Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | GREYSTONE HOUSING IMPACT INVESTORS LP | |
Entity Central Index Key | 0001059142 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Units Outstanding | 22,926,871 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-41564 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-0810385 | |
Entity Address, Address Line One | 14301 FNB Parkway | |
Entity Address, Address Line Two | Suite 211 | |
Entity Address, City or Town | Omaha | |
Entity Address, State or Province | NE | |
Entity Address, Postal Zip Code | 68154 | |
City Area Code | 402 | |
Local Phone Number | 952-1235 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of each class | Beneficial Unit Certificates representing assignments of limited partnership interests in Greystone Housing Impact Investors LP | |
Trading Symbol | GHI | |
Name of each exchange on which registered | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
Assets: | |||
Cash and cash equivalents | $ 58,917,793 | $ 51,188,416 | |
Restricted cash | 47,908,052 | 41,448,840 | |
Interest receivable, net | 8,711,600 | 11,628,173 | |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 842,828,122 | 763,208,945 | |
Mortgage revenue bonds, at fair value (Note 6) | 16,217,828 | 36,199,059 | |
Governmental issuer loans: | |||
Governmental issuer loans held in trust (Note 7) | 255,947,300 | 300,230,435 | |
Allowance for credit losses (Note 13) | (1,569,000) | ||
Governmental issuer loans, net | 254,378,300 | 300,230,435 | |
Property loans: | |||
Property loans outstanding principal | 117,504,187 | 175,604,711 | [1] |
Allowance for credit losses (Note 13) | (2,072,000) | (495,000) | |
Property loans, net | 115,432,187 | 175,109,711 | |
Investments in unconsolidated entities (Note 9) | 118,524,669 | 115,790,841 | |
Real estate assets, net (Note 10) | 35,271,586 | 36,550,478 | |
Other assets (Note 12) | 48,140,378 | 35,774,667 | |
Total Assets | 1,546,330,515 | 1,567,129,565 | |
Liabilities: | |||
Accounts payable, accrued expenses and other liabilities (Note 14) | 23,622,274 | 21,733,506 | |
Distribution payable | 8,481,019 | 10,899,677 | |
Secured lines of credit (Note 15) | 16,500,000 | 55,500,000 | |
Debt financing, net (Note 16) | 1,081,409,507 | 1,058,903,952 | |
Mortgages payable and other secured financing, net (Note 17) | 26,512,747 | 1,690,000 | |
Total Liabilities | 1,156,525,547 | 1,148,727,135 | |
Commitments and Contingencies (Note 19) | |||
Redeemable Preferred Units, $92.5 million redemption value, 9.3 million issued and outstanding, net (Note 20) | 92,427,708 | 94,446,913 | |
Partnersʼ Capital: | |||
General Partner (Note 1) | 19,833 | 285,571 | |
Beneficial Unit Certificates ("BUCs," Note 1) | 297,357,427 | 323,669,946 | |
Total Partnersʼ Capital | 297,377,260 | 323,955,517 | |
Total Liabilities and Partnersʼ Capital | $ 1,546,330,515 | $ 1,567,129,565 | |
[1] The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 % |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Redeemable preferred units redemption value | $ 92.5 | $ 92.5 |
Redeemable preferred units, issued | 9.3 | 9.3 |
Redeemable preferred units, outstanding | 9.3 | 9.3 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Investment income | $ 20,537,399 | $ 16,563,509 | $ 62,255,855 | $ 44,792,212 |
Property revenues | 1,198,892 | 1,914,200 | 3,532,868 | 5,785,742 |
Other interest income | 4,621,098 | 4,126,695 | 13,677,110 | 8,465,788 |
Other income | 116,747 | 250,214 | ||
Total revenues | 26,474,136 | 22,604,404 | 79,716,047 | 59,043,742 |
Expenses: | ||||
Real estate operating (exclusive of items shown below) | 873,668 | 1,520,589 | 2,090,613 | 3,563,672 |
Provision for credit losses | (562,000) | (1,881,000) | ||
Depreciation and amortization | 413,433 | 688,488 | 1,223,822 | 2,056,512 |
Interest expense | 10,717,401 | 8,035,982 | 37,677,382 | 18,750,079 |
General and administrative | 5,328,469 | 4,505,056 | 15,510,475 | 11,995,781 |
Total expenses | 16,770,971 | 14,750,115 | 54,621,292 | 36,366,044 |
Other Income: | ||||
Gain on sale of investments in unconsolidated entities | 32,385 | 10,580,781 | 22,725,398 | 39,664,032 |
Income before income taxes | 9,735,550 | 18,435,070 | 47,820,153 | 62,341,730 |
Income tax expense (benefit) | 6,172 | (81,523) | 12,381 | (45,562) |
Net income | 9,729,378 | 18,516,593 | 47,807,772 | 62,387,292 |
Redeemable Preferred Unit distributions and accretion | (700,156) | (716,490) | (2,245,988) | (2,150,734) |
Net income available to Partners | 9,029,222 | 17,800,103 | 45,561,784 | 60,236,558 |
Net income available to Partners allocated to: | ||||
General Partner | 25,049 | 142,394 | 3,514,195 | 3,111,474 |
Net income available to Partners and noncontrolling interest | $ 9,029,222 | $ 17,800,103 | $ 45,561,784 | $ 60,236,558 |
BUC holders' interest in net income per BUC, basic | $ 0.39 | $ 0.77 | $ 1.84 | $ 2.51 |
BUC holders' interest in net income per BUC, diluted | $ 0.39 | $ 0.77 | $ 1.84 | $ 2.51 |
Weighted average number of BUCs outstanding, basic | 22,734,412 | 22,676,491 | 22,734,479 | 22,676,038 |
Weighted average number of BUCs outstanding, diluted | 22,734,412 | 22,676,491 | 22,734,479 | 22,676,038 |
Beneficial Unit Certificate Holders [Member] | ||||
Net income available to Partners allocated to: | ||||
Limited Partners | $ 8,922,236 | $ 17,552,792 | $ 41,737,030 | $ 56,882,236 |
Restricted Unitholders [Member] | ||||
Net income available to Partners allocated to: | ||||
Limited Partners | $ 81,937 | $ 104,917 | $ 310,559 | $ 242,848 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) | 3 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | |||
Beneficial unit certificates distribution ratio | 0.00418 | 0.00448 | 0.0105 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income | $ 9,729,378 | $ 18,516,593 | $ 47,807,772 | $ 62,387,292 |
Unrealized loss on securities | (47,774,201) | (22,688,696) | (38,876,229) | (90,320,354) |
Unrealized loss on bond purchase commitments | (250,548) | (91,864) | (211,377) | (1,047,315) |
Comprehensive income (loss) | $ (38,295,371) | $ (4,263,967) | $ 8,720,166 | $ (28,980,377) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($) | Total | Tier 2 [Member] | Tier 3 [Member] | General Partner [Member] | General Partner [Member] Tier 2 [Member] | BUCs - Restricted and Unrestricted [Member] | BUCs - Restricted and Unrestricted [Member] Tier 2 [Member] | BUCs - Restricted and Unrestricted [Member] Tier 3 [Member] | Number of BUCs - Restricted and Unrestricted [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2021 | $ 372,412,027 | $ 765,550 | $ 371,646,477 | $ 114,040,260 | ||||||
Partners' Capital Account, Units at Dec. 31, 2021 | 22,752,700 | |||||||||
Distributions paid or accrued: | ||||||||||
Distribution of (income) loss (Note 3) | $ (9,721,430) | $ (2,430,358) | $ (7,291,072) | |||||||
Net income allocable to Partners | 25,546,274 | 2,737,044 | 22,809,230 | |||||||
Restricted unit compensation expense | 173,898 | 1,739 | 172,159 | |||||||
Unrealized gain (loss) on securities | (47,751,656) | (477,517) | (47,274,139) | (47,751,656) | ||||||
Unrealized loss on bond purchase commitments | (819,081) | (8,191) | (810,890) | (819,081) | ||||||
Balance at Mar. 31, 2022 | 339,840,032 | 588,267 | 339,251,765 | 65,469,523 | ||||||
Partners' Capital Account, Units at Mar. 31, 2022 | 22,752,700 | |||||||||
Balance at Dec. 31, 2021 | 372,412,027 | 765,550 | 371,646,477 | 114,040,260 | ||||||
Partners' Capital Account, Units at Dec. 31, 2021 | 22,752,700 | |||||||||
Distributions paid or accrued: | ||||||||||
Net income allocable to Partners | 60,236,558 | |||||||||
Unrealized loss on bond purchase commitments | (1,047,315) | |||||||||
Balance at Sep. 30, 2022 | 311,167,137 | 66,795 | 311,100,342 | 22,672,591 | ||||||
Partners' Capital Account, Units at Sep. 30, 2022 | 22,844,926 | |||||||||
Balance at Mar. 31, 2022 | 339,840,032 | 588,267 | 339,251,765 | 65,469,523 | ||||||
Partners' Capital Account, Units at Mar. 31, 2022 | 22,752,700 | |||||||||
Distributions paid or accrued: | ||||||||||
Distribution of (income) loss (Note 3) | (1,620,764) | $ (11,378,312) | (405,190) | (1,215,574) | $ (11,378,312) | |||||
Net income allocable to Partners | 16,890,181 | 232,036 | 16,658,145 | |||||||
Restricted units forfeited | (902) | |||||||||
Restricted unit compensation expense | 165,509 | 1,655 | 163,854 | |||||||
Unrealized gain (loss) on securities | (19,880,002) | (198,800) | (19,681,202) | (19,880,002) | ||||||
Unrealized loss on bond purchase commitments | (136,370) | (1,364) | (135,006) | (136,370) | ||||||
Rounding of BUCs related to BUCs Distributions/Reverse Unit Split | 1,315 | |||||||||
Balance at Jun. 30, 2022 | 323,880,274 | 216,604 | 323,663,670 | 45,453,151 | ||||||
Partners' Capital Account, Units at Jun. 30, 2022 | 22,753,113 | |||||||||
Distributions paid or accrued: | ||||||||||
Distribution of (income) loss (Note 3) | (280,799) | (8,032,037) | (70,200) | (210,599) | (8,032,037) | |||||
Net income allocable to Partners | 17,800,103 | 142,394 | 17,657,709 | |||||||
Restricted units awarded | 91,813 | |||||||||
Restricted unit compensation expense | 580,156 | 5,802 | 574,354 | |||||||
Unrealized gain (loss) on securities | (22,688,696) | (226,887) | (22,461,809) | (22,688,696) | ||||||
Unrealized loss on bond purchase commitments | (91,864) | (918) | (90,946) | (91,864) | ||||||
Balance at Sep. 30, 2022 | 311,167,137 | 66,795 | 311,100,342 | 22,672,591 | ||||||
Partners' Capital Account, Units at Sep. 30, 2022 | 22,844,926 | |||||||||
Balance at Dec. 31, 2022 | 323,955,517 | 285,571 | 323,669,946 | 43,748,239 | ||||||
Cumulative effect of accounting change (Note 2) | (5,949,000) | (59,490) | (5,889,510) | |||||||
Partners' Capital Account, Units at Dec. 31, 2022 | 22,821,972 | |||||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (1,175,563) | (11,756) | (1,163,807) | |||||||
Distribution of (income) loss (Note 3) | (9,660,884) | (2,415,221) | (7,245,663) | |||||||
Cash paid in lieu of fractional BUCs | (2,639) | (2,639) | ||||||||
Net income allocable to Partners | 16,044,572 | 2,479,058 | 13,565,514 | |||||||
Restricted units awarded | 102,087 | |||||||||
Restricted unit compensation expense | 349,959 | 3,500 | 346,459 | |||||||
Unrealized gain (loss) on securities | 20,397,542 | 203,975 | 20,193,567 | 20,397,542 | ||||||
Unrealized loss on bond purchase commitments | 112,547 | 1,125 | 111,422 | 112,547 | ||||||
Rounding of BUCs related to BUCs Distributions/Reverse Unit Split | (151) | |||||||||
Balance at Mar. 31, 2023 | 344,072,051 | 486,762 | 343,585,289 | 64,258,328 | ||||||
Partners' Capital Account, Units at Mar. 31, 2023 | 22,923,908 | |||||||||
Balance at Dec. 31, 2022 | 323,955,517 | 285,571 | 323,669,946 | 43,748,239 | ||||||
Partners' Capital Account, Units at Dec. 31, 2022 | 22,821,972 | |||||||||
Distributions paid or accrued: | ||||||||||
Net income allocable to Partners | 45,561,784 | |||||||||
Unrealized loss on bond purchase commitments | (211,377) | |||||||||
Balance at Sep. 30, 2023 | 297,377,260 | 19,833 | 297,357,427 | 4,660,633 | ||||||
Partners' Capital Account, Units at Sep. 30, 2023 | 22,926,983 | |||||||||
Balance at Mar. 31, 2023 | 344,072,051 | 486,762 | 343,585,289 | 64,258,328 | ||||||
Partners' Capital Account, Units at Mar. 31, 2023 | 22,923,908 | |||||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (2,002,209) | (20,022) | (1,982,187) | |||||||
Distribution of (income) loss (Note 3) | (3,513,629) | (3,806,269) | (878,407) | (2,635,222) | (3,806,269) | |||||
Net income allocable to Partners | 20,487,990 | 1,010,088 | 19,477,902 | |||||||
Restricted units awarded | 2,155 | |||||||||
Restricted unit compensation expense | 587,177 | 5,871 | 581,306 | |||||||
Unrealized gain (loss) on securities | (11,499,570) | (114,995) | (11,384,575) | (11,499,570) | ||||||
Unrealized loss on bond purchase commitments | (73,376) | (733) | (72,643) | (73,376) | ||||||
Balance at Jun. 30, 2023 | 344,252,165 | 488,564 | 343,763,601 | 52,685,382 | ||||||
Partners' Capital Account, Units at Jun. 30, 2023 | 22,926,063 | |||||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (8,448,633) | (84,486) | (8,364,147) | |||||||
Distribution of (income) loss (Note 3) | $ 259,677 | $ (292,064) | $ 64,919 | $ 194,758 | $ (292,064) | |||||
Cash paid in lieu of fractional BUCs | (1,831) | (1,831) | ||||||||
Net income allocable to Partners | 9,029,222 | 25,049 | 9,004,173 | |||||||
Restricted units awarded | 1,032 | |||||||||
Restricted unit compensation expense | 603,473 | 6,035 | 597,438 | |||||||
Unrealized gain (loss) on securities | (47,774,201) | (477,742) | (47,296,459) | (47,774,201) | ||||||
Unrealized loss on bond purchase commitments | (250,548) | (2,506) | (248,042) | (250,548) | ||||||
Rounding of BUCs related to BUCs Distributions/Reverse Unit Split | (112) | |||||||||
Balance at Sep. 30, 2023 | $ 297,377,260 | $ 19,833 | $ 297,357,427 | $ 4,660,633 | ||||||
Partners' Capital Account, Units at Sep. 30, 2023 | 22,926,983 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) | Oct. 31, 2023 |
Beneficial Unit Certificates [Member] | Subsequent Event [Member] | |
Partnership distribution paid at ratio | 0.00418 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 47,807,772 | $ 62,387,292 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 1,223,822 | 2,056,512 |
Amortization of deferred financing costs | 1,751,442 | 1,926,580 |
Gain on sale of investments in unconsolidated entities | (22,725,398) | (39,664,032) |
Provision for credit losses | (1,881,000) | |
Recovery of prior credit loss | (51,656) | (39,968) |
Gain on derivative financial instruments, net of cash paid | (6,805,254) | (6,511,803) |
Restricted unit compensation expense | 1,540,609 | 919,563 |
Bond premium, discount and origination fee amortization | (161,571) | (1,822,874) |
Debt premium amortization | (30,424) | (30,444) |
Deferred income tax expense (benefit) & income tax payable/receivable | 11,554 | (83,875) |
Change in preferred return receivable from unconsolidated entities, net | (4,410,406) | (534,375) |
Accrued interest added to property loan principal | (635,226) | |
Changes in operating assets and liabilities | ||
(Increase) decrease in interest receivable | 2,002,214 | (90,263) |
(Increase) decrease in other assets | 838,613 | (399,014) |
Increase in accounts payable, accrued expenses and other liabilities | 1,085,935 | 2,243,446 |
Net cash provided by (used in) operating activities | 20,196,252 | 19,721,519 |
Cash flows from investing activities: | ||
Capital expenditures | (578,461) | (424,672) |
Proceeds from sale of land held for development | 441,714 | |
Advances on mortgage revenue bonds | (119,452,688) | (91,567,687) |
Advances on taxable mortgage revenue bonds | (10,319,875) | (10,675,750) |
Advances on governmental issuer loans | (60,352,488) | (96,507,805) |
Advances on taxable governmental issuer loans | (5,573,000) | (3,000,000) |
Advances on property loans | (30,125,762) | (84,680,165) |
Contributions to unconsolidated entities | (18,643,536) | (23,124,223) |
Proceeds from sale of investments in unconsolidated entities | 44,042,573 | 66,645,440 |
Return of investments in unconsolidated entities | 1,367,465 | |
Principal payments received on mortgage revenue bonds and contingent interest | 23,383,265 | 101,258,367 |
Principal payments received on governmental issuer loans | 104,635,623 | |
Principal payments received on taxable mortgage revenue bonds | 7,008,583 | 7,848 |
Principal payments received on property loans | 88,226,286 | 30,332,123 |
Net cash provided by (used in) investing activities | 22,692,234 | (110,369,059) |
Cash flows from financing activities: | ||
Distributions paid | (33,302,952) | (37,604,215) |
Proceeds from debt financing | 236,292,000 | 303,630,000 |
Principal payments on debt financing | (214,115,888) | (161,043,610) |
Principal borrowing on mortgages payable | 25,000,000 | |
Principal payments on mortgages payable | (593,946) | |
Principal borrowing on secured lines of credit | 111,700,000 | 57,742,000 |
Principal payments on secured lines of credit | (150,700,000) | (72,514,000) |
Decrease in security deposit liability related to restricted cash | (50,695) | (44,728) |
Proceeds upon issuance of Redeemable Preferred Units | 18,000,000 | |
Payment upon redemption of Redeemable Preferred Units | (20,000,000) | |
Proceeds upon exchange of Redeemable Preferred Units | 20,000,000 | |
Payment upon exchange of Redeemable Preferred Units | (20,000,000) | |
Debt financing and other deferred costs paid | (1,522,362) | (1,802,803) |
Net cash provided by (used in) financing activities | (28,699,897) | 87,768,698 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 14,188,589 | (2,878,842) |
Cash, cash equivalents and restricted cash at beginning of period | 92,637,256 | 151,932,470 |
Cash, cash equivalents and restricted cash at end of period | 106,825,845 | 149,053,628 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 41,644,811 | 21,731,753 |
Cash paid during the period for income taxes | 38,313 | |
Supplemental disclosure of noncash investing and financing activities: | ||
Distributions declared but not paid for BUCs and General Partner | 8,481,019 | 8,312,836 |
Distributions declared but not paid for Preferred Units | 693,750 | 708,750 |
Exchange of Redeemable Preferred Units | 7,000,000 | |
Non-cash contribution to unconsolidated entity | 997,062 | |
Capital expenditures financed through accounts payable | 5,902 | 505,347 |
Deferred financing costs financed through accounts payable | $ 149,650 | $ 34,934 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 58,917,793 | $ 103,203,582 |
Restricted cash | 47,908,052 | 45,850,046 |
Total cash, cash equivalents and restricted cash | $ 106,825,845 | $ 149,053,628 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The Partnership was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act primarily for the purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds (“MRBs”) that have been issued to provide construction and/or permanent financing for affordable multifamily and student housing residential properties and commercial properties. The Partnership has also invested in governmental issuer loans (“GILs”), which are similar to MRBs, to provide construction financing for affordable multifamily properties. The Partnership expects and believes the interest earned on these MRBs and GILs is excludable from gross income for federal income tax purposes. The Partnership may also invest in other types of securities, including taxable MRBs and taxable GILs secured by real estate and may make property loans to multifamily residential properties which may or may not be financed by MRBs or GILs held by the Partnership and may or may not be secured by real estate. The Partnership also makes noncontrolling equity investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily properties. The Partnership is entitled to distributions if, and when, cash is available for distribution either through operations, a refinance or a sale of the property. In addition, the Partnership may acquire and hold interests in multifamily, student and senior citizen residential properties (“MF Properties”) until the “highest and best use” can be determined by management. The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partnership interests to investors (“BUC holders”). The Partnership has designated three series of non-cumulative, non-voting, non-convertible preferred units (collectively, the “Preferred Units”) that represent limited partnership interests in the Partnership consisting of the Series A Preferred Units, the Series A-1 Preferred Units, and the Series B Preferred Units. The outstanding Series A Preferred Units and Series A-1 Preferred Units are redeemable in the future (Note 20). The Partnership had not yet issued Series B Preferred Units as of September 30, 2023. The holders of the BUCs and Preferred Units are referred to herein collectively as “Unitholders." On December 5, 2022, America First Capital Associates Limited Partnership Two (the “General Partner” or “AFCA 2”), in its capacity as the general partner of the Partnership, and Greystone ILP, Inc. (the “Initial Limited Partner”), in its capacity as the initial limited partner of the Partnership, entered into the Greystone Housing Impact Investors LP Second Amended and Restated Agreement of Limited Partnership, which was further amended pursuant to a First Amendment dated as of June 6, 2023 (as so amended, the “Partnership Agreement”). Mortgage investments, as defined in the Partnership Agreement, consist of MRBs, taxable MRBs, GILs, taxable GILs and property loans. The Partnership Agreement authorizes the Partnership to make investments in tax-exempt securities other than mortgage investments provided that the tax-exempt investments are rated in one of the four highest rating categories by a national securities rating agency. The Partnership Agreement also allows the Partnership to invest in other securities whose interest may be taxable for federal income tax purposes. Total tax-exempt investments and other investments cannot exceed 25 % of the Partnership's total assets at the time of acquisition as required under the Partnership Agreement. Tax-exempt investments and other investments primarily consist of real estate assets and investments in unconsolidated entities. In addition, the amount of other investments is limited based on the conditions to the exemption from registration under the Investment Company Act of 1940. AFCA 2 is the sole general partner of the Partnership. Greystone Manager, the general partner of AFCA 2, an affiliate of Greystone & Co. II LLC (collectively with its affiliates, “Greystone”). All disclosures of the number of rental units for properties related to MRBs, GILs, property loans and MF Properties are unaudited. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes Greystone Housing Impact Investors LP, its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. The consolidated subsidiaries of the Partnership for the periods presented consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the M24 Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“Freddie Mac”); • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “M31 TEBS Financing” with Freddie Mac; • ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “M33 TEBS Financing” with Freddie Mac; • ATAX TEBS IV, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “M45 TEBS Financing” with Freddie Mac; • ATAX TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, which has issued secured notes (“the Secured Notes”) to Mizuho Capital Markets LLC (“Mizuho”); • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of multifamily properties; • ATAX Freestone Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of multifamily properties; • ATAX Senior Housing Holdings I, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of seniors housing properties; • ATAX Great Hill Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of multifamily properties; • One wholly owned corporation (the "Greens Hold Co”), which owns certain property loans and owned 100 % of The 50/50 MF Property, a real estate asset; and • Lindo Paseo LLC, a wholly owned limited liability company, which owns 100 % of the Suites on Paseo MF Property. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary. Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds The Partnership accounts for its investments in MRBs and taxable MRBs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at estimated fair value. The net unrealized gains or losses on these investments are reflected on the Partnership’s condensed consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership reports interest receivables for MRBs and taxable MRBs separately from the reported fair value within “Interest receivable, net” on the condensed consolidated balance sheets. Investments in Government Issuer Loans and Taxable Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) and taxable GILs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investment in these instruments are classified as held-to-maturity debt securities and are reported at amortized cost, which is net of unamortized loan origination costs, discounts, and allowance for credit losses. The Partnership evaluates its outstanding principal and interest receivable balances associated with its GILs for collectability. If collection of these balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. The Partnership reports interest receivables for GILs and taxable GILs separately from the amortized cost basis within “Interest receivable, net” on the condensed consolidated balance sheets. Property Loans The Partnership invests in property loans made to the owners of certain multifamily, student housing and skilled nursing properties. The property loans are considered held-for-investment and are reported at amortized cost, which is net of unamortized loan origination costs, discounts, and allowance for credit losses. Most property loans have been made to multifamily properties that secure MRBs and GILs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s condensed consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. If collection of outstanding principal and interest receivable balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. Interest income is recognized upon the repayment of these property loans and accrued interest which is dependent largely on the cash flows or proceeds upon sale or refinancing of the related property. The Partnership reports interest receivables for property loans separately from the amortized cost basis within “Interest receivable, net” on the condensed consolidated balance sheets. Allowance for Credit Losses On January 1, 2023, the Partnership adopted Accounting Standard Update (“ASU”) 2016-13, Financial Instruments-Credit Losses, and subsequent related amendments (“ASC 326”), which replaced the incurred loss methodology with an expected loss model known as the Current Expected Credit Loss (“CECL”) model. The CECL model establishes a single allowance framework for financial assets carried at amortized cost which reflects an estimate of credit losses over the remaining expected life of financial assets. The adoption of the ASU 2016-13 requires a cumulative-effect adjustment to Partners’ Capital upon adoption. Additionally, ASU 2016-13 requires enhanced disclosures, including additional disclosures regarding credit quality. The allowance for credit losses is presented as a valuation reserve to the corresponding assets on the Partnership’s condensed consolidated balance sheets. Expected credit losses related to non-cancelable unfunded commitments and financial guaranties are accounted for as separate liabilities and are included in “Accounts payable, accrued expenses and other liabilities” on the Partnership’s condensed consolidated balance sheets. Upon adoption on January 1, 2023, the Partnership recorded a cumulative effect of accounting change of approximately $ 5.9 million as a direct reduction to Partners’ Capital. Subsequent changes to the allowance for credit losses are recognized through “Provision for credit losses” on the Partnership’s condensed consolidated statements of operations. Held-to-Maturity Debt Securities, Held-for-Investment Loans and Related Unfunded Commitments The Partnership estimates allowances for credit losses for its GILs, taxable GILs, property loans and related non-cancelable funding commitments using a Weighted Average Remaining Maturity (“WARM”) method loss-rate model, combined with qualitative factors that are sensitive to changes in forecasted economic conditions. The Partnership applies qualitative factors related to risk factors and changes in current economic conditions that may not be adequately reflected in quantitatively derived results, or other relevant factors to ensure the allowance for credit losses reflects the Partnership’s best estimate of current expected credit losses. The WARM method pools assets sharing similar characteristics and utilizes a historical annual charge-off rate which is applied to the outstanding asset balances over the remaining weighted average life of the pool, adjusted for certain qualitative factors to estimate expected credit losses. The Partnership has minimal loss history with GILs, taxable GILs, and property loans to date and has had minimal historical credit losses to date. As such, the Partnership uses historical annual charge-off data for similar assets from publicly available loan data through the Federal Financial Institution Examination Council (“FFIEC”). The Partnership adjusts for current conditions and the impact of qualitative forecasts that are reasonable and supportable. The Partnership assesses qualitative adjustments related to, but not limited to, credit quality changes in the asset portfolio, general economic conditions, changes in the affordable multifamily real estate markets, changes in lending policies and underwriting, and underlying collateral values. The Partnership will elect to separately evaluate an asset if it no longer shares the same risk characteristics as the respective pool or the specific investment attributes do not lend to analysis with a model-based approach. For collateral-dependent assets when foreclosure is probable, the Partnership will apply a practical expedient to estimate current expected credit losses as the difference between the fair value of collateral and the amortized cost of the asset. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale, when a modification or restructuring takes place in which the Partnership grants a concession to a borrower or agrees to a discount in full or partial satisfaction of the asset, when the Partnership takes ownership and control of the underlying collateral in full satisfaction of the asset, or when significant collection efforts have ceased and it is highly likely that a loss has been realized. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its GILs, taxable GILs and property loans because uncollectable accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. Available-for-Sale Debt Securities The Partnership periodically determines if allowances of credit losses are needed for its MRBs and taxable MRBs under the applicable guidance for available-for-sale debt securities. The Partnership evaluates whether unrealized losses are considered impairments based on various factors including, but not necessarily limited to, the following: • The severity of the decline in fair value; • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers; • Adverse conditions specifically related to the security, its collateral, or both; • The likelihood of the borrower being able to make scheduled interest and principal payments; and • Failure of the borrower to make scheduled interest or principal payments. While the Partnership evaluates all available information, it focuses specifically on whether the estimated fair value of the security is below amortized cost. If the estimated fair value of an MRB is below amortized cost, and the Partnership has the intent to sell or may be required to sell the MRB prior to the time that its value recovers or until maturity, the Partnership will record an impairment through earnings equal to the difference between the MRB’s carrying value and its fair value. If the Partnership does not expect to sell an other-than-temporarily impaired MRB, only the portion of the impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income. In determining the provision for credit loss, the Partnership compares the present value of cash flows expected to be collected to the amortized cost basis of the MRB and records any provision for credit losses as an adjustment to the allowance for credit losses. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its MRBs and taxable MRBs because uncollectable accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. The recognition of an impairment, provision for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership's condensed consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur impairments or provisions for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. The Partnership periodically reviews any previously impaired MRBs for indications of a recovery of value. If a recovery of value is identified, the Partnership will report the recovery of prior credit losses through its allowance for credit losses as a provision for credit losses (recoveries). For MRB impairment recoveries identified prior to the adoption of the CECL model, the Partnership will accrete the recovery of prior credit losses into investment income over the remaining term of the MRB. Estimates and assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC rules and regulations, although the Partnership believes that the disclosures are adequate to make the information presented not misleading. The most significant estimates and assumptions include those used in determining: (i) the fair value of MRBs and taxable MRBs; (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for credit losses. The Partnership’s condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2022. These condensed consolidated financial statements and notes have been prepared consistently with the 2022 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of September 30, 2023, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated balance sheet as of December 31, 2022 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements. Risks and Uncertainties The Federal Reserve announced seven increases in short-term interest rates totaling 425 basis points during 2022. Additional increases totaling 100 basis points have also occurred year to date through October 2023. The Federal Reserve has stated that additional short-term interest rate increases may be needed to combat inflation in the broader economy. In addition, geopolitical conflicts continue to impact the general global economic environment. These factors have caused volatility in the fixed income markets, which has impacted the value of some of the Partnership’s investment assets, particularly those with fixed interest rates, which may result in collateral posting requirements under our debt financing arrangements. In addition, increases in short-term interest rates will generally result in increases in the interest cost associated with the Partnership’s variable rate debt financing arrangements and for construction debt of properties underlying our investments in unconsolidated entities. The extent to which general economic, geopolitical, and financial conditions will impact the Partnership’s financial condition or results of operations in the future is uncertain and actual results and outcomes could differ from current estimates. The on-going inflationary environment in the United States may increase operating expenses at properties securing the Partnership’s inve stments and general operations, which may reduce net operating results of the related properties and result in lower debt service coverage or higher than anticipated capitalized interest requirements for properties under construction. Such occurrences may negatively impact the value of the Partnership’s investments. Increasing general and administrative expenses of the Partnership and real estate operating expenses of the MF Properties may adversely affect the Partnership’s operating results, including a reduction in net income. Furthe rmore, the potential for an economic recession either globally or locally in the U.S. or other economies could further impact the valuation of our investment assets, limit the Partnership’s ability to obtain additional debt financing from lenders, and limit opportunities for additional investments. Beneficial Unit Certificates (“BUCs”) The Partnership has issued BUCs representing assigned limited partnership interests to investors. Costs related to the issuance of BUCs are recorded as a reduction to partners’ capital when issued. On June 14, 2023, the Partnership declared the supplemental Second Quarter 2023 BUCs Distribution payable in the form of additional BUCs equal to $ 0.07 per BUC. The Second Quarter 2023 BUCs Distribution was paid at a ratio of 0.00448 BUCs for each issued and outstanding BUC as of the record date of June 30, 2023 , which represents an amount per BUC based on the closing price of the BUCs on the New York Stock Exchange ("NYSE") on June 13, 2023. The Second Quarter 2023 BUCs Distribution was completed on July 31, 2023. On September 13, 2023, the Partnership declared the supplemental Third Quarter 2023 BUCs Distribution payable in the form of additional BUCs equal to $ 0.07 per BUC. The Third Quarter BUCs Distribution was paid at a ratio of 0.00418 BUCs for each issued and outstanding BUC as of the record date of September 29, 2023 , which represents an amount per BUC based on the closing price of the BUCs on the NYSE on September 12, 2023. The Third Quarter 2023 BUCs Distribution was completed on October 31, 2023. There were no fractional BUCs issued in connection with the BUCs Distributions. All fractional BUCs resulting from the BUCs Distributions received cash for such fraction based on the market value of the BUCs on the record date. The BUCs Distributions have been applied retroactively to all net income per BUC, distributions per BUC and similar per BUC disclosures for all periods indicated in the Partnership’s condensed consolidated financial statements. Restricted Unit Awards (“RUA” or “RUAs”) The Amended and Restated Greystone Housing Impact Investors LP 2015 Equity Incentive Plan (the “Plan”), as originally approved by the BUC holders in September 2015, permits the grant of RUAs and other awards to the employees of Greystone Manager, or any affiliate, who performs services for Greystone Manager, the Partnership or an affiliate, and members of the Board of Managers of Greystone Manager . The Plan permits total grants of RUAs of up to 1.0 million BUCs. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. RUAs typically provide for the payment of distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control, or upon death or disability of the participant. The number of outstanding RUAs was not impacted by the Second Quarter 2023 BUCs Distribution or Third Quarter 2023 BUCs Distribution as holders of RUAs did not participate in the BUCs Distributions, but rather received cash in an amount equal to the value of the BUCs Distributions. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The Partnership accounts for modifications to RUAs as they occur, if the fair value of the RUAs change, if there are changes to vesting conditions or if the awards no longer qualify for equity classificatio n. The Partnership accounts for forfeitures as they occur. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, which enhances the methodology of measuring expected credit losses for financial assets to include the use of reasonable and supportable forward-looking information to better estimate credit losses. In general, the allowance for credit losses is expected to increase when changing from an incurred loss to expected loss methodology. ASU 2016-13 also includes changes to the impairment model for available-for-sale debt securities such as the Partnership’s MRBs and taxable MRBs. ASU 2016-13 became effective for the Partnership on January 1, 2023 and was adopted through a cumulative-effect adjustment to Partners’ Capital as of that date. See the Allowance for Credit Losses accounting policy above and Note 13 for further details. |
Partnership Income, Expenses an
Partnership Income, Expenses and Distributions | 9 Months Ended |
Sep. 30, 2023 | |
Partnership Income Expenses And Cash Distributions [Abstract] | |
Partnership Income, Expenses and Distributions | 3. Partnership Income, Expenses and Distributions The Partnership Agreement contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations, and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments. Income and losses will be allocated to each Unitholder on a periodic basis, as determined by the General Partner, based on the number of Preferred Units and BUCs held by each Unitholder as of the last day of the period for which such allocation is to be made. Distributions of Net Interest Income and Net Residual Proceeds will be made to each Unitholder of record on the last day of each distribution period based on the number of Preferred Units and BUCs held by each Unitholder on that date. Cash distributions are currently made on a quarterly basis. The holders of the Preferred Units are entitled to distributions at a fixed rate per annum prior to payment of distributions to other Unitholders. For purposes of the Partnership Agreement, income and cash received by the Partnership from its investments in MF Properties, investments in unconsolidated entities, and property loans will be included in the Partnership’s Net Interest Income, and cash distributions received by the Partnership from the sale or redemption of such investments will be included in the Partnership’s Net Residual Proceeds. Net Interest Income (Tier 1) is allocated 99 % to the limited partners and BUC holders as a class and 1 % to the General Partner. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) are allocated 75 % to the limited partners and BUC holders as a class and 25 % to the General Partner. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) in excess of the maximum allowable amount as set forth in the Partnership Agreement are considered Net Interest Income (Tier 3) and Net Residual Proceeds (Tier 3) and are allocated 100 % to the limited partners and BUC holders as a class. |
Net Income per BUC
Net Income per BUC | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income per BUC | 4. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC in the Partnership's condensed consolidated statements of operations. The unvested RUAs issued under the Plan are considered participating securities and are potentially dilutive. There were no dilutive BUCs for the three and nine months ended September 30, 2023 and 2022. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities Consolidated Variable Interest Entities (“VIEs”) The Partnership has determined the Tender Option Bond (“TOB”), Term TOB and TEBS financings are VIEs where the Partnership is the primary beneficiary. In determining the primary beneficiary of each VIE, the Partnership considered which party has the power to control the activities of the VIE which most significantly impact its financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The agreements related to the TOB, Term TOB and TEBS financings stipulate the Partnership has the sole right to cause the trusts to sell the underlying assets. If the underlying assets were sold, the extent to which the VIEs will be exposed to gains or losses would result from decisions made by the Partnership. As the primary beneficiary, the Partnership reports the TOB, Term TOB and TEBS financings on a consolidated basis. The Partnership reports the senior securities related to the TOB, term TOB, and TEBS financings as secured debt financings on the Partnership's condensed consolidated balance sheets (Note 16). The investment assets securing the TOB, Term TOB and TEBS financings are reported as assets on the Partnership's condensed consolidated balance sheets (Notes 6, 7, 8 and 12). The Partnership has determined its investment in Vantage at San Marcos is a VIE and the Partnership is the primary beneficiary. The Partnership may currently require the managing member of the VIE to purchase the Partnership’s equity investment in the VIE at a price equal to the Partnership’s carrying value. If the Partnership were to redeem its investment, the underlying assets of the property would likely need to be sold. If the underlying assets were sold, the extent to which the VIE will be exposed to gains or losses would result from decisions made by the Partnership. The Partnership’s option to redeem its investment in Vantage at San Marcos became effective beginning in the fourth quarter of 2021. As the primary beneficiary, the Partnership reports the assets and liabilities of Vantage at San Marcos on a consolidated basis, which consist of a real estate asset investment (Note 10), mortgage payable (Note 17), and current liabilities associated with the construction costs of a market-rate multifamily property (Note 14). If certain events occur in the future, the Partnership’s option to redeem the investment will terminate and the VIE may be deconsolidated. Non-Consolidated VIEs The Partnership has variable interests in various VIEs in the form of MRBs, taxable MRBs, GILs, taxable GILs, property loans and investments in unconsolidated entities. These variable interests do not allow the Partnership to direct the activities that most significantly impact the economic performance of such VIEs. As a result, the Partnership is not considered the primary beneficiary and does not consolidate the financial statements of these VIEs in the Partnership's condensed consolidated financial statements. The Partnership held variable interests in 31 and 35 non-consolidated VIEs as of September 30, 2023 and December 31, 2022, respectively. The following table summarizes the Partnership’s maximum exposure to loss associated with its variable interests as of September 30, 2023 and December 31, 2022: Maximum Exposure to Loss of September 30, 2023 December 31, 2022 Mortgage revenue bonds $ 87,872,616 $ 71,629,581 Taxable mortgage revenue bonds 10,526,681 3,044,829 Governmental issuer loans 195,547,300 300,230,435 Taxable governmental issuer loans 13,573,000 8,000,000 Property loans 89,260,250 169,002,497 Investments in unconsolidated entities 118,524,669 115,790,841 $ 515,304,516 $ 667,698,183 The Partnership’s maximum exposure to loss for non-consolidated VIEs associated with MRBs and taxable MRBs as of September 30, 2023 is equal to the Partnership’s cost adjusted for paydowns. The difference between the MRB carrying value in the Partnership's condensed consolidated balance sheets and the maximum exposure to loss is a function of the unrealized gains or losses. The Partnership has future MRB and taxable MRB funding commitments related to non-consolidated VIEs totaling $ 99.8 million and $ 19.4 million , respectively, as of September 30, 2023 (Note 19). The Partnership’s maximum exposure to loss for non-consolidated VIEs associated with GILs, taxable GILs, property loans and investments in unconsolidated entities as of September 30, 2023 is equal to the Partnership’s carrying value. The Partnership has future GIL, taxable GIL, property loan and investment in unconsolidated entities funding commitments related to non-consolidated VIEs totaling $ 56.6 million , $ 53.6 million , $ 31.7 million , and $ 28.5 million , respectively, as of September 30, 2023 (Note 19). |
Mortgage Revenue Bonds
Mortgage Revenue Bonds | 9 Months Ended |
