v2.4.1.9
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2014
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
Document Period End Date Dec. 31, 2014
Document Fiscal Year Focus 2014
Document Fiscal Period Focus FY
Amendment Flag false
Entity Common Stock, Units Outstanding 0dei_EntityCommonStockSharesOutstanding
Entity Well-known Seasoned Issuer No
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Public Float $ 0dei_EntityPublicFloat
v2.4.1.9
Consolidated Balance Sheets (USD $)
Dec. 31, 2014
Dec. 31, 2013
Assets [Abstract]    
Cash and cash equivalents $ 49,193,343us-gaap_CashAndCashEquivalentsAtCarryingValue $ 11,318,015us-gaap_CashAndCashEquivalentsAtCarryingValue
Restricted cash 11,685,729us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue 6,845,543us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue
Interest receivable 4,121,486us-gaap_InterestReceivable 3,342,038us-gaap_InterestReceivable
Available-for-sale Securities, Fair Value Disclosure Held in Trust 378,423,092atax_AvailableForSaleSecuritiesFairValueDisclosureHeldInTrust 216,371,801atax_AvailableForSaleSecuritiesFairValueDisclosureHeldInTrust
Available-for-sale Securities 70,601,045us-gaap_AvailableForSaleSecurities 68,946,370us-gaap_AvailableForSaleSecurities
Public housing capital fund trusts, at fair value 61,263,123atax_AvailableForSaleSecuritiesFairValueDisclosurePublicHousingAuthority 62,056,379atax_AvailableForSaleSecuritiesFairValueDisclosurePublicHousingAuthority
Mortgage backed securities, at fair value 14,841,558us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure 37,845,661us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure
Real estate assets: (Note 6)    
Land and land improvements 15,589,893us-gaap_LandAndLandImprovements 11,081,992us-gaap_LandAndLandImprovements
Buildings and improvements 131,910,221atax_BuildingsImprovementsAndEquipmentGross 111,195,695atax_BuildingsImprovementsAndEquipmentGross
Real estate assets before accumulated depreciation 147,500,114us-gaap_PropertyPlantAndEquipmentGross 122,277,687us-gaap_PropertyPlantAndEquipmentGross
Accumulated depreciation (24,691,800)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (19,128,753)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
Net real estate assets 122,808,314us-gaap_PropertyPlantAndEquipmentNet 103,148,934us-gaap_PropertyPlantAndEquipmentNet
Other assets (Note 7) 31,301,527us-gaap_OtherAssets 24,358,291us-gaap_OtherAssets
Total assets 744,239,217us-gaap_Assets 534,233,032us-gaap_Assets
Liabilities    
Accounts payable, accrued expenses and other liabilities 4,627,089us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent 5,450,694us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Distribution payable 7,617,390us-gaap_DividendsPayableCurrent 6,446,076us-gaap_DividendsPayableCurrent
Debt financing 345,359,000atax_DebtFinancing 257,274,000atax_DebtFinancing
Mortgages payable 76,707,834us-gaap_LongTermDebt 57,087,320us-gaap_LongTermDebt
Bond Purchase Commitment - Fair Market Value Adjustment - Liability 0atax_BondPurchaseCommitmentFairMarketValueAdjustmentLiability 4,852,177atax_BondPurchaseCommitmentFairMarketValueAdjustmentLiability
Total Liabilities 434,311,313us-gaap_Liabilities 331,110,267us-gaap_Liabilities
Commitments and Contingencies (Note 15)      
Partners' Capital    
General Partner 578,238us-gaap_GeneralPartnersCapitalAccount 16,671us-gaap_GeneralPartnersCapitalAccount
Beneficial Unit Certificate holders 330,457,117us-gaap_LimitedPartnersCapitalAccount 223,573,312us-gaap_LimitedPartnersCapitalAccount
Unallocated deficit of Consolidated VIEs (21,091,456)atax_UnallocatedDeficitOfConsolidatedVies (20,455,896)atax_UnallocatedDeficitOfConsolidatedVies
Total Partners' Capital 309,943,899us-gaap_PartnersCapital 203,134,087us-gaap_PartnersCapital
Noncontrolling interest (15,995)us-gaap_PartnersCapitalAttributableToNoncontrollingInterest (11,322)us-gaap_PartnersCapitalAttributableToNoncontrollingInterest
Total Capital 309,927,904us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest 203,122,765us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
Total Liabilities and Partners' Capital $ 744,239,217us-gaap_LiabilitiesAndStockholdersEquity $ 534,233,032us-gaap_LiabilitiesAndStockholdersEquity
v2.4.1.9
Consolidated Statements of Operations (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues [Abstract]                      
Property revenues                 $ 17,431,252us-gaap_OperatingLeasesIncomeStatementLeaseRevenue $ 16,110,740us-gaap_OperatingLeasesIncomeStatementLeaseRevenue $ 12,654,530us-gaap_OperatingLeasesIncomeStatementLeaseRevenue
Investment income                 26,606,234us-gaap_InvestmentIncomeNet 22,651,622us-gaap_InvestmentIncomeNet 11,078,467us-gaap_InvestmentIncomeNet
Contingent Interest Income                 40,000atax_ContingentInterestIncome 6,497,160atax_ContingentInterestIncome 0atax_ContingentInterestIncome
Interest Income, Operating                 856,217us-gaap_InterestIncomeOperating 1,772,338us-gaap_InterestIncomeOperating 150,882us-gaap_InterestIncomeOperating
Gain on sale and retirement of bonds                 3,701,772atax_GainOnSaleAndRetirementOfBonds 0atax_GainOnSaleAndRetirementOfBonds 680,444atax_GainOnSaleAndRetirementOfBonds
Other income                 188,000us-gaap_OtherIncome 250,000us-gaap_OtherIncome 555,328us-gaap_OtherIncome
Total Revenues 12,526,708us-gaap_Revenues 11,842,949us-gaap_Revenues 11,252,978us-gaap_Revenues 13,200,840us-gaap_Revenues 9,432,691us-gaap_Revenues 9,764,177us-gaap_Revenues 15,140,583us-gaap_Revenues 12,944,409us-gaap_Revenues 48,823,475us-gaap_Revenues 47,281,860us-gaap_Revenues 25,119,651us-gaap_Revenues
Expenses [Abstract]                      
Real estate operating (exclusive of items shown below)                 9,751,873atax_RealEstateOperatingExpense 9,574,822atax_RealEstateOperatingExpense 7,877,931atax_RealEstateOperatingExpense
Mortgage Loans on Real Estate, Write-down or Reserve, Amt                 0atax_MortgageLoansonRealEstateWritedownorReserveAmt 4,557,741atax_MortgageLoansonRealEstateWritedownorReserveAmt 0atax_MortgageLoansonRealEstateWritedownorReserveAmt
Provision for Loan and Lease Losses                 75,000us-gaap_ProvisionForLoanAndLeaseLosses 168,000us-gaap_ProvisionForLoanAndLeaseLosses 0us-gaap_ProvisionForLoanAndLeaseLosses
Provision for loss on receivables                 0us-gaap_AssetImpairmentCharges 241,698us-gaap_AssetImpairmentCharges 452,700us-gaap_AssetImpairmentCharges
Depreciation and amortization                 7,021,557us-gaap_DepreciationDepletionAndAmortization 6,732,580us-gaap_DepreciationDepletionAndAmortization 4,982,030us-gaap_DepreciationDepletionAndAmortization
Interest expense                 11,398,649us-gaap_InterestExpense 7,235,336us-gaap_InterestExpense 5,530,995us-gaap_InterestExpense
General and administrative                 5,547,208us-gaap_GeneralAndAdministrativeExpense 4,237,245us-gaap_GeneralAndAdministrativeExpense 3,512,233us-gaap_GeneralAndAdministrativeExpense
Total Expenses                 33,794,287us-gaap_CostsAndExpenses 32,747,422us-gaap_CostsAndExpenses 22,355,889us-gaap_CostsAndExpenses
Loss from continuing operations 2,019,699us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 3,304,680us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 3,658,083us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 6,046,726us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 2,025,413us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 2,008,848us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 3,939,119us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 6,561,058us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 15,029,188us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 14,534,438us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 2,763,762us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Income (loss) from discontinued operations         0atax_IncomeLossFromDiscontinuedOperations 1,342,498atax_IncomeLossFromDiscontinuedOperations 166,887atax_IncomeLossFromDiscontinuedOperations 1,933,019atax_IncomeLossFromDiscontinuedOperations 0atax_IncomeLossFromDiscontinuedOperations 3,442,404atax_IncomeLossFromDiscontinuedOperations 2,232,276atax_IncomeLossFromDiscontinuedOperations
Net (loss) income                 15,029,188us-gaap_ProfitLoss 17,976,842us-gaap_ProfitLoss 4,996,038us-gaap_ProfitLoss
Net (income) loss attributable to noncontrolling interest                 (4,673)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 261,923us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 549,194us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net (loss) income - America First Tax Exempt Investors, L.P. 2,020,746us-gaap_OperatingIncomeLoss 3,307,829us-gaap_OperatingIncomeLoss 3,658,457us-gaap_OperatingIncomeLoss 6,046,829us-gaap_OperatingIncomeLoss 2,027,074us-gaap_OperatingIncomeLoss 3,411,259us-gaap_OperatingIncomeLoss 3,955,160us-gaap_OperatingIncomeLoss 8,321,426us-gaap_OperatingIncomeLoss 15,033,861us-gaap_OperatingIncomeLoss 17,714,919us-gaap_OperatingIncomeLoss 4,446,844us-gaap_OperatingIncomeLoss
Net income (loss) allocated to:                      
General Partner                 1,056,316us-gaap_NetIncomeLossAllocatedToGeneralPartners 1,416,296us-gaap_NetIncomeLossAllocatedToGeneralPartners 691,312us-gaap_NetIncomeLossAllocatedToGeneralPartners
Limited Partners - Unitholders                 14,613,105us-gaap_NetIncomeLossAllocatedToLimitedPartners 17,414,885us-gaap_NetIncomeLossAllocatedToLimitedPartners 5,278,378us-gaap_NetIncomeLossAllocatedToLimitedPartners
Unallocated gain (loss) of Consolidated Property VIEs                 (635,560)atax_UnallocatedLossOfConsolidatedVies (1,116,262)atax_UnallocatedLossOfConsolidatedVies (1,522,846)atax_UnallocatedLossOfConsolidatedVies
Noncontrolling interest                 $ (4,673)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest $ 261,923us-gaap_NetIncomeLossAttributableToNoncontrollingInterest $ 549,194us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Unitholders' interest in net (loss) income per unit (basic and diluted):                      
(Loss) income from continuing operations         $ 0.04us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.05us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.08us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.15us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.25us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.32us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.09us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
Income from discontinued operations         $ 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.01us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.04us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.08us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.05us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
Net (loss) income, basic and diluted, per unit $ 0.04us-gaap_EarningsPerShareBasicAndDiluted $ 0.06us-gaap_EarningsPerShareBasicAndDiluted $ 0.05us-gaap_EarningsPerShareBasicAndDiluted $ 0.10us-gaap_EarningsPerShareBasicAndDiluted $ 0.04us-gaap_EarningsPerShareBasicAndDiluted $ 0.08us-gaap_EarningsPerShareBasicAndDiluted $ 0us-gaap_EarningsPerShareBasicAndDiluted $ 0.19us-gaap_EarningsPerShareBasicAndDiluted $ 0.25us-gaap_EarningsPerShareBasicAndDiluted $ 0.40us-gaap_EarningsPerShareBasicAndDiluted $ 0.14us-gaap_EarningsPerShareBasicAndDiluted
Weighted average number of units outstanding, basic and diluted                 59,431,010atax_WeightedAverageNumberOfUnitsOutstandingBasicAndDiluted 43,453,476atax_WeightedAverageNumberOfUnitsOutstandingBasicAndDiluted 37,367,600atax_WeightedAverageNumberOfUnitsOutstandingBasicAndDiluted
v2.4.1.9
Consolidated Statements of Operations Parenthetical (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax $ 0us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax $ 3,177,183us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax $ 1,406,608us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
v2.4.1.9
Consolidated Statement of Comprehensive Income (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Net (loss) income $ 15,029,188us-gaap_ProfitLoss $ 17,976,842us-gaap_ProfitLoss $ 4,996,038us-gaap_ProfitLoss
Unrealized Gain (Loss) on Securities 62,852,308us-gaap_UnrealizedGainLossOnSecurities (27,062,400)us-gaap_UnrealizedGainLossOnSecurities 7,065,487us-gaap_UnrealizedGainLossOnSecurities
Marketable Securities, Realized Gain (Loss) (1,658,166)us-gaap_MarketableSecuritiesRealizedGainLoss 0us-gaap_MarketableSecuritiesRealizedGainLoss 0us-gaap_MarketableSecuritiesRealizedGainLoss
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax 10,632,590us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax (4,852,177)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax  
Comprehensive income (loss) allocated to [Abstract]      
Net Income (Loss) Allocated to General Partners 1,056,316us-gaap_NetIncomeLossAllocatedToGeneralPartners 1,416,296us-gaap_NetIncomeLossAllocatedToGeneralPartners 691,312us-gaap_NetIncomeLossAllocatedToGeneralPartners
Net Income (Loss) Allocated to Limited Partners 14,613,105us-gaap_NetIncomeLossAllocatedToLimitedPartners 17,414,885us-gaap_NetIncomeLossAllocatedToLimitedPartners 5,278,378us-gaap_NetIncomeLossAllocatedToLimitedPartners
Unallocated loss of Consolidated VIEs (635,560)atax_UnallocatedLossOfConsolidatedVies (1,116,262)atax_UnallocatedLossOfConsolidatedVies (1,522,846)atax_UnallocatedLossOfConsolidatedVies
Net Income (Loss) Attributable to Noncontrolling Interest 4,673us-gaap_NetIncomeLossAttributableToNoncontrollingInterest (261,923)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest (549,194)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Accumulated Other Comprehensive Income (Loss) [Member]      
Net (loss) income 0us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
0us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
0us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Unrealized Gain (Loss) on Securities 62,852,308us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(27,062,400)us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
7,065,487us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax 10,632,590us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(4,852,177)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
 
Comprehensive income (loss) allocated to [Abstract]      
Net Income (Loss) Allocated to General Partners 1,774,583us-gaap_NetIncomeLossAllocatedToGeneralPartners
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
1,097,150us-gaap_NetIncomeLossAllocatedToGeneralPartners
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
761,967us-gaap_NetIncomeLossAllocatedToGeneralPartners
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Net Income (Loss) Allocated to Limited Partners 85,721,570us-gaap_NetIncomeLossAllocatedToLimitedPartners
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(14,180,546)us-gaap_NetIncomeLossAllocatedToLimitedPartners
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
12,273,210us-gaap_NetIncomeLossAllocatedToLimitedPartners
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Unallocated loss of Consolidated VIEs (635,560)atax_UnallocatedLossOfConsolidatedVies
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(1,116,262)atax_UnallocatedLossOfConsolidatedVies
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(1,522,846)atax_UnallocatedLossOfConsolidatedVies
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Net Income (Loss) Attributable to Noncontrolling Interest (4,673)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
261,923us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
549,194us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Comprehensive income (loss) - America First Tax Exempt Investors, L.P. 86,855,920us-gaap_ComprehensiveIncomeNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(13,937,735)us-gaap_ComprehensiveIncomeNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
12,061,525us-gaap_ComprehensiveIncomeNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Commitments [Member]      
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax 10,600,000us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_CommitmentsMember
(4,900,000)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_CommitmentsMember
 
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]      
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax $ 10,632,590us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_CommitmentsMember
$ (4,852,177)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_CommitmentsMember
$ 0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_CommitmentsMember
v2.4.1.9
Consolidated Statements of Partners' Capital (USD $)
Total
USD ($)
General Partner
USD ($)
Number of Units
Limited Partner [Member]
USD ($)
Unallocated Deficit of Consolidated Variable Interest Entities
USD ($)
Noncontrolling Interest
USD ($)
Accumulated Other Comprehensive Income (Loss)
USD ($)
Ohio Properties [Member]
USD ($)
Ohio Properties [Member]
General Partner
USD ($)
Ohio Properties [Member]
Limited Partner [Member]
USD ($)
Ohio Properties [Member]
Unallocated Deficit of Consolidated Variable Interest Entities
USD ($)
Ohio Properties [Member]
Noncontrolling Interest
USD ($)
Ohio Properties [Member]
Accumulated Other Comprehensive Income (Loss)
USD ($)
Greens of Pine Glen [Member]
USD ($)
Greens of Pine Glen [Member]
General Partner
USD ($)
Greens of Pine Glen [Member]
Limited Partner [Member]
USD ($)
Greens of Pine Glen [Member]
Unallocated Deficit of Consolidated Variable Interest Entities
USD ($)
Greens of Pine Glen [Member]
Noncontrolling Interest
USD ($)
Greens of Pine Glen [Member]
Accumulated Other Comprehensive Income (Loss)
USD ($)
Balance at Dec. 31, 2011 $ 131,589,045us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $ (354,006)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  $ 154,911,228us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
$ (23,512,962)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
$ 544,785us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
$ 95,894us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Partners' Capital Account, Units at Dec. 31, 2011     30,122,928us-gaap_PartnersCapitalAccountUnits
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_CapitalUnitsMember
                               
Stock Issued During Period, Shares, New Issues     12,650,000us-gaap_StockIssuedDuringPeriodSharesNewIssues
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_CapitalUnitsMember
                               
Limited Partners Interest in Ohio Properties 959,760atax_SaleOfLimitedPartnerInterestInMultiFamilyProperties 0atax_SaleOfLimitedPartnerInterestInMultiFamilyProperties
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  0atax_SaleOfLimitedPartnerInterestInMultiFamilyProperties
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0atax_SaleOfLimitedPartnerInterestInMultiFamilyProperties
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
959,760atax_SaleOfLimitedPartnerInterestInMultiFamilyProperties
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0atax_SaleOfLimitedPartnerInterestInMultiFamilyProperties
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Distributions paid or accrued                                      
Regular Distribution, 2010 and 2011 and Distributions paid or accrued, 2009 (18,011,532)us-gaap_PaymentsOfCapitalDistribution (180,115)us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (17,831,417)us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Distribution of tier II earnings - Note 2 2,631,730us-gaap_IncentiveDistributionDistributionPerYear 657,933us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  1,973,797us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Net income (loss) 4,996,038us-gaap_ProfitLoss (691,312)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (5,278,378)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(1,522,846)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
549,194us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Unrealized Gain (Loss) on Securities 7,065,487us-gaap_UnrealizedGainLossOnSecurities 70,655us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  6,994,832us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
7,065,487us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Proceeds from Issuance of Common Stock 60,003,863us-gaap_ProceedsFromIssuanceOfCommonStock      60,003,863us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Balance at Dec. 31, 2012 183,970,931us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest (430,087)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  207,383,087us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(25,035,808)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
2,053,739us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
7,161,381us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Partners' Capital Account, Units at Dec. 31, 2012     42,772,928us-gaap_PartnersCapitalAccountUnits
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_CapitalUnitsMember
                               
