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Subsequent Events (Tables)
 9 Months Ended
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