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Commitments and Contingencies (Tables)

9 Months Ended

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

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