Stock Issued During Period, Shares, New Issues     8,280,000us-gaap_StockIssuedDuringPeriodSharesNewIssues
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_CapitalUnitsMember
                               
Deconsolidation of Discontinued Operations               393,401atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_OhioPropertiesMember
14,064atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_OhioPropertiesMember
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
1,392,303atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_OhioPropertiesMember
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_OhioPropertiesMember
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
(1,012,966)atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_OhioPropertiesMember
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
1,406,367atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_OhioPropertiesMember
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(1,314,018)atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_GreensOfPineGlenMember
0atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_GreensOfPineGlenMember
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
0atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_GreensOfPineGlenMember
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_GreensOfPineGlenMember
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
(1,314,018)atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_GreensOfPineGlenMember
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0atax_DeconsolidationOfDiscontinuedOperations
/ dei_EntityByLocationAxis
= atax_GreensOfPineGlenMember
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Deconsolidation of VIEs - Note 4 5,485,803atax_DeconsolidationOfVies (2,104)atax_DeconsolidationOfVies
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (208,267)atax_DeconsolidationOfVies
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
5,696,174atax_DeconsolidationOfVies
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0atax_DeconsolidationOfVies
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
(210,370)atax_DeconsolidationOfVies
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Available-for-sale Securities, Gross Realized Gain (Loss) (651,849)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet (6,518)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (645,331)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
  (651,849)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Distributions paid or accrued                                      
Regular Distribution, 2010 and 2011 and Distributions paid or accrued, 2009 (21,178,686)us-gaap_PaymentsOfCapitalDistribution (211,786)us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (20,966,900)us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Foreclosure of Available-for-Sale Securities (4,080,734)atax_ForeclosureofAvailableforSaleSecurities (40,807)atax_ForeclosureofAvailableforSaleSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (4,039,927)atax_ForeclosureofAvailableforSaleSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0atax_ForeclosureofAvailableforSaleSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0atax_ForeclosureofAvailableforSaleSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
4,080,734atax_ForeclosureofAvailableforSaleSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Distribution of tier II earnings - Note 2 1,939,419us-gaap_IncentiveDistributionDistributionPerYear 484,855us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  1,454,564us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Net income (loss) 17,976,842us-gaap_ProfitLoss 1,416,296us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  17,414,885us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(1,116,262)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
261,923us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Unrealized Gain (Loss) on Securities (27,062,400)us-gaap_UnrealizedGainLossOnSecurities (270,624)us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (26,791,776)us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
(27,062,400)us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Proceeds from Issuance of Common Stock 48,213,603us-gaap_ProceedsFromIssuanceOfCommonStock     48,213,603us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
                         
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax (4,852,177)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax (48,522)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (4,803,655)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
(4,852,177)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Balance at Dec. 31, 2013 203,122,765us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest 16,671us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  223,573,312us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(20,455,896)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
(11,322)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
(20,128,314)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Partners' Capital Account, Units at Dec. 31, 2013     51,052,928us-gaap_PartnersCapitalAccountUnits
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_CapitalUnitsMember
                               
Stock Issued During Period, Shares, New Issues     9,200,000us-gaap_StockIssuedDuringPeriodSharesNewIssues
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_CapitalUnitsMember
                               
Available-for-sale Securities, Gross Realized Gain (Loss) (2,413,713)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet (24,137)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (2,389,576)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
  (2,413,713)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Distributions paid or accrued                                      
Regular Distribution, 2010 and 2011 and Distributions paid or accrued, 2009 (27,591,056)us-gaap_PaymentsOfCapitalDistribution (275,910)us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (27,315,146)us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_PaymentsOfCapitalDistribution
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Distribution of tier II earnings - Note 2 3,748,424us-gaap_IncentiveDistributionDistributionPerYear 937,106us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  2,811,318us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_IncentiveDistributionDistributionPerYear
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Net income (loss) 15,029,188us-gaap_ProfitLoss 1,056,316us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  14,613,105us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(635,560)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
(4,673)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Unrealized Gain (Loss) on Securities 62,852,308us-gaap_UnrealizedGainLossOnSecurities 628,523us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  62,223,785us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
62,852,308us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Proceeds from Issuance of Common Stock 51,288,699us-gaap_ProceedsFromIssuanceOfCommonStock 0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  51,288,699us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax 10,632,590us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax 106,326us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  10,526,264us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
10,632,590us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) 755,547us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS 7,555us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  747,992us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
  755,547us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
Balance at Dec. 31, 2014 $ 309,927,904us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $ 578,238us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  $ 330,457,117us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
$ (21,091,456)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
$ (15,995)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
$ 51,698,418us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
                       
