455,747		$ 22,630,276
Esperanza at Palo Alto [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2018		2018
Maturity Date	[1]	Jul. 1, 2058		Jul. 1, 2058
Base Interest Rate	[1]	5.80%		5.80%
Principal Outstanding	[1]	$ 19,356,959		$ 19,487,713
Gateway Village [Member] \| Durham North Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[4]	2019
Maturity Date	[4]	Apr. 1, 2032
Base Interest Rate	[4]	6.10%
Principal Outstanding	[4]	$ 2,600,000
Glenview Apartments [Member] \| Series A [Member] \| Cameron Park California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[5]	2014	[6]
Maturity Date		Dec. 1, 2031	[5]	Dec. 1, 2031	[6]
Base Interest Rate		5.75%	[5]	5.75%	[6]
Principal Outstanding		$ 4,533,958	[5]	$ 4,581,930	[6]
Greens Property [Member] \| Series A [Member] \| Durham North Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2012	[5]	2012	[3]
Maturity Date		Oct. 1, 2047	[5]	Oct. 1, 2047	[3]
Base Interest Rate		6.50%	[5]	6.50%	[3]
Principal Outstanding		$ 7,936,000	[5]	$ 8,032,000	[3]
Greens Property [Member] \| Series B [Member] \| Durham North Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2012		2012
Maturity Date		Oct. 1, 2047		Oct. 1, 2047
Base Interest Rate		12.00%		12.00%
Principal Outstanding		$ 930,016		$ 933,928
Harden Ranch [Member] \| Series A [Member] \| Salinas California
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[2]	2014	[3]
Maturity Date		Mar. 1, 2030	[2]	Mar. 1, 2030	[3]
Base Interest Rate		5.75%	[2]	5.75%	[3]
Principal Outstanding		$ 6,700,868	[2]	$ 6,775,508	[3]
Harmony Court Bakersfield [Member] \| Series A [Member] \| Bakersfield, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Dec. 1, 2033		Dec. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 3,699,987		$ 3,730,000
Harmony Terrace [Member] \| Series A [Member] \| Simi Valley, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jan. 1, 2034		Jan. 1, 2034
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 6,849,214		$ 6,900,000
Heights at 515 [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Dec. 1, 2052		Dec. 1, 2052
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 6,779,777		$ 6,843,232
Heritage Square [Member] \| Series A [Member] \| Edinburg Texas
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[5]	2014	[6]
Maturity Date		Sep. 1, 2051	[5]	Sep. 1, 2051	[6]
Base Interest Rate		6.00%	[5]	6.00%	[6]
Principal Outstanding		$ 10,695,037	[5]	$ 10,958,661	[6]
Las Palmas II [Member] \| Series A [Member] \| Coachella, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Nov. 1, 2033		Nov. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 1,679,022		$ 1,692,774
Live 929 Apartments [Member] \| Baltimore Maryland
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[8]	2014	[4]
Maturity Date		Jul. 1, 2049	[8]	Jul. 1, 2049	[4]
Base Interest Rate		5.78%	[8]	5.78%	[4]
Principal Outstanding		$ 39,685,000	[8]	$ 39,875,000	[4]
Lynnhaven Apartments [Member] \| Durham North Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[4]	2019
Maturity Date	[4]	Apr. 1, 2032
Base Interest Rate	[4]	6.10%
Principal Outstanding	[4]	$ 3,450,000
Montclair Apartments [Member] \| Series A [Member] \| Lemoore California
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[5]	2014	[6]
Maturity Date		Dec. 1, 2031	[5]	Dec. 1, 2031	[6]
Base Interest Rate		5.75%	[5]	5.75%	[6]
Principal Outstanding		$ 2,456,298	[5]	$ 2,482,288	[6]
Montecito at Williams Ranch Apartments [Member] \| Series A [Member] \| Salinas California
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[8]	2017	[4]
Maturity Date		Oct. 1, 2034	[8]	Oct. 1, 2034	[4]
Base Interest Rate		5.50%	[8]	5.50%	[4]
Principal Outstanding		$ 7,681,146	[8]	$ 7,690,000	[4]
Montevista [Member] \| Series A [Member] \| San Pablo, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2019
Maturity Date		Jul. 1, 2036
Base Interest Rate		5.75%
Principal Outstanding		$ 6,720,000
Montevista [Member] \| Series B [Member] \| San Pablo, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2019
Maturity Date		Jul. 1, 2021
Base Interest Rate		5.75%
Principal Outstanding		$ 6,480,000
Oaks at Georgetown [Member] \| Series A [Member] \| Georgetown, Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jan. 1, 2034		Jan. 1, 2034
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 12,239,247		$ 12,330,000
Ohio Properties [Member] \| Series A [Member] \| OH [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2010	[7]	2010	[1]
Maturity Date		Jun. 1, 2050	[7]	Jun. 1, 2050	[1]
Base Interest Rate		7.00%	[7]	7.00%	[1]
Principal Outstanding		$ 13,857,000	[7]	$ 13,989,000	[1]
Ohio Properties [Member] \| Series B [Member] \| OH [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2010		2010
Maturity Date		Jun. 1, 2050		Jun. 1, 2050
Base Interest Rate		10.00%		10.00%
Principal Outstanding		$ 3,504,170		$ 3,520,900
Pro Nova 2014-1 [Member] \| Knoxville Tennessee
Summary Of Investment Holdings [Line Items]
Year Acquired	[4]	2014		2014
Maturity Date	[4]	May 1, 2034		May 1, 2034
Base Interest Rate	[4]	6.00%		6.00%
Principal Outstanding	[4]	$ 10,000,000		$ 10,000,000
Renaissance [Member] \| Series A [Member] \| Baton Rouge, Louisiana [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[5]	2015	[6]
Maturity Date		Jun. 1, 2050	[5]	Jun. 1, 2050	[6]
Base Interest Rate		6.00%	[5]	6.00%	[6]
Principal Outstanding		$ 11,001,027	[5]	$ 11,123,800	[6]
Rosewood Townhomes [Member] \| Series A [Member] \| Goose Creek South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[8]	2017
Maturity Date		Jul. 1, 2055	[8]	Jul. 1, 2055
Base Interest Rate		5.75%	[8]	5.75%
Principal Outstanding		$ 9,280,000	[8]	$ 9,280,000
Rosewood Townhomes [Member] \| Series B [Member] \| Goose Creek South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2017		2017
Maturity Date		Aug. 1, 2055		Aug. 1, 2055
Base Interest Rate		12.00%		12.00%
Principal Outstanding		$ 470,000		$ 470,000
Runnymede [Member] \| Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2007		2007
Maturity Date	[7]	Oct. 1, 2042		Oct. 1, 2042
Base Interest Rate	[7]	6.00%		6.00%
Principal Outstanding	[7]	$ 9,925,000		$ 10,040,000
San Vicente [Member] \| Series A [Member] \| Soledad, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Nov. 1, 2033		Nov. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 3,462,053		$ 3,490,410
Santa Fe Apartments [Member] \| Series A [Member] \| Hesperia California
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[5]	2014	[6]
Maturity Date		Dec. 1, 2031	[5]	Dec. 1, 2031	[6]
Base Interest Rate		5.75%	[5]	5.75%	[6]
Principal Outstanding		$ 2,975,713	[5]	$ 3,007,198	[6]
Seasons at Simi Valley [Member] \| Series A [Member] \| Simi Valley, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Sep. 1, 2032		Sep. 1, 2032
Base Interest Rate	[1]	5.75%		5.75%
Principal Outstanding	[1]	$ 4,282,477		$ 4,325,536
Seasons Lakewood [Member] \| Series A [Member] \| Lakewood, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jan. 1, 2034		Jan. 1, 2034
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 7,295,901		$ 7,350,000
Seasons San Juan Capistrano [Member] \| Series A [Member] \| San Juan Capistrano California
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jan. 1, 2034		Jan. 1, 2034
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 12,283,916		$ 12,375,000
Seasons San Juan Capistrano [Member] \| Series B [Member] \| San Juan Capistrano California
Summary Of Investment Holdings [Line Items]
Year Acquired				2016
Maturity Date				Jan. 1, 2019
Base Interest Rate				8.00%
Principal Outstanding				$ 5,574,000
Silver Moon [Member] \| Series A [Member] \| Albuquerque, NM [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[5]	2015	[6]
Maturity Date		Aug. 1, 2055	[5]	Aug. 1, 2055	[6]
Base Interest Rate		6.00%	[5]	6.00%	[6]
Principal Outstanding		$ 7,762,116	[5]	$ 7,822,610	[6]
Solano Vista [Member] \| Series A [Member] \| Vallejo, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2018		2018
Maturity Date		Jan. 1, 2036		Jan. 1, 2036
Base Interest Rate		5.85%		5.85%
Principal Outstanding		$ 2,665,000		$ 2,665,000
Solano Vista [Member] \| Series B [Member] \| Vallejo, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2018		2018
Maturity Date		Jan. 1, 2021		Jan. 1, 2021
Base Interest Rate		5.85%		5.85%
Principal Outstanding		$ 3,103,000		$ 3,103,000
South Pointe Apartments [Member] \| Series A [Member] \| Hanahan South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[8]	2017
Maturity Date		Jul. 1, 2055	[8]	Jul. 1, 2055
Base Interest Rate		5.75%	[8]	5.75%
Principal Outstanding		$ 21,600,000	[8]	$ 21,600,000
South Pointe Apartments [Member] \| Series B [Member] \| Hanahan South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2017		2017
Maturity Date		Aug. 1, 2055		Aug. 1, 2055
Base Interest Rate		12.00%		12.00%
Principal Outstanding		$ 1,100,000		$ 1,100,000
Southpark [Member] \| Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2009		2009
Maturity Date	[7]	Dec. 1, 2049		Dec. 1, 2049
Base Interest Rate	[7]	6.13%		6.13%
Principal Outstanding	[7]	$ 13,005,000		$ 13,155,000
Summerhill [Member] \| Series A [Member] \| Bakersfield, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Dec. 1, 2033		Dec. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 6,371,318		$ 6,423,000
Sycamore Walk [Member] \| Series A [Member] \| Bakersfield, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Jan. 1, 2033		Jan. 1, 2033
Base Interest Rate	[1]	5.25%		5.25%
Principal Outstanding	[1]	$ 3,559,011		$ 3,598,006
The Palms at Premier Park Apartments \| Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[2]	2013	[3]
Maturity Date		Jan. 1, 2050	[2]	Jan. 1, 2050	[3]
Base Interest Rate		6.25%	[2]	6.25%	[3]
Principal Outstanding		$ 18,838,478	[2]	$ 19,044,617	[3]
Tyler Park Townhomes [Member] \| Greenfield California
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[2]	2013	[3]
Maturity Date		Jan. 1, 2030	[2]	Jan. 1, 2030	[3]
Base Interest Rate		5.75%	[2]	5.75%	[3]
Principal Outstanding		$ 5,837,595	[2]	$ 5,903,368	[3]
The Village at Madera [Member] \| Series A [Member] \| Madera, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Dec. 1, 2033		Dec. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 3,060,177		$ 3,085,000
Village at Avalon [Member] \| Albuquerque, NM [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2018	[9]	2018
Maturity Date		Jan. 1, 2059	[9]	Jan. 1, 2059
Base Interest Rate		5.80%	[9]	5.80%
Principal Outstanding		$ 16,302,038	[9]	$ 16,400,000
Village at River's Edge [Member] \| Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2017		2017
Maturity Date	[1]	Jun. 1, 2033		Jun. 1, 2033
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 9,872,297		$ 9,938,059
Vineyard Gardens \| Series A [Member] \| Oxnard, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[8]	2017	[4]
Maturity Date		Jan. 1, 2035	[8]	Jan. 1, 2035	[4]
Base Interest Rate		5.50%	[8]	5.50%	[4]
Principal Outstanding		$ 3,995,000	[8]	$ 3,995,000	[4]
Westside Village Market [Member] \| Shafter, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[2]	2013	[3]
Maturity Date		Jan. 1, 2030	[2]	Jan. 1, 2030	[3]
Base Interest Rate		5.75%	[2]	5.75%	[3]
Principal Outstanding		$ 3,814,857	[2]	$ 3,857,839	[3]
Willow Run [Member] \| Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Dec. 1, 2050		Dec. 1, 2050
Base Interest Rate	[1]	5.50%		5.50%
Principal Outstanding	[1]	$ 12,742,000		$ 12,879,000
Woodlynn Village [Member] \| Maplewood, Minnesota [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2008		2008
Maturity Date	[7]	Nov. 1, 2042		Nov. 1, 2042
Base Interest Rate	[7]	6.00%		6.00%
Principal Outstanding	[7]	$ 4,172,000		$ 4,221,000
Avistar on the Boulevard [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]			2013
Maturity Date	[3]			Mar. 1, 2050
Base Interest Rate	[3]			6.00%
Principal Outstanding	[3]			$ 15,941,296
Copper Gate Apartments [Member] \| Lafayette, Indiana [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[2]	2013	[3]
Maturity Date		Dec. 1, 2029	[2]	Dec. 1, 2029	[3]
Base Interest Rate		6.25%	[2]	6.25%	[3]
Principal Outstanding		$ 5,005,000	[2]	$ 5,055,000	[3]

