Other Assets (Tables)

12 Months Ended

Dec. 31, 2022

Other Assets [Abstract]

Schedule of Other Assets

The following table summarizes the Partnership’s other assets as of December 31, 2022 and 2021:

	December 31, 2022		December 31, 2021
Deferred financing costs, net	$	964,266	$	1,349,097
Derivative instruments at fair value (Note 17)		7,530,438		343,418
Taxable mortgage revenue bonds, at fair value		16,531,896		3,428,443
Taxable governmental issuer loans		8,000,000		1,000,000
Bond purchase commitments, at fair value (Note 18)		98,929		964,404
Operating lease right-of-use assets, net		-		1,619,714
Other assets		2,649,138		2,157,809
Total other assets	$	35,774,667	$	10,862,885

Summary of Taxable Governmental Issuer Loan and MRB, and Total Funding Commitment

The following table includes details of the taxable MRBs and taxable GILs, that were acquired during the year ended December 31, 2022:

Property Name	Month Acquired	Property Location	Units	Maturity Date	Interest Rate	Initial Principal Funding
Taxable MRBs
Live 929 Apartments - Series 2022B	January 2022	Baltimore, MD	575	1/1/2029	4.30%	$	3,625,000
Residency at the Entrepreneur - Series J-T (1)	April 2022	Los Angeles, CA	200	4/1/2025	SOFR + 3.65%		1,000,000
Park at Sondrio - Series 2022B	December 2022	Greenville, SC	271	1/1/2030	6.50%		1,100,000
Park at Vietti - Series 2022B	December 2022	Spartanburg, SC	204	1/1/2030	6.50%		880,000
Residency at Empire - Series BB-T (3)	December 2022	Burbank, CA	148	12/1/2025	7.45%		1,000,000
Subtotal						$	7,605,000
Taxable GILs
Poppy Grove I (2)	September 2022	Elk Grove, CA	147	4/1/2025	6.78%	$	1,000,000
Poppy Grove II (2)	September 2022	Elk Grove, CA	82	4/1/2025	6.78%		1,000,000
Poppy Grove III (2)	September 2022	Elk Grove, CA	158	4/1/2025	6.78%		1,000,000
Subtotal						$	3,000,000

(1)The Partnership has committed to provide total funding for this taxable MRB of $13.0 million (see Note 18). The borrower has the option to extend the maturity up to six months upon payment of a non-refundable extension fee. The interest rate is subject to an all-in floor of 3.92%.

(2)The Partnership has committed to provide total funding for the Poppy Grove I, Poppy Grove II, and Poppy Grove III taxable GILs of $21.2 million, $10.9 million, and $24.5 million, respectively (see Note 18). The borrowers have the option to extend the maturities up to six months upon payment of non-refundable extension fees.

(3)The Partnership has committed to provide total funding for the taxable MRB of $9.4 million (see Note 18). The borrower has the option to extend the maturity up to six months upon payment of a non-refundable extension fee.

Activity in 2021

Summary of Taxable MRB Acquired

The following table includes details of the taxable MRB and taxable GIL acquired during the year ended December 31, 2021:

Property Name	Date Committed	Maturity Date	Initial Principal Funding		Total Commitment
Hope on Avalon - taxable GIL	January 2021	2/1/2023 (1)	$	1,000,000	$	10,573,000
Residency at the Mayer Series A-T - taxable MRB	October 2021	4/1/2024 (2)		1,000,000		12,500,000
					$	23,073,000

(1)The borrower has the option to extend the maturity up to six months upon payment of a non-refundable extension fee.

(2)The borrower may elect to extend the maturity date six months if stabilization has not occurred, subject to the Partnership's approval.