v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:      
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 15,029,188us-gaap_ProfitLoss $ 17,976,842us-gaap_ProfitLoss $ 4,996,038us-gaap_ProfitLoss
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:      
Depreciation and amortization expense 7,021,557atax_DepreciationDepletionAndAmortizationIncludingDiscontinuedOperations 6,742,439atax_DepreciationDepletionAndAmortizationIncludingDiscontinuedOperations 6,386,788atax_DepreciationDepletionAndAmortizationIncludingDiscontinuedOperations
Gain on mortgage revenue bonds - sale and redemption (3,701,772)atax_GainOnSaleAndRetirementOfBonds 0atax_GainOnSaleAndRetirementOfBonds (680,444)atax_GainOnSaleAndRetirementOfBonds
Provision for loss on receivables 0us-gaap_AssetImpairmentCharges 241,698us-gaap_AssetImpairmentCharges 452,700us-gaap_AssetImpairmentCharges
Provision for loss on receivables 75,000us-gaap_ProvisionForLoanAndLeaseLosses 168,000us-gaap_ProvisionForLoanAndLeaseLosses 0us-gaap_ProvisionForLoanAndLeaseLosses
Provision for loan loss 75,000us-gaap_ProvisionForDoubtfulAccounts 168,000us-gaap_ProvisionForDoubtfulAccounts 0us-gaap_ProvisionForDoubtfulAccounts
Non-cash loss (gain) on derivatives 1,282,369us-gaap_UnrealizedGainLossOnDerivatives 283,610us-gaap_UnrealizedGainLossOnDerivatives 944,541us-gaap_UnrealizedGainLossOnDerivatives
Bond discount accretion (181,208)atax_BondDiscountAmortization (332,003)atax_BondDiscountAmortization (399,824)atax_BondDiscountAmortization
Gain on the sale of discontinued operations 0us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax (3,177,183)us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax (1,406,608)us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
Contingent interest realized (40,000)atax_ContingentInterestIncome (6,497,160)atax_ContingentInterestIncome 0atax_ContingentInterestIncome
Mortgage Loans on Real Estate, Write-down or Reserve, Amt 0atax_MortgageLoansonRealEstateWritedownorReserveAmt 4,557,741atax_MortgageLoansonRealEstateWritedownorReserveAmt 0atax_MortgageLoansonRealEstateWritedownorReserveAmt
Changes in operating assets and liabilities, net of effect of acquisitions      
Increase in interest receivable (1,074,623)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet (2,464,062)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet (1,090,236)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet
(Increase) decrease in other assets (24,276)us-gaap_IncreaseDecreaseInOtherOperatingAssets (2,257,600)us-gaap_IncreaseDecreaseInOtherOperatingAssets (1,506,445)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Increase (decrease) in accounts payable and accrued expenses (942,064)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (1,009,598)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (214,420)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Net cash provided (used) by operating activities 17,444,171us-gaap_NetCashProvidedByUsedInOperatingActivities 14,232,724us-gaap_NetCashProvidedByUsedInOperatingActivities 7,482,090us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:      
Capital expenditures (23,798,209)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment (13,007,148)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment (8,029,349)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment
Acquisition of mortgage revenue bonds (142,794,827)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (148,624,000)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (28,561,857)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Proceeds from the mortgage revenue bonds and MBS - sale and redemptions 60,398,010us-gaap_ProceedsFromSaleOfMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale 21,935,343us-gaap_ProceedsFromSaleOfMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale 31,872,522us-gaap_ProceedsFromSaleOfMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale
Proceeds from sale of discontinued operations 0us-gaap_ProceedsFromSaleOfPropertyHeldForSale 22,610,000us-gaap_ProceedsFromSaleOfPropertyHeldForSale 10,825,000us-gaap_ProceedsFromSaleOfPropertyHeldForSale
Investment in bonds due to the sale recognition of discontinued operations 0atax_PaymentstoAcquireAvailableforsaleSecuritiesOhioPropertiesandGreens (27,778,000)atax_PaymentstoAcquireAvailableforsaleSecuritiesOhioPropertiesandGreens 0atax_PaymentstoAcquireAvailableforsaleSecuritiesOhioPropertiesandGreens
Acquisition of partnerships, net of cash acquired 0us-gaap_ProceedsFromCollectionOfNotesReceivable 4,064,089us-gaap_ProceedsFromCollectionOfNotesReceivable 0us-gaap_ProceedsFromCollectionOfNotesReceivable
Principal payments received on taxable loans 145,000us-gaap_ProceedsFromNotesPayable 0us-gaap_ProceedsFromNotesPayable 160,000us-gaap_ProceedsFromNotesPayable
Change in restricted cash - Greens sale 0atax_RestrictedCashDebtCollateralGreensOfPineGlen 2,546,363atax_RestrictedCashDebtCollateralGreensOfPineGlen (2,459,187)atax_RestrictedCashDebtCollateralGreensOfPineGlen
Acquisition of mortgage-backed securities 0us-gaap_PaymentsToAcquireMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale (12,629,888)us-gaap_PaymentsToAcquireMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale (37,573,386)us-gaap_PaymentsToAcquireMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale
Acquisition of taxable bonds 0us-gaap_PaymentsToAcquireOtherInvestments (2,918,000)us-gaap_PaymentsToAcquireOtherInvestments 0us-gaap_PaymentsToAcquireOtherInvestments
Decrease (increase) in restricted cash (475,208)us-gaap_IncreaseDecreaseInRestrictedCash 94,423us-gaap_IncreaseDecreaseInRestrictedCash (70,320)us-gaap_IncreaseDecreaseInRestrictedCash
Restricted cash - debt collateral released (paid) 1,699,973atax_RestrictedCashDebtCollateral (3,992,848)atax_RestrictedCashDebtCollateral 7,247,341atax_RestrictedCashDebtCollateral
Restricted cash - 2014 TEBS financing facility (6,252,027)us-gaap_IncreaseDecreaseInRestrictedCashAndInvestments 0us-gaap_IncreaseDecreaseInRestrictedCashAndInvestments 0us-gaap_IncreaseDecreaseInRestrictedCashAndInvestments
Acquisition of partnerships, net of cash acquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (5,500,000)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Acquisition of public housing capital fund trust certificates 0atax_PaymentsToAcquireAvailableForSaleSecuritiesPublicHousingAuthority 0atax_PaymentsToAcquireAvailableForSaleSecuritiesPublicHousingAuthority (65,985,913)atax_PaymentsToAcquireAvailableForSaleSecuritiesPublicHousingAuthority
Purchase of rate derivative (1,382,900)us-gaap_PaymentsForDerivativeInstrumentInvestingActivities (793,000)us-gaap_PaymentsForDerivativeInstrumentInvestingActivities 0us-gaap_PaymentsForDerivativeInstrumentInvestingActivities
Net increase in notes receivable 641,588us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable 1,603,083us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable 191,264us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable
Land purchasd - held for sale 0us-gaap_PaymentsToAcquireLandHeldForUse (1,090,000)us-gaap_PaymentsToAcquireLandHeldForUse 0us-gaap_PaymentsToAcquireLandHeldForUse
Principal payments received on mortgage revenue bonds 7,214,136us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 2,764,286us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 970,298us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Net cash used by investing activities (105,887,640)us-gaap_NetCashProvidedByUsedInInvestingActivities (158,421,463)us-gaap_NetCashProvidedByUsedInInvestingActivities (97,296,115)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:      
Distributions paid (30,168,167)atax_PaymentOfDistributionsToPartners (22,238,937)atax_PaymentOfDistributionsToPartners (18,987,693)atax_PaymentOfDistributionsToPartners
Proceeds from Issuance of Common Stock 54,740,000atax_ProceedsfromIssuanceofCommonStockGross 51,750,000atax_ProceedsfromIssuanceofCommonStockGross 64,009,000atax_ProceedsfromIssuanceofCommonStockGross
Payment of offering costs related to the sale of beneficial unit certificates (3,451,301)us-gaap_PaymentsOfStockIssuanceCosts (3,536,397)us-gaap_PaymentsOfStockIssuanceCosts (4,005,137)us-gaap_PaymentsOfStockIssuanceCosts
Proceeds from debt financing 186,815,000us-gaap_ProceedsFromIssuanceOfLongTermDebt 81,490,000us-gaap_ProceedsFromIssuanceOfLongTermDebt 74,110,000us-gaap_ProceedsFromIssuanceOfLongTermDebt
Principal borrowings on mortgages payable 22,622,552us-gaap_ProceedsFromIssuanceOfDebt 20,697,452us-gaap_ProceedsFromIssuanceOfDebt 3,769,014us-gaap_ProceedsFromIssuanceOfDebt
Principal borrowing on line of credit 0us-gaap_ProceedsFromLinesOfCredit 16,065,900us-gaap_ProceedsFromLinesOfCredit 0us-gaap_ProceedsFromLinesOfCredit
Principal payments on line of credit 0us-gaap_RepaymentsOfLinesOfCredit (16,065,900)us-gaap_RepaymentsOfLinesOfCredit 0us-gaap_RepaymentsOfLinesOfCredit
Principal payments on debt financing (98,730,000)us-gaap_RepaymentsOfLongTermDebt (2,164,000)us-gaap_RepaymentsOfLongTermDebt (8,835,000)us-gaap_RepaymentsOfLongTermDebt
Principal payments on mortgages payable (3,056,763)us-gaap_RepaymentsOfDebt (372,856)us-gaap_RepaymentsOfDebt (10,893,390)us-gaap_RepaymentsOfDebt
Decrease in liabilities related to restricted cash 475,208us-gaap_ProceedsFromPaymentsForOtherFinancingActivities (94,423)us-gaap_ProceedsFromPaymentsForOtherFinancingActivities 70,320us-gaap_ProceedsFromPaymentsForOtherFinancingActivities
Debt financing costs (2,927,732)us-gaap_PaymentsOfFinancingCosts (355,585)us-gaap_PaymentsOfFinancingCosts (264,763)us-gaap_PaymentsOfFinancingCosts
Sale of LP Interests 0us-gaap_ProceedsFromMinorityShareholders 0us-gaap_ProceedsFromMinorityShareholders 959,761us-gaap_ProceedsFromMinorityShareholders
Net cash provided by financing activities 126,318,797us-gaap_NetCashProvidedByUsedInFinancingActivities 125,175,254us-gaap_NetCashProvidedByUsedInFinancingActivities 99,932,112us-gaap_NetCashProvidedByUsedInFinancingActivities
Net increase (decrease) in cash and cash equivalents 37,875,328us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (19,013,485)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 10,118,087us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period, including cash and cash equivalents of discontinued operations of $126,572, $65,527, and $198,528, respectively 11,318,015us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations 30,331,500us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations  
Cash and cash equivalents at end of period 49,193,343us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations 11,318,015us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations 30,331,500us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
Supplemental Cash Flow Information:      
Cash paid during the period for interest 9,112,063us-gaap_InterestPaid 6,621,251us-gaap_InterestPaid 4,437,961us-gaap_InterestPaid
Distributions declared but not paid 7,617,390us-gaap_IncreaseDecreaseInAccruedLiabilities 6,446,077us-gaap_IncreaseDecreaseInAccruedLiabilities 5,566,908us-gaap_IncreaseDecreaseInAccruedLiabilities
Supplemental disclosure of non cash activities:      
Capital expenditures financed through accounts and notes payables 137,759us-gaap_CapitalExpendituresIncurredButNotYetPaid 1,758,297us-gaap_CapitalExpendituresIncurredButNotYetPaid 2,584,417us-gaap_CapitalExpendituresIncurredButNotYetPaid
Restricted cash released to pay down mortgages payable 0us-gaap_NotesReduction 2,356,640us-gaap_NotesReduction 0us-gaap_NotesReduction
Foreclosure of Woodland Park bond 0atax_ForeclosureofAvailableforSaleSecuritiesWoodlandPark (15,662,000)atax_ForeclosureofAvailableforSaleSecuritiesWoodlandPark 0atax_ForeclosureofAvailableforSaleSecuritiesWoodlandPark
Deconsolidation of the discontinued operations - noncontrolling interest 0us-gaap_NoncontrollingInterestDecreaseFromDeconsolidation 2,326,984us-gaap_NoncontrollingInterestDecreaseFromDeconsolidation 0us-gaap_NoncontrollingInterestDecreaseFromDeconsolidation
Recognition of taxable property loans receivable - discontinued operations 0atax_RecognitionofPropertyLoansReceivableDiscontinuedOperations (2,086,236)atax_RecognitionofPropertyLoansReceivableDiscontinuedOperations 0atax_RecognitionofPropertyLoansReceivableDiscontinuedOperations
Cash received for sale of MF Properties eliminated in consolidation 0atax_CashReceivedForSaleOfMfPropertiesEliminatedInConsolidation 0atax_CashReceivedForSaleOfMfPropertiesEliminatedInConsolidation 7,265,000atax_CashReceivedForSaleOfMfPropertiesEliminatedInConsolidation
Cash paid for purchase of tax exempt mortgage revenue bond eliminated in consolidation 0atax_Cashpaidforpurchaseofmortgagerevenuebondeliminatedinconsolidation 0atax_Cashpaidforpurchaseofmortgagerevenuebondeliminatedinconsolidation (9,465,000)atax_Cashpaidforpurchaseofmortgagerevenuebondeliminatedinconsolidation
Cash paid for taxable loan eliminated in consolidation $ 0atax_CashPaidForTaxableLoanEliminatedInConsolidation $ 0atax_CashPaidForTaxableLoanEliminatedInConsolidation $ (850,000)atax_CashPaidForTaxableLoanEliminatedInConsolidation
v2.4.1.9
Consolidated Statements of Cash Flows Parenthetical (USD $)
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents $ 0us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents $ 0us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents $ 158,727us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents $ 126,572us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
v2.4.1.9
Organization
12 Months Ended
Dec. 31, 2014
Organization [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
Organization

