Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Summary of Partnership's Bond Purchase Commitments

The following table summarizes the Partnership’s bond purchase commitments as of December 31, 2021:

Bond Purchase Commitments	Commitment Date	Maximum Committed Amounts Remaining		Rate			Estimated Closing Date	Fair Value as of December 31, 2021
CCBA Senior Garden Apartments	July 2020	$	3,807,000		4.50	%	Q1 2022	$	495,784
Anaheim & Walnut	September 2021		3,900,000		4.85	%	Q3 2024		468,620
		$	7,707,000					$	964,404

Summary of Partnership's Total and Remaining Commitments

The following table summarizes the Partnership's total and remaining commitments as of December 31, 2021:

Property Name	Commitment Date	Maturity Date	Interest Rate	Total Initial Commitment		Remaining Commitment as of December 31, 2021
Mortgage Revenue Bonds
Jackson Manor Apartments	April 2021	May 2038	5.00%	$	6,900,000	$	2,000,000
Residency at the Mayer - Series A	October 2021	April 2039	SOFR + 3.60% (1)		29,500,000		5,500,000
Meadow Valley	December 2021	December 2029	6.25%		44,000,000		43,900,000
Subtotal					80,400,000		51,400,000
Taxable Mortgage Revenue Bonds
Ocotillo Springs - Series A-T	July 2020	August 2022 (2)	LIBOR + 3.55% (1)	$	7,000,000	$	6,000,000
Residency at the Mayer Series A-T	October 2021	April 2024 (2)	SOFR + 3.70% (1)		12,500,000		11,500,000
Subtotal					19,500,000		17,500,000
Governmental Issuer Loans
Hilltop at Signal Hills	January 2021	August 2023 (2)	SOFR + 3.07% (1)	$	24,450,000	$	2,899,416
Legacy Commons at Signal Hills	January 2021	February 2024 (2)	SOFR + 3.07% (1)		34,620,000		1,499,395
Hope on Avalon	January 2021	February 2023 (2)	SIFMA + 3.75% (1)		23,390,000		13,408,800
Hope on Broadway	January 2021	February 2023 (2)	SIFMA + 3.75% (1)		12,105,623		8,414,378
Osprey Village	July 2021	August 2024 (2)	SOFR + 3.07% (1)		60,000,000		53,627,970
Willow Place Apartments	September 2021	October 2024 (2)	SOFR + 3.30% (1)		25,000,000		22,028,214
Subtotal					179,565,623		101,878,173
Taxable Governmental Issuer Loans
Hope on Avalon (Taxable)	January 2021	February 2023 (2)	SOFR + 3.55% (1)		10,573,000		9,573,000
Subtotal					10,573,000		9,573,000
Property Loans
Scharbauer Flats Apartments	June 2020	January 2023 (2)	LIBOR + 2.85%	$	24,160,000	$	14,451,402
Oasis at Twin Lakes	July 2020	August 2023 (2)	LIBOR + 2.50% (1)		27,704,180		7,096,818
Centennial Crossings	August 2020	September 2023 (2)	LIBOR + 2.50% (1)		24,250,000		12,895,614
Hilltop at Signal Hills	January 2021	August 2023 (2)	SOFR + 3.07% (1)		21,197,939		20,197,939
Legacy Commons at Signal Hills	January 2021	February 2024 (2)	SOFR + 3.07% (1)		32,233,972		29,629,742
Osprey Village	July 2021	August 2024 (2)	SOFR + 3.07% (1)		25,500,000		24,500,000
Willow Place Apartments	September 2021	October 2024 (2)	SOFR + 3.30% (1)		21,351,328		20,351,328
Magnolia Crossing (3)	December 2021	December 2022 (2)	SOFR + 6.50% (1)		14,500,000		1,075,421
Subtotal					190,897,419		130,198,264
Equity Investments
Vantage at Hutto (4)	November 2020	N/A	N/A	$	11,233,000	$	5,991,269
Vantage at San Marcos (5)	November 2020	N/A	N/A		9,914,529		8,943,914
Vantage at Loveland	April 2021	N/A	N/A		16,329,000		5,883,811
Vantage at Helotes	May 2021	N/A	N/A		12,590,681		1,613,496
Vantage at Fair Oaks	June 2021	N/A	N/A		11,011,245		4,712,690
Vantage at McKinney Falls	December 2021	N/A	N/A		11,431,272		4,922,957
Subtotal					72,509,727		32,068,137
Bond Purchase Commitments
CCBA Senior Garden Apartments	July 2020	Q1 2022 (6)	4.50%	$	3,807,000	$	3,807,000
Anaheim & Walnut	September 2021	Q3 2024 (6)	4.85%		3,900,000		3,900,000
Subtotal					7,707,000		7,707,000
Total Commitments				$	561,152,769	$	350,324,574

(1)The variable index interest rate component is subject to a floor.

(2)The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee.

(3)The remaining loan commitment will be used to cover debt service over the twelve month term of the property loan.

(4)The Partnership increased its equity commitment from $10.5 million to $11.2 million in December of 2021.

(5)The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). A development site has been identified for this project but construction had not commenced as of December 31, 2021.

(6)This is the estimated closing date of the associated bond purchase commitment.

Summary of Partnership's Maximum Exposure Under Guarantee Agreements

The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2021:

Borrower	Guarantee Maturity	Maximum Balance Available on Loan		Loan Balance as of December 31, 2021		Partnership's Maximum Exposure as of December 31, 2021		Guarantee Terms
Vantage at Stone Creek	2023	$	34,222,000	$	34,222,000	$	17,111,000	(1)
Vantage at Coventry	2023		34,536,000		34,536,000		17,268,000	(1)
Vantage at Murfreesboro	2022 (2)		30,500,000		30,500,000		15,250,000	(1)

(1)The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth of not less than $100.0 million and maintain liquid assets of not less than $5.0 million. The Partnership was in compliance with these requirements as of December 31, 2021. The Partnership has also provided indemnification to the lender for various costs including environmental non-compliance and remediation during the term.

(2)The initial maturity is September 2022, though the borrower may extend the maturity date for one 6-month period.

The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2021:

Limited Partnership(s)	End of Guaranty Period	Partnership's Maximum Exposure as of December 31, 2021
Ohio Properties	2026	$	2,661,066
Greens of Pine Glen, LP	2027		1,854,212