Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Partnership's Bond Purchase Commitments

The following table summarizes the Partnership’s bond purchase commitments as of March 31, 2023 and December 31, 2022:

Bond Purchase Commitments	Commitment Date	Maximum Committed Amounts Remaining		Interest Rate			Estimated Closing Date	Fair Value as of March 31, 2023		Fair Value as of December 31, 2022
Anaheim & Walnut	September 2021		3,900,000		4.85	%	Q3 2024		211,476		98,929

Summary of Partnership's Total and Remaining Commitments

The following table summarizes the Partnership's total and remaining commitments as of March 31, 2023:

Property Name	Commitment Date	Maturity Date	Interest Rate (1)	Total Initial Commitment		Remaining Commitment as of March 31, 2023
Mortgage Revenue Bonds
Meadow Valley	December 2021	December 2029	6.25%		44,000,000		36,275,000
Residency at the Entrepreneur- Series J-3	April 2022	March 2040	6.00%		26,080,000		21,180,000
Residency at the Entrepreneur- Series J-4	April 2022	March 2040	SOFR + 3.60% (2)		16,420,000		16,420,000
Residency at the Entrepreneur- Series J-5	February 2023	April 2025 (3)	SOFR + 3.60%		5,000,000		4,000,000
Residency at Empire - Series BB-3	December 2022	December 2040	6.45% (4)		14,000,000		13,945,000
Residency at Empire - Series BB-4	December 2022	December 2040	6.45% (5)		47,000,000		47,000,000
Subtotal					152,500,000		138,820,000
Taxable Mortgage Revenue Bonds
Residency at the Mayer Series A-T	October 2021	April 2024 (3)	SOFR + 3.70%	$	12,500,000	$	10,500,000
Residency at the Entrepreneur Series J-T	April 2022	April 2025 (3)	SOFR + 3.65%		8,000,000		7,000,000
Residency at Empire - Series BB-T	December 2022	December 2025 (3)	7.45%		9,404,500		8,404,500
Subtotal					29,904,500		25,904,500
Governmental Issuer Loans
Osprey Village	July 2021	August 2024 (3)	SOFR + 3.07%		60,000,000		12,375,185
Poppy Grove I	September 2022	April 2025 (3)	6.78%		35,688,328		26,842,328
Poppy Grove II	September 2022	April 2025 (3)	6.78%		22,250,000		17,708,700
Poppy Grove III	September 2022	April 2025 (3)	6.78%		39,119,507		30,569,507
Subtotal					157,057,835		87,495,720
Taxable Governmental Issuer Loans
Hope on Avalon	January 2021	August 2023	SOFR + 3.55%	$	10,573,000	$	2,573,000
Poppy Grove I	September 2022	April 2025 (3)	6.78%		21,157,672		20,157,672
Poppy Grove II	September 2022	April 2025 (3)	6.78%		10,941,300		9,941,300
Poppy Grove III	September 2022	April 2025 (3)	6.78%		24,480,493		23,480,493
Subtotal					67,152,465		56,152,465
Property Loans
Oasis at Twin Lakes	July 2020	August 2023 (3)	LIBOR + 2.50%	$	27,704,180	$	3,685,523
Hilltop at Signal Hills	January 2021	August 2023 (3)	SOFR + 3.07%		21,197,939		739,802
Legacy Commons at Signal Hills	January 2021	February 2024 (3)	SOFR + 3.07%		32,233,972		1,517,067
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		18,671,901
Subtotal					127,987,419		49,114,293
Equity Investments
Vantage at San Marcos (6), (7)	November 2020	N/A	N/A	$	9,914,529	$	8,943,914
Freestone Greeley (7)	October 2022	N/A	N/A		16,035,710		11,325,008
Freestone Cresta Bella	November 2022	N/A	N/A		16,405,514		8,691,996
Valage Senior Living Carson Valley	February 2023	N/A	N/A		8,163,301		3,977,795
Subtotal					50,519,054		32,938,713
Bond Purchase Commitments
Anaheim & Walnut	September 2021	Q3 2024 (8)	4.85%	$	3,900,000	$	3,900,000
Subtotal					3,900,000		3,900,000
Total Commitments				$	589,021,273	$	394,325,691

(1)The variable index interest rate components are typically subject to floors that range from 0% to 0.85%.

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

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

(4)Beginning December 2029, the interest rate will change to the greater of (i) 3.25% over the then 10-Year SOFR Swap rate, or (ii) 6.00%.

(5)Upon stabilization, the MRB will convert to a fixed rate of 10.0% and become subordinate to the other senior MRBs of the borrower.

(6)The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5).

(7)A development site has been identified for this property but construction had not commenced as of March 31, 2023.

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

Summary of Partnership's Maximum Exposure Under Guaranty Agreements

The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of March 31, 2023:

Limited Partnership(s)	End of Guaranty Period	Partnership's Maximum Exposure as of March 31, 2023
Ohio Properties	2026	$	2,310,609
Greens of Pine Glen, LP	2027		1,662,397

Borrower	End of Guaranty Period	Partnership's Maximum Exposure as of March 31, 2023
The 50/50 MF Property--TIF Loan	2025	$	1,809,510
The 50/50 MF Property--Mortgage	2027		22,280,901