[1]	MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15
[2]	MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15
[3]	MRB held by ATAX TEBS II, LLC (M31 TEBS), see Note 15
[4]	MRB held by Deutsche Bank in a secured financing transaction, see Note 15
[5]	MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15
[6]	MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15
[7]	MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15
[8]	MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15
[9]	MRB held by Morgan Stanley in a secured financing transaction, see Note 15

Public Housing Capital Fund T_3

Public Housing Capital Fund Trust Certificates - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019USD ($)Option	Dec. 31, 2018USD ($)
Schedule Of Available For Sale Securities [Line Items]
Impairment charge		$ 1,141,020
Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Number of tender option bonds \| Option	3
Impairment charge	$ 0	$ 1,100,000

Public Housing Capital Fund T_4

Public Housing Capital Fund Trust Certificates - Schedule of Investments in PHC Certificates (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value, held in trust	$ 1,383,237	$ 1,409,895
Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	41,940,553	48,247,303
Cumulative Unrealized Gain, held in trust	1,408,804	424,783
Estimated Fair Value, held in trust	43,349,357	48,672,086
Public Housing Capital Fund Trust I [Member] \| Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	24,477,478	24,608,543
Cumulative Unrealized Gain, held in trust	435,659	285,984
Estimated Fair Value, held in trust	$ 24,913,137	$ 24,894,527
Public Housing Capital Fund Trust I [Member] \| Public housing capital fund trusts [Member] \| Standard & Poor's, AA- Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Weighted Average Lives (Years)	5 years 5 months 19 days	6 years 5 months 26 days
Investment Rating	AA-	AA-
Weighted Average Interest Rate Over Life	5.33%	5.33%
Public Housing Capital Fund Trust II [Member] \| Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	$ 4,375,296	$ 9,071,785
Cumulative Unrealized Gain, held in trust	386,433	44,768
Estimated Fair Value, held in trust	$ 4,761,729	$ 9,116,553
Public Housing Capital Fund Trust II [Member] \| Public housing capital fund trusts [Member] \| Standard & Poor's, AA- Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Weighted Average Lives (Years)	4 years 6 months 29 days
Investment Rating	AA-
Weighted Average Interest Rate Over Life	4.41%
Public Housing Capital Fund Trust II [Member] \| Public housing capital fund trusts [Member] \| Standard & Poor's, A+ Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Weighted Average Lives (Years)		5 years 6 months 21 days
Investment Rating		A+
Weighted Average Interest Rate Over Life		4.35%
Public Housing Capital Fund Trust III [Member] \| Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	$ 13,087,779	$ 14,566,975
Cumulative Unrealized Gain, held in trust	586,712	94,031
Estimated Fair Value, held in trust	$ 13,674,491	$ 14,661,006
Public Housing Capital Fund Trust III [Member] \| Public housing capital fund trusts [Member] \| Standard & Poor's, BBB Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Weighted Average Lives (Years)	5 years 5 months 4 days	6 years 9 months 3 days
Investment Rating	BBB	BBB
Weighted Average Interest Rate Over Life	5.12%	5.30%

