XML 76 R65.htm IDEA: XBRL DOCUMENT v3.21.2
Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)
9 Months Ended
Sep. 30, 2021
USD ($)
Unit
Sep. 30, 2020
USD ($)
Unit
Schedule Of Available For Sale Securities [Line Items]    
Units | Unit 4,332  
Initial Principal Acquired | $   $ 9,498,500
Jackson Manor Apartments [member] | Jackson, MS [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Month Acquired [1] April  
Units | Unit [1] 60  
Maturity Date [1] May 01, 2038  
Interest Rate [1] 5.00%  
Initial Principal Acquired | $ [1] $ 4,150,000  
Arby Road Apartments [Member] | Las Vegas, NV [Member] | Series A [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Month Acquired [2]   June
Units | Unit [2]   180
Maturity Date [2]   Oct. 01, 2027
Interest Rate [2]   5.35%
Initial Principal Acquired | $ [2]   $ 1,690,000
Arby Road Apartments [Member] | Las Vegas, NV [Member] | Series A [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Month Acquired [2]   June
Units | Unit [2]   180
Maturity Date [2]   Apr. 01, 2041
Interest Rate [2]   5.50%
Initial Principal Acquired | $ [2]   $ 5,785,000
Ocotillo Springs [Member] | Brawley, CA [Member] | Series A [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Month Acquired [3]   July
Units | Unit [3]   75
Maturity Date [3]   Aug. 01, 2037
Interest Rate [3],[4]   4.55%
Initial Principal Acquired | $ [3]   $ 2,023,500
[1] The Partnership has committed to provide total funding of the MRB up to $6.9 million during the acquisition and rehabilitation phase of the property on a drawdown basis. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $4.8 million
[2] Both MRBs are part of the same series but have different interest rates and maturity dates.
[3] The Partnership has committed to provide total funding of the MRB up to $15.0 million during construction and lease-up of the property on a drawdown basis. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization is approximately $3.5 million
[4] The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25%, subject to a floor of 4.55%, during construction of the project until stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35%