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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023:

Bond Purchase Commitments

Commitment Date

Maximum Committed Amounts Remaining

Interest Rate

Closing Date

Fair Value as of September 30, 2024

Fair Value as of December 31, 2023

Anaheim & Walnut (a/k/a Wellspring Apartments

September 2021

$

-

4.85

%

August 2024

-

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 September 30, 2024
Mortgage Revenue Bonds
Meadow Valley		December 2021		December 2029		6.25%		$	44,000,000			$	7,330,000
Residency at the Entrepreneur- Series J-4		April 2022		March 2040		SOFR + 3.60% (2)			16,420,000				2,400,000
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				33,200,000
The Safford		October 2023		October 2026 (3)		7.59%			43,000,000				16,774,314
Subtotal									155,420,000				63,704,314
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				4,400,000
40rty on Colony - Series P-T		June 2023		June 2030		7.45%			5,950,000				3,450,000
Subtotal									33,754,500				23,254,500
Governmental Issuer Loans
Poppy Grove II		September 2022		April 2025 (3)		6.78%			22,250,000				4,708,700
Poppy Grove III		September 2022		April 2025 (3)		6.78%			39,119,507				14,569,507
Subtotal									61,369,507				19,278,207
Taxable Governmental Issuer Loans
Poppy Grove I		September 2022		April 2025 (3)		6.78%		$	21,157,672			$	20,000,000
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				53,421,793
Property Loans
Sandy Creek Apartments		August 2023		September 2026 (3)		8.63% (5)		$	7,830,000			$	542,008
Subtotal									7,830,000				542,008
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				6,997,573
Freestone Ladera		December 2023		N/A		N/A			17,097,624				11,187,209
Subtotal									63,097,433				37,691,041
Total Commitments								$	378,050,905			$	197,891,863

(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 September 30, 2024.

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, 2024:

Limited Partnership(s)		End of Guaranty Period		Partnership's Maximum Exposure as of September 30, 2024
Ohio Properties		2026		$	1,960,152
Greens of Pine Glen, LP		2027			1,470,582

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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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