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Assets Owned by Partnership (Details)		Dec. 31, 2019USD ($)Unit	Dec. 31, 2018USD ($)Unit
Real Estate [Line Items]
Number of Units \| Unit		3,174
Land and Land Improvements		$ 4,906,130	$ 4,971,665
Buildings and improvements		72,011,533	71,897,070
Carrying Value		76,917,663	76,868,735
Accumulated depreciation		(15,357,700)	(12,272,387)
Net real estate assets		$ 61,559,963	$ 64,596,348
Suites on Paseo [Member] \| San Diego, CA [Member]
Real Estate [Line Items]
Number of Units \| Unit		384	384
Land and Land Improvements		$ 3,199,268	$ 3,195,468
Buildings and improvements		39,073,728	38,961,163
Carrying Value		$ 42,272,996	$ 42,156,631
The 50/50 Student Housing--UNL [Member] \| Lincoln, NE [Member]
Real Estate [Line Items]
Number of Units \| Unit		475	475
Buildings and improvements		$ 32,937,805	$ 32,935,907
Carrying Value		$ 32,937,805	32,935,907
Land Held for Development [Member]
Real Estate [Line Items]
Number of Units \| Unit	[1]
Land and Land Improvements	[1]	$ 1,706,862	1,776,197
Carrying Value	[1]	$ 1,706,862	$ 1,776,197

[1]	Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE.

Real Estate Assets - Real Est_2

Real Estate Assets - Real Estate Assets Owned by Partnership (Parenthetical) (Details) - Site	Dec. 31, 2019	Dec. 31, 2018
Gardner, KS and Richland County, SC [Member] \| Omaha, NE [Member]
Real Estate [Line Items]
Land development costs, consisted for number of sites	1	1

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Line Items]
Impairment charge on real estate assets			$ 75,000	$ 150,000
Gardner, KS [Member]
Real Estate [Line Items]
Impairment charge on real estate assets	$ 75,000	$ 150,000

Real Estate Assets - Gains on S

Real Estate Assets - Gains on Sale, Net of Income Taxes (Details)	12 Months Ended
	Dec. 31, 2018USD ($)Unit	Dec. 31, 2019Unit
Real Estate [Line Items]
Number of Units \| Unit		3,174
Gain on Sale before Income Taxes	$ 4,051,429
Jade Park [Member] \| Daytona, FL [Member] \| MF Properties [Member]
Real Estate [Line Items]
Number of Units \| Unit	144
Gross Proceeds	$ 13,450,000
Gain on Sale before Income Taxes	$ 4,051,429

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details)	12 Months Ended
	Dec. 31, 2019USD ($)Unit	Dec. 31, 2018USD ($)
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	3,174
Carrying Value	$ 86,981,864	$ 76,534,306
Maximum Remaining Equity Commitment	$ 5,414,338
Vantage At Boerne [Member] \| Boerne T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	288
Month Commitment Executed	August 2016
Construction Completion Date	2018-04
Carrying Value		8,830,000
Vantage At Waco [Member] \| Waco T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	288
Month Commitment Executed	August 2016
Construction Completion Date	2018-05
Carrying Value	$ 9,337,166	9,337,166
Maximum Remaining Equity Commitment	$ 1,592,039
Vantage At Panama City Beach [Member] \| Panama City Beach F L [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	288
Month Commitment Executed	March 2017
Construction Completion Date	2018-07
Carrying Value		11,408,135
Vantage At Powdersville [Member] \| Powdersville S C [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	288
Month Commitment Executed	November 2017
Carrying Value	$ 12,295,801	11,535,895
Vantage At Stone Creek [Member] \| Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	294
Month Commitment Executed	March 2018
Carrying Value	$ 7,840,500	7,572,819
Vantage At Bulverde [Member] \| Bulverde T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	288
Month Commitment Executed	March 2018
Construction Completion Date	2019-08
Carrying Value	$ 10,144,052	9,182,522
Vantage At Germantown [Member] \| Germantown, TN [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	288
Month Commitment Executed	June 2018
Carrying Value	$ 11,745,155	7,033,398
Vantage At Murfreesboro [Member] \| Murfreesboro, TN [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	288
Month Commitment Executed	September 2018
Carrying Value	$ 13,516,425	6,254,104
Vantage At Coventry [Member] \| Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	288
Month Commitment Executed	September 2018
Carrying Value	$ 9,007,435	$ 5,380,267
Vantage At Conroe [Member] \| Conroe T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	288
Month Commitment Executed	April 2019
Carrying Value	$ 8,078,519
Maximum Remaining Equity Commitment	$ 1,347,128
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	$ 5,016,811
Maximum Remaining Equity Commitment	$ 2,475,171

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Income on sale of properties						$ 4,051,429
Gain on sale of investments					$ 16,141,797	$ 2,904,087
Vantage At Panama City Beach [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received		$ 22,700,000
Income on sale of properties		547,000
Gain on sale of investments		$ 10,500,000
Vantage At Panama City Beach [Member] \| Maximum [Member] \| Scenario Forecast [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received				$ 325,000
Vantage At Boerne [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received	$ 15,200,000
Income on sale of properties	1,200,000
Gain on sale of investments	$ 5,700,000
Vantage at Corpus Christi [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received			$ 12,100,000
Income on sale of properties			590,000
Gain on sale of investments			$ 2,900,000

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investments And Joint Ventures [Abstract]
Property Revenues	$ 12,541,852	$ 9,262,127
Gain on sale of property	35,871,041	7,424,879
Net income	$ 32,662,003	$ 5,001,702

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 ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	$ 15,392,908	$ 23,354,826
Loan Loss Allowance	(7,393,814)	(7,393,814)	$ (7,393,814)
Property Loan Principal, net of allowance	7,999,094	15,961,012
Arbors at Hickory Ridge [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	191,264	191,264
Property Loan Principal, net of allowance	191,264	191,264
Avistar (February 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	201,972	201,972
Property Loan Principal, net of allowance	201,972	201,972
Avistar (June 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	251,622	251,622
Property Loan Principal, net of allowance	251,622	251,622
Cross Creek [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	11,101,887	11,101,887
Loan Loss Allowance	(7,393,814)	(7,393,814)
Property Loan Principal, net of allowance	3,708,073	3,708,073
Greens Property [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	850,000	850,000
Property Loan Principal, net of allowance	850,000	850,000
Live 929 Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	405,717
Property Loan Principal, net of allowance	405,717
Ohio Properties [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	2,390,446	2,390,446
Property Loan Principal, net of allowance	$ 2,390,446	2,390,446
Vantage at Brooks LLC [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		8,367,635
Property Loan Principal, net of allowance		$ 8,367,635

Property Loans, Net of Loan L_4

Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($)	1 Months Ended			12 Months Ended
	Aug. 31, 2019	Jan. 31, 2019	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Property Loans Net Of Loan Loss Allowance [Line Items]
Contingent Interest				$ 3,045,462	$ 9,322,849
Ohio Properties [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Interest earned on property loan principal				$ 983,000	983,000
Vantage at Brooks LLC [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Contingent Interest		$ 3,000,000
Live 929 Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Total property loan amount	$ 1,000,000
Property loan stated maturity date	Jul. 31, 2049
Lake Forest [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Principal received from property loans			$ 5,100,000
Interest received from property loans			$ 4,600,000
Vantage at New Braunfels, LLC [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Contingent Interest					$ 5,100,000

Property Loans, Net of Loan L_5

Property Loans, Net of Loan Loss Allowances - Loan Loss Reserves (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract]
Balance, beginning of year	$ 7,393,814	$ 7,393,814
Balance, end of year	$ 7,393,814	$ 7,393,814

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Provision [Line Items]
Total income tax expense (benefit)	$ 45,987	$ (921,097)
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense (benefit)	195,861	(678,862)
Deferred income tax benefit	(149,874)	(242,235)
Total income tax expense (benefit)	$ 45,987	$ (921,097)

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Provision [Line Items]
Valuation allowance	$ 0	$ 0
Accrued interest or penalties	$ 0	0
Earliest Tax Year [Member]
Income Tax Provision [Line Items]
Partnership tax returns subjected to examination	2016
Latest Tax Year [Member]
Income Tax Provision [Line Items]
Partnership tax returns subjected to examination	2018
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Net deferred tax assets	$ 426,000	$ 268,000

