v2.4.1.9
Document and Entity Information
6 Months Ended
Jun. 30, 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 Jun. 30, 2015
Document Fiscal Year Focus 2015
Document Fiscal Period Focus Q2
Amendment Flag false
Entity Common Stock, Units Outstanding 0dei_EntityCommonStockSharesOutstanding
v2.4.1.9
Condensed Consolidated Balance Sheets (USD $)
Jun. 30, 2015
Dec. 31, 2014
Assets [Abstract]    
Cash and cash equivalents $ 2,628,814us-gaap_CashAndCashEquivalentsAtCarryingValue $ 49,157,571us-gaap_CashAndCashEquivalentsAtCarryingValue
Restricted cash 5,189,604us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue 11,141,496us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue
Interest receivable 5,326,150us-gaap_InterestReceivable 4,121,486us-gaap_InterestReceivable
Mortgage revenue bonds held in trust, at fair value 408,239,988atax_AvailableForSaleSecuritiesFairValueDisclosureHeldInTrust 378,423,092atax_AvailableForSaleSecuritiesFairValueDisclosureHeldInTrust
Mortgage revenue bonds, at fair value 140,695,997us-gaap_AvailableForSaleSecurities 70,601,045us-gaap_AvailableForSaleSecurities
Public housing capital fund trusts, at fair value 58,991,437atax_AvailableForSaleSecuritiesFairValueDisclosurePublicHousingAuthority 61,263,123atax_AvailableForSaleSecuritiesFairValueDisclosurePublicHousingAuthority
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities 14,647,377atax_AvailableForSaleSecuritiesFairValueDisclosureMortgageBackedSecurities 14,841,558atax_AvailableForSaleSecuritiesFairValueDisclosureMortgageBackedSecurities
Real estate assets:    
Land and improvements 12,597,953us-gaap_LandAndLandImprovements 13,753,493us-gaap_LandAndLandImprovements
Buildings and improvements 103,858,432atax_BuildingsImprovementsAndEquipmentGross 110,706,173atax_BuildingsImprovementsAndEquipmentGross
Real estate assets before accumulated depreciation 116,456,385us-gaap_PropertyPlantAndEquipmentGross 124,459,666us-gaap_PropertyPlantAndEquipmentGross
Accumulated depreciation (14,845,373)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (14,108,154)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
Net real estate assets 101,611,012us-gaap_PropertyPlantAndEquipmentNet 110,351,512us-gaap_PropertyPlantAndEquipmentNet
Other assets 29,383,813us-gaap_OtherAssets 31,134,319us-gaap_OtherAssets
Assets held for sale (Note 8) 13,052,649us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent 13,204,015us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
Total assets 779,766,841us-gaap_Assets 744,239,217us-gaap_Assets
Liabilities [Abstract]    
Accounts payable, accrued expenses and other liabilities 4,987,833us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent 4,123,346us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Distribution payable 8,436,168us-gaap_DividendsPayableCurrent 7,617,390us-gaap_DividendsPayableCurrent
Lines of Credit 48,833,261us-gaap_LinesOfCreditCurrent 0us-gaap_LinesOfCreditCurrent
Debt financing 366,145,894atax_DebtFinancing 345,359,000atax_DebtFinancing
Mortgages payable 68,694,929us-gaap_LongTermDebt 76,707,834us-gaap_LongTermDebt
Derivative Assets (Liabilities), at Fair Value, Net 742,189us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet 0us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet
Liabilities held for sale (Note 8) 445,126us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent 503,743us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
Total Liabilities 498,285,400us-gaap_Liabilities 434,311,313us-gaap_Liabilities
Commitments and Contingencies      
Partners' Capital    
General Partner 294,434us-gaap_GeneralPartnersCapitalAccount 578,238us-gaap_GeneralPartnersCapitalAccount
Beneficial Unit Certificate holders 302,360,501us-gaap_LimitedPartnersCapitalAccount 330,457,117us-gaap_LimitedPartnersCapitalAccount
Unallocated deficit of Consolidated VIEs (21,169,668)atax_UnallocatedDeficitOfConsolidatedVies (21,091,456)atax_UnallocatedDeficitOfConsolidatedVies
Total Partners' Capital 281,485,267us-gaap_PartnersCapital 309,943,899us-gaap_PartnersCapital
Noncontrolling interest (3,826)us-gaap_PartnersCapitalAttributableToNoncontrollingInterest (15,995)us-gaap_PartnersCapitalAttributableToNoncontrollingInterest
Total Capital 281,481,441us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest 309,927,904us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
Total Liabilities and Partners' Capital $ 779,766,841us-gaap_LiabilitiesAndStockholdersEquity $ 744,239,217us-gaap_LiabilitiesAndStockholdersEquity
v2.4.1.9
Condensed Consolidated Statements of Operations (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues [Abstract]        
Property revenues $ 4,086,061us-gaap_OperatingLeasesIncomeStatementLeaseRevenue $ 3,134,220us-gaap_OperatingLeasesIncomeStatementLeaseRevenue $ 8,388,362us-gaap_OperatingLeasesIncomeStatementLeaseRevenue $ 6,284,564us-gaap_OperatingLeasesIncomeStatementLeaseRevenue
Investment income 9,388,661us-gaap_InvestmentIncomeNet 6,241,475us-gaap_InvestmentIncomeNet 17,368,445us-gaap_InvestmentIncomeNet 12,447,033us-gaap_InvestmentIncomeNet
Gain on sale of MF Property 3,417,462atax_GainLossOnAssetsHeldForSale 0atax_GainLossOnAssetsHeldForSale 3,417,462atax_GainLossOnAssetsHeldForSale 0atax_GainLossOnAssetsHeldForSale
Gain on sale and retirement of bonds 0atax_GainOnSaleAndRetirementOfBonds 849,655atax_GainOnSaleAndRetirementOfBonds 0atax_GainOnSaleAndRetirementOfBonds 3,684,898atax_GainOnSaleAndRetirementOfBonds
Interest Income, Operating 227,383us-gaap_InterestIncomeOperating 242,077us-gaap_InterestIncomeOperating 451,923us-gaap_InterestIncomeOperating 450,900us-gaap_InterestIncomeOperating
Total Revenues 17,119,567us-gaap_Revenues 10,467,427us-gaap_Revenues 29,626,192us-gaap_Revenues 22,867,395us-gaap_Revenues
Expenses [Abstract]        
Real estate operating (exclusive of items shown below) 2,275,275atax_RealEstateOperatingExpense 1,807,044atax_RealEstateOperatingExpense 4,746,305atax_RealEstateOperatingExpense 3,457,691atax_RealEstateOperatingExpense
Provision for loss on receivables 98,431us-gaap_ProvisionForLoanAndLeaseLosses 0us-gaap_ProvisionForLoanAndLeaseLosses 98,431us-gaap_ProvisionForLoanAndLeaseLosses 0us-gaap_ProvisionForLoanAndLeaseLosses
Depreciation and amortization 1,743,317us-gaap_DepreciationDepletionAndAmortization 1,291,497us-gaap_DepreciationDepletionAndAmortization 3,536,095us-gaap_DepreciationDepletionAndAmortization 2,672,063us-gaap_DepreciationDepletionAndAmortization
Interest 2,993,134us-gaap_InterestExpense 2,342,436us-gaap_InterestExpense 6,929,310us-gaap_InterestExpense 4,453,185us-gaap_InterestExpense
General and administrative 2,026,115us-gaap_GeneralAndAdministrativeExpense 1,398,879us-gaap_GeneralAndAdministrativeExpense 3,833,596us-gaap_GeneralAndAdministrativeExpense 2,669,805us-gaap_GeneralAndAdministrativeExpense
Total Expenses 9,136,272us-gaap_CostsAndExpenses 6,839,856us-gaap_CostsAndExpenses 19,143,737us-gaap_CostsAndExpenses 13,252,744us-gaap_CostsAndExpenses
Income from continuing operations 7,983,295us-gaap_IncomeLossFromContinuingOperations 3,627,571us-gaap_IncomeLossFromContinuingOperations 10,482,455us-gaap_IncomeLossFromContinuingOperations 9,614,651us-gaap_IncomeLossFromContinuingOperations
Income from discontinued operations 238,287us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax 30,512us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax 262,715us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax 90,158us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
Net income (loss) 8,221,582us-gaap_ProfitLoss 3,658,083us-gaap_ProfitLoss 10,745,170us-gaap_ProfitLoss 9,704,809us-gaap_ProfitLoss
