v2.4.1.9
Document and Entity Information
3 Months Ended
Mar. 31, 2015
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-Q
Document Period End Date Mar. 31, 2015
Document Fiscal Year Focus 2015
Document Fiscal Period Focus Q1
Amendment Flag false
Entity Common Stock, Units Outstanding 0dei_EntityCommonStockSharesOutstanding
v2.4.1.9
Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2015
Dec. 31, 2014
Assets [Abstract]    
Cash and cash equivalents $ 24,205,247us-gaap_CashAndCashEquivalentsAtCarryingValue $ 49,193,343us-gaap_CashAndCashEquivalentsAtCarryingValue
Restricted cash 7,836,842us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue 11,685,729us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue
Interest receivable 5,806,290us-gaap_InterestReceivable 4,121,486us-gaap_InterestReceivable
Mortgage revenue bonds held in trust, at fair value 426,022,847atax_AvailableForSaleSecuritiesFairValueDisclosureHeldInTrust 378,423,092atax_AvailableForSaleSecuritiesFairValueDisclosureHeldInTrust
Mortgage revenue bonds, at fair value 81,875,851us-gaap_AvailableForSaleSecurities 70,601,045us-gaap_AvailableForSaleSecurities
Public housing capital fund trusts, at fair value 60,272,941atax_AvailableForSaleSecuritiesFairValueDisclosurePublicHousingAuthority 61,263,123atax_AvailableForSaleSecuritiesFairValueDisclosurePublicHousingAuthority
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities 14,884,339atax_AvailableForSaleSecuritiesFairValueDisclosureMortgageBackedSecurities 14,841,558atax_AvailableForSaleSecuritiesFairValueDisclosureMortgageBackedSecurities
Real estate assets:    
Land and improvements 15,590,493us-gaap_LandAndLandImprovements 15,589,893us-gaap_LandAndLandImprovements
Buildings and improvements 132,000,442atax_BuildingsImprovementsAndEquipmentGross 131,910,221atax_BuildingsImprovementsAndEquipmentGross
Real estate assets before accumulated depreciation 147,590,935us-gaap_PropertyPlantAndEquipmentGross 147,500,114us-gaap_PropertyPlantAndEquipmentGross
Accumulated depreciation (26,327,145)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (24,691,800)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
Net real estate assets 121,263,790us-gaap_PropertyPlantAndEquipmentNet 122,808,314us-gaap_PropertyPlantAndEquipmentNet
Other assets 30,564,221us-gaap_OtherAssets 31,301,527us-gaap_OtherAssets
Total assets 772,732,368us-gaap_Assets 744,239,217us-gaap_Assets
Liabilities [Abstract]    
Accounts payable, accrued expenses and other liabilities 4,995,537us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent 4,627,089us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Distribution payable 7,607,693us-gaap_DividendsPayableCurrent 7,617,390us-gaap_DividendsPayableCurrent
Debt financing 379,307,493atax_DebtFinancing 345,359,000atax_DebtFinancing
Mortgages payable 76,445,451us-gaap_LongTermDebt 76,707,834us-gaap_LongTermDebt
Derivative Assets (Liabilities), at Fair Value, Net 1,165,855us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet 0us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet
Total Liabilities 469,522,029us-gaap_Liabilities 434,311,313us-gaap_Liabilities
Commitments and Contingencies      
Partners' Capital    
General Partner 512,533us-gaap_GeneralPartnersCapitalAccount 578,238us-gaap_GeneralPartnersCapitalAccount
Beneficial Unit Certificate holders 323,952,314us-gaap_LimitedPartnersCapitalAccount 330,457,117us-gaap_LimitedPartnersCapitalAccount
Unallocated deficit of Consolidated VIEs (21,237,622)atax_UnallocatedDeficitOfConsolidatedVies (21,091,456)atax_UnallocatedDeficitOfConsolidatedVies
Total Partners' Capital 303,227,225us-gaap_PartnersCapital 309,943,899us-gaap_PartnersCapital
Noncontrolling interest (16,886)us-gaap_PartnersCapitalAttributableToNoncontrollingInterest (15,995)us-gaap_PartnersCapitalAttributableToNoncontrollingInterest
Total Capital 303,210,339us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest 309,927,904us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
Total Liabilities and Partners' Capital $ 772,732,368us-gaap_LiabilitiesAndStockholdersEquity $ 744,239,217us-gaap_LiabilitiesAndStockholdersEquity
v2.4.1.9
Condensed Consolidated Statements of Operations (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenues [Abstract]    
Property revenues $ 5,106,369us-gaap_OperatingLeasesIncomeStatementLeaseRevenue $ 3,951,216us-gaap_OperatingLeasesIncomeStatementLeaseRevenue
Investment income 7,979,784us-gaap_InvestmentIncomeNet 6,205,558us-gaap_InvestmentIncomeNet
Gain on sale of bonds 0atax_GainOnSaleAndRetirementOfBonds 2,835,243atax_GainOnSaleAndRetirementOfBonds
Interest Income, Operating 224,540us-gaap_InterestIncomeOperating 208,823us-gaap_InterestIncomeOperating
Total Revenues 13,310,693us-gaap_Revenues 13,200,840us-gaap_Revenues
Expenses [Abstract]    
Real estate operating (exclusive of items shown below) 2,958,605atax_RealEstateOperatingExpense 2,100,293atax_RealEstateOperatingExpense
Depreciation and amortization 2,031,898us-gaap_DepreciationDepletionAndAmortization 1,613,346us-gaap_DepreciationDepletionAndAmortization
Interest 3,989,121us-gaap_InterestExpense 2,169,549us-gaap_InterestExpense
General and administrative 1,807,481us-gaap_GeneralAndAdministrativeExpense 1,270,926us-gaap_GeneralAndAdministrativeExpense
Total Expenses 10,787,105us-gaap_CostsAndExpenses 7,154,114us-gaap_CostsAndExpenses
Net income (loss) 2,523,588us-gaap_ProfitLoss 6,046,726us-gaap_ProfitLoss
