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Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2023

Subsequent Event [Line Items]

Summary of Partnership's Derivative Instruments

In July 2023, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with its variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement:

Trade Date

Notional Amount

Effective Date

Termination Date

Fixed Rate Paid

Variable Rate Index Received

Variable Debt Financing Hedged

Counterparty

July 2023

$

6,240,000

8/1/2023

6/1/2030

3.645%

Compounded SOFR

TOB Trusts

Mizuho Capital Markets

Summary of Initial Terms of TOB Trust Financings

In July 2023, the Partnership entered into a new TOB trust financing arrangement with Mizuho. A portion of the proceeds were used to repay the outstanding balance on the Partnership’s Acquisition LOC. The following table summarizes the initial terms of the TOB trust financing:

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

40rty on Colony - Series P MRB

$

4,465,000

July 2026

Variable

Yes

3.31%

1.44%

4.75%

Schedule of terms of partnership's MRB investments

The following table summarizes the terms of the Ocotillo Springs MRB after conversion:

Mortgage Revenue Bond Name

Month Acquired

Property Location

Units

Maturity Date

Fixed Interest Rate

Principal Acquired

Ocotillo Springs - Series A

July 2023

Brawley, CA

75

8/1/2038

4.35%

$

3,500,000

Ocotillo Springs - Series A-1

July 2023

Brawley, CA

75

8/1/2038

6.50%

500,000

$

4,000,000

Summary of Debt Financing Principal Payments made with the Redemption of the Ocotillo Springs taxable MRB

The following is a summary of the debt financing principal payments made in connection with the redemption or sale of underlying assets during the six months ended June 30, 2023:

Debt Financing		Debt Facility		Month		Paydown Applied
Greens of Pine Glen		M31 TEBS		February 2023		$	7,579,000
Oasis at Twin Lakes GIL		TOB Trust		June 2023			30,600,000
Trust 2021-XF2926 - Oasis at Twin Lakes property loan		TOB Trust		June 2023			21,600,000
						$	59,779,000

during the six months ended June 30, 2022:

Debt Financing		Debt Facility		Month		Paydown Applied
Live 929 Apartments - 2014 Series A		TOB Trust		January 2022		$	31,565,000
Ohio Properties - Series A		M24 TEBS		March 2022			13,544,000
Bridle Ridge		M24 TEBS		April 2022			7,100,000
Gateway Village		TOB Trust		May 2022			2,183,000
Lynnhaven Apartments		TOB Trust		May 2022			2,896,000
						$	57,288,000

MRB [Member]

Subsequent Event [Line Items]

Summary of Debt Financing Principal Payments made with the Redemption of the Ocotillo Springs taxable MRB

The following is a summary of the debt financing principal payments made in connection with the redemption of the Ocotillo Springs taxable MRB and the conversion of the Ocotillo Springs MRB to permanent financing:

Debt Financing		Debt Facility		Month		Paydown Applied
Ocotillo Springs - Series A		Variable TOB		July 2023		$	10,535,000
Trust 2021-XF2939		Variable TOB		July 2023			5,770,000
						$	16,305,000

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