Sep. 30, 2023 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Mortgage Revenue Bonds | 6. Mortgage Revenue Bonds The Partnership’s MRBs provide construction and/or permanent financing for income-producing multifamily rental, seniors housing and skilled nursing properties. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 16). The MRBs predominantly bear interest at fixed interest rates and require regular principal and interest payments on either a monthly or semi-annual basis. The Partnership had the following investments in MRBs as of September 30, 2023 and December 31, 2022: September 30, 2023 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value 40rty on Colony - Series P (6) CA $ 5,964,438 $ 302,025 $ - $ 6,266,463 Courtyard - Series A (4) CA 9,799,703 164,483 - 9,964,186 Glenview Apartments - Series A (3) CA 4,327,437 97,154 - 4,424,591 Harmony Court Bakersfield - Series A (4), (8) CA 3,573,108 - ( 2,524 ) 3,570,584 Harmony Terrace - Series A (4) CA 6,615,477 109,378 - 6,724,855 Harden Ranch - Series A (2) CA 6,379,546 237,973 - 6,617,519 Las Palmas II - Series A (4) CA 1,620,883 18,147 - 1,639,030 Lutheran Gardens (7), (8) CA 10,352,000 - ( 136,683 ) 10,215,317 Montclair Apartments - Series A (3) CA 2,344,415 69,941 - 2,414,356 Montecito at Williams Ranch Apartments - Series A (6) CA 7,458,938 247,100 - 7,706,038 Montevista - Series A (6) CA 6,620,295 279,474 - 6,899,769 Residency at Empire - Series BB-1 (6) CA 14,118,198 201,814 - 14,320,012 Residency at Empire - Series BB-2 (6) CA 4,000,000 91,432 - 4,091,432 Residency at Empire - Series BB-3 (6) CA 1,255,000 178,043 - 1,433,043 Residency at the Entrepreneur - Series J-1 (6), (8) CA 9,086,768 - ( 827,010 ) 8,259,758 Residency at the Entrepreneur - Series J-2 (6), (8) CA 7,500,000 - ( 616,868 ) 6,883,132 Residency at the Entrepreneur - Series J-3 (6), (8) CA 6,400,000 - ( 1,551,110 ) 4,848,890 Residency at the Mayer - Series A (6) CA 29,562,650 - - 29,562,650 San Vicente - Series A (4) CA 3,342,175 27,750 - 3,369,925 Santa Fe Apartments - Series A (3) CA 2,840,170 95,278 - 2,935,448 Seasons at Simi Valley - Series A (4) CA 4,097,107 220,406 - 4,317,513 Seasons Lakewood - Series A (4) CA 7,046,922 95,608 - 7,142,530 Seasons San Juan Capistrano - Series A (4) CA 11,864,715 160,973 - 12,025,688 Summerhill - Series A (4), (8) CA 6,152,834 - ( 178,978 ) 5,973,856 Sycamore Walk - Series A (4), (8) CA 3,393,159 - ( 43,943 ) 3,349,216 The Village at Madera - Series A (4) CA 2,955,238 15,027 - 2,970,265 Tyler Park Townhomes - Series A (2) CA 5,554,438 74,702 - 5,629,140 Village at Hanford Square - Series H (6) CA 10,400,000 407,460 - 10,807,460 Vineyard Gardens - Series A (6) CA 3,883,419 153,658 - 4,037,077 Westside Village Market - Series A (2) CA 3,629,816 94,653 - 3,724,469 MaryAlice Circle Apartments (6) GA 5,900,000 219,618 - 6,119,618 Brookstone (1) IL 7,244,439 1,036,434 - 8,280,873 Copper Gate Apartments (2) IN 4,840,000 12,697 - 4,852,697 Renaissance - Series A (3), (8) LA 10,469,267 - ( 41,970 ) 10,427,297 Live 929 Apartments - Series 2022A (6) MD 58,277,207 589,212 - 58,866,419 Meadow Valley (6), (9) MI 16,549,356 - ( 3,421,190 ) 13,128,166 Jackson Manor Apartments (6) MS 6,900,000 - - 6,900,000 Village Point (7), (8) NJ 23,000,000 - ( 1,191,899 ) 21,808,101 Silver Moon - Series A (3) NM 7,500,102 441,468 - 7,941,570 Village at Avalon (5) NM 15,842,510 610,649 - 16,453,159 Columbia Gardens (4) SC 12,399,692 341,847 - 12,741,539 Companion at Thornhill Apartments (4) SC 10,676,974 261,025 - 10,937,999 The Ivy Apartments (6) SC 30,570,091 69,694 - 30,639,785 The Palms at Premier Park Apartments (2) SC 17,940,209 266,313 - 18,206,522 The Park at Sondrio - Series 2022A (6) SC 38,100,000 378,258 - 38,478,258 The Park at Vietti - Series 2022A (6) SC 26,985,000 337,999 - 27,322,999 Village at River's Edge (4), (8) SC 9,587,468 - ( 133,977 ) 9,453,491 Willow Run (4) SC 12,227,486 336,255 - 12,563,741 Windsor Shores Apartments - Series A (6) SC 21,545,000 211,355 - 21,756,355 Arbors at Hickory Ridge (2) TN 10,462,129 1,300,120 - 11,762,249 Avistar at Copperfield - Series A (6) TX 13,417,781 289,278 - 13,707,059 Avistar at the Crest - Series A (2) TX 8,796,967 378,848 - 9,175,815 Avistar at the Oaks - Series A (2) TX 7,118,705 215,791 - 7,334,496 Avistar at the Parkway - Series A (3) TX 12,311,348 310,317 - 12,621,665 Avistar at Wilcrest - Series A (6), (8) TX 5,085,068 - ( 41,834 ) 5,043,234 Avistar at Wood Hollow - Series A (6) TX 38,610,801 652,946 - 39,263,747 Avistar in 09 - Series A (2) TX 6,146,722 203,194 - 6,349,916 Avistar on the Boulevard - Series A (2) TX 14,986,587 448,641 - 15,435,228 Avistar on the Hills - Series A (2) TX 4,873,624 161,109 - 5,034,733 Bruton Apartments (4), (8) TX 17,261,949 - ( 683,906 ) 16,578,043 Concord at Gulfgate - Series A (4) TX 18,245,484 656,978 - 18,902,462 Concord at Little York - Series A (4) TX 12,781,825 495,283 - 13,277,108 Concord at Williamcrest - Series A (4) TX 19,800,416 767,247 - 20,567,663 Crossing at 1415 - Series A (4) TX 7,105,209 194,079 - 7,299,288 Decatur Angle (4), (8) TX 21,702,571 - ( 881,145 ) 20,821,426 Esperanza at Palo Alto (4) TX 18,793,377 715,004 - 19,508,381 Heights at 515 - Series A (4) TX 6,504,941 227,030 - 6,731,971 Heritage Square - Series A (3) TX 10,221,885 236,293 - 10,458,178 Oaks at Georgetown - Series A (4) TX 11,821,571 26,048 - 11,847,619 Runnymede (1) TX 9,465,000 291 - 9,465,291 Southpark (1) TX 11,310,268 1,203,542 - 12,513,810 15 West Apartments (4) WA 9,392,920 733,019 - 10,125,939 Mortgage revenue bonds held in trust $ 834,910,798 $ 17,670,361 $ ( 9,753,037 ) $ 842,828,122 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (5) MRB held by Morgan Stanley in a debt financing transaction, Note 16. (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16. (7) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for less than 12 months. (9) The Partnership has a remaining MRB funding commitment of approximately $ 27.6 million as of September 30, 2023. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of September 30, 2023 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for more than 12 months. September 30, 2023 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value CCBA Senior Garden Apartments (1) CA $ 3,766,276 $ - $ ( 271,895 ) $ 3,494,381 Ocotillo Springs - Series A (2) CA 3,497,289 - ( 451,646 ) 3,045,643 Ocotillo Springs - Series A-1 CA 499,781 32,450 - 532,231 Residency at the Entrepreneur - Series J-5 CA 1,000,000 - - 1,000,000 Solano Vista - Series A CA 2,616,864 120,269 - 2,737,133 Handsel Morgan Village Apartments GA 2,150,000 61,573 - 2,211,573 Provision Center 2014-1 TN 927,740 - - 927,740 Avistar at the Crest - Series B TX 719,990 9,712 - 729,702 Avistar at the Oaks - Series B TX 527,484 4,255 - 531,739 Avistar at the Parkway - Series B TX 122,825 14,674 - 137,499 Avistar in 09 - Series B TX 435,127 3,510 - 438,637 Avistar on the Boulevard - Series B TX 427,820 3,730 - 431,550 Mortgage revenue bonds held by the Partnership $ 16,691,196 $ 250,173 $ ( 723,541 ) $ 16,217,828 (1) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for less than 12 months. (2) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for more than 12 months. December 31, 2022 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Courtyard - Series A (4) CA $ 9,874,603 $ 888,242 $ - $ 10,762,845 Glenview Apartments - Series A (3) CA 4,372,370 309,570 - 4,681,940 Harmony Court Bakersfield - Series A (4) CA 3,600,418 274,456 - 3,874,874 Harmony Terrace - Series A (4) CA 6,665,787 625,752 - 7,291,539 Harden Ranch - Series A (2) CA 6,449,455 581,466 - 7,030,921 Las Palmas II - Series A (4) CA 1,633,397 140,681 - 1,774,078 Lutheran Gardens (7) CA 10,352,000 127,107 - 10,479,107 Montclair Apartments - Series A (3) CA 2,368,757 199,617 - 2,568,374 Montecito at Williams Ranch Apartments - Series A (6) CA 7,507,111 834,292 - 8,341,403 Montevista - Series A (6) CA 6,656,219 902,690 - 7,558,909 Ocotillo Springs - Series A (6), (8) CA 11,090,000 - ( 331,311 ) 10,758,689 Residency at the Entrepreneur - Series J-1 (6) CA 9,088,496 122,815 - 9,211,311 Residency at the Entrepreneur - Series J-2 (6) CA 7,500,000 176,092 - 7,676,092 Residency at the Entrepreneur - Series J-3 (6) CA 3,900,000 726,834 - 4,626,834 Residency at the Mayer - Series A (6) CA 26,067,585 - - 26,067,585 San Vicente - Series A (4) CA 3,367,978 255,787 - 3,623,765 Santa Fe Apartments - Series A (3) CA 2,869,660 216,000 - 3,085,660 Seasons at Simi Valley - Series A (4) CA 4,137,438 522,910 - 4,660,348 Seasons Lakewood - Series A (4) CA 7,100,512 666,562 - 7,767,074 Seasons San Juan Capistrano - Series A (4) CA 11,954,944 1,038,904 - 12,993,848 Summerhill - Series A (4) CA 6,199,861 265,296 - 6,465,157 Sycamore Walk - Series A (4) CA 3,428,986 124,598 - 3,553,584 The Village at Madera - Series A (4) CA 2,977,825 247,354 - 3,225,179 Tyler Park Townhomes - Series A (2) CA 5,616,043 264,300 - 5,880,343 Vineyard Gardens - Series A (6) CA 3,908,104 514,719 - 4,422,823 Westside Village Market - Series A (2) CA 3,670,075 267,369 - 3,937,444 Brookstone (1) IL 7,286,052 1,286,871 - 8,572,923 Copper Gate Apartments (2) IN 4,840,000 117,014 - 4,957,014 Renaissance - Series A (3) LA 10,585,375 645,412 - 11,230,787 Live 929 Apartments - Series 2022A (6) MD 58,107,262 2,217,857 - 60,325,119 Jackson Manor Apartments (6) MS 6,900,000 - - 6,900,000 Greens Property - Series A (2) NC 7,599,000 597 - 7,599,597 Silver Moon - Series A (3) NM 7,557,312 863,401 - 8,420,713 Village at Avalon (5) NM 15,942,560 1,727,010 - 17,669,570 Columbia Gardens (4) SC 12,542,207 968,469 - 13,510,676 Companion at Thornhill Apartments (4) SC 10,786,181 709,979 - 11,496,160 The Palms at Premier Park Apartments (2) SC 18,137,042 808,555 - 18,945,597 The Park at Sondrio - Series 2022A (6) SC 38,100,000 - - 38,100,000 The Park at Vietti - Series 2022A (6) SC 26,985,000 - - 26,985,000 Village at River's Edge (4) SC 9,649,659 590,962 - 10,240,621 Willow Run (4) SC 12,368,964 953,988 - 13,322,952 Arbors at Hickory Ridge (2) TN 10,591,726 2,005,029 - 12,596,755 Avistar at Copperfield - Series A (6) TX 13,532,636 919,463 - 14,452,099 Avistar at the Crest - Series A (2) TX 8,896,378 975,504 - 9,871,882 Avistar at the Oaks - Series A (2) TX 7,196,674 717,701 - 7,914,375 Avistar at the Parkway - Series A (3) TX 12,429,842 950,930 - 13,380,772 Avistar at Wilcrest - Series A (6) TX 5,128,595 170,370 - 5,298,965 Avistar at Wood Hollow - Series A (6) TX 38,941,304 2,645,832 - 41,587,136 Avistar in 09 - Series A (2) TX 6,214,048 619,707 - 6,833,755 Avistar on the Boulevard - Series A (2) TX 15,155,942 1,290,551 - 16,446,493 Avistar on the Hills - Series A (2) TX 4,927,003 523,079 - 5,450,082 Bruton Apartments (4) TX 17,381,296 281,271 - 17,662,567 Concord at Gulfgate - Series A (4) TX 18,404,942 1,842,303 - 20,247,245 Concord at Little York - Series A (4) TX 12,893,533 1,249,523 - 14,143,056 Concord at Williamcrest - Series A (4) TX 19,973,464 1,935,645 - 21,909,109 Crossing at 1415 - Series A (4) TX 7,170,756 605,369 - 7,776,125 Decatur Angle (4) TX 21,866,672 77,837 - 21,944,509 Esperanza at Palo Alto (4) TX 18,916,082 2,209,462 - 21,125,544 Heights at 515 - Series A (4) TX 6,564,951 573,569 - 7,138,520 Heritage Square - Series A (3) TX 10,325,196 671,790 - 10,996,986 Oaks at Georgetown - Series A (4) TX 11,911,472 746,300 - 12,657,772 Runnymede (1) TX 9,535,000 45,577 - 9,580,577 Southpark (1) TX 11,257,062 1,352,726 - 12,609,788 15 West Apartments (4) WA 9,454,318 1,534,060 - 10,988,378 Mortgage revenue bonds held in trust $ 718,413,130 $ 45,127,126 $ ( 331,311 ) $ 763,208,945 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (5) MRB held by Morgan Stanley in a debt financing transaction, Note 16. (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16. (7) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. December 31, 2022 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value CCBA Senior Garden Apartments CA $ 3,792,700 $ 42,672 $ - $ 3,835,372 Residency at Empire - Series BB-1 CA 14,118,500 - - 14,118,500 Residency at Empire - Series BB-2 CA 4,000,000 - - 4,000,000 Residency at Empire - Series BB-3 CA 55,000 - - 55,000 Solano Vista - Series A CA 2,631,168 297,861 - 2,929,029 Meadow Valley (1) MI 4,833,437 - ( 1,193,085 ) 3,640,352 Greens Property - Series B NC 915,039 122 - 915,161 Provision Center 2014-1 TN 4,294,939 - - 4,294,939 Avistar at the Crest - Series B TX 724,747 53,132 - 777,879 Avistar at the Oaks - Series B TX 530,829 33,406 - 564,235 Avistar at the Parkway - Series B TX 123,176 22,510 - 145,686 Avistar in 09 - Series B TX 437,886 27,557 - 465,443 Avistar on the Boulevard - Series B TX 430,647 26,816 - 457,463 Mortgage revenue bonds held by the Partnership $ 36,888,068 $ 504,076 $ ( 1,193,085 ) $ 36,199,059 (1) The Partnership has a remaining MRB funding commitment of $ 39.3 million as of December 31, 2022. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of December 31, 2022 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. The Partnership has accrued interest receivable related to its MRBs of $ 4.9 million and $ 4.3 million as of September 30, 2023 and December 31, 2022, respectively, that is reported as interest receivable, net in the Partnership's condensed consolidated balance sheets. The Partnership has committed to provide funding for certain MRBs on a draw-down basis during construction and/or rehabilitation of the secured properties as of September 30, 2023. See Note 19 for additional information regarding the Partnership’s MRB funding commitments. See Note 23 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership's condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. On January 1, 2023 , the Partnership adopted ASU 2016-13 which made certain changes to the determination of allowances for MRBs. See Note 13 for information regarding the Partnership’s allowance for credit losses. MRB Activity in the First Nine Months of 2023 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2023: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funding Windsor Shores Apartments - Series A January Columbia, SC 176 2/1/2030 6.50 % $ 21,545,000 The Ivy Apartments January Greenville, SC 212 2/1/2030 6.50 % 30,500,000 Residency at the Entrepreneur - Series J-5 (1) February Los Angeles, CA 200 4/1/2025 SOFR + 3.60 % (2) 1,000,000 Handsel Morgan Village Apartments April Buford, GA 45 3/1/2041 6.75 % 2,150,000 MaryAlice Circle Apartments April Buford, GA 98 3/1/2041 6.75 % 5,900,000 Village at Hanford Square - Series H May Hanford, CA 100 5/1/2030 6.65 % 10,400,000 Village Point May Monroe Township, NJ 120 (3) 6/1/2030 6.875 % 23,000,000 40rty on Colony - Series P June La Mesa, CA 40 6/1/2030 7.05 % 5,950,000 $ 100,445,000 (1) The Partnership has committed to provide funding for the Series J-5 MRB totaling $ 5.0 million. See Note 19. (2) The interest rate is subject to an all-in floor of 3.87 %. (3) Village Point is a seniors housing property with 120 beds in 92 units. Conversions: In July 2023, the Ocotillo Springs property achieved stabilization and the borrower converted to permanent financing. The Ocotillo Springs – Series A MRB was paid down to its permanent financing size of $ 4.0 million, of which $ 500,000 was allocated as principal of the supplemental Ocotillo Springs – Series A-1 MRB. The following table summarizes the terms of the Ocotillo Springs MRBs after conversion: Property Name Property Location Units Maturity Date Fixed Interest Rate Post-Conversion Principal Ocotillo Springs - Series A Brawley, CA 75 8/1/2038 4.35 % $ 3,500,000 Ocotillo Springs - Series A-1 Brawley, CA 75 8/1/2038 6.50 % 500,000 $ 4,000,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2023: Property Name Month Property Location Units Original Interest Rate Principal Greens Property - Series A February 2023 Durham, NC 168 10/1/2047 6.50 % $ 7,579,000 Greens Property - Series B February 2023 Durham, NC 168 10/1/2047 12.00 % 914,040 $ 8,493,040 MRB Activity in the First Nine Months of 2022 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2022: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funded Residency at the Entrepreneur - Series J-1 April Los Angeles, CA 200 3/31/2040 6.00 % $ 9,000,000 Residency at the Entrepreneur - Series J-2 April Los Angeles, CA 200 3/31/2040 6.00 % 7,500,000 Residency at the Entrepreneur - Series J-3 (1) April Los Angeles, CA 200 3/31/2040 6.00 % - Residency at the Entrepreneur - Series J-4 (1) April Los Angeles, CA 200 3/31/2040 SOFR + 3.60 % (2) - CCBA Senior Garden Apartments (3) June San Diego, CA 45 7/1/2037 4.50 % 3,807,000 $ 20,307,000 (1) The Partnership has committed to provide funding for the Series J-3 and Series J-4 MRBs of $ 26.1 million and $ 16.4 million, respectively. See Note 19. (2) The interest rate is subject to an all-in floor of 3.87 %. Upon stabilization, the Series J-4 MRB will become subordinate to the Series J-1, J-2, and J-3 MRBs and will convert to a fixed rate of 8.0 %. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $ 1.5 million. (3) The investment was previously reported as a bond purchase commitment that has converted to an MRB. Restructurings: In January 2022, the Live 929 Apartments property completed a restructuring of the Partnership’s MRBs and property loan. The Partnership’s Live 929 Apartments – 2014 Series A and Live 929 Apartments – 2014 Series B MRBs were redeemed at par plus accrued interest. The following tables summarizes the terms of the MRBs upon redemption: Property Name Month Property Location Units Original Interest Rate Principal Live 929 Apartments - 2014 Series A January Baltimore, MD 575 7/1/2049 5.78 % $ 39,445,000 Live 929 Apartments - 2014 Series B January Baltimore, MD 575 7/1/2039 1.60 % 21,610,000 $ 61,055,000 Upon restructuring, the Partnership used the proceeds of the redeemed MRBs plus additional cash to acquire a new series of MRB secured by the Live 929 Apartments property, the Series 2022A MRB. The following tables summarizes the MRB that was acquired as part of the restructuring of the Live 929 Apartments MRBs: Property Name Month Property Location Units Maturity Date Interest Rate Principal Acquired Live 929 Apartments - Series 2022A January Baltimore, MD 575 1/1/2060 4.30 % $ 66,365,000 In addition, a portion of the Live 929 Apartments property loan was redeemed as part of the restructuring, with proceeds used to acquire the new Live 929 Apartments Series 2022A MRB. The Partnership also acquired a taxable MRB which is reported in Other Assets (Note 12). The redemption of the prior Live 929 Apartments – 2014 Series A and 2014 Series B MRBs and property loan and acquisition of the new Live 929 Apartments Series 2022A MRB were accounted for as a troubled debt restructuring. Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2022: Property Name Month Property Location Units Original Interest Rate Principal Ohio Properties - Series A March (1) 362 6/1/2050 7.00 % $ 13,544,000 Ohio Properties - Series B March (1) 362 6/1/2050 10.00 % 3,459,840 Bridle Ridge May Greer, SC 152 1/1/2043 6.00 % 7,100,000 Cross Creek September Beaufort, SC 144 3/1/2049 6.15 % 7,666,752 $ 31,770,592 (1) The Ohio Properties consist of Crescent Village, located in Cincinnati, Ohio, Willow Bend, located in Columbus (Hilliard), Ohio and Postwoods, located in Reynoldsburg, Ohio. |
Governmental Issuer Loans
Governmental Issuer Loans | 9 Months Ended |
Sep. 30, 2023 | |
Governmental Issuer Loans [Abstract] | |
Governmental Issuer Loans | 7. Governmental Issuer Loans The Partnership invests in GILs that are issued by state or local governmental authorities to finance the construction of affordable multifamily properties. The Partnership expects and believes the interest earned on the GILs is excludable from gross income for federal income tax purposes. The GILs do not constitute an obligation of any government, agency or authority and no government, agency or authority is liable for them, nor is the taxing power of any state government pledged to the payment of principal or interest on the GILs. Each GIL is secured by a mortgage on all real and personal property of the affordable multifamily property. The GILs share first mortgage lien positions with property loans and/or taxable GILs owned by the Partnership (Notes 8 and 12). Sources of the funds to pay principal and interest on a GIL consist of the net cash flow or the sale or refinancing proceeds from the secured property and limited-to-full payment guaranties provided by affiliates of the borrower. The Partnership has committed to provide total funding for certain GILs on a draw-down basis during construction. All GILs were held in trust in connection with TOB trust financings as of September 30, 2023 and December 31, 2022 (Note 16). At the closing of each GIL, Freddie Mac, through a servicer, has forward committed to purchase the GIL at maturity at par if the property has reached stabilization and other conditions are met. The Partnership had the following GIL investments as of September 30, 2023 and December 31, 2022: As of September 30, 2023 Property Name Month Property Units Maturity (1) Interest Rate (2) Current Interest Amortized Scharbauer Flats Apartments (3) June 2020 Midland, TX 300 1/1/2024 SIFMA + 3.10 % 7.08 % $ 40,000,000 Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % 8.39 % 34,620,000 Hope on Avalon January 2021 Los Angeles, CA 88 2/1/2024 SIFMA + 3.75 % 7.73 % 23,390,000 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 8.37 % 60,000,000 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 8.60 % 25,000,000 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 9.15 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 17,346,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 8,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 14,550,000 Sandy Creek Apartments (3) August 2023 Bryan, TX 140 9/1/2026 7.83 % (5) 7.83 % 12,100,000 1,927 $ 255,947,300 (1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. (5) The interest rate will convert to a variable rate of Term SOFR + 2.80 % on February 1, 2025. As of December 31, 2022 Property Name Month Property Units Maturity (1) Interest (2) Current Interest Amortized Scharbauer Flats Apartments (3) June 2020 Midland, TX 300 7/1/2023 SIFMA + 3.10 % 6.76 % $ 40,000,000 Oasis at Twin Lakes (3) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 2.25 % 5.91 % 34,000,000 Centennial Crossings (3) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75 % 6.41 % 33,080,000 Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % 7.37 % 34,620,000 Hilltop at Signal Hills (3) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07 % 7.37 % 24,450,000 Hope on Avalon January 2021 Los Angeles, CA 88 8/1/2023 SIFMA + 3.75 % 7.41 % 23,390,000 Hope on Broadway January 2021 Los Angeles, CA 49 8/1/2023 SIFMA + 3.75 % 7.41 % 12,105,623 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 6.88 % 39,893,040 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 7.11 % 17,354,472 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 7.66 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 7,846,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 4,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 8,550,000 2,419 $ 300,230,435 (1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. The Partnership has accrued interest receivable related to its GILs of $ 1.7 million and $ 3.8 million as of September 30, 2023 and December 31, 2022, respectively, that is reported as interest receivable, net in the Partnership’s condensed consolidated balance sheets. Two entities that are affiliates of certain GIL borrowers have provided limited-to-full payment guaranties for GILs and property loans (Note 8) with total outstanding principal of $ 171.7 million and $ 68.6 million , respectively, as of September 30, 2023. The guaranties relate to the Partnership’s investments in Scharbauer Flats Apartments, Legacy Commons at Signal Hills, Osprey Village, Willow Place Apartments, and Sandy Creek Apartments. The Partnership has remaining commitments to provide additional funding of certain GILs during construction and/or rehabilitation of the secured properties as of September 30, 2023. See Note 19 for further information regarding the Partnership’s remaining GIL funding commitments. On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. The Partnership’s allowance for credit losses associated with its GILs was approximately $ 1.6 million as of September 30, 2023. See Note 13 for information regarding the Partnership’s allowance for credit losses. Activity in the First Nine Months of 2023 During the nine months ended September 30, 2023, the following GILs were purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full: Property Name Month Principal Proceeds Oasis at Twin Lakes June 2023 $ 34,000,000 Hope on Broadway July 2023 13,105,623 Hilltop at Signal Hills August 2023 24,450,000 Centennial Crossings September 2023 33,080,000 $ 104,635,623 In June 2023, the Partnership recognized a fee of approximately $ 100,000 in other income in connection with an extension of the maturity date of the Scharbauer Flats Apartments GIL to January 1, 2024 . In July 2023, the Partnership received a fee of approximately $ 70,000 in other income in connection with an extension of the maturity date of the Hope on Avalon GIL to February 1, 2024 . In August 2023, the Partnership entered into and fully funded a $ 12.1 million GIL commitment to provide construction financing for Sandy Creek Apartments. Activity in the First Nine Months of 2022 During the nine months ended September 30, 2022, the Partnership entered into multiple GIL commitments to provide construction financing for the underlying properties on a drawn-down basis as summarized below. • $ 20.4 million commitment related to Magnolia Heights; • $ 35.7 million commitment related to Poppy Grove I; • $ 22.3 million commitment related to Poppy Grove II; and • $ 39.1 million commitment related to Poppy Grove III. |
Property Loans
Property Loans | 9 Months Ended |
Sep. 30, 2023 | |
Property Loans Net Of Loan Loss Allowance [Abstract] | |
Property Loans | 8. Property Loans The following tables summarize the Partnership’s property loans, net of asset-specific allowances for credit losses, as of September 30, 2023 and December 31, 2022: September 30, 2023 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Legacy Commons at Signal Hills $ 32,233,972 $ - $ 32,233,972 2/1/2024 SOFR + 3.07 % Magnolia Heights 8,118,546 - 8,118,546 7/1/2024 SOFR + 3.85 % Osprey Village 8,774,804 - 8,774,804 8/1/2024 SOFR + 3.07 % Scharbauer Flats Apartments 13,386,764 - 13,386,764 1/1/2024 SOFR + 2.96 % Willow Place Apartments 14,206,474 - 14,206,474 10/1/2024 SOFR + 3.30 % Subtotal 76,720,560 - 76,720,560 Mezzanine Financing (2) SoLa Impact Opportunity Zone Fund $ 34,045,000 $ - $ 34,045,000 12/30/2024 7.875 % Subtotal 34,045,000 - 34,045,000 Other The 50/50 MF Property $ 5,790,033 $ - $ 5,790,033 3/11/2048 9.00 % Avistar (February 2013 portfolio) 201,972 - 201,972 6/26/2024 12.00 % Avistar (June 2013 portfolio) 251,622 - 251,622 6/26/2024 12.00 % Live 929 Apartments 495,000 ( 495,000 ) - 7/31/2049 8.00 % Subtotal 6,738,627 ( 495,000 ) 6,243,627 Total $ 117,504,187 $ ( 495,000 ) $ 117,009,187 (1) The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 %. (2) The property loan is held in trust in connection with a TOB trust financing (Note 16). December 31, 2022 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Centennial Crossings $ 24,250,000 $ - $ 24,250,000 9/1/2023 LIBOR + 2.50 % Hilltop at Signal Hills 19,718,334 - 19,718,334 8/1/2023 SOFR + 3.07 % Legacy Commons at Signal Hills 29,666,905 - 29,666,905 2/1/2024 SOFR + 3.07 % Magnolia Heights 6,188,601 - 6,188,601 7/1/2024 SOFR + 3.85 % Oasis at Twin Lakes 24,018,657 - 24,018,657 8/1/2023 LIBOR + 2.50 % Osprey Village 1,000,000 - 1,000,000 8/1/2024 SOFR + 3.07 % Scharbauer Flats Apartments 24,160,000 - 24,160,000 7/1/2023 LIBOR + 2.85 % Willow Place Apartments 1,000,000 - 1,000,000 10/1/2024 SOFR + 3.30 % Subtotal 130,002,497 - 130,002,497 Mezzanine Financing SoLa Impact Opportunity Zone Fund $ 39,000,000 $ - $ 39,000,000 12/30/2024 7.875 % Subtotal 39,000,000 - 39,000,000 Other The 50/50 MF Property $ 4,803,620 $ - $ 4,803,620 3/11/2048 9.00 % Avistar (February 2013 portfolio) 201,972 - 201,972 6/26/2024 12.00 % Avistar (June 2013 portfolio) 251,622 - 251,622 6/26/2024 12.00 % Greens Property 850,000 - 850,000 9/1/2046 10.00 % Live 929 Apartments 495,000 ( 495,000 ) - 7/31/2049 8.00 % Subtotal 6,602,214 ( 495,000 ) 6,107,214 Total $ 175,604,711 $ ( 495,000 ) $ 175,109,711 (1) The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 % . The Partnership has accrued interest receivable related to its property loans of $ 1.6 million and $ 3.2 million as of September 30, 2023 and December 31, 2022, respectively, that is reported as interest receivable, net in the Partnership’s condensed consolidated balance sheets. The Partnership has remaining commitments to provide additional funding of certain property loans during construction of the secured properties as of September 30, 2023. See Note 19 for further information regarding the Partnership’s remaining property loan funding commitments. On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. The Partnership's allowances for credit losses associated with its property loans was approximately $ 2.1 million as of September 30, 2023. See Note 13 for information regarding the Partnership’s allowance for credit losses related to its property loans. Activity in the First Nine Months of 2023 The following property loan principal payments were received during the nine months ended September 30, 2023: Property Name Month Principal Proceeds Greens Property February 2023 $ 850,000 Scharbauer Flats February 2023 10,773,236 Centennial Crossings March 2023 6,692,344 SoLa Impact Opportunity Zone Fund May 2023 3,790,000 Magnolia Heights June 2023 2,181,454 Oasis at Twin Lakes June 2023 24,018,657 SoLa Impact Opportunity Zone Fund August 2023 1,165,000 Hilltop at Signal Hills August 2023 21,197,939 Centennial Crossings September 2023 17,557,656 $ 88,226,286 Concurrent with the redemption of the Greens Property loan, the Partnership received cash as payment for accrued interest of approximately $ 1.6 million. In June 2023, the Partnership recognized a fee of approximately $ 33,000 in other income in connection with an extension of the maturity date of the Scharbauer Flats Apartments property loan to January 1, 2024 . In August 2023, concurrent with the acquisition of the Sandy Creek Apartments GIL (Note 7), the Partnership committed to provide a property loan up to $ 7.8 million for the construction of the underlying property on a draw-down basis. The property loan and associated GIL are on parity and share a first mortgage position on all real and personal property associated with the secured property. Activity in the First Nine Months of 2022 In January 2022, the Partnership received approximately $ 1.0 million of principal and interest due on the Live 929 Apartments property loan upon restructuring of the outstanding debt of Live 929 Apartments. The principal payment and related loan loss allowance were considered in the troubled debt restructuring of the Partnership’s investments in Live 929 Apartments discussed further in Note 6. In March 2022, the Ohio Properties property loans were repaid in full. The Partnership received approximately $ 2.4 million of principal and approximately $ 4.3 million of accrued interest upon redemption, of which $ 1.7 million was recognized as other interest income. In April 2022, the Partnership provided a property loan to Poppy Grove Apartments in the amount of $ 825,000 to fund the design and predevelopment costs for upcoming affordable housing developments in Elk Grove, CA. In June 2022, concurrent with the acquisition of the Magnolia Heights GIL (Note 7), the Partnership committed $ 10.3 million to provide a property loan for the construction of the underlying property on a draw-down basis. The property loan and associated GIL are on parity and share a first mortgage position on all real and personal property associated with the secured property. In August 2022, the outstanding property loans due from Cross Creek were restructured and the Partnership advanced additional funds totaling approximately $ 7.7 million. In September 2022, the underlying Cross Creek property was sold and the Partnership received $ 13.0 million as redemption proceeds to satisfy all outstanding balances, which consisted of $ 11.4 million of principal payments and approximately $ 1.7 million of accrued interest. All property loan balances due from Cross Creek were previously on non-accrual status and fully reserved, so the Partnership recognized approximately $ 1.7 million of other interest income upon redemption. In September 2022, the Magnolia Crossing property loan was repaid in full. The Partnership received proceeds of approximately $ 14.1 million representing outstanding principal and accrued interest upon redemption. In September 2022, the Partnership advanced additional principal totaling $ 900,000 under the Poppy Grove Apartments loan. The Poppy Grove Apartments property loan was subsequently paid in full in September 2022. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | 9. Investments in Unconsolidated Entities The Partnership has non-controlling investments in unconsolidated entities. The Partnership applies the equity method of accounting by initially recording these investments at cost, subsequently adjusted for accrued preferred returns, the Partnership’s share of earnings (losses) of the unconsolidated entities, cash contributions, and distributions. The carrying value of the equity investments represents the Partnership’s maximum exposure to loss. The Partnership is entitled to a preferred return on invested capital in each unconsolidated entity. The Partnership’s preferred return is reported as “Investment income” on the Partnership’s condensed consolidated statements of operations. An affiliate of the Vantage unconsolidated entities guarantees a preferred return on the Partnership’s Vantage investments through a date approximately five years after commencement of construction. The following table provides the details of the investments in unconsolidated entities as of September 30, 2023 and December 31, 2022: Property Name Location Units Construction Commencement Date Construction Completion Date Carrying Value as of September 30, 2023 Carrying Value as of December 31, 2022 Current Investments Vantage at Tomball Tomball, TX 288 August 2020 April 2022 $ 13,235,090 13,051,936 Vantage at Hutto Hutto, TX 288 December 2021 N/A 13,566,659 12,590,292 Vantage at Loveland Loveland, CO 288 April 2021 N/A 20,061,005 18,109,568 Vantage at Helotes Helotes, TX 288 May 2021 November 2022 14,893,573 14,029,032 Vantage at Fair Oaks Boerne, TX 288 September 2021 May 2023 12,739,817 12,000,297 Vantage at McKinney Falls McKinney Falls, TX 288 December 2021 N/A 13,008,888 12,253,749 Freestone Greeley Greeley, CO 296 N/A N/A 5,058,677 4,775,708 Freestone Cresta Bella San Antonio, TX 296 February 2023 N/A 14,403,256 6,263,083 Valage Senior Living Carson Valley Minden, NV 102 (1) February 2023 N/A 7,822,934 - The Jessam at Hays Farm Huntsville, AL 318 July 2023 N/A 3,734,770 - Subtotal 118,524,669 93,073,665 Previously Sold Investments Vantage at Stone Creek Omaha, NE 294 March 2018 April 2020 $ - $ 5,465,967 Vantage at Coventry Omaha, NE 294 September 2018 February 2021 - 6,826,584 Vantage at Conroe Conroe, TX 288 April 2019 January 2021 - 10,424,625 Subtotal - 22,717,176 $ 118,524,669 $ 115,790,841 (1) Valage Senior Living Carson Valley is a seniors housing property with 102 beds in 88 units. The Partnership has remaining commitments to provide additional equity funding for certain unconsolidated entities as of September 30, 2023. See Note 19 for further information regarding the Partnership’s remaining equity funding commitments. Activity in the First Nine Months of 2023 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the nine months ended September 30, 2023: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain (loss) Vantage at Stone Creek Omaha, NE 294 January 2023 $ 14,689,244 $ 108,295 $ 9,114,980 Vantage at Coventry Omaha, NE 294 January 2023 13,220,218 135,501 6,258,133 Vantage at Murfreesboro Murfreesboro, TN 288 (1) ( 6,184 ) - ( 6,184 ) Vantage at O'Connor San Antonio, TX 288 (2) ( 11,744 ) - ( 11,744 ) Vantage at Conroe Conroe, TX 288 June 2023 19,828,060 2,065,608 7,337,828 Vantage at Powdersville Powdersville, SC 288 (3) 32,385 - 32,385 $ 47,751,979 $ 2,309,404 $ 22,725,398 (1) In February 2023, the Partnership returned sales proceeds of approximately $ 6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statements of operations. (2) In May 2023, the Partnership returned sales proceeds of approximately $ 12,000 associated with final settlements of the Vantage at O’Connor sale in July 2022. The Partnership recognized the amount in "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statement of operations. (3) In August 2023, the Partnership received sales proceeds of approximately $ 32,000 associated with final settlements of the Vantage at Powdersville sale in May 2021. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statement of operations. New Equity Commitments: In February 2023, the Partnership executed an $ 8.2 million equity commitment to fund the construction of Valage Senior Living Carson Valley. In July 2023, the Partnership executed a $ 16.5 million equity commitment to fund the construction of The Jessam at Hays Farm. Activity in the First Nine Months of 2022 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the nine months ended September 30, 2022: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain on Sale Vantage at Murfreesboro Murfreesboro, TN 288 March 2022 $ 29,258,279 $ 657,937 $ 16,360,343 Vantage at Westover Hills San Antonio, TX 288 May 2022 20,923,784 - 12,658,501 Vantage at Bulverde Bulverde, TX 288 (1) 60,000 - 60,000 Vantage at Germantown Germantown, TN 288 (2) 4,407 - 4,407 Vantage at O’Connor San Antonio, TX 288 July 2022 19,381,976 1,195 10,580,781 $ 69,628,446 $ 659,132 $ 39,664,032 (1) During the first nine months of 2022, the Partnership received net cash of approximately $ 60,000 associated with final settlements of the Vantage at Bulverde sale in August 2021. The Partnership recognized the full amount as “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statements of operations. (2) In March 2022, the Partnership received cash of approximately $ 4,000 associated with final settlements of the Vantage at Germantown sale in March 2021. The Partnership recognized the full amount as “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statements of operations. Summarized Unconsolidated Entity Level Financial Data The following table provides combined summary financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Property Revenues $ 2,904,950 $ 4,732,250 $ 9,926,910 $ 16,847,354 Gain on sale of property $ - $ 23,231,887 $ 56,099,503 $ 87,835,109 Net income (loss) $ ( 1,560,982 ) $ 23,309,924 $ 53,132,243 $ 88,447,049 |
Real Estate Assets
Real Estate Assets | 9 Months Ended |
Sep. 30, 2023 | |
Real Estate [Abstract] | |
Real Estate Assets | 10. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of September 30, 2023 and December 31, 2022: Real Estate Assets as of September 30, 2023 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,202,744 $ 40,132,862 $ 43,335,606 Vantage at San Marcos San Marcos, TX (1) 2,660,615 1,003,857 3,664,472 Land held for development (2) 1,109,482 - 1,109,482 $ 48,109,560 Less accumulated depreciation ( 12,837,974 ) Real estate assets, net $ 35,271,586 (1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information. (2) Land held for development consists of land and development costs for a parcel of land in Richland County, SC. Real Estate Assets as of December 31, 2022 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,244 $ 39,799,082 $ 42,998,326 Vantage at San Marcos San Marcos, TX (1) 2,660,615 1,003,857 3,664,472 Land held for development (2) 1,551,196 - 1,551,196 $ 48,213,994 Less accumulated depreciation ( 11,663,516 ) Real estate assets, net $ 36,550,478 (1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information. (2) Land held for development consists of land and development costs for parcels of land in Richland County, SC and Omaha, NE. In January 2023, the Partnership sold the land held for development in Omaha, NE and received proceeds of $ 442,000 which is approximately the Partnership ’ s carrying value. In December 2022, the Partnership sold 100 % of its ownership interest in The 50/50 MF Property to an unrelated non-profit organization. The Partnership received an unsecured property loan upon sale (Note 8) payable from future net cash flows of the property. The buyer assumed two mortgages payable associated with the property and the Partnership agreed to provide certain recourse support for the assumed mortgages. The remainder of the purchase price was funded by the issuance of a seller financing property loan to the Partnership in the amount of $ 4.8 million (Note 8). As a result of the sale, the Partnership deconsolidated The 50/50 MF Property assets and liabilities in its consolidated financial statements. The Partnership incurred costs of approximately $ 404,000 related to the sale which reduced the Partnership ’ s gain on sale. The Partnership has deferred its entire gain on sale of approximately $ 6.6 million which is reported within accounts payable, accrued expenses and other liabilities on the condensed consolidated balance sheets. The Partnership will recognize the deferred gain upon collection of principal of the unsecured property loan (Note 14). Net gain (loss), exclusive of the gains on sale, related to The 50/50 MF Property for the three and nine months ended September 30, 2023, and 2022 is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Net loss $ - $ ( 363,288 ) $ - $ ( 546,580 ) |
Income Tax Provision
Income Tax Provision | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | 11. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by the Greens Hold Co, which owned The 50/50 MF Property until December 2022, and also owns certain property loans. The following table summarizes income tax expense (benefit) for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Current income tax expense (benefit) $ 7,275 $ ( 38,980 ) $ 15,539 $ 3,688 Deferred income tax benefit ( 1,103 ) ( 42,543 ) ( 3,158 ) ( 49,250 ) Total income tax expense (benefit) $ 6,172 $ ( 81,523 ) $ 12,381 $ ( 45,562 ) The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable. There was no valuation allowance recorded as of September 30, 2023 and December 31, 2022. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets [Abstract] | |
Other Assets | 12. Other Assets The following table summarizes the Partnership ’ s other assets as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Deferred financing costs, net $ 898,982 $ 964,266 Derivative instruments at fair value (Note 18) 14,348,619 7,530,438 Taxable mortgage revenue bonds, at fair value 17,611,663 16,531,896 Taxable governmental issuer loans: Taxable governmental issuer loans 13,573,000 8,000,000 Allowance for credit losses (Note 13) ( 86,000 ) - Taxable governmental issuer loans, net 13,487,000 8,000,000 Bond purchase commitment, at fair value (Note 19) - 98,929 Other assets 1,794,114 2,649,138 Total other assets $ 48,140,378 $ 35,774,667 The Partnership has remaining commitments to provide additional funding of the taxable MRBs and taxable GILs during construction and/or rehabilitation of the secured properties as of September 30, 2023. See Note 19 for further information regarding the Partnership’s remaining taxable GIL and taxable MRB funding commitments. On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. See Note 13 for information regarding the Partnership’s allowance for credit losses related to its taxable GILs. See Note 23 for a description of the methodology and significant assumptions for determining the fair value of derivative instruments, taxable MRBs and bond purchase commitments. Unrealized gains or losses on derivative instruments are reported as “Interest expense” in the Partnership ’ s condensed consolidated statements of operations. Unrealized gain or losses on taxable MRBs and bond purchase commitments are recorded in the Partnership ’ s condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. As of September 30, 2023, one taxable MRB and four taxable GILs with a reported value totaling $ 22.1 million were held in trust in connection with TOB trust financings (Note 16). Activity in the First Nine Months of 2023 The following table includes details of the taxable MRBs acquired during the nine months ended September 30, 2023: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funding Windsor Shores Apartments - Series B January 2023 Columbia, SC 176 2/1/2030 6.50 % $ 805,000 Village at Hanford Square - Series H-T (1) May 2023 Hanford, CA 100 5/1/2030 7.25 % 1,000,000 40rty on Colony - Series P-T (2) June 2023 La Mesa, CA 40 6/1/2030 7.45 % 1,000,000 Subtotal $ 2,805,000 (1) The Partnership has committed to provide total funding for the taxable MRB of $ 10.4 million (see Note 19). (2) The Partnership has committed to provide total funding for the taxable MRB of $ 6.0 million (see Note 19). In July 2023, the Ocotillo Springs property achieved stabilization and the borrower converted to permanent financing. The Ocotillo Springs - Series A-T taxable MRB with outstanding principal of $ 7.0 million was redeemed in full. In July 2023, the Partnership recognized a fee of approximately $ 32,000 in other income in connection with an extension of the maturity date of the Hope on Avalon taxable GIL to February 1, 2024 . Activity in the First Nine Months of 2022 The following table includes details of the taxable MRBs and taxable GILs acquired during the nine months ended September 30, 2022: Property Name Date Committed Maturity Date Initial Principal Funding Total Commitment Taxable MRBs Live 929 Apartments - Series 2022B January 2022 1/1/2029 $ 3,625,000 $ 3,625,000 Residency at the Entrepreneur - Series J-T (1) April 2022 4/1/2025 $ 1,000,000 13,000,000 Subtotal $ 16,625,000 Taxable GILs Poppy Grove I (1) September 2022 4/1/2025 $ 1,000,000 $ 21,157,672 Poppy Grove II (1) September 2022 4/1/2025 $ 1,000,000 10,941,300 Poppy Grove III (1) September 2022 4/1/2025 $ 1,000,000 24,480,493 Subtotal $ 56,579,465 (1) The borrower has the option to extend the maturity up to six months upon payment of a non-refundable extension fee. |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | 13. Allowance for Credit Losses On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. See Note 2 for further discussion of the Partnership’s Allowance for Credit Losses accounting policy. Held-to-Maturity Debt Securities, Held-for-Investment Loans and Related Unfunded Commitments The Partnership considers key credit quality indicators when estimating expected credit losses for assets recorded at amortized cost. Such assets primarily finance the construction or rehabilitation of affordable multifamily properties. The GILs are primarily repaid through a conversion to permanent financing pursuant to a forward commitment from Freddie Mac dependent on completion of construction and various other conditions that each property must meet. The property loans related to GILs are primarily to be repaid from future equity contributions by investors and other forward financing commitments provided by various parties. If Freddie Mac is not required to purchase the GIL and payment of the property loans from available sources is not made, the GIL and associated property loan will have defaulted, and the Partnership has the right to foreclose on the underlying property, the associated low income housing tax credits, and enforce the guaranty provisions against affiliates of the individual property borrower. Accordingly, the Partnership’s key credit quality indicators include, but are not limited to, construction status of the property, financial strength of borrowers and guarantors, adequacy of capitalized interest reserves, lease up and occupancy of the property, the status of other conversion conditions, and operating results of the underlying property. The property loans secured by other multifamily properties are repaid through property operations or future sales proceeds. As a result of the adoption of ASU 2016-13 effective date of January 1, 2023, there is a lack of comparability in both the allowance and provisions for credit losses for the periods presented. Results for reporting periods beginning after January 1, 2023 are presented using the CECL methodology, while comparative period information continues to be reported in accordance with the incurred loss methodology in effect for prior years. 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 At adoption, on January 1, 2023, the Partnership recorded an allowance for credit losses of approximately $ 5.9 million as a reduction to Partners’ Capital, or approximately 0.85 % of the Partnerships carrying value of GILs, taxable GILs and property loans and total unfunded commitments. This amount does not include the Live 929 Apartments property loan that had a previous asset-specific allowance of $ 495,000 . The Partnership recorded a recovery of provision for credit losses of approximately $ 562,000 and $ 1.9 million for the three and nine months ended September 30, 2023, respectively, which caused a decrease in the allowance for credit losses by the same amounts. The decrease for the three and nine months ended September 30, 2023 is primarily due to GIL and property loan redemptions during 2023, a decrease in the weighted average life of the remaining investment portfolio, and updates of market data used as quantitative assumptions in the Partnership’s model to estimate the allowance for credit losses. Risk Ratings The Partnership evaluates all GILs, taxable GILs and property loans on a quarterly basis and assigns a risk rating based upon management’s assessment of the borrower’s ability to pay debt service and the likelihood of repayment through the GIL’s conversion to Freddie Mac financing and the property loan’s payment from future equity contribution commitments. The assessment is subjective and based on multiple factors, including but not limited to, construction status of the property, financial strength of borrowers and guarantors, adequacy of capitalized interest reserves, lease up and occupancy of the property, the status of other conversion conditions, and operating results of the underlying property. The credit risk analysis and rating assignment is performed quarterly in conjunction with the Partnership’s assessment of its allowance for credit losses. The Partnership uses the following definitions for its risk ratings: • Performing – The underlying property currently meets or exceeds management’s performance expectations and metrics. There are currently no material indicators that current debt service or repayment of the GILs and property loans is at risk. • Watch – The underlying property associated with the GILs and property loans currently has certain performance or other risk factors that require specific attention from management. The Partnership could experience loss if these factors are not resolved in a timely or satisfactory manner. The Partnership currently estimates that such factors will be adequately resolved and that current debt service and final repayment of the GILs and property loans is not at material risk. • Nonperforming – The underlying property associated with the GILs and property loans is not current on debt service payments and/or has material performance or other risk factors. The Partnership currently believes that full collection of debt service and final repayment is questionable and/or improbable. The following table summarizes the Partnership’s carrying value by origination year, grouped by risk rating as of September 30, 2023: September 30, 2023 2023 2022 2021 2020 2019 Prior Total Governmental Issuer Loans Performing $ 12,100,000 $ 60,837,300 $ 143,010,000 $ 40,000,000 $ - $ - $ 255,947,300 Watch - - - - - - - Nonperforming - - - - - - - Subtotal 12,100,000 60,837,300 143,010,000 40,000,000 - - 255,947,300 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 $ - $ 47,953,579 $ 55,215,250 $ 13,386,764 - $ 453,594 $ 117,009,187 Watch - - - - - - - Nonperforming - - - - $ 495,000 - 495,000 Subtotal - 47,953,579 55,215,250 13,386,764 495,000 453,594 117,504,187 Unfunded Commitments Performing $ 7,830,000 $ 110,200,000 $ 23,870,050 $ - $ - $ - $ 141,900,050 Watch - - - - - - - Nonperforming - - - - - - - Subtotal 7,830,000 110,200,000 23,870,050 - - - 141,900,050 Total $ 19,930,000 $ 221,990,879 $ 232,668,300 $ 53,386,764 $ 495,000 $ 453,594 $ 528,924,537 The Partnership evaluates its outstanding principal and interest receivable balances associated with its GILs and property loans for collectability. If collection of these balances is not probable, the loan is placed on non-accrual status and either an asset-specific allowance for credit loss will be recognized or the outstanding balance will be written off. There are no GILs, taxable GILs, or property loans that are currently past due on contractual debt service payments and the Partnership considered all GILs, taxable GILs and property loans to be performing as of September 30, 2023, except as noted below. The Partnership currently has two property loans on nonaccrual status. During the three and nine months ended September 30, 2023 and 2022, the interest to be earned on the Live 929 Apartments property loan was in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of the property loan determined the collection of the interest accrued was not probable and the loan is considered to be nonperforming. The Live 929 Apartments property loan has outstanding principal of approximately $ 495,000 as of September 30, 2023 and December 31, 2022, which was fully reserved with an asset-specific allowance. In December 2022, the Partnership received a property loan in exchange for the sale of its 100 % interest in The 50/50 MF Property in the amount of $ 4.8 million. See Note 10 for further information on the property sale. The property loan is unsecured, will be repaid from net cash flows of the property, and is subordinate to the mortgage debt of the property which was assumed by the buyer as described in Note 10. The property loan is in non-accrual status as of September 30, 2023 because payments under the loan are not required immediately and are expected to be paid from future net cash flows of the property as previously described in Note 10. As such, the loan is considered to be performing. The property loan associated with the 50/50 MF Property had outstanding principal of approximately $ 5.8 million and $ 4.8 million as of September 30, 2023 and December 31, 2022, respectively. Available-for-Sale Debt Securities The Partnership will record an impairment for MRBs and taxable MRBs through allowance for credit losses for the portion of the difference between the estimated fair value and amortized cost that is related to expected 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, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Balance, beginning of period $ 9,944,579 $ 10,013,392 $ 9,978,891 $ 9,175,482 Other additions (1) - - - 860,533 Recovery of prior credit loss (2) ( 17,344 ) ( 17,345 ) ( 51,656 ) ( 39,968 ) Balance, end of period (3) $ 9,927,235 $ 9,996,047 $ 9,927,235 $ 9,996,047 (1) The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. (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, 2023 and 2022 relate to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Liabilities | 14. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Accounts payable $ 1,075,105 $ 1,244,918 Accrued expenses 4,419,922 4,888,438 Accrued interest expense 8,305,550 7,186,021 Deferred gain on sale of MF Property 6,596,622 6,596,622 Reserve for credit losses on unfunded commitments (Note 13) 836,000 - Derivative instruments at fair value (Note 18) 12,927 - Bond purchase commitment, at fair value (Note 19) 112,448 - Other liabilities 2,263,700 1,817,507 Total accounts payable, accrued expenses and other liabilities $ 23,622,274 $ 21,733,506 On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. See Note 13 for information regarding the Partnership’s allowance for credit losses related to its unfunded commitments. |
