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Commitments and Contingencies (Tables) | 6 Months Ended
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Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract] |
Summary of Partnership's Bond Purchase Commitments | The following table summarizes the Partnership’s bond purchase commitments as of June 30, 2024 and December 31, 2023:
Bond Purchase Commitments |  | Commitment Date |  | Maximum Committed Amounts Remaining |  |  | Interest Rate |  |  | Estimated Closing Date |  | Fair Value as of June 30, 2024 |  |  | Fair Value as of December 31, 2023 |
Anaheim & Walnut |  | September 2021 |  |  | 3,900,000 |  |  |  | 4.85 | % |  | Q3 2024 |  |  | 46,238 |  |  |  | 197,788 |
Summary of Partnership's Total and Remaining Commitments |
Property Name |  | Commitment Date |  | Maturity Date |  | Interest Rate (1) |  | Total Initial Commitment |  |  | Remaining Commitment as of June 30, 2024 |
Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
Meadow Valley |  | December 2021 |  | December 2029 |  | 6.25% |  | $ | 44,000,000 |  |  | $ | 14,470,000 |
Residency at the Entrepreneur- Series J-4 |  | April 2022 |  | March 2040 |  | SOFR + 3.60% (2) |  |  | 16,420,000 |  |  |  | 12,600,000 |
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-4 |  | December 2022 |  | December 2040 |  | 6.45% (4) |  |  | 47,000,000 |  |  |  | 41,500,000 |
The Safford |  | October 2023 |  | October 2026 (3) |  | 7.59% |  |  | 43,000,000 |  |  |  | 23,737,106 |
Subtotal |  |  |  |  |  |  |  |  | 155,420,000 |  |  |  | 96,307,106 |
Taxable Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
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 |  |  |  | 6,900,000 |
40rty on Colony - Series P-T |  | June 2023 |  | June 2030 |  | 7.45% |  |  | 5,950,000 |  |  |  | 4,950,000 |
Subtotal |  |  |  |  |  |  |  |  | 33,754,500 |  |  |  | 27,254,500 |
Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |
Poppy Grove I |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 35,688,328 |  |  |  | 7,842,328 |
Poppy Grove II |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 22,250,000 |  |  |  | 9,708,700 |
Poppy Grove III |  | September 2022 |  | April 2025 (3) |  | 6.78% |  |  | 39,119,507 |  |  |  | 18,569,507 |
Subtotal |  |  |  |  |  |  |  |  | 97,057,835 |  |  |  | 36,120,535 |
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 |  |  |  |  |  |  |  |  |  |  |  |
Sandy Creek Apartments |  | August 2023 |  | September 2026 (3) |  | 8.63% (5) |  | $ | 7,830,000 |  |  | $ | 1,042,008 |
Subtotal |  |  |  |  |  |  |  |  | 7,830,000 |  |  |  | 1,042,008 |
Equity Investments |  |  |  |  |  |  |  |  |  |  |  |
Vantage at San Marcos (6), (7) |  | November 2020 |  | N/A |  | N/A |  | $ | 9,914,529 |  |  | $ | 8,943,914 |
Freestone Greeley (7) |  | October 2022 |  | N/A |  | N/A |  |  | 16,035,710 |  |  |  | 10,562,345 |
Freestone Greenville |  | December 2023 |  | N/A |  | N/A |  |  | 20,049,570 |  |  |  | 12,639,538 |
Freestone Ladera (7) |  | December 2023 |  | N/A |  | N/A |  |  | 17,097,624 |  |  |  | 13,449,494 |
Subtotal |  |  |  |  |  |  |  |  | 63,097,433 |  |  |  | 45,595,291 |
Bond Purchase Commitments |  |  |  |  |  |  |  |  |  |  |  |
Anaheim & Walnut |  | September 2021 |  | Q3 2024 (8) |  | 4.85% |  | $ | 3,900,000 |  |  | $ | 3,900,000 |
Subtotal |  |  |  |  |  |  |  |  | 3,900,000 |  |  |  | 3,900,000 |
Total Commitments |  |  |  |  |  |  |  | $ | 417,639,233 |  |  | $ | 263,798,905 |
(1) The variable index interest rate components are subject to a floor of 0.27%. (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) Upon stabilization, the MRB will convert to a fixed rate of 10.0% and become subordinate to the other senior MRBs of the borrower. (5) The interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025. (6) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 3). (7) A development site has been identified for this property but construction had not commenced as of June 30, 2024. (8) 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 June 30, 2024:
Limited Partnership(s) |  | End of Guaranty Period |  | Partnership's Maximum Exposure as of June 30, 2024 |  |
Ohio Properties |  | 2026 |  | $ | 1,960,152 |  |
Greens of Pine Glen, LP |  | 2027 |  |  | 1,470,582 |  |

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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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