Governmental issuer loans (“GILs”) owned by the Partnership are issued by state governmental authorities to provide construction financing for affordable multifamily properties. The Partnership expects and believes the interest earned on the GILs is excludable from gross income for federal income tax purposes. The GILs do not constitute an obligation of any state government, agency or authority and no state government, agency or authority is liable for them, nor is the taxing power of any state government pledged to the payment of principal or interest on the GILs. The GILs are secured by the borrower’s non-recourse obligation evidenced by a mortgage on all real and personal property associated with the underlying property. The sole source of the funds to pay principal and interest on the GILs is the net cash flow or the sale or refinancing proceeds from the underlying property. The GILs share a first mortgage lien position with the associated property loans also owned by the Partnership (see Note 11). The GILs are held in trust in connection with TOB Trust financings (see Note 16). The Partnership has committed to provide total funding for certain GILs on a draw-down basis during construction. The Partnership had the following investments and remaining funding commitments related to its GILs as of December 31, 2020:

							As of December 31, 2020
Property Name	Date Acquired	Property Location	Units	Maturity Date	Variable Interest Rate		Current Interest Rate	Amortized Cost		Maximum Remaining Commitment
Scharbauer Flats Apartments	June 2020	Midland, TX	300	1/1/2023 ⁽¹⁾	SIFMA + 3.10%		3.19%	$	40,000,000	$	-
Oasis at Twin Lakes	July 2020	Roseville, MN	228	8/1/2023 ⁽²⁾	SIFMA + 3.25%	^(3),(4)	3.75%		14,403,000		19,597,000
Centennial Crossings	August 2020	Centennial, CO	209	9/1/2023 ⁽²⁾	SIFMA + 2.75%	⁽⁴⁾	3.25%		10,460,657		22,619,343
								$	64,863,657	$	42,216,343

An affiliate of the Partnership has forward committed to purchase the GILs at maturity if the property has reached stabilization and other conditions are met (see Note 23). Affiliates of the borrower have guaranteed payment of principal and accrued interest on the GILs of 100% at origination, decreasing to 50% upon receipt of the certificate of occupancy, and decreasing to 25% upon achievement of 90% occupancy for 30 consecutive days.