Secured Lines of Credit
Secured Lines of Credit | 9 Months Ended |
Sep. 30, 2023 | |
Secured Line Of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Secured Lines of Credit | 15. Secured Lines of Credit The following tables summarize the Partnership ’s secured lines of credit ("LOC" or "LOCs") as of September 30, 2023 and December 31, 2022: Secured Lines of Credit Outstanding as of September 30, 2023 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 16,500,000 $ 40,000,000 June 2025 (1) Variable (2) Monthly 8.83 % Bankers Trust Acquisition LOC - 50,000,000 June 2024 (3) Variable (4) Monthly 7.83 % $ 16,500,000 $ 90,000,000 (1) The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25 % extension fee. The first extension request by the Partnership will be granted by BankUnited, N.A. (“BankUnited”) if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders. (2) The variable rate is equal to SOFR + 3.50 %, subject to an all-in floor of 3.75 %. (3) The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee for each extension. (4) The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”). Secured Lines of Credit Outstanding as of December 31, 2022 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 6,500,000 $ 40,000,000 June 2023 (1) Variable (2) Monthly 7.42 % Bankers Trust Acquisition LOC 49,000,000 50,000,000 June 2024 (3) Variable (4) Monthly 6.68 % $ 55,500,000 $ 90,000,000 (1) The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25 % extension fee. The first extension request by the Partnership will be granted by BankUnited, N.A. (“BankUnited”) if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders. (2) The variable rate is equal to LIBOR + 3.25 %, subject to an all-in floor of 3.50 %. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available. (3) The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee. (4) The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”). General LOC The Partnership has entered into a secured Credit Agreement (“Secured Credit Agreement”) of up to $ 40.0 million with BankUnited and Bankers Trust Company, and the sole lead arranger and administrative agent, BankUnited, for a general secured line of credit (the “General LOC”). The aggregate available commitment cannot exceed a borrowing base calculation, that is equal to 35 % multiplied by the aggregate value of a pool of eligible encumbered assets. Eligible encumbered assets consist of 100 % of the Partnership’s capital contributions to equity investments, senior housing investments, and other real estate investments, subject to certain restrictions. The proceeds of the General LOC will be used by the Partnership to purchase additional investments and to meet general working capital and liquidity requirements. The Partnership may borrow, prepay and reborrow amounts at any time through the maturity date, subject to the limitations of the borrowing base. As of September 30, 2023, the borrowing base was approximately $ 36.6 million . The General LOC is currently secured by first priority security interests in the Partnership’s investments in unconsolidated entities. In addition, an affiliate of the Partnership, Greystone Select Incorporated (“Greystone Select”), has provided a deficiency guaranty of the Partnership’s obligations under the Secured Credit Agreement. Greystone Select is subject to certain covenants and was in compliance with such covenants as of September 30, 2023. No fees were paid to Greystone Select related to the deficiency guaranty agreement. The Partnership is subject to various affirmative and negative covenants under the Secured Credit Agreement that, among others, require the Partnership to maintain a minimum liquidity of not less than $ 5.0 million and maintain a minimum consolidated tangible net worth of $ 200.0 million. The Partnership may increase the maximum commitment from $ 40.0 million to $ 60.0 million in total, subject to the identification of lenders to provide the additional commitment, the payment of certain fees, and other conditions. The minimum liquidity covenant will increase from the current $ 5.0 million requirement to up to $ 7.5 million upon certain increases in the maximum commitment amount. The Partnership was in compliance with all covenants as of September 30, 2023. Acquisition LOC T he Partnership and Bankers Trust Company have entered into an amended and restated credit agreement for a secured non-operating line of credit (the “Acquisition LOC”) with a maximum commitment of up to $ 50.0 million. The Acquisition LOC may be used to fund purchases of multifamily real estate, tax-exempt or taxable MRBs, and tax-exempt or taxable loans issued to finance the acquisition, rehabilitation, or construction of affordable housing or which are otherwise secured by real estate or mortgage-backed securities (collectively, the “financed assets”). The financed assets acquired with the proceeds of the Acquisition LOC will be held in a custody account and the outstanding balances of the Acquisition LOC will be secured by a first priority interest in the financed assets and will be maintained in the custody account until released by Bankers Trust Company. Advances on the Acquisition LOC are due on the 270 th day following the advance date but may be extended for up to three additional 90-day periods , but in no event later than the maturity date by providing Bankers Trust Company with a written request for such extension together with a principal payment of 5 % of the principal amount of the original acquisition advance for the first such extension, 10 % for the second such extension, and 20 % for the third such extension. The Partnership is subject to various affirmative and negative covenants related to the Acquisition LOC, with the principal covenant being that the Partnership’s Leverage Ratio (as defined by the Partnership) will not exceed a specific percentage. The Partnership was in compliance with all covenants as of September 30, 2023. |
Debt Financing
Debt Financing | 9 Months Ended |
Sep. 30, 2023 | |
Debt Financing [Abstract] | |
Debt Financing | 16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2023 and December 31, 2022: Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 67,011,465 $ 4,999 2024 Variable Yes 4.01 % 1.29 % 5.30 % M24 TEBS 7,382,024 4,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,044,165 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 210,318,056 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 313,755,710 4.45 % Secured Notes $ 102,241,411 $ 30,750,804 2025 Variable No N/A N/A 14.57 % (4) TOB Trust Securitizations Mizuho Capital Markets: Trust 2020-XF2908 (5) $ 12,028,595 (6) 2024 Variable No 5.59 % 0.90 % 6.49 % Hope on Avalon GIL 18,710,658 (6) 2024 Variable Yes 4.35 % 1.44 % 5.79 % Jackson Manor Apartments 5,865,000 (6) 2024 Variable Yes 4.35 % 1.29 % 5.64 % Trust 2021-XF2926 (7) 38,490,093 (6) 2024 Variable No 5.59 % 0.90 % 6.49 % Trust 2021-XF2939 (8) 14,207,660 (6) 2024 Variable No 5.59 % 1.17 % 6.76 % SoLa Impact Opportunity Zone Fund 23,713,751 (6) 2024 Variable No 5.59 % 1.78 % 7.37 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 4.35 % 0.91 % 5.26 % Residency at the Mayer - Series A 24,335,000 (6) 2024 Variable Yes 4.35 % 1.19 % 5.54 % Montevista - Series A 5,628,159 (6) 2025 Variable Yes 4.35 % 1.28 % 5.63 % Montecito at Williams Ranch - Series A 6,827,952 (6) 2025 Variable Yes 4.24 % 1.18 % 5.42 % Vineyard Gardens - Series A 3,593,385 (6) 2025 Variable Yes 4.35 % 1.18 % 5.53 % The Park at Sondrio - Series 2022A 30,385,295 (6) 2025 Variable Yes 4.35 % 1.43 % 5.78 % The Park at Vietti - Series 2022A 21,513,570 (6) 2025 Variable Yes 4.35 % 1.43 % 5.78 % Avistar at Copperfield - Series A 11,403,649 (6) 2025 Variable Yes 4.35 % 1.68 % 6.03 % Avistar at Wilcrest - Series A 4,315,648 (6) 2025 Variable Yes 4.35 % 1.68 % 6.03 % Residency at the Entrepreneur MRBs 18,320,000 (6) 2025 Variable Yes 4.35 % 1.45 % 5.80 % Legacy Commons at Signal Hills GIL 31,155,000 (6) 2025 Variable Yes 4.35 % 0.91 % 5.26 % Osprey Village GIL 49,475,000 (6) 2025 Variable Yes 4.35 % 1.19 % 5.54 % Residency at Empire MRBs 15,205,430 (6) 2026 Variable Yes 4.35 % 1.42 % 5.77 % The Ivy Apartments 24,314,842 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Windsor Shores Apartments 17,169,861 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Village at Hanford Square 7,747,138 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % MaryAlice Circle Apartments 4,678,317 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Meadow Valley 12,191,285 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % 40rty on Colony 4,420,720 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Sandy Creek Apartments GIL 9,611,238 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Avistar at Wood Hollow - Series A 32,778,120 (6) 2027 Variable Yes 4.35 % 1.44 % 5.79 % Live 929 53,092,000 (6) 2027 Variable Yes 4.35 % 1.18 % 5.53 % Barclays Capital Inc.: Trust 2021-XF2953 (9) 64,773,510 - 2024 Variable No 5.45 % 1.27 % 6.72 % Poppy Grove I GIL 13,869,232 - 2024 Variable Yes 5.10 % 1.25 % 6.35 % Poppy Grove II GIL 6,825,232 - 2024 Variable Yes 5.10 % 1.25 % 6.35 % Poppy Grove III GIL 11,632,232 - 2024 Variable Yes 5.10 % 1.25 % 6.35 % Village Point 18,370,842 - 2024 Variable Yes 5.13 % 1.61 % 6.74 % Subtotal/Weighed Average Period End Rate 652,648,414 5.96 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,763,972 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,081,409,507 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing. (4) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 9.32 % as of September 30, 2023. See Note 18 for further information on the total return swap. (5) The TOB trust is securitized by the Scharbauer Flats Apartments property loan. (6) The Partnership has restricted cash totaling approximately $ 17.0 million related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. (8) The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan. (9) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 75,570,121 $ 4,999 2024 Variable Yes 3.69 % 1.55 % 5.24 % M24 TEBS 7,489,619 204,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,549,954 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS (4) 211,914,923 5,000 2034 Fixed Yes N/A N/A 3.82 % Subtotal/Weighed Average Period End Rate 324,524,617 4.08 % Secured Notes $ 102,488,160 35,979,743 2025 Variable No N/A N/A 13.05 % (5) TOB Trust Securitizations Mizuho Capital Markets: Montevista - Series A $ 5,650,044 (6) 2023 Variable Yes 3.86 % 1.27 % 5.13 % Trust 2020-XF2908 (7) 43,472,232 (6) 2023 Variable No 4.57 % 0.89 % 5.46 % Hope on Avalon GIL 18,695,484 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Hope on Broadway GIL 9,670,809 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Ocotillo Springs - Series A 9,978,639 (6) 2023 Variable Yes 3.86 % 0.91 % 4.77 % Jackson Manor Apartments 5,859,141 (6) 2023 Variable Yes 3.88 % 1.29 % 5.17 % Trust 2021-XF2926 (8) 70,402,736 (6) 2024 Variable No 4.57 % 0.89 % 5.46 % Trust 2021-XF2939 (9) 7,341,558 (6) 2024 Variable No 4.57 % 1.16 % 5.73 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Oasis at Twin Lakes GIL 30,600,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Centennial Crossing GIL 29,772,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Residency at the Mayer - Series A 21,450,000 (6) 2024 Variable Yes 3.86 % 1.19 % 5.05 % Montecito at Williams Ranch - Series A 6,872,074 (6) 2025 Variable Yes 3.62 % 1.17 % 4.79 % Vineyard Gardens - Series A 3,592,692 (6) 2025 Variable Yes 3.67 % 1.17 % 4.84 % The Park at Sondrio - Series 2022A 30,354,275 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % The Park at Vietti - Series 2022A 21,489,569 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % Avistar at Copperfield - Series A 11,501,641 (6) 2025 Variable Yes 3.80 % 1.67 % 5.47 % Avistar at Wilcrest - Series A 4,350,640 (6) 2025 Variable Yes 3.88 % 1.67 % 5.55 % Residency at the Entrepreneur MRBs 16,513,817 (6) 2025 Variable No 4.57 % 1.18 % 5.75 % Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs 53,160,000 (6) 2025 Variable Yes 3.88 % 0.91 % 4.79 % Osprey Village GIL 32,905,000 (6) 2025 Variable Yes 3.88 % 1.19 % 5.07 % Avistar at Wood Hollow - Series A 33,092,580 (6) 2027 Variable Yes 3.88 % 1.44 % 5.32 % Live 929 53,092,000 (6) 2027 Variable Yes 3.88 % 1.18 % 5.06 % Barclays Capital Inc.: Trust 2021-XF2953 (10) 46,548,777 - 2023 Variable No 4.42 % 1.27 % 5.69 % Poppy Grove I GIL 6,258,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove II GIL 3,614,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove III GIL 6,821,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Subtotal/Weighed Average Period End Rate 619,060,166 5.19 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,831,009 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,058,903,952 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. (4) The M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 7.80 % as of December 31, 2022. See Note 18 for further information on the total return swap. (6) The Partnership has restricted cash totaling approximately $ 38,000 related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (8) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon (9) The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. (10) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. The TOB, Term TOB and TEBS financing arrangements are consolidated VIEs of the Partnership (Note 5). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, Term TOB and TEBS financings on the Partnership's condensed consolidated financial statements. See information regarding the MRBs, GILs, property loans, taxable MRBs and taxable GILs securitized within the TOB, Term TOB and TEBS financings in Notes 6, 7, 8 and 12, respectively. As the residual interest holder in the arrangements, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities, or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the Partnership may be required to deleverage the VIE by repurchasing some or all of the senior securities. Otherwise, the underlying collateral will be sold and, if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The shortfall on each TEBS financing is limited to the Partnership’s residual interest. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. The Partnership has entered into various TOB trust financings with Mizuho and Barclays secured by various investment assets. The TOB trusts and Secured Notes with Mizuho and the TOB trusts with Barclays are subject to respective master agreements that contain certain covenants and requirements. The TOB trust financings with Mizuho and Barclays require that the Partnership's residual interests in each TOB trust maintain a certain value in relation to total assets in each TOB trust. The Mizuho and Barclays master agreements also require the Partnership's partners' capital, as defined, to maintain a certain threshold and that the Partnership remain listed on the NYSE. The master agreement with Barclays also puts limits on the Partnership's Leverage Ratio (as defined by the Partnership). In addition, both Mizuho and Barclays master agreements specify that default(s) on the Partnership’s other senior debts above a specified dollar amount, in the aggregate, will constitute a default under the master agreement. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facilities would be triggered. The Partnership was in compliance with these covenants as of September 30, 2023. The Partnership is subject to mark-to-market collateral posting provision for positions under the ISDA master agreements with Mizuho and Barclays related to the TOB Trusts and Secured Notes. The amount of collateral posting required is dependent on the valuation of the securitized assets and interest rate swaps (Note 18) in relation to thresholds set by Mizuho and Barclays at the initiation of each transaction. As of September 30, 2023, the Partnership had posted approximately $ 17.0 million of cash collateral with Mizuho. There were no requirements to post collateral with Barclays as of September 30, 2023. As of September 30, 2023 and December 31, 2022, the Partnership posted restricted cash as contractually required under the terms of the four TEBS financings. In addition, the Partnership has entered into an interest rate cap agreement to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS financing (Note 18). As of September 30, 2023 and December 31, 2022, the restricted cash associated with the Secured Notes is collateral posted with Mizuho according to the terms the total return swap that has the Secured Notes as the reference security (Note 18). The Term TOB trust financing with Morgan Stanley is subject to a Trust Agreement and other related agreements that contain covenants with which the Partnership or the underlying MRB are required to comply. The underlying property must maintain certain occupancy and debt service covenants. A termination event will occur if the Partnership’s net assets, as defined, decrease by 25 % in one quarter or 35 % over one year. The covenants also require the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remain listed on a nationally recognized stock exchange. If the underlying property or the Partnership, as applicable, is out of compliance with any of these covenants, a termination event of the financing facility would be triggered. The Partnership was in compliance with these covenants as of September 30, 2023. The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized assets. Activity in the First Nine Months of 2023 New Debt Financings: The following is a summary of the new TOB trust financings that were entered into during the nine months ended September 30, 2023: TOB Trusts Securitization Initial TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Facility Fees Residency at Empire MRB $ 14,400,000 January 2026 Variable Yes 1.42 % Windsor Shores MRB 17,236,000 January 2026 Variable Yes 1.44 % SoLa Impact Opportunity Zone Fund 27,300,000 December 2024 Variable No 1.78 % The Ivy Apartments MRB 24,400,000 February 2026 Variable Yes 1.44 % Village at Hanford Square MRB 7,800,000 May 2026 Variable Yes 1.44 % MaryAlice Circle MRB 4,720,000 May 2026 Variable Yes 1.44 % Meadow Valley MRB 8,606,000 June 2026 Variable Yes 1.44 % Village Point MRB 18,400,000 June 2024 Variable Yes 1.61 % 40rty on Colony MRB 4,465,000 July 2026 Variable Yes 1.44 % Sandy Creek Apartments GIL 9,680,000 September 2026 Variable Yes 1.44 % Total TOB Trust Financings $ 137,007,000 Redemptions: The following is a summary of the debt financing principal payments made in connection with the redemption, conversion or sale of underlying assets during the nine months ended September 30, 2023: Debt Financing Debt Facility Month Paydown Applied Greens of Pine Glen M31 TEBS February 2023 $ 7,579,000 Oasis at Twin Lakes GIL TOB Trust June 2023 30,600,000 Trust 2021-XF2926 - Oasis at Twin Lakes property loan TOB Trust June 2023 21,600,000 Ocotillo Springs - Series A TOB Trust July 2023 9,980,000 Trust 2021-XF2939 - Ocotillo Springs TOB Trust July 2023 5,770,000 Hope on Broadway GIL TOB Trust July 2023 9,682,000 Hilltop at Signal Hills GIL TOB Trust August2023 22,005,000 Trust 2021-XF2926 - Hilltop at Signal Hills property loan TOB Trust August2023 19,055,000 Centennial Crossings GIL TOB Trust September 2023 29,772,000 Trust 2020-XF2908 - Centennial Crossings property loan TOB Trust September 2023 15,780,000 $ 171,823,000 Refinancing Activity: The Partnership executed three-month extensions of the maturity date of Barclays credit facilities Trust 2021-XF2953, Poppy Grove I GIL, Poppy Grove II GIL, and Poppy Grove III GIL in January 2023, April 2023 and July 2023. The Partnership executed a one-month extension of the maturity date of Barclays credit facility Village Point in July 2023. There were no additional changes to terms or fees associated with the extensions. In February 2023, the Partnership made certain structural modifications to the TOB trust financing for Residency at the Entrepreneur MRBs. The only material changes associated with the modifications were the interest on senior securities changed from taxable to tax-exempt and the deleveraging of approximately $ 800,000 of debt financings. The structural modifications required cash settlement of the initial TOB trust financings and receipt of cash proceeds from the new TOB trust financings. The cash settlements and proceeds are reported on a gross basis in the cash flows from financing activities section of the consolidated statements of cash flows. Deferred financing costs of approximately $ 584,000 were written off in connection with the modifications. In May 2023, the Partnership extended the Montevista - Series A TOB trust financing maturity date from December 2023 to December 2025. There were no additional changes to terms or fees associated with the extension of the TOB trust financing. In July 2023, the Partnership extended the Hope on Avalon GIL TOB trust financing maturity date from August 2023 to February 2024. There were no additional changes to terms or fees associated with the extension of the TOB trust financing. In August 2023, the Partnership extended the 2020-XF2908 TOB trust financing maturity date from September 2023 to January 2024. There were no additional changes to terms or fees associated with the extension of the TOB trust financing. In September 2023, the Partnership extended the Jackson Manor Apartments TOB trust financing maturity date from September 2023 to September 2024. There were no additional changes to terms or fees associated with the extension of the TOB trust financing. Activity in the First Nine Months of 2022 New Debt Financings: The following is a summary of the new TOB trust financings that were entered into during the nine months ended September 30, 2022: TOB Trusts Securitization Initial TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Facility Fees Residency at the Entrepreneur MRBs and taxable MRB 14,000,000 April 2025 Variable No 1.18 % Live 929 Series 2022A MRB (1) 53,092,000 September 2027 Variable Yes 1.18 % Total TOB Trust Financings $ 67,092,000 (1) The TOB Trust financing associated with the Live 929 Apartments MRB and taxable MRB was originated in January 2022 and subsequently redeemed in September 2022. The Live 929 Apartments Series 2022A MRB was securitized into a new TOB Trust financing in September 2022. The Live 929 Apartments Series 2022B taxable MRB was removed from the original TOB trust financing and was not leveraged in a debt financing facility as of September 30, 2022. The termination of the original TOB Trust financing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $ 508,000 of deferred financings costs. In July 2022, the Partnership deposited the Magnolia Heights GIL and property loan into the existing TOB Trust 2021-XF2953 financing and received additional debt financing proceeds of approximately $ 12.6 million. Redemptions: The following is a summary of the debt trust financings that were repaid in connection with the redemption or sale of underlying assets during the nine months ended September 30, 2022: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments - 2014 Series A TOB Trust January 2022 $ 31,565,000 Ohio Properties - Series A M24 TEBS March 2022 13,544,000 Bridle Ridge M24 TEBS April 2022 7,100,000 Gateway Village TOB Trust May 2022 2,183,000 Lynnhaven Apartments TOB Trust May 2022 2,896,000 Cross Creek M24 TEBS September 2022 6,900,000 $ 64,188,000 Future Maturities The Partnership’s contractual maturities of borrowings as of September 30, 2023 for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: Remainder of 2023 $ 1,743,224 2024 379,913,151 2025 288,056,249 2026 100,019,863 2027 88,258,325 Thereafter 225,691,694 Total 1,083,682,506 Unamortized deferred financing costs and debt premium ( 2,272,999 ) Total debt financing, net $ 1,081,409,507 |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 9 Months Ended |
Sep. 30, 2023 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing | 17. Mortgages Payable and Other Secured Financing The Partnership has entered into mortgages payable. The following is a summary of the mortgages payable, net of deferred financing costs, as of September 30, 2023 and December 31, 2022: Property Mortgage Payables Outstanding Mortgage Outstanding Mortgage Year Stated Maturity Variable Period End Vantage at San Marcos--Mortgage (1) $ 1,690,000 $ 1,690,000 2020 November 2023 Variable 9.25 % Suites on Paseo--Mortgage 24,822,747 - 2023 March 2024 Variable 7.83 % (2) Total Mortgage Payable\Weighted $ 26,512,747 $ 1,690,000 7.92 % (1) The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 5). (2) The mortgage payable has a stated rate of Term SOFR + 2.50 %. The Partnership has entered into an interest rate swap transaction with a notional amount totaling the outstanding principal on the mortgage payable. The interest rate swap effectively fixes the interest rate on the mortgage payable to 5.54 %. See Note 18 for further information on the interest rate swap. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Interest Rate Derivatives [Abstract] | |
Derivative Instruments | 18. Derivative Instruments The Partnership’s derivative instruments are not designated as hedging instruments and are recorded at fair value. Changes in fair value are included in current period earnings as “Interest expense” in the Partnership's consolidated statements of operations. The value of the Partnership’s interest rate swaps are subject to mark-to-market collateral posting provisions in conjunction with the Partnership’s ISDA master agreement with Mizuho (Note 16). See Note 23 for a description of the methodology and significant assumptions for determining the fair value of the derivatives. The derivative instruments are presented within “Other assets” or “Accounts payable, accrued expenses and other liabilities”, as appropriate, in the Partnership's condensed consolidated balance sheets. Interest Rate Swap Agreements The Partnership has entered into multiple interest rate swap agreements to mitigate interest rate risk associated with variable rate TOB trust financings (Note 16) and a mortgage payable (Note 17). No fees were paid to the counterparties upon closing of the interest rate swaps. The following table summarizes the Partnership’s interest rate swap agreements as of September 30, 2023 and December 31, 2022: Trade Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate Index Variable Debt Counterparty Fair Value as of February 2022 55,990,000 2/9/2022 2/1/2024 1.40 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets $ 962,186 March 2022 47,850,000 3/3/2022 3/1/2027 1.65 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 4,450,130 October 2022 47,892,888 (1) 4/1/2023 4/1/2025 3.92 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 1,448,907 December 2022 20,400,000 (2) 1/1/2023 12/1/2029 3.27 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 1,459,311 December 2022 45,500,000 1/3/2023 1/1/2030 3.47 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 2,145,007 January 2023 12,065,200 1/19/2023 1/1/2030 3.35 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 644,852 January 2023 8,027,600 2/1/2023 2/1/2030 3.29 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 439,945 March 2023 8,342,000 (3) 4/1/2023 6/1/2029 3.37 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 910,969 April 2023 4,508,000 5/1/2023 5/1/2033 3.49 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 291,192 May 2023 9,170,000 6/1/2023 6/1/2030 3.15 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 618,485 June 2023 12,800,000 6/1/2023 6/1/2028 3.46 % 5.30 % SOFR TOB Trusts Barclays Bank PLC 487,877 July 2023 6,240,000 8/1/2023 6/1/2030 3.65 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 240,490 August 2023 11,000,000 8/8/2023 2/1/2025 5.05 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 24,256 September 2023 25,000,000 9/19/2023 3/19/2024 5.54 % 5.33 % CME Term SOFR TOB Trusts Raymond James Bank ( 12,927 ) 314,785,688 $ 14,110,680 (1) The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. (2) The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. (3) The notional amount increases according to a schedule up to a maximum notional amount of $ 21.6 million. Trade Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate Index Variable Debt Counterparty Fair Value as of February 2022 55,990,000 2/9/2022 2/1/2024 1.40 % 4.09 % Compounded SOFR TOB Trusts Mizuho Capital Markets $ 2,205,130 March 2022 47,850,000 3/3/2022 3/1/2027 1.65 % 4.09 % Compounded SOFR TOB Trusts Mizuho Capital Markets 4,048,961 October 2022 34,436,088 (1) 4/1/2023 4/1/2025 3.92 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 131,427 December 2022 10,880,000 (2) 1/1/2023 12/1/2029 3.27 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 370,342 December 2022 45,500,000 1/3/2023 1/1/2030 3.47 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 443,339 194,656,088 $ 7,199,199 (1) The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. (2) The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. Total Return Swap Agreement The following table summarizes the terms of the Partnership’s total return swap as of September 30, 2023 and December 31, 2022: Trade Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of December 2022 102,386,966 December 2022 Sept 2025 9.32 % (1) 14.57 % (2) SOFR Mizuho Capital Markets $ 223,971 (1) Variable rate equal to SOFR + 4.00 %, subject to an all-in floor of 4.25 %. (2) Variable rate equal to SOFR + 9.25 %. Trade Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of December 2022 102,690,670 December 2022 Sept 2025 7.80 % (1) 13.05 % (2) SOFR Mizuho Capital Markets $ 239,612 (1) Variable rate equal to SOFR + 4.00 %, subject to an all-in floor of 4.25 %. (2) Variable rate equal to SOFR + 9.25 %. The total return swap has the Partnership’s Secured Notes with Mizuho as the specified reference security (Note 16), with the total return swap notional amount equal to the outstanding principal on the Secured Notes. The rate received on the total return swap is equal to the interest rate on the Secured Notes such that they offset one another, resulting in a net interest cost equal to the rate paid under the total return swap. Under the total return swap, the Partnership is liable for any decline in the value of the Secured Notes under the ISDA master agreement with Mizuho, when netted with the value of the Partnership's other positions with Mizuho. The Partnership was required to initially maintain cash collateral with Mizuho equal to 35 % of the notional amount of the total return swap. In February 2023, the cash collateral requirement was reduced to 30 % of the notional amount. In December 2022, the Partnership amended certain terms associated with the remaining total return swap, including an update in the variable rate index from 3-month LIBOR to SOFR. There were no fees associated with the amendments. Interest Rate Cap Agreement The Partnership has entered into an interest rate cap agreement to mitigate our exposure to interest rate risk associated with a variable-rate debt financing facility. The following tables summarize the Partnership’s interest rate cap agreement as of September 30, 2023 and December 31, 2022: Purchase Date Notional Amount Maturity Effective Index Variable Debt Counterparty Fair Value as of August 2019 73,853,153 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 1,041 $ 1,041 Purchase Date Notional Amount Maturity Effective Index Variable Debt Counterparty Fair Value as of August 2019 75,014,903 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 91,627 $ 91,627 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies Legal Proceedings The Partnership, from time to time, is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable to occur and the amount of the loss can be reasonably estimated, the estimated amount of the loss is accrued in the Partnership's condensed consolidated financial statements. If the Partnership determines that a loss is reasonably possible, the Partnership will, if material, disclose the nature of the loss contingency and the estimated range of possible loss, or include a statement that no estimate of loss can be made. While the resolution of these matters cannot be predicted with certainty, the Partnership currently believes there are no pending legal proceedings in which the Partnership is currently involved the outcome of which will have a material effect on the Partnership’s financial condition, results of operations, or cash flows. Bond Purchase Commitments The Partnership may enter into bond purchase commitments related to MRBs to be issued and secured by properties under construction. Upon execution of the bond purchase commitment, the proceeds from the MRBs will be used to pay off the construction related debt. The Partnership bears no construction or stabilization risk during the commitment period. The Partnership accounts for its bond purchase commitments as available-for-sale securities and reports the asset or liability at fair value. Changes in the fair value of bond purchase commitments are recorded as gains or losses on the Partnership's condensed consolidated statements of comprehensive income (loss). The following table summarizes the Partnership’s bond purchase commitments as of September 30, 2023 and December 31, 2022: Bond Purchase Commitments Commitment Date Maximum Interest Estimated Closing Fair Value as of Fair Value as of Anaheim & Walnut September 2021 3,900,000 4.85 % Q3 2024 ( 112,448 ) 98,929 Investment Commitments The Partnership has remaining commitments to provide additional funding of certain MRBs, taxable MRBs, GILs, taxable GILs, and property loans while the secured properties are under construction or rehabilitation. The Partnership’s remaining non-cancelable commitments for GILs, taxable GILs and property loans are subject to an allowance for credit losses, which was approximately $ 0.8 million as of September 30, 2023. See Note 13 for additional information on the allowance for credit losses on such commitments. The Partnership also has outstanding commitments to contribute additional equity to unconsolidated entities. The following table summarizes the Partnership’s total and remaining commitments as of September 30, 2023: Property Name Commitment Date Maturity Date Interest Rate (1) Total Initial Commitment Remaining Commitment Mortgage Revenue Bonds Meadow Valley December 2021 December 2029 6.25 % $ 44,000,000 $ 27,560,000 Residency at the Entrepreneur- Series J-3 April 2022 March 2040 6.00 % 26,080,000 19,680,000 Residency at the Entrepreneur- Series J-4 April 2022 March 2040 SOFR + 3.60 % (2) 16,420,000 16,420,000 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-3 December 2022 December 2040 6.45 % (4) 14,000,000 12,745,000 Residency at Empire - Series BB-4 December 2022 December 2040 6.45 % (5) 47,000,000 47,000,000 Subtotal 152,500,000 127,405,000 Taxable Mortgage Revenue Bonds Residency at the Mayer Series A-T October 2021 October 2024 SOFR + 3.70 % $ 12,500,000 $ 4,000,000 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 9,400,000 40rty on Colony - Series P-T June 2023 June 2030 7.45 % 5,950,000 4,950,000 Subtotal 46,254,500 33,754,500 Governmental Issuer Loans Poppy Grove I September 2022 April 2025 (3) 6.78 % 35,688,328 18,342,328 Poppy Grove II September 2022 April 2025 (3) 6.78 % 22,250,000 13,708,700 Poppy Grove III September 2022 April 2025 (3) 6.78 % 39,119,507 24,569,507 Subtotal 97,057,835 56,620,535 Taxable Governmental Issuer Loans Poppy Grove I September 2022 April 2025 (3) 6.78 % $ 21,157,672 $ 20,157,672 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 53,579,465 Property Loans Osprey Village July 2021 August 2024 (3) SOFR + 3.07 % $ 25,500,000 $ 16,725,196 Willow Place Apartments September 2021 October 2024 (3) SOFR + 3.30 % 21,351,328 7,144,854 Sandy Creek Apartments August 2023 September 2026 8.63 % (6) 7,830,000 7,830,000 Subtotal 54,681,328 31,700,050 Equity Investments Vantage at San Marcos (7), (8) November 2020 N/A N/A $ 9,914,529 $ 8,943,914 Vantage at Loveland (9) April 2021 N/A N/A 18,215,000 1,065,061 Freestone Greeley (8) October 2022 N/A N/A 16,035,710 11,325,008 Freestone Cresta Bella November 2022 N/A N/A 16,405,514 2,607,927 Valage Senior Living Carson Valley February 2023 N/A N/A 8,163,301 643,104 The Jessam at Hays Farm July 2023 N/A N/A 16,532,636 12,834,437 Subtotal 85,266,690 37,419,451 Bond Purchase Commitments Anaheim & Walnut September 2021 Q3 2024 (10) 4.85 % $ 3,900,000 $ 3,900,000 Subtotal 3,900,000 3,900,000 Total Commitments $ 496,239,818 $ 344,379,001 (1) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (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) Beginning December 2029 , the interest rate will change to the greater of (i) 3.25 % over the then 10 -Year SOFR Swap rate, or (ii) 6.00 %. (5) Upon stabilization, the MRB will convert to a fixed rate of 10.0 % and become subordinate to the other senior MRBs of the borrower. (6) The interest rate will convert to a variable rate of Term SOFR + 3.35 % on February 1, 2025. (7) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). (8) A development site has been identified for this property but construction had not commenced as of September 30, 2023. (9) In July 2023, the Partnership's initial commitment of $ 16.3 million was increased by $ 1.9 million upon meeting certain conditions as outlined in the original agreement. (10) This is the estimated closing date of the associated bond purchase commitment. Other Guaranties and Commitments The Partnership has entered into guaranty agreements with unaffiliated entities under which the Partnership has guaranteed certain obligations of the general partners of certain limited partnerships upon the occurrence of a “repurchase event.” Potential repurchase events include LIHTC tax credit recapture and foreclosure. The Partnership’s maximum exposure is limited to 75 % of the equity contributed by the limited partner to each limited partnership. No amount has been accrued for these guaranties because the Partnership believes the likelihood of repurchase events is remote. The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of September 30, 2023: Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure Ohio Properties 2026 $ 2,310,609 Greens of Pine Glen, LP 2027 1,662,397 In December 2022, the Partnership sold 100 % of its ownership interest in The 50/50 MF Property to an unrelated non-profit organization. The buyer assumed two mortgages payable associated with the property and the Partnership agreed to provide certain recourse support for the assumed mortgages. The TIF Loan support is in the form of a payment guaranty. The Mortgage support is in the form of a forward loan purchase agreement upon maturity of the Mortgage. The reported value of the credit guaranties was approximately $ 348,000 and $ 363,000 as of September 30, 2023 and December 31, 2022, respectively, and are included within other liabilities in the Partnership's condensed consolidated financial statements. No additional contingent liability has been accrued because the likelihood of claims is remote. The following table summarizes the Partnership’s maximum exposure under these credit guaranties as of September 30, 2023: Borrower End of Guaranty Period Partnership's Maximum Exposure The 50/50 MF Property--TIF Loan 2025 $ 1,515,941 The 50/50 MF Property--Mortgage 2027 22,001,116 |
Redeemable Preferred Units
Redeemable Preferred Units | 9 Months Ended |
Sep. 30, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Preferred Units | 20. Redeemable Preferred Units The Partnership has designated three series of non-cumulative, non-voting, non-convertible Preferred Units that represent limited partnership interests in the Partnership consisting of the Series A Preferred Units, the Series A-1 Preferred Units, and the Series B Preferred Units. The Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless redeemed by the Partnership or by the holder. If declared by the General Partner, distributions to the holders of Series A Preferred Units, Series A-1 Preferred Units, and Series B Preferred Units, are paid quarterly at annual fixed rates of 3.0 %, 3.0 % and 5.75 %, respectively. Upon the sixth anniversary of the closing of the sale or issuance of Series A Preferred Units, Series A-1 Preferred Units and Series B Preferred Units to a subscriber, and upon each anniversary thereafter, the Partnership and each holder have the right to redeem, in whole or in part, the Preferred Units held by such holder at a per unit redemption price equal to $ 10.00 per unit, plus an amount equal to all declared and unpaid distributions through the date of the redemption. Each holder desiring to exercise its redemption rights must provide written notice of its intent to so exercise no less than 180 calendar days prior to any such redemption date. In the event of any liquidation, dissolution, or winding up of the Partnership, the holders of the Series A Preferred Units, Series A-1 Preferred Units and Series B Preferred Units are entitled to a liquidation preference in connection with their investments. With respect to anticipated quarterly distributions and rights upon liquidation, dissolution, or the winding-up of the Partnership’s affairs, the Series A Preferred Units and Series A-1 Preferred Units will rank: (a) senior to the Partnership's BUCs, the Series B Preferred Units, and to any other class or series of Partnership interests or securities expressly designated as ranking junior to the Series A Preferred Units or Series A-1 Preferred Units; (b) junior to the Partnership's existing indebtedness (including indebtedness outstanding under the Partnership's senior bank credit facility) and other liabilities with respect to assets available to satisfy claims against the Partnership; and (c) junior to any other class or series of Partnership interests or securities expressly designated as ranking senior to the Series A Preferred Units or Series A-1 Preferred Units. The Series B Preferred Units will rank: (a) senior to the BUCs and to any other class or series of Partnership interests or securities that is not expressly designated as ranking senior or on parity with the Series B Preferred Units; (b) junior to the Series A Preferred Units and Series A-1 Preferred Units and to each other class or series of Partnership interests or securities with terms expressly made senior to the Series B Preferred Units; and (c) junior to all the Partnership's existing indebtedness (including indebtedness outstanding under the Partnership's senior bank credit facility) and other liabilities with respect to assets available to satisfy claims against the Partnership. The Partnership previously issued Series A Preferred Units via a private placement to five financial institutions. In April 2022, October 2022, and February 2023, the Partnership issued Series A-1 Preferred Units in exchange for previously issued Series A Preferred Units. These Series A-1 Preferred Units were issued in a registered offering pursuant to a registration statement on Form S-4, which was declared effective by the Securities and Exchange Commission (the “Commission”) on July 6, 2021, and subsequently amended pursuant to a Post-Effective Amendment to the Form S-4, which was declared effective by the Commission on April 13, 2022. In February 2023 and June 2023, the Partnership issued new Series A-1 Preferred Units to two financial institutions in registered offerings pursuant to a registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (the “Commission”) on September 9, 2021, and subsequently amended pursuant to a Post-Effective Amendment to the Form S-3, which was declared effective by the Commission on April 13, 2022. The Partnership had not issued any Series B Preferred Units as of September 30, 2023. In August 2023, the Partnership redeemed $ 20.0 million of Series A Preferred Units pursuant to a notice of redemption previously submitted by a Series A Preferred Unitholder. The following table summarizes the outstanding Preferred Units as of September 30, 2023 and December 31, 2022: September 30, 2023 Month Issued Units Purchase Price Distribution Redemption Earliest Redemption Series A Preferred Units March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2024 (1) March 2017 1,000,000 10,000,000 3.00 % 10.00 March 2024 (2) October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 (3) Total Series A Preferred Units 3,750,000 37,500,000 Series A-1 Preferred Units April 2022 2,000,000 $ 20,000,000 3.00 % $ 10.00 April 2028 October 2022 1,000,000 10,000,000 3.00 % 10.00 October 2028 February 2023 1,500,000 15,000,000 3.00 % 10.00 February 2029 June 2023 1,000,000 10,000,000 3.00 % 10.00 June 2029 Total Series A-1 Preferred Units 5,500,000 55,000,000 Redeemable Preferred Units 9,250,000 $ 92,500,000 (1) The holder did not provide a notice of its intent to redeem prior to the date 180 days before the most recent optional redemption date. Accordingly, the holder's next optional redemption date is on the next anniversary of the sale of the Series A Preferred Units. (2) In October 2023, the holder of $ 10.0 million of Series A Preferred Units provided notice of its intent to redeem its investment in March 2024. (3) In April 2023, the holder of $ 10.0 million of Series A Preferred Units provided notice of its intent to redeem and the redemption was completed in October 2023. December 31, 2022 Month Issued Units Purchase Price Distribution Redemption Series A Preferred Units March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 December 2016 700,000 7,000,000 3.00 % 10.00 March 2017 1,000,000 10,000,000 3.00 % 10.00 August 2017 2,000,000 20,000,000 3.00 % 10.00 October 2017 1,750,000 17,500,000 3.00 % 10.00 Total Series A Preferred Units 6,450,000 64,500,000 Series A-1 Preferred Units April 2022 2,000,000 $ 20,000,000 3.00 % 10.00 October 2022 1,000,000 10,000,000 3.00 % 10.00 Total Series A-1 Preferred Units 3,000,000 30,000,000 Redeemable Preferred Units 9,450,000 $ 94,500,000 |
Restricted Unit Awards