Net income (loss) attributable to noncontrolling interest 891us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 103us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net income (loss) - America First Tax Exempt Investors, L.P. 2,524,479us-gaap_OperatingIncomeLoss 6,046,829us-gaap_OperatingIncomeLoss
Net income (loss) allocated to:    
General Partner 26,706us-gaap_NetIncomeLossAllocatedToGeneralPartners 742,055us-gaap_NetIncomeLossAllocatedToGeneralPartners
Limited Partners - Unitholders 2,643,939us-gaap_NetIncomeLossAllocatedToLimitedPartners 5,417,545us-gaap_NetIncomeLossAllocatedToLimitedPartners
Unallocated loss of Consolidated VIEs (146,166)atax_UnallocatedLossOfConsolidatedVies (112,771)atax_UnallocatedLossOfConsolidatedVies
Noncontrolling interest $ (891)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest $ (103)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Unitholders' interest in net income per unit (basic and diluted):    
Net income (loss), basic and diluted, per unit $ 0.04us-gaap_EarningsPerShareBasicAndDiluted $ 0.10us-gaap_EarningsPerShareBasicAndDiluted
Distributions declared, per unit $ 0.125us-gaap_DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit $ 0.125us-gaap_DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
Weighted average number of units outstanding, basic and diluted 60,252,928atax_WeightedAverageNumberOfUnitsOutstandingBasicAndDiluted 56,919,595atax_WeightedAverageNumberOfUnitsOutstandingBasicAndDiluted
v2.4.1.9
Condensed Consolidated Statements of Operations Parenthetical (USD $)
3 Months Ended
Mar. 31, 2014
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax   
v2.4.1.9
Condensed Consolidated Statements of Comprehensive Income (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Net income (loss) $ 2,523,588us-gaap_ProfitLoss $ 6,046,726us-gaap_ProfitLoss
Unrealized Gain (Loss) on Securities (1,057,235)us-gaap_UnrealizedGainLossOnSecurities 18,041,725us-gaap_UnrealizedGainLossOnSecurities
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax 576,225us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax (3,489,237)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
Net Income (Loss) Allocated to General Partners 26,706us-gaap_NetIncomeLossAllocatedToGeneralPartners 742,055us-gaap_NetIncomeLossAllocatedToGeneralPartners
Net income (loss) allocated to unitholders 2,643,939us-gaap_NetIncomeLossAllocatedToLimitedPartners 5,417,545us-gaap_NetIncomeLossAllocatedToLimitedPartners
Unallocated loss of Consolidated VIEs (146,166)atax_UnallocatedLossOfConsolidatedVies (112,771)atax_UnallocatedLossOfConsolidatedVies
Net income (loss) attributable to noncontrolling interest 891us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 103us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Accumulated Other Comprehensive Income (Loss) [Member]    
Net income (loss) 0us-gaap_ProfitLoss
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0us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
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Unrealized Gain (Loss) on Securities (1,057,235)us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
18,041,725us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax 576,225us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
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(3,489,237)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
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Net Income (Loss) Allocated to General Partners 10,372us-gaap_NetIncomeLossAllocatedToGeneralPartners
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
957,364us-gaap_NetIncomeLossAllocatedToGeneralPartners
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Net income (loss) allocated to unitholders 1,026,813us-gaap_NetIncomeLossAllocatedToLimitedPartners
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
26,733,198us-gaap_NetIncomeLossAllocatedToLimitedPartners
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Unallocated loss of Consolidated VIEs (146,166)atax_UnallocatedLossOfConsolidatedVies
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(112,771)atax_UnallocatedLossOfConsolidatedVies
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Net income (loss) attributable to noncontrolling interest (891)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(103)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Comprehensive income - America First Tax Exempt Investors, L.P. 890,128us-gaap_ComprehensiveIncomeNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
27,577,688us-gaap_ComprehensiveIncomeNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Mortgage revenue bonds [Member] | Accumulated Other Comprehensive Income (Loss) [Member]    
Unrealized Gain (Loss) on Securities 1,057,235us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_AvailableforsaleSecuritiesMember
18,041,725us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_AvailableforsaleSecuritiesMember
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]    
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax $ 576,225us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_CommitmentsMember
$ (3,489,237)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_CommitmentsMember
v2.4.1.9
Condensed Consolidated Statements of Partners' Capital (USD $)
Total
USD ($)
General Partner
USD ($)
Number of Units
Beneficial Unit Certificate Holders
USD ($)
Unallocated Deficit of Consolidated VIEs
USD ($)
Noncontrolling Interest
USD ($)
Accumulated Other Comprehensive Income (Loss) [Member]
USD ($)
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
       
