Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

Schedule of Other Assets

The following table summarizes the Partnership’s other assets as of December 31, 2023 and 2022:

	December 31, 2023			December 31, 2022
Deferred financing costs, net	$	850,726		$	964,266
Derivative instruments at fair value (Note 18)		5,254,663			7,530,438
Taxable mortgage revenue bonds, at fair value		21,460,288			16,531,896
Taxable governmental issuer loans:
Taxable governmental issuer loans		13,573,000			8,000,000
Allowance for credit losses (Note 13)		(77,000	)		-
Taxable governmental issuer loans, net		13,496,000			8,000,000
Bond purchase commitment, at fair value (Note 19)		197,788			98,929
Other assets		1,935,005			2,649,138
Total other assets	$	43,194,470		$	35,774,667

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

The following table includes details of the taxable MRBs acquired during the year ended December 31, 2023:

Property Name	Month Acquired	Property Location	Units	Maturity Date	Interest Rate	Initial Principal Funding
Windsor Shores Apartments - Series B	January 2023	Columbia, SC	176	2/1/2030	6.50%	$	805,000
Village at Hanford Square - Series H-T (1)	May 2023	Hanford, CA	100	5/1/2030	7.25%		1,000,000
40rty on Colony - Series P-T (2)	June 2023	La Mesa, CA	40	6/1/2030	7.45%		1,000,000
Subtotal						$	2,805,000

(1)The Partnership has committed to provide total funding for the taxable MRB of $10.4 million (see Note 19).

(2)The Partnership has committed to provide total funding for the taxable MRB of $6.0 million (see Note 19).

Summary of Taxable MRB Acquired

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

Property Name	Date Committed	Maturity Date	Initial Principal Funding		Total Commitment
Taxable MRBs
Live 929 Apartments - Series 2022B	January 2022	1/1/2029	$	3,625,000	$	3,625,000
Residency at the Entrepreneur - Series J-T (1)	April 2022	4/1/2025		1,000,000		13,000,000
Park at Sondrio - Series 2022B	December 2022	1/1/2030		1,100,000		1,100,000
Park at Vietti - Series 2022B	December 2022	1/1/2030		880,000		880,000
Residency at Empire - Series BB-T (1)	December 2022	12/1/2025		1,000,000		9,404,500
Subtotal					$	28,009,500
Taxable GILs
Poppy Grove I (1)	September 2022	4/1/2025	$	1,000,000	$	21,157,672
Poppy Grove II (1)	September 2022	4/1/2025		1,000,000		10,941,300
Poppy Grove III (1)	September 2022	4/1/2025		1,000,000		24,480,493
Subtotal					$	56,579,465

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