Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2025

Financing Receivable, Allowance for Credit Loss [Line Items]

Summary of Changes in Partnership's Allowance for Credit Losses

The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2025:

	For the Three Months Ended March 31, 2025
	Governmental Issuer Loans			Taxable Governmental Issuer Loans		Property Loans			Unfunded Commitments			Total
Balance, beginning of period	$	1,038,000		$	76,000	$	1,930,000		$	186,000		$	3,230,000
Current provision for credit losses		(97,000	)		65,000		(72,000	)		(68,000	)		(172,000	)
Balance, end of period	$	941,000		$	141,000	$	1,858,000		$	118,000		$	3,058,000

The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2024:

	For the Three Months March 31, 2024
	Governmental Issuer Loans			Taxable Governmental Issuer Loans			Property Loans			Unfunded Commitments			Total
Balance, beginning of period		1,294,000			77,000		$	2,048,000			678,000			4,097,000
Current provision for credit losses		(128,000	)		(36,000	)		(420,000	)		(222,000	)		(806,000	)
Balance, end of period	$	1,166,000		$	41,000		$	1,628,000		$	456,000		$	3,291,000

Summary of Partnerships Carrying Value by Acquisition Year Grouped by Risk Rating

The following tables summarize the Partnership’s carrying value by acquisition year, grouped by risk rating as of March 31, 2025 and December 31, 2024:

	March 31, 2025
	2025		2024		2023		2022		2021		Prior		Total
Governmental Issuer Loans
Performing	$	-	$	-	$	12,100,000	$	108,188,328	$	34,620,000	$	-	$	154,908,328
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-		-		-		-
Subtotal		-		-		12,100,000		108,188,328		34,620,000		-		154,908,328
Taxable Governmental Issuer Loans
Performing	$	-	$	-	$	-	$	22,157,672	$	-	$	-	$	22,157,672
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-		-		-		-
Subtotal		-		-		-		22,157,672		-		-		22,157,672
Property Loans
Performing	$	-	$	7,250,000	$	588,246	$	39,933,611	$	-	$	-	$	47,771,857
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-		-		495,000		495,000
Subtotal		-		7,250,000		588,246		39,933,611		-		495,000		48,266,857
Unfunded Commitments
Performing	$	-	$	-	$	-	$	23,291,300	$	-	$	-	$	23,291,300
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-		-		-		-
Subtotal		-		-		-		23,291,300		-		-		23,291,300
Total	$	-	$	7,250,000	$	12,688,246	$	193,570,911	$	34,620,000	$	495,000	$	248,624,157

	December 31, 2024
	2024		2023		2022		2021		2020		Prior		Total
Governmental Issuer Loans
Performing	$	-	$	13,600,000	$	90,779,628	$	115,322,594	$	-	$	-	$	219,702,222
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-		-		-		-
Subtotal		-		13,600,000		90,779,628		115,322,594		-		-		219,702,222
Taxable Governmental Issuer Loans
Performing	$	-	$	-	$	13,157,672	$	-	$	-	$	-	$	13,157,672
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-		-		-		-
Subtotal		-		-		13,157,672		-		-		-		13,157,672
Property Loans
Performing	$	7,250,000	$	7,830,000	$	40,489,611	$	-		-	$	-	$	55,569,611
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-	$	-		495,000		495,000
Subtotal		7,250,000		7,830,000		40,489,611		-		-		495,000		56,064,611
Unfunded Commitments
Performing	$	-	$	-	$	49,700,000	$	-	$	-	$	-	$	49,700,000
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-		-		-		-
Subtotal		-		-		49,700,000		-		-		-		49,700,000
Total	$	7,250,000	$	21,430,000	$	194,126,911	$	115,322,594	$	-	$	495,000	$	338,624,505

MRB and taxable MRB investments [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Summary of Changes in Partnership's Allowance for Credit Losses

The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2025 and 2024:

	For the Three Months Ended March 31,
	2025			2024
Balance, beginning of period	$	4,128,849		$	9,910,079
Recovery of prior credit loss (1)		(16,967	)		(17,155	)
Balance, end of period (2)	$	4,111,882		$	9,892,924

(1)The Partnership compared the present value of cash flows expected to be collected to the amortized cost basis of the Live 929 Apartments Series 2022A MRB, which indicated a recovery of value. As the recovery was identified prior to the effective date of the CECL standard, the Partnership will accrete the recovery of prior credit loss into investment income over the term of the MRB.

(2)The allowance for credit losses as of March 31, 2025 was related to the Live 929 Apartments – 2022A MRB. The allowance for credit losses as of March 31, 2024 was related to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB