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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
Summary of Partnership's Bond Purchase Commitments | The following table summarizes the Partnership’s bond purchase commitments as of December 31, 2022:
Bond Purchase Commitments |  | Commitment Date |  | Maximum Committed Amounts Remaining |  |  | Interest Rate |  |  | Estimated Closing Date |  | Fair Value as of December 31, 2022 |  |  | Fair Value as of December 31, 2021 |
CCBA Senior Garden Apartments |  | July 2020 |  | $ | - |  |  |  | 4.50 | % |  | June 2022 (1) |  | $ | - |  |  | $ | 495,784 |
Anaheim & Walnut |  | September 2021 |  |  | 3,900,000 |  |  |  | 4.85 | % |  | Q3 2024 |  |  | 98,929 |  |  |  | 468,620 |
|  |  |  | $ | 3,900,000 |  |  |  |  |  |  |  | $ | 98,929 |  |  | $ | 964,404 |
(1) The closing date is actual.
Summary of Partnership's Total and Remaining Commitments | The following table summarizes the Partnership's total and remaining commitments as of December 31, 2022:
Property Name |  | Commitment Date |  | Maturity Date |  | Interest Rate (1) |  | Total Initial Commitment |  |  | Remaining Commitment as of December 31, 2022 |
Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
Residency at the Mayer - Series A |  | October 2021 |  | April 2039 |  | SOFR + 3.60% |  | $ | 29,500,000 |  |  | $ | 3,500,000 |
Meadow Valley |  | December 2021 |  | December 2029 |  | 6.25% |  |  | 44,000,000 |  |  |  | 39,276,563 |
Residency at the Entrepreneur- Series J-3 |  | April 2022 |  | March 2040 |  | 6.00% |  |  | 26,080,000 |  |  |  | 22,180,000 |
Residency at the Entrepreneur- Series J-4 |  | April 2022 |  | March 2040 |  | SOFR + 3.60% (2) |  |  | 16,420,000 |  |  |  | 16,420,000 |
Residency at Empire - Series BB-3 |  | December 2022 |  | December 2040 |  | 6.45% (4) |  |  | 14,000,000 |  |  |  | 13,945,000 |
Residency at Empire - Series BB-4 |  | December 2022 |  | December 2040 |  | 6.45% (5) |  |  | 47,000,000 |  |  |  | 47,000,000 |
Subtotal |  |  |  |  |  |  |  |  | 177,000,000 |  |  |  | 142,321,563 |
Taxable Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
Residency at the Mayer Series A-T |  | October 2021 |  | April 2024 (3) |  | SOFR + 3.70% |  | $ | 12,500,000 |  |  | $ | 11,500,000 |
Residency at the Entrepreneur Series J-T |  | April 2022 |  | April 2025 (3) |  | SOFR + 3.65% |  |  | 13,000,000 |  |  |  | 12,000,000 |
Residency at Empire - Series BB-T |  | December 2022 |  | December 2025 (3) |  | 7.45% |  |  | 9,404,500 |  |  |  | 8,404,500 |
Subtotal |  |  |  |  |  |  |  |  | 34,904,500 |  |  |  | 31,904,500 |
Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |
Osprey Village |  | July 2021 |  | August 2024 (3) |  | SOFR + 3.07% |  |  | 60,000,000 |  |  |  | 20,106,960 |
Willow Place Apartments |  | September 2021 |  | October 2024 (3) |  | SOFR + 3.30% |  |  | 25,000,000 |  |  |  | 7,645,528 |
Poppy Grove I |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 35,688,328 |  |  |  | 27,842,328 |
Poppy Grove II |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 22,250,000 |  |  |  | 17,708,700 |
Poppy Grove III |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 39,119,507 |  |  |  | 30,569,507 |
Subtotal |  |  |  |  |  |  |  |  | 182,057,835 |  |  |  | 103,873,023 |
Taxable Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |
Hope on Avalon |  | January 2021 |  | August 2023 |  | SOFR + 3.55% |  | $ | 10,573,000 |  |  | $ | 5,573,000 |
Poppy Grove I |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 21,157,672 |  |  |  | 20,157,672 |
Poppy Grove II |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 10,941,300 |  |  |  | 9,941,300 |
Poppy Grove III |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 24,480,493 |  |  |  | 23,480,493 |
Subtotal |  |  |  |  |  |  |  |  | 67,152,465 |  |  |  | 59,152,465 |
Property Loans |  |  |  |  |  |  |  |  |  |  |  |
Oasis at Twin Lakes |  | July 2020 |  | August 2023 (3) |  | LIBOR + 2.50% |  | $ | 27,704,180 |  |  | $ | 3,685,523 |