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Other Assets [Abstract]
Deferred financing costs, net	$ 353,862	$ 397,823
Fair value of derivative instruments (Note 17)	10,911	626,633
Taxable mortgage revenue bonds, at fair value	1,383,237	1,409,895
Operating leases, right-of-use assets	1,673,242
Other assets	1,641,099	2,081,258
Total other assets	$ 5,062,351	$ 4,515,609

Other Assets - Summary of the T

Other Assets - Summary of the Terms of the Taxable MRBs Redeemed (Details)	12 Months Ended
	Dec. 31, 2018USD ($)Unit	Dec. 31, 2019Unit
Other Assets [Line Items]
Units		3,174
Vantage at Judson [Member] \| Series D [Member] \| San Antonio, TX [Member]
Other Assets [Line Items]
Units	288
Original Maturity Date	Feb. 1, 2053
Base Interest Rate	9.00%
Principal Outstanding at Date of Redemption \| $	$ 923,502

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Partnership's Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Accounts payable	$ 93,834	$ 230,631
Accrued expenses	2,529,982	2,956,368
Accrued interest expense	2,690,076	2,270,348
Operating lease liabilities	2,138,783
Other liabilities	1,583,492	2,086,475
Total accounts payable, accrued expenses and other liabilities	$ 9,036,167	$ 7,543,822

Accounts Payable, Accrued Exp_4

Accounts Payable, Accrued Expenses and Other Liabilities - Additional Information (Details) - The 50/50 Student Housing--UNL [Member] - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lessee Lease Description [Line Items]
Initial lease term expiration period	2048-03
Lease agreement extend term	5 years
Annual lease payments	$ 100
Minimum annual rentals under lease agreement	$ 132,000
Annual increment percentage in lease rent	2.00%
Lease agreement annual renewable increase percentage after july 31,2034	3.00%
Expenses related to the agreement	$ 168,000	$ 168,000	$ 168,000

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)	Dec. 31, 2019USD ($)
Payables And Accruals [Abstract]
2020	$ 135,812
2021	136,366
2022	139,091
2023	141,871
2024	144,706
Thereafter	4,517,273
Total	5,215,119
Less: Amount representing interest	(3,076,336)
Total operating lease liabilities	$ 2,138,783

Unsecured Lines of Credit - Sum

Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Line Of Credit Facility [Line Items]
Lines of credit		$ 13,200,000	$ 35,659,200
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit		13,200,000	35,659,200
Line of credit facility maximum borrowing capacity		60,000,000	60,000,000
Unsecured Lines of Credit [Member] \| Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit		0
Unsecured Lines of Credit [Member] \| 4.19% Interest Bearing Line of Credit [Member] \| Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit		13,200,000
Line of credit facility maximum borrowing capacity		$ 50,000,000
Debt instrument, maturity date		Jun. 30, 2021
Variable / Fixed	[1]	Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		4.19%
Unsecured Lines of Credit [Member] \| 4.94% Interest Bearing Line of Credit [Member] \| Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity		$ 10,000,000
Debt instrument, maturity date		Jun. 30, 2021
Variable / Fixed	[1]	Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		4.94%
Unsecured Lines of Credit [Member] \| 5.38% Interest Bearing Line of Credit [Member] \| Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit			35,659,200
Line of credit facility maximum borrowing capacity			$ 50,000,000
Debt instrument, maturity date			Jun. 30, 2020
Variable / Fixed	[1]		Variable
Reset Frequency			Monthly
Line of credit facility, interest rate during period			5.38%
Unsecured Lines of Credit [Member] \| 5.63% Interest Bearing Line of Credit [Member] \| Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity			$ 10,000,000
Debt instrument, maturity date			Jun. 30, 2020
Variable / Fixed	[1]		Variable
Reset Frequency			Monthly
Line of credit facility, interest rate during period			5.63%

[1]	The variable rate is indexed to LIBOR plus an applicable margin.

Unsecured Lines of Credit - Add

Unsecured Lines of Credit - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2020	Dec. 31, 2018
Line Of Credit Facility [Line Items]
Lines of credit	$ 13,200,000		$ 35,659,200
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	60,000,000		60,000,000
Lines of credit	13,200,000		$ 35,659,200
Bankers Trust [Member] \| Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 50,000,000
Debt instrument, maturity date range start	Mar. 31, 2020
Debt instrument, maturity date range end	Sep. 30, 2020
Debt instrument, covenant compliance	The Partnership was in compliance with all covenants as of December 31, 2019
Bankers Trust [Member] \| Unsecured Lines of Credit [Member] \| First Extension [Member]
Line Of Credit Facility [Line Items]
Principal amount repayment on extension	5.00%
Bankers Trust [Member] \| Unsecured Lines of Credit [Member] \| Second Extension [Member]
Line Of Credit Facility [Line Items]
Principal amount repayment on extension	10.00%
Bankers Trust [Member] \| Unsecured Lines of Credit [Member] \| Third Extension [Member]
Line Of Credit Facility [Line Items]
Principal amount repayment on extension	20.00%
Bankers Trust [Member] \| Unsecured Lines of Credit [Member] \| London Interbank Offered Rate [Member]
Line Of Credit Facility [Line Items]
Debt instrument variable rate	2.50%
Bankers Trust Operating [Member] \| Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Debt instrument variable rate	3.25%
Lines of credit	$ 0
Bankers Trust Operating [Member] \| Unsecured Lines of Credit [Member] \| Scenario Forecast [Member]
Line Of Credit Facility [Line Items]
Lines of credit		$ 0