Restricted Unit Awards | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Unit Awards | 21. Restricted Unit Awards The Partnership’s Plan permits the grant of restricted units and other awards to the employees of Greystone Manager, the Partnership, or any affiliate of either, and members of the Board of Managers of Greystone Manager for up to 1.0 million BUCs. As of September 30, 2023, there were approximately 373,000 restricted units and other awards available for future issuance. RUAs have historically been granted with vesting conditions ranging from three months to up to three years . Unvested RUAs are typically entitled to receive distributions during the restriction period. The Plan provides for accelerated vesting of the RUAs if there is a change in control related to the Partnership, the General Partner, or the general partner of the General Partner, or upon death or disability of the Plan participant. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The compensation expense for RUAs totaled approximately $ 604,000 and $ 580,000 for the three months ended September 30, 2023 and 2022, respectively. The compensation expense for RUAs totaled approximately $ 1,541,000 and $ 920,000 for the nine months ended September 30, 2023 and 2022, respectively. Compensation expense is reported within “General and administrative expenses” in the Partnership's condensed consolidated statements of operations. The following table summarizes the RUA activity for the nine months ended September 30, 2023 and for the year ended December 31, 2022: Restricted Units Weighted average Unvested as of January 1, 2022 77,523 $ 18.18 Granted 96,321 19.33 Vested ( 81,073 ) 18.26 Forfeited ( 5,437 ) 18.76 Unvested as of December 31, 2022 87,334 19.33 Granted 105,274 17.65 Unvested as of September 30, 2023 192,608 $ 18.41 The unrecognized compensation expense related to unvested RUAs granted under the Plan was approximately $ 1.4 million as of September 30, 2023. The remaining compensation expense is expected to be recognized over a weighted average period of 0.8 years. The total intrinsic value of unvested RUAs was approximately $ 3.0 million as of September 30, 2023. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 22. Transactions with Related Parties The Partnership incurs costs for services and makes contractual payments to AFCA 2, AFCA 2’s general partner, and their affiliates. The costs are reported either as expenses or capitalized costs depending on the nature of each item. The following table summarizes transactions with related parties that are reflected in the Partnership's condensed consolidated financial statements for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Partnership administrative fees paid to AFCA 2 (1) $ 1,579,000 $ 1,329,000 $ 4,785,000 $ 3,809,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 14,000 139,000 152,000 314,000 Referral fees paid to an affiliate (3) - - 106,000 108,000 (1) AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45 % per annum of the outstanding principal balance of any of its investment assets for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations. (2) The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group franchise tax return. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s condensed consolidated statements of operations. (3) The Partnership has an agreement with an affiliate of Greystone, in which the Greystone affiliate is entitled to receive a referral fee up to 0.25 % of the original principal amount of executed tax-exempt loan or tax-exempt bond transactions introduced to the Partnership by the Greystone affiliate. The term of the agreement ends December 31, 2023, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond origination costs that are deferred and amortized as a yield adjustment to the related investment asset. AFCA 2 receives fees from the borrowers and sponsors of the Partnership’s investment assets for services provided to the borrower and based on the occurrence of certain investment transactions. These fees were paid by the borrowers or sponsors and are not reported in the Partnership’s condensed consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s affiliates for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Non-Partnership property administrative fees received by AFCA 2 (1) $ - $ 9,000 $ - $ 26,000 Investment/mortgage placement fees earned by AFCA 2 (2) 805,000 1,627,000 3,847,000 2,861,000 (1) AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45 % per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs, taxable MRBs, GILs, taxable GILs and property loans and investments in unconsolidated entities. Greystone Servicing Company LLC, an affiliate of the Partnership, has forward committed to purchase nine of the Partnership’s GILs (Note 7), once certain conditions are met, at a price equal to the outstanding principal plus accrued interest. Greystone Servicing Company LLC is committed to then immediately sell the GILs to Freddie Mac pursuant to a financing commitment between Greystone Servicing Company LLC and Freddie Mac. Greystone Servicing Company LLC purchased the following GILs during the first nine months of 2023, including principal and accrued interest: • Oasis at Twin Lakes GIL for approximately $ 34.1 million in June 2023; • Hilltop at Signal Hills GIL for approximately $ 24.5 million in August 2023; and • Centennial Crossings GIL for approximately $ 33.1 million in September 2023. Greystone Select, an affiliate of the Partnership, has provided a deficiency guaranty of the Partnership’s obligations under the Secured Credit Agreement related to the Partnership's General LOC (Note 15). The guaranty is enforceable if an event of default occurs, the administrative agent takes certain actions in relation to the collateral and the amounts due under the Secured Credit Agreement are not collected within a certain period of time after the commencement of such actions. No fees were paid to Greystone Select related to the deficiency guaranty agreement. Greystone Property Management Corporation, an affiliate of the Partnership, provides property management services to three MRB properties. These property management fees are paid by the respective property owners out of the revenues generated by the respective property prior to the payment of debt service on the Partnership's MRBs. The Partnership reported receivables due from unconsolidated entities of approximately $ 164,000 and $ 325,000 as of September 30, 2023 and December 31, 2022, respectively. These amounts are reported within “Other assets” in the Partnership's condensed consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $ 595,000 and $ 654,000 as of September 30, 2023 and December 31, 2022, respectively. These amounts are reported within “Accounts payable, accrued expenses and other liabilities” in the Partnership's condensed consolidated balance sheets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments | 23. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs for assets or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for the assets and liabilities measured at fair value on a recurring basis. Investments in MRBs, Taxable MRBs and Bond Purchase Commitments The fair value of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of September 30, 2023 and December 31, 2022, is based upon prices obtained from third-party pricing services, which are estimates of market prices. There is no active trading market for these securities, and price quotes for the securities are not available. The valuation methodology of the Partnership’s third-party pricing services incorporates commonly used market pricing methods. The valuation methodology considers the underlying characteristics of each security as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, illiquidity, legal structure of the borrower, collateral, seniority to other obligations, operating results of the underlying property, geographic location, and property quality. These characteristics are used to estimate an effective yield for each security. The security fair value is estimated using a discounted cash flow and yield to maturity or call analysis by applying the effective yield to contractual cash flows. Significant increases (decreases) in the effective yield would have resulted in a significantly lower (higher) fair value estimate. Changes in fair value due to an increase or decrease in the effective yield do not impact the Partnership’s cash flows. The Partnership evaluates pricing data received from the third-party pricing services by evaluating consistency with information from either the third-party pricing services or public sources. The fair value estimates of the MRBs, taxable MRBs and bond purchase commitments are based largely on unobservable inputs believed to be used by market participants and requires the use of judgment on the part of the third-party pricing services and the Partnership. Due to the judgments involved, the fair value measurements of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments are categorized as Level 3 assets. The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of September 30, 2023 and December 31, 2022 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Mortgage revenue bonds (2) 3.4 % - 8.8 % 2.6 % - 20.3 % 5.8 % 5.1 % Taxable mortgage revenue bonds 7.3 % - 12.7 % 6.5 % - 11.4 % 9.4 % 7.6 % Bond purchase commitments 5.3 % 4.5 % 5.3 % 4.5 % (1) Weighted by the total principal outstanding of all the respective securities as of the reporting date . (2) Mortgage revenue bonds excludes the Provision Center 2014-1 MRB for figures as of September 30, 2023 as the proton therapy center securing the MRB was successfully sold out of bankruptcy in July 2022 and the Partnership received liquidation proceeds of $ 3.7 million in January 2023. The valuation as of September 30, 2023 is based on expected additional liquidation proceeds of approximately $ 928,000 at final liquidation. Derivative Instruments The effect of the Partnership’s interest rate swap agreements is to change a variable rate debt obligation to a fixed rate for that portion of the debt equal to the notional amount of the derivative agreement. The Partnership uses a third-party pricing service that incorporates commonly used market pricing methods to value the swap positions. The fair value is based on a model that considers observable indices and observable market trades for similar arrangements and therefore the interest rate swaps are categorized as Level 2 assets or liabilities. The effect of the Partnership’s interest rate cap is to set a cap, or upper limit, subject to performance of the counterparty, on the base rate of interest paid on the Partnership’s variable rate debt financings equal to the notional amount of the derivative agreement. The Partnership uses a third-party pricing service to value the cap positions. The inputs into the interest rate cap agreements valuation model include SOFR rates, unobservable adjustments to account for the SIFMA index, as well as any recent interest rate cap trades with similar terms. The fair value is based on a model with inputs that are not observable and therefore the interest rate cap is categorized as a Level 3 asset. The effect of the Partnership’s total return swap is to lower the net interest rate related to the Partnership’s Secured Notes equal to the notional amount of the derivative agreement. The Partnership uses a third-party pricing service to value the total return swap position and the inputs in the total return swap valuation model include changes in the value of the Secured Notes and the associated changes in value of the underlying assets securing the Secured Notes, accrued and unpaid interest, and any potential gain share amounts. The fair value is based on a model with inputs that are not observable and therefore the total return swaps are categorized as Level 3 assets or liabilities. Assets measured at fair value on a recurring basis as of September 30, 2023 are summarized as follows: Fair Value Measurements as of September 30, 2023 Description Assets and Liabilities Quoted Prices in Significant Other Significant Assets and Liabilities Mortgage revenue bonds, held in trust $ 842,828,122 $ - $ - $ 842,828,122 Mortgage revenue bonds 16,217,828 - - 16,217,828 Taxable mortgage revenue bonds (reported within other assets) 17,611,663 - - 17,611,663 Derivative instruments (reported within other assets) 14,348,619 - 14,123,606 225,013 Derivative swap liability (reported within other liabilities) ( 12,927 ) - ( 12,927 ) - Bond purchase commitments (reported within other liabilities) ( 112,448 ) - - ( 112,448 ) Total Assets and Liabilities at Fair Value, net $ 890,880,857 $ - $ 14,110,679 $ 876,770,178 The following tables summarize the activity related to Level 3 assets for the three and nine months ended September 30, 2023: For the Three Months Ended September 30, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Taxable Mortgage Derivative Total Beginning Balance July 1, 2023 $ 905,963,979 $ 138,100 $ 22,297,418 $ 301,624 $ 928,701,121 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 76,047 - ( 6,050 ) 1,215,389 1,285,386 Included in other comprehensive income ( 46,097,421 ) ( 250,548 ) ( 1,676,780 ) - ( 48,024,749 ) Purchases and advances 7,665,000 - 4,000,000 - 11,665,000 Settlements and redemptions ( 8,561,655 ) - ( 7,002,925 ) ( 1,292,000 ) ( 16,856,580 ) Ending Balance September 30, 2023 $ 859,045,950 $ ( 112,448 ) $ 17,611,663 $ 225,013 $ 876,770,178 Total amount of gains (losses) for the $ 17,344 $ - $ - $ ( 74,463 ) $ ( 57,119 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Nine Months ended September 30, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Taxable Mortgage Derivative Total Beginning Balance January 1, 2023 $ 799,408,004 $ 98,929 $ 16,531,896 $ 331,240 $ 816,370,069 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 231,376 - ( 18,149 ) 3,844,528 4,057,755 Included in other comprehensive income ( 36,662,853 ) ( 211,377 ) ( 2,213,376 ) - ( 39,087,606 ) Purchases and advances 119,452,688 - 10,319,875 - 129,772,563 Settlements and redemptions ( 23,383,265 ) - ( 7,008,583 ) ( 3,950,755 ) ( 34,342,603 ) Ending Balance September 30, 2023 $ 859,045,950 $ ( 112,448 ) $ 17,611,663 $ 225,013 $ 876,770,178 Total amount of gains (losses) for the $ 51,656 $ - $ - $ ( 88,722 ) $ ( 37,066 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. Assets measured at fair value on a recurring basis as of December 31, 2022 are summarized as follows: Fair Value Measurements as of December 31, 2022 Description Assets Quoted Prices in Significant Other Significant Assets Mortgage revenue bonds, held in trust $ 763,208,945 $ - $ - $ 763,208,945 Mortgage revenue bonds 36,199,059 - - 36,199,059 Bond purchase commitments (reported within other assets) 98,929 - - 98,929 Taxable mortgage revenue bonds (reported within other assets) 16,531,896 - - 16,531,896 Derivative instruments (reported within other assets) 7,530,438 - 7,199,198 331,240 Total Assets at Fair Value, net $ 823,569,267 $ - $ 7,199,198 $ 816,370,069 The following tables summarize the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2022: For the Three Months ended September 30, 2022 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Commitments Taxable Mortgage Derivative Total Beginning Balance July 1, 2022 $ 727,278,997 $ 8,953 $ 11,457,256 $ 398,280 $ 739,143,486 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 1,659,492 - ( 4,860 ) 1,298,340 2,952,972 Included in other comprehensive income ( 22,467,010 ) ( 91,864 ) ( 221,686 ) - ( 22,780,560 ) Purchases and advances 1,623,437 - 2,300,000 - 3,923,437 Settlements and redemptions ( 13,025,486 ) - ( 2,676 ) ( 1,313,061 ) ( 14,341,223 ) Ending Balance September 30, 2022 $ 695,069,430 $ ( 82,911 ) $ 13,528,034 $ 383,559 $ 708,898,112 Total amount of gains (losses) for the $ 17,345 $ - $ - $ ( 14,509 ) $ 2,836 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Nine Months Ended September 30, 2022 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Commitments Taxable Mortgage Derivative Total Beginning Balance January 1, 2022 $ 793,509,844 $ 964,404 $ 3,428,443 $ 343,418 $ 798,246,109 Total gains (losses) (realized/unrealized) Included in earnings (interest income and 1,877,774 - ( 14,932 ) 4,497,078 6,359,920 Included in other comprehensive income ( 89,766,975 ) ( 1,047,315 ) ( 553,379 ) - ( 91,367,669 ) Purchases and advances 91,567,687 - 10,675,750 - 102,243,437 Settlements and redemptions ( 101,258,367 ) - ( 7,848 ) ( 4,456,937 ) ( 105,723,152 ) Other (2) ( 860,533 ) - - - ( 860,533 ) Ending Balance September 30, 2022 $ 695,069,430 $ ( 82,911 ) $ 13,528,034 $ 383,559 $ 708,898,112 Total amount of gains for the $ 39,968 $ - $ - $ 107,617 $ 147,585 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) The other line is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. Total gains and losses included in earnings for the derivative instruments are reported within “Interest expense” in the Partnership's condensed consolidated statements of operations. As of September 30, 2023 and December 31, 2022, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s GILs, taxable GILs, and construction financing property loans that share a first mortgage lien with the GILs, which is an estimate of their market price. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. The valuation methodology considers the underlying characteristics of the GILs and property loans as well as other quantitative and qualitative characteristics including, but not limited to, the progress of construction and operations of the underlying properties, and the financial capacity of guarantors. The valuation methodology also considers the probability that conditions for the execution of forward commitments to purchase the GILs will be met. Due to the judgments involved, the fair value measurements of the Partnership’s GILs, taxable GIL, and construction financing property loans are categorized as Level 3 assets. The estimated fair value of the GILs and taxable GILs was $ 257.6 million and $ 11.3 million as of September 30, 2023, respectively. The estimated fair value of the GILs and taxable GILs was $ 305.0 million and $ 6.8 million as of December 31, 2022, respectively. The fair value of the construction financing property loans approximated amortized cost as of September 30, 2023 and December 31, 2022. As of September 30, 2023 and December 31, 2022, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s financial liabilities, which are estimates of market prices. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. The valuation methodology considers the underlying characteristics of each financial liability as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure, seniority to other obligations, operating results of the underlying assets, and asset quality. The financial liability values are then estimated using a discounted cash flow and yield to maturity or call analysis. The Partnership evaluates pricing data received from the third-party pricing service, including consideration of current market interest rates, quantitative and qualitative characteristics of the underlying collateral, and other information from either the third-party pricing service or public sources. The fair value estimates of these financial liabilities are based largely on unobservable inputs believed to be used by market participants and require the use of judgment on the part of the third-party pricing service and the Partnership. Due to the judgments involved, the fair value measurements of the Partnership’s financial liabilities are categorized as Level 3 liabilities. The TEBS financings are credit enhanced by Freddie Mac. The TOB trust financings are credit enhanced by either Mizuho or Barclays. The table below summarizes the fair value of the Partnership’s financial liabilities as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 1,081,409,507 $ 1,071,406,487 $ 1,058,903,952 $ 1,059,674,409 Secured lines of credit 16,500,000 16,500,000 55,500,000 55,500,000 Mortgages payable and other secured financing 26,512,747 26,690,000 1,690,000 1,690,000 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segments | 24. Segments As of September 30, 2023, the Partnership had four reportable segments: (1) Affordable Multifamily MRB Investments, (2) Seniors and Skilled Nursing MRB Investments, (3) MF Properties, and (4) Market-Rate Joint Venture Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. Affordable Multifamily MRB Investments Segment The Affordable Multifamily MRB Investments segment consists of the Partnership’s portfolio of MRBs, GILs, and related property loans that have been issued to provide construction and/or permanent financing for multifamily residential and commercial properties in their market areas. Such MRBs and GILs are held as investments and the related property loans, net of loan loss allowances, are reported as such in the Partnership's condensed consolidated balance sheets. As of September 30, 2023, the Partnership reported 82 MRBs and 10 GILs in this segment. As of September 30, 2023, the multifamily residential properties securing the MRBs and GILs contain a total of 11,325 and 1,927 multifamily rental units, respectively. In addition, one MRB (Provision Center 2014-1) was collateralized by commercial real estate prior to a sale of the underlying real estate in July 2022 (Note 6). All “General and administrative expenses” on the Partnership's condensed consolidated statements of operations are reported within this segment. Seniors and Skilled Nursing MRB Investments Segment The Seniors and Skilled Nursing MRB Investments segment consists of two MRBs and a property loan that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties. The property loan was redeemed in September 2022. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of September 30, 2023, the two properties securing the MRBs contain a total of 294 beds. Market-Rate Joint Venture Investments Segment The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC, ATAX Senior Housing Holdings I, LLC, and ATAX Great Hill Holdings LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors housing properties (Note 9). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 5). MF Properties Segment The MF Properties segment consists primarily of a student housing residential property held by the Partnership (Note 10). During the time the Partnership holds an interest in an MF Property, any excess cash flow will be available for distribution to the Partnership. As of September 30, 2023, the Partnership owned one MF Property containing a total of 384 rental uni Income tax expense for the Greens Hold Co is reported within this segment. The following table details certain financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Total revenues Affordable Multifamily MRB Investments $ 22,635,813 $ 18,423,127 $ 67,026,288 $ 45,443,505 Seniors and Skilled Nursing MRB Investments 604,040 194,296 1,037,082 664,579 Market-Rate Joint Venture Investments 2,035,391 2,072,781 8,119,809 7,149,916 MF Properties 1,198,892 1,914,200 3,532,868 5,785,742 Total revenues $ 26,474,136 $ 22,604,404 $ 79,716,047 $ 59,043,742 Interest expense Affordable Multifamily MRB Investments $ 10,822,127 $ 7,530,723 $ 37,376,094 $ 17,309,510 Seniors and Skilled Nursing MRB Investments ( 546,877 ) 5,750 ( 701,261 ) 5,750 Market-Rate Joint Venture Investments 345,104 226,247 905,502 619,928 MF Properties 97,047 273,262 97,047 814,891 Total interest expense $ 10,717,401 $ 8,035,982 $ 37,677,382 $ 18,750,079 Depreciation expense Affordable Multifamily MRB Investments $ 5,967 $ 5,962 $ 17,880 $ 17,885 Seniors and Skilled Nursing MRB Investments - - - - Market-Rate Joint Venture Investments - - - - MF Properties 407,466 682,526 1,205,942 2,038,627 Total depreciation expense $ 413,433 $ 688,488 $ 1,223,822 $ 2,056,512 Net income (loss) Affordable Multifamily MRB Investments $ 7,044,063 $ 6,375,471 $ 16,022,889 $ 16,099,041 Seniors and Skilled Nursing MRB Investments 1,150,917 187,921 1,727,343 656,954 Market-Rate Joint Venture Investments 1,719,861 12,423,255 29,930,657 46,185,380 MF Properties ( 185,463 ) ( 470,054 ) 126,883 ( 554,083 ) Net income $ 9,729,378 $ 18,516,593 $ 47,807,772 $ 62,387,292 The following table details total assets for the Partnership’s reportable segments as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Total assets Affordable Multifamily MRB Investments $ 1,438,949,167 $ 1,520,609,550 Seniors and Skilled Nursing MRB Investments 36,545,409 3,551,307 Market-Rate Joint Venture Investments 122,758,900 120,089,351 MF Properties 37,824,381 41,699,828 Consolidation/eliminations ( 89,747,342 ) ( 118,820,471 ) Total assets $ 1,546,330,515 $ 1,567,129,565 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events In October 2023, the Partnership originated an MRB investment for the construction of an affordable multifamily property. The Partnership’s remaining commitment will be funded on a draw-down basis during construction. The following table summarizes the terms of the Partnership’s MRB investment: Commitment Month Property Location Units Maturity Date Fixed Interest Initial Maximum The Safford October 2023 Marana, AZ 200 10/10/2026 7.59 % $ 7,560,034 $ 43,000,000 In October 2023, the Partnership entered into a new TOB trust financing arrangement with Mizuho. The following table summarizes the initial terms of the TOB trust financing: TOB Trusts Securitization TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Remarketing Senior Securities Rate Facility Fees Interest Rate The Safford MRB $ 6,050,000 October 2026 Variable Yes 4.46 % 1.44 % 5.90 % In October 2023, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with its variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement: Trade Date Notional Amount Effective Date Termination Date Fixed Rate Paid Variable Rate Index Received Variable Debt Counterparty October 2023 $ 3,520,000 (1) 10/10/2023 4/1/2027 4.722 % Compounded SOFR TOB Trusts Mizuho Capital Markets (1) The notional amount increases according to a schedule up to a maximum notional amount of $ 24.1 million. In October 2023, the Partnership redeemed $ 10.0 million of Series A Preferred Unit of an investor. The redemption was paid using unrestricted cash on hand. In addition, in October 2023, an investor provided notice of its intent to redeem $ 10.0 million of Series A Preferred Units in March 2024. In November 2023, the Partnership completed a trust securitization financing transaction of its residual interests in the M31, M33 and M45 TEBS financings (the “TEBS Residual Financing”). The securitization involved the sale of the TEBS Financings residual interests to an issuer, which then issued and sold $ 61.5 million of senior Affordable Housing Multifamily Certificates. The Partnership retained $ 20.5 million of residual Affordable Housing Multifamily Certificates also issued by the issuer. The senior Affordable Housing Multifamily Certificates are considered secured financing of the Partnership and were sold to third party investors in exchange for financing proceeds. The residual Affordable Housing Multifamily Certificates were retained by the Partnership. The $ 61.5 million of senior Affordable Housing Multifamily Certificates represent secured financing of the Partnership for financial reporting purposes and are entitled to interest at a fixed rate of 7.125 % per annum and certain principal payments from the assets within the TEBS Residual Financing. The Partnership is entitled to all residual cash flows of the TEBS Residual Financing after payments to the senior Affordable Housing Multifamily Certificates and trustee expenses of 0.03 % per annum. The senior Affordable Housing Multifamily Certificates are non-recourse to the Partnership and are not subject to mark-to-market collateral posting. The term of the TEBS Residual Financing will end upon the earlier of repayment of the $ 61.5 million stated amount of the senior Affordable Housing Multifamily Certificates or July 25, 2034. The Partnership received net proceeds of approximately $ 60.4 million, after payment of placement, legal and other related costs. Approximately $ 57.9 million of the net proceeds, in addition to approximately $ 24.6 million of restricted cash released under our total return swap, were used to pay down approximately $ 82.5 million of outstanding principal and accrued interest of the Partnership’s Secured Notes. In November 2023, the Jackson Manor MRB was resized downward to a principal amount of approximately $ 4.8 million upon conversion to permanent financing. The borrower repaid principal of approximately $ 2.1 million upon conversion, of which approximately $ 1.8 million was used to repay amounts outstanding on the related TOB financing. In November 2023, the Partnership extended the Residency at the Mayer TOB trust financing maturity date to October 2026. There were no additional changes to terms associated with the extensions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The “Partnership,” as used herein, includes Greystone Housing Impact Investors LP, its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. The consolidated subsidiaries of the Partnership for the periods presented consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the M24 Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“Freddie Mac”); • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “M31 TEBS Financing” with Freddie Mac; • ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “M33 TEBS Financing” with Freddie Mac; • ATAX TEBS IV, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “M45 TEBS Financing” with Freddie Mac; • ATAX TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, which has issued secured notes (“the Secured Notes”) to Mizuho Capital Markets LLC (“Mizuho”); • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of multifamily properties; • ATAX Freestone Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of multifamily properties; • ATAX Senior Housing Holdings I, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of seniors housing properties; • ATAX Great Hill Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of multifamily properties; • One wholly owned corporation (the "Greens Hold Co”), which owns certain property loans and owned 100 % of The 50/50 MF Property, a real estate asset; and • Lindo Paseo LLC, a wholly owned limited liability company, which owns 100 % of the Suites on Paseo MF Property. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary. |
Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds | Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds The Partnership accounts for its investments in MRBs and taxable MRBs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at estimated fair value. The net unrealized gains or losses on these investments are reflected on the Partnership’s condensed consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership reports interest receivables for MRBs and taxable MRBs separately from the reported fair value within “Interest receivable, net” on the condensed consolidated balance sheets. Investments in Government Issuer Loans and Taxable Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) and taxable GILs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investment in these instruments are classified as held-to-maturity debt securities and are reported at amortized cost, which is net of unamortized loan origination costs, discounts, and allowance for credit losses. The Partnership evaluates its outstanding principal and interest receivable balances associated with its GILs for collectability. If collection of these balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. The Partnership reports interest receivables for GILs and taxable GILs separately from the amortized cost basis within “Interest receivable, net” on the condensed consolidated balance sheets. Held-to-Maturity Debt Securities, Held-for-Investment Loans and Related Unfunded Commitments The Partnership estimates allowances for credit losses for its GILs, taxable GILs, property loans and related non-cancelable funding commitments using a Weighted Average Remaining Maturity (“WARM”) method loss-rate model, combined with qualitative factors that are sensitive to changes in forecasted economic conditions. The Partnership applies qualitative factors related to risk factors and changes in current economic conditions that may not be adequately reflected in quantitatively derived results, or other relevant factors to ensure the allowance for credit losses reflects the Partnership’s best estimate of current expected credit losses. The WARM method pools assets sharing similar characteristics and utilizes a historical annual charge-off rate which is applied to the outstanding asset balances over the remaining weighted average life of the pool, adjusted for certain qualitative factors to estimate expected credit losses. The Partnership has minimal loss history with GILs, taxable GILs, and property loans to date and has had minimal historical credit losses to date. As such, the Partnership uses historical annual charge-off data for similar assets from publicly available loan data through the Federal Financial Institution Examination Council (“FFIEC”). The Partnership adjusts for current conditions and the impact of qualitative forecasts that are reasonable and supportable. The Partnership assesses qualitative adjustments related to, but not limited to, credit quality changes in the asset portfolio, general economic conditions, changes in the affordable multifamily real estate markets, changes in lending policies and underwriting, and underlying collateral values. The Partnership will elect to separately evaluate an asset if it no longer shares the same risk characteristics as the respective pool or the specific investment attributes do not lend to analysis with a model-based approach. For collateral-dependent assets when foreclosure is probable, the Partnership will apply a practical expedient to estimate current expected credit losses as the difference between the fair value of collateral and the amortized cost of the asset. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale, when a modification or restructuring takes place in which the Partnership grants a concession to a borrower or agrees to a discount in full or partial satisfaction of the asset, when the Partnership takes ownership and control of the underlying collateral in full satisfaction of the asset, or when significant collection efforts have ceased and it is highly likely that a loss has been realized. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its GILs, taxable GILs and property loans because uncollectable accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. Available-for-Sale Debt Securities The Partnership periodically determines if allowances of credit losses are needed for its MRBs and taxable MRBs under the applicable guidance for available-for-sale debt securities. The Partnership evaluates whether unrealized losses are considered impairments based on various factors including, but not necessarily limited to, the following: • The severity of the decline in fair value; • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers; • Adverse conditions specifically related to the security, its collateral, or both; • The likelihood of the borrower being able to make scheduled interest and principal payments; and • Failure of the borrower to make scheduled interest or principal payments. While the Partnership evaluates all available information, it focuses specifically on whether the estimated fair value of the security is below amortized cost. If the estimated fair value of an MRB is below amortized cost, and the Partnership has the intent to sell or may be required to sell the MRB prior to the time that its value recovers or until maturity, the Partnership will record an impairment through earnings equal to the difference between the MRB’s carrying value and its fair value. If the Partnership does not expect to sell an other-than-temporarily impaired MRB, only the portion of the impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income. In determining the provision for credit loss, the Partnership compares the present value of cash flows expected to be collected to the amortized cost basis of the MRB and records any provision for credit losses as an adjustment to the allowance for credit losses. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its MRBs and taxable MRBs because uncollectable accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. The recognition of an impairment, provision for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership's condensed consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur impairments or provisions for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. The Partnership periodically reviews any previously impaired MRBs for indications of a recovery of value. If a recovery of value is identified, the Partnership will report the recovery of prior credit losses through its allowance for credit losses as a provision for credit losses (recoveries). For MRB impairment recoveries identified prior to the adoption of the CECL model, the Partnership will accrete the recovery of prior credit losses into investment income over the remaining term of the MRB. |
Property Loans | Property Loans The Partnership invests in property loans made to the owners of certain multifamily, student housing and skilled nursing properties. The property loans are considered held-for-investment and are reported at amortized cost, which is net of unamortized loan origination costs, discounts, and allowance for credit losses. Most property loans have been made to multifamily properties that secure MRBs and GILs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s condensed consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. If collection of outstanding principal and interest receivable balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. Interest income is recognized upon the repayment of these property loans and accrued interest which is dependent largely on the cash flows or proceeds upon sale or refinancing of the related property. The Partnership reports interest receivables for property loans separately from the amortized cost basis within “Interest receivable, net” on the condensed consolidated balance sheets. |
Allowance for Credit Losses | Allowance for Credit Losses On January 1, 2023, the Partnership adopted Accounting Standard Update (“ASU”) 2016-13, Financial Instruments-Credit Losses, and subsequent related amendments (“ASC 326”), which replaced the incurred loss methodology with an expected loss model known as the Current Expected Credit Loss (“CECL”) model. The CECL model establishes a single allowance framework for financial assets carried at amortized cost which reflects an estimate of credit losses over the remaining expected life of financial assets. The adoption of the ASU 2016-13 requires a cumulative-effect adjustment to Partners’ Capital upon adoption. Additionally, ASU 2016-13 requires enhanced disclosures, including additional disclosures regarding credit quality. The allowance for credit losses is presented as a valuation reserve to the corresponding assets on the Partnership’s condensed consolidated balance sheets. Expected credit losses related to non-cancelable unfunded commitments and financial guaranties are accounted for as separate liabilities and are included in “Accounts payable, accrued expenses and other liabilities” on the Partnership’s condensed consolidated balance sheets. Upon adoption on January 1, 2023, the Partnership recorded a cumulative effect of accounting change of approximately $ 5.9 million as a direct reduction to Partners’ Capital. Subsequent changes to the allowance for credit losses are recognized through “Provision for credit losses” on the Partnership’s condensed consolidated statements of operations. |
Estimates and Assumptions | Estimates and assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC rules and regulations, although the Partnership believes that the disclosures are adequate to make the information presented not misleading. The most significant estimates and assumptions include those used in determining: (i) the fair value of MRBs and taxable MRBs; (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for credit losses. The Partnership’s condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2022. These condensed consolidated financial statements and notes have been prepared consistently with the 2022 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of September 30, 2023, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated balance sheet as of December 31, 2022 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements. |
Risks And Uncertainties | Risks and Uncertainties The Federal Reserve announced seven increases in short-term interest rates totaling 425 basis points during 2022. Additional increases totaling 100 basis points have also occurred year to date through October 2023. The Federal Reserve has stated that additional short-term interest rate increases may be needed to combat inflation in the broader economy. In addition, geopolitical conflicts continue to impact the general global economic environment. These factors have caused volatility in the fixed income markets, which has impacted the value of some of the Partnership’s investment assets, particularly those with fixed interest rates, which may result in collateral posting requirements under our debt financing arrangements. In addition, increases in short-term interest rates will generally result in increases in the interest cost associated with the Partnership’s variable rate debt financing arrangements and for construction debt of properties underlying our investments in unconsolidated entities. The extent to which general economic, geopolitical, and financial conditions will impact the Partnership’s financial condition or results of operations in the future is uncertain and actual results and outcomes could differ from current estimates. The on-going inflationary environment in the United States may increase operating expenses at properties securing the Partnership’s inve stments and general operations, which may reduce net operating results of the related properties and result in lower debt service coverage or higher than anticipated capitalized interest requirements for properties under construction. Such occurrences may negatively impact the value of the Partnership’s investments. Increasing general and administrative expenses of the Partnership and real estate operating expenses of the MF Properties may adversely affect the Partnership’s operating results, including a reduction in net income. Furthe rmore, the potential for an economic recession either globally or locally in the U.S. or other economies could further impact the valuation of our investment assets, limit the Partnership’s ability to obtain additional debt financing from lenders, and limit opportunities for additional investments. |
Beneficial Unit Certificates ("BUCs") | Beneficial Unit Certificates (“BUCs”) The Partnership has issued BUCs representing assigned limited partnership interests to investors. Costs related to the issuance of BUCs are recorded as a reduction to partners’ capital when issued. On June 14, 2023, the Partnership declared the supplemental Second Quarter 2023 BUCs Distribution payable in the form of additional BUCs equal to $ 0.07 per BUC. The Second Quarter 2023 BUCs Distribution was paid at a ratio of 0.00448 BUCs for each issued and outstanding BUC as of the record date of June 30, 2023 , which represents an amount per BUC based on the closing price of the BUCs on the New York Stock Exchange ("NYSE") on June 13, 2023. The Second Quarter 2023 BUCs Distribution was completed on July 31, 2023. On September 13, 2023, the Partnership declared the supplemental Third Quarter 2023 BUCs Distribution payable in the form of additional BUCs equal to $ 0.07 per BUC. The Third Quarter BUCs Distribution was paid at a ratio of 0.00418 BUCs for each issued and outstanding BUC as of the record date of September 29, 2023 , which represents an amount per BUC based on the closing price of the BUCs on the NYSE on September 12, 2023. The Third Quarter 2023 BUCs Distribution was completed on October 31, 2023. There were no fractional BUCs issued in connection with the BUCs Distributions. All fractional BUCs resulting from the BUCs Distributions received cash for such fraction based on the market value of the BUCs on the record date. The BUCs Distributions have been applied retroactively to all net income per BUC, distributions per BUC and similar per BUC disclosures for all periods indicated in the Partnership’s condensed consolidated financial statements. |
Restricted Unit Awards ("RUA" or "RUAs") | Restricted Unit Awards (“RUA” or “RUAs”) The Amended and Restated Greystone Housing Impact Investors LP 2015 Equity Incentive Plan (the “Plan”), as originally approved by the BUC holders in September 2015, permits the grant of RUAs and other awards to the employees of Greystone Manager, or any affiliate, who performs services for Greystone Manager, the Partnership or an affiliate, and members of the Board of Managers of Greystone Manager . The Plan permits total grants of RUAs of up to 1.0 million BUCs. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. RUAs typically provide for the payment of distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control, or upon death or disability of the participant. The number of outstanding RUAs was not impacted by the Second Quarter 2023 BUCs Distribution or Third Quarter 2023 BUCs Distribution as holders of RUAs did not participate in the BUCs Distributions, but rather received cash in an amount equal to the value of the BUCs Distributions. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The Partnership accounts for modifications to RUAs as they occur, if the fair value of the RUAs change, if there are changes to vesting conditions or if the awards no longer qualify for equity classificatio n. The Partnership accounts for forfeitures as they occur. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, which enhances the methodology of measuring expected credit losses for financial assets to include the use of reasonable and supportable forward-looking information to better estimate credit losses. In general, the allowance for credit losses is expected to increase when changing from an incurred loss to expected loss methodology. ASU 2016-13 also includes changes to the impairment model for available-for-sale debt securities such as the Partnership’s MRBs and taxable MRBs. ASU 2016-13 became effective for the Partnership on January 1, 2023 and was adopted through a cumulative-effect adjustment to Partners’ Capital as of that date. See the Allowance for Credit Losses accounting policy above and Note 13 for further details. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure | The following table summarizes the Partnership’s maximum exposure to loss associated with its variable interests as of September 30, 2023 and December 31, 2022: Maximum Exposure to Loss of September 30, 2023 December 31, 2022 Mortgage revenue bonds $ 87,872,616 $ 71,629,581 Taxable mortgage revenue bonds 10,526,681 3,044,829 Governmental issuer loans 195,547,300 300,230,435 Taxable governmental issuer loans 13,573,000 8,000,000 Property loans 89,260,250 169,002,497 Investments in unconsolidated entities 118,524,669 115,790,841 $ 515,304,516 $ 667,698,183 |
Mortgage Revenue Bonds (Tables)
Mortgage Revenue Bonds (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Schedule of Investments in MRBs | The Partnership had the following investments in MRBs as of September 30, 2023 and December 31, 2022: September 30, 2023 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value 40rty on Colony - Series P (6) CA $ 5,964,438 $ 302,025 $ - $ 6,266,463 Courtyard - Series A (4) CA 9,799,703 164,483 - 9,964,186 Glenview Apartments - Series A (3) CA 4,327,437 97,154 - 4,424,591 Harmony Court Bakersfield - Series A (4), (8) CA 3,573,108 - ( 2,524 ) 3,570,584 Harmony Terrace - Series A (4) CA 6,615,477 109,378 - 6,724,855 Harden Ranch - Series A (2) CA 6,379,546 237,973 - 6,617,519 Las Palmas II - Series A (4) CA 1,620,883 18,147 - 1,639,030 Lutheran Gardens (7), (8) CA 10,352,000 - ( 136,683 ) 10,215,317 Montclair Apartments - Series A (3) CA 2,344,415 69,941 - 2,414,356 Montecito at Williams Ranch Apartments - Series A (6) CA 7,458,938 247,100 - 7,706,038 Montevista - Series A (6) CA 6,620,295 279,474 - 6,899,769 Residency at Empire - Series BB-1 (6) CA 14,118,198 201,814 - 14,320,012 Residency at Empire - Series BB-2 (6) CA 4,000,000 91,432 - 4,091,432 Residency at Empire - Series BB-3 (6) CA 1,255,000 178,043 - 1,433,043 Residency at the Entrepreneur - Series J-1 (6), (8) CA 9,086,768 - ( 827,010 ) 8,259,758 Residency at the Entrepreneur - Series J-2 (6), (8) CA 7,500,000 - ( 616,868 ) 6,883,132 Residency at the Entrepreneur - Series J-3 (6), (8) CA 6,400,000 - ( 1,551,110 ) 4,848,890 Residency at the Mayer - Series A (6) CA 29,562,650 - - 29,562,650 San Vicente - Series A (4) CA 3,342,175 27,750 - 3,369,925 Santa Fe Apartments - Series A (3) CA 2,840,170 95,278 - 2,935,448 Seasons at Simi Valley - Series A (4) CA 4,097,107 220,406 - 4,317,513 Seasons Lakewood - Series A (4) CA 7,046,922 95,608 - 7,142,530 Seasons San Juan Capistrano - Series A (4) CA 11,864,715 160,973 - 12,025,688 Summerhill - Series A (4), (8) CA 6,152,834 - ( 178,978 ) 5,973,856 Sycamore Walk - Series A (4), (8) CA 3,393,159 - ( 43,943 ) 3,349,216 The Village at Madera - Series A (4) CA 2,955,238 15,027 - 2,970,265 Tyler Park Townhomes - Series A (2) CA 5,554,438 74,702 - 5,629,140 Village at Hanford Square - Series H (6) CA 10,400,000 407,460 - 10,807,460 Vineyard Gardens - Series A (6) CA 3,883,419 153,658 - 4,037,077 Westside Village Market - Series A (2) CA 3,629,816 94,653 - 3,724,469 MaryAlice Circle Apartments (6) GA 5,900,000 219,618 - 6,119,618 Brookstone (1) IL 7,244,439 1,036,434 - 8,280,873 Copper Gate Apartments (2) IN 4,840,000 12,697 - 4,852,697 Renaissance - Series A (3), (8) LA 10,469,267 - ( 41,970 ) 10,427,297 Live 929 Apartments - Series 2022A (6) MD 58,277,207 589,212 - 58,866,419 Meadow Valley (6), (9) MI 16,549,356 - ( 3,421,190 ) 13,128,166 Jackson Manor Apartments (6) MS 6,900,000 - - 6,900,000 Village Point (7), (8) NJ 23,000,000 - ( 1,191,899 ) 21,808,101 Silver Moon - Series A (3) NM 7,500,102 441,468 - 7,941,570 Village at Avalon (5) NM 15,842,510 610,649 - 16,453,159 Columbia Gardens (4) SC 12,399,692 341,847 - 12,741,539 Companion at Thornhill Apartments (4) SC 10,676,974 261,025 - 10,937,999 The Ivy Apartments (6) SC 30,570,091 69,694 - 30,639,785 The Palms at Premier Park Apartments (2) SC 17,940,209 266,313 - 18,206,522 The Park at Sondrio - Series 2022A (6) SC 38,100,000 378,258 - 38,478,258 The Park at Vietti - Series 2022A (6) SC 26,985,000 337,999 - 27,322,999 Village at River's Edge (4), (8) SC 9,587,468 - ( 133,977 ) 9,453,491 Willow Run (4) SC 12,227,486 336,255 - 12,563,741 Windsor Shores Apartments - Series A (6) SC 21,545,000 211,355 - 21,756,355 Arbors at Hickory Ridge (2) TN 10,462,129 1,300,120 - 11,762,249 Avistar at Copperfield - Series A (6) TX 13,417,781 289,278 - 13,707,059 Avistar at the Crest - Series A (2) TX 8,796,967 378,848 - 9,175,815 Avistar at the Oaks - Series A (2) TX 7,118,705 215,791 - 7,334,496 Avistar at the Parkway - Series A (3) TX 12,311,348 310,317 - 12,621,665 Avistar at Wilcrest - Series A (6), (8) TX 5,085,068 - ( 41,834 ) 5,043,234 Avistar at Wood Hollow - Series A (6) TX 38,610,801 652,946 - 39,263,747 Avistar in 09 - Series A (2) TX 6,146,722 203,194 - 6,349,916 Avistar on the Boulevard - Series A (2) TX 14,986,587 448,641 - 15,435,228 Avistar on the Hills - Series A (2) TX 4,873,624 161,109 - 5,034,733 Bruton Apartments (4), (8) TX 17,261,949 - ( 683,906 ) 16,578,043 Concord at Gulfgate - Series A (4) TX 18,245,484 656,978 - 18,902,462 Concord at Little York - Series A (4) TX 12,781,825 495,283 - 13,277,108 Concord at Williamcrest - Series A (4) TX 19,800,416 767,247 - 20,567,663 Crossing at 1415 - Series A (4) TX 7,105,209 194,079 - 7,299,288 Decatur Angle (4), (8) TX 21,702,571 - ( 881,145 ) 20,821,426 Esperanza at Palo Alto (4) TX 18,793,377 715,004 - 19,508,381 Heights at 515 - Series A (4) TX 6,504,941 227,030 - 6,731,971 Heritage Square - Series A (3) TX 10,221,885 236,293 - 10,458,178 Oaks at Georgetown - Series A (4) TX 11,821,571 26,048 - 11,847,619 Runnymede (1) TX 9,465,000 291 - 9,465,291 Southpark (1) TX 11,310,268 1,203,542 - 12,513,810 15 West Apartments (4) WA 9,392,920 733,019 - 10,125,939 Mortgage revenue bonds held in trust $ 834,910,798 $ 17,670,361 $ ( 9,753,037 ) $ 842,828,122 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (5) MRB held by Morgan Stanley in a debt financing transaction, Note 16. (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16. (7) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for less than 12 months. (9) The Partnership has a remaining MRB funding commitment of approximately $ 27.6 million as of September 30, 2023. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of September 30, 2023 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for more than 12 months. September 30, 2023 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value CCBA Senior Garden Apartments (1) CA $ 3,766,276 $ - $ ( 271,895 ) $ 3,494,381 Ocotillo Springs - Series A (2) CA 3,497,289 - ( 451,646 ) 3,045,643 Ocotillo Springs - Series A-1 CA 499,781 32,450 - 532,231 Residency at the Entrepreneur - Series J-5 CA 1,000,000 - - 1,000,000 Solano Vista - Series A CA 2,616,864 120,269 - 2,737,133 Handsel Morgan Village Apartments GA 2,150,000 61,573 - 2,211,573 Provision Center 2014-1 TN 927,740 - - 927,740 Avistar at the Crest - Series B TX 719,990 9,712 - 729,702 Avistar at the Oaks - Series B TX 527,484 4,255 - 531,739 Avistar at the Parkway - Series B TX 122,825 14,674 - 137,499 Avistar in 09 - Series B TX 435,127 3,510 - 438,637 Avistar on the Boulevard - Series B TX 427,820 3,730 - 431,550 Mortgage revenue bonds held by the Partnership $ 16,691,196 $ 250,173 $ ( 723,541 ) $ 16,217,828 (1) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for less than 12 months. (2) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for more than 12 months. December 31, 2022 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Courtyard - Series A (4) CA $ 9,874,603 $ 888,242 $ - $ 10,762,845 Glenview Apartments - Series A (3) CA 4,372,370 309,570 - 4,681,940 Harmony Court Bakersfield - Series A (4) CA 3,600,418 274,456 - 3,874,874 Harmony Terrace - Series A (4) CA 6,665,787 625,752 - 7,291,539 Harden Ranch - Series A (2) CA 6,449,455 581,466 - 7,030,921 Las Palmas II - Series A (4) CA 1,633,397 140,681 - 1,774,078 Lutheran Gardens (7) CA 10,352,000 127,107 - 10,479,107 Montclair Apartments - Series A (3) CA 2,368,757 199,617 - 2,568,374 Montecito at Williams Ranch Apartments - Series A (6) CA 7,507,111 834,292 - 8,341,403 Montevista - Series A (6) CA 6,656,219 902,690 - 7,558,909 Ocotillo Springs - Series A (6), (8) CA 11,090,000 - ( 331,311 ) 10,758,689 Residency at the Entrepreneur - Series J-1 (6) CA 9,088,496 122,815 - 9,211,311 Residency at the Entrepreneur - Series J-2 (6) CA 7,500,000 176,092 - 7,676,092 Residency at the Entrepreneur - Series J-3 (6) CA 3,900,000 726,834 - 4,626,834 Residency at the Mayer - Series A (6) CA 26,067,585 - - 26,067,585 San Vicente - Series A (4) CA 3,367,978 255,787 - 3,623,765 Santa Fe Apartments - Series A (3) CA 2,869,660 216,000 - 3,085,660 Seasons at Simi Valley - Series A (4) CA 4,137,438 522,910 - 4,660,348 Seasons Lakewood - Series A (4) CA 7,100,512 666,562 - 7,767,074 Seasons San Juan Capistrano - Series A (4) CA 11,954,944 1,038,904 - 12,993,848 Summerhill - Series A (4) CA 6,199,861 265,296 - 6,465,157 Sycamore Walk - Series A (4) CA 3,428,986 124,598 - 3,553,584 The Village at Madera - Series A (4) CA 2,977,825 247,354 - 3,225,179 Tyler Park Townhomes - Series A (2) CA 5,616,043 264,300 - 5,880,343 Vineyard Gardens - Series A (6) CA 3,908,104 514,719 - 4,422,823 Westside Village Market - Series A (2) CA 3,670,075 267,369 - 3,937,444 Brookstone (1) IL 7,286,052 1,286,871 - 8,572,923 Copper Gate Apartments (2) IN 4,840,000 117,014 - 4,957,014 Renaissance - Series A (3) LA 10,585,375 645,412 - 11,230,787 Live 929 Apartments - Series 2022A (6) MD 58,107,262 2,217,857 - 60,325,119 Jackson Manor Apartments (6) MS 6,900,000 - - 6,900,000 Greens Property - Series A (2) NC 7,599,000 597 - 7,599,597 Silver Moon - Series A (3) NM 7,557,312 863,401 - 8,420,713 Village at Avalon (5) NM 15,942,560 1,727,010 - 17,669,570 Columbia Gardens (4) SC 12,542,207 968,469 - 13,510,676 Companion at Thornhill Apartments (4) SC 10,786,181 709,979 - 11,496,160 The Palms at Premier Park Apartments (2) SC 18,137,042 808,555 - 18,945,597 The Park at Sondrio - Series 2022A (6) SC 38,100,000 - - 38,100,000 The Park at Vietti - Series 2022A (6) SC 26,985,000 - - 26,985,000 Village at River's Edge (4) SC 9,649,659 590,962 - 10,240,621 Willow Run (4) SC 12,368,964 953,988 - 13,322,952 Arbors at Hickory Ridge (2) TN 10,591,726 2,005,029 - 12,596,755 Avistar at Copperfield - Series A (6) TX 13,532,636 919,463 - 14,452,099 Avistar at the Crest - Series A (2) TX 8,896,378 975,504 - 9,871,882 Avistar at the Oaks - Series A (2) TX 7,196,674 717,701 - 7,914,375 Avistar at the Parkway - Series A (3) TX 12,429,842 950,930 - 13,380,772 Avistar at Wilcrest - Series A (6) TX 5,128,595 170,370 - 5,298,965 Avistar at Wood Hollow - Series A (6) TX 38,941,304 2,645,832 - 41,587,136 Avistar in 09 - Series A (2) TX 6,214,048 619,707 - 6,833,755 Avistar on the Boulevard - Series A (2) TX 15,155,942 1,290,551 - 16,446,493 Avistar on the Hills - Series A (2) TX 4,927,003 523,079 - 5,450,082 Bruton Apartments (4) TX 17,381,296 281,271 - 17,662,567 Concord at Gulfgate - Series A (4) TX 18,404,942 1,842,303 - 20,247,245 Concord at Little York - Series A (4) TX 12,893,533 1,249,523 - 14,143,056 Concord at Williamcrest - Series A (4) TX 19,973,464 1,935,645 - 21,909,109 Crossing at 1415 - Series A (4) TX 7,170,756 605,369 - 7,776,125 Decatur Angle (4) TX 21,866,672 77,837 - 21,944,509 Esperanza at Palo Alto (4) TX 18,916,082 2,209,462 - 21,125,544 Heights at 515 - Series A (4) TX 6,564,951 573,569 - 7,138,520 Heritage Square - Series A (3) TX 10,325,196 671,790 - 10,996,986 Oaks at Georgetown - Series A (4) TX 11,911,472 746,300 - 12,657,772 Runnymede (1) TX 9,535,000 45,577 - 9,580,577 Southpark (1) TX 11,257,062 1,352,726 - 12,609,788 15 West Apartments (4) WA 9,454,318 1,534,060 - 10,988,378 Mortgage revenue bonds held in trust $ 718,413,130 $ 45,127,126 $ ( 331,311 ) $ 763,208,945 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (5) MRB held by Morgan Stanley in a debt financing transaction, Note 16. (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16. (7) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. December 31, 2022 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value CCBA Senior Garden Apartments CA $ 3,792,700 $ 42,672 $ - $ 3,835,372 Residency at Empire - Series BB-1 CA 14,118,500 - - 14,118,500 Residency at Empire - Series BB-2 CA 4,000,000 - - 4,000,000 Residency at Empire - Series BB-3 CA 55,000 - - 55,000 Solano Vista - Series A CA 2,631,168 297,861 - 2,929,029 Meadow Valley (1) MI 4,833,437 - ( 1,193,085 ) 3,640,352 Greens Property - Series B NC 915,039 122 - 915,161 Provision Center 2014-1 TN 4,294,939 - - 4,294,939 Avistar at the Crest - Series B TX 724,747 53,132 - 777,879 Avistar at the Oaks - Series B TX 530,829 33,406 - 564,235 Avistar at the Parkway - Series B TX 123,176 22,510 - 145,686 Avistar in 09 - Series B TX 437,886 27,557 - 465,443 Avistar on the Boulevard - Series B TX 430,647 26,816 - 457,463 Mortgage revenue bonds held by the Partnership $ 36,888,068 $ 504,076 $ ( 1,193,085 ) $ 36,199,059 (1) The Partnership has a remaining MRB funding commitment of $ 39.3 million as of December 31, 2022. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of December 31, 2022 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. |