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 which have been issued to provide construction and/or permanent financing for affordable multifamily and student housing (collectively “Residential Properties”) and commercial properties. The Partnership expects and believes the interest earned on these bonds is excludable from gross income for federal income tax purposes.  As a result, most of the income earned by the Partnership is exempt from federal income taxes.  Our general partner is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”).  The Partnership will terminate on December 31, 2050, unless terminated earlier under provisions of its Agreement of Limited Partnership.
v2.4.1.9
Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2014
Summary of Significant Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]
Summary of Significant Accounting Policies

Principles of Consolidation
The “Company” refers to the Partnership and the consolidated VIEs (defined below). The consolidated financial statements of the Company reported in this Form 10-K include the financial position and results of operations of the Partnership, the MF Properties owned by various limited partnerships in which one of the Partnership’s wholly-owned subsidiaries (each a “Holding Company”) holds a 99% limited partner interest, two entities in which the Partnership does not hold an ownership interest but which own multifamily properties financed with mortgage revenue bonds held by the Partnership and which are treated as variable interest entities (“VIEs”) of which the Partnership has been determined to be the primary beneficiary (the “Consolidated VIEs”). The Consolidated Subsidiaries of the Partnership consist of:

ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac (Note 11).
ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created in 2014 to hold mortgage revenue bonds in order to facilitate the second TEBS financing (“M31 TEBS Financing”) with Freddie Mac (Note 11).
Nine multifamily residential properties, including multifamily, student, and senior citizen housing (“MF Properties”) which are either wholly or majority owned by subsidiaries of the Partnership.

Under the consolidation guidance, the Partnership must make an evaluation of the entities which own the Residential Properties and commercial property financed with mortgage revenue bonds it holds to determine if these entities meet the definition of a VIE. Generally, a VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights.

The guidance requires the Partnership to perform an analysis to determine whether its variable interests give it a controlling financial interest in a VIE. This analysis identifies the primary beneficiary, the entity that must consolidate the VIE, as the entity that has (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.  Upon adoption of this revised accounting standard, the Partnership re-evaluated all of its investments to determine if the property owners are VIEs and, if so, whether the Partnership is the primary beneficiary of the VIE. The guidance also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. 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.

Stand-alone financial information of the Partnership reported in this Form 10-K includes only the financial position and results of operation of the Partnership and the MF Properties without the consolidation of the VIEs.  In the Company’s consolidated financial statements, all transactions and accounts between the Partnership, the MF Properties and the VIEs have been eliminated in consolidation.

The General Partner does not believe that the consolidation of the VIEs for reporting under generally accepted accounting principles in the United States of America (“GAAP”) impacts the Partnership’s tax status, amounts reported to Beneficial Unit Certificate (“BUC”) holders on IRS Form K-1, the Partnership’s ability to distribute income to unitholders which it believes to be tax-exempt, the current level of quarterly distributions or the tax-exempt status of the underlying mortgage revenue bonds.

Acquisition Accounting
Pursuant to the guidance on acquisition accounting, the Company allocates the contractual purchase price of a property acquired to the land, building, and leases in existence as of the date of acquisition based on their relative fair values.  The building is valued as if vacant. The estimated valuation of in-place leases is calculated by applying a risk-adjusted discount rate to the projected cash flow deficit at each property during an assumed lease-up period for these properties. This allocated cost is amortized over the average remaining term of the leases and is included in the statement of operations under depreciation and amortization expense. The acquisition related costs to acquire a property are expensed as incurred.

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 Company maintains the majority of its unrestricted cash balances at two financial institutions.  The balances insured by the Federal Deposit Insurance Corporation is equal to $250,000 at each institution.  At various times the cash balances exceeded the $250,000 limit.  The Company is also exposed to risk on its short-term investments in the event of non-performance by counterparties.  The Company does not anticipate any non-performance.  This risk is minimized significantly by the Company’s portfolio being restricted to investment grade securities.

Restricted Cash
Restricted cash, which is legally restricted to use, is comprised of resident security deposits, required maintenance reserves, escrowed funds, restricted compensating balances, and property rehabilitation.  At December 31, 2014, certain of our credit facilities require restricted cash balances as additional collateral. Specifically, the 2014 and 2010 tax exempt bond securitization (“TEBS”) financing facilities, discussed below, required approximately $7.3 million, the three tender option bonds (“TOB”) trusts (“TOB Trusts”) secured by the Public Housing Capital Fund Trust Certificates (“PHC Certificates”) financing facilities (“PHC TOB Trusts”) required approximately $400,000, and the TOB Trusts secured by mortgage backed securities (“MBS”) financing facilities (“MBS TOB Trusts”) required approximately $2.1 million held in restricted cash.

Interest Receivable
Subsequent to the issuance of the Company’s financial statements on Form 10-K for the period ended December 31, 2013, certain amounts included in the Consolidated Balance Sheet have been restated to correct an error related to the presentation of interest receivable on taxable loans.  Such correction recorded the loan loss reserve related to interest receivable against the interest receivable line of the consolidated balance sheet rather than against the other assets line, which includes the principle amount of taxable loans.   This correction resulted in a decrease in interest receivable and an increase in other assets of approximately $6.2 million.  This correction did not have an impact on total assets as reported in the Consolidated Balance Sheets and did not have an impact on the Consolidated Statements of Operations for all periods presented. The statement of cash flows has also been restated to reflect this adjustment for all periods presented. 
Investment in Mortgage Revenue Bonds and Other Mortgage Revenue Bonds
The Company accounts for its investments in mortgage revenue bonds and other mortgage revenue bonds under the guidance for accounting for certain investments in debt and equity securities. The guidance requires investments in securities to be classified as one of the following: 1) held-to-maturity, 2) available-for-sale, or 3) trading securities. All of the Company’s investments in mortgage revenue bonds and other mortgage revenue bonds are classified as available-for-sale, and are reported at estimated fair value with the net unrealized gains or losses reflected in other 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.

There is no active trading market for the bonds and price quotes for the bonds are not available.  As a result, the Company bases its estimate of fair value of the mortgage revenue bonds using discounted cash flow or yield to maturity analyses performed by management. This calculation methodology encompasses a significant amount of management judgment in its application.  If available, management may also consider price quotes on similar bonds or other information from external sources, such as pricing services or broker quotes.  Pricing services, broker quotes and management’s analyses provide indicative pricing only.

The Company periodically reviews each of its mortgage revenue bonds for impairment.  The Company evaluates whether unrealized losses are considered to be other-than-temporary based on a number of factors including:

The duration and severity of the decline in fair value,
The Company’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 Company evaluates all available information, it focuses specifically on whether it has the intent to sell the securities prior to the time that their value recovers or until maturity, whether it is likely that the Company will be required to sell the securities before a recovery in value and whether the Company expects to recover the securities’ entire amortized cost basis.  The ability to recover the securities’ entire amortized cost basis is based on the likelihood of the issuer being able to make required principal and interest payments on the security.  The primary source of repayment of the amortized cost is the cash flows produced by the property which serve as the collateral for the bonds.  The Company utilizes a discounted cash flow model for the underlying property that serves as collateral on the bond and compares the results of the model to the amortized cost basis of the bond.  These models reflect the cash flows expected to be generated by the underlying properties over a ten year period, including an assumed property sale at the end of year ten, discounted using the effective interest rate on the bonds in accordance with the accounting guidance on other-than-temporary impairment of debt securities.  The inputs to these models require management to make assumptions, the most significant of which include:

Revenue and expense projections for the property operations, which result in the estimated net operating income generated over the ten year holding period assumed in the model.  Base year (model year one) assumptions are based on historical financial results and operating budget information.  Base year assumptions are then adjusted for expected changes in occupancy, rental rates and expenses, and
The capitalization rate utilized to estimate the sales proceeds from an assumed property sale in year ten of the model.  The capitalization rate used in the current year models ranged between 4.3% and 7.5% which the Company believes represents a reasonable range given the current market for Residential Properties.

The revenue, expense and resulting net operating income projections which are the basis for the discounted cash flow model are based on judgment.  Operating results from a multifamily, student, or senior citizen residential property depend on the rental and occupancy rates of the property and the level of operating expenses.  Occupancy rates and rents are directly affected by the supply of and demand for multifamily residential properties in the market areas in which a property is located.  This, in turn, is affected by several factors such as local or national economic conditions, the amount of new apartment construction and interest rates on single-family mortgage loans. Net operating income from the commercial property depends on the number of cancer patients which utilize the cancer therapy center and the ability to hire and retain key employees to provide the related cancer treatment. In addition, factors such as government regulation, inflation, real estate and other taxes, labor problems and natural disasters can affect the economic operations of a property.

If the discounted cash flows from a property are less than the amortized cost of the bond, the Company believes that there is a strong indication that the cash flows from the property will not support the payment of the required principal and interest on the bond and, accordingly, the bonds are considered other-than-temporarily impaired.  If an other-than-temporary impairment exists, the amortized cost basis of the mortgage revenue bond is written down to its estimated fair value.  The amount of the write-down representing a credit loss is accounted for as a realized loss on the statement of operations.  The amount of the write-down representing a non-credit loss is recorded to other comprehensive income. The difference between the amortized cost basis and the discounted cash flows using the effective interest rate represents the credit loss. Any residual decline in value would be considered the interest related loss or non-credit loss. The recognition of an 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 financial statements. If the Company experiences deterioration in the values of its investment portfolio, the Company may incur impairments to its investment portfolio which could negatively impact the Company’s financial condition, cash flows, and reported earnings.

The Company owns some mortgage revenue bonds which were purchased at a discount or premium. The discount or premium on an investment is amortized on an effective yield method and the result is realized in investment income in the current period.

The Company eliminates the mortgage revenue bonds and the associated interest income and interest receivable when it consolidates the underlying real estate collateral in accordance with implementation of the consolidation guidance for variable interest entities.

Variable Interest Entities (“VIEs”)
When the Partnership invests in a mortgage revenue bond which is collateralized by a multifamily or student housing property, the Partnership will evaluate the entity which owns the property financed by the mortgage revenue bond to determine if it is a VIE as defined by the guidance on consolidations. The guidance on consolidations is a complex standard that requires significant analysis and judgment. If it is determined that the entity is a VIE, the Partnership will then evaluate if it is the primary beneficiary of such VIE, by determining whether the Partnership will absorb the majority of the VIE’s expected losses, receive a majority of the VIE’s residual returns, or both. If the Partnership determines itself to be the primary beneficiary of the VIE, then the assets, liabilities and financial results of the related multifamily or student housing property will be consolidated in the Partnership’s financial statements. As a result of such consolidation, the debt financing provided by the Partnership to such consolidated VIE will be eliminated as part of the consolidation process. However, the Partnership will continue to receive interest and principal payments on such debt and these payments will retain their characterization as either mortgage revenue bond or taxable interest for income tax reporting purposes. Since the Partnership has no legal ownership of the VIEs, creditors of the VIEs have no recourse to the Partnership.  

Effective December 1, 2013, the ownership of Lake Forest became a not-for-profit entity, a reconsideration event. As a result of the change in ownership, Lake Forest ceased to be reported as a Consolidated VIE (Note 4).
 
Investment in Public Housing Capital Fund Trusts Certificates and Mortgage-Backed Securities
The Company accounts for its investments in PHC Certificates and MBS under the guidance for accounting for certain investments in debt and equity securities. The guidance requires investments in securities to be classified as one of the following: 1) held-to-maturity, 2) available-for-sale, or 3) trading securities. All of the Company’s PHC Certificates and MBS investments are classified as available-for-sale, and are reported at estimated fair value with the net unrealized gains or losses reflected in other 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.
There is no active trading market for the PHC Certificates and price quotes are not available. The estimates of the fair values of the PHC Certificates are based on a yield to maturity analysis which begins with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts adjusted largely for unobservable inputs the General Partner believes would be used by market participants. Management’s valuation encompasses judgment in its application and pricing as determined by pricing services, when available, is compared to Management’s estimates.
The Company periodically reviews each class of PHC Certificates for impairment. The Company evaluates whether a decline in the fair value of a PHC Certificate below its amortized cost is other-than temporary based on a number of factors including:
The duration and severity of the decline in fair value,
The Company’s intent to hold and the likelihood of it being required to sell the security before its value recovers,
Downgrade in the security’s rating by S&P,
Volatility of the fair value of the security.

The Company values each MBS security based upon prices obtained from a third party pricing service, which are indicative of market activity. The valuation methodology of the Company’s third party pricing service incorporates commonly used market pricing methods, incorporates trading activity observed in the market place, and other data inputs. The methodology also considers the underlying characteristics of each security, which are also observable inputs, including: coupon; maturity date; loan age; reset date; collateral type; geography; and prepayment speeds. Management analyzes pricing data received from the third party pricing service by comparing it to valuation information obtained from at least one other third party pricing service and ensuring they are within a tolerable range of difference which the Company estimates as 7.5%. Management also looks at observations of trading activity in the market place when available.
The Company periodically reviews each MBS security for impairment. The Company evaluates whether a decline in the fair value of a security below its amortized cost is other-than-temporary based on a number of factors including the duration and severity of the decline in fair value and the Company’s intent and ability to hold the security until its value recovers. Each MBS security has been rated either “AAA” or “AA” by either S&P or Moody’s. A downgrade in rating for each MBS or new issuances of similar MBS with ratings by S&P or Moody’s below the “A” rating would be a factor in concluding that an impairment is other-than-temporary.

Investments in Real Estate
The Company’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, student housing, and senior citizen residential apartment buildings and five to 15 years on capital improvements and is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Company also holds land held for investment and development which is reported at cost.

Management reviews each property and land held for investment and development for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability is based upon comparing the net book value of each real estate property to the sum of its estimated undiscounted future cash flows. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value.

Taxable Property Loans
In addition to the mortgage revenue bonds held by the Company, taxable property loans have been made to the owners of some of the properties which secure the bonds.  The repayment of these taxable property loans is dependent largely on the value of the property or its cash flows which collateralize the loans.  The Company periodically evaluates these loans for potential losses by estimating the fair value of the property which collateralize the loans and comparing the fair value to the outstanding mortgage revenue bonds plus any taxable property loans.  The Company utilizes the discounted cash flow model discussed above except that in estimating a property fair value we evaluate a number of different discounted cash flow (“DCF”) models that contain varying assumptions.  The various models may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates.  The Company may also consider other information such as independent appraisals in estimating a property fair value.

If the estimated fair value of the property after deducting the amortized cost basis of the senior mortgage revenue bond 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. For the years ended December 31, 2014 and 2013, the Company recognized a provision for loan losses of approximately $75,000 and $168,000, respectively. For the year ended December 31, 2012, the Company did not recognize any provision for loan losses (Note 9).

Accounting for Tax Exempt Bond Securitization (“TEBS”) and Tender Option Bond (“TOB”) Financing Arrangements
The Company has evaluated the accounting guidance in regard to the M31 and M24 TEBS and TOB Financing arrangements (Note 11) and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and will, therefore, be accounted for as a 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 through any of the following:

1.
An agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity,
2.
The ability to unilaterally cause the holder to return specific assets, other than through a cleanup call, or
3.
An agreement that permits the transferee to require the transferor to repurchase the transferred financial assets at a price that is so favorable to the transferee that it is probable that the transferee will require the transferor to repurchase them.

The M31 and M24 TEBS Financing agreements contain certain provisions that allow the Company to (1) cause the return of certain individual bonds under defined circumstances, (2) cause the return of all of the bonds by electing an Optional Series Pool Release or (3) cause the return of any defaulted bonds. The Optional Series Pool Release is defined in the agreements closed in 2010 as two specific dates, September 15, 2017, or September 15, 2020, on which the Company has the option to repurchase all of the securitized bonds. The Optional Series Pool Release is defined in the agreements closed in 2014 as two specific dates, July 15, 2019 or July 15, 2024, on which the Company has the option to repurchase all of the securitized bonds. Given these terms, the Company has concluded that the condition in item 2 above is present in the agreements and, therefore, effective control over the transferred assets has not occurred. As effective control has not been transferred, the transaction does not meet the conditions to de-recognize the assets resulting in the M31 and M24 TEBS Financing being presented on the Company’s consolidated financial statements as a secured financing. The TOB Financing agreements contain certain provisions that allow the Company to call the bonds held in the TOB Trusts through their ownership of the residual participating interests (“LIFERS”) so effective control has not been transferred resulting in the TOB Financings being presented on the Company’s consolidated financial statements as secured financings.

In addition to evaluating the M31 and M24 TEBS Financings as a sale or transfer of financial assets, we have evaluated the securitization trusts associated with the TEBS Financing facilities (the “M31 TEBS Trust” and “M24 TEBS Trust”) under the provisions of consolidation guidance. As part of the M31 and M24 TEBS Financings, certain bond assets of the Partnership were securitized into the M31 and M24 TEBS Trusts with Freddie Mac. The M31 and M24 TEBS Trusts then issued Class A and B TEBS Certificates. Other Company investments are securitized into TOB Trusts with Deutsche Bank AG (“DB”). The TOB trustee then issued senior floating-rate participating interests (“SPEARS”) and LIFERS. The Partnership has determined that the M31 and M24 TEBS Trusts are VIEs and the Class B Certificates owned by the Partnership create a variable interest in the M31 and M24 TEBS Trusts. It was also determined that the TOB Trusts are VIEs and the LIFERS owned by the Company create a variable interest entity in the TOB Trusts.

In determining the primary beneficiary of the M31 and M24 TEBS Trusts and TOB Trusts, the Partnership considered the activities of each of the VIEs which most significantly impact the VIE’s economic performance, who has the power to control such activities, the risks which the entity was designed to create, the variability associated with those risks and the interests which absorb such variability. The Partnership has retained the right, pursuant to the M31 and M24 TEBS Financing agreements, to either substitute or reacquire some or all of the securitized bonds at various future dates and under various circumstances. As a result, the Partnership determined it had retained a controlling financial interest in the M31 and M24 TEBS Trusts because such actions effectively provide the Partnership with the ability to control decisions pertaining to the VIE’s management of interest rate and credit risk. While in the M31 and M24 TEBS Trusts, the bond assets may only be used to settle obligations of the trusts and the liabilities of the trusts do not provide the Class A certificate holders with recourse to the general credit of the Partnership.

The Partnership also determined it was the primary beneficiary of the TOB Trusts as it has the right to cause each TOB trust to sell the securitized asset in each specific TOB Trust. If the securitized assets were sold, the extent to which the VIE will be exposed to gains or losses from changes in the fair market value of the securitized assets would result from decisions made by the Partnership.