Proceeds from Issuance of Common Stock 51,367,692us-gaap_ProceedsFromIssuanceOfCommonStock     51,367,692us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
  0us-gaap_ProceedsFromIssuanceOfCommonStock
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= us-gaap_NoncontrollingInterestMember
0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Available-for-sale Securities, Gross Realized Gain (Loss) (1,743,088)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet (17,431)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (1,725,657)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
  (1,743,088)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Distributions paid or accrued (8,295,025)us-gaap_PartnersCapitalAccountDistributions (763,409)us-gaap_PartnersCapitalAccountDistributions
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (7,531,616)us-gaap_PartnersCapitalAccountDistributions
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_PartnersCapitalAccountDistributions
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
0us-gaap_PartnersCapitalAccountDistributions
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_PartnersCapitalAccountDistributions
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Net income (loss) 6,046,726us-gaap_ProfitLoss 742,055us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  5,417,545us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(112,771)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
(103)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Unrealized Gain (Loss) on Securities 18,041,725us-gaap_UnrealizedGainLossOnSecurities 180,417us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  17,861,308us-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
18,041,725us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax 3,489,237us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax 34,892us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  3,454,345us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
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0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
3,489,237us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Balance at Mar. 31, 2014 272,030,032us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest 193,195us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  292,416,929us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(20,568,667)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
(11,425)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
(340,441)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ 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
Partners' Capital Account, Units at Dec. 31, 2014     60,252,928us-gaap_PartnersCapitalAccountUnits
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_CapitalUnitsMember
       
