Governmental Issuer Loans (Tables)

9 Months Ended

Sep. 30, 2021

Governmental Issuer Loans [Abstract]

Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans

The Partnership had the following investments and remaining funding commitments related to its GILs as of September 30, 2021 and December 31, 2020:

							As of September 30, 2021
Property Name	Month Acquired	Property Location	Units	Maturity Date ⁽²⁾	Variable Interest Rate		Current Interest Rate	Amortized Cost		Maximum Remaining Commitment
Scharbauer Flats Apartments ⁽¹⁾	June 2020	Midland, TX	300	1/1/2023	SIFMA + 3.10%		3.15%	$	40,000,000	$	-
Oasis at Twin Lakes ⁽¹⁾	July 2020	Roseville, MN	228	8/1/2023	SIFMA + 3.25%	^(3),(4)	3.75%		34,000,000		-
Centennial Crossings ⁽¹⁾	August 2020	Centennial, CO	209	9/1/2023	SIFMA + 2.75%	⁽⁴⁾	3.25%		31,894,945		1,185,055
Legacy Commons at Signal Hills ⁽¹⁾	January 2021	St. Paul, MN	247	2/1/2024	SOFR + 3.07%	⁽⁴⁾	3.57%		26,862,183		7,757,817
Hilltop at Signal Hills ⁽¹⁾	January 2021	St. Paul, MN	146	8/1/2023	SOFR + 3.07%	⁽⁴⁾	3.57%		14,995,969		9,454,031
Hope on Avalon	January 2021	Los Angeles, CA	88	2/1/2023	SIFMA + 3.75%	⁽⁴⁾	4.60%		8,981,200		14,408,800
Hope on Broadway	January 2021	Los Angeles, CA	49	2/1/2023	SIFMA + 3.75%	⁽⁴⁾	4.60%		3,691,245		8,414,378
Osprey Village ⁽¹⁾	July 2021	Kissimmee, FL	383	8/1/2024	SOFR + 3.07%	⁽⁴⁾	3.57%		3,589,110		56,410,890
Willow Place Apartments⁽¹⁾	September 2021	McDonough, GA	182	10/1/2024	SOFR + 3.30%	⁽⁴⁾	3.55%		1,971,786		23,028,214
								$	165,986,438	$	120,659,185

⁽¹⁾	The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22).

⁽²⁾	The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.

⁽³⁾	The variable rate decreases to SIFMA plus 2.25% upon completion of construction.

⁽⁴⁾	The variable index interest rate component is subject to a floor.

As of December 31, 2020

Property Name

Month

Acquired

Property Location

Units

Maturity

Date ⁽²⁾

Variable Interest Rate

Current Interest Rate

Amortized

Cost

Scharbauer Flats Apartments ⁽¹⁾

June 2020

Midland, TX

300

1/1/2023

SIFMA + 3.10%

3.19%

40,000,000

Oasis at Twin Lakes ⁽¹⁾

July 2020

Roseville, MN

228

8/1/2023

SIFMA + 3.25%

^(3),(4)

3.75%

14,403,000

Centennial Crossings ⁽¹⁾

August 2020

Centennial, CO

209

9/1/2023

SIFMA + 2.75%

⁽⁴⁾

3.25%

10,460,657

64,863,657

⁽¹⁾	The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22).

⁽²⁾	The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon payment of a non-refundable extension fee.

⁽³⁾	The variable rate decreases to SIFMA plus 2.25% upon completion of construction.

⁽⁴⁾	The variable index interest rate component is subject to a floor.