Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

25. Subsequent Events

In July 2021, the following MRBs were redeemed:

Property Name	Month Redeemed	Property Location	Units	Original Maturity Date	Interest Rate	Principal Outstanding at Date of Redemption
Rosewood Townhomes - Series A	July	Goose Creek, SC	100	7/1/2055	5.75%	$	9,259,206
Rosewood Townhomes - Series B	July	Goose Creek, SC	100	8/1/2055	12.00%		469,781
South Pointe Apartments - Series A	July	Hanahan, SC	256	7/1/2055	5.75%		21,551,600
South Pointe Apartments - Series B	July	Hanahan, SC	256	8/1/2055	12.00%		1,099,487
						$	32,380,074

The Series A MRBs were redeemed at prices that approximated 106% of the Partnership’s outstanding principal plus accrued interest and the Series B MRBs were redeemed at prices that approximated 100% of the Partnership’s outstanding principal plus accrued interest.  The Partnership will recognize approximately $1.8 million of “Contingent interest income” associated with the redemptions in the third quarter of 2021.

In July 2021, the following TOB Trust financings were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest. The Partnership paid a one-time fee of approximately $187,000 to terminate the TOB Trust financings.

Debt Financing	Debt Facility	Month	Paydown Applied
Rosewood Townhomes - Series A	TOB	July 2021	$	7,700,000
South Pointe Apartments - Series A	TOB	July 2021		17,990,000
			$	25,690,000

In July 2021, the Partnership committed to fund a GIL and property loan for the construction of an affordable multifamily property.  At closing, the Partnership advanced approximately $4.0 million with the remaining commitment to be funded as construction progresses.  The GIL and property loan 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
Osprey Village - GIL	July 2021	Kissimmee, FL	383	8/1/2024 (1)	SOFR + 3.07%	(2)	$	2,955,303	$	57,044,697
Osprey Village - Property Loan	July 2021	Kissimmee, FL	383	8/1/2024 (1)	SOFR + 3.07%	(2)		1,000,000		24,500,000
							$	3,955,303	$	81,544,697

⁽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%.

In July 2021, the Partnership entered into a TOB Trust financing arrangement with Mizuho to securitize the Osprey Village GIL and property loan and the Ocotillo Springs taxable MRB. 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-XF2939	$	4,085,000	July 2024	Weekly	0.33%	1.16%	1.49%

In July 2021, the Partnership’s registration statement on Form S-4 for the offering and issuance of up to 9,450,000 of Series A-1 Preferred Units under a shelf registration process was declared effective by the SEC. Under this offering, the Partnership may issue up to 9,450,000 Series A-1 Preferred Units in exchange for the Partnership’s outstanding Series A Preferred Units.

In July 2021, the Partnership entered into a Capital on Demand^TM Sales Agreement to offer and sell, from time to time at market prices on the date of sale, BUCs up to an aggregate offering price of $30 million.