Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of Partnership's Bond Purchase Commitments

The following table summarizes the Partnership’s bond purchase commitments as of June 30, 2022:

Bond Purchase Commitments	Commitment Date	Maximum Committed Amounts Remaining		Interest Rate			Estimated Closing Date	Fair Value as of June 30, 2022		Fair Value as of December 31, 2021
CCBA Senior Garden Apartments	July 2020	$	-		4.50	%	June 2022 (1)	$	-	$	495,784
Anaheim & Walnut	September 2021		3,900,000		4.85	%	Q3 2024		8,953		468,620
		$	3,900,000					$	8,953	$	964,404

(1)The closing date is actual.

Summary of Partnership's Total and Remaining Commitments

The following table summarizes the Partnership's total and remaining commitments as of June 30, 2022:

Property Name	Commitment Date	Maturity Date	Interest Rate (1)	Total Initial Commitment		Remaining Commitment as of June 30, 2022
Mortgage Revenue Bonds
Residency at the Mayer - Series A	October 2021	April 2039	SOFR + 3.60%	$	29,500,000	$	4,500,000
Meadow Valley	December 2021	December 2029	6.25%		44,000,000		43,900,000
Residency at the Entrepreneur- Series J-3	April 2022	March 2040	6.00%		26,080,000		26,080,000
Residency at the Entrepreneur- Series J-4	April 2022	March 2040	SOFR + 3.60% (2)		16,420,000		16,420,000
Subtotal					116,000,000		90,900,000
Taxable Mortgage Revenue Bonds
Ocotillo Springs - Series A-T	July 2020	August 2023	LIBOR + 3.55%	$	7,000,000	$	2,300,000
Residency at the Mayer Series A-T	October 2021	April 2024 (3)	SOFR + 3.70%		12,500,000		11,500,000
Residency at the Entrepreneur Series J-T	April 2022	April 2025 (3)	SOFR + 3.65%		13,000,000		12,000,000
Subtotal					32,500,000		25,800,000
Governmental Issuer Loans
Hope on Avalon	January 2021	February 2023 (3)	SIFMA + 3.75%	$	23,390,000	$	6,408,800
Hope on Broadway	January 2021	February 2023 (3)	SIFMA + 3.75%		12,105,623		1,414,378
Osprey Village	July 2021	August 2024 (3)	SOFR + 3.07%		60,000,000		35,636,873
Willow Place Apartments	September 2021	October 2024 (3)	SOFR + 3.30%		25,000,000		16,531,137
Magnolia Heights	June 2022	July 2024 (3)	SOFR + 3.85%		20,400,000		5,599,086
Subtotal					140,895,623		65,590,274
Taxable Governmental Issuer Loans
Hope on Avalon (Taxable)	January 2021	February 2023 (3)	SOFR + 3.55%	$	10,573,000	$	9,573,000
Subtotal					10,573,000		9,573,000
Property Loans
Scharbauer Flats Apartments	June 2020	January 2023 (3)	LIBOR + 2.85%	$	24,160,000	$	3,519,106
Oasis at Twin Lakes	July 2020	August 2023 (3)	LIBOR + 2.50%		27,704,180		3,685,523
Centennial Crossings	August 2020	September 2023 (3)	LIBOR + 2.50%		24,250,000		2,230,428
Hilltop at Signal Hills	January 2021	August 2023 (3)	SOFR + 3.07%		21,197,939		5,838,631
Legacy Commons at Signal Hills	January 2021	February 2024 (3)	SOFR + 3.07%		32,233,972		8,884,337
Osprey Village	July 2021	August 2024 (3)	SOFR + 3.07%		25,500,000		24,500,000
Willow Place Apartments	September 2021	October 2024 (3)	SOFR + 3.30%		21,351,328		20,351,328
Magnolia Crossing (4)	December 2021	December 2022 (3)	SOFR + 6.50%		14,500,000		608,262
Magnolia Heights	June 2022	July 2024 (3)	SOFR + 3.85%		10,300,000		9,300,000
Subtotal					201,197,419		78,917,615
Equity Investments
Vantage at Hutto	November 2020	N/A	N/A	$	11,233,000	$	1,136,576
Vantage at San Marcos (5)	November 2020	N/A	N/A		9,914,529		8,943,914
Vantage at McKinney Falls	December 2021	N/A	N/A		11,431,272		1,387,124
Subtotal					32,578,801		11,467,614
Bond Purchase Commitments
Anaheim & Walnut	September 2021	Q3 2024 (6)	4.85%	$	3,900,000	$	3,900,000
Subtotal					3,900,000		3,900,000
Total Commitments				$	537,644,843	$	286,148,503

(1)The variable index interest rate components are typically subject to floors that range from 0% to 0.50%.

(2)Upon stabilization, the MRB will convert to a fixed rate of 8.0% and become subordinate to the other senior MRBs.

(3)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.

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

(5)The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). A development site has been identified for this property but construction had not commenced as of June 30, 2022.

(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 guaranty agreements as of June 30, 2022:

Borrower	Guarantee Maturity	Maximum Balance Available on Loan		Loan Balance as of June 30, 2022		Partnership's Maximum Exposure as of June 30, 2022		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)

(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 June 30, 2022. The Partnership has also provided indemnification to the lender for various costs including environmental non-compliance and remediation during the term.

The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of June 30, 2022:

Limited Partnership(s)	End of Guaranty Period	Partnership's Maximum Exposure as of June 30, 2022
Ohio Properties	2026	$	2,661,066
Greens of Pine Glen, LP	2027		1,854,212