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Commitments and Contingencies (Tables) | 9 Months Ended
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Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract] |
Summary of Partnership's Bond Purchase Commitments | The following table summarizes the Partnership’s bond purchase commitments as of September 30, 2023 and December 31, 2022:
Bond Purchase Commitments |  | Commitment Date |  | Maximum Committed Amounts Remaining |  |  | Interest Rate |  |  | Estimated Closing Date |  | Fair Value as of September 30, 2023 |  |  | Fair Value as of December 31, 2022 |
Anaheim & Walnut |  | September 2021 |  |  | 3,900,000 |  |  |  | 4.85 | % |  | Q3 2024 |  |  | (112,448 | ) |  |  | 98,929 |
Summary of Partnership's Total and Remaining Commitments |
Property Name |  | Commitment Date |  | Maturity Date |  | Interest Rate (1) |  | Total Initial Commitment |  |  | Remaining Commitment as of September 30, 2023 |
Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
Meadow Valley |  | December 2021 |  | December 2029 |  | 6.25% |  | $ | 44,000,000 |  |  | $ | 27,560,000 |
Residency at the Entrepreneur- Series J-3 |  | April 2022 |  | March 2040 |  | 6.00% |  |  | 26,080,000 |  |  |  | 19,680,000 |
Residency at the Entrepreneur- Series J-4 |  | April 2022 |  | March 2040 |  | SOFR + 3.60% (2) |  |  | 16,420,000 |  |  |  | 16,420,000 |
Residency at the Entrepreneur- Series J-5 |  | February 2023 |  | April 2025 (3) |  | SOFR + 3.60% |  |  | 5,000,000 |  |  |  | 4,000,000 |
Residency at Empire - Series BB-3 |  | December 2022 |  | December 2040 |  | 6.45% (4) |  |  | 14,000,000 |  |  |  | 12,745,000 |
Residency at Empire - Series BB-4 |  | December 2022 |  | December 2040 |  | 6.45% (5) |  |  | 47,000,000 |  |  |  | 47,000,000 |
Subtotal |  |  |  |  |  |  |  |  | 152,500,000 |  |  |  | 127,405,000 |
Taxable Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
Residency at the Mayer Series A-T |  | October 2021 |  | October 2024 |  | SOFR + 3.70% |  | $ | 12,500,000 |  |  | $ | 4,000,000 |
Residency at the Entrepreneur Series J-T |  | April 2022 |  | April 2025 (3) |  | SOFR + 3.65% |  |  | 8,000,000 |  |  |  | 7,000,000 |
Residency at Empire - Series BB-T |  | December 2022 |  | December 2025 (3) |  | 7.45% |  |  | 9,404,500 |  |  |  | 8,404,500 |
Village at Hanford Square - Series H-T |  | May 2023 |  | May 2030 |  | 7.25% |  |  | 10,400,000 |  |  |  | 9,400,000 |
40rty on Colony - Series P-T |  | June 2023 |  | June 2030 |  | 7.45% |  |  | 5,950,000 |  |  |  | 4,950,000 |
Subtotal |  |  |  |  |  |  |  |  | 46,254,500 |  |  |  | 33,754,500 |
Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |
Poppy Grove I |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 35,688,328 |  |  |  | 18,342,328 |
Poppy Grove II |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 22,250,000 |  |  |  | 13,708,700 |
Poppy Grove III |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 39,119,507 |  |  |  | 24,569,507 |
Subtotal |  |  |  |  |  |  |  |  | 97,057,835 |  |  |  | 56,620,535 |
Taxable Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  | 56,579,465 |  |  |  | 53,579,465 |
Property Loans |  |  |  |  |  |  |  |  |  |  |  |
Osprey Village |  | July 2021 |  | August 2024 (3) |  | SOFR + 3.07% |  | $ | 25,500,000 |  |  | $ | 16,725,196 |
Willow Place Apartments |  | September 2021 |  | October 2024 (3) |  | SOFR + 3.30% |  |  | 21,351,328 |  |  |  | 7,144,854 |
Sandy Creek Apartments |  | August 2023 |  | September 2026 |  | 8.63% (6) |  |  | 7,830,000 |  |  |  | 7,830,000 |
Subtotal |  |  |  |  |  |  |  |  | 54,681,328 |  |  |  | 31,700,050 |
Equity Investments |  |  |  |  |  |  |  |  |  |  |  |
Vantage at San Marcos (7), (8) |  | November 2020 |  | N/A |  | N/A |  | $ | 9,914,529 |  |  | $ | 8,943,914 |
Vantage at Loveland (9) |  | April 2021 |  | N/A |  | N/A |  |  | 18,215,000 |  |  |  | 1,065,061 |
Freestone Greeley (8) |  | October 2022 |  | N/A |  | N/A |  |  | 16,035,710 |  |  |  | 11,325,008 |
Freestone Cresta Bella |  | November 2022 |  | N/A |  | N/A |  |  | 16,405,514 |  |  |  | 2,607,927 |
Valage Senior Living Carson Valley |  | February 2023 |  | N/A |  | N/A |  |  | 8,163,301 |  |  |  | 643,104 |
The Jessam at Hays Farm |  | July 2023 |  | N/A |  | N/A |  |  | 16,532,636 |  |  |  | 12,834,437 |
Subtotal |  |  |  |  |  |  |  |  | 85,266,690 |  |  |  | 37,419,451 |
Bond Purchase Commitments |  |  |  |  |  |  |  |  |  |  |  |
Anaheim & Walnut |  | September 2021 |  | Q3 2024 (10) |  | 4.85% |  | $ | 3,900,000 |  |  | $ | 3,900,000 |
Subtotal |  |  |  |  |  |  |  |  | 3,900,000 |  |  |  | 3,900,000 |
Total Commitments |  |  |  |  |  |  |  | $ | 496,239,818 |  |  | $ | 344,379,001 |
(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 interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025. (7) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). (8) A development site has been identified for this property but construction had not commenced as of September 30, 2023. (9) In July 2023, the Partnership's initial commitment of $16.3 million was increased by $1.9 million upon meeting certain conditions as outlined in the original agreement. (10) This is the estimated closing date of the associated bond purchase commitment.
Summary of Partnership's Maximum Exposure Under Guaranty Agreements | The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of September 30, 2023:
Limited Partnership(s) |  | End of Guaranty Period |  | Partnership's Maximum Exposure as of September 30, 2023 |  |
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 September 30, 2023 |
The 50/50 MF Property--TIF Loan |  | 2025 |  | $ | 1,515,941 |
The 50/50 MF Property--Mortgage |  | 2027 |  |  | 22,001,116 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-4 + Details
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