Schedule of MRBs Acquisitions | The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2022: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funded Residency at the Entrepreneur - Series J-1 April Los Angeles, CA 200 3/31/2040 6.00 % $ 9,000,000 Residency at the Entrepreneur - Series J-2 April Los Angeles, CA 200 3/31/2040 6.00 % 7,500,000 Residency at the Entrepreneur - Series J-3 (1) April Los Angeles, CA 200 3/31/2040 6.00 % - Residency at the Entrepreneur - Series J-4 (1) April Los Angeles, CA 200 3/31/2040 SOFR + 3.60 % (2) - CCBA Senior Garden Apartments (3) June San Diego, CA 45 7/1/2037 4.50 % 3,807,000 $ 20,307,000 (1) The Partnership has committed to provide funding for the Series J-3 and Series J-4 MRBs of $ 26.1 million and $ 16.4 million, respectively. See Note 19. (2) The interest rate is subject to an all-in floor of 3.87 %. Upon stabilization, the Series J-4 MRB will become subordinate to the Series J-1, J-2, and J-3 MRBs and will convert to a fixed rate of 8.0 %. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $ 1.5 million. (3) The investment was previously reported as a bond purchase commitment that has converted to an MRB. Restructurings: In January 2022, the Live 929 Apartments property completed a restructuring of the Partnership’s MRBs and property loan. The Partnership’s Live 929 Apartments – 2014 Series A and Live 929 Apartments – 2014 Series B MRBs were redeemed at par plus accrued interest. The following tables summarizes the terms of the MRBs upon redemption: Property Name Month Property Location Units Original Interest Rate Principal Live 929 Apartments - 2014 Series A January Baltimore, MD 575 7/1/2049 5.78 % $ 39,445,000 Live 929 Apartments - 2014 Series B January Baltimore, MD 575 7/1/2039 1.60 % 21,610,000 $ 61,055,000 Upon restructuring, the Partnership used the proceeds of the redeemed MRBs plus additional cash to acquire a new series of MRB secured by the Live 929 Apartments property, the Series 2022A MRB. The following tables summarizes the MRB that was acquired as part of the restructuring of the Live 929 Apartments MRBs: Property Name Month Property Location Units Maturity Date Interest Rate Principal Acquired Live 929 Apartments - Series 2022A January Baltimore, MD 575 1/1/2060 4.30 % $ 66,365,000 |
Schedule of Terms of partnership's MRBs After Conversions | The following table summarizes the terms of the Ocotillo Springs MRBs after conversion: Property Name Property Location Units Maturity Date Fixed Interest Rate Post-Conversion Principal Ocotillo Springs - Series A Brawley, CA 75 8/1/2038 4.35 % $ 3,500,000 Ocotillo Springs - Series A-1 Brawley, CA 75 8/1/2038 6.50 % 500,000 $ 4,000,000 |
Schedule of MRB Redeemed | The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2023: Property Name Month Property Location Units Original Interest Rate Principal Greens Property - Series A February 2023 Durham, NC 168 10/1/2047 6.50 % $ 7,579,000 Greens Property - Series B February 2023 Durham, NC 168 10/1/2047 12.00 % 914,040 $ 8,493,040 The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2022: Property Name Month Property Location Units Original Interest Rate Principal Ohio Properties - Series A March (1) 362 6/1/2050 7.00 % $ 13,544,000 Ohio Properties - Series B March (1) 362 6/1/2050 10.00 % 3,459,840 Bridle Ridge May Greer, SC 152 1/1/2043 6.00 % 7,100,000 Cross Creek September Beaufort, SC 144 3/1/2049 6.15 % 7,666,752 $ 31,770,592 (1) The Ohio Properties consist of Crescent Village, located in Cincinnati, Ohio, Willow Bend, located in Columbus (Hilliard), Ohio and Postwoods, located in Reynoldsburg, Ohio. |
Governmental Issuer Loans (Tabl
Governmental Issuer Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Governmental Issuer Loans [Abstract] | |
Summary of Partnership's GIL Investments | The Partnership had the following GIL investments as of September 30, 2023 and December 31, 2022: As of September 30, 2023 Property Name Month Property Units Maturity (1) Interest Rate (2) Current Interest Amortized Scharbauer Flats Apartments (3) June 2020 Midland, TX 300 1/1/2024 SIFMA + 3.10 % 7.08 % $ 40,000,000 Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % 8.39 % 34,620,000 Hope on Avalon January 2021 Los Angeles, CA 88 2/1/2024 SIFMA + 3.75 % 7.73 % 23,390,000 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 8.37 % 60,000,000 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 8.60 % 25,000,000 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 9.15 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 17,346,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 8,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 14,550,000 Sandy Creek Apartments (3) August 2023 Bryan, TX 140 9/1/2026 7.83 % (5) 7.83 % 12,100,000 1,927 $ 255,947,300 (1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. (5) The interest rate will convert to a variable rate of Term SOFR + 2.80 % on February 1, 2025. As of December 31, 2022 Property Name Month Property Units Maturity (1) Interest (2) Current Interest Amortized Scharbauer Flats Apartments (3) June 2020 Midland, TX 300 7/1/2023 SIFMA + 3.10 % 6.76 % $ 40,000,000 Oasis at Twin Lakes (3) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 2.25 % 5.91 % 34,000,000 Centennial Crossings (3) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75 % 6.41 % 33,080,000 Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % 7.37 % 34,620,000 Hilltop at Signal Hills (3) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07 % 7.37 % 24,450,000 Hope on Avalon January 2021 Los Angeles, CA 88 8/1/2023 SIFMA + 3.75 % 7.41 % 23,390,000 Hope on Broadway January 2021 Los Angeles, CA 49 8/1/2023 SIFMA + 3.75 % 7.41 % 12,105,623 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 6.88 % 39,893,040 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 7.11 % 17,354,472 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 7.66 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 7,846,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 4,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 8,550,000 2,419 $ 300,230,435 (1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. |
Schedule of Principal and Accrued Interest Paid | During the nine months ended September 30, 2023, the following GILs were purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full: Property Name Month Principal Proceeds Oasis at Twin Lakes June 2023 $ 34,000,000 Hope on Broadway July 2023 13,105,623 Hilltop at Signal Hills August 2023 24,450,000 Centennial Crossings September 2023 33,080,000 $ 104,635,623 |
Property Loans (Tables)
Property Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property Loans Net Of Loan Loss Allowance [Abstract] | |
Summary of Partnership's Property Loans, Net of Allowances for Credit Losses | The following tables summarize the Partnership’s property loans, net of asset-specific allowances for credit losses, as of September 30, 2023 and December 31, 2022: September 30, 2023 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Legacy Commons at Signal Hills $ 32,233,972 $ - $ 32,233,972 2/1/2024 SOFR + 3.07 % Magnolia Heights 8,118,546 - 8,118,546 7/1/2024 SOFR + 3.85 % Osprey Village 8,774,804 - 8,774,804 8/1/2024 SOFR + 3.07 % Scharbauer Flats Apartments 13,386,764 - 13,386,764 1/1/2024 SOFR + 2.96 % Willow Place Apartments 14,206,474 - 14,206,474 10/1/2024 SOFR + 3.30 % Subtotal 76,720,560 - 76,720,560 Mezzanine Financing (2) SoLa Impact Opportunity Zone Fund $ 34,045,000 $ - $ 34,045,000 12/30/2024 7.875 % Subtotal 34,045,000 - 34,045,000 Other The 50/50 MF Property $ 5,790,033 $ - $ 5,790,033 3/11/2048 9.00 % Avistar (February 2013 portfolio) 201,972 - 201,972 6/26/2024 12.00 % Avistar (June 2013 portfolio) 251,622 - 251,622 6/26/2024 12.00 % Live 929 Apartments 495,000 ( 495,000 ) - 7/31/2049 8.00 % Subtotal 6,738,627 ( 495,000 ) 6,243,627 Total $ 117,504,187 $ ( 495,000 ) $ 117,009,187 (1) The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 %. (2) The property loan is held in trust in connection with a TOB trust financing (Note 16). December 31, 2022 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Centennial Crossings $ 24,250,000 $ - $ 24,250,000 9/1/2023 LIBOR + 2.50 % Hilltop at Signal Hills 19,718,334 - 19,718,334 8/1/2023 SOFR + 3.07 % Legacy Commons at Signal Hills 29,666,905 - 29,666,905 2/1/2024 SOFR + 3.07 % Magnolia Heights 6,188,601 - 6,188,601 7/1/2024 SOFR + 3.85 % Oasis at Twin Lakes 24,018,657 - 24,018,657 8/1/2023 LIBOR + 2.50 % Osprey Village 1,000,000 - 1,000,000 8/1/2024 SOFR + 3.07 % Scharbauer Flats Apartments 24,160,000 - 24,160,000 7/1/2023 LIBOR + 2.85 % Willow Place Apartments 1,000,000 - 1,000,000 10/1/2024 SOFR + 3.30 % Subtotal 130,002,497 - 130,002,497 Mezzanine Financing SoLa Impact Opportunity Zone Fund $ 39,000,000 $ - $ 39,000,000 12/30/2024 7.875 % Subtotal 39,000,000 - 39,000,000 Other The 50/50 MF Property $ 4,803,620 $ - $ 4,803,620 3/11/2048 9.00 % Avistar (February 2013 portfolio) 201,972 - 201,972 6/26/2024 12.00 % Avistar (June 2013 portfolio) 251,622 - 251,622 6/26/2024 12.00 % Greens Property 850,000 - 850,000 9/1/2046 10.00 % Live 929 Apartments 495,000 ( 495,000 ) - 7/31/2049 8.00 % Subtotal 6,602,214 ( 495,000 ) 6,107,214 Total $ 175,604,711 $ ( 495,000 ) $ 175,109,711 (1) The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 % . |
Schedule of Property Loans Paid Down or Redeemed | The following property loan principal payments were received during the nine months ended September 30, 2023: Property Name Month Principal Proceeds Greens Property February 2023 $ 850,000 Scharbauer Flats February 2023 10,773,236 Centennial Crossings March 2023 6,692,344 SoLa Impact Opportunity Zone Fund May 2023 3,790,000 Magnolia Heights June 2023 2,181,454 Oasis at Twin Lakes June 2023 24,018,657 SoLa Impact Opportunity Zone Fund August 2023 1,165,000 Hilltop at Signal Hills August 2023 21,197,939 Centennial Crossings September 2023 17,557,656 $ 88,226,286 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Investments in Unconsolidated Entities | The following table provides the details of the investments in unconsolidated entities as of September 30, 2023 and December 31, 2022: Property Name Location Units Construction Commencement Date Construction Completion Date Carrying Value as of September 30, 2023 Carrying Value as of December 31, 2022 Current Investments Vantage at Tomball Tomball, TX 288 August 2020 April 2022 $ 13,235,090 13,051,936 Vantage at Hutto Hutto, TX 288 December 2021 N/A 13,566,659 12,590,292 Vantage at Loveland Loveland, CO 288 April 2021 N/A 20,061,005 18,109,568 Vantage at Helotes Helotes, TX 288 May 2021 November 2022 14,893,573 14,029,032 Vantage at Fair Oaks Boerne, TX 288 September 2021 May 2023 12,739,817 12,000,297 Vantage at McKinney Falls McKinney Falls, TX 288 December 2021 N/A 13,008,888 12,253,749 Freestone Greeley Greeley, CO 296 N/A N/A 5,058,677 4,775,708 Freestone Cresta Bella San Antonio, TX 296 February 2023 N/A 14,403,256 6,263,083 Valage Senior Living Carson Valley Minden, NV 102 (1) February 2023 N/A 7,822,934 - The Jessam at Hays Farm Huntsville, AL 318 July 2023 N/A 3,734,770 - Subtotal 118,524,669 93,073,665 Previously Sold Investments Vantage at Stone Creek Omaha, NE 294 March 2018 April 2020 $ - $ 5,465,967 Vantage at Coventry Omaha, NE 294 September 2018 February 2021 - 6,826,584 Vantage at Conroe Conroe, TX 288 April 2019 January 2021 - 10,424,625 Subtotal - 22,717,176 $ 118,524,669 $ 115,790,841 (1) Valage Senior Living Carson Valley is a seniors housing property with 102 beds in 88 units. |
Summary of Sales Information of Partnership Investment in Unconsolidated Entities | The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the nine months ended September 30, 2023: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain (loss) Vantage at Stone Creek Omaha, NE 294 January 2023 $ 14,689,244 $ 108,295 $ 9,114,980 Vantage at Coventry Omaha, NE 294 January 2023 13,220,218 135,501 6,258,133 Vantage at Murfreesboro Murfreesboro, TN 288 (1) ( 6,184 ) - ( 6,184 ) Vantage at O'Connor San Antonio, TX 288 (2) ( 11,744 ) - ( 11,744 ) Vantage at Conroe Conroe, TX 288 June 2023 19,828,060 2,065,608 7,337,828 Vantage at Powdersville Powdersville, SC 288 (3) 32,385 - 32,385 $ 47,751,979 $ 2,309,404 $ 22,725,398 (1) In February 2023, the Partnership returned sales proceeds of approximately $ 6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statements of operations. (2) In May 2023, the Partnership returned sales proceeds of approximately $ 12,000 associated with final settlements of the Vantage at O’Connor sale in July 2022. The Partnership recognized the amount in "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statement of operations. (3) In August 2023, the Partnership received sales proceeds of approximately $ 32,000 associated with final settlements of the Vantage at Powdersville sale in May 2021. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statement of operations. The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the nine months ended September 30, 2022: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain on Sale Vantage at Murfreesboro Murfreesboro, TN 288 March 2022 $ 29,258,279 $ 657,937 $ 16,360,343 Vantage at Westover Hills San Antonio, TX 288 May 2022 20,923,784 - 12,658,501 Vantage at Bulverde Bulverde, TX 288 (1) 60,000 - 60,000 Vantage at Germantown Germantown, TN 288 (2) 4,407 - 4,407 Vantage at O’Connor San Antonio, TX 288 July 2022 19,381,976 1,195 10,580,781 $ 69,628,446 $ 659,132 $ 39,664,032 (1) During the first nine months of 2022, the Partnership received net cash of approximately $ 60,000 associated with final settlements of the Vantage at Bulverde sale in August 2021. The Partnership recognized the full amount as “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statements of operations. (2) In March 2022, the Partnership received cash of approximately $ 4,000 associated with final settlements of the Vantage at Germantown sale in March 2021. The Partnership recognized the full amount as “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statements of operations. |
Summary of Partnership's Investments in Unconsolidated Entities | The following table provides combined summary financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Property Revenues $ 2,904,950 $ 4,732,250 $ 9,926,910 $ 16,847,354 Gain on sale of property $ - $ 23,231,887 $ 56,099,503 $ 87,835,109 Net income (loss) $ ( 1,560,982 ) $ 23,309,924 $ 53,132,243 $ 88,447,049 |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Real Estate [Abstract] | |
Real Estate Assets Owned by Partnership | The following tables summarize information regarding the Partnership’s real estate assets as of September 30, 2023 and December 31, 2022: Real Estate Assets as of September 30, 2023 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,202,744 $ 40,132,862 $ 43,335,606 Vantage at San Marcos San Marcos, TX (1) 2,660,615 1,003,857 3,664,472 Land held for development (2) 1,109,482 - 1,109,482 $ 48,109,560 Less accumulated depreciation ( 12,837,974 ) Real estate assets, net $ 35,271,586 (1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information. (2) Land held for development consists of land and development costs for a parcel of land in Richland County, SC. Real Estate Assets as of December 31, 2022 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,244 $ 39,799,082 $ 42,998,326 Vantage at San Marcos San Marcos, TX (1) 2,660,615 1,003,857 3,664,472 Land held for development (2) 1,551,196 - 1,551,196 $ 48,213,994 Less accumulated depreciation ( 11,663,516 ) Real estate assets, net $ 36,550,478 (1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information. (2) Land held for development consists of land and development costs for parcels of land in Richland County, SC and Omaha, NE. |
Schedule of Net Gain (Loss) Exclusive of Gains on Sale of MF Property | Net gain (loss), exclusive of the gains on sale, related to The 50/50 MF Property for the three and nine months ended September 30, 2023, and 2022 is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Net loss $ - $ ( 363,288 ) $ - $ ( 546,580 ) |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense (Benefit) | The following table summarizes income tax expense (benefit) for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Current income tax expense (benefit) $ 7,275 $ ( 38,980 ) $ 15,539 $ 3,688 Deferred income tax benefit ( 1,103 ) ( 42,543 ) ( 3,158 ) ( 49,250 ) Total income tax expense (benefit) $ 6,172 $ ( 81,523 ) $ 12,381 $ ( 45,562 ) |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table summarizes the Partnership ’ s other assets as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Deferred financing costs, net $ 898,982 $ 964,266 Derivative instruments at fair value (Note 18) 14,348,619 7,530,438 Taxable mortgage revenue bonds, at fair value 17,611,663 16,531,896 Taxable governmental issuer loans: Taxable governmental issuer loans 13,573,000 8,000,000 Allowance for credit losses (Note 13) ( 86,000 ) - Taxable governmental issuer loans, net 13,487,000 8,000,000 Bond purchase commitment, at fair value (Note 19) - 98,929 Other assets 1,794,114 2,649,138 Total other assets $ 48,140,378 $ 35,774,667 |
Summary of Taxable MRB and GIL Acquired | The following table includes details of the taxable MRBs acquired during the nine months ended September 30, 2023: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funding Windsor Shores Apartments - Series B January 2023 Columbia, SC 176 2/1/2030 6.50 % $ 805,000 Village at Hanford Square - Series H-T (1) May 2023 Hanford, CA 100 5/1/2030 7.25 % 1,000,000 40rty on Colony - Series P-T (2) June 2023 La Mesa, CA 40 6/1/2030 7.45 % 1,000,000 Subtotal $ 2,805,000 (1) The Partnership has committed to provide total funding for the taxable MRB of $ 10.4 million (see Note 19). The Partnership has committed to provide total funding for the taxable MRB of $ 6.0 million (see Note 19). The following table includes details of the taxable MRBs and taxable GILs acquired during the nine months ended September 30, 2022: Property Name Date Committed Maturity Date Initial Principal Funding Total Commitment Taxable MRBs Live 929 Apartments - Series 2022B January 2022 1/1/2029 $ 3,625,000 $ 3,625,000 Residency at the Entrepreneur - Series J-T (1) April 2022 4/1/2025 $ 1,000,000 13,000,000 Subtotal $ 16,625,000 Taxable GILs Poppy Grove I (1) September 2022 4/1/2025 $ 1,000,000 $ 21,157,672 Poppy Grove II (1) September 2022 4/1/2025 $ 1,000,000 10,941,300 Poppy Grove III (1) September 2022 4/1/2025 $ 1,000,000 24,480,493 Subtotal $ 56,579,465 (1) The borrower has the option to extend the maturity up to six months upon payment of a non-refundable extension fee. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 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 Origination Year Grouped by Risk Rating | The following table summarizes the Partnership’s carrying value by origination year, grouped by risk rating as of September 30, 2023: September 30, 2023 2023 2022 2021 2020 2019 Prior Total Governmental Issuer Loans Performing $ 12,100,000 $ 60,837,300 $ 143,010,000 $ 40,000,000 $ - $ - $ 255,947,300 Watch - - - - - - - Nonperforming - - - - - - - Subtotal 12,100,000 60,837,300 143,010,000 40,000,000 - - 255,947,300 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 $ - $ 47,953,579 $ 55,215,250 $ 13,386,764 - $ 453,594 $ 117,009,187 Watch - - - - - - - Nonperforming - - - - $ 495,000 - 495,000 Subtotal - 47,953,579 55,215,250 13,386,764 495,000 453,594 117,504,187 Unfunded Commitments Performing $ 7,830,000 $ 110,200,000 $ 23,870,050 $ - $ - $ - $ 141,900,050 Watch - - - - - - - Nonperforming - - - - - - - Subtotal 7,830,000 110,200,000 23,870,050 - - - 141,900,050 Total $ 19,930,000 $ 221,990,879 $ 232,668,300 $ 53,386,764 $ 495,000 $ 453,594 $ 528,924,537 |
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, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Balance, beginning of period $ 9,944,579 $ 10,013,392 $ 9,978,891 $ 9,175,482 Other additions (1) - - - 860,533 Recovery of prior credit loss (2) ( 17,344 ) ( 17,345 ) ( 51,656 ) ( 39,968 ) Balance, end of period (3) $ 9,927,235 $ 9,996,047 $ 9,927,235 $ 9,996,047 (1) The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. (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, 2023 and 2022 relate to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB. |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Summary of Accounts Payable, Accrued Expenses and Other Liabilities | The following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Accounts payable $ 1,075,105 $ 1,244,918 Accrued expenses 4,419,922 4,888,438 Accrued interest expense 8,305,550 7,186,021 Deferred gain on sale of MF Property 6,596,622 6,596,622 Reserve for credit losses on unfunded commitments (Note 13) 836,000 - Derivative instruments at fair value (Note 18) 12,927 - Bond purchase commitment, at fair value (Note 19) 112,448 - Other liabilities 2,263,700 1,817,507 Total accounts payable, accrued expenses and other liabilities $ 23,622,274 $ 21,733,506 |
Secured Line of Credit (Tables)
Secured Line of Credit (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Secured Line Of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary of Lines of Credit | The following tables summarize the Partnership ’s secured lines of credit ("LOC" or "LOCs") as of September 30, 2023 and December 31, 2022: Secured Lines of Credit Outstanding as of September 30, 2023 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 16,500,000 $ 40,000,000 June 2025 (1) Variable (2) Monthly 8.83 % Bankers Trust Acquisition LOC - 50,000,000 June 2024 (3) Variable (4) Monthly 7.83 % $ 16,500,000 $ 90,000,000 (1) The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25 % extension fee. The first extension request by the Partnership will be granted by BankUnited, N.A. (“BankUnited”) if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders. (2) The variable rate is equal to SOFR + 3.50 %, subject to an all-in floor of 3.75 %. (3) The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee for each extension. (4) The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”). Secured Lines of Credit Outstanding as of December 31, 2022 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 6,500,000 $ 40,000,000 June 2023 (1) Variable (2) Monthly 7.42 % Bankers Trust Acquisition LOC 49,000,000 50,000,000 June 2024 (3) Variable (4) Monthly 6.68 % $ 55,500,000 $ 90,000,000 (1) The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25 % extension fee. The first extension request by the Partnership will be granted by BankUnited, N.A. (“BankUnited”) if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders. (2) The variable rate is equal to LIBOR + 3.25 %, subject to an all-in floor of 3.50 %. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available. (3) The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee. (4) The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”). |
Debt Financing (Tables)
Debt Financing (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Financing [Abstract] | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2023 and December 31, 2022: Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 67,011,465 $ 4,999 2024 Variable Yes 4.01 % 1.29 % 5.30 % M24 TEBS 7,382,024 4,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,044,165 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 210,318,056 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 313,755,710 4.45 % Secured Notes $ 102,241,411 $ 30,750,804 2025 Variable No N/A N/A 14.57 % (4) TOB Trust Securitizations Mizuho Capital Markets: Trust 2020-XF2908 (5) $ 12,028,595 (6) 2024 Variable No 5.59 % 0.90 % 6.49 % Hope on Avalon GIL 18,710,658 (6) 2024 Variable Yes 4.35 % 1.44 % 5.79 % Jackson Manor Apartments 5,865,000 (6) 2024 Variable Yes 4.35 % 1.29 % 5.64 % Trust 2021-XF2926 (7) 38,490,093 (6) 2024 Variable No 5.59 % 0.90 % 6.49 % Trust 2021-XF2939 (8) 14,207,660 (6) 2024 Variable No 5.59 % 1.17 % 6.76 % SoLa Impact Opportunity Zone Fund 23,713,751 (6) 2024 Variable No 5.59 % 1.78 % 7.37 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 4.35 % 0.91 % 5.26 % Residency at the Mayer - Series A 24,335,000 (6) 2024 Variable Yes 4.35 % 1.19 % 5.54 % Montevista - Series A 5,628,159 (6) 2025 Variable Yes 4.35 % 1.28 % 5.63 % Montecito at Williams Ranch - Series A 6,827,952 (6) 2025 Variable Yes 4.24 % 1.18 % 5.42 % Vineyard Gardens - Series A 3,593,385 (6) 2025 Variable Yes 4.35 % 1.18 % 5.53 % The Park at Sondrio - Series 2022A 30,385,295 (6) 2025 Variable Yes 4.35 % 1.43 % 5.78 % The Park at Vietti - Series 2022A 21,513,570 (6) 2025 Variable Yes 4.35 % 1.43 % 5.78 % Avistar at Copperfield - Series A 11,403,649 (6) 2025 Variable Yes 4.35 % 1.68 % 6.03 % Avistar at Wilcrest - Series A 4,315,648 (6) 2025 Variable Yes 4.35 % 1.68 % 6.03 % Residency at the Entrepreneur MRBs 18,320,000 (6) 2025 Variable Yes 4.35 % 1.45 % 5.80 % Legacy Commons at Signal Hills GIL 31,155,000 (6) 2025 Variable Yes 4.35 % 0.91 % 5.26 % Osprey Village GIL 49,475,000 (6) 2025 Variable Yes 4.35 % 1.19 % 5.54 % Residency at Empire MRBs 15,205,430 (6) 2026 Variable Yes 4.35 % 1.42 % 5.77 % The Ivy Apartments 24,314,842 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Windsor Shores Apartments 17,169,861 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Village at Hanford Square 7,747,138 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % MaryAlice Circle Apartments 4,678,317 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Meadow Valley 12,191,285 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % 40rty on Colony 4,420,720 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Sandy Creek Apartments GIL 9,611,238 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Avistar at Wood Hollow - Series A 32,778,120 (6) 2027 Variable Yes 4.35 % 1.44 % 5.79 % Live 929 53,092,000 (6) 2027 Variable Yes 4.35 % 1.18 % 5.53 % Barclays Capital Inc.: Trust 2021-XF2953 (9) 64,773,510 - 2024 Variable No 5.45 % 1.27 % 6.72 % Poppy Grove I GIL 13,869,232 - 2024 Variable Yes 5.10 % 1.25 % 6.35 % Poppy Grove II GIL 6,825,232 - 2024 Variable Yes 5.10 % 1.25 % 6.35 % Poppy Grove III GIL 11,632,232 - 2024 Variable Yes 5.10 % 1.25 % 6.35 % Village Point 18,370,842 - 2024 Variable Yes 5.13 % 1.61 % 6.74 % Subtotal/Weighed Average Period End Rate 652,648,414 5.96 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,763,972 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,081,409,507 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing. (4) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 9.32 % as of September 30, 2023. See Note 18 for further information on the total return swap. (5) The TOB trust is securitized by the Scharbauer Flats Apartments property loan. (6) The Partnership has restricted cash totaling approximately $ 17.0 million related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. (8) The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan. (9) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 75,570,121 $ 4,999 2024 Variable Yes 3.69 % 1.55 % 5.24 % M24 TEBS 7,489,619 204,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,549,954 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS (4) 211,914,923 5,000 2034 Fixed Yes N/A N/A 3.82 % Subtotal/Weighed Average Period End Rate 324,524,617 4.08 % Secured Notes $ 102,488,160 35,979,743 2025 Variable No N/A N/A 13.05 % (5) TOB Trust Securitizations Mizuho Capital Markets: Montevista - Series A $ 5,650,044 (6) 2023 Variable Yes 3.86 % 1.27 % 5.13 % Trust 2020-XF2908 (7) 43,472,232 (6) 2023 Variable No 4.57 % 0.89 % 5.46 % Hope on Avalon GIL 18,695,484 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Hope on Broadway GIL 9,670,809 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Ocotillo Springs - Series A 9,978,639 (6) 2023 Variable Yes 3.86 % 0.91 % 4.77 % Jackson Manor Apartments 5,859,141 (6) 2023 Variable Yes 3.88 % 1.29 % 5.17 % Trust 2021-XF2926 (8) 70,402,736 (6) 2024 Variable No 4.57 % 0.89 % 5.46 % Trust 2021-XF2939 (9) 7,341,558 (6) 2024 Variable No 4.57 % 1.16 % 5.73 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Oasis at Twin Lakes GIL 30,600,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Centennial Crossing GIL 29,772,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Residency at the Mayer - Series A 21,450,000 (6) 2024 Variable Yes 3.86 % 1.19 % 5.05 % Montecito at Williams Ranch - Series A 6,872,074 (6) 2025 Variable Yes 3.62 % 1.17 % 4.79 % Vineyard Gardens - Series A 3,592,692 (6) 2025 Variable Yes 3.67 % 1.17 % 4.84 % The Park at Sondrio - Series 2022A 30,354,275 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % The Park at Vietti - Series 2022A 21,489,569 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % Avistar at Copperfield - Series A 11,501,641 (6) 2025 Variable Yes 3.80 % 1.67 % 5.47 % Avistar at Wilcrest - Series A 4,350,640 (6) 2025 Variable Yes 3.88 % 1.67 % 5.55 % Residency at the Entrepreneur MRBs 16,513,817 (6) 2025 Variable No 4.57 % 1.18 % 5.75 % Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs 53,160,000 (6) 2025 Variable Yes 3.88 % 0.91 % 4.79 % Osprey Village GIL 32,905,000 (6) 2025 Variable Yes 3.88 % 1.19 % 5.07 % Avistar at Wood Hollow - Series A 33,092,580 (6) 2027 Variable Yes 3.88 % 1.44 % 5.32 % Live 929 53,092,000 (6) 2027 Variable Yes 3.88 % 1.18 % 5.06 % Barclays Capital Inc.: Trust 2021-XF2953 (10) 46,548,777 - 2023 Variable No 4.42 % 1.27 % 5.69 % Poppy Grove I GIL 6,258,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove II GIL 3,614,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove III GIL 6,821,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Subtotal/Weighed Average Period End Rate 619,060,166 5.19 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,831,009 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,058,903,952 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. (4) The M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 7.80 % as of December 31, 2022. See Note 18 for further information on the total return swap. (6) The Partnership has restricted cash totaling approximately $ 38,000 related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (8) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon (9) The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. (10) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. |
Summary of TOB Trust Financings | The following is a summary of the new TOB trust financings that were entered into during the nine months ended September 30, 2023: TOB Trusts Securitization Initial TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Facility Fees Residency at Empire MRB $ 14,400,000 January 2026 Variable Yes 1.42 % Windsor Shores MRB 17,236,000 January 2026 Variable Yes 1.44 % SoLa Impact Opportunity Zone Fund 27,300,000 December 2024 Variable No 1.78 % The Ivy Apartments MRB 24,400,000 February 2026 Variable Yes 1.44 % Village at Hanford Square MRB 7,800,000 May 2026 Variable Yes 1.44 % MaryAlice Circle MRB 4,720,000 May 2026 Variable Yes 1.44 % Meadow Valley MRB 8,606,000 June 2026 Variable Yes 1.44 % Village Point MRB 18,400,000 June 2024 Variable Yes 1.61 % 40rty on Colony MRB 4,465,000 July 2026 Variable Yes 1.44 % Sandy Creek Apartments GIL 9,680,000 September 2026 Variable Yes 1.44 % Total TOB Trust Financings $ 137,007,000 The following is a summary of the new TOB trust financings that were entered into during the nine months ended September 30, 2022: TOB Trusts Securitization Initial TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Facility Fees Residency at the Entrepreneur MRBs and taxable MRB 14,000,000 April 2025 Variable No 1.18 % Live 929 Series 2022A MRB (1) 53,092,000 September 2027 Variable Yes 1.18 % Total TOB Trust Financings $ 67,092,000 (1) The TOB Trust financing associated with the Live 929 Apartments MRB and taxable MRB was originated in January 2022 and subsequently redeemed in September 2022. The Live 929 Apartments Series 2022A MRB was securitized into a new TOB Trust financing in September 2022. The Live 929 Apartments Series 2022B taxable MRB was removed from the original TOB trust financing and was not leveraged in a debt financing facility as of September 30, 2022. The termination of the original TOB Trust financing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $ 508,000 of deferred financings costs. |
Summary of TOB Trust Financings Were Repaid in Connection With Redemption or Sale of Underlying Assets | The following is a summary of the debt financing principal payments made in connection with the redemption, conversion or sale of underlying assets during the nine months ended September 30, 2023: Debt Financing Debt Facility Month Paydown Applied Greens of Pine Glen M31 TEBS February 2023 $ 7,579,000 Oasis at Twin Lakes GIL TOB Trust June 2023 30,600,000 Trust 2021-XF2926 - Oasis at Twin Lakes property loan TOB Trust June 2023 21,600,000 Ocotillo Springs - Series A TOB Trust July 2023 9,980,000 Trust 2021-XF2939 - Ocotillo Springs TOB Trust July 2023 5,770,000 Hope on Broadway GIL TOB Trust July 2023 9,682,000 Hilltop at Signal Hills GIL TOB Trust August2023 22,005,000 Trust 2021-XF2926 - Hilltop at Signal Hills property loan TOB Trust August2023 19,055,000 Centennial Crossings GIL TOB Trust September 2023 29,772,000 Trust 2020-XF2908 - Centennial Crossings property loan TOB Trust September 2023 15,780,000 $ 171,823,000 during the nine months ended September 30, 2022: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments - 2014 Series A TOB Trust January 2022 $ 31,565,000 Ohio Properties - Series A M24 TEBS March 2022 13,544,000 Bridle Ridge M24 TEBS April 2022 7,100,000 Gateway Village TOB Trust May 2022 2,183,000 Lynnhaven Apartments TOB Trust May 2022 2,896,000 Cross Creek M24 TEBS September 2022 6,900,000 $ 64,188,000 |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings as of September 30, 2023 for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: Remainder of 2023 $ 1,743,224 2024 379,913,151 2025 288,056,249 2026 100,019,863 2027 88,258,325 Thereafter 225,691,694 Total 1,083,682,506 Unamortized deferred financing costs and debt premium ( 2,272,999 ) Total debt financing, net $ 1,081,409,507 |
Mortgages Payable and Other S_2
Mortgages Payable and Other Secured Financing (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Instrument [Line Items] | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2023 and December 31, 2022: Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 67,011,465 $ 4,999 2024 Variable Yes 4.01 % 1.29 % 5.30 % M24 TEBS 7,382,024 4,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,044,165 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 210,318,056 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 313,755,710 4.45 % Secured Notes $ 102,241,411 $ 30,750,804 2025 Variable No N/A N/A 14.57 % (4) TOB Trust Securitizations Mizuho Capital Markets: Trust 2020-XF2908 (5) $ 12,028,595 (6) 2024 Variable No 5.59 % 0.90 % 6.49 % Hope on Avalon GIL 18,710,658 (6) 2024 Variable Yes 4.35 % 1.44 % 5.79 % Jackson Manor Apartments 5,865,000 (6) 2024 Variable Yes 4.35 % 1.29 % 5.64 % Trust 2021-XF2926 (7) 38,490,093 (6) 2024 Variable No 5.59 % 0.90 % 6.49 % Trust 2021-XF2939 (8) 14,207,660 (6) 2024 Variable No 5.59 % 1.17 % 6.76 % SoLa Impact Opportunity Zone Fund 23,713,751 (6) 2024 Variable No 5.59 % 1.78 % 7.37 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 4.35 % 0.91 % 5.26 % Residency at the Mayer - Series A 24,335,000 (6) 2024 Variable Yes 4.35 % 1.19 % 5.54 % Montevista - Series A 5,628,159 (6) 2025 Variable Yes 4.35 % 1.28 % 5.63 % Montecito at Williams Ranch - Series A 6,827,952 (6) 2025 Variable Yes 4.24 % 1.18 % 5.42 % Vineyard Gardens - Series A 3,593,385 (6) 2025 Variable Yes 4.35 % 1.18 % 5.53 % The Park at Sondrio - Series 2022A 30,385,295 (6) 2025 Variable Yes 4.35 % 1.43 % 5.78 % The Park at Vietti - Series 2022A 21,513,570 (6) 2025 Variable Yes 4.35 % 1.43 % 5.78 % Avistar at Copperfield - Series A 11,403,649 (6) 2025 Variable Yes 4.35 % 1.68 % 6.03 % Avistar at Wilcrest - Series A 4,315,648 (6) 2025 Variable Yes 4.35 % 1.68 % 6.03 % Residency at the Entrepreneur MRBs 18,320,000 (6) 2025 Variable Yes 4.35 % 1.45 % 5.80 % Legacy Commons at Signal Hills GIL 31,155,000 (6) 2025 Variable Yes 4.35 % 0.91 % 5.26 % Osprey Village GIL 49,475,000 (6) 2025 Variable Yes 4.35 % 1.19 % 5.54 % Residency at Empire MRBs 15,205,430 (6) 2026 Variable Yes 4.35 % 1.42 % 5.77 % The Ivy Apartments 24,314,842 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Windsor Shores Apartments 17,169,861 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Village at Hanford Square 7,747,138 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % MaryAlice Circle Apartments 4,678,317 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Meadow Valley 12,191,285 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % 40rty on Colony 4,420,720 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Sandy Creek Apartments GIL 9,611,238 (6) 2026 Variable Yes 4.35 % 1.44 % 5.79 % Avistar at Wood Hollow - Series A 32,778,120 (6) 2027 Variable Yes 4.35 % 1.44 % 5.79 % Live 929 53,092,000 (6) 2027 Variable Yes 4.35 % 1.18 % 5.53 % Barclays Capital Inc.: Trust 2021-XF2953 (9) 64,773,510 - 2024 Variable No 5.45 % 1.27 % 6.72 % Poppy Grove I GIL 13,869,232 - 2024 Variable Yes 5.10 % 1.25 % 6.35 % Poppy Grove II GIL 6,825,232 - 2024 Variable Yes 5.10 % 1.25 % 6.35 % Poppy Grove III GIL 11,632,232 - 2024 Variable Yes 5.10 % 1.25 % 6.35 % Village Point 18,370,842 - 2024 Variable Yes 5.13 % 1.61 % 6.74 % Subtotal/Weighed Average Period End Rate 652,648,414 5.96 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,763,972 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,081,409,507 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing. (4) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 9.32 % as of September 30, 2023. See Note 18 for further information on the total return swap. (5) The TOB trust is securitized by the Scharbauer Flats Apartments property loan. (6) The Partnership has restricted cash totaling approximately $ 17.0 million related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. (8) The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan. (9) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 75,570,121 $ 4,999 2024 Variable Yes 3.69 % 1.55 % 5.24 % M24 TEBS 7,489,619 204,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,549,954 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS (4) 211,914,923 5,000 2034 Fixed Yes N/A N/A 3.82 % Subtotal/Weighed Average Period End Rate 324,524,617 4.08 % Secured Notes $ 102,488,160 35,979,743 2025 Variable No N/A N/A 13.05 % (5) TOB Trust Securitizations Mizuho Capital Markets: Montevista - Series A $ 5,650,044 (6) 2023 Variable Yes 3.86 % 1.27 % 5.13 % Trust 2020-XF2908 (7) 43,472,232 (6) 2023 Variable No 4.57 % 0.89 % 5.46 % Hope on Avalon GIL 18,695,484 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Hope on Broadway GIL 9,670,809 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Ocotillo Springs - Series A 9,978,639 (6) 2023 Variable Yes 3.86 % 0.91 % 4.77 % Jackson Manor Apartments 5,859,141 (6) 2023 Variable Yes 3.88 % 1.29 % 5.17 % Trust 2021-XF2926 (8) 70,402,736 (6) 2024 Variable No 4.57 % 0.89 % 5.46 % Trust 2021-XF2939 (9) 7,341,558 (6) 2024 Variable No 4.57 % 1.16 % 5.73 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Oasis at Twin Lakes GIL 30,600,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Centennial Crossing GIL 29,772,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Residency at the Mayer - Series A 21,450,000 (6) 2024 Variable Yes 3.86 % 1.19 % 5.05 % Montecito at Williams Ranch - Series A 6,872,074 (6) 2025 Variable Yes 3.62 % 1.17 % 4.79 % Vineyard Gardens - Series A 3,592,692 (6) 2025 Variable Yes 3.67 % 1.17 % 4.84 % The Park at Sondrio - Series 2022A 30,354,275 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % The Park at Vietti - Series 2022A 21,489,569 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % Avistar at Copperfield - Series A 11,501,641 (6) 2025 Variable Yes 3.80 % 1.67 % 5.47 % Avistar at Wilcrest - Series A 4,350,640 (6) 2025 Variable Yes 3.88 % 1.67 % 5.55 % Residency at the Entrepreneur MRBs 16,513,817 (6) 2025 Variable No 4.57 % 1.18 % 5.75 % Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs 53,160,000 (6) 2025 Variable Yes 3.88 % 0.91 % 4.79 % Osprey Village GIL 32,905,000 (6) 2025 Variable Yes 3.88 % 1.19 % 5.07 % Avistar at Wood Hollow - Series A 33,092,580 (6) 2027 Variable Yes 3.88 % 1.44 % 5.32 % Live 929 53,092,000 (6) 2027 Variable Yes 3.88 % 1.18 % 5.06 % Barclays Capital Inc.: Trust 2021-XF2953 (10) 46,548,777 - 2023 Variable No 4.42 % 1.27 % 5.69 % Poppy Grove I GIL 6,258,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove II GIL 3,614,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove III GIL 6,821,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Subtotal/Weighed Average Period End Rate 619,060,166 5.19 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,831,009 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,058,903,952 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. (4) The M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 7.80 % as of December 31, 2022. See Note 18 for further information on the total return swap. (6) The Partnership has restricted cash totaling approximately $ 38,000 related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (8) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon (9) The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. (10) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. |
Mortgages payable [Member] | |
Debt Instrument [Line Items] | |
Schedule of Total Debt Financing | The following is a summary of the mortgages payable, net of deferred financing costs, as of September 30, 2023 and December 31, 2022: Property Mortgage Payables Outstanding Mortgage Outstanding Mortgage Year Stated Maturity Variable Period End Vantage at San Marcos--Mortgage (1) $ 1,690,000 $ 1,690,000 2020 November 2023 Variable 9.25 % Suites on Paseo--Mortgage 24,822,747 - 2023 March 2024 Variable 7.83 % (2) Total Mortgage Payable\Weighted $ 26,512,747 $ 1,690,000 7.92 % (1) The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 5). (2) The mortgage payable has a stated rate of Term SOFR + 2.50 %. The Partnership has entered into an interest rate swap transaction with a notional amount totaling the outstanding principal on the mortgage payable. The interest rate swap effectively fixes the interest rate on the mortgage payable to 5.54 %. See Note 18 for further information on the interest rate swap. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative [Line Items] | |
Summary of Partnership's Derivative Instruments | In October 2023, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with its variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement: Trade Date Notional Amount Effective Date Termination Date Fixed Rate Paid Variable Rate Index Received Variable Debt Counterparty October 2023 $ 3,520,000 (1) 10/10/2023 4/1/2027 4.722 % Compounded SOFR TOB Trusts Mizuho Capital Markets (1) The notional amount increases according to a schedule up to a maximum notional amount of $ 24.1 million. |
Interest Rate Swaption [Member] | |
Derivative [Line Items] | |
Summary of Partnership's Derivative Instruments | Trade Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate Index Variable Debt Counterparty Fair Value as of February 2022 55,990,000 2/9/2022 2/1/2024 1.40 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets $ 962,186 March 2022 47,850,000 3/3/2022 3/1/2027 1.65 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 4,450,130 October 2022 47,892,888 (1) 4/1/2023 4/1/2025 3.92 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 1,448,907 December 2022 20,400,000 (2) 1/1/2023 12/1/2029 3.27 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 1,459,311 December 2022 45,500,000 1/3/2023 1/1/2030 3.47 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 2,145,007 January 2023 12,065,200 1/19/2023 1/1/2030 3.35 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 644,852 January 2023 8,027,600 2/1/2023 2/1/2030 3.29 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 439,945 March 2023 8,342,000 (3) 4/1/2023 6/1/2029 3.37 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 910,969 April 2023 4,508,000 5/1/2023 5/1/2033 3.49 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 291,192 May 2023 9,170,000 6/1/2023 6/1/2030 3.15 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 618,485 June 2023 12,800,000 6/1/2023 6/1/2028 3.46 % 5.30 % SOFR TOB Trusts Barclays Bank PLC 487,877 July 2023 6,240,000 8/1/2023 6/1/2030 3.65 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 240,490 August 2023 11,000,000 8/8/2023 2/1/2025 5.05 % 5.32 % Compounded SOFR TOB Trusts Mizuho Capital Markets 24,256 September 2023 25,000,000 9/19/2023 3/19/2024 5.54 % 5.33 % CME Term SOFR TOB Trusts Raymond James Bank ( 12,927 ) 314,785,688 $ 14,110,680 (1) The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. (2) The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. (3) The notional amount increases according to a schedule up to a maximum notional amount of $ 21.6 million. Trade Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate Index Variable Debt Counterparty Fair Value as of February 2022 55,990,000 2/9/2022 2/1/2024 1.40 % 4.09 % Compounded SOFR TOB Trusts Mizuho Capital Markets $ 2,205,130 March 2022 47,850,000 3/3/2022 3/1/2027 1.65 % 4.09 % Compounded SOFR TOB Trusts Mizuho Capital Markets 4,048,961 October 2022 34,436,088 (1) 4/1/2023 4/1/2025 3.92 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 131,427 December 2022 10,880,000 (2) 1/1/2023 12/1/2029 3.27 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 370,342 December 2022 45,500,000 1/3/2023 1/1/2030 3.47 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 443,339 194,656,088 $ 7,199,199 (1) The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. (2) The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. |
Total Return Swaps [Member] | |
Derivative [Line Items] | |
Summary of Partnership's Derivative Instruments | The following table summarizes the terms of the Partnership’s total return swap as of September 30, 2023 and December 31, 2022: Trade Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of December 2022 102,386,966 December 2022 Sept 2025 9.32 % (1) 14.57 % (2) SOFR Mizuho Capital Markets $ 223,971 (1) Variable rate equal to SOFR + 4.00 %, subject to an all-in floor of 4.25 %. (2) Variable rate equal to SOFR + 9.25 %. Trade Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of December 2022 102,690,670 December 2022 Sept 2025 7.80 % (1) 13.05 % (2) SOFR Mizuho Capital Markets $ 239,612 (1) Variable rate equal to SOFR + 4.00 %, subject to an all-in floor of 4.25 %. (2) Variable rate equal to SOFR + 9.25 %. |
Interest Rate Cap Agreements [Member] | |
Derivative [Line Items] | |
Summary of Partnership's Derivative Instruments | Purchase Date Notional Amount Maturity Effective Index Variable Debt Counterparty Fair Value as of August 2019 73,853,153 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 1,041 $ 1,041 Purchase Date Notional Amount Maturity Effective Index Variable Debt Counterparty Fair Value as of August 2019 75,014,903 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 91,627 $ 91,627 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and December 31, 2022: Bond Purchase Commitments Commitment Date Maximum Interest Estimated Closing Fair Value as of Fair Value as of Anaheim & Walnut September 2021 3,900,000 4.85 % Q3 2024 ( 112,448 ) 98,929 |
Summary of Partnership's Total and Remaining Commitments | Property Name Commitment Date Maturity Date Interest Rate (1) Total Initial Commitment Remaining Commitment Mortgage Revenue Bonds Meadow Valley December 2021 December 2029 6.25 % $ 44,000,000 $ 27,560,000 Residency at the Entrepreneur- Series J-3 April 2022 March 2040 6.00 % 26,080,000 19,680,000 Residency at the Entrepreneur- Series J-4 April 2022 March 2040 SOFR + 3.60 % (2) 16,420,000 16,420,000 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-3 December 2022 December 2040 6.45 % (4) 14,000,000 12,745,000 Residency at Empire - Series BB-4 December 2022 December 2040 6.45 % (5) 47,000,000 47,000,000 Subtotal 152,500,000 127,405,000 Taxable Mortgage Revenue Bonds Residency at the Mayer Series A-T October 2021 October 2024 SOFR + 3.70 % $ 12,500,000 $ 4,000,000 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 9,400,000 40rty on Colony - Series P-T June 2023 June 2030 7.45 % 5,950,000 4,950,000 Subtotal 46,254,500 33,754,500 Governmental Issuer Loans Poppy Grove I September 2022 April 2025 (3) 6.78 % 35,688,328 18,342,328 Poppy Grove II September 2022 April 2025 (3) 6.78 % 22,250,000 13,708,700 Poppy Grove III September 2022 April 2025 (3) 6.78 % 39,119,507 24,569,507 Subtotal 97,057,835 56,620,535 Taxable Governmental Issuer Loans Poppy Grove I September 2022 April 2025 (3) 6.78 % $ 21,157,672 $ 20,157,672 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 53,579,465 Property Loans Osprey Village July 2021 August 2024 (3) SOFR + 3.07 % $ 25,500,000 $ 16,725,196 Willow Place Apartments September 2021 October 2024 (3) SOFR + 3.30 % 21,351,328 7,144,854 Sandy Creek Apartments August 2023 September 2026 8.63 % (6) 7,830,000 7,830,000 Subtotal 54,681,328 31,700,050 Equity Investments Vantage at San Marcos (7), (8) November 2020 N/A N/A $ 9,914,529 $ 8,943,914 Vantage at Loveland (9) April 2021 N/A N/A 18,215,000 1,065,061 Freestone Greeley (8) October 2022 N/A N/A 16,035,710 11,325,008 Freestone Cresta Bella November 2022 N/A N/A 16,405,514 2,607,927 Valage Senior Living Carson Valley February 2023 N/A N/A 8,163,301 643,104 The Jessam at Hays Farm July 2023 N/A N/A 16,532,636 12,834,437 Subtotal 85,266,690 37,419,451 Bond Purchase Commitments Anaheim & Walnut September 2021 Q3 2024 (10) 4.85 % $ 3,900,000 $ 3,900,000 Subtotal 3,900,000 3,900,000 Total Commitments $ 496,239,818 $ 344,379,001 (1) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (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) Beginning December 2029 , the interest rate will change to the greater of (i) 3.25 % over the then 10 -Year SOFR Swap rate, or (ii) 6.00 %. (5) Upon stabilization, the MRB will convert to a fixed rate of 10.0 % and become subordinate to the other senior MRBs of the borrower. (6) The interest rate will convert to a variable rate of Term SOFR + 3.35 % on February 1, 2025. (7) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). (8) A development site has been identified for this property but construction had not commenced as of September 30, 2023. (9) In July 2023, the Partnership's initial commitment of $ 16.3 million was increased by $ 1.9 million upon meeting certain conditions as outlined in the original agreement. (10) This is the estimated closing date of the associated bond purchase commitment. |
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, 2023: Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure Ohio Properties 2026 $ 2,310,609 Greens of Pine Glen, LP 2027 1,662,397 Borrower End of Guaranty Period Partnership's Maximum Exposure The 50/50 MF Property--TIF Loan 2025 $ 1,515,941 The 50/50 MF Property--Mortgage 2027 22,001,116 |
Redeemable Preferred Units (Tab
Redeemable Preferred Units (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Issuances of Preferred Units | The following table summarizes the outstanding Preferred Units as of September 30, 2023 and December 31, 2022: September 30, 2023 Month Issued Units Purchase Price Distribution Redemption Earliest Redemption Series A Preferred Units March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2024 (1) March 2017 1,000,000 10,000,000 3.00 % 10.00 March 2024 (2) October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 (3) Total Series A Preferred Units 3,750,000 37,500,000 Series A-1 Preferred Units April 2022 2,000,000 $ 20,000,000 3.00 % $ 10.00 April 2028 October 2022 1,000,000 10,000,000 3.00 % 10.00 October 2028 February 2023 1,500,000 15,000,000 3.00 % 10.00 February 2029 June 2023 1,000,000 10,000,000 3.00 % 10.00 June 2029 Total Series A-1 Preferred Units 5,500,000 55,000,000 Redeemable Preferred Units 9,250,000 $ 92,500,000 (1) The holder did not provide a notice of its intent to redeem prior to the date 180 days before the most recent optional redemption date. Accordingly, the holder's next optional redemption date is on the next anniversary of the sale of the Series A Preferred Units. (2) In October 2023, the holder of $ 10.0 million of Series A Preferred Units provided notice of its intent to redeem its investment in March 2024. (3) In April 2023, the holder of $ 10.0 million of Series A Preferred Units provided notice of its intent to redeem and the redemption was completed in October 2023. December 31, 2022 Month Issued Units Purchase Price Distribution Redemption Series A Preferred Units March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 December 2016 700,000 7,000,000 3.00 % 10.00 March 2017 1,000,000 10,000,000 3.00 % 10.00 August 2017 2,000,000 20,000,000 3.00 % 10.00 October 2017 1,750,000 17,500,000 3.00 % 10.00 Total Series A Preferred Units 6,450,000 64,500,000 Series A-1 Preferred Units April 2022 2,000,000 $ 20,000,000 3.00 % 10.00 October 2022 1,000,000 10,000,000 3.00 % 10.00 Total Series A-1 Preferred Units 3,000,000 30,000,000 Redeemable Preferred Units 9,450,000 $ 94,500,000 |
Restricted Unit Awards (Tables)
Restricted Unit Awards (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of RUA Activity | The following table summarizes the RUA activity for the nine months ended September 30, 2023 and for the year ended December 31, 2022: Restricted Units Weighted average Unvested as of January 1, 2022 77,523 $ 18.18 Granted 96,321 19.33 Vested ( 81,073 ) 18.26 Forfeited ( 5,437 ) 18.76 Unvested as of December 31, 2022 87,334 19.33 Granted 105,274 17.65 Unvested as of September 30, 2023 192,608 $ 18.41 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements | The following table summarizes transactions with related parties that are reflected in the Partnership's condensed consolidated financial statements for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Partnership administrative fees paid to AFCA 2 (1) $ 1,579,000 $ 1,329,000 $ 4,785,000 $ 3,809,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 14,000 139,000 152,000 314,000 Referral fees paid to an affiliate (3) - - 106,000 108,000 (1) AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45 % per annum of the outstanding principal balance of any of its investment assets for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations. (2) The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group franchise tax return. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s condensed consolidated statements of operations. (3) The Partnership has an agreement with an affiliate of Greystone, in which the Greystone affiliate is entitled to receive a referral fee up to 0.25 % of the original principal amount of executed tax-exempt loan or tax-exempt bond transactions introduced to the Partnership by the Greystone affiliate. The term of the agreement ends December 31, 2023, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond origination costs that are deferred and amortized as a yield adjustment to the related investment asset. |
Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates | The following table summarizes transactions between borrowers of the Partnership’s affiliates for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Non-Partnership property administrative fees received by AFCA 2 (1) $ - $ 9,000 $ - $ 26,000 Investment/mortgage placement fees earned by AFCA 2 (2) 805,000 1,627,000 3,847,000 2,861,000 (1) AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45 % per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs, taxable MRBs, GILs, taxable GILs and property loans and investments in unconsolidated entities. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments | The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of September 30, 2023 and December 31, 2022 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Mortgage revenue bonds (2) 3.4 % - 8.8 % 2.6 % - 20.3 % 5.8 % 5.1 % Taxable mortgage revenue bonds 7.3 % - 12.7 % 6.5 % - 11.4 % 9.4 % 7.6 % Bond purchase commitments 5.3 % 4.5 % 5.3 % 4.5 % (1) Weighted by the total principal outstanding of all the respective securities as of the reporting date . (2) Mortgage revenue bonds excludes the Provision Center 2014-1 MRB for figures as of September 30, 2023 as the proton therapy center securing the MRB was successfully sold out of bankruptcy in July 2022 and the Partnership received liquidation proceeds of $ 3.7 million in January 2023. The valuation as of September 30, 2023 is based on expected additional liquidation proceeds of approximately $ 928,000 at final liquidation. |
Summary of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis as of September 30, 2023 are summarized as follows: Fair Value Measurements as of September 30, 2023 Description Assets and Liabilities Quoted Prices in Significant Other Significant Assets and Liabilities Mortgage revenue bonds, held in trust $ 842,828,122 $ - $ - $ 842,828,122 Mortgage revenue bonds 16,217,828 - - 16,217,828 Taxable mortgage revenue bonds (reported within other assets) 17,611,663 - - 17,611,663 Derivative instruments (reported within other assets) 14,348,619 - 14,123,606 225,013 Derivative swap liability (reported within other liabilities) ( 12,927 ) - ( 12,927 ) - Bond purchase commitments (reported within other liabilities) ( 112,448 ) - - ( 112,448 ) Total Assets and Liabilities at Fair Value, net $ 890,880,857 $ - $ 14,110,679 $ 876,770,178 Assets measured at fair value on a recurring basis as of December 31, 2022 are summarized as follows: Fair Value Measurements as of December 31, 2022 Description Assets Quoted Prices in Significant Other Significant Assets Mortgage revenue bonds, held in trust $ 763,208,945 $ - $ - $ 763,208,945 Mortgage revenue bonds 36,199,059 - - 36,199,059 Bond purchase commitments (reported within other assets) 98,929 - - 98,929 Taxable mortgage revenue bonds (reported within other assets) 16,531,896 - - 16,531,896 Derivative instruments (reported within other assets) 7,530,438 - 7,199,198 331,240 Total Assets at Fair Value, net $ 823,569,267 $ - $ 7,199,198 $ 816,370,069 |
Summary of Activity Related to Level 3 Assets and Liabilities | The following tables summarize the activity related to Level 3 assets for the three and nine months ended September 30, 2023: For the Three Months Ended September 30, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Taxable Mortgage Derivative Total Beginning Balance July 1, 2023 $ 905,963,979 $ 138,100 $ 22,297,418 $ 301,624 $ 928,701,121 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 76,047 - ( 6,050 ) 1,215,389 1,285,386 Included in other comprehensive income ( 46,097,421 ) ( 250,548 ) ( 1,676,780 ) - ( 48,024,749 ) Purchases and advances 7,665,000 - 4,000,000 - 11,665,000 Settlements and redemptions ( 8,561,655 ) - ( 7,002,925 ) ( 1,292,000 ) ( 16,856,580 ) Ending Balance September 30, 2023 $ 859,045,950 $ ( 112,448 ) $ 17,611,663 $ 225,013 $ 876,770,178 Total amount of gains (losses) for the $ 17,344 $ - $ - $ ( 74,463 ) $ ( 57,119 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Nine Months ended September 30, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Taxable Mortgage Derivative Total Beginning Balance January 1, 2023 $ 799,408,004 $ 98,929 $ 16,531,896 $ 331,240 $ 816,370,069 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 231,376 - ( 18,149 ) 3,844,528 4,057,755 Included in other comprehensive income ( 36,662,853 ) ( 211,377 ) ( 2,213,376 ) - ( 39,087,606 ) Purchases and advances 119,452,688 - 10,319,875 - 129,772,563 Settlements and redemptions ( 23,383,265 ) - ( 7,008,583 ) ( 3,950,755 ) ( 34,342,603 ) Ending Balance September 30, 2023 $ 859,045,950 $ ( 112,448 ) $ 17,611,663 $ 225,013 $ 876,770,178 Total amount of gains (losses) for the $ 51,656 $ - $ - $ ( 88,722 ) $ ( 37,066 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. The following tables summarize the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2022: For the Three Months ended September 30, 2022 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Commitments Taxable Mortgage Derivative Total Beginning Balance July 1, 2022 $ 727,278,997 $ 8,953 $ 11,457,256 $ 398,280 $ 739,143,486 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 1,659,492 - ( 4,860 ) 1,298,340 2,952,972 Included in other comprehensive income ( 22,467,010 ) ( 91,864 ) ( 221,686 ) - ( 22,780,560 ) Purchases and advances 1,623,437 - 2,300,000 - 3,923,437 Settlements and redemptions ( 13,025,486 ) - ( 2,676 ) ( 1,313,061 ) ( 14,341,223 ) Ending Balance September 30, 2022 $ 695,069,430 $ ( 82,911 ) $ 13,528,034 $ 383,559 $ 708,898,112 Total amount of gains (losses) for the $ 17,345 $ - $ - $ ( 14,509 ) $ 2,836 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Nine Months Ended September 30, 2022 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Commitments Taxable Mortgage Derivative Total Beginning Balance January 1, 2022 $ 793,509,844 $ 964,404 $ 3,428,443 $ 343,418 $ 798,246,109 Total gains (losses) (realized/unrealized) Included in earnings (interest income and 1,877,774 - ( 14,932 ) 4,497,078 6,359,920 Included in other comprehensive income ( 89,766,975 ) ( 1,047,315 ) ( 553,379 ) - ( 91,367,669 ) Purchases and advances 91,567,687 - 10,675,750 - 102,243,437 Settlements and redemptions ( 101,258,367 ) - ( 7,848 ) ( 4,456,937 ) ( 105,723,152 ) Other (2) ( 860,533 ) - - - ( 860,533 ) Ending Balance September 30, 2022 $ 695,069,430 $ ( 82,911 ) $ 13,528,034 $ 383,559 $ 708,898,112 Total amount of gains for the $ 39,968 $ - $ - $ 107,617 $ 147,585 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) The other line is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. |
Summary of Fair Value of Partnership's Financial Liabilities | The table below summarizes the fair value of the Partnership’s financial liabilities as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 1,081,409,507 $ 1,071,406,487 $ 1,058,903,952 $ 1,059,674,409 Secured lines of credit 16,500,000 16,500,000 55,500,000 55,500,000 Mortgages payable and other secured financing 26,512,747 26,690,000 1,690,000 1,690,000 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of Partnership Reportable Segment Information | The following table details certain financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Total revenues Affordable Multifamily MRB Investments $ 22,635,813 $ 18,423,127 $ 67,026,288 $ 45,443,505 Seniors and Skilled Nursing MRB Investments 604,040 194,296 1,037,082 664,579 Market-Rate Joint Venture Investments 2,035,391 2,072,781 8,119,809 7,149,916 MF Properties 1,198,892 1,914,200 3,532,868 5,785,742 Total revenues $ 26,474,136 $ 22,604,404 $ 79,716,047 $ 59,043,742 Interest expense Affordable Multifamily MRB Investments $ 10,822,127 $ 7,530,723 $ 37,376,094 $ 17,309,510 Seniors and Skilled Nursing MRB Investments ( 546,877 ) 5,750 ( 701,261 ) 5,750 Market-Rate Joint Venture Investments 345,104 226,247 905,502 619,928 MF Properties 97,047 273,262 97,047 814,891 Total interest expense $ 10,717,401 $ 8,035,982 $ 37,677,382 $ 18,750,079 Depreciation expense Affordable Multifamily MRB Investments $ 5,967 $ 5,962 $ 17,880 $ 17,885 Seniors and Skilled Nursing MRB Investments - - - - Market-Rate Joint Venture Investments - - - - MF Properties 407,466 682,526 1,205,942 2,038,627 Total depreciation expense $ 413,433 $ 688,488 $ 1,223,822 $ 2,056,512 Net income (loss) Affordable Multifamily MRB Investments $ 7,044,063 $ 6,375,471 $ 16,022,889 $ 16,099,041 Seniors and Skilled Nursing MRB Investments 1,150,917 187,921 1,727,343 656,954 Market-Rate Joint Venture Investments 1,719,861 12,423,255 29,930,657 46,185,380 MF Properties ( 185,463 ) ( 470,054 ) 126,883 ( 554,083 ) Net income $ 9,729,378 $ 18,516,593 $ 47,807,772 $ 62,387,292 The following table details total assets for the Partnership’s reportable segments as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Total assets Affordable Multifamily MRB Investments $ 1,438,949,167 $ 1,520,609,550 Seniors and Skilled Nursing MRB Investments 36,545,409 3,551,307 Market-Rate Joint Venture Investments 122,758,900 120,089,351 MF Properties 37,824,381 41,699,828 Consolidation/eliminations ( 89,747,342 ) ( 118,820,471 ) Total assets $ 1,546,330,515 $ 1,567,129,565 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Event [Line Items] | |
Schedule of terms of partnership's MRB investments | The following table summarizes the terms of the Ocotillo Springs MRBs after conversion: Property Name Property Location Units Maturity Date Fixed Interest Rate Post-Conversion Principal Ocotillo Springs - Series A Brawley, CA 75 8/1/2038 4.35 % $ 3,500,000 Ocotillo Springs - Series A-1 Brawley, CA 75 8/1/2038 6.50 % 500,000 $ 4,000,000 |
Summary of Initial Terms of TOB Trusts Financings | In October 2023, the Partnership entered into a new TOB trust financing arrangement with Mizuho. The following table summarizes the initial terms of the TOB trust financing: TOB Trusts Securitization TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Remarketing Senior Securities Rate Facility Fees Interest Rate The Safford MRB $ 6,050,000 October 2026 Variable Yes 4.46 % 1.44 % 5.90 % |
Summary of Partnership's Derivative Instruments | In October 2023, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with its variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement: Trade Date Notional Amount Effective Date Termination Date Fixed Rate Paid Variable Rate Index Received Variable Debt Counterparty October 2023 $ 3,520,000 (1) 10/10/2023 4/1/2027 4.722 % Compounded SOFR TOB Trusts Mizuho Capital Markets (1) The notional amount increases according to a schedule up to a maximum notional amount of $ 24.1 million. |
Mortgage Revenue Bonds [Member] | |
Subsequent Event [Line Items] | |
Schedule of terms of partnership's MRB investments | The following table summarizes the terms of the Partnership’s MRB investment: Commitment Month Property Location Units Maturity Date Fixed Interest Initial Maximum The Safford October 2023 Marana, AZ 200 10/10/2026 7.59 % $ 7,560,034 $ 43,000,000 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2023 Rating Preferredunit | |
Segment Reporting Information [Line Items] | |
Number of partnership preferred units | Preferredunit | 3 |
Tax-exempt and Other Investments [Member] | |
Segment Reporting Information [Line Items] | |
Assets percentage | 25% |
Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Required rating for tax exempted investments other than mortgage revenue bonds | 1 |
Maximum [Member] | |
Segment Reporting Information [Line Items] | |
Required rating for tax exempted investments other than mortgage revenue bonds | 4 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, shares in Millions | 6 Months Ended | 12 Months Ended | ||||||||||
Sep. 13, 2023 $ / shares | Jun. 14, 2023 $ / shares | Jun. 30, 2023 $ / shares | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) Property $ / shares shares | Jul. 31, 2023 | Mar. 31, 2023 $ / shares | Jan. 31, 2023 | Jan. 01, 2023 USD ($) | Sep. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Mar. 31, 2022 $ / shares | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Partners capital | $ | $ 323,955,517 | $ 297,377,260 | ||||||||||
Supplemental distribution payable | $ / shares | $ 0.367 | $ 0.368 | $ 0.367 | $ 0.359 | $ 0.553 | $ 0.32 | ||||||
Increase in short-term interest rates in basis points | 1% | 4.25% | ||||||||||
ASU 2016-13 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Partners capital | $ | $ 5,900,000 | |||||||||||
Restricted Unit Awards [Member] | Greystone Manager [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Approved grant of restricted units and other awards to employees | shares | 1 | |||||||||||
Greens Hold Co [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Number of Real Estate Properties | Property | 1 | |||||||||||
Ownership interest percentage in MF property | 100% | |||||||||||
Lindo Paseo LLC [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Ownership interest percentage in MF property | 100% | |||||||||||
Beneficial Unit Certificates [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Supplemental distribution payable | $ / shares | $ 0.07 | $ 0.07 | ||||||||||
Partnership distribution paid at ratio | 0.00418 | 0.00448 | 0.00448 | 0.0105 | ||||||||
Distribution payable, record date | Sep. 29, 2023 | Jun. 30, 2023 |
Partnership Income, Expenses _2
Partnership Income, Expenses and Distributions - Additional Information (Details) | Sep. 30, 2023 |
Tier 1 [Member] | Limited Partner [Member] | |
Percent of regular allocations | 99% |
Tier 1 [Member] | General Partner [Member] | |
Percent of regular allocations | 1% |
Tier 2 [Member] | Limited Partner [Member] | |
Percent of special allocations | 75% |
Tier 2 [Member] | General Partner [Member] | |
Percent of special allocations | 25% |
Tier 3 [Member] | Limited Partner [Member] | |
Percent of special allocations | 100% |
Net Income per BUC (Details)
Net Income per BUC (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Dilutive BUCs | 0 | 0 | 0 | 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) $ in Millions | Sep. 30, 2023 USD ($) Property | Dec. 31, 2022 Property |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Variable Interest Entities | Property | 31 | 35 |
Investments in Unconsolidated Entities [Member] | Non-Consolidated VIEs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum exposure to loss, funding commitments | $ 28.5 | |
Mortgage Revenue Bonds [Member] | Non-Consolidated VIEs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum exposure to loss, funding commitments | 99.8 | |
Taxable Mortgage Revenue Bonds [Member] | Non-Consolidated VIEs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum exposure to loss, funding commitments | 19.4 | |
Governmental Issuer Loans [Member] | Non-Consolidated VIEs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum exposure to loss, funding commitments | 56.6 | |
Taxable Governmental Issuer Loans [Member] | Non-Consolidated VIEs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum exposure to loss, funding commitments | 53.6 | |
Property Loans [Member] | Non-Consolidated VIEs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum exposure to loss, funding commitments | $ 31.7 |
Variable Interest Entities - Va
Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 515,304,516 | $ 667,698,183 |
Mortgage Revenue Bonds [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 87,872,616 | 71,629,581 |
Taxable Mortgage Revenue Bonds [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 10,526,681 | 3,044,829 |
Governmental Issuer Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 195,547,300 | 300,230,435 |
Taxable Governmental Issuer Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 13,573,000 | 8,000,000 |
Property Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 89,260,250 | 169,002,497 |
Investments in Unconsolidated Entities [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 118,524,669 | $ 115,790,841 |
Mortgage Revenue Bonds - Schedu
Mortgage Revenue Bonds - Schedule of Investments in MRBs (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |||
Mortgage Revenue Bonds Held In Trust [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | $ 834,910,798 | $ 718,413,130 | |||
Cumulative Unrealized Gain | 17,670,361 | 45,127,126 | |||
Cumulative Unrealized Loss | (9,753,037) | (331,311) | |||
Estimated Fair Value | 842,828,122 | 763,208,945 | |||
Mortgage Revenue Bonds Held In Trust [Member] | 40rty on Colony - Series P [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 5,964,438 | |||
Cumulative Unrealized Gain | [1] | 302,025 | |||
Estimated Fair Value | [1] | 6,266,463 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Courtyard [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 9,799,703 | [2] | 9,874,603 | [3] | |
Cumulative Unrealized Gain | 164,483 | [2] | 888,242 | [3] | |
Estimated Fair Value | 9,964,186 | [2] | 10,762,845 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Glenview Apartments [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 4,327,437 | [4],[5] | 4,372,370 | [6] | |
Cumulative Unrealized Gain | 97,154 | [5] | 309,570 | [6] | |
Estimated Fair Value | 4,424,591 | [5] | 4,681,940 | [6] | |
Mortgage Revenue Bonds Held In Trust [Member] | Harmony Court Bakersfield [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 3,573,108 | [2] | 3,600,418 | [3] | |
Cumulative Unrealized Gain | [3] | 274,456 | |||
Cumulative Unrealized Loss | [2],[7] | (2,524) | |||
Estimated Fair Value | 3,570,584 | [2],[7] | 3,874,874 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Harmony Terrace [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 6,615,477 | [2] | 6,665,787 | [3] | |
Cumulative Unrealized Gain | 109,378 | [2] | 625,752 | [3] | |
Estimated Fair Value | 6,724,855 | [2] | 7,291,539 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Harden Ranch [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 6,379,546 | [8] | 6,449,455 | [9] | |
Cumulative Unrealized Gain | 237,973 | [8] | 581,466 | [9] | |
Estimated Fair Value | 6,617,519 | [8] | 7,030,921 | [9] | |
Mortgage Revenue Bonds Held In Trust [Member] | Las Palmas II [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 1,620,883 | [2] | 1,633,397 | [3] | |
Cumulative Unrealized Gain | 18,147 | [2] | 140,681 | [3] | |
Estimated Fair Value | 1,639,030 | [2] | 1,774,078 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Lutheran Gardens [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [7],[10] | 10,352,000 | |||
Cumulative Unrealized Loss | [7],[10] | (136,683) | |||
Estimated Fair Value | [7],[10] | 10,215,317 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Montclair Apartments [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 2,344,415 | [5] | 2,368,757 | [6] | |
Cumulative Unrealized Gain | 69,941 | [5] | 199,617 | [6] | |
Estimated Fair Value | 2,414,356 | [5] | 2,568,374 | [6] | |
Mortgage Revenue Bonds Held In Trust [Member] | Montecito at Williams Ranch Apartments [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 7,458,938 | [1] | 7,507,111 | [11] | |
Cumulative Unrealized Gain | 247,100 | [1] | 834,292 | [11] | |
Estimated Fair Value | 7,706,038 | [1] | 8,341,403 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Montevista [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 6,620,295 | [1] | 6,656,219 | [11] | |
Cumulative Unrealized Gain | 279,474 | [1] | 902,690 | [11] | |
Estimated Fair Value | 6,899,769 | [1] | 7,558,909 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Ocotillo Springs [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [11],[12] | 11,090,000 | |||
Cumulative Unrealized Loss | [11],[12] | (331,311) | |||
Estimated Fair Value | [11],[12] | 10,758,689 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Residency at Empire - Series BB-1 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 14,118,198 | |||
Cumulative Unrealized Gain | [1] | 201,814 | |||
Estimated Fair Value | [1] | 14,320,012 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Residency at Empire - Series BB-2 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 4,000,000 | |||
Cumulative Unrealized Gain | [1] | 91,432 | |||
Estimated Fair Value | [1] | 4,091,432 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Residency at Empire - Series BB-3 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 1,255,000 | |||
Cumulative Unrealized Gain | [1] | 178,043 | |||
Estimated Fair Value | [1] | 1,433,043 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Residency at the Entrepreneur J -1 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 9,086,768 | [1],[7] | 9,088,496 | [11] | |
Cumulative Unrealized Gain | [11] | 122,815 | |||
Cumulative Unrealized Loss | [1],[7] | (827,010) | |||
Estimated Fair Value | 8,259,758 | [1],[7] | 9,211,311 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Residency at the Entrepreneur J -2 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 7,500,000 | [1],[7] | 7,500,000 | [11] | |
Cumulative Unrealized Gain | [11] | 176,092 | |||
Cumulative Unrealized Loss | [1],[7] | (616,868) | |||
Estimated Fair Value | 6,883,132 | [1],[7] | 7,676,092 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Residency at the Entrepreneur J -3 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 6,400,000 | [1],[7] | 3,900,000 | [11] | |
Cumulative Unrealized Gain | [11] | 726,834 | |||
Cumulative Unrealized Loss | [1],[7] | (1,551,110) | |||
Estimated Fair Value | 4,848,890 | [1],[7] | 4,626,834 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Residency at the Mayer [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 29,562,650 | [1] | 26,067,585 | [11] | |
Estimated Fair Value | 29,562,650 | [1] | 26,067,585 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | San Vicente [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 3,342,175 | [2] | 3,367,978 | [3] | |
Cumulative Unrealized Gain | 27,750 | [2] | 255,787 | [3] | |
Estimated Fair Value | 3,369,925 | [2] | 3,623,765 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Santa Fe Apartments [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 2,840,170 | [5] | 2,869,660 | [6] | |
Cumulative Unrealized Gain | 95,278 | [5] | 216,000 | [6] | |
Estimated Fair Value | 2,935,448 | [5] | 3,085,660 | [6] | |
Mortgage Revenue Bonds Held In Trust [Member] | Seasons at Simi Valley [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 4,097,107 | [2] | 4,137,438 | [3] | |
Cumulative Unrealized Gain | 220,406 | [2] | 522,910 | [3] | |
Estimated Fair Value | 4,317,513 | [2] | 4,660,348 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Seasons Lakewood [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 7,046,922 | [2] | 7,100,512 | [3] | |
Cumulative Unrealized Gain | 95,608 | [2] | 666,562 | [3] | |
Estimated Fair Value | 7,142,530 | [2] | 7,767,074 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Seasons San Juan Capistrano [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 11,864,715 | [2] | 11,954,944 | [3] | |
Cumulative Unrealized Gain | 160,973 | [2] | 1,038,904 | [3] | |
Estimated Fair Value | 12,025,688 | [2] | 12,993,848 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Summerhill [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 6,152,834 | [2],[7] | 6,199,861 | [3] | |
Cumulative Unrealized Gain | [3] | 265,296 | |||
Cumulative Unrealized Loss | [2],[7] | (178,978) | |||
Estimated Fair Value | 5,973,856 | [2],[7] | 6,465,157 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Sycamore Walk [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 3,393,159 | [2],[7] | 3,428,986 | [3] | |
Cumulative Unrealized Gain | [3] | 124,598 | |||
Cumulative Unrealized Loss | [2],[7] | (43,943) | |||
Estimated Fair Value | 3,349,216 | [2],[7] | 3,553,584 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | The Village at Madera [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 2,955,238 | [2] | 2,977,825 | [3] | |
Cumulative Unrealized Gain | 15,027 | [2] | 247,354 | [3] | |
Estimated Fair Value | 2,970,265 | [2] | 3,225,179 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Tyler Park Townhomes [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 5,554,438 | [8] | 5,616,043 | [9] | |
Cumulative Unrealized Gain | 74,702 | [8] | 264,300 | [9] | |
Estimated Fair Value | 5,629,140 | [8] | 5,880,343 | [9] | |
Mortgage Revenue Bonds Held In Trust [Member] | Village at Hanford Square [Member] | Series H [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 10,400,000 | |||
Cumulative Unrealized Gain | [1] | 407,460 | |||
Estimated Fair Value | [1] | 10,807,460 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Vineyard Gardens | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 3,883,419 | [1] | 3,908,104 | [11] | |
Cumulative Unrealized Gain | 153,658 | [1] | 514,719 | [11] | |
Estimated Fair Value | 4,037,077 | [1] | 4,422,823 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Westside Village Market [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 3,629,816 | [8] | 3,670,075 | [9] | |
Cumulative Unrealized Gain | 94,653 | [8] | 267,369 | [9] | |
Estimated Fair Value | 3,724,469 | [8] | 3,937,444 | [9] | |
Mortgage Revenue Bonds Held In Trust [Member] | Maryalice Circle Apartments [Member] | GA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 5,900,000 | |||
Cumulative Unrealized Gain | [1] | 219,618 | |||
Estimated Fair Value | [1] | 6,119,618 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 7,244,439 | [13] | 7,286,052 | [14] | |
Cumulative Unrealized Gain | 1,036,434 | [13] | 1,286,871 | [14] | |
Estimated Fair Value | 8,280,873 | [13] | 8,572,923 | [14] | |
Mortgage Revenue Bonds Held In Trust [Member] | Copper Gate Apartments [Member] | IN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 4,840,000 | [8] | 4,840,000 | [9] | |
Cumulative Unrealized Gain | 12,697 | [8] | 117,014 | [9] | |
Estimated Fair Value | 4,852,697 | [8] | 4,957,014 | [9] | |
Mortgage Revenue Bonds Held In Trust [Member] | Renaissance [Member] | Series A [Member] | LA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 10,469,267 | [5],[7] | 10,585,375 | [6] | |
Cumulative Unrealized Gain | [6] | 645,412 | |||
Cumulative Unrealized Loss | [5],[7] | (41,970) | |||
Estimated Fair Value | 10,427,297 | [5],[7] | 11,230,787 | [6] | |
Mortgage Revenue Bonds Held In Trust [Member] | Live 929 Apartments [Member] | Series 2022A [Member] | MD [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 58,277,207 | [1] | 58,107,262 | [11] | |
Cumulative Unrealized Gain | 589,212 | [1] | 2,217,857 | [11] | |
Estimated Fair Value | 58,866,419 | [1] | 60,325,119 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Meadow Valley [Member] | Series 2022A [Member] | MI [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1],[15] | 16,549,356 | |||
Cumulative Unrealized Loss | [1],[15] | (3,421,190) | |||
Estimated Fair Value | [1],[15] | 13,128,166 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Jackson Manor Apartments [member] | MS [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 6,900,000 | [1] | 6,900,000 | [11] | |
Estimated Fair Value | 6,900,000 | [1] | 6,900,000 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Village Point [Member] | NJ [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [7],[10] | 23,000,000 | |||
Cumulative Unrealized Loss | [7],[10] | (1,191,899) | |||
Estimated Fair Value | [7],[10] | 21,808,101 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Greens Property [Member] | Series A [Member] | NC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [9] | 7,599,000 | |||
Cumulative Unrealized Gain | [9] | 597 | |||
Estimated Fair Value | [9] | 7,599,597 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Lynnhaven Apartments [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [16] | 10,352,000 | |||
Cumulative Unrealized Gain | [16] | 127,107 | |||
Estimated Fair Value | [16] | 10,479,107 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Silver Moon [Member] | Series A [Member] | NM [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 7,500,102 | [5] | 7,557,312 | [6] | |
Cumulative Unrealized Gain | 441,468 | [5] | 863,401 | [6] | |
Estimated Fair Value | 7,941,570 | [5] | 8,420,713 | [6] | |
Mortgage Revenue Bonds Held In Trust [Member] | Village at Avalon [Member] | NM [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 15,842,510 | [17] | 15,942,560 | [18] | |
Cumulative Unrealized Gain | 610,649 | [17] | 1,727,010 | [18] | |
Estimated Fair Value | 16,453,159 | [17] | 17,669,570 | [18] | |
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | Goose Creek, SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 12,399,692 | [2] | 12,542,207 | [3] | |
Cumulative Unrealized Gain | 341,847 | [2] | 968,469 | [3] | |
Estimated Fair Value | 12,741,539 | [2] | 13,510,676 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Companion at Thornhill Apartments [Member] | Goose Creek, SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 10,676,974 | [2] | 10,786,181 | [3] | |
Cumulative Unrealized Gain | 261,025 | [2] | 709,979 | [3] | |
Estimated Fair Value | 10,937,999 | [2] | 11,496,160 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | The Ivy Apartments [Member] | Goose Creek, SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 30,570,091 | |||
Cumulative Unrealized Gain | [1] | 69,694 | |||
Estimated Fair Value | [1] | 30,639,785 | |||
Mortgage Revenue Bonds Held In Trust [Member] | The Palms at Premier Park Apartment [Member] | Goose Creek, SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 17,940,209 | [8] | 18,137,042 | [9] | |
Cumulative Unrealized Gain | 266,313 | [8] | 808,555 | [9] | |
Estimated Fair Value | 18,206,522 | [8] | 18,945,597 | [9] | |
Mortgage Revenue Bonds Held In Trust [Member] | The Park at Sondrio [Member] | Series 2022A [Member] | Goose Creek, SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 38,100,000 | [1] | 38,100,000 | [11] | |
Cumulative Unrealized Gain | [1] | 378,258 | |||
Estimated Fair Value | 38,478,258 | [1] | 38,100,000 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | The Park at Vietti [Member] | Series 2022A [Member] | Goose Creek, SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 26,985,000 | [1] | 26,985,000 | [11] | |
Cumulative Unrealized Gain | [1] | 337,999 | |||
Estimated Fair Value | 27,322,999 | [1] | 26,985,000 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Village at River's Edge [Member] | Goose Creek, SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 9,587,468 | [2],[7] | 9,649,659 | [3] | |
Cumulative Unrealized Gain | [3] | 590,962 | |||
Cumulative Unrealized Loss | [5],[7] | (133,977) | |||
Estimated Fair Value | 9,453,491 | [2],[7] | 10,240,621 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | Goose Creek, SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 12,227,486 | [2] | 12,368,964 | [3] | |
Cumulative Unrealized Gain | 336,255 | [2] | 953,988 | [3] | |
Estimated Fair Value | 12,563,741 | [2] | 13,322,952 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Wiindsor Shores Apartments [Member] | Series A [Member] | Goose Creek, SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 21,545,000 | |||
Cumulative Unrealized Gain | [1] | 211,355 | |||
Estimated Fair Value | [1] | 21,756,355 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Arbors at Hickory Ridge [Member] | TN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 10,462,129 | [8] | 10,591,726 | [9] | |
Cumulative Unrealized Gain | 1,300,120 | [8] | 2,005,029 | [9] | |
Estimated Fair Value | 11,762,249 | [8] | 12,596,755 | [9] | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Copperfield [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 13,417,781 | [1] | 13,532,636 | [11] | |
Cumulative Unrealized Gain | 289,278 | [1] | 919,463 | [11] | |
Estimated Fair Value | 13,707,059 | [1] | 14,452,099 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Crest [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 8,796,967 | [8] | 8,896,378 | [9] | |
Cumulative Unrealized Gain | 378,848 | [8] | 975,504 | [9] | |
Estimated Fair Value | 9,175,815 | [8] | 9,871,882 | [9] | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Oaks [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 7,118,705 | [8] | 7,196,674 | [9] | |
Cumulative Unrealized Gain | 215,791 | [8] | 717,701 | [9] | |
Estimated Fair Value | 7,334,496 | [8] | 7,914,375 | [9] | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Parkway [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 12,311,348 | [5] | 12,429,842 | [6] | |
Cumulative Unrealized Gain | 310,317 | [5] | 950,930 | [6] | |
Estimated Fair Value | 12,621,665 | [5] | 13,380,772 | [6] | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Wilcrest [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 5,085,068 | [1] | 5,128,595 | [11] | |
Cumulative Unrealized Gain | [11] | 170,370 | |||
Cumulative Unrealized Loss | [1],[7] | (41,834) | |||
Estimated Fair Value | 5,043,234 | [1] | 5,298,965 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Wood Hollow [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 38,610,801 | [1] | 38,941,304 | [11] | |
Cumulative Unrealized Gain | 652,946 | [1] | 2,645,832 | [11] | |
Estimated Fair Value | 39,263,747 | [1] | 41,587,136 | [11] | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar in 09 [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 6,146,722 | [8] | 6,214,048 | [9] | |
Cumulative Unrealized Gain | 203,194 | [8] | 619,707 | [9] | |
Estimated Fair Value | 6,349,916 | [8] | 6,833,755 | [9] | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar on the Boulevard [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 14,986,587 | [8] | 15,155,942 | [9] | |
Cumulative Unrealized Gain | 448,641 | [8] | 1,290,551 | [9] | |
Estimated Fair Value | 15,435,228 | [8] | 16,446,493 | [9] | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar on the Hills [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 4,873,624 | [8] | 4,927,003 | [9] | |
Cumulative Unrealized Gain | 161,109 | [8] | 523,079 | [9] | |
Estimated Fair Value | 5,034,733 | [8] | 5,450,082 | [9] | |
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apartments [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 17,261,949 | [2],[7] | 17,381,296 | [3] | |
Cumulative Unrealized Gain | [3] | 281,271 | |||
Cumulative Unrealized Loss | [5],[7] | (683,906) | |||
Estimated Fair Value | 16,578,043 | [2],[7] | 17,662,567 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Gulfgate [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 18,245,484 | [2] | 18,404,942 | [3] | |
Cumulative Unrealized Gain | 656,978 | [2] | 1,842,303 | [3] | |
Estimated Fair Value | 18,902,462 | [2] | 20,247,245 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Little York [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 12,781,825 | [2] | 12,893,533 | [3] | |
Cumulative Unrealized Gain | 495,283 | [2] | 1,249,523 | [3] | |
Estimated Fair Value | 13,277,108 | [2] | 14,143,056 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Williamcrest [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 19,800,416 | [2] | 19,973,464 | [3] | |
Cumulative Unrealized Gain | 767,247 | [2] | 1,935,645 | [3] | |
Estimated Fair Value | 20,567,663 | [2] | 21,909,109 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Crossing at 1415 [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 7,105,209 | [2] | 7,170,756 | [3] | |
Cumulative Unrealized Gain | 194,079 | [2] | 605,369 | [3] | |
Estimated Fair Value | 7,299,288 | [2] | 7,776,125 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 21,702,571 | [2],[7] | 21,866,672 | [3] | |
Cumulative Unrealized Gain | [3] | 77,837 | |||
Cumulative Unrealized Loss | [5],[7] | (881,145) | |||
Estimated Fair Value | 20,821,426 | [2],[7] | 21,944,509 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Esperanza at Palo Alto [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 18,793,377 | [2] | 18,916,082 | [3] | |
Cumulative Unrealized Gain | 715,004 | [2] | 2,209,462 | [3] | |
Estimated Fair Value | 19,508,381 | [2] | 21,125,544 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Heights at 515 [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 6,504,941 | [2] | 6,564,951 | [3] | |
Cumulative Unrealized Gain | 227,030 | [2] | 573,569 | [3] | |
Estimated Fair Value | 6,731,971 | [2] | 7,138,520 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Heritage Square [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 10,221,885 | [5] | 10,325,196 | [6] | |
Cumulative Unrealized Gain | 236,293 | [5] | 671,790 | [6] | |
Estimated Fair Value | 10,458,178 | [5] | 10,996,986 | [6] | |
Mortgage Revenue Bonds Held In Trust [Member] | Oaks at Georgetown [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 11,821,571 | [2] | 11,911,472 | [3] | |
Cumulative Unrealized Gain | 26,048 | [2] | 746,300 | [3] | |
Estimated Fair Value | 11,847,619 | [2] | 12,657,772 | [3] | |
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 9,465,000 | [13] | 9,535,000 | [14] | |
Cumulative Unrealized Gain | 291 | [13] | 45,577 | [14] | |
Estimated Fair Value | 9,465,291 | [13] | 9,580,577 | [14] | |
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 11,310,268 | [13] | 11,257,062 | [14] | |
Cumulative Unrealized Gain | 1,203,542 | [13] | 1,352,726 | [14] | |
Estimated Fair Value | 12,513,810 | [13] | 12,609,788 | [14] | |
Mortgage Revenue Bonds Held In Trust [Member] | 15 West Apartments [Member] | WA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 9,392,920 | [2] | 9,454,318 | [3] | |
Cumulative Unrealized Gain | 733,019 | [2] | 1,534,060 | [3] | |
Estimated Fair Value | 10,125,939 | [2] | 10,988,378 | [3] | |
Mortgage Revenue Bonds [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 16,691,196 | 36,888,068 | |||
Cumulative Unrealized Gain | 250,173 | 504,076 | |||
Cumulative Unrealized Loss | (723,541) | (1,193,085) | |||
Estimated Fair Value | 16,217,828 | 36,199,059 | |||
Mortgage Revenue Bonds [Member] | CCBA Senior Garden Apartments [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 3,766,276 | [19] | 3,792,700 | ||
Cumulative Unrealized Gain | 42,672 | ||||
Cumulative Unrealized Loss | [19] | (271,895) | |||
Estimated Fair Value | 3,494,381 | [19] | 3,835,372 | ||
Mortgage Revenue Bonds [Member] | Ocotillo Springs Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [4] | 3,497,289 | |||
Cumulative Unrealized Loss | [4] | (451,646) | |||
Estimated Fair Value | [4] | 3,045,643 | |||
Mortgage Revenue Bonds [Member] | Ocotillo Springs Series A 1 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 499,781 | ||||
Cumulative Unrealized Gain | 32,450 | ||||
Estimated Fair Value | 532,231 | ||||
Mortgage Revenue Bonds [Member] | Residency at Empire - Series BB-1 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 14,118,500 | ||||
Estimated Fair Value | 14,118,500 | ||||
Mortgage Revenue Bonds [Member] | Residency at Empire - Series BB-2 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 4,000,000 | ||||
Estimated Fair Value | 4,000,000 | ||||
Mortgage Revenue Bonds [Member] | Residency at Empire - Series BB-3 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 55,000 | ||||
Estimated Fair Value | 55,000 | ||||
Mortgage Revenue Bonds [Member] | Residency at the Entrepreneur - Series J-5 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 1,000,000 | ||||
Estimated Fair Value | 1,000,000 | ||||
Mortgage Revenue Bonds [Member] | Solano Vista [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 2,616,864 | 2,631,168 | |||
Cumulative Unrealized Gain | 120,269 | 297,861 | |||
Estimated Fair Value | 2,737,133 | 2,929,029 | |||
Mortgage Revenue Bonds [Member] | Handsel Morgan Village Apartments [Member] | GA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 2,150,000 | ||||
Cumulative Unrealized Gain | 61,573 | ||||
Estimated Fair Value | 2,211,573 | ||||
Mortgage Revenue Bonds [Member] | Meadow Valley [Member] | MI [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [20] | 4,833,437 | |||
Cumulative Unrealized Loss | [20] | (1,193,085) | |||
Estimated Fair Value | [20] | 3,640,352 | |||
Mortgage Revenue Bonds [Member] | Greens Property [Member] | Series B [Member] | NC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 915,039 | ||||
Cumulative Unrealized Gain | 122 | ||||
Estimated Fair Value | 915,161 | ||||
Mortgage Revenue Bonds [Member] | Provision Center 2014-1 [Member] | TN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 927,740 | 4,294,939 | |||
Estimated Fair Value | 927,740 | 4,294,939 | |||
Mortgage Revenue Bonds [Member] | Avistar at the Crest [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 719,990 | 724,747 | |||
Cumulative Unrealized Gain | 9,712 | 53,132 | |||
Estimated Fair Value | 729,702 | 777,879 | |||
Mortgage Revenue Bonds [Member] | Avistar at the Oaks [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 527,484 | 530,829 | |||
Cumulative Unrealized Gain | 4,255 | 33,406 | |||
Estimated Fair Value | 531,739 | 564,235 | |||
Mortgage Revenue Bonds [Member] | Avistar at the Parkway [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 122,825 | 123,176 | |||
Cumulative Unrealized Gain | 14,674 | 22,510 | |||
Estimated Fair Value | 137,499 | 145,686 | |||
Mortgage Revenue Bonds [Member] | Avistar in 09 [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 435,127 | 437,886 | |||
Cumulative Unrealized Gain | 3,510 | 27,557 | |||
Estimated Fair Value | 438,637 | 465,443 | |||
Mortgage Revenue Bonds [Member] | Avistar on the Boulevard [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 427,820 | 430,647 | |||
Cumulative Unrealized Gain | 3,730 | 26,816 | |||
Estimated Fair Value | $ 431,550 | $ 457,463 | |||
[1] MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16. MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for more than 12 months. MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for less than 12 months. MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16. As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. The Partnership has a remaining MRB funding commitment of approximately $ 27.6 million as of September 30, 2023. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of September 30, 2023 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for more than 12 months. MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. MRB held by Morgan Stanley in a debt financing transaction, Note 16. MRB held by Morgan Stanley in a debt financing transaction, Note 16. As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for less than 12 months. The Partnership has a remaining MRB funding commitment of $ 39.3 million as of December 31, 2022. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of December 31, 2022 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. |
Mortgage Revenue Bonds - Sche_2
Mortgage Revenue Bonds - Schedule of Investments in MRBs (Parenthetical) (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Remaining partnership commitment fund amount | $ 344,379,001 | |
Mortgage Revenue Bond [Member] | Meadow Valley [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Remaining partnership commitment fund amount | $ 27,600,000 | $ 39,300,000 |
Mortgage Revenue Bonds - Additi
Mortgage Revenue Bonds - Additional Information (Details) - USD ($) | Sep. 30, 2023 | Jul. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||||
Post-Conversion Principal | $ 100,445,000 | $ 20,307,000 | ||
ASU 2016-13 [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | |||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Mortgage Revenue Bond [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Accrued interest receivable | $ 4,900,000 | $ 4,300,000 | ||
