As of June 30, 2015, the Partnership owned 58 tax-exempt mortgage revenue bonds and 9 taxable mortgage revenue bond. The revenue bonds were issued by state and local issuing authorities to provide for permanent financing of multifamily residential property and one student housing property. These properties are located in the states of Florida, Indiana, Iowa, California, Minnesota, North Carolina, Ohio, South Carolina, Tennessee, Maryland, Louisiana, Illinois and Texas and contain a total of 8,314 rental units. The Fund also owns 8 additional properties comprising 1,935 units which provide additional income to the Partnership in the form of property net operating income and are located in the states Georgia, Indiana, Kentucky, Texas, Kansas and Nebraska.

The amount of interest income earned by the Partnership from its investment in tax-exempt mortgage revenue bonds is a function of the net operating income generated by the properties collateralizing the tax-exempt revenue bonds.

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