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Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]  
Summary of Changes in Partnership's Allowance for Credit Losses

The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2024 and 2023:

 

 

For the Three Months Ended March 31, 2024

 

 

 

Governmental Issuer Loans

 

 

Taxable Governmental Issuer Loans

 

 

Property Loans

 

 

Unfunded Commitments

 

 

Total

 

Balance, beginning of period

 

$

1,294,000

 

 

$

77,000

 

 

$

2,048,000

 

 

$

678,000

 

 

$

4,097,000

 

Current provision for credit losses

 

 

(128,000

)

 

 

(36,000

)

 

 

(420,000

)

 

 

(222,000

)

 

 

(806,000

)

Balance, end of period

 

$

1,166,000

 

 

$

41,000

 

 

$

1,628,000

 

 

$

456,000

 

 

$

3,291,000

 

 

 

 

For the Three Months ended March 31, 2023

 

 

 

Governmental Issuer Loans

 

 

Taxable Governmental Issuer Loans

 

 

Property Loans

 

 

Unfunded Commitments

 

 

Total

 

Balance, beginning of period

 

 

-

 

 

 

-

 

 

$

495,000

 

 

 

-

 

 

 

495,000

 

Cumulative-effect adjustment upon adoption

 

$

2,145,000

 

 

$

79,000

 

 

 

2,108,000

 

 

$

1,617,000

 

 

$

5,949,000

 

Current provision for expected credit losses

 

 

(65,000

)

 

 

10,000

 

 

 

(153,000

)

 

 

(337,000

)

 

 

(545,000

)

Balance, end of period

 

$

2,080,000

 

 

$

89,000

 

 

$

2,450,000

 

 

$

1,280,000

 

 

$

5,899,000

 
Summary of Partnerships Carrying Value by Acquisition Year Grouped by Risk Rating

The following tables summarize the Partnership’s carrying value by acquisition year, grouped by risk rating as of March 31, 2024 and December 31, 2023:

 

 

March 31, 2024

 

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Total

 

Governmental Issuer Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

-

 

 

$

13,600,000

 

 

$

72,337,300

 

 

$

119,620,000

 

 

$

-

 

 

$

-

 

 

$

205,557,300

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Nonperforming

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Subtotal

 

 

-

 

 

 

13,600,000

 

 

 

72,337,300

 

 

 

119,620,000

 

 

 

-

 

 

 

-

 

 

 

205,557,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Governmental Issuer Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

-

 

 

$

-

 

 

$

3,000,000

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

3,000,000

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Nonperforming

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Subtotal

 

 

-

 

 

 

-

 

 

 

3,000,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

-

 

 

$

4,716,960

 

 

$

47,640,860

 

 

$

-

 

 

$

-

 

 

$

453,594

 

 

$

52,811,414

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Nonperforming

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

495,000

 

 

 

495,000

 

Subtotal

 

 

-

 

 

 

4,716,960

 

 

 

47,640,860

 

 

 

-

 

 

 

-

 

 

 

948,594

 

 

 

53,306,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unfunded Commitments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

-

 

 

$

3,113,040

 

 

$

98,700,000

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

101,813,040

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Nonperforming

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Subtotal

 

 

-

 

 

 

3,113,040

 

 

 

98,700,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

101,813,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

-

 

 

$

21,430,000

 

 

$

221,678,160

 

 

$

119,620,000

 

 

$

-

 

 

$

948,594

 

 

$

363,676,754

 

 

 

 

December 31, 2023

 

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Total

 

Governmental Issuer Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

13,600,000

 

 

$

66,337,300

 

 

$

143,010,000

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

222,947,300

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Nonperforming

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Subtotal

 

 

13,600,000

 

 

 

66,337,300

 

 

 

143,010,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

222,947,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Governmental Issuer Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

-

 

 

$

3,000,000

 

 

$

10,573,000

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

13,573,000

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Nonperforming

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Subtotal

 

 

-

 

 

 

3,000,000

 

 

 

10,573,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,573,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

7,358,876

 

 

$

48,140,860

 

 

$

66,107,874

 

 

$

-

 

 

 

-

 

 

$

453,594

 

 

$

122,061,204

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Nonperforming

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

$

495,000

 

 

 

-

 

 

 

495,000

 

Subtotal

 

 

7,358,876

 

 

 

48,140,860

 

 

 

66,107,874

 

 

 

-

 

 

 

495,000

 

 

 

453,594

 

 

 

122,556,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unfunded Commitments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

6,909,378

 

 

$

104,700,000

 

 

$

12,977,426

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

124,586,804

 

Watch

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Nonperforming

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Subtotal

 

 

6,909,378

 

 

 

104,700,000

 

 

 

12,977,426

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

124,586,804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

27,868,254

 

 

$

222,178,160

 

 

$

232,668,300

 

 

$

-

 

 

$

495,000

 

 

$

453,594

 

 

$

483,663,308

 
MRB and taxable MRB investments [Member]  
Financing Receivable, Allowance for Credit Loss [Line Items]  
Summary of Changes in Partnership's Allowance for Credit Losses The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2024 and 2023:

 

 

 

For the Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Balance, beginning of period

 

$

9,910,079

 

 

$

9,978,891

 

Recovery of prior credit loss (1)

 

 

(17,155

)

 

 

(16,967

)

Balance, end of period (2)

 

$

9,892,924

 

 

$

9,961,924

 
(1)
The Partnership compared the present value of cash flows expected to be collected to the amortized cost basis of the Live 929 Apartments Series 2022A MRB, which indicated a recovery of value. As the recovery was identified prior to the effective date of the CECL standard, the Partnership will accrete the recovery of prior credit loss into investment income over the term of the MRB.
(2)
The allowance for credit losses as of March 31, 2024 and 2023 was related to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB.