Commitments and Contingencies (Tables)

12 Months Ended

Dec. 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 December 31, 2023 and December 31, 2022:

Bond Purchase Commitments	Commitment Date	Maximum Committed Amounts Remaining		Interest Rate			Estimated Closing Date	Fair Value as of December 31, 2023		Fair Value as of December 31, 2022
Anaheim & Walnut	September 2021		3,900,000		4.85	%	Q3 2024		197,788		98,929

Summary of Partnership's Total and Remaining Commitments

Property Name	Commitment Date	Maturity Date	Interest Rate (1)	Total Initial Commitment		Remaining Commitment as of December 31, 2023
Mortgage Revenue Bonds
Meadow Valley	December 2021	December 2029	6.25%	$	44,000,000	$	23,245,000
Residency at the Entrepreneur- Series J-3	April 2022	March 2040	6.00%		26,080,000		13,780,000
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		8,945,000
Residency at Empire - Series BB-4	December 2022	December 2040	6.45% (5)		47,000,000		47,000,000
The Safford	October 2023	October 2026 (3)	7.59%		43,000,000		35,439,966
Subtotal					195,500,000		148,829,966
Taxable Mortgage Revenue Bonds
Residency at the Mayer Series A-T	October 2021	October 2024	SOFR + 3.70%	$	12,500,000	$	1,000,000
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
Village at Hanford Square - Series H-T	May 2023	May 2030	7.25%		10,400,000		9,400,000
40rty on Colony - Series P-T	June 2023	June 2030	7.45%		5,950,000		4,950,000
Subtotal					46,254,500		30,754,500
Governmental Issuer Loans
Poppy Grove I	September 2022	April 2025 (3)	6.78%		35,688,328		15,842,328
Poppy Grove II	September 2022	April 2025 (3)	6.78%		22,250,000		12,708,700
Poppy Grove III	September 2022	April 2025 (3)	6.78%		39,119,507		22,569,507
Subtotal					97,057,835		51,120,535
Taxable Governmental Issuer Loans
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					56,579,465		53,579,465
Property Loans
Osprey Village	July 2021	August 2024 (3)	SOFR + 3.07%	$	25,500,000	$	10,501,704
Willow Place Apartments	September 2021	October 2024 (3)	SOFR + 3.30%		21,351,328		2,475,722
Sandy Creek Apartments	August 2023	September 2026 (3)	8.63% (6)		7,830,000		5,410,124
Willow Place Apartments Supplemental	November 2023	October 2024 (3)	SOFR + 3.45%		1,838,254		1,499,254
Subtotal					56,519,582		19,886,804
Equity Investments
Vantage at San Marcos (7), (8)	November 2020	N/A	N/A	$	9,914,529	$	8,943,914
Vantage at Loveland (9)	April 2021	N/A	N/A		18,215,000		1,065,061
Freestone Greeley (8)	October 2022	N/A	N/A		16,035,710		11,137,993
The Jessam at Hays Farm	July 2023	N/A	N/A		16,532,636		9,153,867
Freestone Greenville (8)	December 2023	N/A	N/A		19,934,456		14,597,244
Freestone Ladera (8)	December 2023	N/A	N/A		17,097,624		13,449,494
Subtotal					97,729,955		58,347,573
Bond Purchase Commitments
Anaheim & Walnut	September 2021	Q3 2024 (10)	4.85%	$	3,900,000	$	3,900,000
Subtotal					3,900,000		3,900,000
Total Commitments				$	553,541,337	$	366,418,843

(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 interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025.

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

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

(9)In July 2023, the Partnership's initial commitment of $16.3 million was increased by $1.9 million upon meeting certain conditions as outlined in the original agreement.

(10)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 December 31, 2023:

Limited Partnership(s)	End of Guaranty Period	Partnership's Maximum Exposure as of December 31, 2023
Ohio Properties	2026	$	1,960,152
Greens of Pine Glen, LP	2027		1,470,582

Borrower	End of Guaranty Period	Partnership's Maximum Exposure as of December 31, 2023
The 50/50 MF Property--TIF Loan	2025	$	1,337,268
The 50/50 MF Property--Mortgage	2027		21,846,868