Net income (loss) attributable to noncontrolling interest (311)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 374us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 580us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 477us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net income (loss) - America First Tax Exempt Investors, L.P. 8,221,271us-gaap_OperatingIncomeLoss 3,658,457us-gaap_OperatingIncomeLoss 10,745,750us-gaap_OperatingIncomeLoss 9,705,286us-gaap_OperatingIncomeLoss
Net income (loss) allocated to:        
General Partner 901,724us-gaap_NetIncomeLossAllocatedToGeneralPartners 247,564us-gaap_NetIncomeLossAllocatedToGeneralPartners 928,430us-gaap_NetIncomeLossAllocatedToGeneralPartners 989,619us-gaap_NetIncomeLossAllocatedToGeneralPartners
Limited Partners - Unitholders 7,251,593us-gaap_NetIncomeLossAllocatedToLimitedPartners 3,552,575us-gaap_NetIncomeLossAllocatedToLimitedPartners 9,895,532us-gaap_NetIncomeLossAllocatedToLimitedPartners 8,970,120us-gaap_NetIncomeLossAllocatedToLimitedPartners
Unallocated loss of Consolidated VIEs 67,954atax_UnallocatedLossOfConsolidatedVies (141,682)atax_UnallocatedLossOfConsolidatedVies (78,212)atax_UnallocatedLossOfConsolidatedVies (254,453)atax_UnallocatedLossOfConsolidatedVies
Noncontrolling interest $ 311us-gaap_NetIncomeLossAttributableToNoncontrollingInterest $ (374)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest $ (580)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest $ (477)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Unitholders' interest in net income per unit (basic and diluted):        
Income from continuing operations $ 0.12us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.05us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.16us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.15us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
Income from discontinued operations $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
Net income (loss), basic and diluted, per unit $ 0.12us-gaap_EarningsPerShareBasicAndDiluted $ 0.05us-gaap_EarningsPerShareBasicAndDiluted $ 0.16us-gaap_EarningsPerShareBasicAndDiluted $ 0.15us-gaap_EarningsPerShareBasicAndDiluted
Distributions declared, per unit $ 0.125us-gaap_DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit $ 0.125us-gaap_DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit $ 0.250us-gaap_DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit $ 0.250us-gaap_DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit
Weighted average number of units outstanding, basic and diluted 60,252,928atax_WeightedAverageNumberOfUnitsOutstandingBasicAndDiluted 60,252,928atax_WeightedAverageNumberOfUnitsOutstandingBasicAndDiluted 60,252,928atax_WeightedAverageNumberOfUnitsOutstandingBasicAndDiluted 58,595,469atax_WeightedAverageNumberOfUnitsOutstandingBasicAndDiluted
v2.4.1.9
Condensed Consolidated Statements of Operations Parenthetical (USD $)
3 Months Ended
Jun. 30, 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 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Net income (loss) $ 8,221,582us-gaap_ProfitLoss $ 3,658,083us-gaap_ProfitLoss $ 10,745,170us-gaap_ProfitLoss $ 9,704,809us-gaap_ProfitLoss
Unrealized Gain (Loss) on Securities     (18,264,107)us-gaap_UnrealizedGainLossOnSecurities 33,756,771us-gaap_UnrealizedGainLossOnSecurities
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax 4,896,414us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax     (5,186,544)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
Net Income (Loss) Allocated to General Partners 901,724us-gaap_NetIncomeLossAllocatedToGeneralPartners 247,564us-gaap_NetIncomeLossAllocatedToGeneralPartners 928,430us-gaap_NetIncomeLossAllocatedToGeneralPartners 989,619us-gaap_NetIncomeLossAllocatedToGeneralPartners
Net income (loss) allocated to unitholders 7,251,593us-gaap_NetIncomeLossAllocatedToLimitedPartners 3,552,575us-gaap_NetIncomeLossAllocatedToLimitedPartners 9,895,532us-gaap_NetIncomeLossAllocatedToLimitedPartners 8,970,120us-gaap_NetIncomeLossAllocatedToLimitedPartners
Unallocated loss of Consolidated VIEs 67,954atax_UnallocatedLossOfConsolidatedVies (141,682)atax_UnallocatedLossOfConsolidatedVies (78,212)atax_UnallocatedLossOfConsolidatedVies (254,453)atax_UnallocatedLossOfConsolidatedVies
Net income (loss) attributable to noncontrolling interest (311)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 374us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 580us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 477us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Accumulated Other Comprehensive Income (Loss) [Member]        
Net income (loss)     0us-gaap_ProfitLoss
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0us-gaap_ProfitLoss
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Unrealized Gain (Loss) on Securities     (18,264,107)us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
33,756,771us-gaap_UnrealizedGainLossOnSecurities
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Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax 4,896,414us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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    (5,186,544)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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Net Income (Loss) Allocated to General Partners 686,453us-gaap_NetIncomeLossAllocatedToGeneralPartners
/ us-gaap_PartnerCapitalComponentsAxis
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421,688us-gaap_NetIncomeLossAllocatedToGeneralPartners
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696,825us-gaap_NetIncomeLossAllocatedToGeneralPartners
/ us-gaap_PartnerCapitalComponentsAxis
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1,379,052us-gaap_NetIncomeLossAllocatedToGeneralPartners
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Net income (loss) allocated to unitholders (14,060,197)us-gaap_NetIncomeLossAllocatedToLimitedPartners
/ us-gaap_PartnerCapitalComponentsAxis
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20,790,804us-gaap_NetIncomeLossAllocatedToLimitedPartners
/ us-gaap_PartnerCapitalComponentsAxis
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(13,033,384)us-gaap_NetIncomeLossAllocatedToLimitedPartners
/ us-gaap_PartnerCapitalComponentsAxis
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47,524,002us-gaap_NetIncomeLossAllocatedToLimitedPartners
/ us-gaap_PartnerCapitalComponentsAxis
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Unallocated loss of Consolidated VIEs 67,954atax_UnallocatedLossOfConsolidatedVies
/ us-gaap_PartnerCapitalComponentsAxis
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(141,682)atax_UnallocatedLossOfConsolidatedVies
/ us-gaap_PartnerCapitalComponentsAxis
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(78,212)atax_UnallocatedLossOfConsolidatedVies
/ us-gaap_PartnerCapitalComponentsAxis
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(254,453)atax_UnallocatedLossOfConsolidatedVies
/ us-gaap_PartnerCapitalComponentsAxis
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Net income (loss) attributable to noncontrolling interest 311us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(374)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(580)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
(477)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Comprehensive income - America First Tax Exempt Investors, L.P. (13,305,479)us-gaap_ComprehensiveIncomeNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
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21,070,436us-gaap_ComprehensiveIncomeNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
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(12,415,351)us-gaap_ComprehensiveIncomeNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
