Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

27. Subsequent Events  

In January 2021, the Partnership committed to fund multiple GILs and property loans for the construction of affordable multifamily properties. At closing, the Partnership advanced the initial funding amounts as summarized below with the remaining commitments to be funded as construction progresses. The GIL and the property loan for each respective property share a first mortgage lien position on the property. The following table summarizes the terms of the Partnership’s GIL and property loan commitments:

Commitment	Month Acquired	Property Location	Units	Maturity Date	Variable Interest Rate		Initial Funding		Maximum Remaining Commitment
Legacy Commons at Signal Hills - GIL	January 2021	St Paul, MN	247	2/1/2024 (1)	SOFR + 3.07%	(2)	$	9,917,887	$	24,702,113
Legacy Commons at Signal Hills - Property Loan	January 2021	St Paul, MN	247	2/1/2024 (1)	SOFR + 3.07%	(2)		1,000,000		31,233,972
Hilltop at Signal Hills - GIL	January 2021	St Paul, MN	146	8/1/2023 (1)	SOFR + 3.07%	(2)		4,075,050		20,374,950
Hilltop at Signal Hills - Property Loan	January 2021	St Paul, MN	146	8/1/2023 (1)	SOFR + 3.07%	(2)		1,000,000		20,197,939
Hope on Avalon - GIL	January 2021	Los Angeles, CA	88	2/1/2023 (1)	SIFMA + 3.75%	(3)		6,331,200		17,058,800
Hope on Avalon - Property Loan	January 2021	Los Angeles, CA	88	2/1/2023 (1)	SOFR + 3.55%	(4)		1,000,000		9,573,000
Hope on Broadway - GIL	January 2021	Los Angeles, CA	49	2/1/2023 (1)	SIFMA + 3.75%	(3)		3,691,245		8,414,378

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

(2) The SOFR-based component has a floor of 0.50%.

(3) The variable interest rate is subject to floor of 4.60%.

(4) The variable interest rate is subject to a floor of 4.85%.

In January 2021 the Partnership entered into a TOB Trust financing arrangement with Mizuho to securitize the Oasis at Twin Lakes property loan, the Legacy Commons at Signal Hills GIL and property loan, and the Hilltop at Signal Hills GIL and property loan. The TOB Trust financing allows for additional borrowings as the Partnership makes additional advances for the related funding commitments. The following table summarizes the initial terms of the TOB Trust financing:

TOB Trusts Securitization	Initial TOB Trust Financing		Stated Maturity	Reset Frequency	OBFR Based Rates	Facility Fees	Initial Interest Rate
TOB Trust 2021-XF2926	$	15,290,000	January 2024	Weekly	0.33%	0.89%	1.22%

In January 2021, the Partnership borrowed approximately $11.0 million on its unsecured non-operating line of credit to finance the investments in the Hope on Broadway GIL, Hope on Avalon GIL and Hope on Avalon property loan investments discussed above.