Distributions paid or accrued (7,607,693)us-gaap_PartnersCapitalAccountDistributions (76,077)us-gaap_PartnersCapitalAccountDistributions
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (7,531,616)us-gaap_PartnersCapitalAccountDistributions
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_PartnersCapitalAccountDistributions
/ us-gaap_PartnerCapitalComponentsAxis
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0us-gaap_PartnersCapitalAccountDistributions
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= us-gaap_NoncontrollingInterestMember
0us-gaap_PartnersCapitalAccountDistributions
/ us-gaap_PartnerCapitalComponentsAxis
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Net income (loss) 2,523,588us-gaap_ProfitLoss 26,706us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  2,643,939us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(146,166)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
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(891)us-gaap_ProfitLoss
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0us-gaap_ProfitLoss
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Unrealized Gain (Loss) on Securities (1,057,235)us-gaap_UnrealizedGainLossOnSecurities (10,572)us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
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  (1,046,663)us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_UnrealizedGainLossOnSecurities
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0us-gaap_UnrealizedGainLossOnSecurities
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(1,057,235)us-gaap_UnrealizedGainLossOnSecurities
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Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax (576,225)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax (5,762)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (570,463)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
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0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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0us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
(576,225)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Balance at Mar. 31, 2015 $ 303,210,339us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $ 512,533us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  $ 323,952,314us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
$ (21,237,622)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
$ (16,886)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
$ 50,064,958us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
v2.4.1.9
Condensed Consolidated Statements of Cash Flows (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities:    
Net income (loss) $ 2,523,588us-gaap_ProfitLoss $ 6,046,726us-gaap_ProfitLoss
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:    
Depreciation and amortization expense 2,031,898atax_DepreciationDepletionAndAmortizationIncludingDiscontinuedOperations 1,613,346atax_DepreciationDepletionAndAmortizationIncludingDiscontinuedOperations
Non-cash gain (loss) on derivatives 899,873us-gaap_UnrealizedGainLossOnDerivatives 182,597us-gaap_UnrealizedGainLossOnDerivatives
Bond discount and premium amortization and accretion (36,933)atax_BondDiscountAmortization (62,008)atax_BondDiscountAmortization
Gain on sale of bonds 0atax_GainOnSaleAndRetirementOfBonds (2,835,243)atax_GainOnSaleAndRetirementOfBonds
Changes in operating assets and liabilities, net of effect of acquisitions    
Increase (decrease) in interest receivable (1,684,804)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet (1,783,906)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet
(Increase) decrease in other assets 127,115us-gaap_IncreaseDecreaseInOtherOperatingAssets 918,897us-gaap_IncreaseDecreaseInOtherOperatingAssets
Increase (decrease) in accounts payable and accrued expenses 311,641us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (2,192,953)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Net cash provided (used) by operating activities 4,172,378us-gaap_NetCashProvidedByUsedInOperatingActivities 1,887,456us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:    
Capital expenditures (91,968)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment (6,323,590)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment
Acquisition of tax-exempt mortgage revenue bonds (58,945,000)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (34,778,800)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Proceeds from the sale/redemption of bonds 0us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 18,744,294us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Purchase of rate derivative 10,500us-gaap_PaymentsForDerivativeInstrumentInvestingActivities (391,500)us-gaap_PaymentsForDerivativeInstrumentInvestingActivities
Decrease in restricted cash (46,780)us-gaap_IncreaseDecreaseInRestrictedCash (73,820)us-gaap_IncreaseDecreaseInRestrictedCash
Net increase in notes receivable 39,337us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable 0us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable
Restricted cash - debt collateral released 1,370,000atax_RestrictedCashDebtCollateral 2,000,000atax_RestrictedCashDebtCollateral
Restricted cash - 2014 TEBS financing facility 2,474,249us-gaap_IncreaseDecreaseInRestrictedCashAndInvestments 0us-gaap_IncreaseDecreaseInRestrictedCashAndInvestments
Principal payments received on taxable bonds 202,888us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 1,778,734us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Net cash provided (used) by investing activities (55,065,448)us-gaap_NetCashProvidedByUsedInInvestingActivities (19,044,682)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:    
Distributions paid (7,617,390)atax_PaymentOfDistributionsToPartners (6,446,077)atax_PaymentOfDistributionsToPartners
Principal borrowings on mortgages payable 48,285,000us-gaap_ProceedsFromIssuanceOfLongTermDebt 17,250,000us-gaap_ProceedsFromIssuanceOfLongTermDebt
Principal borrowing on line of credit 0us-gaap_ProceedsFromIssuanceOfDebt 7,976,690us-gaap_ProceedsFromIssuanceOfDebt
Proceeds from sale of beneficial unit certificates 0atax_ProceedsfromIssuanceofCommonStockGross 54,740,000atax_ProceedsfromIssuanceofCommonStockGross
Payments of Stock Issuance Costs 0us-gaap_PaymentsOfStockIssuanceCosts (3,372,308)us-gaap_PaymentsOfStockIssuanceCosts
Principal payments on debt and mortgage financing (25,761,768)us-gaap_RepaymentsOfLongTermDebt (17,013,000)us-gaap_RepaymentsOfLongTermDebt
Repayments of Debt (262,383)us-gaap_RepaymentsOfDebt (113,919)us-gaap_RepaymentsOfDebt
Net change in line of credit 11,425,261us-gaap_ProceedsFromLinesOfCredit 0us-gaap_ProceedsFromLinesOfCredit
Increase (decrease) in liabilities related to restricted cash 46,780us-gaap_ProceedsFromPaymentsForOtherFinancingActivities 73,820us-gaap_ProceedsFromPaymentsForOtherFinancingActivities
Debt financing costs 210,526us-gaap_PaymentsOfFinancingCosts 557,094us-gaap_PaymentsOfFinancingCosts
Net cash (used) provided by financing activities 25,904,974us-gaap_NetCashProvidedByUsedInFinancingActivities 52,538,112us-gaap_NetCashProvidedByUsedInFinancingActivities
Net increase (decrease) in cash and cash equivalents (24,988,096)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 35,380,886us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period, including discontinued operations 49,193,343us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations  
Cash and cash equivalents at end of period, including discontinued operations 24,205,247us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations 46,698,901us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
Cash paid during the period for interest 2,833,471us-gaap_InterestPaid 1,798,217us-gaap_InterestPaid
Distributions declared but not paid 7,607,693us-gaap_IncreaseDecreaseInAccruedLiabilities 8,295,025us-gaap_IncreaseDecreaseInAccruedLiabilities
Capital expenditures financed through payables $ 56,806us-gaap_CapitalExpendituresIncurredButNotYetPaid $ 3,475,757us-gaap_CapitalExpendituresIncurredButNotYetPaid
v2.4.1.9
Basis of Presentation
3 Months Ended
Mar. 31, 2015
Basis of Presentation [Abstract]  
Basis of Presentation and Significant Accounting Policies [Text Block]
Basis of Presentation

General
 
America First Multifamily Investors, L.P. (the “Partnership”) was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act for the primary 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, student housing, and senior citizen residential properties (collectively “Residential Properties”) and commercial properties. The Partnership expects and believes the interest earned on these mortgage revenue 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.  The Partnership may also invest in other types of securities that may or may not be secured by real estate and may make property loans secured by multifamily residential properties which are financed by mortgage revenue bonds held by the Partnership.  The Partnership generally does not seek to acquire direct interests in real property as long term or permanent investments.  The Partnership may, however, acquire real estate securing its mortgage revenue bonds or property loans through foreclosure in the event of a default.  In addition, the Partnership may acquire interests in multifamily, student, and senior citizen residential properties (“MF Properties”) in order to position itself for future investments in mortgage revenue bonds issued to finance these properties. The Partnership expects to sell its interest in these MF Properties in connection with the future syndication of low income housing tax credits under Section 42 of the Internal Revenue Code (“LIHTCs”) or to a tax-exempt organization and to acquire mortgage revenue bonds on these properties to provide debt financing to the new owners.
 
Our general partner is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”).  The general partner of AFCA2 is The Burlington Capital Group LLC (“Burlington”). The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partner interests to investors (“unitholders”).  The Partnership will terminate on December 31, 2050, unless terminated earlier under provisions of its Agreement of Limited Partnership.
 
The “Company” refers to the Partnership and the Consolidated VIEs (defined below). The condensed consolidated financial statements reported in this Form 10-Q 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 holds a 99% limited partner interest, and two entities in which the Partnership does not hold an ownership interest but which own multifamily residential 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”). On March 31, 2015, the consolidated subsidiaries of the Partnership (the “Consolidated Subsidiaries”) consist of:

ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created in 2010 to hold mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac (Note 9).
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 9).
Nine MF Properties which are either wholly or majority owned by subsidiaries of the Partnership.

Stand alone financial information of the Partnership reported in this Form 10-Q includes only the assets, liabilities, and results of operations of the Partnership and the MF Properties (hereafter the “Partnership”) without the Consolidated VIEs.  In the Company’s condensed consolidated financial statements, all transactions and accounts between the Partnership, the MF Properties and the Consolidated VIEs have been eliminated in consolidation.  The General Partner does not believe that the consolidation of VIEs for reporting under accounting principles generally accepted in the United States of America (“GAAP”) impacts the Partnership’s status as a partnership for federal income tax purposes or the status of unitholders as partners of the Partnership, the treatment of the mortgage revenue bonds on the properties owned by Consolidated VIEs as debt, the nature of the interest payments, which it believes to be tax-exempt, received on the mortgage revenue bonds secured by the properties owned by Consolidated VIEs or the manner in which the Partnership’s income is reported to unitholders on IRS Form K-1.

The unallocated deficit of the Consolidated VIEs is primarily comprised of the accumulated historical net losses of the Consolidated VIEs since the applicable consolidation date. The unallocated deficit of the VIEs and the 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 preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.  The accompanying interim unaudited condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. These condensed consolidated financial statements and notes have been prepared consistently with the 2014 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position as of March 31, 2015, and the results of operations for the interim periods presented have been made. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year.

v2.4.1.9
Partnership Income, Expense and Cash Distributions
3 Months Ended
Mar. 31, 2015
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 its investment in MF Properties (Note 7) 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’s 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.

v2.4.1.9
Variable Interest Entities
3 Months Ended
Mar. 31, 2015
Variable Interest Entities [Abstract]  
Variable interest entities [Text Block]
Variable Interest Entities

The Partnership invests in mortgage revenue bonds which have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties in their market areas.  The Partnership owns 100% of these mortgage revenue bonds and each bond is secured by a first mortgage on the property.  In certain cases, the Partnership has also made property loans to the property owners which are secured by second mortgages on these properties.  Although Residential Properties financed with mortgage revenue bonds held by the Partnership is owned by a separate entity 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 March 31, 2015 and 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. 

The Partnership does not hold an equity interest in these VIEs. 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 these VIEs 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

In determining the primary beneficiary of these VIEs, the Partnership considers 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 considers the related party relationship of the entities involved in the VIEs.  At March 31, 2015 and 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 of the consolidated VIEs is ultimately held by corporations which are owned by four individuals, two of which are related parties.  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 Burlington.

Non-Consolidated VIEs

The Company did not consolidate nine VIE entities (Ashley Square, Bruton Apartments, Cross Creek, Glenview Apartments Harden Ranch, Montclair Apartments, Santa Fe Apartments, Tyler Park Apartments, and Westside Village Market) as of March 31, 2015 based on its determination of the primary beneficiary of these nine VIE entities. As discussed below, 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 March 31, 2015, which constitute VIEs:

 
March 31, 2015
 
 Balance Sheet Classification
 
 Maximum Exposure to Loss
 
 Mortgage Revenue Bond
 
Property Loan
 
 Mortgage Revenue Bond
 
Property Loan
Ashley Square Apartments
$
5,642,269

 
$
1,482,000

 
$
5,144,000

 
$
7,635,520

Bruton Apartments
19,443,819

 

 
18,145,000

 

Cross Creek
8,547,448

 
3,586,115

 
6,082,064

 
3,586,115

Glenview Apartments
6,855,286

 

 
6,723,000

 

Harden Ranch
9,920,953

 

 
9,300,000

 

Montclair Apartments
3,606,478

 

 
3,458,000

 

Santa Fe Apartments
4,856,631

 

 
4,736,000

 

Tyler Park Apartments
8,474,338

 

 
8,100,000

 

Westside Village Market
5,644,156

 

 
5,400,000

 

 
$
72,991,378

 
$
5,068,115

 
$
67,088,064

 
$
11,221,635



The mortgage revenue bonds are classified on the balance sheet as available for sale investments and are carried at fair value while property loans are presented on the balance sheet as Other assets and are carried at the unpaid principal less any loan loss reserves.  See Note 4 for additional information regarding the mortgage revenue bonds and Note 8 for additional information regarding the property loans.  The maximum exposure to loss for the mortgage revenue bonds is equal to the unpaid principal balance as of March 31, 2015.  The difference between the mortgage revenue bond’s carrying value and the maximum exposure to loss is a function of the fair value of the bond.  The difference between the property loan’s carrying value and the maximum exposure is the value of loan loss reserves that have been previously recorded against the outstanding property loan balances.