Ocotillo Springs Series A [Member] | Mortgage Revenue Bond [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Post-Conversion Principal | $ 4,000,000 | |||
Ocotillo Springs Series A 1 [Member] | Mortgage Revenue Bond [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Post-Conversion Principal | $ 500,000 |
Mortgage Revenue Bonds - Sche_3
Mortgage Revenue Bonds - Schedule of Terms of partnership's MRBs After Conversions (Details) | 1 Months Ended | ||
Jul. 31, 2023 USD ($) Unit | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Debt Securities, Available-for-Sale [Line Items] | |||
Post-Conversion Principal | $ 100,445,000 | $ 20,307,000 | |
Mortgage Revenue Bonds [Member] | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Post-Conversion Principal | $ 4,000,000 | ||
Mortgage Revenue Bonds [Member] | Ocotillo Springs Series A [Member] | Brawley, CA [Member] | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Units | Unit | 75 | ||
Maturity Date | Aug. 01, 2038 | ||
Fixed Interest Rate | 4.35% | ||
Post-Conversion Principal | $ 3,500,000 | ||
Mortgage Revenue Bonds [Member] | Ocotillo Springs Series A 1 [Member] | Brawley, CA [Member] | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Units | Unit | 75 | ||
Maturity Date | Aug. 01, 2038 | ||
Fixed Interest Rate | 6.50% | ||
Post-Conversion Principal | $ 500,000 |
Mortgage Revenue Bonds - Sche_4
Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details) | 1 Months Ended | 9 Months Ended | |||
Jan. 31, 2022 USD ($) Unit | Sep. 30, 2023 USD ($) Unit | Sep. 30, 2022 USD ($) Unit | Jul. 31, 2023 USD ($) | ||
Schedule Of Available For Sale Securities [Line Items] | |||||
Initial Principal Funded | $ | $ 100,445,000 | $ 20,307,000 | |||
Mortgage Revenue Bonds [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Initial Principal Funded | $ | $ 4,000,000 | ||||
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-1 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | April | ||||
Units | Unit | 200 | ||||
Maturity Date | Mar. 31, 2040 | ||||
Interest Rate | 6% | ||||
Initial Principal Funded | $ | $ 9,000,000 | ||||
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-2 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | April | ||||
Units | Unit | 200 | ||||
Maturity Date | Mar. 31, 2040 | ||||
Interest Rate | 6% | ||||
Initial Principal Funded | $ | $ 7,500,000 | ||||
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-3 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | [1] | April | |||
Units | Unit | [1] | 200 | |||
Maturity Date | [1] | Mar. 31, 2040 | |||
Interest Rate | [1] | 6% | |||
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-4 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | [1] | April | |||
Units | Unit | [1] | 200 | |||
Maturity Date | [1] | Mar. 31, 2040 | |||
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-4 [Member] | CA [Member] | SOFR [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Interest Rate | [1],[2] | 3.60% | |||
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-5 [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | [3] | February | |||
Units | Unit | [3] | 200 | |||
Maturity Date | [3] | Apr. 01, 2025 | |||
Initial Principal Funded | $ | [3] | $ 1,000,000 | |||
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-5 [Member] | CA [Member] | SOFR [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Interest Rate | [3],[4] | 3.60% | |||
CCBA Senior Garden Apartments [Member] | MRB and Taxable MRB Commitments [Member] | San Diego, CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | [5] | June | |||
Units | Unit | [5] | 45 | |||
Maturity Date | [5] | Jul. 01, 2037 | |||
Interest Rate | [5] | 4.50% | |||
Initial Principal Funded | $ | [5] | $ 3,807,000 | |||
Live 929 Apartments [Member] | Series 2022A [Member] | Baltimore, MD [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | January | ||||
Units | Unit | 575 | ||||
Maturity Date | Jan. 01, 2060 | ||||
Interest Rate | 4.30% | ||||
Initial Principal Funded | $ | $ 66,365,000 | ||||
Windsor Shores Apartments [Member] | MRB and Taxable MRB Commitments [Member] | Series A [Member] | Goose Creek, SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | January | ||||
Units | Unit | 176 | ||||
Maturity Date | Feb. 01, 2030 | ||||
Interest Rate | 6.50% | ||||
Initial Principal Funded | $ | $ 21,545,000 | ||||
The Ivy Apartments [Member] | MRB and Taxable MRB Commitments [Member] | Goose Creek, SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | January | ||||
Units | Unit | 212 | ||||
Maturity Date | Feb. 01, 2030 | ||||
Interest Rate | 6.50% | ||||
Initial Principal Funded | $ | $ 30,500,000 | ||||
Handsel Morgan Village Apartments [Member] | MRB and Taxable MRB Commitments [Member] | Buford, GA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | April | ||||
Units | Unit | 45 | ||||
Maturity Date | Mar. 01, 2041 | ||||
Interest Rate | 6.75% | ||||
Initial Principal Funded | $ | $ 2,150,000 | ||||
Maryalice Circle Apartments [Member] | MRB and Taxable MRB Commitments [Member] | Buford, GA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | April | ||||
Units | Unit | 98 | ||||
Maturity Date | Mar. 01, 2041 | ||||
Interest Rate | 6.75% | ||||
Initial Principal Funded | $ | $ 5,900,000 | ||||
Village at Hanford Square [Member] | MRB and Taxable MRB Commitments [Member] | Series H [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | May | ||||
Units | Unit | 100 | ||||
Maturity Date | May 01, 2030 | ||||
Interest Rate | 6.65% | ||||
Initial Principal Funded | $ | $ 10,400,000 | ||||
Village Point [Member] | MRB and Taxable MRB Commitments [Member] | NJ [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | May | ||||
Units | Unit | [6] | 120 | |||
Maturity Date | Jun. 01, 2030 | ||||
Interest Rate | 6.875% | ||||
Initial Principal Funded | $ | $ 23,000,000 | ||||
40rty on Colony [Member] | MRB and Taxable MRB Commitments [Member] | Series P [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Month Acquired | June | ||||
Units | Unit | 40 | ||||
Maturity Date | Jun. 01, 2030 | ||||
Interest Rate | 7.05% | ||||
Initial Principal Funded | $ | $ 5,950,000 | ||||
[1] The Partnership has committed to provide funding for the Series J-3 and Series J-4 MRBs of $ 26.1 million and $ 16.4 million, respectively. See Note 19. The interest rate is subject to an all-in floor of 3.87 %. Upon stabilization, the Series J-4 MRB will become subordinate to the Series J-1, J-2, and J-3 MRBs and will convert to a fixed rate of 8.0 %. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $ 1.5 million. The Partnership has committed to provide funding for the Series J-5 MRB totaling $ 5.0 million. See Note 19. The interest rate is subject to an all-in floor of 3.87 %. The investment was previously reported as a bond purchase commitment that has converted to an MRB. Village Point is a seniors housing property with 120 beds in 92 units. |
Mortgage Revenue Bonds - Sche_5
Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Parenthetical) (Details) | Sep. 30, 2023 USD ($) Unit Bed | Sep. 30, 2022 USD ($) Unit | |
Schedule Of Available For Sale Securities [Line Items] | |||
Committed to funding amount | $ | $ 496,239,818 | ||
MRB and Taxable MRB Commitments [Member] | Village Point [Member] | NJ [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of Units | [1] | 120 | |
MRB and Taxable MRB Commitments [Member] | Series J-1 [Member] | Residency at the Entrepreneur [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of Units | 200 | ||
MRB and Taxable MRB Commitments [Member] | Series J-3 [Member] | Residency at the Entrepreneur [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of Units | [2] | 200 | |
MRB and Taxable MRB Commitments [Member] | Series J-4 [Member] | Residency at the Entrepreneur [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of Units | [2] | 200 | |
MRB and Taxable MRB Commitments [Member] | Series J-5 [Member] | Residency at the Entrepreneur [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of Units | [3] | 200 | |
Mortgage Revenue Bonds [Member] | Residency at the Entrepreneur [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Floor rate | 3.87% | 3.87% | |
Mortgage Revenue Bonds [Member] | Village Point [Member] | NJ [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of beds | Bed | 120 | ||
Mortgage Revenue Bonds [Member] | Seniors Housing Property [Member] | NJ [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of Units | 92 | ||
Mortgage Revenue Bonds [Member] | Series J-3 [Member] | Residency at the Entrepreneur [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Commitment to provide maximum funding of taxable MRB | $ | $ 26.1 | ||
Mortgage Revenue Bonds [Member] | Series J-4 [Member] | Residency at the Entrepreneur [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Commitment to provide maximum funding of taxable MRB | $ | 16.4 | ||
Maximum balance of the MRB after stabilization | $ | $ 1.5 | ||
Fixed interest rate | 8% | ||
Mortgage Revenue Bonds [Member] | Series J-5 [Member] | Residency at the Entrepreneur [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Commitment to provide maximum funding of taxable MRB | $ | $ 5,000,000 | ||
[1] Village Point is a seniors housing property with 120 beds in 92 units. The Partnership has committed to provide funding for the Series J-3 and Series J-4 MRBs of $ 26.1 million and $ 16.4 million, respectively. See Note 19. The Partnership has committed to provide funding for the Series J-5 MRB totaling $ 5.0 million. See Note 19. |
Mortgage Revenue Bonds - Sche_6
Mortgage Revenue Bonds - Schedule of Terms of MRBSs upon Redemption (Details) | 1 Months Ended | 9 Months Ended | 15 Months Ended | |
Jan. 31, 2022 USD ($) Unit | Sep. 30, 2023 USD ($) Unit | Dec. 31, 2022 | Sep. 30, 2022 USD ($) | |
Mortgage Revenue Bonds [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Principal Outstanding at Date of Redemption | $ | $ 61,055,000 | $ 8,493,040 | $ 31,770,592 | |
Live 929 Apartments [Member] | 2014 Series A [Member] | Mortgage Revenue Bonds [Member] | Baltimore, MD [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Month Restructured | January | |||
Units | Unit | 575 | |||
Original Maturity Date | Jul. 01, 2049 | |||
Fixed Interest Rate | 5.78% | |||
Principal Outstanding at Date of Redemption | $ | $ 39,445,000 | |||
Live 929 Apartments [Member] | 2014 Series B [Member] | Mortgage Revenue Bonds [Member] | Baltimore, MD [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Month Restructured | January | |||
Units | Unit | 575 | |||
Original Maturity Date | Jul. 01, 2039 | |||
Fixed Interest Rate | 1.60% | |||
Principal Outstanding at Date of Redemption | $ | $ 21,610,000 | |||
Live 929 Apartments [Member] | Series 2022A [Member] | Baltimore, MD [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Units | Unit | 575 | |||
Original Maturity Date | Jan. 01, 2060 | |||
Fixed Interest Rate | 4.30% | |||
Greens Property [Member] | Series A [Member] | Mortgage Revenue Bonds [Member] | Durham NC [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Month Redeemed | February 2023 | |||
Units | Unit | 168 | |||
Original Maturity Date | Oct. 01, 2047 | |||
Fixed Interest Rate | 6.50% | |||
Principal Outstanding at Date of Redemption | $ | $ 7,579,000 | |||
Greens Property [Member] | Series B [Member] | Mortgage Revenue Bonds [Member] | Durham NC [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Month Redeemed | February 2023 | |||
Units | Unit | 168 | |||
Original Maturity Date | Oct. 01, 2047 | |||
Fixed Interest Rate | 12% | |||
Principal Outstanding at Date of Redemption | $ | $ 914,040 |
Mortgage Revenue Bonds - Sche_7
Mortgage Revenue Bonds - Schedule of MRB Redeemed (Details) - Mortgage Revenue Bonds [Member] | 9 Months Ended | |||
Sep. 30, 2023 USD ($) Unit | Sep. 30, 2022 USD ($) Unit | Jan. 31, 2022 USD ($) | ||
Schedule Of Available For Sale Securities [Line Items] | ||||
Principal Outstanding at Date of Redemption | $ 8,493,040 | $ 31,770,592 | $ 61,055,000 | |
Ohio Properties [Member] | Series A [Member] | Crescent Village, Willow Bend and Postwoods [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Month Redeemed | [1] | March | ||
Units | Unit | [1] | 362 | ||
Original Maturity Date | [1] | Jun. 01, 2050 | ||
Interest Rate | [1] | 7% | ||
Principal Outstanding at Date of Redemption | [1] | $ 13,544,000 | ||
Ohio Properties [Member] | Series B [Member] | Crescent Village, Willow Bend and Postwoods [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Month Redeemed | [1] | March | ||
Units | Unit | [1] | 362 | ||
Original Maturity Date | [1] | Jun. 01, 2050 | ||
Interest Rate | [1] | 10% | ||
Principal Outstanding at Date of Redemption | [1] | $ 3,459,840 | ||
Bridle Ridge [Member] | Greer, SC [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Month Redeemed | May | |||
Units | Unit | 152 | |||
Original Maturity Date | Jan. 01, 2043 | |||
Interest Rate | 6% | |||
Principal Outstanding at Date of Redemption | $ 7,100,000 | |||
Cross Creek [Member] | Beaufort, SC [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Month Redeemed | September | |||
Units | Unit | 144 | |||
Original Maturity Date | Mar. 01, 2049 | |||
Interest Rate | 6.15% | |||
Principal Outstanding at Date of Redemption | $ 7,666,752 | |||
Greens Property [Member] | Series A [Member] | Durham NC [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Month Redeemed | February 2023 | |||
Units | Unit | 168 | |||
Original Maturity Date | Oct. 01, 2047 | |||
Interest Rate | 6.50% | |||
Principal Outstanding at Date of Redemption | $ 7,579,000 | |||
Greens Property [Member] | Series B [Member] | Durham NC [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Month Redeemed | February 2023 | |||
Units | Unit | 168 | |||
Original Maturity Date | Oct. 01, 2047 | |||
Interest Rate | 12% | |||
Principal Outstanding at Date of Redemption | $ 914,040 | |||
[1] The Ohio Properties consist of Crescent Village, located in Cincinnati, Ohio, Willow Bend, located in Columbus (Hilliard), Ohio and Postwoods, located in Reynoldsburg, Ohio. |
Governmental Issuer Loans - Sum
Governmental Issuer Loans - Summary of Partnership's GIL Investments (Details) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 USD ($) Unit | Sep. 30, 2022 | Dec. 31, 2022 USD ($) Unit | ||||
Governmental Issuer Loans [Line Items] | ||||||
Amortized Cost | $ 254,378,300 | $ 300,230,435 | ||||
Governmental Issuer Loans [Member] | TOB Trust [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Units | Unit | 1,927 | 2,419 | ||||
Amortized Cost | $ 255,947,300 | $ 300,230,435 | ||||
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | Midland, TX [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | June 2020 | [1] | June 2020 | [2] | ||
Units | Unit | 300 | [1] | 300 | [2] | ||
Maturity Date | Jan. 01, 2024 | [1],[3] | Jul. 01, 2023 | [2],[4] | ||
Current Interest Rate | 7.08% | [1] | 6.76% | [2] | ||
Amortized Cost | $ 40,000,000 | [1] | $ 40,000,000 | [2] | ||
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | SIFMA [Member] | Midland, TX [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Interest Rate | 3.10% | [1],[5] | 3.10% | [2],[6] | ||
Governmental Issuer Loans [Member] | Oasis at Twin Lakes [Member] | TOB Trust [Member] | Roseville, MN [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | [2] | July 2020 | ||||
Units | Unit | [2] | 228 | ||||
Maturity Date | [2],[4] | Aug. 01, 2023 | ||||
Current Interest Rate | [2] | 5.91% | ||||
Amortized Cost | [2] | $ 34,000,000 | ||||
Governmental Issuer Loans [Member] | Oasis at Twin Lakes [Member] | TOB Trust [Member] | SIFMA [Member] | Roseville, MN [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Interest Rate | [2],[6] | 2.25% | ||||
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | Centennial, CO [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | [2] | August 2020 | ||||
Units | Unit | [2] | 209 | ||||
Maturity Date | [2],[4] | Sep. 01, 2023 | ||||
Current Interest Rate | [2] | 6.41% | ||||
Amortized Cost | [2] | $ 33,080,000 | ||||
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | SIFMA [Member] | Centennial, CO [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Interest Rate | [2],[6] | 2.75% | ||||
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | St. Paul, MN [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | January 2021 | [1] | January 2021 | [2] | ||
Units | Unit | 247 | [1] | 247 | [2] | ||
Maturity Date | Feb. 01, 2024 | [1],[3] | Feb. 01, 2024 | [2],[4] | ||
Current Interest Rate | 8.39% | [1] | 7.37% | [2] | ||
Amortized Cost | $ 34,620,000 | [1] | $ 34,620,000 | [2] | ||
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | SOFR [Member] | St. Paul, MN [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Interest Rate | 3.07% | [1],[5] | 3.07% | [2],[6] | ||
Governmental Issuer Loans [Member] | Hilltop at Signal Hills [Member] | TOB Trust [Member] | St. Paul, MN [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | [2] | January 2021 | ||||
Units | Unit | [2] | 146 | ||||
Maturity Date | [2],[4] | Aug. 01, 2023 | ||||
Current Interest Rate | [2] | 7.37% | ||||
Amortized Cost | [2] | $ 24,450,000 | ||||
Governmental Issuer Loans [Member] | Hilltop at Signal Hills [Member] | TOB Trust [Member] | SOFR [Member] | St. Paul, MN [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Interest Rate | [2],[6] | 3.07% | ||||
Governmental Issuer Loans [Member] | Hope on Avalon [Member] | TOB Trust [Member] | Los Angeles, CA [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | January 2021 | January 2021 | ||||
Units | Unit | 88 | 88 | ||||
Maturity Date | Feb. 01, 2024 | [3] | Aug. 01, 2023 | [4] | ||
Current Interest Rate | 7.73% | 7.41% | ||||
Amortized Cost | $ 23,390,000 | $ 23,390,000 | ||||
Governmental Issuer Loans [Member] | Hope on Avalon [Member] | TOB Trust [Member] | SIFMA [Member] | Los Angeles, CA [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Interest Rate | 3.75% | [5] | 3.75% | [6] | ||
Governmental Issuer Loans [Member] | Hope on Broadway [Member] | TOB Trust [Member] | Los Angeles, CA [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | January 2021 | |||||
Units | Unit | 49 | |||||
Maturity Date | [4] | Aug. 01, 2023 | ||||
Current Interest Rate | 7.41% | |||||
Amortized Cost | $ 12,105,623 | |||||
Governmental Issuer Loans [Member] | Hope on Broadway [Member] | TOB Trust [Member] | SIFMA [Member] | Los Angeles, CA [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Interest Rate | [6] | 3.75% | ||||
Governmental Issuer Loans [Member] | Osprey Village [Member] | TOB Trust [Member] | Kissimmee FL [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | July 2021 | [1] | July 2021 | [2] | ||
Units | Unit | 383 | [1] | 383 | [2] | ||
Maturity Date | Aug. 01, 2024 | [1],[3] | Aug. 01, 2024 | [2],[4] | ||
Current Interest Rate | 8.37% | [1] | 6.88% | [2] | ||
Amortized Cost | $ 60,000,000 | [1] | $ 39,893,040 | [2] | ||
Governmental Issuer Loans [Member] | Osprey Village [Member] | TOB Trust [Member] | SOFR [Member] | Kissimmee FL [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Interest Rate | 3.07% | [1],[5] | 3.07% | [2],[6] | ||
Governmental Issuer Loans [Member] | Willow Place Apartments [Member] | TOB Trust [Member] | McDonough, GA [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | September 2021 | [1] | September 2021 | [2] | ||
Units | Unit | 182 | [1] | 182 | [2] | ||
Maturity Date | Oct. 01, 2024 | [1],[3] | Oct. 01, 2024 | [2],[4] | ||
Current Interest Rate | 8.60% | [1] | 7.11% | [2] | ||
Amortized Cost | $ 25,000,000 | [1] | $ 17,354,472 | [2] | ||
Governmental Issuer Loans [Member] | Willow Place Apartments [Member] | TOB Trust [Member] | SOFR [Member] | McDonough, GA [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Interest Rate | 3.30% | [1],[5] | 3.30% | [2],[6] | ||
Governmental Issuer Loans [Member] | Magnolia Heights [Member] | TOB Trust [Member] | Covington, GA [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | June 2022 | [1] | June 2022 | [2] | ||
Units | Unit | 200 | [1] | 200 | [2] | ||
Maturity Date | Jul. 01, 2024 | [1],[3] | Jul. 01, 2024 | [2],[4] | ||
Current Interest Rate | 9.15% | [1] | 7.66% | [2] | ||
Amortized Cost | $ 20,400,000 | [1] | $ 20,400,000 | [2] | ||
Governmental Issuer Loans [Member] | Magnolia Heights [Member] | TOB Trust [Member] | SOFR [Member] | Covington, GA [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Interest Rate | 3.85% | [1],[5] | 3.85% | [2],[6] | ||
Governmental Issuer Loans [Member] | Poppy Grove I [Member] | TOB Trust [Member] | Elk Grove, CA [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | September 2022 | [1],[7] | September 2022 | [2],[8] | ||
Units | Unit | 147 | [1],[7] | 147 | [2],[8] | ||
Maturity Date | Apr. 01, 2025 | [1],[3],[7] | Apr. 01, 2025 | [2],[4],[8] | ||
Interest Rate | 6.78% | [1],[5],[7] | 6.78% | [2],[6],[8] | ||
Current Interest Rate | 6.78% | [1],[7] | 6.78% | [2],[8] | ||
Amortized Cost | $ 17,346,000 | [1],[7] | $ 7,846,000 | [2],[8] | ||
Governmental Issuer Loans [Member] | Poppy Grove II [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Maturity Date | [9] | Apr. 01, 2025 | ||||
Governmental Issuer Loans [Member] | Poppy Grove II [Member] | TOB Trust [Member] | Elk Grove, CA [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | September 2022 | [1],[7] | September 2022 | [2],[8] | ||
Units | Unit | 82 | [1],[7] | 82 | [2],[8] | ||
Maturity Date | Apr. 01, 2025 | [1],[3],[7] | Apr. 01, 2025 | [2],[4],[8] | ||
Interest Rate | 6.78% | [1],[5],[7] | 6.78% | [2],[6],[8] | ||
Current Interest Rate | 6.78% | [1],[7] | 6.78% | [2],[8] | ||
Amortized Cost | $ 8,541,300 | [1],[7] | $ 4,541,300 | [2],[8] | ||
Governmental Issuer Loans [Member] | Poppy Grove III [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Maturity Date | [9] | Apr. 01, 2025 | ||||
Governmental Issuer Loans [Member] | Poppy Grove III [Member] | TOB Trust [Member] | Elk Grove, CA [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | September 2022 | [1],[7] | September 2022 | [2],[8] | ||
Units | Unit | 158 | [1],[7] | 158 | [2],[8] | ||
Maturity Date | Apr. 01, 2025 | [1],[3],[7] | Apr. 01, 2025 | [2],[4],[8] | ||
Interest Rate | 6.78% | [1],[5],[7] | 6.78% | [2],[6],[8] | ||
Current Interest Rate | 6.78% | [1],[7] | 6.78% | [2],[8] | ||
Amortized Cost | $ 14,550,000 | [1],[7] | $ 8,550,000 | [2],[8] | ||
Governmental Issuer Loans [Member] | Sandy Creek Apartments [Member] | TOB Trust [Member] | Bryan, TX [Member] | ||||||
Governmental Issuer Loans [Line Items] | ||||||
Month Acquired | [1] | August 2023 | ||||
Units | Unit | [1] | 140 | ||||
Maturity Date | [1],[3] | Sep. 01, 2026 | ||||
Interest Rate | [1],[5],[10] | 7.83% | ||||
Current Interest Rate | [1] | 7.83% | ||||
Amortized Cost | [1] | $ 12,100,000 | ||||
[1] The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. The borrower has the option to extend the maturity up to six months upon payment of a non-refundable extension fee. The interest rate will convert to a variable rate of Term SOFR + 2.80 % on February 1, 2025. |
Governmental Issuer Loans - S_2
Governmental Issuer Loans - Summary of Partnership's GIL Investments (Parenthetical) (Details) - Governmental Issuer Loans [Member] - USD ($) $ in Millions | Feb. 01, 2025 | Sep. 30, 2023 | Dec. 31, 2022 |
Floor Rate [Member] | Minimum [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Interest Rate | 0% | 0% | |
Floor Rate [Member] | Maximum [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Interest Rate | 0.85% | 0.85% | |
Poppy Grove I [Member] | Maximum [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Partnership subordinate loan amount | $ 3.8 | $ 3.8 | |
Poppy Grove II [Member] | Maximum [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Partnership subordinate loan amount | 2.2 | 2.2 | |
Poppy Grove III [Member] | Maximum [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Partnership subordinate loan amount | $ 4.2 | $ 4.2 | |
SOFR [Member] | Sandy Creek Apartments [Member] | Forecast [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Interest Rate | 2.80% |
Governmental Issuer Loans - Add
Governmental Issuer Loans - Additional Information (Details) | 1 Months Ended | ||||||
Aug. 31, 2023 USD ($) | Jul. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) Entities Property | Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) Property | Sep. 30, 2022 USD ($) | |
Governmental Issuer Loans [Line Items] | |||||||
Number of Variable Interest Entities | Property | 31 | 35 | |||||
Allowance for credit losses | $ 5,900,000 | ||||||
Governmental Issuer Loans [Member] | |||||||
Governmental Issuer Loans [Line Items] | |||||||
Accrued interest receivable | $ 1,700,000 | $ 3,800,000 | |||||
Number of Variable Interest Entities | Entities | 2 | ||||||
Outstanding principal | $ 171,700,000 | ||||||
Allowance for credit losses | 1,600,000 | ||||||
Property Loans [Member] | |||||||
Governmental Issuer Loans [Line Items] | |||||||
Outstanding principal | $ 68,600,000 | ||||||
Magnolia Heights [Member] | Governmental Issuer Loans [Member] | |||||||
Governmental Issuer Loans [Line Items] | |||||||
Total Commitment | $ 20,400,000 | ||||||
Poppy Grove I [Member] | Governmental Issuer Loans [Member] | |||||||
Governmental Issuer Loans [Line Items] | |||||||
Total Commitment | 35,700,000 | ||||||
Poppy Grove II [Member] | Governmental Issuer Loans [Member] | |||||||
Governmental Issuer Loans [Line Items] | |||||||
Total Commitment | 22,300,000 | ||||||
Poppy Grove III [Member] | Governmental Issuer Loans [Member] | |||||||
Governmental Issuer Loans [Line Items] | |||||||
Total Commitment | $ 39,100,000 | ||||||
Hope on Avalon [Member] | Governmental Issuer Loans [Member] | |||||||
Governmental Issuer Loans [Line Items] | |||||||
Extension fees received | $ 70,000 | ||||||
Loan maturity date | Feb. 01, 2024 | ||||||
Scharbauer Flats Apartments [Member] | |||||||
Governmental Issuer Loans [Line Items] | |||||||
Partnership recognized loan fee | $ 33,000 | ||||||
Loan maturity date | Jan. 01, 2024 | ||||||
Scharbauer Flats Apartments [Member] | Governmental Issuer Loans [Member] | |||||||
Governmental Issuer Loans [Line Items] | |||||||
Partnership recognized loan fee | $ 100,000 | ||||||
Loan maturity date | Jan. 01, 2024 | ||||||
Sandy Creek Apartments [Member] | Governmental Issuer Loans [Member] | |||||||
Governmental Issuer Loans [Line Items] | |||||||
Total commitment fully funded | $ 12,100,000 |
Governmental Issuer Loans - Sch
Governmental Issuer Loans - Schedule of Principal and Accrued Interest Paid (Details) - Governmental Issuer Loans [Member] | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Governmental Issuer Loans [Line Items] | |
Principal Proceeds | $ 104,635,623 |
Oasis at Twin Lakes [Member] | |
Governmental Issuer Loans [Line Items] | |
Month Redeemed | 2023-06 |
Principal Proceeds | $ 34,000,000 |
Hope on Broadway [Member] | |
Governmental Issuer Loans [Line Items] | |
Month Redeemed | 2023-07 |
Principal Proceeds | $ 13,105,623 |
Hilltop at Signal Hills [Member] | |
Governmental Issuer Loans [Line Items] | |
Month Redeemed | 2023-08 |
Principal Proceeds | $ 24,450,000 |
Centennial Crossings [Member] | |
Governmental Issuer Loans [Line Items] | |
Month Redeemed | 2023-09 |
Principal Proceeds | $ 33,080,000 |
Property Loans - Summary of Par
Property Loans - Summary of Partnership's Property Loans, Net of Allowances for Credit Losses (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2022 | ||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | $ 117,504,187 | $ 175,604,711 | [1] | ||
Asset-Specific Allowance for Credit Losses | (495,000) | (495,000) | [1] | ||
Property Loan Principal, net of allowance | 117,009,187 | 175,109,711 | [1] | ||
The 50/50 MF Property [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | 5,800,000 | 4,800,000 | |||
Property Loan Principal, net of allowance | 4,800,000 | ||||
Live 929 Apartments [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | 495,000 | 495,000 | |||
Senior Construction Financing [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | 76,720,560 | [2] | 130,002,497 | [1] | |
Property Loan Principal, net of allowance | 76,720,560 | [2] | 130,002,497 | [1] | |
Senior Construction Financing [Member] | Centennial Crossings [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | [1] | 24,250,000 | |||
Property Loan Principal, net of allowance | [1] | $ 24,250,000 | |||
Maturity Date | [1] | Sep. 01, 2023 | |||
Senior Construction Financing [Member] | Centennial Crossings [Member] | LIBOR [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Interest Rate | [1] | 2.50% | |||
Senior Construction Financing [Member] | Hilltop at Signal Hills [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | [1] | $ 19,718,334 | |||
Property Loan Principal, net of allowance | [1] | $ 19,718,334 | |||
Maturity Date | [1] | Aug. 01, 2023 | |||
Senior Construction Financing [Member] | Hilltop at Signal Hills [Member] | SOFR [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Interest Rate | [1] | 3.07% | |||
Senior Construction Financing [Member] | Legacy Commons at Signal Hills [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | 32,233,972 | [2] | $ 29,666,905 | [1] | |
Property Loan Principal, net of allowance | $ 32,233,972 | [2] | $ 29,666,905 | [1] | |
Maturity Date | Feb. 01, 2024 | [2] | Feb. 01, 2024 | [1] | |
Senior Construction Financing [Member] | Legacy Commons at Signal Hills [Member] | SOFR [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Interest Rate | 3.07% | [2] | 3.07% | ||
Senior Construction Financing [Member] | Magnolia Heights [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | $ 8,118,546 | [2] | $ 6,188,601 | [1] | |
Property Loan Principal, net of allowance | $ 8,118,546 | [2] | $ 6,188,601 | [1] | |
Maturity Date | Jul. 01, 2024 | [2] | Jul. 01, 2024 | [1] | |
Senior Construction Financing [Member] | Magnolia Heights [Member] | SOFR [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Interest Rate | 3.85% | [2] | 3.85% | [1] | |
Senior Construction Financing [Member] | Oasis at Twin Lakes [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | [1] | $ 24,018,657 | |||
Property Loan Principal, net of allowance | [1] | $ 24,018,657 | |||
Maturity Date | [1] | Aug. 01, 2023 | |||
Senior Construction Financing [Member] | Oasis at Twin Lakes [Member] | LIBOR [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Interest Rate | [1] | 2.50% | |||
Senior Construction Financing [Member] | Osprey Village [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | $ 8,774,804 | [2] | $ 1,000,000 | [1] | |
Property Loan Principal, net of allowance | $ 8,774,804 | [2] | $ 1,000,000 | [1] | |
Maturity Date | Aug. 01, 2024 | [2] | Aug. 01, 2024 | [1] | |
Senior Construction Financing [Member] | Osprey Village [Member] | SOFR [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Interest Rate | 3.07% | [2] | 3.07% | [1] | |
Senior Construction Financing [Member] | Scharbauer Flats Apartments [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | $ 13,386,764 | [2] | $ 24,160,000 | [1] | |
Property Loan Principal, net of allowance | $ 13,386,764 | [2] | $ 24,160,000 | [1] | |
Maturity Date | Jan. 01, 2024 | [2] | Jul. 01, 2023 | [1] | |
Senior Construction Financing [Member] | Scharbauer Flats Apartments [Member] | SOFR [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Interest Rate | [2] | 2.96% | |||
Senior Construction Financing [Member] | Scharbauer Flats Apartments [Member] | LIBOR [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Interest Rate | [1] | 2.85% | |||
Senior Construction Financing [Member] | Willow Place Apartments [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | $ 14,206,474 | [2] | $ 1,000,000 | [1] | |
Property Loan Principal, net of allowance | $ 14,206,474 | [2] | $ 1,000,000 | [1] | |
Maturity Date | Oct. 01, 2024 | [2] | Oct. 01, 2024 | [1] | |
Senior Construction Financing [Member] | Willow Place Apartments [Member] | SOFR [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Interest Rate | 3.30% | [2] | 3.30% | [1] | |
Mezzanine Financing [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | $ 34,045,000 | [3] | $ 39,000,000 | [1] | |
Property Loan Principal, net of allowance | 34,045,000 | [3] | 39,000,000 | [1] | |
Mezzanine Financing [Member] | So La Impact Opportunity Zone Fund [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | 34,045,000 | [3] | 39,000,000 | [1] | |
Property Loan Principal, net of allowance | $ 34,045,000 | [3] | $ 39,000,000 | [1] | |
Maturity Date | Dec. 30, 2024 | [3] | Dec. 30, 2024 | [1] | |
Interest Rate | 7.875% | [3] | 7.875% | [1] | |
Other [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | $ 6,738,627 | $ 6,602,214 | [1] | ||
Asset-Specific Allowance for Credit Losses | (495,000) | (495,000) | [1] | ||
Property Loan Principal, net of allowance | 6,243,627 | 6,107,214 | [1] | ||
Other [Member] | The 50/50 MF Property [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | 5,790,033 | 4,803,620 | [1] | ||
Property Loan Principal, net of allowance | $ 5,790,033 | $ 4,803,620 | [1] | ||
Maturity Date | Mar. 11, 2048 | Mar. 11, 2048 | [1] | ||
Interest Rate | 9% | 9% | [1] | ||
Other [Member] | Avistar (February 2013 Portfolio) [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | $ 201,972 | $ 201,972 | [1] | ||
Property Loan Principal, net of allowance | $ 201,972 | $ 201,972 | [1] | ||
Maturity Date | Jun. 26, 2024 | Jun. 26, 2024 | [1] | ||
Interest Rate | 12% | 12% | [1] | ||
Other [Member] | Avistar (June 2013 Portfolio) [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | $ 251,622 | $ 251,622 | [1] | ||
Property Loan Principal, net of allowance | $ 251,622 | $ 251,622 | [1] | ||
Maturity Date | Jun. 26, 2024 | Jun. 26, 2024 | [1] | ||
Interest Rate | 12% | 12% | [1] | ||
Other [Member] | Greens Property [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | [1] | $ 850,000 | |||
Property Loan Principal, net of allowance | [1] | $ 850,000 | |||
Maturity Date | [1] | Sep. 01, 2046 | |||
Interest Rate | [1] | 10% | |||
Other [Member] | Live 929 Apartments [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Property loan receivable, outstanding balance | $ 495,000 | $ 495,000 | [1] | ||
Asset-Specific Allowance for Credit Losses | $ (495,000) | $ (495,000) | [1] | ||
Maturity Date | Jul. 31, 2049 | Jul. 31, 2049 | [1] | ||
Interest Rate | 8% | 8% | [1] | ||
[1] The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 % The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 %. The property loan is held in trust in connection with a TOB trust financing (Note 16). |
Property Loans - Summary of P_2
Property Loans - Summary of Partnership's Property Loans, Allowances for Credit Losses (Parenthetical) (Details) - Senior Construction Financing [Member] | Sep. 30, 2023 | Dec. 31, 2022 |
Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Floor interest rate | 0% | 0% |
Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Floor interest rate | 0.50% | 0.50% |
Property Loans - Additional Inf
Property Loans - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Jun. 30, 2023 | Sep. 30, 2022 | Aug. 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Jan. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Aug. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||||||||||
Allowance for credit losses | $ 5,900,000 | |||||||||||||
Advanced additional funds | $ 30,125,762 | $ 84,680,165 | ||||||||||||
Other interest income | $ 4,621,098 | $ 4,126,695 | 13,677,110 | $ 8,465,788 | ||||||||||
Property Loans [Member] | ||||||||||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||||||||||
Allowance for credit losses | 2,100,000 | 2,100,000 | ||||||||||||
Accrued interest receivable | $ 1,600,000 | 1,600,000 | $ 3,200,000 | |||||||||||
Live 929 Apartments [Member] | ||||||||||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||||||||||
Allowance for credit losses | $ 495,000 | |||||||||||||
Amount received as payment in full for outstanding principal and interest on a property loan | $ 1,000,000 | |||||||||||||
Ohio Properties [Member] | ||||||||||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||||||||||
Amount received as payment in full for outstanding principal and interest on a property loan | $ 2,400,000 | |||||||||||||
Accrued interest redemption on notes receivable | 4,300,000 | |||||||||||||
Other interest income | $ 1,700,000 | |||||||||||||
Greens Property [Member] | ||||||||||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||||||||||
Accrued interest redemption on notes receivable | $ 1,600,000 | |||||||||||||
Scharbauer Flats Apartments [Member] | ||||||||||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||||||||||
Partnership recognized loan fee | $ 33,000 | |||||||||||||
Loan maturity date | Jan. 01, 2024 | |||||||||||||
Poppy Grove Apartments [Member] | ||||||||||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||||||||||
Amount to paid for outstanding principal and interest on a note receivable | $ 825,000 | |||||||||||||
Advanced additional funds | $ 900,000 | |||||||||||||
Magnolia Heights [Member] | ||||||||||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||||||||||
Property loan commitments | $ 10,300,000 | |||||||||||||
Sandy Creek Apartments [Member] | ||||||||||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||||||||||
Property loan commitments | $ 7,800,000 | |||||||||||||
Magnolia Crossing [Member] | ||||||||||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||||||||||
Amount received as payment in full for outstanding principal and interest on a property loan | 14,100,000 | |||||||||||||
Cross Creek Property [Member] | ||||||||||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||||||||||
Amount received as payment in full for outstanding principal and interest on a property loan | 11,400,000 | |||||||||||||
Accrued interest redemption on notes receivable | 1,700,000 | |||||||||||||
Advanced additional funds | $ 7,700,000 | |||||||||||||
Other interest income | 1,700,000 | |||||||||||||
Redemption proceeds received | $ 13,000,000 |
Property Loans - Schedule of Pr
Property Loans - Schedule of Property Loans Paid Down or Redeemed (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Property Loans Net Of Loan Loss Allowance [Line Items] | ||
Principal Proceeds | $ 88,226,286 | $ 30,332,123 |
Greens Property [Member] | ||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||
Month Repaid | 2023-02 | |
Principal Proceeds | $ 850,000 | |
Scharbauer Flats [Member] | ||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||
Month Repaid | 2023-02 | |
Principal Proceeds | $ 10,773,236 | |
Centennial Crossings [Member] | ||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||
Month Repaid | 2023-03 | |
Principal Proceeds | $ 6,692,344 | |
SoLa Impact Opportunity Zone Fund [Member] | ||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||
Month Repaid | 2023-05 | |
Principal Proceeds | $ 3,790,000 | |
Magnolia Heights [Member] | ||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||
Month Repaid | 2023-06 | |
Principal Proceeds | $ 2,181,454 | |
Oasis at Twin Lakes [Member] | ||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||
Month Repaid | 2023-06 | |
Principal Proceeds | $ 24,018,657 | |
SoLa Impact Opportunity Zone Fund | ||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||
Month Repaid | 2023-08 | |
Principal Proceeds | $ 1,165,000 | |
Hilltop at Signal Hills [Member] | ||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||
Month Repaid | 2023-08 | |
Principal Proceeds | $ 21,197,939 | |
Centennial Crossings | ||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||
Month Repaid | 2023-09 | |
Principal Proceeds | $ 17,557,656 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) | 9 Months Ended | ||
Sep. 30, 2023 USD ($) Unit | Dec. 31, 2022 USD ($) | ||
Schedule Of Equity Method Investments [Line Items] | |||
Carrying Value | $ 118,524,669 | $ 115,790,841 | |
Current Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Carrying Value | $ 118,524,669 | 93,073,665 | |
Sold Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Carrying Value | 22,717,176 | ||
Vantage At Stone Creek [Member] | Omaha, NE [Member] | Sold Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 294 | ||
Month Commitment Executed | March 2018 | ||
Construction Completion Date | 2020-04 | ||
Carrying Value | 5,465,967 | ||
Vantage At Coventry [Member] | Omaha, NE [Member] | Sold Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 294 | ||
Month Commitment Executed | September 2018 | ||
Construction Completion Date | 2021-02 | ||
Carrying Value | 6,826,584 | ||
Vantage At Conroe [Member] | Conroe T X [Member] | Sold Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | April 2019 | ||
Construction Completion Date | 2021-01 | ||
Carrying Value | 10,424,625 | ||
Vantage At Tomball [Member] | Tomball TX [Member] | Current Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | August 2020 | ||
Construction Completion Date | 2022-04 | ||
Carrying Value | $ 13,235,090 | 13,051,936 | |
Vantage At Hutto | Hutto T X | Current Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | December 2021 | ||
Carrying Value | $ 13,566,659 | 12,590,292 | |
Vantage at Loveland [Member] | Loveland, CO [Member] | Current Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | April 2021 | ||
Carrying Value | $ 20,061,005 | 18,109,568 | |
Vantage at Helotes [Member] | Helotes, TX [Member] | Current Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | May 2021 | ||
Construction Completion Date | 2022-11 | ||
Carrying Value | $ 14,893,573 | 14,029,032 | |
Vantage at Fair Oaks [Member] | Boerne, TX [Member] | Current Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | September 2021 | ||
Construction Completion Date | 2023-05 | ||
Carrying Value | $ 12,739,817 | 12,000,297 | |
Vantage at McKinney Falls [Member] | McKinney Falls, TX [Member] | Current Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | December 2021 | ||
Carrying Value | $ 13,008,888 | 12,253,749 | |
Freestone At Greeley [Member] | Greeley, CO [Member] | Current Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 296 | ||
Carrying Value | $ 5,058,677 | 4,775,708 | |
Freestone At Cresta Bella [Member] | San Antonio, TX [Member] | Current Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 296 | ||
Month Commitment Executed | February 2023 | ||
Carrying Value | $ 14,403,256 | $ 6,263,083 | |
Valage Senior Living Carson Valley [Member] | Minden, NV [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 88 | ||
Valage Senior Living Carson Valley [Member] | Minden, NV [Member] | Current Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | [1] | 102 | |
Month Commitment Executed | [1] | February 2023 | |
Carrying Value | [1] | $ 7,822,934 | |
The Jessam At Hays Farms [Member] | Huntsville, AL [Member] | Current Investments [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | [1] | 318 | |
Month Commitment Executed | July 2023 | ||
Carrying Value | $ 3,734,770 | ||
[1] Valage Senior Living Carson Valley is a seniors housing property with 102 beds in 88 units. |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities - (Parenthetical) (Details) - Valage Senior Living Carson Valley [Member] - Minden, NV [Member] | Sep. 30, 2023 Bed Unit |
Schedule of Equity Method Investments [Line Items] | |
Number of Units | Unit | 88 |
Number of beds | Bed | 102 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities - Summary of Sales Information of Partnership Investment in Unconsolidated Entities (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Unit | Sep. 30, 2022 USD ($) Unit | |
Schedule Of Equity Method Investments [Line Items] | ||||
Gross Proceeds to the Partnership | $ 47,751,979 | $ 69,628,446 | ||
Investment Income from sale of properties | 2,309,404 | 659,132 | ||
Gain (loss) on Sale | $ 32,385 | $ 10,580,781 | $ 22,725,398 | $ 39,664,032 |
Omaha, NE [Member] | Vantage At Stone Creek [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 294 | |||
Month sold | 2023-01 | |||
Gross Proceeds to the Partnership | $ 14,689,244 | |||
Investment Income from sale of properties | 108,295 | |||
Gain (loss) on Sale | $ 9,114,980 | |||
Omaha, NE [Member] | Vantage At Coventry [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 294 | |||
Month sold | 2023-01 | |||
Gross Proceeds to the Partnership | $ 13,220,218 | |||
Investment Income from sale of properties | 135,501 | |||
Gain (loss) on Sale | $ 6,258,133 | |||
Murfreesboro, TN [Member] | Vantage At Murfreesboro [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | 288 | ||
Month sold | 2022-03 | |||
Gross Proceeds to the Partnership | $ (6,184) | $ 29,258,279 | ||
Investment Income from sale of properties | 657,937 | |||
Gain (loss) on Sale | $ (6,184) | $ 16,360,343 | ||
San Antonio, TX [Member] | Vantage At O'Connor [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | 288 | ||
Month sold | 2022-07 | |||
Gross Proceeds to the Partnership | $ (11,744) | $ 19,381,976 | ||
Investment Income from sale of properties | 1,195 | |||
Gain (loss) on Sale | $ (11,744) | $ 10,580,781 | ||
San Antonio, TX [Member] | Vantage At Westover Hills [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Month sold | 2022-05 | |||
Gross Proceeds to the Partnership | $ 20,923,784 | |||
Gain (loss) on Sale | $ 12,658,501 | |||
Conroe T X [Member] | Vantage At Conroe [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Month sold | 2023-06 | |||
Gross Proceeds to the Partnership | $ 19,828,060 | |||
Investment Income from sale of properties | 2,065,608 | |||
Gain (loss) on Sale | $ 7,337,828 | |||
Bulverde, TX [Member] | Vantage At Bulverde [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Gross Proceeds to the Partnership | $ 60,000 | |||
Gain (loss) on Sale | $ 60,000 | |||
Germantown, TN [Member] | Vantage At Germantown [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Gross Proceeds to the Partnership | $ 4,407 | |||
Gain (loss) on Sale | $ 4,407 | |||
Powdersville, SC [Member] | Vantage At Powdersville [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Gross Proceeds to the Partnership | $ 32,385 | |||
Gain (loss) on Sale | $ 32,385 |
Investments in Unconsolidated_6
Investments in Unconsolidated Entities - Summary of Sales Information of Partnership Investments in Unconsolidated Entities - (Parenthetical) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Aug. 31, 2023 | May 31, 2023 | Feb. 28, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | |
Bulverde, TX [Member] | Vantage At Bulverde [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash received/sales proceeds returned | $ 60,000 | ||||
Germantown, TN [Member] | Vantage At Germantown [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash received/sales proceeds returned | $ 4,000 | ||||
Murfreesboro, TN [Member] | Vantage At Murfreesboro [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash received/sales proceeds returned | $ 6,200 | ||||
San Antonio, TX [Member] | Vantage At O'Connor [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash received/sales proceeds returned | $ 12,000 | ||||
Powdersville, SC [Member] | Vantage At Powdersville [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash received/sales proceeds returned | $ 32,000 |
Investments in Unconsolidated_7
Investments in Unconsolidated Entities - Additional Information (Details) - USD ($) $ in Millions | Jul. 31, 2023 | Feb. 28, 2023 |
Freestone at Greeley [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity commitment | $ 8.2 | |
The Jessam At Hays Farms [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity commitment | $ 16.5 |
Investments in Unconsolidated_8
Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Property Revenues | $ 2,904,950 | $ 4,732,250 | $ 9,926,910 | $ 16,847,354 |
Gain on sale of property | 23,231,887 | 56,099,503 | 87,835,109 | |
Net income (loss) | $ (1,560,982) | $ 23,309,924 | $ 53,132,243 | $ 88,447,049 |
Real Estate Assets - Real Estat
Real Estate Assets - Real Estate Assets Owned by Partnership (Details) | Sep. 30, 2023 USD ($) Unit | Dec. 31, 2022 USD ($) Unit | ||
Real Estate [Line Items] | ||||
Carrying Value | $ 48,109,560 | $ 48,213,994 | ||
Accumulated depreciation | (12,837,974) | (11,663,516) | ||
Net real estate assets | $ 35,271,586 | $ 36,550,478 | ||
Suites on Paseo [Member] | San Diego, CA [Member] | ||||
Real Estate [Line Items] | ||||
Number of Units | Unit | 384 | 384 | ||
Land and Land Improvements | $ 3,202,744 | $ 3,199,244 | ||
Buildings and Improvements | 40,132,862 | 39,799,082 | ||
Carrying Value | 43,335,606 | 42,998,326 | ||
Vantage at San Marcos [Member] | San Marcos TX [Member] | ||||
Real Estate [Line Items] | ||||
Land and Land Improvements | 2,660,615 | [1] | 2,660,615 | [2] |
Buildings and Improvements | 1,003,857 | [1] | 1,003,857 | [2] |
Carrying Value | 3,664,472 | [1] | 3,664,472 | [2] |
Land Held for Development [Member] | ||||
Real Estate [Line Items] | ||||
Land and Land Improvements | 1,109,482 | [3] | 1,551,196 | [4] |
Carrying Value | $ 1,109,482 | [3] | $ 1,551,196 | [4] |
[1] The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information. The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information. Land held for development consists of land and development costs for a parcel of land in Richland County, SC. Land held for development consists of land and development costs for parcels of land in Richland County, SC and Omaha, NE. |
Real Estate Assets - Additional
Real Estate Assets - Additional Information (Details) - USD ($) | 1 Months Ended | |||
Jan. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | ||
Real Estate [Line Items] | ||||
Property loans, net | $ 175,109,711 | [1] | $ 117,009,187 | |
Deferred gain on sale of property | $ 6,596,622 | $ 6,596,622 | ||
The 50/50 MF Property [Member] | ||||
Real Estate [Line Items] | ||||
Ownership interest sold | 100% | |||
Property loans, net | $ 4,800,000 | |||
Deferred gain on sale of property | 6,600,000 | |||
Costs related to sale which reduced Partnership's gain on sale | $ 404,000 | |||
Land Held for Development [Member] | Omaha, NE [Member] | ||||
Real Estate [Line Items] | ||||
Proceed sale of real assets | $ 442,000 | |||
[1] The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 % |
Real Estate Assets - Schedule o
Real Estate Assets - Schedule of Net Gain (Loss) Exclusive of Gains on Sale (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
The 50/50 MF Property [Member] | ||
Real Estate [Line Items] | ||
Net loss | $ (363,288) | $ (546,580) |
Income Tax Provision - Summary
Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Provision [Line Items] | ||||
Total income tax expense (benefit) | $ 6,172 | $ (81,523) | $ 12,381 | $ (45,562) |
Greens Hold Co [Member] | ||||
Income Tax Provision [Line Items] | ||||
Current income tax expense (benefit) | 7,275 | (38,980) | 15,539 | 3,688 |
Deferred income tax benefit | (1,103) | (42,543) | (3,158) | (49,250) |
Total income tax expense (benefit) | $ 6,172 | $ (81,523) | $ 12,381 | $ (45,562) |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 0 | $ 0 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Deferred financing costs, net | $ 898,982 | $ 964,266 |
Derivative instruments at fair value | 14,348,619 | 7,530,438 |
Taxable mortgage revenue bonds, at fair value | 17,611,663 | 16,531,896 |
Taxable governmental issuer loans | 13,573,000 | 8,000,000 |
Allowance for credit losses | (86,000) | |
Taxable governmental issuer loans, net | 13,487,000 | 8,000,000 |
Bond purchase commitment, at fair value | 98,929 | |
Other assets | 1,794,114 | 2,649,138 |
Total other assets | $ 48,140,378 | $ 35,774,667 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) | 1 Months Ended | |