Debt Financing - Schedule of To

Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)		1 Months Ended	12 Months Ended
		Jul. 31, 2019	Dec. 31, 2019		Dec. 31, 2018
Debt Instrument [Line Items]
Debt financing			$ 536,197,421		$ 505,663,565
Period End Rates			4.74%		4.96%
Variable - M31 [Member]
Debt Instrument [Line Items]
Stated Maturities					2024-07
Variable - M33 [Member]
Debt Instrument [Line Items]
Stated Maturities					2025-07
TEBS Financings [Member] \| Fixed - M24 [Member]
Debt Instrument [Line Items]
Debt financing			$ 40,495,442
Restricted Cash			$ 204,000
Year Acquired			2010
Stated Maturities			2027-05
Reset Frequency			N/A
Period End Rates			3.05%
TEBS Financings [Member] \| Variable - M31 [Member]
Debt Instrument [Line Items]
Debt financing			$ 79,505,180	[1]	$ 80,418,505	[2]
Restricted Cash			$ 4,999	[1]	$ 181,626	[2]
Year Acquired			2014	[1]	2014	[2]
Stated Maturities			2024-07	[1]	2019-07	[2],[3]
Reset Frequency			Weekly	[1]	Weekly	[2]
SIFMA Based Rates			1.64%	[1]	1.74%	[2]
Facility Fees			1.54%	[1]	1.49%	[2]
Period End Rates			3.18%	[1]	3.23%	[2]
TEBS Financings [Member] \| Fixed - M33 [Member]
Debt Instrument [Line Items]
Debt financing			$ 31,367,147
Restricted Cash			$ 2,606
Year Acquired			2015
Stated Maturities			2030-09
Reset Frequency			N/A
Period End Rates			3.24%
TEBS Financings [Member] \| Fixed - M45 [Member]
Debt Instrument [Line Items]
Debt financing			$ 217,603,233	[4]	$ 219,250,387	[5]
Restricted Cash			$ 5,000	[4]	$ 5,000	[5]
Year Acquired			2018	[4]	2018	[5]
Stated Maturities			2034-07	[4]	2034-07	[5]
Reset Frequency			N/A	[4]	N/A	[5]
Period End Rates			3.82%	[4]	3.82%	[5]
TEBS Financings [Member] \| Variable - M24 [Member]
Debt Instrument [Line Items]
Debt financing					$ 41,466,000
Restricted Cash					$ 432,998
Year Acquired					2010
Stated Maturities		2027-05			2020-09
Reset Frequency					Weekly
SIFMA Based Rates					1.76%
Facility Fees					1.85%
Period End Rates					3.61%
TEBS Financings [Member] \| Variable - M33 [Member]
Debt Instrument [Line Items]
Debt financing	[2]				$ 31,262,039
Restricted Cash	[2]				$ 58,002
Year Acquired	[2]				2015
Stated Maturities		2030-09			2020-07	[2],[6]
Reset Frequency	[2]				Weekly
SIFMA Based Rates	[2]				1.74%
Facility Fees	[2]				1.26%
Period End Rates	[2]				3.00%
TOB & Term A/B Trusts Securitization [Member] \| Fixed - Term TOB [Member]
Debt Instrument [Line Items]
Debt financing			$ 21,073,418		$ 46,675,413	[7]
Year Acquired	[7]				2014
Stated Maturities	[7]				2019-10
Reset Frequency			N/A		N/A	[7]
TOB & Term A/B Trusts Securitization [Member] \| Fixed - Term TOB [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Year Acquired			2014
Stated Maturities			2020-01
Period End Rates			3.53%		4.01%	[7]
TOB & Term A/B Trusts Securitization [Member] \| Fixed - Term TOB [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Year Acquired			2019
Stated Maturities			2022-05
Period End Rates			4.01%		4.39%	[7]
TOB & Term A/B Trusts Securitization [Member] \| Variable - TOB [Member]
Debt Instrument [Line Items]
Debt financing			$ 102,591,789	[8]	$ 37,620,000	[9]
Year Acquired			2019	[8]	2012	[9]
Stated Maturities	[9]				2019-05
Reset Frequency			Weekly	[8]	Weekly	[9]
SIFMA Based Rates	[9]				2.21%
Facility Fees	[9]				1.67%
Period End Rates			3.19%		3.88%	[9]
TOB & Term A/B Trusts Securitization [Member] \| Variable - TOB [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Stated Maturities	[8]		2020-07
SIFMA Based Rates	[8]		1.79%
Facility Fees	[8]		1.12%
Period End Rates	[8]		2.96%
TOB & Term A/B Trusts Securitization [Member] \| Variable - TOB [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Stated Maturities	[8]		2020-09
SIFMA Based Rates	[8]		2.08%
Facility Fees	[8]		1.66%
Period End Rates	[8]		3.45%
TOB & Term A/B Trusts Securitization [Member] \| Fixed - Term A/B [Member]
Debt Instrument [Line Items]
Debt financing			$ 43,561,212		$ 48,971,221	[7]
Reset Frequency			N/A		N/A	[7]
TOB & Term A/B Trusts Securitization [Member] \| Fixed - Term A/B [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Year Acquired			2017		2017	[7]
Stated Maturities			2020-02		2019-05	[7]
Period End Rates			4.46%		4.46%	[7]
TOB & Term A/B Trusts Securitization [Member] \| Fixed - Term A/B [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Year Acquired			2019		2018	[7]
Stated Maturities			2027-02		2027-02	[7]
Period End Rates			4.53%		4.53%	[7]

[1]	Facility fees have a variable component.
[2]	Facility fees have a variable component
[3]	The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees
[4]	The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac
[5]	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
[6]	The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees
[7]	The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $37,665,413 Deutsche Bank 2014 October 2019 4.39% Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $46,675,413 4.31% Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $26,860,337 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46% Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46% Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53% Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $48,971,221 4.47%
[8]	The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45% Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96% PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96% South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96% Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96% Total TOB Financing\ Weighted Average Period End Rate $102,591,789 3.19% Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $21,073,418 3.71% Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $43,561,212 4.47%
[9]	The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7).

Debt Financing - Schedule of _2

Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018
Debt Instrument [Line Items]
Debt financing		$ 536,197,421		$ 505,663,565
Period End Rates		4.74%		4.96%
Fixed - M45 [Member] \| Interest Rate Through July 31, 2023 [Member]
Debt Instrument [Line Items]
Interest rate		3.82%		3.82%
Fixed - M45 [Member] \| Interest Rate from August 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate		4.39%		4.39%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member]
Debt Instrument [Line Items]
Debt financing		$ 102,591,789	[1]	$ 37,620,000	[2]
Year Acquired		2019	[1]	2012	[2]
Stated Maturities	[2]			2019-05
Reset Frequency		Weekly	[1]	Weekly	[2]
SIFMA Based Rates	[2]			2.21%
Facility Fees	[2]			1.67%
Period End Rates		3.19%		3.88%	[2]
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Live 929 Apartments [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 31,733,007
Year Acquired		2019
Stated Maturities		2020-08
Reset Frequency		Weekly
SIFMA Based Rates		1.79%
Facility Fees		1.66%
Period End Rates		3.45%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Public Housing Capital Fund Trust 1 [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 20,067,635
Year Acquired		2019
Stated Maturities		2020-09
Reset Frequency		Weekly
SIFMA Based Rates		2.08%
Facility Fees		1.12%
Period End Rates		3.20%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Public Housing Capital Fund Trust 2 [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 3,786,197
Year Acquired		2019
Stated Maturities		2020-09
Reset Frequency		Weekly
SIFMA Based Rates		2.08%
Facility Fees		1.12%
Period End Rates		3.20%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Public Housing Capital Fund Trust 3 [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 10,850,103
Year Acquired		2019
Stated Maturities		2020-09
Reset Frequency		Weekly
SIFMA Based Rates		2.08%
Facility Fees		1.12%
Period End Rates		3.20%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Rosewood Townhomes - Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 7,687,958
Year Acquired		2019
Stated Maturities		2020-07
Reset Frequency		Weekly
SIFMA Based Rates		1.79%
Facility Fees		1.17%
Period End Rates		2.96%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| South Pointe Apartments - Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 17,992,112
Year Acquired		2019
Stated Maturities		2020-07
Reset Frequency		Weekly
SIFMA Based Rates		1.79%
Facility Fees		1.17%
Period End Rates		2.96%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Vineyard Gardens - Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 3,575,124
Year Acquired		2019
Stated Maturities		2020-08
Reset Frequency		Weekly
SIFMA Based Rates		1.79%
Facility Fees		1.17%
Period End Rates		2.96%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Montecito at Williams Ranch - Series A \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 6,899,653
Year Acquired		2019
Stated Maturities		2020-08
Reset Frequency		Weekly
SIFMA Based Rates		1.79%
Facility Fees		1.17%
Period End Rates		2.96%
Fixed - Term TOB [Member] \| TOB & Term A/B Trusts Securitization [Member]
Debt Instrument [Line Items]
Interest rate		3.71%		4.31%
Debt financing		$ 21,073,418		$ 46,675,413	[3]
Year Acquired	[3]			2014
Stated Maturities	[3]			2019-10
Reset Frequency		N/A		N/A	[3]
Fixed - Term TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Live 929 Apartments [Member] \| Deutsche Bank [Member]
Debt Instrument [Line Items]
Interest rate				4.39%
Debt financing				$ 37,665,413
Year Acquired				2014
Stated Maturities				2019-10
Fixed - Term TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Pro Nova 2014-1 [Member] \| Deutsche Bank [Member]
Debt Instrument [Line Items]
Interest rate		4.01%		4.01%
Debt financing		$ 8,010,000		$ 9,010,000
Year Acquired		2014		2014
Stated Maturities		2020-01		2019-10
Fixed - Term TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Village at Avalon [Member] \| Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Interest rate		3.53%
Debt financing		$ 13,063,418
Year Acquired		2019
Stated Maturities		2022-05
Fixed - Term A/B [Member] \| TOB & Term A/B Trusts Securitization [Member]
Debt Instrument [Line Items]
Interest rate		4.47%		4.47%
Debt financing		$ 43,561,212		$ 48,971,221	[3]
Reset Frequency		N/A		N/A	[3]
Fixed - Term A/B [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Vineyard Gardens - Series A [Member] \| Deutsche Bank [Member]
Debt Instrument [Line Items]
Interest rate				4.53%
Debt financing				$ 3,595,000
Year Acquired				2018
Stated Maturities				2019-05
Fixed - Term A/B [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Gateway Village [Member] \| Deutsche Bank [Member]
Debt Instrument [Line Items]
Interest rate		4.53%
Debt financing		$ 2,260,628
Year Acquired		2019
Stated Maturities		2020-02
Fixed - Term A/B [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Lynnhaven Apartments [Member] \| Deutsche Bank [Member]
Debt Instrument [Line Items]
Interest rate		4.53%
Debt financing		$ 3,000,128
Year Acquired		2019
Stated Maturities		2020-02
Fixed - Term A/B [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Avistar at Wilcrest - Series A [Member] \| Deutsche Bank [Member]
Debt Instrument [Line Items]
Interest rate		4.46%		4.46%
Debt financing		$ 3,142,267		$ 3,172,029
Year Acquired		2017		2017
Stated Maturities		2027-02		2027-02
Fixed - Term A/B [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Montecito at Williams Ranch - Series A \| Deutsche Bank [Member]
Debt Instrument [Line Items]
Interest rate				4.53%
Debt financing				$ 6,921,000
Year Acquired				2018
Stated Maturities				2019-05
Fixed - Term A/B [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Avistar at Wood Hollow - Series A [Member] \| Deutsche Bank [Member]
Debt Instrument [Line Items]
Interest rate		4.46%		4.46%
Debt financing		$ 26,773,109		$ 26,860,337
Year Acquired		2017		2017
Stated Maturities		2027-02		2027-02
Fixed - Term A/B [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Avistar at Copperfield - Series A [Member] \| Deutsche Bank [Member]
Debt Instrument [Line Items]
Interest rate		4.46%		4.46%
Debt financing		$ 8,385,080		$ 8,422,855
Year Acquired		2017		2017
Stated Maturities		2027-02		2027-02
Variable - M31 [Member]
Debt Instrument [Line Items]
Stated Maturities				2024-07
Debt instrument extend period				5 years
Variable - M33 [Member]
Debt Instrument [Line Items]
Stated Maturities				2025-07
Debt instrument extend period				5 years