The following tables present the effects of the consolidation of the Consolidated VIEs on the Company’s Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations.

Condensed Consolidating Balance Sheets as of March 31, 2015 and December 31, 2014:
 
 
 
Partnership as of March 31, 2015
 
 Consolidated VIEs as of March 31, 2015
 
 Consolidation -Elimination as of March 31, 2015
 
 Total as of March 31, 2015
Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
24,180,224

 
$
25,023

 
$

 
$
24,205,247

Restricted cash
 
7,350,135

 
486,707

 

 
7,836,842

Interest receivable
 
6,476,392

 

 
(670,102
)
 
5,806,290

Mortgage revenue bonds held in trust, at fair value
 
442,029,721

 

 
(16,006,874
)
 
426,022,847

Mortgage revenue bonds, at fair value
 
81,875,851

 

 

 
81,875,851

Public housing capital fund trusts, at fair value
 
60,272,941

 

 

 
60,272,941

Mortgage-backed securities, at fair value
 
14,884,339

 

 

 
14,884,339

Real estate assets:
 
 
 
 
 
 
 
 
Land and improvements
 
13,754,093

 
1,836,400

 

 
15,590,493

Buildings and improvements
 
110,742,966

 
21,257,476

 

 
132,000,442

Real estate assets before accumulated depreciation
 
124,497,059

 
23,093,876

 

 
147,590,935

Accumulated depreciation
 
(15,513,016
)
 
(10,814,129
)
 

 
(26,327,145
)
Net real estate assets
 
108,984,043

 
12,279,747

 

 
121,263,790

Other assets
 
41,298,994

 
377,523

 
(11,112,296
)
 
30,564,221

Total Assets
 
$
787,352,640

 
$
13,169,000

 
$
(27,789,272
)
 
$
772,732,368

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other liabilities
 
$
4,623,103

 
$
22,479,786

 
$
(22,107,352
)
 
$
4,995,537

Distribution payable
 
7,607,693

 

 

 
7,607,693

Debt financing
 
379,307,493

 

 

 
379,307,493

Mortgage payable
 
76,445,451

 
14,686,000

 
(14,686,000
)
 
76,445,451

Derivative swap
 
1,165,855

 

 

 
1,165,855

Total Liabilities
 
469,149,595

 
37,165,786

 
(36,793,352
)
 
469,522,029

Partners' Capital
 
 
 
 
 
 
 
 
General Partner
 
512,533

 

 

 
512,533

Beneficial Unit Certificate holders
 
317,707,398

 

 
6,244,916

 
323,952,314

Unallocated loss of Consolidated VIEs
 

 
(23,996,786
)
 
2,759,164

 
(21,237,622
)
Total Partners' Capital
 
318,219,931

 
(23,996,786
)
 
9,004,080

 
303,227,225

Noncontrolling interest
 
(16,886
)
 

 

 
(16,886
)
Total Capital
 
318,203,045

 
(23,996,786
)
 
9,004,080

 
303,210,339

Total Liabilities and Partners' Capital
 
$
787,352,640

 
$
13,169,000

 
$
(27,789,272
)
 
$
772,732,368

 

 
 
 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

 
$
35,772

 
$

 
$
49,193,343

Restricted cash
 
11,141,496

 
544,233

 

 
11,685,729

Interest receivable
 
4,791,828

 

 
(670,342
)
 
4,121,486

Mortgage revenue bonds held in trust, at fair value
 
394,568,208

 

 
(16,145,116
)
 
378,423,092

Mortgage revenue bonds, at fair value
 
70,601,045

 

 

 
70,601,045

Public housing capital fund trusts, at fair value
 
61,263,123

 

 

 
61,263,123

Mortgage-backed securities, at fair value
 
14,841,558

 

 

 
14,841,558

Real estate assets:
 
 
 
 
 
 
 
 
Land and improvements
 
13,753,493

 
1,836,400

 

 
15,589,893

Buildings and improvements
 
110,706,173

 
21,204,048

 

 
131,910,221

Real estate assets before accumulated depreciation
 
124,459,666

 
23,040,448

 

 
147,500,114

Accumulated depreciation
 
(14,108,154
)
 
(10,583,646
)
 

 
(24,691,800
)
Net real estate assets
 
110,351,512

 
12,456,802

 

 
122,808,314

Other assets
 
41,958,914

 
420,054

 
(11,077,441
)
 
31,301,527

Total Assets
 
$
758,675,255

 
$
13,456,861

 
$
(27,892,899
)
 
$
744,239,217

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other liabilities
 
$
4,123,346

 
$
22,225,477

 
$
(21,721,734
)
 
$
4,627,089

Distribution payable
 
7,617,390

 

 

 
7,617,390

Debt financing
 
345,359,000

 

 

 
345,359,000

Mortgages payable
 
76,707,834

 
14,731,000

 
(14,731,000
)
 
76,707,834

Total Liabilities
 
433,807,570

 
36,956,477

 
(36,452,734
)
 
434,311,313

Partners' Capital
 
 
 
 
 
 
 
 
General Partner
 
578,238

 

 

 
578,238

Beneficial Unit Certificate holders
 
324,305,442

 

 
6,151,675

 
330,457,117

Unallocated deficit of Consolidated VIEs
 

 
(23,499,616
)
 
2,408,160

 
(21,091,456
)
Total Partners' Capital
 
324,883,680

 
(23,499,616
)
 
8,559,835

 
309,943,899

Noncontrolling interest
 
(15,995
)
 

 

 
(15,995
)
Total Capital
 
324,867,685

 
(23,499,616
)
 
8,559,835

 
309,927,904

Total Liabilities and Partners' Capital
 
$
758,675,255

 
$
13,456,861

 
$
(27,892,899
)
 
$
744,239,217





Condensed Consolidating Statements of Operations for the three months ended March 31, 2015 and 2014:

 
 Partnership For the Three Months Ended March 31, 2015
 
 Consolidated VIEs For the Three Months Ended March 31, 2015
 
 Consolidation -Elimination For the Three Months Ended March 31, 2015
 
 Total For the Three Months Ended March 31, 2015
Revenues:
 
 
 
 
 
 
 
Property revenues
$
4,302,301

 
$
804,068

 
$

 
$
5,106,369

Investment income
8,210,394

 

 
(230,610
)
 
7,979,784

Other interest income
224,540

 

 

 
224,540

Total revenues
12,737,235

 
804,068

 
(230,610
)
 
13,310,693

Expenses:
 
 
 
 
 
 
 
Real estate operating (exclusive of items shown below)
2,471,030

 
487,575

 

 
2,958,605

Depreciation and amortization
1,794,814

 
243,729

 
(6,645
)
 
2,031,898

Interest
3,994,156

 
569,934

 
(574,969
)
 
3,989,121

General and administrative
1,807,481

 

 

 
1,807,481

Total expenses
10,067,481

 
1,301,238

 
(581,614
)
 
10,787,105

Net income (loss)
2,669,754

 
(497,170
)
 
351,004

 
2,523,588

Net loss attributable to noncontrolling interest
(891
)
 

 

 
(891
)
Net income (loss) - America First Multifamily Investors, L. P.
$
2,670,645

 
$
(497,170
)
 
$
351,004

 
$
2,524,479

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Partnership For the Three Months Ended March 31, 2014
 
 Consolidated VIEs For the Three Months Ended March 31, 2014
 
 Consolidation -Elimination For the Three Months Ended March 31, 2014
 
 Total For the Three Months Ended March 31, 2014
Revenues:
 
 
 
 
 
 
 
Property revenues
$
3,150,344

 
$
800,872

 
$

 
$
3,951,216

Investment income
6,438,835

 

 
(233,277
)
 
6,205,558

Gain on mortgage revenue bond - redemption
2,835,243

 

 

 
2,835,243

Other interest income
208,823

 

 

 
208,823

Total revenues
12,633,245

 
800,872

 
(233,277
)
 
13,200,840

Expenses:
 
 
 
 
 
 
 
Real estate operating (exclusive of items shown below)
1,650,647

 
449,646

 

 
2,100,293

Depreciation and amortization
1,382,626

 
237,440

 
(6,720
)
 
1,613,346

Interest
2,169,549

 
557,884

 
(557,884
)
 
2,169,549

   General and administrative
1,270,926

 

 

 
1,270,926

Total expenses
6,473,748

 
1,244,970

 
(564,604
)
 
7,154,114

Net income (loss)
6,159,497

 
(444,098
)
 
331,327

 
6,046,726

  Net loss attributable to noncontrolling interest
(103
)
 

 

 
(103
)
Net income (loss) - America First Multifamily Investors, L. P.
$
6,159,600

 
$
(444,098
)
 
$
331,327

 
$
6,046,829

 
 
 
 
 
 
 
 
v2.4.1.9
Investments in Mortgage Revenue Bonds
3 Months Ended
Mar. 31, 2015
Investments in Mortgage Revenue Bonds [Abstract]  
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block]
Investments in Mortgage Revenue Bonds

The mortgage revenue bonds owned by the Company have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties and do not include the mortgage revenue bonds issued with respect to properties owned by Consolidated VIEs at March 31, 2015 and December 31, 2014. Mortgage revenue bonds are either held directly by the Company or are held in trusts created in connection with debt financing transactions (Note 9). The Company had the following investments in mortgage revenue bonds as of dates shown:
 
 
March 31, 2015
Description of Mortgage Revenue Bonds
 
Cost adjusted for pay-downs
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value
Arbors at Hickory Ridge (3)
 