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48,648,124us-gaap_ComprehensiveIncomeNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
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Mortgage revenue bonds [Member] | Accumulated Other Comprehensive Income (Loss) [Member]        
Unrealized Gain (Loss) on Securities 17,206,872us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementBusinessSegmentsAxis
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15,715,046us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
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/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_AvailableforsaleSecuritiesMember
18,264,107us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
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/ us-gaap_StatementBusinessSegmentsAxis
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33,756,771us-gaap_UnrealizedGainLossOnSecurities
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/ us-gaap_StatementBusinessSegmentsAxis
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Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]        
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax $ 4,320,189us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
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$ (1,697,307)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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/ us-gaap_StatementBusinessSegmentsAxis
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$ 4,896,414us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
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/ us-gaap_StatementBusinessSegmentsAxis
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$ (5,186,544)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementBusinessSegmentsAxis
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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
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$ (20,455,896)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
$ (11,322)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
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$ (20,128,314)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
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Partners' Capital Account, Units at Dec. 31, 2013     51,052,928us-gaap_PartnersCapitalAccountUnits
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Stock Issued During Period, Shares, New Issues     9,200,000us-gaap_StockIssuedDuringPeriodSharesNewIssues
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Proceeds from Issuance of Common Stock 51,288,699us-gaap_ProceedsFromIssuanceOfCommonStock     51,288,699us-gaap_ProceedsFromIssuanceOfCommonStock
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  0us-gaap_ProceedsFromIssuanceOfCommonStock
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0us-gaap_ProceedsFromIssuanceOfCommonStock
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Available-for-sale Securities, Gross Realized Gain (Loss) (2,413,713)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet (24,137)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
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  (2,389,576)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
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0us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
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  (2,413,713)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
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Gain (Loss) on Sales of Mortgage Backed Securities (MBS) 259,949us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS 2,599us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS
/ us-gaap_PartnerCapitalComponentsAxis
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  257,350us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS
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0us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS
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= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
  259,949us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS
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Distributions paid or accrued (16,114,398)us-gaap_PartnersCapitalAccountDistributions (1,051,166)us-gaap_PartnersCapitalAccountDistributions
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (15,063,232)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) 9,704,809us-gaap_ProfitLoss 989,619us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  8,970,120us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(254,453)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
(477)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Unrealized Gain (Loss) on Securities 33,756,771us-gaap_UnrealizedGainLossOnSecurities 337,568us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  33,419,203us-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
33,756,771us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax 5,186,544us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax 51,865us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  5,134,679us-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
5,186,544us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Balance at Jun. 30, 2014 284,791,426us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest 323,019us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  305,190,555us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(20,710,349)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
(11,799)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
16,661,237us-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 (16,043,861)us-gaap_PartnersCapitalAccountDistributions (980,629)us-gaap_PartnersCapitalAccountDistributions
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (15,063,232)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
Noncontrolling Interest, Period Increase (Decrease) 12,749us-gaap_MinorityInterestPeriodIncreaseDecrease 0us-gaap_MinorityInterestPeriodIncreaseDecrease
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  0us-gaap_MinorityInterestPeriodIncreaseDecrease
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
0us-gaap_MinorityInterestPeriodIncreaseDecrease
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
12,749us-gaap_MinorityInterestPeriodIncreaseDecrease
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_MinorityInterestPeriodIncreaseDecrease
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Net income (loss) 10,745,170us-gaap_ProfitLoss 928,430us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  9,895,532us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(78,212)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
(580)us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
0us-gaap_ProfitLoss
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Unrealized Gain (Loss) on Securities (18,264,107)us-gaap_UnrealizedGainLossOnSecurities (182,641)us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (18,081,466)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
(18,264,107)us-gaap_UnrealizedGainLossOnSecurities
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Balance at Jun. 30, 2015 281,481,441us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest 294,434us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  302,360,501us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
(21,169,668)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
(3,826)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
28,537,897us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Balance at Mar. 31, 2015              
Net income (loss) 8,221,582us-gaap_ProfitLoss            