Hilltop at Signal Hills |  | January 2021 |  | August 2023 (3) |  | SOFR + 3.07% |  |  | 21,197,939 |  |  |  | 1,479,605 |
Legacy Commons at Signal Hills |  | January 2021 |  | February 2024 (3) |  | SOFR + 3.07% |  |  | 32,233,972 |  |  |  | 2,567,067 |
Osprey Village |  | July 2021 |  | August 2024 (3) |  | SOFR + 3.07% |  |  | 25,500,000 |  |  |  | 24,500,000 |
Willow Place Apartments |  | September 2021 |  | October 2024 (3) |  | SOFR + 3.30% |  |  | 21,351,328 |  |  |  | 20,351,328 |
Magnolia Heights |  | June 2022 |  | July 2024 (3) |  | SOFR + 3.85% |  |  | 10,300,000 |  |  |  | 4,111,399 |
Subtotal |  |  |  |  |  |  |  |  | 138,287,419 |  |  |  | 56,694,922 |
Equity Investments |  |  |  |  |  |  |  |  |  |  |  |
Vantage at San Marcos (6), (7) |  | November 2020 |  | N/A |  | N/A |  | $ | 9,914,529 |  |  | $ | 8,943,914 |
Freestone Greeley (7) |  | October 2022 |  | N/A |  | N/A |  |  | 16,035,710 |  |  |  | 11,325,008 |
Freestone Cresta Bella (7) |  | November 2022 |  | N/A |  | N/A |  |  | 16,405,514 |  |  |  | 10,204,191 |
Subtotal |  |  |  |  |  |  |  |  | 42,355,753 |  |  |  | 30,473,113 |
Bond Purchase Commitments |  |  |  |  |  |  |  |  |  |  |  |
Anaheim & Walnut |  | September 2021 |  | Q3 2024 (8) |  | 4.85% |  | $ | 3,900,000 |  |  | $ | 3,900,000 |
Subtotal |  |  |  |  |  |  |  |  | 3,900,000 |  |  |  | 3,900,000 |
Total Commitments |  |  |  |  |  |  |  | $ | 645,657,972 |  |  | $ | 428,319,586 |
(1) The variable index interest rate components are typically subject to floors that range from 0% to 0.85%. (2) Upon stabilization, the MRB will convert to a fixed rate of 8.0% and become subordinate to the other senior MRBs. (3) The borrowers may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (4) Beginning December 2029, the interest rate will change to the greater of (i) 3.25% over the then 10-Year SOFR Swap rate, or (ii) 6.00%. (5) Upon stabilization, the MRB will convert to a fixed rate of 10.0% and become subordinate to the other senior MRBs of the borrower. (6) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). (7) A development site has been identified for this property but construction had not commenced as of December 31, 2022. (8) This is the estimated closing date of the associated bond purchase commitment.
Summary of Partnership's Maximum Exposure Under Guarantee Agreements | The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of December 31, 2022:
Borrower |  | Guaranty Maturity |  | Maximum Balance Available on Loan |  |  | Loan Balance as of December 31, 2022 |  |  | Partnership's Maximum Exposure as of December 31, 2022 |  |  | Guaranty Terms
Vantage at Stone Creek |  | 2023 |  | $ | 34,222,000 |  |  | $ | 34,222,000 |  |  | $ | 17,111,000 |  |  | (1)
Vantage at Coventry |  | 2023 |  |  | 34,536,000 |  |  |  | 34,536,000 |  |  |  | 17,268,000 |  |  | (1)
(1) 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 of not less than $100.0 million and maintain liquid assets of not less than $5.0 million. The Partnership was in compliance with these requirements as of December 31, 2022. The Partnership has also provided indemnification to the lender for various costs including environmental non-compliance and remediation during the term. The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of December 31, 2022:
Limited Partnership(s) |  | End of Guaranty Period |  | Partnership's Maximum Exposure as of December 31, 2022 |  |
Ohio Properties |  | 2026 |  | $ | 2,310,609 |  |
Greens of Pine Glen, LP |  | 2027 |  |  | 1,662,397 |  |
Borrower |  | End of Guaranty Period |  | Partnership's Maximum Exposure as of December 31, 2022 |
The 50/50 MF Property--TIF Loan |  | 2025 |  | $ | 1,809,510 |
The 50/50 MF Property--Mortgage |  | 2027 |  |  | 22,419,849 |

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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=124440162&loc=d3e12069-110248 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=124440162&loc=d3e12265-110248 + Details
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