Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2022

Subsequent Event [Line Items]

Schedule of terms of partnership's MRB and taxable MRB investments

The following table summarizes the terms of the Partnership’s MRB and taxable MRB investments:

Property Name	Month Acquired	Property Location	Units		Maturity Date	Interest Rate	Principal Funded
Windsor Shores Apartments - MRB	January	Columbia, SC		176	2/1/2030	6.50%	$	21,545,000
Windsor Shores Apartments - taxable MRB	January	Columbia, SC		176	2/1/2030	6.50%		805,000
The Ivy Apartments - MRB	January	Greenville, SC		212	2/1/2030	6.50%		30,500,000
							$	52,850,000

Summary of Securitized Assets and Initial Terms of TOB Trust Financings

The following table summarizes the securitized assets and the initial terms of the TOB trust financings:

TOB Trusts Securitization	TOB Trust Financing		Stated Maturity	Interest Rate Type	Tax-Exempt Interest on Senior Securities	Remarketing Senior Securities Rate	Facility Fees	Interest Rate
Residency at Empire MRBs	$	14,400,000	January 2026	Variable	Yes	3.38%	1.42%	4.80%
Windsor Shores Apartments MRB		17,236,000	January 2026	Variable	Yes	2.11%	1.44%	3.55%
SoLa Impact Opportunity Zone Fund loan		27,300,000	December 2024	Variable	No	4.57%	1.78%	6.35%
The Ivy Apartments MRB		24,400,000	February 2028	Variable	Yes	3.99%	1.44%	5.43%
Total TOB Trust Financing	$	83,336,000

Schedule of MRBs Redeemed

The following MRBs were redeemed at prices that approximated the Partnership's carrying value plus accrued interest during the year ended December 31, 2022:

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	Interest Rate			Principal Outstanding at Date of Redemption
Ohio Properties - Series A	March	(1)		362	6/1/2050		7.00	%	$	13,544,000
Ohio Properties - Series B	March	(1)		362	6/1/2050		10.00	%		3,459,840
Bridle Ridge	May	Greer, SC		152	1/1/2043		6.00	%		7,100,000
Cross Creek	September	Beaufort, SC		144	3/1/2049		6.15	%		7,666,752
Gateway Village	October	Durham, NC		64	4/1/2032		6.10	%		2,589,163
Lynnhaven Apartments	October	Durham, NC		75	4/1/2032		6.10	%		3,435,621
									$	37,795,376

(1)The Ohio Properties consist of Crescent Village, located in Cincinnati, Ohio, Willow Bend, located in Columbus (Hilliard), Ohio and Postwoods, located in Reynoldsburg, Ohio.

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest, except as noted below, during the year ended December 31, 2021:

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	Interest Rate			Principal Outstanding at Date of Redemption
Arby Road Apartments - Series A (1)	March	Las Vegas, NV		180	10/1/2027		5.35	%	$	1,600,000
Arby Road Apartments - Series A (1)	March	Las Vegas, NV		180	4/1/2041		5.50	%		5,785,000
Rosewood Townhomes - Series A	July	Goose Creek, SC		100	7/1/2055		5.75	%		9,259,206
Rosewood Townhomes - Series B	July	Goose Creek, SC		100	8/1/2055		12.00	%		469,781
South Pointe Apartments - Series A	July	Hanahan, SC		256	7/1/2055		5.75	%		21,551,600
South Pointe Apartments - Series B	July	Hanahan, SC		256	8/1/2055		12.00	%		1,099,487
Woodlynn Village	November	Maplewood, MN		59	11/1/2042		6.00	%		4,065,000
									$	43,830,074

(1)Both MRBs are part of the same series but had different interest rates and maturity dates.

In February 2023, the following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest:

Property Name	Month Redeemed	Property Location	Units	Original Maturity Date	Interest Rate	Principal Outstanding at Date of Redemption
Greens Property - Series A	February 2023	Durham, NC	168	10/1/2047	6.50%	$	7,579,000
Greens Property - Series B	February 2023	Durham, NC	168	10/1/2047	12.00%	$	914,040
						$	8,493,040

Interest Rate Cap Agreements [Member]

Subsequent Event [Line Items]

Summary of Partnership's Derivative Instruments

Purchase Date	Notional Amount		Maturity Date	Effective Capped Rate (1)			Index	Variable Debt Financing Hedged (1)	Counterparty	Fair Value as of December 31, 2022
August 2019		75,014,903	Aug 2024		4.5	%	SIFMA	M31 TEBS	Barclays Bank PLC	$	91,627
										$	91,627

(1)See Notes 15 and 23 for additional details.

Purchase Date	Notional Amount		Maturity Date	Effective Capped Rate (1)			Index	Variable Debt Financing Hedged (1)	Counterparty	Fair Value as of December 31, 2021
August 2019		76,544,336	Aug 2024		4.5	%	SIFMA	M31 TEBS	Barclays Bank PLC	$	51,090
										$	51,090

(1)See Notes 15 and 23 for additional details.

In January 2023, the Partnership entered into two additional interest rate swap agreements to mitigate interest rate risk associated with the variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreements:

Purchase Date	Notional Amount		Effective Date	Termination Date	Fixed Rate Paid	Variable Rate Index Received	Variable Debt Financing Hedged	Counterparty
January 2023	$	12,065,200	1/19/2023	1/1/2030	3.354%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets
January 2023	$	8,027,600	2/1/2023	2/1/2030	3.289%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets