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Notes Receivable
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Notes Receivable

3. Notes Receivable

 

The following table summarizes our notes receivables at December 31, 2021 and 2020: 

 

   Carrying Value   Interest    Maturity  
Borrower / Project  2021   2020   Rate    Date  
United Housing Foundation (Echo Station)  $1,481   $1,481    12.00%   12/31/2032 
United Housing Foundation (Lakeshore Villas)   2,000    2,000    12.00%   12/31/2032 
United Housing Foundation (Lakeshore Villas)   6,369    6,369    12.00%   12/31/2032 
United Housing Foundation (Limestone Ranch)   —    1,953    12.00%   12/31/2032 
United Housing Foundation (Timbers of Terrell)   1,323    1,323    12.00%   12/31/2032 
   $11,173   $13,126           

 

The borrower is determined to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable. Principal and interest payments on the notes from Unified Housing Foundation, Inc. (“UHF”) are funded from surplus cash flow from operations, sale or refinancing of the underlying properties and are cross collateralized to the extent that any surplus cash available from any of the properties underlying the notes.