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax (4,896,414)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax (48,964)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  (4,847,450)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
(4,896,414)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
Balance at Jun. 30, 2015 $ 281,481,441us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $ 294,434us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_GeneralPartnerMember
  $ 302,360,501us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_LimitedPartnerMember
$ (21,169,668)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= atax_UnallocatedDeficitOfVariableInterestEntitiesMember
$ (3,826)us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_NoncontrollingInterestMember
$ 28,537,897us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
/ us-gaap_PartnerCapitalComponentsAxis
= us-gaap_AccumulatedOtherComprehensiveIncomeMember
v2.4.1.9
Condensed Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income (loss) $ 10,745,170us-gaap_ProfitLoss $ 9,704,809us-gaap_ProfitLoss
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:    
Depreciation and amortization expense 3,775,215atax_DepreciationDepletionAndAmortizationIncludingDiscontinuedOperations 3,138,342atax_DepreciationDepletionAndAmortizationIncludingDiscontinuedOperations
Non-cash gain (loss) on derivatives 701,130us-gaap_UnrealizedGainLossOnDerivatives 456,813us-gaap_UnrealizedGainLossOnDerivatives
Bond discount and premium amortization and accretion (73,787)atax_BondDiscountAmortization (103,519)atax_BondDiscountAmortization
Gain on sale of bonds 0atax_GainOnSaleAndRetirementOfBonds (3,684,898)atax_GainOnSaleAndRetirementOfBonds
Gain on the sale of an MF Property (3,417,462)us-gaap_GainLossOnSaleOfProperties 0us-gaap_GainLossOnSaleOfProperties
Changes in operating assets and liabilities, net of effect of acquisitions    
Increase (decrease) in interest receivable (1,204,664)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet (490,040)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet
(Increase) decrease in other assets 33,095us-gaap_IncreaseDecreaseInOtherOperatingAssets (463,950)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Increase (decrease) in accounts payable and accrued expenses 496,386us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (2,082,745)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Net cash provided (used) by operating activities 11,055,083us-gaap_NetCashProvidedByUsedInOperatingActivities 6,474,812us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:    
Capital expenditures (1,166,051)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment (13,219,624)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment
Acquisition of tax-exempt mortgage revenue bonds (131,485,000)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (36,385,127)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Proceeds from the sale/redemption of bonds 0us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 35,483,230us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Purchase of rate derivative 10,500us-gaap_PaymentsForDerivativeInstrumentInvestingActivities (391,500)us-gaap_PaymentsForDerivativeInstrumentInvestingActivities
Proceeds from sale of MF Property 10,696,510atax_CashReceivedForSaleOfMfPropertiesEliminatedInConsolidation 0atax_CashReceivedForSaleOfMfPropertiesEliminatedInConsolidation
Decrease in restricted cash (42,138)us-gaap_IncreaseDecreaseInRestrictedCash (83,717)us-gaap_IncreaseDecreaseInRestrictedCash
Net increase in notes receivable (3,376,531)us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable 0us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable
Acquisition of taxable bonds (500,000)atax_CashPaidforTaxableBonds 0atax_CashPaidforTaxableBonds
Principal payments received on taxable loans 70,819us-gaap_PaymentsForProceedsFromLoansReceivable 0us-gaap_PaymentsForProceedsFromLoansReceivable
Assets purchased - held for sale (166,112)atax_AcquisitionOfAssetHeldForSale 0atax_AcquisitionOfAssetHeldForSale
Restricted cash - debt collateral released 1,280,000atax_RestrictedCashDebtCollateral 1,999,973atax_RestrictedCashDebtCollateral
Restricted cash - 2014 TEBS financing facility 4,942,977us-gaap_IncreaseDecreaseInRestrictedCashAndInvestments 0us-gaap_IncreaseDecreaseInRestrictedCashAndInvestments
Principal payments received on taxable bonds 16,182,752us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 2,369,132us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Net cash provided (used) by investing activities (103,552,274)us-gaap_NetCashProvidedByUsedInInvestingActivities (10,227,633)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:    
Distributions paid (15,225,083)atax_PaymentOfDistributionsToPartners (14,741,101)atax_PaymentOfDistributionsToPartners
Principal borrowings on mortgages payable 0us-gaap_ProceedsFromIssuanceOfLongTermDebt (3,451,301)us-gaap_ProceedsFromIssuanceOfLongTermDebt
Principal borrowing on line of credit (27,498,106)us-gaap_ProceedsFromIssuanceOfDebt (30,056,000)us-gaap_ProceedsFromIssuanceOfDebt
Proceeds from sale of beneficial unit certificates 48,285,000atax_ProceedsfromIssuanceofCommonStockGross 17,250,000atax_ProceedsfromIssuanceofCommonStockGross
Payments of Stock Issuance Costs 0us-gaap_PaymentsOfStockIssuanceCosts 54,740,000us-gaap_PaymentsOfStockIssuanceCosts
Principal payments on debt and mortgage financing (8,012,906)us-gaap_RepaymentsOfLongTermDebt (2,191,887)us-gaap_RepaymentsOfLongTermDebt
Repayments of Debt 61,764,261us-gaap_RepaymentsOfDebt 0us-gaap_RepaymentsOfDebt
Principal payments on line of credit (12,931,000)us-gaap_RepaymentsOfLinesOfCredit 0us-gaap_RepaymentsOfLinesOfCredit
Net change in line of credit 0us-gaap_ProceedsFromLinesOfCredit 14,652,293us-gaap_ProceedsFromLinesOfCredit
Increase (decrease) in liabilities related to restricted cash 42,138us-gaap_ProceedsFromPaymentsForOtherFinancingActivities 83,717us-gaap_ProceedsFromPaymentsForOtherFinancingActivities
Debt financing costs 479,278us-gaap_PaymentsOfFinancingCosts 584,431us-gaap_PaymentsOfFinancingCosts
Net cash (used) provided by financing activities 45,945,026us-gaap_NetCashProvidedByUsedInFinancingActivities 35,701,290us-gaap_NetCashProvidedByUsedInFinancingActivities
Net increase (decrease) in cash and cash equivalents (46,552,165)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 31,948,469us-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 2,641,178us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations 43,266,484us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
Cash paid during the period for interest 6,236,193us-gaap_InterestPaid 4,015,785us-gaap_InterestPaid
Distributions declared but not paid 8,436,168us-gaap_IncreaseDecreaseInAccruedLiabilities 7,819,373us-gaap_IncreaseDecreaseInAccruedLiabilities
Capital expenditures financed through payables 78,141us-gaap_CapitalExpendituresIncurredButNotYetPaid 3,100,135us-gaap_CapitalExpendituresIncurredButNotYetPaid
Long-term Purchase Commitment, Amount $ 0us-gaap_LongTermPurchaseCommitmentAmount $ 40,270,000us-gaap_LongTermPurchaseCommitmentAmount
v2.4.1.9
Condensed Consolidated Statements of Cash Flows Parenthetical Tagging (USD $)
Jun. 30, 2015
Dec. 31, 2014
Jun. 30, 2014
Dec. 31, 2013
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents $ 12,364us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents $ 35,772us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents $ 59,934us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents $ 25,976us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
v2.4.1.9
Basis of Presentation
6 Months Ended
Jun. 30, 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 of the Partnership.
 
The “Company” refers to the Partnership and the Consolidated VIEs (defined below). The Company’s 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 June 30, 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 (see 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 (see Note 11).
Eight 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 of the Partnership. The primary purpose of the Company is to acquire, hold, sell and otherwise deal with mortgage revenue bonds and other instruments which have been issued to provide construction and/or permanent financing for Residential Properties and other commercial properties. The Mortgage Revenue Bonds, the Public Housing Capital Fund Trust, and the Mortgage-Backed Securities segments fulfill this purpose, are long-term investments, and the properties which collateralize the mortgage revenue bonds are not owned or managed by the Company. The MF Property segment is comprised of indirectly owned, actively managed, and controlled multifamily properties. The MF Properties included in this segment are typically financed with third party mortgages.

Effective during the three months ended June 30, 2015, the Company changed its reportable segments due to the classification of the Company’s Consolidated VIEs as discontinued operations. The Consolidated VIE segment was comprised of the results of operations of the underlying collateral for the related mortgage revenue bonds. The Company concluded its investment in the Consolidated VIE segment was not consistent with the Company’s portfolio of assets, as described above. As such, the Company decided to implement a strategic shift in direction by discontinuing its Consolidated VIE segment. This decision was made for the following reasons:
The risk profile of the Consolidated VIE segment was unique as the substance of the investment was the result of the operations of the underlying properties and not the mortgage revenue bonds (which is the form of the investment).The risk profile includes:
The underlying properties thin capitalization,
Related party ownership groups, and
The lack of ultimate decision-making authority.
The stated purpose of the Company was not to manage properties without having some type of ownership or ability to control the underlying property.
Subsequent to the disposition of the Consolidated VIE properties by their owners, the Company does not plan to include this type of investment as part of its strategic direction.

