Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Summary of Partnership's Bond Purchase Commitments

The following table summarizes the Partnership’s bond purchase commitment as of March 31, 2021: 

Bond Purchase Commitments	Commitment Date	Maximum Committed Amounts Remaining		Rate			Estimated Closing Date	Fair Value as of March 31, 2021
CCBA Senior Garden Apartments	July 2020	$	3,807,000		4.50	%	Q3 2022	$	310,909

Summary of Partnership's Maximum Exposure Under Guarantee Agreements

The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of March 31, 2021:

Borrower	Year the Guarantee was Executed	Maximum Balance Available on Loan		Loan Balance as of March 31, 2021		Partnership's Maximum Exposure as of March 31, 2021		Guarantee Terms
Vantage at Stone Creek	2018	$	30,824,000	$	30,501,955	$	15,250,978	(1)
Vantage at Coventry	2018		31,500,000		29,369,707		14,684,853	(1)
Vantage at Murfreesboro	2021		30,500,000		30,500,000		15,250,000	(2)

(1) The Partnership’s guaranty was initially for the entire amount of the loan and will decrease based on the achievement of certain events or financial ratios. The Partnership’s maximum exposure will decrease to 25% of the loan balance when certain debt service coverage levels are achieved by the borrower.

(2) The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth and maintain liquid assets of not less than $5.0 million. The Partnership was in compliance with these requirements as of March 31, 2001. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation during the term.

The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of March 31, 2021:

Limited Partnership(s)	Year the Guarantee was Executed	End of Guarantee Period	Partnership's Maximum Exposure as of March 31, 2021
Ohio Properties	2011	2026	$	3,011,522
Greens of Pine Glen, LP	2012	2027		2,046,028