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Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2024:
|  | For the Three Months Ended September 30, 2024 |
|  | Governmental Issuer Loans |  |  | Taxable Governmental Issuer Loans |  |  | Property Loans |  |  | Unfunded Commitments |  |  | Total |
Balance, beginning of period |  | $ | 1,111,000 |  |  | $ | 36,000 |  |  | $ | 1,948,000 |  |  | $ | 385,000 |  |  | $ | 3,480,000 |
Current provision for credit losses |  |  | (48,000 | ) |  |  | (8,000 | ) |  |  | (95,000 | ) |  |  | (75,000 | ) |  |  | (226,000 | )
Balance, end of period |  | $ | 1,063,000 |  |  | $ | 28,000 |  |  | $ | 1,853,000 |  |  | $ | 310,000 |  |  | $ | 3,254,000 |
|  | For the Nine Months Ended September 30, 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 |  |  | (231,000 | ) |  |  | (49,000 | ) |  |  | (195,000 | ) |  |  | (368,000 | ) |  |  | (843,000 | )
Balance, end of period |  | $ | 1,063,000 |  |  | $ | 28,000 |  |  | $ | 1,853,000 |  |  | $ | 310,000 |  |  | $ | 3,254,000 |
The following table summarizes the changes in the Partnership’s allowance for credit losses for the three and nine months ended September 30, 2023:
|  | For the Three Months ended September 30, 2023 |
|  | Governmental Issuer Loans |  |  | Taxable Governmental Issuer Loans |  |  | Property Loans |  |  | Unfunded Commitments |  |  | Total |
Balance, beginning of period |  |  | 1,837,000 |  |  |  | 95,000 |  |  | $ | 2,235,000 |  |  |  | 958,000 |  |  |  | 5,125,000 |
Current provision for credit losses |  |  | (268,000 | ) |  |  | (9,000 | ) |  |  | (163,000 | ) |  |  | (122,000 | ) |  |  | (562,000 | )
Balance, end of period |  | $ | 1,569,000 |  |  | $ | 86,000 |  |  | $ | 2,072,000 |  |  | $ | 836,000 |  |  | $ | 4,563,000 |
|  | For the Nine Months Ended September 30, 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 credit losses |  |  | (576,000 | ) |  |  | 7,000 |  |  |  | (531,000 | ) |  |  | (781,000 | ) |  |  | (1,881,000 | )
Balance, end of period |  | $ | 1,569,000 |  |  | $ | 86,000 |  |  | $ | 2,072,000 |  |  | $ | 836,000 |  |  | $ | 4,563,000 |
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 September 30, 2024 and December 31, 2023:
|  | September 30, 2024 |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Total |
Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | - |  |  | $ | 13,600,000 |  |  | $ | 77,779,628 |  |  | $ | 115,322,594 |  |  | $ | - |  |  | $ | - |  |  | $ | 206,702,222 |
Watch |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Nonperforming |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Subtotal |  |  | - |  |  |  | 13,600,000 |  |  |  | 77,779,628 |  |  |  | 115,322,594 |  |  |  | - |  |  |  | - |  |  |  | 206,702,222 |
Taxable Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | - |  |  | $ | - |  |  | $ | 3,157,672 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 3,157,672 |
Watch |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Nonperforming |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Subtotal |  |  | - |  |  |  | - |  |  |  | 3,157,672 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,157,672 |
Property Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 7,250,000 |  |  | $ | 7,287,992 |  |  | $ | 40,654,611 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 55,192,603 |
Watch |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Nonperforming |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 495,000 |  |  |  | 495,000 |
Subtotal |  |  | 7,250,000 |  |  |  | 7,287,992 |  |  |  | 40,654,611 |  |  |  | - |  |  |  | - |  |  |  | 495,000 |  |  |  | 55,687,603 |
Unfunded Commitments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | - |  |  | $ | 542,008 |  |  | $ | 72,700,000 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 73,242,008 |
Watch |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Nonperforming |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Subtotal |  |  | - |  |  |  | 542,008 |  |  |  | 72,700,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 73,242,008 |
Total |  | $ | 7,250,000 |  |  | $ | 21,430,000 |  |  | $ | 194,291,911 |  |  | $ | 115,322,594 |  |  | $ | - |  |  | $ | 495,000 |  |  | $ | 338,789,505 |
|  | 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 and nine months ended September 30, 2024 and 2023:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Balance, beginning of period |  | $ | 4,163,350 |  |  | $ | 9,944,579 |  |  | $ | 9,910,079 |  |  | $ | 9,978,891 |
Current provision for credit loss (1) |  |  | - |  |  |  | - |  |  |  | (169,308 | ) |  |  | - |
Write-offs (1) |  |  | - |  |  |  | - |  |  |  | (5,542,921 | ) |  |  | - |
Recovery of prior credit loss (2) |  |  | (17,344 | ) |  |  | (17,344 | ) |  |  | (51,844 | ) |  |  | (51,656 | )
Balance, end of period (3) |  | $ | 4,146,006 |  |  | $ | 9,927,235 |  |  | $ | 4,146,006 |  |  | $ | 9,927,235 |
(1) In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership recovered approximately $169,000 of its previously recognized allowance for credit loss and the remainder of the allowance associated with the MRB was written off. (2) 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. (3) The allowance for credit losses as of September 30, 2024 was related to the Live 929 Apartments – 2022A MRB. The allowance for credit losses as of September 30, 2023 was related to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB

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