As such, in April 2015, the Partnership entered into brokerage contracts to sell the Consolidated VIEs. As a result, these entities met the criteria for discontinued operations presentation and have been classified as such in the Company’s condensed consolidated financial statements for all periods presented (see Notes 3, 7, 9, and 19).  

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 Company’s 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 Company’s condensed consolidated financial statements should be read in conjunction with the Company’s 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 adjustments) necessary to present fairly the financial position on June 30, 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
6 Months Ended
Jun. 30, 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 on 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 on such date. For purposes of the Agreement of Limited Partnership of the Partnership, cash distributions, if any, received by the Partnership from its investment in MF Properties (see 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
6 Months Ended
Jun. 30, 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 are 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.

On June 30, 2015 and December 31, 2014, the Partnership determined that twelve of the entities financed by mortgage revenue bonds owned by the Partnership were held by VIEs.  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 primary purpose of the Company is to acquire, hold, sell and otherwise deal with mortgage revenue bonds and other instruments which have been issued to provide construction and/or permanent financing for Residential Properties and other commercial properties. The Mortgage Revenue Bonds, the Public Housing Capital Fund Trust, and the Mortgage-Backed Securities segments fulfill this purpose, are long-term investments, and the properties which collateralize the mortgage revenue bonds are not owned or managed by the Company. The MF Property segment is comprised of indirectly owned, actively managed, and controlled multifamily properties. The MF Properties included in this segment are typically financed with third party mortgages.

The Company has classified the Consolidated VIEs as discontinued operations and has eliminated the Consolidated VIE segment as a reportable segment beginning with the three months ended June 30, 2015.

As such, in April 2015, the Partnership entered into separate brokerage contracts to sell Bent Tree and Fairmont Oaks. As a result, these entities met the criteria for discontinued operations presentation and have been classified as such in the Company’s condensed consolidated financial statements for all periods presented (see Notes 1, 7, 9, and 19).

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 include 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.  On June 30, 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 three 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 Burlington.
Non-Consolidated VIEs

The Company did not consolidate ten VIE entities on June 30, 2015 based on its determination of the primary beneficiary of these ten 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 the 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 non-consolidated VIEs held by the Company on June 30, 2015:

 
June 30, 2015
 
 Balance Sheet Classification
 
 Maximum Exposure to Loss
 
 Mortgage Revenue Bond
 
Property Loan
 
 Mortgage Revenue Bond
 
Property Loan
Ashley Square Apartments
$
5,495,037

 
$
1,482,000

 
$
5,129,000

 
$
7,737,434

Bruton Apartments
18,750,735

 

 
18,145,000

 

Cross Creek
8,575,187

 
3,593,117

 
6,088,948

 
3,593,117

Glenview Apartments
6,721,520

 

 
6,723,000

 

Harden Ranch
9,626,989

 

 
9,300,000

 

Montclair Apartments
3,460,656

 

 
3,458,000

 

Santa Fe Apartments
4,746,518

 

 
4,736,000

 

Silver Moon Lodge Apartments
8,000,000

 
2,819,166

 
8,000,000

 
2,819,166

Tyler Park Apartments
8,287,739

 

 
8,100,000

 

Westside Village Market
5,525,145

 

 
5,400,000

 

 
$
79,189,526

 
$
7,894,283

 
$
75,079,948

 
$
14,149,717



The mortgage revenue bonds are classified on the balance sheet as available for sale investments and are carried at fair value. Property loans are presented on the balance sheet as Other Assets and are carried at the unpaid principal less any loan loss reserves.  Note 4 includes additional information regarding the mortgage revenue bonds and Note 8 includes additional information regarding the property loans.  The maximum exposure to loss for the mortgage revenue bonds is equal to the unpaid principal balance on June 30, 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 on June 30, 2015 and December 31, 2014:

Condensed Consolidating Balance Sheets
 
 
 
Partnership on June 30, 2015
 
 Consolidated VIEs on June 30, 2015
 
 Consolidation -Elimination on June 30, 2015
 
 Total on June 30, 2015
Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
2,628,814

 
$

 
$

 
$
2,628,814

Restricted cash
 
5,189,604

 

 

 
5,189,604

Interest receivable
 
5,326,150

 

 

 
5,326,150

Mortgage revenue bonds held in trust, at fair value
 
408,239,988

 

 

 
408,239,988

Mortgage revenue bonds, at fair value
 
140,695,997

 

 

 
140,695,997

Public housing capital fund trusts, at fair value
 
58,991,437

 

 

 
58,991,437

Mortgage-backed securities, at fair value
 
14,647,377

 

 

 
14,647,377

Real estate assets:
 
 
 
 
 
 
 
 
Land and improvements
 
12,597,953

 

 

 
12,597,953

Buildings and improvements
 
103,858,432

 

 

 
103,858,432

Real estate assets before accumulated depreciation
 
116,456,385

 

 

 
116,456,385

Accumulated depreciation
 
(14,845,373
)
 

 

 
(14,845,373
)
Net real estate assets
 
101,611,012

 

 

 
101,611,012

Other assets
 
29,383,813

 

 

 
29,383,813

Assets held for sale
 
27,075,726

 
13,296,290

 
(27,319,367
)
 
13,052,649

Total Assets
 
$
793,789,918

 
$
13,296,290

 
$
(27,319,367
)
 
$
779,766,841

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other liabilities
 
$
4,987,833

 
$

 
$

 
$
4,987,833

Distribution payable
 
8,436,168

 

 

 
8,436,168

Lines of Credit
 
48,833,261

 

 

 
48,833,261

Debt financing
 
366,145,894

 

 

 
366,145,894

Mortgage payable
 
68,694,929

 

 

 
68,694,929

Derivative swap
 
742,189

 

 

 
742,189

Liabilities held for sale
 

 
37,580,931

 
(37,135,805
)
 
445,126

Total Liabilities
 
497,840,274

 
37,580,931

 
(37,135,805
)
 
498,285,400

Partners' Capital
 
 
 
 
 
 
 
 
General Partner
 
294,434

 

 

 
294,434

Beneficial Unit Certificate holders
 
295,659,036

 

 
6,701,465

 
302,360,501

Unallocated loss of Consolidated VIEs
 

 
(24,284,641
)
 
3,114,973

 
(21,169,668
)
Total Partners' Capital
 
295,953,470

 
(24,284,641
)
 
9,816,438

 
281,485,267

Noncontrolling interest
 
(3,826
)
 

 

 
(3,826
)
Total Capital
 
295,949,644

 
(24,284,641
)
 
9,816,438

 
281,481,441

Total Liabilities and Partners' Capital
 
$
793,789,918

 
$
13,296,290

 
$
(27,319,367
)
 
$
779,766,841

 

 
 
 Partnership on December 31, 2014
 
 Consolidated VIEs on December 31, 2014
 
 Consolidation -Elimination on December 31, 2014
 
 Total on December 31, 2014
Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
49,157,571

 
$

 
$

 
$
49,157,571

Restricted cash
 
11,141,496

 

 

 
11,141,496

Interest receivable
 
4,121,486

 

 

 
4,121,486

Mortgage revenue bonds held in trust, at fair value
 
378,423,092

 

 

 
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

 

 

 
13,753,493

Buildings and improvements
 
110,706,173

 

 

 
110,706,173

Real estate assets before accumulated depreciation
 
124,459,666

 

 

 
124,459,666

Accumulated depreciation
 
(14,108,154
)
 

 

 
(14,108,154
)
Net real estate assets
 
110,351,512

 

 

 
110,351,512

Other assets
 
31,134,319

 

 

 
31,134,319

Assets held for sale
 
27,640,053

 
13,456,861

 
(27,892,899
)
 
13,204,015

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

 
$

 
$

 
$
4,123,346

Distribution payable
 
7,617,390

 

 

 
7,617,390

Debt financing
 
345,359,000

 

 

 
345,359,000

Mortgages payable
 
76,707,834

 

 

 
76,707,834

Liabilities held for sale
 

 
36,956,477

 
(36,452,734
)
 
503,743

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 and six months ended June 30, 2015 and 2014:

 
 Partnership For the Three Months Ended June 30, 2015
 
 Consolidated VIEs For the Three Months Ended June 30, 2015
 
 Consolidation -Elimination For the Three Months Ended June 30, 2015
 
 Total For the Three Months Ended June 30, 2015
Revenues:
 
 
 
 
 
 
 
Property revenues
$
4,086,061

 
$

 
$

 
$
4,086,061

Investment income
9,388,661

 

 

 
9,388,661

Gain on sale of MF Property
3,417,462

 

 

 
3,417,462

Other interest income
227,383

 

 

 
227,383

Total revenues
17,119,567

 

 

 
17,119,567

Expenses:
 
 
 
 
 
 
 
Real estate operating (exclusive of items shown below)
2,275,275

 

 

 
2,275,275

Provision for loss on receivables
98,431

 

 

 
98,431

Depreciation and amortization
1,743,317

 

 

 
1,743,317

Interest
2,993,134

 

 

 
2,993,134

General and administrative
2,026,115

 

 

 
2,026,115

Total expenses
9,136,272

 

 

 
9,136,272

Income from continuing operations
7,983,295

 

 

 
7,983,295

Income (loss) from discontinued operations
170,333

 
(287,857
)
 
355,811

 
238,287

Net income (loss)
8,153,628

 
(287,857
)
 
355,811

 
8,221,582

Net income attributable to noncontrolling interest
311

 

 

 
311

Net income (loss) - America First Multifamily Investors, L. P.
$
8,153,317

 
$
(287,857
)
 
$
355,811

 
$
8,221,271

 
 
 
 
 
 
 
 
 
 Partnership For the Three Months Ended June 30, 2014
 
 Consolidated VIEs For the Three Months Ended June 30, 2014
 
 Consolidation -Elimination For the Three Months Ended June 30, 2014
 
 Total For the Three Months Ended June 30, 2014
Revenues:
 
 
 
 
 
 
 
Property revenues
$
3,134,220

 
$

 
$

 
$
3,134,220

Investment income
6,241,475

 

 

 
6,241,475

Gain on mortgage revenue bond redemption
849,655

 

 

 
849,655

Other interest income
242,077

 

 

 
242,077

Total revenues
10,467,427

 

 

 
10,467,427

Expenses:
 
 
 
 
 
 
 
Real estate operating (exclusive of items shown below)
1,807,044

 

 

 
1,807,044

Depreciation and amortization
1,291,497

 

 

 
1,291,497

Interest
2,342,436

 

 

 
2,342,436

General and administrative
1,398,879

 

 

 
1,398,879

Total expenses
6,839,856

 

 

 
6,839,856

Income from continuing operations
3,627,571

 

 

 
3,627,571

Income from discontinued operations
172,194

 
(477,027
)
 
335,345

 
30,512

Net income (loss)
3,799,765

 
(477,027
)
 
335,345

 
3,658,083

Net loss attributable to noncontrolling interest
(374
)
 

 

 
(374
)
Net income (loss) - America First Multifamily Investors, L. P.
$
3,800,139

 
$
(477,027
)
 
$
335,345

 
$
3,658,457

 
 
 
 
 
 
 
 
 
 Partnership For the Six Months Ended June 30, 2015
 
 Consolidated VIEs For the Six Months Ended June 30, 2015
 
 Consolidation -Elimination For the Six Months Ended June 30, 2015
 
 Total For the Six Months Ended June 30, 2015
Revenues:
 
 
 
 
 
 
 
Property revenues
$
8,388,362

 
$

 
$

 
$
8,388,362

Investment income
17,368,445

 

 

 
17,368,445

Gain on sale of MF Property
3,417,462

 

 

 
3,417,462

Other interest income
451,923

 

 

 
451,923

Total revenues
29,626,192

 

 

 
29,626,192

Expenses:
 
 
 
 
 
 
 
Real estate operating (exclusive of items shown below)
4,746,305

 

 

 
4,746,305

Provision for loss on receivables
98,431

 

 

 
98,431

Depreciation and amortization
3,536,095

 

 

 
3,536,095

Interest
6,929,310

 

 

 
6,929,310

   General and administrative
3,833,596

 

 

 
3,833,596