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Commitments and Contingencies (Tables)

12 Months Ended

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