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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2024 and December 31, 2023:
Bond Purchase Commitments |  | Commitment Date |  | Maximum Committed Amounts Remaining |  |  | Interest Rate |  |  | Closing Date |  | Fair Value as of December 31, 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 |  | Asset Maturity Date |  | Interest Rate |  | Total Initial Commitment |  |  | Remaining Commitment as of December 31, 2024 |
Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
Meadow Valley |  | December 2021 |  | December 2029 |  | 6.25% |  | $ | 44,000,000 |  |  | $ | 2,935,000 |
Residency at Empire - Series BB-4 |  | December 2022 |  | December 2040 |  | 6.45% (1) |  |  | 47,000,000 |  |  |  | 25,800,000 |
The Safford |  | October 2023 |  | October 2026 (2) |  | 7.59% |  |  | 43,000,000 |  |  |  | 5,651,043 |
Subtotal |  |  |  |  |  |  |  |  | 134,000,000 |  |  |  | 34,386,043 |
Taxable Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
Residency at the Entrepreneur Series J-T |  | April 2022 |  | April 2025 (2) |  | SOFR + 3.65% (3) |  | $ | 8,000,000 |  |  | $ | 4,600,000 |
Residency at Empire - Series BB-T |  | December 2022 |  | December 2025 (2) |  | 7.45% |  |  | 9,404,500 |  |  |  | 8,404,500 |
Village at Hanford Square - Series H-T |  | May 2023 |  | May 2030 |  | 7.25% |  |  | 10,400,000 |  |  |  | 1,400,000 |
40rty on Colony - Series P-T |  | June 2023 |  | June 2030 |  | 7.45% |  |  | 5,950,000 |  |  |  | 1,400,000 |
Subtotal |  |  |  |  |  |  |  |  | 33,754,500 |  |  |  | 15,804,500 |
Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |
Poppy Grove II |  | September 2022 |  | April 2025 (2) |  | 6.78% |  |  | 22,250,000 |  |  |  | 708,700 |
Poppy Grove III |  | September 2022 |  | April 2025 (2) |  | 6.78% |  |  | 39,119,507 |  |  |  | 5,569,507 |
Natchitoches Thomas Apartments |  | December 2024 |  | July 2027 (2) |  | 7.92% |  |  | 19,000,000 |  |  |  | 12,500,000 |
Subtotal |  |  |  |  |  |  |  |  | 80,369,507 |  |  |  | 18,778,207 |
Taxable Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |
Poppy Grove I |  | September 2022 |  | April 2025 (2) |  | 6.78% |  | $ | 21,157,672 |  |  | $ | 10,000,000 |
Poppy Grove II |  | September 2022 |  | April 2025 (2) |  | 6.78% |  |  | 10,941,300 |  |  |  | 9,941,300 |
Poppy Grove III |  | September 2022 |  | April 2025 (2) |  | 6.78% |  |  | 24,480,493 |  |  |  | 23,480,493 |
Natchitoches Thomas Apartments |  | December 2024 |  | July 2027 (2) |  | 7.92% |  |  | 4,000,000 |  |  |  | 3,000,000 |
Subtotal |  |  |  |  |  |  |  |  | 60,579,465 |  |  |  | 46,421,793 |
Property Loans |  |  |  |  |  |  |  |  |  |  |  |
Sandoval Flats |  | November 2024 |  | December 2027 (2) |  | 7.48% |  | $ | 29,846,000 |  |  | $ | 28,846,000 |
Subtotal |  |  |  |  |  |  |  |  | 29,846,000 |  |  |  | 28,846,000 |
Equity Investments |  |  |  |  |  |  |  |  |  |  |  |
Vantage at San Marcos (4), (5) |  | November 2020 |  | N/A |  | N/A |  | $ | 9,914,529 |  |  | $ | 8,943,914 |
Freestone Greeley (5) |  | October 2022 |  | N/A |  | N/A |  |  | 16,035,710 |  |  |  | 10,562,345 |
Freestone Ladera |  | December 2023 |  | N/A |  | N/A |  |  | 17,097,624 |  |  |  | 7,704,782 |
Subtotal |  |  |  |  |  |  |  |  | 43,047,863 |  |  |  | 27,211,041 |
Total Commitments |  |  |  |  |  |  |  | $ | 381,597,335 |  |  | $ | 171,447,584 |
(1) Upon stabilization, the MRB will convert to a fixed rate of 10.00% and become subordinate to the other senior MRBs of the borrower. (2) 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. (3) The variable index interest rate component is subject to a floor of 0.27%. (4) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 3). (5) A development site has been identified for this property but construction had not commenced as of December 31, 2024. Construction Loan Guaranties
Summary of Partnership's Maximum Exposure Under Guarantee Agreements | The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of December 31, 2024:
Borrower |  | Guaranty Maturity |  | Maximum Balance Available on Loan |  |  | Loan Balance as of December 31, 2024 |  |  | Partnership's Maximum Exposure as of December 31, 2024 |  |  | Guaranty Terms
Vantage at McKinney Falls |  | 2026 |  | $ | 35,850,000 |  |  | $ | 35,850,000 |  |  | $ | 17,925,000 |  |  | (1)
(1) The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth of not less than $100.0 million and maintain liquid assets of not less than $5.0 million. The Partnership was in compliance with these requirements as of December 31, 2024. The Partnership has also provided indemnification to the lender for various costs including interest expenses, operating costs, environmental non-compliance and remediation during the term. The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of December 31, 2024:
Limited Partnership(s) |  | End of Guaranty Period |  | Partnership's Maximum Exposure as of December 31, 2024 |  |
Ohio Properties |  | 2026 |  | $ | 1,609,695 |  |
Greens of Pine Glen, LP |  | 2027 |  |  | 1,278,767 |  |

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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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