[1]	The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45% Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96% PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96% South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96% Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96% Total TOB Financing\ Weighted Average Period End Rate $102,591,789 3.19% Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $21,073,418 3.71% Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $43,561,212 4.47%
[2]	The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7).
[3]	The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $37,665,413 Deutsche Bank 2014 October 2019 4.39% Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $46,675,413 4.31% Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $26,860,337 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46% Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46% Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53% Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $48,971,221 4.47%

Debt Financing - Additional Inf

Debt Financing - Additional Information (Details)	1 Months Ended		12 Months Ended
Debt Financing - Additional Information (Details)	Jul. 31, 2019USD ($)	Aug. 31, 2018USD ($)Security	Dec. 31, 2019USD ($)		Dec. 31, 2018USD ($)Paydown
Debt Instrument [Line Items]
Amortization of deferred financing costs			$ 1,713,534		$ 1,673,044
Number of unscheduled paydowns for each TEBS \| Paydown					3
Term A/B Trust [Member] \| Mortgage Revenue Bonds [Member]
Debt Instrument [Line Items]
Deferred financing costs - net		$ 371,000
Variable - M31 [Member]
Debt Instrument [Line Items]
Stated maturities					2024-07
Variable - M31 [Member] \| TEBS Financings [Member]
Debt Instrument [Line Items]
Debt instrument additional maturity period			5 years
Debt instrument extended maturity date			2024-07
Stated maturities			2024-07	[1]	2019-07	[2],[3]
Variable - M24 [Member] \| TEBS Financings [Member]
Debt Instrument [Line Items]
Interest rate			3.05%
Stated maturities	2027-05				2020-09
Deferred financing costs - net	$ 307,000
Variable - M33 [Member]
Debt Instrument [Line Items]
Stated maturities					2025-07
Variable - M33 [Member] \| TEBS Financings [Member]
Debt Instrument [Line Items]
Interest rate			3.24%
Stated maturities	2030-09				2020-07	[2],[4]
Deferred financing costs - net	$ 265,000
Amortization of deferred financing costs	496,000
Premium received upon refinancing of debt	$ 435,000
Fixed - M45 [Member] \| TEBS Financings [Member]
Debt Instrument [Line Items]
Stated maturities			2034-07	[5]	2034-07	[6]
Fixed - M45 [Member] \| TEBS Financings [Member] \| Mortgage Revenue Bonds [Member] \| ATAX TEBS IV, LLC [Member]
Debt Instrument [Line Items]
Number of securities provided for long-term debt financing facility \| Security		25
Long-term debt financing facility par value		$ 260,600,000
Fixed - M45 [Member] \| TEBS Financings [Member] \| Class A TEBS Certificates [Member]
Debt Instrument [Line Items]
Long-term debt financing facility par value		$ 221,500,000
Fixed - M45 [Member] \| Term A/B Trust [Member] \| Mortgage Revenue Bonds [Member]
Debt Instrument [Line Items]
Number of securities collapsed prior to closing of financing \| Security		24

[1]	Facility fees have a variable component.
[2]	Facility fees have a variable component
[3]	The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees
[4]	The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees
[5]	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
[6]	M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac

Debt Financing - Summary of MRB

Debt Financing - Summary of MRBs Redeemed and Class A Certificates Redeemed Upon Redemption (Details) - Mortgage Revenue Bonds [Member] - TEBS Financings [Member]	12 Months Ended
	Dec. 31, 2018USD ($)
Lake Forest [Member] \| M24 TEBS [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	$ 8,122,000
Bella Vista [Member] \| M24 TEBS [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	5,076,000
Vantage at Judson - Series B [Member] \| M33 TEBS [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	$ 25,908,568

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Financing [Abstract]
2020	$ 121,117,504
2021	5,326,861
2022	18,496,986
2023	5,896,946
2024	15,472,867
Thereafter	372,276,815
Total	538,587,979
Unamortized deferred financing costs and debt premium	(2,390,558)
Total debt financing, net	$ 536,197,421	$ 505,663,565

Mortgage Payable and Other Secu

Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Details) - USD ($)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 26,802,246	$ 27,454,375
Period End Rate		4.74%	4.96%
Tax Increment Financing [Member] \| Real Estate [Member] \| The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 2,859,390	$ 3,118,478
Year Acquired		2014	2014
Stated Maturity		Mar. 1, 2020	Dec. 1, 2019
Variable / Fixed		Fixed	Fixed
Reset Frequency		N/A	N/A
Period End Rate		4.65%	4.65%
Mortgages payable [Member] \| Real Estate [Member] \| The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 23,942,856	$ 24,335,897
Year Acquired		2013	2013
Stated Maturity		Mar. 1, 2020	Mar. 1, 2020
Variable / Fixed		Variable	Variable
Reset Frequency		Monthly	Monthly
Variable Based Rate	[1]	4.75%	5.00%
Period End Rate		4.75%	5.00%

[1]	Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0%

Mortgage Payable and Other Se_2

Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Wall Street Journal Prime Rate [Member] \| Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Variable Based Rate	5.00%	5.00%

Mortgage Payable and Other Se_3

Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Mortgage Loans on Real Estate [Line Items]
Total mortgages payable and other secured financings, net	$ 26,802,246	$ 27,454,375
Mortgages Payable and Other Secured Financing [Member]
Mortgage Loans on Real Estate [Line Items]
2020	26,812,851
Total	26,812,851
Unamortized deferred financing costs	(10,605)
Total mortgages payable and other secured financings, net	$ 26,802,246