$
11,569,614

 
$
1,239,453

 
$

 
$
12,809,067

Ashley Square (1)
 
5,144,000

 
498,269

 

 
5,642,269

Avistar at Chase Hill A Bond (3)
 
10,000,000

 
1,226,837

 

 
11,226,837

Avistar at the Crest A Bond (3)
 
9,700,000

 
1,054,230

 

 
10,754,230

Avistar at the Oaks A Bond (3)
 
7,800,000

 
802,611

 

 
8,602,611

Avistar in 09 A Bond (3)
 
6,735,000

 
787,493

 

 
7,522,493

Avistar on the Boulevard A Bond (3)
 
16,525,000

 
1,795,997

 

 
18,320,997

Avistar on the Hills A Bond (3)
 
5,389,000

 
554,521

 

 
5,943,521

Bella Vista (1)
 
6,490,000

 
573,067

 

 
7,063,067

Bridle Ridge (1)
 
7,625,000

 
595,665

 

 
8,220,665

Brookstone (1)
 
7,469,357

 
1,652,619

 

 
9,121,976

Bruton Apartments (2)
 
18,145,000

 
1,298,819

 

 
19,443,819

Concord at Gulfgate A Bond (2)
 
17,060,000

 
1,417,004

 

 
18,477,004

Concord at Little York A Bond (2)
 
12,480,000

 
820,061

 

 
13,300,061

Concord at Williamcrest A Bond (2)
 
18,020,000

 
1,184,094

 

 
19,204,094

Copper Gate Apartments (3)
 
5,220,000

 
390,143

 

 
5,610,143

Cross Creek (1)
 
6,082,064

 
2,465,384

 

 
8,547,448

Decatur Angle (2)
 
23,000,000

 
727,260

 

 
23,727,260

Greens Property A Bond (3)
 
8,348,000

 
943,736

 

 
9,291,736

Harden Ranch A Bond (3)
 
6,960,000

 
623,129

 

 
7,583,129

Lake Forest (1)
 
8,856,000

 
1,037,354

 

 
9,893,354

Live 929 Apartments (2)
 
40,874,690

 
4,154,777

 

 
45,029,467

Pro Nova 2014-1 and 2014-2 (2)
 
20,092,423

 
889,777

 

 
20,982,200

Ohio Properties A Bonds (1)
 
14,383,000

 
2,328,438

 

 
16,711,438

Runnymede (1)
 
10,440,000

 
1,297,483

 

 
11,737,483

Southpark (1)
 
11,861,623

 
3,599,239

 

 
15,460,862

The Palms at Premier Park Apartments (3)
 
20,125,232

 
2,005,005

 

 
22,130,237

The Suites on Paseo A Bond (2)
 
35,450,000

 
2,901,583

 

 
38,351,583

Tyler Park Apartments A Bond (3)
 
6,075,000

 
383,329

 

 
6,458,329

Westside Village Market A Bond (3)
 
3,970,000

 
250,505

 

 
4,220,505

Woodlynn Village (1)
 
4,390,000

 
244,962

 

 
4,634,962

Mortgage revenue bonds held in trust
 
$
386,280,003

 
$
39,742,844

 
$

 
$
426,022,847


(1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 9
(2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 9
(3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 9

 
 
March 31, 2015
Description of Mortgage Revenue Bonds
 
Cost adjusted for pay-downs
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value
Avistar at Chase Hill B Bond
 
$
965,000

 
$
88,486

 
$

 
$
1,053,486

Avistar at the Crest B Bond
 
759,000

 
69,600

 

 
828,600

Avistar at the Oaks B Bond
 
554,000

 
50,841

 

 
604,841

Avistar in 09 B Bond
 
457,000

 
41,939

 

 
498,939

Avistar on the Boulevard B Bond
 
451,000

 
41,357

 

 
492,357

Concord at Gulfgate B Bond
 
2,125,000

 
592,323

 

 
2,717,323

Concord at Little York B Bond
 
960,000

 
252,586

 

 
1,212,586

Concord at Williamcrest B Bond
 
2,800,000

 
736,708

 

 
3,536,708

Glenview Apartments
 
6,723,000

 
132,286

 

 
6,855,286

Greens Property B Bond
 
945,059

 
249,820

 

 
1,194,879

Harden Ranch B Bond
 
2,340,000

 

 
(2,176
)
 
2,337,824

Heritage Square
 
11,705,000

 
295,073

 

 
12,000,073

Montclair Apartments
 
3,458,000

 
148,478

 

 
3,606,478

Ohio Properties B Bonds
 
3,570,720

 
644,819

 

 
4,215,539

Renaissance
 
12,675,000

 
762,823

 

 
13,437,823

Santa Fe Apartments
 
4,736,000

 
120,631

 

 
4,856,631

The Suites on Paseo B Bond
 
5,500,000

 

 

 
5,500,000

Tyler Park B Bond
 
2,025,000

 

 
(8,991
)
 
2,016,009

Vantage at Harlingen
 
6,692,000

 
260,386

 

 
6,952,386