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Subsequent Events (Tables) | 12 Months Ended
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Dec. 31, 2022
Subsequent Event [Line Items] |
Schedule of terms of partnership's MRB and taxable MRB investments | The following table summarizes the terms of the Partnership’s MRB and taxable MRB investments:
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date |  | Interest Rate |  | Principal Funded |
Windsor Shores Apartments - MRB |  | January |  | Columbia, SC |  |  | 176 |  |  | 2/1/2030 |  | 6.50% |  | $ | 21,545,000 |
Windsor Shores Apartments - taxable MRB |  | January |  | Columbia, SC |  |  | 176 |  |  | 2/1/2030 |  | 6.50% |  |  | 805,000 |
The Ivy Apartments - MRB |  | January |  | Greenville, SC |  |  | 212 |  |  | 2/1/2030 |  | 6.50% |  |  | 30,500,000 |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | 52,850,000 |
Summary of Securitized Assets and Initial Terms of TOB Trust Financings | The following table summarizes the securitized assets and the initial terms of the TOB trust financings:
TOB Trusts Securitization |  | TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Remarketing Senior Securities Rate |  | Facility Fees |  | Interest Rate
Residency at Empire MRBs |  | $ | 14,400,000 |  |  | January 2026 |  | Variable |  | Yes |  | 3.38% |  | 1.42% |  | 4.80%
Windsor Shores Apartments MRB |  |  | 17,236,000 |  |  | January 2026 |  | Variable |  | Yes |  | 2.11% |  | 1.44% |  | 3.55%
SoLa Impact Opportunity Zone Fund loan |  |  | 27,300,000 |  |  | December 2024 |  | Variable |  | No |  | 4.57% |  | 1.78% |  | 6.35%
The Ivy Apartments MRB |  |  | 24,400,000 |  |  | February 2028 |  | Variable |  | Yes |  | 3.99% |  | 1.44% |  | 5.43%
Total TOB Trust Financing |  | $ | 83,336,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of MRBs Redeemed | The following MRBs were redeemed at prices that approximated the Partnership's carrying value plus accrued interest during the year ended December 31, 2022:
Property Name |  | Month Redeemed |  | Property Location |  | Units |  |  | Original Maturity Date |  | Interest Rate |  |  | Principal Outstanding at Date of Redemption |
Ohio Properties - Series A |  | March |  | (1) |  |  | 362 |  |  | 6/1/2050 |  |  | 7.00 | % |  | $ | 13,544,000 |
Ohio Properties - Series B |  | March |  | (1) |  |  | 362 |  |  | 6/1/2050 |  |  | 10.00 | % |  |  | 3,459,840 |
Bridle Ridge |  | May |  | Greer, SC |  |  | 152 |  |  | 1/1/2043 |  |  | 6.00 | % |  |  | 7,100,000 |
Cross Creek |  | September |  | Beaufort, SC |  |  | 144 |  |  | 3/1/2049 |  |  | 6.15 | % |  |  | 7,666,752 |
Gateway Village |  | October |  | Durham, NC |  |  | 64 |  |  | 4/1/2032 |  |  | 6.10 | % |  |  | 2,589,163 |
Lynnhaven Apartments |  | October |  | Durham, NC |  |  | 75 |  |  | 4/1/2032 |  |  | 6.10 | % |  |  | 3,435,621 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 37,795,376 |
(1) The Ohio Properties consist of Crescent Village, located in Cincinnati, Ohio, Willow Bend, located in Columbus (Hilliard), Ohio and Postwoods, located in Reynoldsburg, Ohio. The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest, except as noted below, during the year ended December 31, 2021:
Property Name |  | Month Redeemed |  | Property Location |  | Units |  |  | Original Maturity Date |  | Interest Rate |  |  | Principal Outstanding at Date of Redemption |
Arby Road Apartments - Series A (1) |  | March |  | Las Vegas, NV |  |  | 180 |  |  | 10/1/2027 |  |  | 5.35 | % |  | $ | 1,600,000 |
Arby Road Apartments - Series A (1) |  | March |  | Las Vegas, NV |  |  | 180 |  |  | 4/1/2041 |  |  | 5.50 | % |  |  | 5,785,000 |
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 |
Woodlynn Village |  | November |  | Maplewood, MN |  |  | 59 |  |  | 11/1/2042 |  |  | 6.00 | % |  |  | 4,065,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 43,830,074 |
(1) Both MRBs are part of the same series but had different interest rates and maturity dates. In February 2023, the following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest:
Property Name |  | Month Redeemed |  | Property Location |  | Units |  | Original Maturity Date |  | Interest Rate |  | Principal Outstanding at Date of Redemption |
Greens Property - Series A |  | February 2023 |  | Durham, NC |  | 168 |  | 10/1/2047 |  | 6.50% |  | $ | 7,579,000 |
Greens Property - Series B |  | February 2023 |  | Durham, NC |  | 168 |  | 10/1/2047 |  | 12.00% |  | $ | 914,040 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 8,493,040 |
Interest Rate Cap Agreements [Member] |
Subsequent Event [Line Items] |
Summary of Partnership's Derivative Instruments |
Purchase Date |  | Notional Amount |  |  | Maturity Date |  | Effective Capped Rate (1) |  |  | Index |  | Variable Debt Financing Hedged (1) |  | Counterparty |  | Fair Value as of December 31, 2022 |
August 2019 |  |  | 75,014,903 |  |  | Aug 2024 |  |  | 4.5 | % |  | SIFMA |  | M31 TEBS |  | Barclays Bank PLC |  | $ | 91,627 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 91,627 |
(1) See Notes 15 and 23 for additional details.
Purchase Date |  | Notional Amount |  |  | Maturity Date |  | Effective Capped Rate (1) |  |  | Index |  | Variable Debt Financing Hedged (1) |  | Counterparty |  | Fair Value as of December 31, 2021 |
August 2019 |  |  | 76,544,336 |  |  | Aug 2024 |  |  | 4.5 | % |  | SIFMA |  | M31 TEBS |  | Barclays Bank PLC |  | $ | 51,090 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 51,090 |
(1) See Notes 15 and 23 for additional details. In January 2023, the Partnership entered into two additional interest rate swap agreements to mitigate interest rate risk associated with the variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreements:
Purchase Date |  | Notional Amount |  |  | Effective Date |  | Termination Date |  | Fixed Rate Paid |  | Variable Rate Index Received |  | Variable Debt Financing Hedged |  | Counterparty
January 2023 |  | $ | 12,065,200 |  |  | 1/19/2023 |  | 1/1/2030 |  | 3.354% |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets
January 2023 |  | $ | 8,027,600 |  |  | 2/1/2023 |  | 2/1/2030 |  | 3.289% |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets

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