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Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Summary of Partnership's Bond Purchase Commitments The following table summarizes the Partnership’s bond purchase commitments as of June 30, 2024 and December 31, 2023:

Bond Purchase Commitments

 

Commitment Date

 

Maximum
Committed
Amounts
Remaining

 

 

Interest
Rate

 

 

Estimated Closing
Date

 

Fair Value as of
June 30, 2024

 

 

Fair Value as of
December 31, 2023

 

Anaheim & Walnut

 

September 2021

 

 

3,900,000

 

 

 

4.85

%

 

Q3 2024

 

 

46,238

 

 

 

197,788

 
Summary of Partnership's Total and Remaining Commitments

Property Name

 

Commitment Date

 

Maturity Date

 

Interest Rate (1)

 

Total Initial Commitment

 

 

Remaining Commitment
as of June 30, 2024

 

Mortgage Revenue Bonds

 

 

 

 

 

 

 

 

 

 

Meadow Valley

 

December 2021

 

December 2029

 

6.25%

 

$

44,000,000

 

 

$

14,470,000

 

Residency at the Entrepreneur- Series J-4

 

April 2022

 

March 2040

 

SOFR + 3.60% (2)

 

 

16,420,000

 

 

 

12,600,000

 

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-4

 

December 2022

 

December 2040

 

6.45% (4)

 

 

47,000,000

 

 

 

41,500,000

 

The Safford

 

October 2023

 

October 2026 (3)

 

7.59%

 

 

43,000,000

 

 

 

23,737,106

 

Subtotal

 

 

 

 

 

 

 

 

155,420,000

 

 

 

96,307,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Mortgage Revenue Bonds

 

 

 

 

 

 

 

 

 

 

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

 

 

 

6,900,000

 

40rty on Colony - Series P-T

 

June 2023

 

June 2030

 

7.45%

 

 

5,950,000

 

 

 

4,950,000

 

Subtotal

 

 

 

 

 

 

 

 

33,754,500

 

 

 

27,254,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Governmental Issuer Loans

 

 

 

 

 

 

 

 

 

 

Poppy Grove I

 

September 2022

 

April 2025 (3)

 

6.78%

 

 

35,688,328

 

 

 

7,842,328

 

Poppy Grove II

 

September 2022

 

April 2025 (3)

 

6.78%

 

 

22,250,000

 

 

 

9,708,700

 

Poppy Grove III

 

September 2022

 

April 2025 (3)

 

6.78%

 

 

39,119,507

 

 

 

18,569,507

 

Subtotal

 

 

 

 

 

 

 

 

97,057,835

 

 

 

36,120,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Sandy Creek Apartments

 

August 2023

 

September 2026 (3)

 

8.63% (5)

 

$

7,830,000

 

 

$

1,042,008

 

Subtotal

 

 

 

 

 

 

 

 

7,830,000

 

 

 

1,042,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

10,562,345

 

Freestone Greenville

 

December 2023

 

N/A

 

N/A

 

 

20,049,570

 

 

 

12,639,538

 

Freestone Ladera (7)

 

December 2023

 

N/A

 

N/A

 

 

17,097,624

 

 

 

13,449,494

 

Subtotal

 

 

 

 

 

 

 

 

63,097,433

 

 

 

45,595,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

$

417,639,233

 

 

$

263,798,905

 
(1)
The variable index interest rate components are subject to a floor of 0.27%.
(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)
Upon stabilization, the MRB will convert to a fixed rate of 10.0% and become subordinate to the other senior MRBs of the borrower.
(5)
The interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025.
(6)
The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 3).
(7)
A development site has been identified for this property but construction had not commenced as of June 30, 2024.
(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 June 30, 2024:

Limited Partnership(s)

 

End of Guaranty Period

 

Partnership's Maximum Exposure
as of June 30, 2024

 

 

Ohio Properties

 

2026

 

$

1,960,152

 

 

Greens of Pine Glen, LP

 

2027

 

 

1,470,582