It was determined that the Partnership met both of the primary beneficiary criteria and was the most closely associated with the VIE and, therefore, was determined to be the primary beneficiary under these financing arrangements. Given these accounting determinations, the M31 and M24 TEBS Financing facilities and the associated M31 and M24 TEBS Trusts are presented as secured financing within the consolidated financial statements. The TOB Financings and associated TOB trusts are also presented as a secured financing within the consolidated financial statements.
 
Bond Purchase Commitments
The bond purchase commitments held by the Company have no cost. However, they are required to be measured and recorded at fair value, which is estimated under the same methodology as the Company’s mortgage revenue bonds in the Company’s financial statements (Notes 5 and 17).

Deferred Financing Costs
Debt financing costs are capitalized and amortized on the effective interest method over the stated maturity of the related debt financing agreement. Bond issuance costs are capitalized and amortized on the effective interest method over the stated maturity of the related mortgage revenue bonds.  As of December 31, 2014 and 2013, debt financing costs and bond issuance costs of $8.5 million and $5.3 million, respectively, were included in other assets. These costs are reduced on the balance sheet by the accumulated amortization of approximately $3.9 million and $2.8 million as of December 31, 2014 and 2013, respectively.

Income Taxes
No provision has been made for income taxes because the unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes.  Certain of the Consolidated VIEs and wholly-owned subsidiaries of the Partnership are corporations that are subject to federal and state income taxes.  At December 31, 2014 and 2013, the Company evaluated whether it was more likely than not that any deferred tax assets would be realized.  The Company has recorded a full valuation allowance of approximately $8.5 million and $7.4 million at December 31, 2014 and 2013, respectively, against the deferred tax assets created at these entities by timing differences because the realization of these future benefits is not more likely than not.

Revenue Recognition on Investments in Mortgage Revenue Bonds
The interest income received by the Partnership from its mortgage revenue bonds is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing mortgage revenue bonds is recognized as it is earned. Base interest income on mortgage revenue bonds not fully performing is recognized as it is received. Past due base interest on mortgage revenue bonds, which are or were previously not fully performing, is recognized as it is received. The Partnership reinstates the accrual of base interest once the mortgage revenue bond’s ability to perform is adequately demonstrated. Contingent interest income, which is only received by the Partnership if the property financed by a mortgage revenue bond that contains a contingent interest provision generates excess available cash flow as set forth in each bond, is recognized when realized or realizable. Past due contingent interest on mortgage revenue bonds, which are or were previously not fully performing, is recognized when realized or realizable. As of December 31, 2014 and 2013, the Company’s mortgage revenue bonds were fully performing as to their base interest.

An evaluation was performed during fiscal 2011 which determined that the interest receivable accrued on the Woodland Park bond was impaired and an approximate $953,000 allowance for loss on receivables was recorded. The Partnership received two interest payments during 2012 and recorded an additional allowance of approximately $453,000 against the remaining interest receivable in 2012. The Partnership recorded an approximate additional $242,000 against the interest receivable before the mortgage revenue bond foreclosure was completed in May 2013 and title to the Woodland Park property was conveyed to a wholly-owned subsidiary of the Partnership (Note 8).

Revenue Recognition on Investments in Real Estate, MBS, and PHC Certificates
The Partnership’s Consolidated VIEs and the MF Properties (Note 8) are lessors of multifamily, student housing, and senior citizen rental units under leases with terms of one year or less. Rental revenue is recognized, net of rental concessions, on a straight-line method over the related lease term.

Interest income on the MBS and PHC Certificates is recognized as it is earned (Notes 6 and 7).

Derivative Instruments and Hedging Activities
The Company accounts for its derivative and hedging activities in accordance with the guidance on Derivatives and Hedging. The guidance on Derivatives and Hedging requires the recognition of all derivative instruments as assets or liabilities in the Company’s consolidated balance sheets and measurement of these instruments at fair value. The accounting treatment is dependent upon whether or not a derivative instrument is designated as a hedge and, if so, the type of hedge.  The Company’s interest rate derivative agreements do not have a specific hedge designation under the guidance on derivatives and hedging, and therefore changes in fair value are recognized in the consolidated statements of operations as interest expense.  The Company is exposed to loss should a counterparty to its derivative instruments default.  The Company does not anticipate non-performance by any counterparty.  The fair value of the interest rate derivative agreements is determined based upon current price quotes by recognized dealers.

Net Income per BUC
Net income per BUC has been calculated based on the weighted average number of BUCs outstanding during each year presented. The Partnership has no dilutive equity securities and, therefore, basic net income per BUC is the same as diluted net income per BUC.  The following table provides a reconciliation of net income per BUC holder:

 
 
 
Years Ended December 31,
 
 
 
2014
 
2013
 
2012
Calculation of unitholders' interest in income (loss) from continuing operations:
 
 
 
 
 
 
 
Income from continuing operations
 
$
15,029,188

 
$
14,534,438

 
$
2,763,762

 
Less: general partners' interest in income
 
1,056,316

 
1,381,872

 
331,403

 
Unallocated loss related to variable interest entities
 
(635,560
)
 
(1,116,262
)
 
(1,522,846
)
 
Noncontrolling interest
 
(4,673
)
 
261,923

 
549,194

 
Unitholders' interest in income from continuing operations
 
$
14,613,105

 
$
14,006,905

 
$
3,406,011

Calculation of Unitholders' interest in income from discontinued operations:
 
 
 
 
 
 
 
Income from discontinued operations
 
$

 
$
3,442,404

 
$
2,232,276

 
Less: general partner's interest in income
 

 
34,424

 
359,909

 
Unallocated income related to variable interest entities
 

 

 

 
Unitholders' interest in discontinued operations
 
$

 
$
3,407,980

 
$
1,872,367

Calculation of unitholders' interest in net income (loss)
 
 
 
 
 
 
 
Net income
 
$
15,029,188

 
$
17,976,842

 
$
4,996,038

 
Less: general partners' interest in net income
 
1,056,316

 
1,416,296

 
691,312

 
Unallocated (loss) related to variable interest entities
 
(635,560
)
 
(1,116,262
)
 
(1,522,846
)
 
Noncontrolling interest
 
(4,673
)
 
261,923

 
549,194

 
Unitholders' interest in net income (loss)
 
$
14,613,105

 
$
17,414,885

 
$
5,278,378

 
 
 
 
 
 
 
Weighted average number of units outstanding (basic and diluted)
 
59,431,010

 
43,453,476

 
37,367,600

Unitholders' interest in net income per BUC (basic and diluted):
 
 
 
 
 
 
 
Income from continuing operations
 
$
0.25

 
$
0.32

 
$
0.09

 
Income from discontinued operations
 

 
0.08

 
0.05

 
Net income
 
$
0.25

 
$
0.40

 
$
0.14



Use of Estimates in Preparation of Consolidated Financial Statements
The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the 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 investment valuation, investment impairments, impairment of property assets, and allowance for loan losses.
v2.4.1.9
Partnership Income, Expense and Cash Distributions
12 Months Ended
Dec. 31, 2014
Partnership Income, Expenses and Cash Distributions [Abstract]  
Partnership Income Expenses and Cash Distributions [Text Block]
Partnership Income, Expenses and Cash Distributions

The Agreement of Limited Partnership of the Partnership 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 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 BUCs held by each unitholder as of such date. For purposes of the Agreement of Limited Partnership, cash distributions, if any, received by the Partnership from the Investment in MF Properties (Note 8) will be included in the Partnership’s Interest Income and cash distributions received by the Partnership from the sale of such properties will be included in the Partnership Residual Proceeds.

Cash distributions are currently made on a quarterly basis but may be made on a monthly or semiannual basis at the election of AFCA 2.  On each distribution date, Net Interest Income is distributed 99% to the unitholders and 1% to AFCA 2 and Net Residual Proceeds are distributed 100% to unitholders except that Net Interest Income and Net Residual Proceeds representing contingent interest in an amount equal to 0.9% per annum of the principal amount of the mortgage revenue bonds on a cumulative basis (defined as Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2), respectively) are distributed 75% to the unitholders and 25% to AFCA 2.
 
The unallocated deficit of the Consolidated VIEs is primarily comprised of the accumulated historical net losses of the Consolidated VIEs as of the date of the implementation of the guidance on consolidations. The unallocated deficit of the Consolidated VIEs and the Consolidated VIEs’ net losses subsequent to that date are not allocated to the General Partner and unitholders as such activity is not contemplated by, or addressed in, the Agreement of Limited Partnership.

The distributions paid or accrued per BUC during the fiscal years ended December 31, 2014, 2013, and 2012 were as follows:

 
 
For the
Year Ended
 
For the
Year Ended
 
For the
Year Ended
 
 
December 31, 2014

 
December 31, 2013

 
December 31, 2012

Cash Distributions
 
0.5000

 
0.5000

 
0.5000

v2.4.1.9
Variable Interest Entities
12 Months Ended
Dec. 31, 2014
Variable Interest Entities [Abstract]  
Variable interest entities [Text Block]
Variable Interest Entities

Although Residential Properties financed with mortgage revenue bonds held by the Partnership are owned by separate entities in which the Partnership has no equity ownership interest, the debt financing provided by the Partnership creates a variable interest in these ownership entities that may require the Partnership to report the assets, liabilities and results of operations of these entities on a consolidated basis under GAAP. Under consolidation guidance, the Partnership must make an evaluation of these entities to determine if they meet the definition of a VIE. 

