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Subsequent Events (Tables) | 9 Months Ended
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Sep. 30, 2023
Subsequent Event [Line Items] |
Schedule of terms of partnership's MRB investments | The following table summarizes the terms of the Ocotillo Springs MRBs after conversion:
Property Name |  | Property Location |  | Units |  |  | Maturity Date |  | Fixed Interest Rate |  |  | Post-Conversion Principal |
Ocotillo Springs - Series A |  | Brawley, CA |  |  | 75 |  |  | 8/1/2038 |  |  | 4.35 | % |  | $ | 3,500,000 |
Ocotillo Springs - Series A-1 |  | Brawley, CA |  |  | 75 |  |  | 8/1/2038 |  |  | 6.50 | % |  |  | 500,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 4,000,000 |
Summary of Initial Terms of TOB Trusts Financings | In October 2023, the Partnership entered into a new TOB trust financing arrangement with Mizuho. 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
The Safford MRB |  | $ | 6,050,000 |  |  | October 2026 |  | Variable |  | Yes |  | 4.46% |  | 1.44% |  | 5.90%
Summary of Partnership's Derivative Instruments | In October 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
October 2023 |  | $ | 3,520,000 |  | (1) | 10/10/2023 |  | 4/1/2027 |  | 4.722% |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets
(1) The notional amount increases according to a schedule up to a maximum notional amount of $24.1 million.
Mortgage Revenue Bonds [Member] |
Subsequent Event [Line Items] |
Schedule of terms of partnership's MRB investments | The following table summarizes the terms of the Partnership’s MRB investment:
Commitment |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date |  | Fixed Interest Rate |  | Initial Funding |  |  | Maximum Commitment |
The Safford |  | October 2023 |  | Marana, AZ |  |  | 200 |  |  | 10/10/2026 |  | 7.59% |  | $ | 7,560,034 |  |  | $ | 43,000,000 |

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