Interest Rate Derivatives - Sum

Interest Rate Derivatives - Summary of Partnership's Interest Rate Derivatives (Details) - USD ($)		1 Months Ended	12 Months Ended
		Aug. 31, 2019	Dec. 31, 2019		Dec. 31, 2018
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability)			$ 10,911		$ 626,633
Wells Fargo Bank [Member]
Derivative [Line Items]
Derivative, Purchase Date			2015-07		2015-07
Derivative, Notional Amount			$ 27,033,788		$ 27,359,689
Derivative, Maturity Date			2020-08		2020-08
Derivative, Effective Capped Rate	[1]		3.00%		3.00%
Derivative, Index			SIFMA		SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts		M33 TEBS
Derivative, Fair Value - Asset (Liability)					$ 536
Royal Bank of Canada-1 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2015-07		2014-07
Derivative, Notional Amount			$ 27,033,788		$ 30,252,409
Derivative, Maturity Date			2020-08		2019-08
Derivative, Effective Capped Rate	[1]		3.00%		3.00%
Derivative, Index			SIFMA		SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts		M31 TEBS
SMBC Capital Markets, Inc-1 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2015-07		2014-07
Derivative, Notional Amount			$ 27,033,788		$ 30,252,409
Derivative, Maturity Date			2020-08		2019-08
Derivative, Effective Capped Rate	[1]		3.00%		3.00%
Derivative, Index			SIFMA		SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts		M31 TEBS
Barclays Bank PLC 1 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2017-06		2014-07
Derivative, Notional Amount			$ 81,101,364		$ 30,252,409
Derivative, Maturity Date			2020-08		2019-08
Derivative, Effective Capped Rate	[1]		1.50%		3.00%
Derivative, Index			SIFMA		SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts		M31 TEBS
Derivative, Fair Value - Asset (Liability)			$ 4,090
Barclays Bank PLC 2 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2017-09		2017-06
Derivative, Notional Amount			$ 58,090,000		$ 90,757,226
Derivative, Maturity Date			2020-09		2019-08
Derivative, Effective Capped Rate	[1]		4.00%		1.50%
Derivative, Index			SIFMA		SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts		M31 TEBS
Derivative, Fair Value - Asset (Liability)					$ 158,989
Barclays Bank PLC 3 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2019-08	2019-08		2017-06
Derivative, Notional Amount			$ 79,333,280		$ 82,079,066
Derivative, Maturity Date			2024-08		2020-08
Derivative, Effective Capped Rate	[1]		4.50%		1.50%
Derivative, Index			SIFMA		SIFMA
Derivative, Variable Debt Financing Facility Hedged		M31 TEBS	M31 TEBS	[1]	M33 TEBS	[1]
Derivative, Fair Value - Asset (Liability)			$ 6,821		$ 465,983
Royal Bank of Canada-2 [Member]
Derivative [Line Items]
Derivative, Purchase Date					2015-07
Derivative, Notional Amount					$ 27,359,689
Derivative, Maturity Date					2020-08
Derivative, Effective Capped Rate	[1]				3.00%
Derivative, Index					SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]				M33 TEBS
Derivative, Fair Value - Asset (Liability)					$ 536
SMBC Capital Markets, Inc-2 [Member]
Derivative [Line Items]
Derivative, Purchase Date					2015-07
Derivative, Notional Amount					$ 27,359,689
Derivative, Maturity Date					2020-08
Derivative, Effective Capped Rate	[1]				3.00%
Derivative, Index					SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]				M33 TEBS
Derivative, Fair Value - Asset (Liability)					$ 536
Barclays Bank PLC4 [Member]
Derivative [Line Items]
Derivative, Purchase Date					2017-09
Derivative, Notional Amount					$ 59,038,000
Derivative, Maturity Date					2020-09
Derivative, Effective Capped Rate	[1]				4.00%
Derivative, Index					SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]				M24 TEBS
Derivative, Fair Value - Asset (Liability)					$ 53

[1]	For additional details, see Note 23 to the Partnership’s consolidated financial statements.

Interest Rate Derivatives - Add

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

[1]	For additional details, see Note 23 to the Partnership’s consolidated financial statements.

Commitments and Contingencies -

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of December 31, 2019	$ 34,900,000
Vantage At Stone Creek [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2018
Maximum Balance Available on Construction Loan	$ 30,824,000
Construction Loan Balance as of December 31, 2019	28,264,790
Partnership's Maximum Exposure as of December 31, 2019	$ 28,264,790
Guarantee Terms	1 year
Vantage At Coventry [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2018
Maximum Balance Available on Construction Loan	$ 31,500,000
Construction Loan Balance as of December 31, 2019	11,502,353
Partnership's Maximum Exposure as of December 31, 2019	$ 11,502,353
Guarantee Terms	1 year
Ohio Properties [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2011
Partnership's Maximum Exposure as of December 31, 2019	$ 3,361,979
End of Guarantee Period	2026
Greens of Pine Glen [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2012
Partnership's Maximum Exposure as of December 31, 2019	$ 2,237,843
End of Guarantee Period	2027

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2019
Vantage At Stone Creek [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon receipt of certificate of occupancy	50.00%
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio	25.00%
Vantage At Coventry [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon receipt of certificate of occupancy	50.00%
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio	25.00%

Commitments and Contingencies_3

Commitments and Contingencies - Additional Information (Details)	Dec. 31, 2019USD ($)
Commitments And Other Guarantees [Line Items]
Maximum exposure	$ 34,900,000
Greens of Pine Glen [Member]
Commitments And Other Guarantees [Line Items]
Percentage of loss contingency, range of possible loss, maximum	75.00%
Maximum exposure	$ 2,237,843

Redeemable Series A Preferred_3

Redeemable Series A Preferred Units - Additional Information (Details) - $ / shares	Dec. 31, 2019	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							12 Months Ended
	Oct. 31, 2017	Aug. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016	Mar. 31, 2016	Dec. 31, 2019	Dec. 31, 2018
Temporary Equity Disclosure [Abstract]
Series A Preferred Units outstanding	1,750,000	2,000,000	1,613,100	700,000	1,000,000	1,386,900	1,000,000	9,450,000	9,450,000
Purchase Price	$ 17,500,000	$ 20,000,000	$ 16,131,000	$ 7,000,000	$ 10,000,000	$ 13,869,000	$ 10,000,000	$ 94,500,000	$ 94,500,000
Distribution Rate	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%
Redemption Price per Unit	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10
Earliest Redemption Date	2023-10	2023-08	2023-03	2022-12	2022-09	2022-05	2022-03

Issuances of Beneficial Unit _2

Issuances of Beneficial Unit Certificates (Details) - At The Market Offering [Member] - BUCs - Restricted and Unrestricted [Member] - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Aug. 31, 2018
Issuances of Beneficial Unit Certificates [Line Items]
Partnership capital unit, amount authorised	$ 225,000,000		$ 75,000,000
Sale of Beneficial Unit Certificates, net of issuance costs, unit		310,519
Net proceeds from partnership capital unit sold		$ 1,800,000
Registration statement expiration date	2022-12

Restricted Unit Awards - Additi

Restricted Unit Awards - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested RUAs granted	$ 0
General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 3,600,000	$ 1,800,000
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	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	3 months

Restricted Unit Awards - Summar

Restricted Unit Awards - Summary of RUA activity (Details) - Restricted Unit Awards [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Restricted Units Awarded
Beginning Balance	265,290	242,069
Granted	353,197	309,212
Vested	(618,487)	(279,034)
Forfeited		(6,957)
Ending Balance	0	265,290
Weighted-average Grant-Date Fair Value
Beginning Balance	$ 6.14	$ 5.83
Granted	7.74	6.31
Vested	7.05	6.06
Forfeited		6.31
Ending Balance	$ 0	$ 6.14

Transactions with Related Par_3

Transactions with Related Parties - Summary of Amounts Reimbursable to AFCA 2, the General Partner of AFCA 2, or an Affiliate (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Amounts reimbursable to related party	$ 301,000	$ 330,000
General Partner [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	5,066,741	4,376,708
General Partner [Member] \| Reimbursable Salaries and Benefits [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	4,702,754	3,993,067
General Partner [Member] \| Other Expenses [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	19,622	13,121
General Partner [Member] \| Office Expenses [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	17,630
General Partner [Member] \| Insurance [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	243,773	215,867
General Partner [Member] \| Professional Fees and Expenses [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	$ 82,962	$ 154,653

Transactions with Related Par_4

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Details) - USD ($)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities	[1]	$ 131,000	$ 77,000
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees	[2]	3,620,000	3,721,000
Burlington Capital Properties, LLC [Member] \| MF Properties Managed [Member]
Related Party Transaction [Line Items]
Property management fees to an affiliate	[3]	$ 101,000	$ 190,000

[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 consolidated statements of operations.
[2]	AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s consolidated statements of operations.
[3]	A former affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). The property management fees are reported within “Real estate operating expenses” on the Partnership’s consolidated statements of operations.

Transactions with Related Par_5

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%

Transactions with Related Par_6

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - General Partner [Member] - USD ($)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Non-partnership property administrative fee received	[1]	$ 36,000	$ 69,000
Investment/mortgage fees received	[2]	$ 1,362,000	2,873,000
Mortgage Revenue Bonds [Member]
Redemption administrative fee	[3]		$ 283,000

[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 and investments in unconsolidated entities.
[3]	AFCA 2 received one-time administrative fees related to early redemptions of the Lake Forest MRB in September 2018 and the Vantage at Judson MRBs in December 2018.

Transactions with Related Par_7

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%

Transactions with Related Par_8

Transactions with Related Parties - Additional Information (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Receivables due from unconsolidated entities	$ 116,000	$ 77,000
Outstanding liabilities due to related parties	$ 301,000	$ 330,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details)	Dec. 31, 2019	Dec. 31, 2018
Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.20%	5.50%
Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	8.80%	9.10%
MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	3.80%	4.60%
Effective rate - minimum [Member] \| Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	4.40%	5.30%
Effective rate - minimum [Member] \| Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	8.70%	8.30%
Effective rate - minimum [Member] \| MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	2.40%	3.30%
Effective rate - maximum [Member] \| Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	5.30%	6.00%
Effective rate - maximum [Member] \| Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	8.90%	9.30%
Effective rate - maximum [Member] \| MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	8.50%	9.10%

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 818,340,970	$ 782,862,049
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	818,340,970	782,862,049	$ 843,458,663
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	43,349,357	48,672,086
Public housing capital fund trusts [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	43,349,357	48,672,086	49,641,588
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	1,383,237	1,409,895
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	1,383,237	1,409,895	$ 2,422,459
Derivative Instruments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	10,911	626,633
Derivative Instruments (Reported within Other Assets) [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	10,911	626,633
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	743,587,715	645,258,873
Mortgage Revenue Bonds Held In Trust [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	743,587,715	645,258,873
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	30,009,750	86,894,562
Mortgage Revenue Bonds [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 30,009,750	$ 86,894,562

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 ($)		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		$ 782,862,049		$ 843,458,663
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(364,187)		792,175
Total gain (losses) included in earnings (impairment of securities )				(1,141,020)
Total gain (losses) included in other comprehensive (loss) income		40,330,635		(16,645,788)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		19,279,527		41,708,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(23,767,054)		(85,309,981)
Assets at Fair Value, ending balance		818,340,970		782,862,049
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		(499,835)		(416,441)
Interest rate derivatives [Member]
Schedule of Available-for-sale Securities [Line Items]
Derivative Assets (Liabilities) at Fair Value, beginning balance	[1]	626,633		(229,631)
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(499,835)		724,579	[1]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		29,527
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements		(145,414)		131,685	[1]
Derivative Assets (Liabilities) at Fair Value, beginning balance		10,911		626,633	[1]
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held		(499,835)		724,579	[1]
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance				3,002,540
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income				(3,002,540)
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		48,672,086		49,641,588
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(6,708)		(77,096)
Total gain (losses) included in earnings (impairment of securities )				(1,141,020)
Total gain (losses) included in other comprehensive (loss) income		984,021		950,228
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(6,300,042)		(701,614)
Assets at Fair Value, ending balance		43,349,357		48,672,086
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				(1,141,020)
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		1,409,895		2,422,459
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		26,428		(32,756)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(53,086)		(979,808)
Assets at Fair Value, ending balance		1,383,237		1,409,895
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance	[3]	732,153,435	[2]	788,621,707
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		142,356	[2]	144,692	[3]
Total gain (losses) included in other comprehensive (loss) income		39,320,186	[2]	(14,560,720)	[3]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		19,250,000	[2]	41,708,000	[3]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(17,268,512)	[2]	(83,760,244)	[3]
Assets at Fair Value, ending balance	[2]	$ 773,597,465		$ 732,153,435	[3]

[1]	Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities.
[2]	Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership.
[3]	Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018.

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Mortgages payable and other secured financing	$ 26,802,246	$ 27,454,375
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt financing and lines of credit	549,397,421	541,322,765
Mortgages payable and other secured financing	26,802,246	27,454,375
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt financing and lines of credit	568,193,494	550,766,809
Mortgages payable and other secured financing	$ 26,812,851	$ 27,552,748

Segments - Additional Informati

Segments - Additional Information (Details)	12 Months Ended
Segments - Additional Information (Details)	Dec. 31, 2019PropertyUnitSecuritySegmentRating
Segment Reporting Information [Line Items]
Number of Reportable Segments \| Segment	4
Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities \| Security	76
Real Estate [Member]
Segment Reporting Information [Line Items]
Number of Real Estate Properties \| Property	2
Number of rental units under MF properties segment \| Unit	859
Residential Properties [Member] \| Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of rental units financed by mortgage revenue bonds \| Unit	10,871
Commercial Real Estate [Member] \| Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of collateralized securities \| Security	1
Minimum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds \| Rating	1
Maximum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds \| Rating	4
Tax-exempt 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 ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Total revenues
Total revenues	$ 62,318,013	$ 81,355,576
Interest expense
Interest expense	24,717,294	24,863,056
Depreciation expense
Depreciation expense	3,088,117	3,488,058
Net income (loss)
Net income	30,492,151	41,139,529
Total assets
Total assets	1,029,168,508	982,713,246
Operating Segments [Member] \| Mortgage Revenue Bond Investments Segment [Member]
Total revenues
Total revenues	41,348,004	57,625,273
Interest expense
Interest expense	21,862,030	22,231,479
Net income (loss)
Net income	3,835,002	22,048,372
Total assets
Total assets	918,301,172	864,311,647
Operating Segments [Member] \| MF Properties [Member]
Total revenues
Total revenues	8,081,029	9,149,105
Interest expense
Interest expense	1,444,700	1,699,121
Depreciation expense
Depreciation expense	3,088,117	3,488,058
Net income (loss)
Net income	(964,355)	3,676,560
Total assets
Total assets	70,569,646	71,120,280
Operating Segments [Member] \| Public Housing Capital Fund Trusts [Member]
Total revenues
Total revenues	2,368,541	2,479,494
Interest expense
Interest expense	1,410,564	932,456
Net income (loss)
Net income	957,977	406,019
Total assets
Total assets	43,591,048	48,942,334
Operating Segments [Member] \| Other Investments [Member]
Total revenues
Total revenues	10,520,439	12,101,704
Net income (loss)
Net income	26,663,527	15,008,578
Total assets
Total assets	87,098,315	85,048,514
Consolidation, Eliminations [Member]
Total assets
Total assets	$ (90,391,673)	$ (86,709,529)

Summary of Unaudited Quarterl_3

Summary of Unaudited Quarterly Results of Operations - Summary of Unaudited Quarterly Results of Operations (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenues and other income	$ 21,107,249	$ 25,341,629	$ 14,346,334	$ 17,664,598	$ 26,015,349	$ 30,052,544	$ 15,785,165	$ 16,458,034
Income from continuing operations	10,446,245	9,707,903	3,886,190	6,451,813	13,914,049	17,883,055	3,338,121	6,004,304
Net income	$ 10,446,245	$ 9,707,903	$ 3,886,190	$ 6,451,813	$ 13,914,049	$ 17,883,055	$ 3,338,121	$ 6,004,304
Income from continuing operations, per BUC	$ 0.16	$ 0.13	$ 0.05	$ 0.08	$ 0.22	$ 0.25	$ 0.04	$ 0.09
Net income, basic and diluted, per BUC	$ 0.16	$ 0.13	$ 0.05	$ 0.08	$ 0.22	$ 0.25	$ 0.04	$ 0.09	$ 0.42	$ 0.60

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - USD ($) $ in Millions	1 Months Ended
	Feb. 26, 2020	Jan. 31, 2020
Public Housing Capital Certificate Trusts I, II and III [Member]
Subsequent Event [Line Items]
Proceeds from sale of certificates		$ 43.3
Vantage at Westover Hills [Member]
Subsequent Event [Line Items]
Equity commitment of fund construction		$ 7.3
Pro Nova [Member] \| TOB Trust [Member]
Subsequent Event [Line Items]
Stated Maturities		2020-05
Gateway Village and Lynnhaven Apartments [Member] \| Term A/B Trust [Member]
Subsequent Event [Line Items]
Stated Maturities	2021-02
The 50/50 MF Property [Member] \| Mortgages payable [Member]
Subsequent Event [Line Items]
Stated Maturities	2027-04
Debt instrument extended maturity period	7 years
Debt instrument, interest rate, decrease to fixed rate.	4.35%