At December 31, 2014, the Partnership determined that eleven of the entities financed by mortgage revenue bonds owned by the Partnership were held by VIEs.  These VIEs were Ashley Square, Bent Tree, Bruton Apartments, Cross Creek, Fairmont Oaks, Glenview Apartments, Harden Ranch, Montclair Apartments, Santa Fe Apartments, Tyler Park Apartments, and Westside Village Market. The Partnership then determined that it is the primary beneficiary of two of these VIEs; Bent Tree and Fairmont Oaks and has continued to consolidate these entities. 

At December 31, 2013, the Partnership determined that six of the entities financed by mortgage revenue bonds owned by the Partnership were held by VIEs.  These VIEs were Ashley Square, Bent Tree Apartments, Cross Creek, Fairmont Oaks Apartments, Tyler Park, and Westside. The Partnership then determined that it is the primary beneficiary of two of these VIEs; Bent Tree and Fairmont Oaks Apartments, and has continued to consolidate these entities.  Effective December 1, 2013, the ownership of Lake Forest became a not-for-profit entity and Lake Forest ceased to be reported as a Consolidated VIE.

Subsequent to the issuance of the Company’s financial statements on Form 10-K for the period ended December 31, 2013, the Company identified two non-consolidated VIEs, Tyler Park Townhomes and Westside Village Market, which should have been disclosed as VIEs at December 31, 2013. This has been corrected in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The correction did not have an impact on the Consolidated Financial Statements.

The Partnership does not hold an equity interest in the eleven VIEs and therefore, the assets of the VIEs cannot be used to settle the general commitments of the Partnership and the Partnership is not responsible for the commitments and liabilities of the VIEs.  The primary risks to the Partnership associated with the eleven VIEs financed by mortgage revenue bonds owned by the Partnership relate to the entities ability to meet debt service obligations to the Partnership and the valuation of the underlying Residential Properties which serves as bond collateral.

The following is a discussion of the significant judgments and assumptions made by the Partnership in determining the primary beneficiary of the VIE and, therefore, whether the Partnership must consolidate the VIE.

Consolidated VIEs

At December 31, 2014, the Partnership determined it is the primary beneficiary of the Bent Tree and Fairmont Oaks VIEs. The capital structure of Bent Tree and Fairmont Oaks VIEs consists of senior debt, subordinated debt, and equity capital. The senior debt is in the form of a mortgage revenue bond and accounts for the majority of the VIEs’ total capital. As the bondholder, the Partnership is entitled to principal and interest payments and has certain protective rights as established by the bond documents. The equity ownership in these entities is ultimately held by corporations which are owned by four individuals, one of which is a related party. Additionally, each of these properties is managed by an affiliate of the Partnership, America First Properties Management Company, LLC (“Properties Management”) which is an affiliate of the Burlington Capital Group, LLC (“Burlington”).

The Partnership lent the Exchange Accommodation Titleholder (“EAT (The Colonial, f/k/a Maples on 97th”) the necessary funds to purchase the The Colonial property and executed a Master Lease Agreement and Construction Management Agreement. These two agreements gave the Partnership the rights and obligations to manage the replacement property as well as the rehabilitation during the six month hold period. The Partnership determined that it was the primary beneficiary of the EAT (The Colonial, f/k/a Maples on 97th). Based on the terms of the Master Lease Agreement, the Partnership reported the rental income and related real estate operating expenses for the The Colonial property during the six month holding period (August 2012 to January 2013) as an MF Property since it has all the rights and obligations of landlord for the property. In February 2013, title to the The Colonial (f/k/a Maples on 97th) property transferred to the Partnership from the EAT (The Colonial, f/k/a Maples on 97th).

In determining the primary beneficiary of these VIEs, the Partnership considered the activities of the VIE which most significantly impact the VIEs’ economic performance, who has the power to control such activities, the risks which the entities were designed to create, the variability associated with those risks and the interests which absorb such variability. The Partnership also considered the related party relationships of the entities involved in the VIEs. It was determined that the Partnership, as part of the related party group, met both of the primary beneficiary criteria and was the most closely associated with the VIEs and, therefore, was determined to be the primary beneficiary.

Non-Consolidated VIEs

The Company does not consolidate nine VIE entities. In determining the primary beneficiary of these VIEs, the Partnership considered the activities of each VIE which most significantly impact the VIEs’ economic performance, who has the power to control such activities, the risks which the entities were designed to create, the variability associated with those risks and the interests which absorb such variability. The significant activities of the VIE that impact the economic performance of the entity include leasing and maintaining multifamily residential properties, determining if the property is to be sold, decisions relating to debt refinancing, the selection of or replacement of the property manager and the approval of the operating and capital budgets. While the capital structures of these VIEs resulted in the Partnership holding a majority of the variable interests in these VIEs, the Partnership determined it does not have the power to direct the activities of these VIEs that most significantly impact the VIEs’ economic performance and, as a result, is not the primary beneficiary of these VIEs.
The following table presents information regarding the classification of the assets at their carrying value and maximum exposure to loss held by the Partnership as of December 31, 2014 and 2013, which constitute variable interest entities.
December 31, 2014
 
 
 Balance Sheet Classification
 
 Maximum Exposure to Loss
 
 
 Mortgage Revenue Bond
 
 Property Loan
 
 Mortgage Revenue Bond
 
 Property Loan
Ashley Square Apartments
 
$
5,645,559

 
$
1,482,000

 
$
5,159,000

 
$
7,534,002

Bruton Apartments
 
18,145,000

 

 
18,145,000

 

Cross Creek
 
8,617,079

 
3,528,615

 
6,074,817

 
3,528,615

Glenview Apartments
 
6,723,000

 

 
6,723,000

 

Harden Ranch
 
9,300,000

 

 
9,300,000

 

Montclair Apartments
 
3,458,000

 

 
3,458,000

 

Santa Fe Apartments
 
4,736,000

 

 
4,736,000

 

Tyler Park Apartments
 
8,100,000

 

 
8,100,000

 

Westside Village Market
 
5,400,000

 

 
5,400,000

 

 
 
$
70,124,638

 
$
5,010,615

 
$
67,095,817

 
$
11,062,617


December 31, 2013
 
 
 Balance Sheet Classification
 
 Maximum Exposure to Loss
 
 
 Mortgage Revenue Bond
 
 Property Loan
 
 Mortgage Revenue Bond
 
 Property Loan
Ashley Square Apartments
 
$
5,212,000

 
$
1,482,000

 
$
5,212,000

 
$
7,131,757

Cross Creek
 
7,522,563

 
3,448,615

 
6,042,297

 
3,448,615

Tyler Park Apartments
 
8,100,000

 

 
8,100,000

 

Westside Village Market
 
5,400,000

 

 
5,400,000

 

 
 
$
26,234,563

 
$
4,930,615

 
$
24,754,297

 
$
10,580,372


The following tables provide information about the two VIEs at December 31, 2014 and 2013 in the Partnership’s financial statements under the provisions of the guidance on consolidations. These schedules also include information on the mortgage revenue bonds owned by the Partnership which are eliminated in consolidation, as of December 31, 2014 and 2013, respectively. In addition to the mortgage revenue bonds detailed below, the Partnership has made taxable property loans to these consolidated VIEs of $7.4 million and $7.1 million as of December 31, 2014 and 2013, respectively.
VIEs - December 31, 2014
 
 
 
 
 
 
Base
 
Principal
 
Income
 
 
 
 
Maturity
 
Interest
 
Outstanding at
 
Earned in
Property Name
 
Location
 
Date
 
Rate
 
December 31, 2014
 
2014
Bent Tree Apartments (1)
 
Columbia, SC
 
12/15/2030
 
6.25
%
 
$
7,465,000

 
$
468,859

Fairmont Oaks Apartments (1)
 
Gainesville, FL
 
4/1/2033
 
6.30
%
 
7,266,000

 
460,420

Total Mortgage Revenue Bonds
 
 
 
 
 
 
 
$
14,731,000

 
$
929,279

(1) Bonds held by ATAX TEBS I, LLC
VIEs - December 31, 2013
 
 
 
 
 
 
Base
 
Principal
 
Income
 
 
 
 
Maturity
 
Interest
 
Outstanding at
 
Earned in
Property Name
 
Location
 
Date
 
Rate
 
December 31, 2013
 
2013
Bent Tree Apartments (1)
 
Columbia, SC
 
12/15/2030
 
6.25
%
 
$
7,542,000

 
$
473,438

Fairmont Oaks Apartments (1)
 
Gainesville, FL
 
4/1/2033
 
6.30
%
 
$
7,355,000

 
$
465,791

Total Mortgage Revenue Bonds
 
 
 
 
 
 
 
$
14,897,000

 
$
939,229

(1) Bonds held by ATAX TEBS I, LLC


The following tables present the effects of the consolidation of the VIEs on the Company’s Consolidated Balance Sheets and Statements of Operations. As discussed above, the assets of the VIEs cannot be used to settle the general commitments of the Partnership and the Partnership is not responsible for the commitments and liabilities of the VIEs. The cash flows from the VIEs do not represent cash flows available to the Partnership.

Consolidating Balance Sheets as of December 31, 2014 and 2013:
 
 
Partnership as of December 31, 2014
 
 Consolidated VIEs as of December 31, 2014
 
 Consolidation -Elimination as of December 31, 2014
 
 Total as of December 31, 2014
Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
49,157,571