Jul. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) Security | |
Ocotillo Springs - Series A-T [Member] | ||
Other Assets [Line Items] | ||
Principal Outstanding at Date of Redemption | $ 7,000,000 | |
Taxable MRB [Member] | ||
Other Assets [Line Items] | ||
Number of securities held in trust | Security | 1 | |
Taxable GILs [Member] | ||
Other Assets [Line Items] | ||
Number of securities held in trust | Security | 4 | |
Taxable GILs [Member] | Hope of Avalon [Member] | ||
Other Assets [Line Items] | ||
Partnership recognized loan fee | $ 32,000 | |
Loan maturity date | Feb. 01, 2024 | |
Taxable MRBs and Taxable GILs [Member] | TOB Trust [Member] | ||
Other Assets [Line Items] | ||
Assets held in trust | $ 22,100,000 |
Other Assets - Summary of Taxab
Other Assets - Summary of Taxable MRBs and and GILs Acquired (Details) | 9 Months Ended | ||
Sep. 30, 2023 USD ($) Unit | Sep. 30, 2022 USD ($) | ||
Mortgage Revenue Bonds [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Taxable MRB, Initial Principal Funding | $ 2,805,000 | ||
Taxable MRB, Total Commitment | $ 16,625,000 | ||
Mortgage Revenue Bonds [Member] | Windsor Shores Apartments - Series B [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Taxable MRB, Month Acquired | 2023-01 | ||
Taxable MRB, Property Location | Columbia, SC | ||
Number of Loans | Unit | 176 | ||
Date Committed | 2023-01 | ||
Maturity Date | Feb. 01, 2030 | ||
Taxable MRB, Interest Rate | 6.50% | ||
Taxable MRB, Initial Principal Funding | $ 805,000 | ||
Mortgage Revenue Bonds [Member] | Village at Hanford Square [Member] | Series H-T [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Taxable MRB, Month Acquired | [1] | 2023-05 | |
Taxable MRB, Property Location | [1] | Hanford, CA | |
Number of Loans | Unit | [1] | 100 | |
Date Committed | [1] | 2023-05 | |
Maturity Date | [1] | May 01, 2030 | |
Taxable MRB, Interest Rate | [1] | 7.25% | |
Taxable MRB, Initial Principal Funding | [1] | $ 1,000,000 | |
Mortgage Revenue Bonds [Member] | Forty on Colony [Member] | Series P-T [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Taxable MRB, Month Acquired | [2] | 2023-06 | |
Taxable MRB, Property Location | [2] | La Mesa, CA | |
Number of Loans | Unit | [2] | 40 | |
Date Committed | [2] | 2023-06 | |
Maturity Date | [2] | Jun. 01, 2030 | |
Taxable MRB, Interest Rate | [2] | 7.45% | |
Taxable MRB, Initial Principal Funding | [2] | $ 1,000,000 | |
Mortgage Revenue Bonds [Member] | Live 929 Apartments - Series 2022B [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Taxable MRB, Month Acquired | 2022-01 | ||
Date Committed | 2022-01 | ||
Maturity Date | Jan. 01, 2029 | ||
Taxable MRB, Initial Principal Funding | $ 3,625,000 | ||
Taxable MRB, Total Commitment | $ 3,625,000 | ||
Mortgage Revenue Bonds [Member] | The Residency at the Entrepreneur [Member] | Series J-T [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Taxable MRB, Month Acquired | [3] | 2022-04 | |
Date Committed | [3] | 2022-04 | |
Maturity Date | [3] | Apr. 01, 2025 | |
Taxable MRB, Initial Principal Funding | [3] | $ 1,000,000 | |
Taxable MRB, Total Commitment | [3] | 13,000,000 | |
Governmental Issuer Loans [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Taxable GIL, Total Commitment | $ 56,579,465 | ||
Governmental Issuer Loans [Member] | Poppy Grove I [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Maturity Date | [3] | Apr. 01, 2025 | |
Taxable GIL, Month Acquired | [3] | 2022-09 | |
Taxable GIL, Initial Principal Funding | [3] | $ 1,000,000 | |
Taxable GIL, Total Commitment | [3] | $ 21,157,672 | |
Governmental Issuer Loans [Member] | Poppy Grove II [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Maturity Date | [3] | Apr. 01, 2025 | |
Taxable GIL, Month Acquired | [3] | 2022-09 | |
Taxable GIL, Initial Principal Funding | [3] | $ 1,000,000 | |
Taxable GIL, Total Commitment | [3] | $ 10,941,300 | |
Governmental Issuer Loans [Member] | Poppy Grove III [Member] | |||
Governmental Issuer Loans [Line Items] | |||
Maturity Date | [3] | Apr. 01, 2025 | |
Taxable GIL, Month Acquired | [3] | 2022-09 | |
Taxable GIL, Initial Principal Funding | [3] | $ 1,000,000 | |
Taxable GIL, Total Commitment | [3] | $ 24,480,493 | |
[1] The Partnership has committed to provide total funding for the taxable MRB of $ 10.4 million (see Note 19). The Partnership has committed to provide total funding for the taxable MRB of $ 6.0 million (see Note 19). The borrower has the option to extend the maturity up to six months upon payment of a non-refundable extension fee. |
Other Assets - Summary of Tax_2
Other Assets - Summary of Taxable MRBs Acquired (Parenthetical) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2023 | |
Governmental Issuer Loans [Line Items] | ||
Committed to funding amount | $ 496,239,818 | |
Mortgage Revenue Bonds [Member] | Village at Hanford Square [Member] | Series H-T [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Commitment to provide maximum funding of taxable MRB | 10,400,000 | |
Mortgage Revenue Bonds [Member] | Forty on Colony [Member] | Series P-T [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Commitment to provide maximum funding of taxable MRB | $ 6,000,000 | |
Mortgage Revenue Bonds [Member] | The Residency at the Entrepreneur [Member] | Series J-T [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Option to extend maturity period | 6 months |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Changes in Partnership's Allowance for Credit Losses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance, beginning of period | $ 5,125,000 | $ 495,000 | |||
Recovery of prior credit loss | (51,656) | $ (39,968) | |||
Cumulative-effect adjustment upon adoption | 5,949,000 | ||||
Current provision for credit losses | (562,000) | (1,881,000) | |||
Balance, end of period | 4,563,000 | 4,563,000 | |||
MRB and taxable MRB investments [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance, beginning of period | 9,944,579 | $ 10,013,392 | 9,978,891 | 9,175,482 | |
Other additions | [1] | 860,533 | |||
Recovery of prior credit loss | [2] | (17,344) | (17,345) | (51,656) | (39,968) |
Balance, end of period | [3] | 9,927,235 | $ 9,996,047 | 9,927,235 | $ 9,996,047 |
Governmental Issuer Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance, beginning of period | 1,837,000 | ||||
Cumulative-effect adjustment upon adoption | 2,145,000 | ||||
Current provision for credit losses | (268,000) | (576,000) | |||
Balance, end of period | 1,569,000 | 1,569,000 | |||
Taxable Governmental Issuer Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance, beginning of period | 95,000 | ||||
Cumulative-effect adjustment upon adoption | 79,000 | ||||
Current provision for credit losses | (9,000) | 7,000 | |||
Balance, end of period | 86,000 | 86,000 | |||
Property Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance, beginning of period | 2,235,000 | 495,000 | |||
Cumulative-effect adjustment upon adoption | 2,108,000 | ||||
Current provision for credit losses | (163,000) | (531,000) | |||
Balance, end of period | 2,072,000 | 2,072,000 | |||
Unfunded Commitments [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance, beginning of period | 958,000 | ||||
Cumulative-effect adjustment upon adoption | 1,617,000 | ||||
Current provision for credit losses | (122,000) | (781,000) | |||
Balance, end of period | $ 836,000 | $ 836,000 | |||
[1] The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. 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. The allowance for credit losses as of September 30, 2023 and 2022 relate to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB. |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) Loan | Sep. 30, 2023 USD ($) Loan | Jan. 01, 2023 USD ($) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses | $ 5,900,000 | ||||
Partnerships carrying percentage value | 0.85% | ||||
Provision for credit losses | $ (562,000) | $ (1,881,000) | |||
Property loans outstanding principal | $ 175,604,711 | [1] | 117,504,187 | 117,504,187 | |
Property loans, net | 175,109,711 | [1] | 117,009,187 | 117,009,187 | |
Live 929 Apartments [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses | $ 495,000 | ||||
Property loans outstanding principal | 495,000 | 495,000 | 495,000 | ||
The 50/50 MF Property [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Property loans outstanding principal | $ 4,800,000 | $ 5,800,000 | $ 5,800,000 | ||
Ownership interest sold | 100% | ||||
Property loans, net | $ 4,800,000 | ||||
Property Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Number of loans on nonaccrual status | Loan | 2 | 2 | |||
Provision for credit losses | $ (163,000) | $ (531,000) | |||
[1] The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 % |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Summary of Partnerships Carrying Value by Origination Year Grouped by Risk Rating (Details) | Sep. 30, 2023 USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2023 | $ 19,930,000 |
2022 | 221,990,879 |
2021 | 232,668,300 |
2020 | 53,386,764 |
2019 | 495,000 |
Prior | 453,594 |
Total | 528,924,537 |
Governmental Issuer Loans [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2023 | 12,100,000 |
2022 | 60,837,300 |
2021 | 143,010,000 |
2020 | 40,000,000 |
Total | 255,947,300 |
Governmental Issuer Loans [Member] | Performing [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2023 | 12,100,000 |
2022 | 60,837,300 |
2021 | 143,010,000 |
2020 | 40,000,000 |
Total | 255,947,300 |
Taxable Governmental Issuer Loans [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 3,000,000 |
2021 | 10,573,000 |
Total | 13,573,000 |
Taxable Governmental Issuer Loans [Member] | Performing [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 3,000,000 |
2021 | 10,573,000 |
Total | 13,573,000 |
Property Loans [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 47,953,579 |
2021 | 55,215,250 |
2020 | 13,386,764 |
2019 | 495,000 |
Prior | 453,594 |
Total | 117,504,187 |
Property Loans [Member] | Performing [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 47,953,579 |
2021 | 55,215,250 |
2020 | 13,386,764 |
Prior | 453,594 |
Total | 117,009,187 |
Property Loans [Member] | Nonperforming [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2019 | 495,000 |
Total | 495,000 |
Unfunded Commitments [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2023 | 7,830,000 |
2022 | 110,200,000 |
2021 | 23,870,050 |
Total | 141,900,050 |
Unfunded Commitments [Member] | Performing [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2023 | 7,830,000 |
2022 | 110,200,000 |
2021 | 23,870,050 |
Total | $ 141,900,050 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 1,075,105 | $ 1,244,918 |
Accrued expenses | 4,419,922 | 4,888,438 |
Accrued interest expense | 8,305,550 | 7,186,021 |
Deferred gain on sale of property | 6,596,622 | 6,596,622 |
Reserve for credit losses on unfunded commitments | 836,000 | |
Derivative instruments at fair value | 12,927 | |
Bond purchase commitment, at fair value | 112,448 | |
Other liabilities | 2,263,700 | 1,817,507 |
Total accounts payable, accrued expenses and other liabilities | $ 23,622,274 | $ 21,733,506 |
Secured Line of Credit - Summar
Secured Line of Credit - Summary of Secured Line of Credit (Details) - Secured Line Of Credit Facility [Member] - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | |||
Line of Credit Facility [Line Items] | ||||
Lines of credit | $ 16,500,000 | $ 55,500,000 | ||
Total Commitment | 90,000,000 | 90,000,000 | ||
Bank United General [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Lines of credit | 16,500,000 | 6,500,000 | ||
Total Commitment | $ 40,000,000 | $ 40,000,000 | ||
Commitment Maturity | 2025-06 | [1] | 2023-06 | [2] |
Variable / Fixed | Variable | [3] | Variable | [4] |
Reset Frequency | Monthly | Monthly | ||
Line of credit facility, interest rate during period | 8.83% | 7.42% | ||
Bankers Trust Acquisition [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Lines of credit | $ 49,000,000 | |||
Total Commitment | $ 50,000,000 | $ 50,000,000 | ||
Commitment Maturity | 2024-06 | [5] | 2024-06 | [6] |
Variable / Fixed | Variable | [7] | Variable | [8] |
Reset Frequency | Monthly | Monthly | ||
Line of credit facility, interest rate during period | 7.83% | 6.68% | ||
[1] The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25 % extension fee. The first extension request by the Partnership will be granted by BankUnited, N.A. (“BankUnited”) if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders. The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25 % extension fee. The first extension request by the Partnership will be granted by BankUnited, N.A. (“BankUnited”) if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders. The variable rate is equal to SOFR + 3.50 %, subject to an all-in floor of 3.75 %. The variable rate is equal to LIBOR + 3.25 %, subject to an all-in floor of 3.50 %. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available. The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee for each extension. The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee. The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”). The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”). |
Secured Line of Credit - Summ_2
Secured Line of Credit - Summary of Secured Line of Credit (Parenthetical) (Details) - Secured Line Of Credit Facility [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) Extension | Dec. 31, 2022 USD ($) Extension | |
Bank United General [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument number of extensions | 2 | 2 |
Debt instrument extended maturity period | 1 year | 1 year |
Payment of extension fee percentage | 0.25% | 0.25% |
Bank United General [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument variable rate | 3.25% | |
Floor rate | 3.50% | |
Bank United General [Member] | SOFR [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument variable rate | 3.50% | |
Floor rate | 3.75% | |
Bankers Trust Acquisition [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument number of extensions | 2 | 2 |
Debt instrument extended maturity period | 1 year | 1 year |
Payment of extension fee | $ | $ 25,000 | $ 25,000 |
Bankers Trust Acquisition [Member] | SOFR [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument variable rate | 2.50% | 2.50% |
Secured Line of Credit - Additi
Secured Line of Credit - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | |
Bankers Trust Non-operating [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | |||
Secured Line Of Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 90,000,000 | $ 90,000,000 | ||
Minimum liquidity | $ 5,000,000 | |||
Minimum consolidated tangible net worth | 200,000,000 | |||
Debt instrument, covenant compliance | The Partnership is subject to various affirmative and negative covenants under the Secured Credit Agreement that, among others, require the Partnership to maintain a minimum liquidity of not less than $5.0 million and maintain a minimum consolidated tangible net worth of $200.0 million. The Partnership may increase the maximum commitment from $40.0 million to $60.0 million in total, subject to the identification of lenders to provide the additional commitment, the payment of certain fees, and other conditions. The minimum liquidity covenant will increase from the current $5.0 million requirement to up to $7.5 million upon certain increases in the maximum commitment amount. The Partnership was in compliance with all covenants as of September 30, 2023. | |||
Secured Line Of Credit Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Increase in the maximum commitment | 40,000,000 | |||
Secured Line Of Credit Facility [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Minimum liquidity | $ 7,500,000 | |||
Increase in the maximum commitment | 60,000,000 | |||
Secured Line Of Credit Facility [Member] | BankUnited, N.A. and Bankers Trust Company [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 40,000,000 | $ 36,600,000 | ||
Aggregate available commitment cannot exceed borrowing base calculation equal to multiplied by the aggregate value of pool of eligible encumbered assets percentage | 35% | |||
Percentage of partnership's capital contributions to equity investments | 100% | |||
Secured Line Of Credit Facility [Member] | Bankers Trust Non-operating [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, payment terms | Advances on the Acquisition LOC are due on the 270th day following the advance date but may be extended for up to three additional 90-day periods | |||
Required percentage of principal payment for first extension | 5% | |||
Required percentage of principal payment for second extension | 10% | |||
Required percentage of principal payment for third extension | 20% |
Debt Financing - Schedule of To
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2022 | ||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 1,081,409,507 | $ 1,058,903,952 | |||
Period End Rates | 7.92% | ||||
TEBS Financings [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 313,755,710 | $ 324,524,617 | |||
Period End Rates | 4.45% | 4.08% | |||
TEBS Financings [Member] | Variable - M31 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 67,011,465 | [1] | $ 75,570,121 | [2] | |
Restricted Cash | $ 4,999 | [1] | $ 4,999 | [2] | |
Stated Maturities | 2024 | [1] | 2024 | [2] | |
Tax-Exempt Interest on Senior Securities | Yes | [1],[3] | Yes | [2],[4] | |
Remarketing Senior Securities Rate | 4.01% | [1],[5] | 3.69% | [2],[6] | |
Spread/ Facility Fees | 1.29% | [1] | 1.55% | [2] | |
Period End Rates | 5.30% | [1] | 5.24% | [2] | |
TEBS Financings [Member] | Fixed - M24 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 7,382,024 | $ 7,489,619 | |||
Restricted Cash | $ 4,000 | $ 204,000 | |||
Stated Maturities | 2027 | 2027 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Period End Rates | 3.05% | 3.05% | |||
TEBS Financings [Member] | Fixed - M33 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 29,044,165 | $ 29,549,954 | |||
Restricted Cash | $ 2,606 | $ 2,606 | |||
Stated Maturities | 2030 | 2030 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Period End Rates | 3.24% | 3.24% | |||
TEBS Financings [Member] | Fixed - M45 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 210,318,056 | $ 211,914,923 | [7] | ||
Restricted Cash | $ 5,000 | $ 5,000 | [7] | ||
Stated Maturities | 2034 | 2034 | [7] | ||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4],[7] | |
Period End Rates | 4.39% | 3.82% | [7] | ||
Secured Line Of Credit Facility [Member] | Variable - Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 102,241,411 | $ 102,488,160 | |||
Restricted Cash | $ 30,750,804 | $ 35,979,743 | |||
Stated Maturities | 2025 | 2025 | |||
Tax-Exempt Interest on Senior Securities | No | [3] | No | [4] | |
Period End Rates | 14.57% | [8] | 13.05% | [9] | |
TOB Trusts Securitization [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 652,648,414 | $ 619,060,166 | |||
Period End Rates | 5.96% | 5.19% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Montevista - Series A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 5,628,159 | [10] | $ 5,650,044 | [11] | |
Stated Maturities | 2025 | 2023 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.86% | [6] | |
Spread/ Facility Fees | 1.28% | 1.27% | |||
Period End Rates | 5.63% | 5.13% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Trust 2020-XF2908 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 12,028,595 | [10],[12] | $ 43,472,232 | [11],[13] | |
Stated Maturities | 2024 | [12] | 2023 | [13] | |
Tax-Exempt Interest on Senior Securities | No | [3],[12] | No | [4],[13] | |
Remarketing Senior Securities Rate | 5.59% | [5],[12] | 4.57% | [6],[13] | |
Spread/ Facility Fees | 0.90% | [12] | 0.89% | [13] | |
Period End Rates | 6.49% | [12] | 5.46% | [13] | |
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Hope on Avalon GIL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 18,710,658 | [10] | $ 18,695,484 | [11] | |
Stated Maturities | 2024 | 2023 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.86% | [6] | |
Spread/ Facility Fees | 1.44% | 1.44% | |||
Period End Rates | 5.79% | 5.30% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Hope on Broadway GIL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [11] | $ 9,670,809 | |||
Stated Maturities | 2023 | ||||
Tax-Exempt Interest on Senior Securities | [4] | Yes | |||
Remarketing Senior Securities Rate | [6] | 3.86% | |||
Spread/ Facility Fees | 1.44% | ||||
Period End Rates | 5.30% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Ocotillo Springs Series A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [11] | $ 9,978,639 | |||
Stated Maturities | 2023 | ||||
Tax-Exempt Interest on Senior Securities | [4] | Yes | |||
Remarketing Senior Securities Rate | [6] | 3.86% | |||
Spread/ Facility Fees | 0.91% | ||||
Period End Rates | 4.77% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Jackson Manor Apartments [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 5,865,000 | [10] | $ 5,859,141 | [11] | |
Stated Maturities | 2024 | 2023 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.88% | [6] | |
Spread/ Facility Fees | 1.29% | 1.29% | |||
Period End Rates | 5.64% | 5.17% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Trust 2021-XF2926 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 38,490,093 | [10],[14] | $ 70,402,736 | [11],[15] | |
Stated Maturities | 2024 | [14] | 2024 | [15] | |
Tax-Exempt Interest on Senior Securities | No | [3],[14] | No | [4],[15] | |
Remarketing Senior Securities Rate | 5.59% | [5],[14] | 4.57% | [6],[15] | |
Spread/ Facility Fees | 0.90% | [14] | 0.89% | [15] | |
Period End Rates | 6.49% | [14] | 5.46% | [15] | |
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Trust 2021-XF2939 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 14,207,660 | [10],[16] | $ 7,341,558 | [11],[17] | |
Stated Maturities | 2024 | [16] | 2024 | [17] | |
Tax-Exempt Interest on Senior Securities | No | [3],[16] | No | [4],[17] | |
Remarketing Senior Securities Rate | 5.59% | [5],[16] | 4.57% | [6],[17] | |
Spread/ Facility Fees | 1.17% | [16] | 1.16% | [17] | |
Period End Rates | 6.76% | [16] | 5.73% | [17] | |
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Scharbauer Flats GIL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 36,000,000 | [10] | $ 36,000,000 | [11] | |
Stated Maturities | 2024 | 2024 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.88% | [6] | |
Spread/ Facility Fees | 0.91% | 0.91% | |||
Period End Rates | 5.26% | 4.79% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Oasis at Twin Lakes GIL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [11] | $ 30,600,000 | |||
Stated Maturities | 2024 | ||||
Tax-Exempt Interest on Senior Securities | [4] | Yes | |||
Remarketing Senior Securities Rate | [6] | 3.88% | |||
Spread/ Facility Fees | 0.91% | ||||
Period End Rates | 4.79% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Centennial Crossings GIL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [11] | $ 29,772,000 | |||
Stated Maturities | 2024 | ||||
Tax-Exempt Interest on Senior Securities | [3] | Yes | |||
Remarketing Senior Securities Rate | [6] | 3.88% | |||
Spread/ Facility Fees | 0.91% | ||||
Period End Rates | 4.79% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Mayer - Series A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 24,335,000 | [10] | $ 21,450,000 | [11] | |
Stated Maturities | 2024 | 2024 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.86% | [6] | |
Spread/ Facility Fees | 1.19% | 1.19% | |||
Period End Rates | 5.54% | 5.05% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | SoLa Impact Opportunity Zone Fund [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [10] | $ 23,713,751 | |||
Stated Maturities | 2024 | ||||
Tax-Exempt Interest on Senior Securities | [3] | No | |||
Remarketing Senior Securities Rate | [5] | 5.59% | |||
Spread/ Facility Fees | 1.78% | ||||
Period End Rates | 7.37% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Montecito at Williams Ranch - Series A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 6,827,952 | [10] | $ 6,872,074 | [11] | |
Stated Maturities | 2025 | 2025 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.24% | [5] | 3.62% | [6] | |
Spread/ Facility Fees | 1.18% | 1.17% | |||
Period End Rates | 5.42% | 4.79% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Vineyard Gardens - Series A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 3,593,385 | [10] | $ 3,592,692 | [11] | |
Stated Maturities | 2025 | 2025 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.67% | [6] | |
Spread/ Facility Fees | 1.18% | 1.17% | |||
Period End Rates | 5.53% | 4.84% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Park at Sondrio - Series 2022A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 30,385,295 | [10] | $ 30,354,275 | [11] | |
Stated Maturities | 2025 | 2025 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.88% | [6] | |
Spread/ Facility Fees | 1.43% | 1.43% | |||
Period End Rates | 5.78% | 5.31% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Park at Vietti - Series 2022A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 21,513,570 | [10] | $ 21,489,569 | [11] | |
Stated Maturities | 2025 | 2025 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.88% | [6] | |
Spread/ Facility Fees | 1.43% | 1.43% | |||
Period End Rates | 5.78% | 5.31% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Copperfield - Series A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 11,403,649 | [10] | $ 11,501,641 | [11] | |
Stated Maturities | 2025 | 2025 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.80% | [6] | |
Spread/ Facility Fees | 1.68% | 1.67% | |||
Period End Rates | 6.03% | 5.47% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Wilcrest - Series A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 4,315,648 | [10] | $ 4,350,640 | [11] | |
Stated Maturities | 2025 | 2025 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.88% | [6] | |
Spread/ Facility Fees | 1.68% | 1.67% | |||
Period End Rates | 6.03% | 5.55% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Entrepreneur MRBs [ Member ] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 18,320,000 | [10] | $ 16,513,817 | [11] | |
Stated Maturities | 2025 | 2025 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | No | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 4.57% | [6] | |
Spread/ Facility Fees | 1.45% | 1.18% | |||
Period End Rates | 5.80% | 5.75% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [11] | $ 53,160,000 | |||
Stated Maturities | 2025 | ||||
Tax-Exempt Interest on Senior Securities | [4] | Yes | |||
Remarketing Senior Securities Rate | [6] | 3.88% | |||
Spread/ Facility Fees | 0.91% | ||||
Period End Rates | 4.79% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Legacy Commons at Signal Hills GIL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [10] | $ 31,155,000 | |||
Stated Maturities | 2025 | ||||
Tax-Exempt Interest on Senior Securities | [3] | Yes | |||
Remarketing Senior Securities Rate | [5] | 4.35% | |||
Spread/ Facility Fees | 0.91% | ||||
Period End Rates | 5.26% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Osprey Village GIL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 49,475,000 | [10] | $ 32,905,000 | [11] | |
Stated Maturities | 2025 | 2025 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.88% | [6] | |
Spread/ Facility Fees | 1.19% | 1.19% | |||
Period End Rates | 5.54% | 5.07% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at Empire MRBs [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [10] | $ 15,205,430 | |||
Stated Maturities | 2026 | ||||
Tax-Exempt Interest on Senior Securities | [3] | Yes | |||
Remarketing Senior Securities Rate | [5] | 4.35% | |||
Spread/ Facility Fees | 1.42% | ||||
Period End Rates | 5.77% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Ivy Apartments [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [10] | $ 24,314,842 | |||
Stated Maturities | 2026 | ||||
Tax-Exempt Interest on Senior Securities | [3] | Yes | |||
Remarketing Senior Securities Rate | [5] | 4.35% | |||
Spread/ Facility Fees | 1.44% | ||||
Period End Rates | 5.79% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Windsor Shores Apartments [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [10] | $ 17,169,861 | |||
Stated Maturities | 2026 | ||||
Tax-Exempt Interest on Senior Securities | [3] | Yes | |||
Remarketing Senior Securities Rate | [5] | 4.35% | |||
Spread/ Facility Fees | 1.44% | ||||
Period End Rates | 5.79% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Village at Hanford Sqaure [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [10] | $ 7,747,138 | |||
Stated Maturities | 2026 | ||||
Tax-Exempt Interest on Senior Securities | [3] | Yes | |||
Remarketing Senior Securities Rate | [5] | 4.35% | |||
Spread/ Facility Fees | 1.44% | ||||
Period End Rates | 5.79% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Maryalice Circle Apartments [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [10] | $ 4,678,317 | |||
Stated Maturities | 2026 | ||||
Tax-Exempt Interest on Senior Securities | [3] | Yes | |||
Remarketing Senior Securities Rate | [5] | 4.35% | |||
Spread/ Facility Fees | 1.44% | ||||
Period End Rates | 5.79% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Meadow Valley [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [10] | $ 12,191,285 | |||
Stated Maturities | 2026 | ||||
Tax-Exempt Interest on Senior Securities | [3] | Yes | |||
Remarketing Senior Securities Rate | [5] | 4.35% | |||
Spread/ Facility Fees | 1.44% | ||||
Period End Rates | 5.79% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | 40rty on Colony [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [10] | $ 4,420,720 | |||
Stated Maturities | 2026 | ||||
Tax-Exempt Interest on Senior Securities | [3] | Yes | |||
Remarketing Senior Securities Rate | [5] | 4.35% | |||
Spread/ Facility Fees | 1.44% | ||||
Period End Rates | 5.79% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Sandy Creek Apartments GIL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [10] | $ 9,611,238 | |||
Stated Maturities | 2026 | ||||
Tax-Exempt Interest on Senior Securities | [3] | Yes | |||
Remarketing Senior Securities Rate | [5] | 4.35% | |||
Spread/ Facility Fees | 1.44% | ||||
Period End Rates | 5.79% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Wood Hollow - Series A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 32,778,120 | [10] | $ 33,092,580 | [11] | |
Stated Maturities | 2027 | 2027 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.88% | [6] | |
Spread/ Facility Fees | 1.44% | 1.44% | |||
Period End Rates | 5.79% | 5.32% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Live929 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 53,092,000 | [10] | $ 53,092,000 | [11] | |
Stated Maturities | 2027 | 2027 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 4.35% | [5] | 3.88% | [6] | |
Spread/ Facility Fees | 1.18% | 1.18% | |||
Period End Rates | 5.53% | 5.06% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Trust 2021-XF2953 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 64,773,510 | [18] | $ 46,548,777 | [19] | |
Stated Maturities | 2024 | [18] | 2023 | [19] | |
Tax-Exempt Interest on Senior Securities | No | [3],[18] | No | [4],[19] | |
Remarketing Senior Securities Rate | 5.45% | [5],[18] | 4.42% | [6],[19] | |
Spread/ Facility Fees | 1.27% | [18] | 1.27% | [19] | |
Period End Rates | 6.72% | [18] | 5.69% | [19] | |
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove I GIL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 11,632,232 | $ 6,258,486 | |||
Stated Maturities | 2024 | 2023 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 5.10% | [5] | 3.81% | [6] | |
Spread/ Facility Fees | 1.25% | 1.25% | |||
Period End Rates | 6.35% | 5.06% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove II GIL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 13,869,232 | $ 3,614,486 | |||
Stated Maturities | 2024 | 2023 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 5.10% | [5] | 3.81% | [6] | |
Spread/ Facility Fees | 1.25% | 1.25% | |||
Period End Rates | 6.35% | 5.06% | |||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Village Point [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 18,370,842 | ||||
Stated Maturities | 2024 | ||||
Tax-Exempt Interest on Senior Securities | [3] | Yes | |||
Remarketing Senior Securities Rate | [5] | 5.13% | |||
Spread/ Facility Fees | 1.61% | ||||
Period End Rates | 6.74% | ||||
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove III GIL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 6,825,232 | $ 6,821,486 | |||
Stated Maturities | 2024 | 2023 | |||
Tax-Exempt Interest on Senior Securities | Yes | [3] | Yes | [4] | |
Remarketing Senior Securities Rate | 5.10% | [5] | 3.81% | [6] | |
Spread/ Facility Fees | 1.25% | 1.25% | |||
Period End Rates | 6.35% | 5.06% | |||
Term TOB Trust Securitization [Member] | Morgan Stanley Bank [Member] | Village at Avalon [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 12,763,972 | $ 12,831,009 | |||
Stated Maturities | 2024 | 2024 | |||
Tax-Exempt Interest on Senior Securities | [4] | Yes | |||
Variable Rate Index | [3] | Yes | |||
Period End Rates | 1.98% | 1.98% | |||
[1] Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing. Facility fees have a variable component. The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. The M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 9.32 % as of September 30, 2023. See Note 18 for further information on the total return swap. The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 7.80 % as of December 31, 2022. See Note 18 for further information on the total return swap. The Partnership has restricted cash totaling approximately $ 17.0 million related to its total net position with Mizuho Capital Markets. The Partnership has restricted cash totaling approximately $ 38,000 related to its total net position with Mizuho Capital Markets. The TOB trust is securitized by the Scharbauer Flats Apartments property loan. The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan. The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. |
Debt Financing - Schedule of _2
Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Effective net interest rate | 7.92% | |
Debt financing | $ 1,081,409,507 | $ 1,058,903,952 |
Cash collateral | $ 17 | $ 38,000 |
Secured Line Of Credit Facility [Member] | SOFR [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 9.25% | 9.25% |
Fixed - M45 [Member] | Interest Rate Through July 31, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.82% | |
Fixed - M45 [Member] | Interest Rate from August 1, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.39% | |
Total Return Swap One [Member] | Secured Line Of Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Effective net interest rate | 9.32% | 7.80% |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Feb. 28, 2023 | Jul. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||||
Termination occur percentage decrease by partners net assets in one quarter | 25% | ||||
Termination occur percentage decrease by partners net assets in over one year | 35% | ||||
Deleveraging of debt financings | $ 800,000 | ||||
Deferred financing costs written off | $ 584,000 | ||||
Debt financing | $ 1,081,409,507 | $ 1,058,903,952 | |||
Outstanding principal | $ 171,823,000 | $ 64,188,000 | |||
Effective net interest rate | 7.92% | ||||
Additional debt financing proceeds | $ 25,000,000 | ||||
Mizuho [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 17,000,000 | ||||
T O B Trust [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 137,007,000 | $ 67,092,000 | |||
T O B Trust [Member] | Trust 2021-XF2953 [Member] | |||||
Debt Instrument [Line Items] | |||||
Additional debt financing proceeds | $ 12,600,000 |
Debt Financing - Summary of TOB
Debt Financing - Summary of TOB Trust Financings (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Debt financing | $ 1,081,409,507 | $ 1,058,903,952 | |
TOB Trust [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | 137,007,000 | $ 67,092,000 | |
TOB Trust [Member] | Residency at Empire [Member] | MRB [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 14,400,000 | ||
Stated Maturity | 2026-01 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | Yes | ||
Facility Fees | 1.42% | ||
TOB Trust [Member] | Windsor Shores [Member] | MRB [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 17,236,000 | ||
Stated Maturity | 2026-01 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | Yes | ||
Facility Fees | 1.44% | ||
TOB Trust [Member] | SoLa Impact Opportunity Zone Fund [Member] | MRB [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 27,300,000 | ||
Stated Maturity | 2024-12 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | No | ||
Facility Fees | 1.78% | ||
TOB Trust [Member] | The Ivy Apartments [Member] | MRB [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 24,400,000 | ||
Stated Maturity | 2026-02 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | Yes | ||
Facility Fees | 1.44% | ||
TOB Trust [Member] | Village at Hanford Square [Member] | MRB [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 7,800,000 | ||
Stated Maturity | 2026-05 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | Yes | ||
Facility Fees | 1.44% | ||
TOB Trust [Member] | MaryAlice Circle [Member] | MRB [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 4,720,000 | ||
Stated Maturity | 2026-05 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | Yes | ||
Facility Fees | 1.44% | ||
TOB Trust [Member] | Meadow Valley [Member] | MRB [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 8,606,000 | ||
Stated Maturity | 2026-06 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | Yes | ||
Facility Fees | 1.44% | ||
TOB Trust [Member] | Village Point [Member] | MRB [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 18,400,000 | ||
Stated Maturity | 2024-06 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | Yes | ||
Facility Fees | 1.61% | ||
TOB Trust [Member] | 40rty on Colony MRB [Member] | MRB [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 4,465,000 | ||
Stated Maturity | 2026-07 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | Yes | ||
Facility Fees | 1.44% | ||
TOB Trust [Member] | Sandy Creek Apartments GIL [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 9,680,000 | ||
Stated Maturity | 2026-09 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | Yes | ||
Facility Fees | 1.44% | ||
TOB Trust [Member] | Live 929 Series 2022A MRB [Member] | MRB [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 53,092,000 | ||
Stated Maturity | 2027-09 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | Yes | ||
Facility Fees | 1.18% | ||
TOB Trust [Member] | Residency at the Entrepreneur MRBs and Taxable [Member] | MRB [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 14,000,000 | ||
Stated Maturity | 2025-04 | ||
Interest Rate Type | Variable | ||
Tax-Exempt Interest on Senior Securities | No | ||
Facility Fees | 1.18% |
Debt Financing - Summary of T_2
Debt Financing - Summary of TOB Trust Financings (Parenthetical) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Jul. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | |||
Additional debt financing proceeds | $ 25,000,000 | ||
T O B Trust [Member] | Live 929 Series 2022A MRB [Member] | |||
Debt Instrument [Line Items] | |||
Deferred financings costs | $ 508,000 | ||
T O B Trust [Member] | Trust 2021-XF2953 [Member] | |||
Debt Instrument [Line Items] | |||
Additional debt financing proceeds | $ 12,600,000 |
Debt Financing - Summary of T_3
Debt Financing - Summary of TOB Trust Financings Were Repaid in Connection With Redemption or Sale of Underlying Assets (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 171,823,000 | $ 64,188,000 |
M31 TEBS [Member] | Greens of Pine Glen [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2023-02 | |
Paydown Applied | $ 7,579,000 | |
TOB Trust [Member] | Oasis at Twin Lakes GIL [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2023-06 | |
Paydown Applied | $ 30,600,000 | |
TOB Trust [Member] | Ocotillo Springs Series A [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2023-07 | |
Paydown Applied | $ 9,980,000 | |
TOB Trust [Member] | Trust 2021-XF2939 - Ocotillo Springs [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2023-07 | |
Paydown Applied | $ 5,770,000 | |
TOB Trust [Member] | Trust 2021-XF2926 - Oasis at Twin Lakes property loan [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2023-06 | |
Paydown Applied | $ 21,600,000 | |
TOB Trust [Member] | Trust 2021-XF2926 - Hilltop at Signal Hills property loan [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2023-08 | |
Paydown Applied | $ 19,055,000 | |
TOB Trust [Member] | Hope on Broadway GIL [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2023-07 | |
Paydown Applied | $ 9,682,000 | |
TOB Trust [Member] | Hilltop at Signal Hills [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2023-08 | |
Paydown Applied | $ 22,005,000 | |
TOB Trust [Member] | Centennial Crossings GIL [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2023-09 | |
Paydown Applied | $ 29,772,000 | |
TOB Trust [Member] | Trust 2020 - XF 2908 - Centennial Crossings Property Loan [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2023-09 | |
Paydown Applied | $ 15,780,000 | |
TOB Trust [Member] | Live 929 Apartments - Series 2014 A [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2022-01 | |
Paydown Applied | $ 31,565,000 | |
TOB Trust [Member] | Gateway Village [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2022-05 | |
Paydown Applied | $ 2,183,000 | |
TOB Trust [Member] | Lynnhaven Apartments [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2022-05 | |
Paydown Applied | $ 2,896,000 | |
TOB Trust [Member] | Cross Creek [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2022-09 | |
Paydown Applied | $ 6,900,000 | |
M24 TEBS [Member] | Ohio Properties - Series A [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2022-03 | |
Paydown Applied | $ 13,544,000 | |
M24 TEBS [Member] | Bridle Ridge [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Month | 2022-04 | |
Paydown Applied | $ 7,100,000 |
Debt Financing - Schedule of Co
Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Financing [Abstract] | ||
Remainder of 2023 | $ 1,743,224 | |
2024 | 379,913,151 | |
2025 | 288,056,249 | |
2026 | 100,019,863 | |
2027 | 88,258,325 | |
Thereafter | 225,691,694 | |
Total | 1,083,682,506 | |
Unamortized deferred financing costs and debt premium | (2,272,999) | |
Total debt financing, net | $ 1,081,409,507 | $ 1,058,903,952 |
Mortgage Payable and Other Secu
Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgages Payable, Net of Deferred Financing Costs (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | ||
Mortgage Loans On Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 26,512,747 | $ 1,690,000 | |
Period End Rate | 7.92% | ||
Mortgages payable [Member] | Real Estate [Member] | Vantage at San Marcos [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | [1] | $ 1,690,000 | $ 1,690,000 |
Year Acquired | [1] | 2020 | |
Stated Maturity | [1] | 2023-11 | |
Variable / Fixed | [1] | Variable | |
Period End Rate | [1] | 9.25% | |
Mortgages payable [Member] | Real Estate [Member] | Suites on Paseo [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 24,822,747 | ||
Year Acquired | 2023 | ||
Stated Maturity | 2024-03 | ||
Variable / Fixed | Variable | ||
Period End Rate | [2] | 7.83% | |
[1] The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 5). The mortgage payable has a stated rate of Term SOFR + 2.50 %. The Partnership has entered into an interest rate swap transaction with a notional amount totaling the outstanding principal on the mortgage payable. The interest rate swap effectively fixes the interest rate on the mortgage payable to 5.54 %. See Note 18 for further information on the interest rate swap. |
Mortgage Payable and Other Se_2
Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgages Payable, Net of Deferred Financing Costs (Parenthetical) (Details) | Sep. 30, 2023 |
Mortgage Loans On Real Estate [Line Items] | |
Effective net interest rate | 7.92% |
Mortgages payable [Member] | Interest rate swap [Member] | |
Mortgage Loans On Real Estate [Line Items] | |
Effective net interest rate | 5.54% |
Mortgages payable [Member] | SOFR [Member] | |
Mortgage Loans On Real Estate [Line Items] | |
Stated interest rate | 2.50% |
Mortgage Payable and Other Se_3
Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgages payable and other secured financings, net | $ 26,512,747 | $ 1,690,000 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Terms of Partnership's Interest Rate Swap (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2022 | ||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 314,785,688 | $ 194,656,088 | |||
Derivative Liability, Fair Value, Gross Asset | $ 14,110,680 | $ 7,199,199 | |||
Mizuho Capital Markets 1 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2022-02 | 2022-02 | |||
Derivative, Notional Amount | $ 55,990,000 | $ 55,990,000 | |||
Derivative, Effective Date | Feb. 09, 2022 | Feb. 09, 2022 | |||
Derivative, Termination Date | Feb. 01, 2024 | Feb. 01, 2024 | |||
Derivative, Fixed Rate Paid | 1.40% | 1.40% | |||
Derivative, Period End Variable Rate Received | 5.32% | 4.09% | |||
Derivative, Variable Rate Index | Compounded SOFR | Compounded SOFR | |||
Derivative, Variable Debt Financing Hedged | TOB Trusts | TOB Trusts | |||
Derivative Liability, Fair Value, Gross Asset | $ 962,186 | $ 2,205,130 | |||
Mizuho Capital Markets 2 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2022-03 | 2022-03 | |||
Derivative, Notional Amount | $ 47,850,000 | $ 47,850,000 | |||
Derivative, Effective Date | Mar. 03, 2022 | Mar. 03, 2022 | |||
Derivative, Termination Date | Mar. 01, 2027 | Mar. 01, 2027 | |||
Derivative, Fixed Rate Paid | 1.65% | 1.65% | |||
Derivative, Period End Variable Rate Received | 5.32% | 4.09% | |||
Derivative, Variable Rate Index | Compounded SOFR | Compounded SOFR | |||
Derivative, Variable Debt Financing Hedged | TOB Trusts | TOB Trusts | |||
Derivative Liability, Fair Value, Gross Asset | $ 4,450,130 | $ 4,048,961 | |||
Mizuho Capital Markets 3 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2022-10 | 2022-10 | |||
Derivative, Notional Amount | $ 47,892,888 | [1] | $ 34,436,088 | [2] | |
Derivative, Effective Date | Apr. 01, 2023 | Apr. 01, 2023 | |||
Derivative, Termination Date | Apr. 01, 2025 | Apr. 01, 2025 | |||
Derivative, Fixed Rate Paid | 3.92% | 3.92% | |||
Derivative, Period End Variable Rate Received | 5.32% | ||||
Derivative, Variable Rate Index | Compounded SOFR | Compounded SOFR | |||
Derivative, Variable Debt Financing Hedged | TOB Trusts | TOB Trusts | |||
Derivative Liability, Fair Value, Gross Asset | $ 1,448,907 | $ 131,427 | |||
Mizuho Capital Markets 4 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2022-12 | 2022-12 | |||
Derivative, Notional Amount | $ 20,400,000 | [3] | $ 10,880,000 | [4] | |
Derivative, Effective Date | Jan. 01, 2023 | Jan. 01, 2023 | |||
Derivative, Termination Date | Dec. 01, 2029 | Dec. 01, 2029 | |||
Derivative, Fixed Rate Paid | 3.27% | 3.27% | |||
Derivative, Period End Variable Rate Received | 5.32% | ||||
Derivative, Variable Rate Index | Compounded SOFR | Compounded SOFR | |||
Derivative, Variable Debt Financing Hedged | TOB Trusts | TOB Trusts | |||
Derivative Liability, Fair Value, Gross Asset | $ 1,459,311 | $ 370,342 | |||
Mizuho Capital Markets 5 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2022-12 | 2022-12 | |||
Derivative, Notional Amount | $ 45,500,000 | $ 45,500,000 | |||
Derivative, Effective Date | Jan. 03, 2023 | Jan. 03, 2023 | |||
Derivative, Termination Date | Jan. 01, 2030 | Jan. 01, 2030 | |||
Derivative, Fixed Rate Paid | 3.47% | 3.47% | |||
Derivative, Period End Variable Rate Received | 5.32% | ||||
Derivative, Variable Rate Index | Compounded SOFR | Compounded SOFR | |||
Derivative, Variable Debt Financing Hedged | TOB Trusts | TOB Trusts | |||
Derivative Liability, Fair Value, Gross Asset | $ 2,145,007 | $ 443,339 | |||
Mizuho Capital Markets 6 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2023-01 | ||||
Derivative, Notional Amount | $ 12,065,200 | ||||
Derivative, Effective Date | Jan. 19, 2023 | ||||
Derivative, Termination Date | Jan. 01, 2030 | ||||
Derivative, Fixed Rate Paid | 3.35% | ||||
Derivative, Period End Variable Rate Received | 5.32% | ||||
Derivative, Variable Rate Index | Compounded SOFR | ||||
Derivative, Variable Debt Financing Hedged | TOB Trusts | ||||
Derivative Liability, Fair Value, Gross Asset | $ 644,852 | ||||
Mizuho Capital Markets 7 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2023-01 | ||||
Derivative, Notional Amount | $ 8,027,600 | ||||
Derivative, Effective Date | Feb. 01, 2023 | ||||
Derivative, Termination Date | Feb. 01, 2030 | ||||
Derivative, Fixed Rate Paid | 3.29% | ||||
Derivative, Period End Variable Rate Received | 5.32% | ||||
Derivative, Variable Rate Index | Compounded SOFR | ||||
Derivative, Variable Debt Financing Hedged | TOB Trusts | ||||
Derivative Liability, Fair Value, Gross Asset | $ 439,945 | ||||
Mizuho Capital Markets 8 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2023-03 | ||||
Derivative, Notional Amount | [5] | $ 8,342,000 | |||
Derivative, Effective Date | Apr. 01, 2023 | ||||
Derivative, Termination Date | Jun. 01, 2029 | ||||
Derivative, Fixed Rate Paid | 3.37% | ||||
Derivative, Period End Variable Rate Received | 5.32% | ||||
Derivative, Variable Rate Index | Compounded SOFR | ||||
Derivative, Variable Debt Financing Hedged | TOB Trusts | ||||
Derivative Liability, Fair Value, Gross Asset | $ 910,969 | ||||
Mizuho Capital Markets 9 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2023-04 | ||||
Derivative, Notional Amount | $ 4,508,000 | ||||
Derivative, Effective Date | May 01, 2023 | ||||
Derivative, Termination Date | May 01, 2033 | ||||
Derivative, Fixed Rate Paid | 3.49% | ||||
Derivative, Period End Variable Rate Received | 5.32% | ||||
Derivative, Variable Rate Index | Compounded SOFR | ||||
Derivative, Variable Debt Financing Hedged | TOB Trusts | ||||
Derivative Liability, Fair Value, Gross Asset | $ 291,192 | ||||
Mizuho Capital Markets 10 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2023-05 | ||||
Derivative, Notional Amount | $ 9,170,000 | ||||
Derivative, Effective Date | Jun. 01, 2023 | ||||
Derivative, Termination Date | Jun. 01, 2030 | ||||
Derivative, Fixed Rate Paid | 3.15% | ||||
Derivative, Period End Variable Rate Received | 5.32% | ||||
Derivative, Variable Rate Index | Compounded SOFR | ||||
Derivative, Variable Debt Financing Hedged | TOB Trusts | ||||
Derivative Liability, Fair Value, Gross Asset | $ 618,485 | ||||
Barclays Bank P L C 1 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2023-06 | ||||
Derivative, Notional Amount | $ 12,800,000 | ||||
Derivative, Effective Date | Jun. 01, 2023 | ||||
Derivative, Termination Date | Jun. 01, 2028 | ||||
Derivative, Fixed Rate Paid | 3.46% | ||||
Derivative, Period End Variable Rate Received | 5.30% | ||||
Derivative, Variable Rate Index | SOFR | ||||
Derivative, Variable Debt Financing Hedged | TOB Trusts | ||||
Derivative Liability, Fair Value, Gross Asset | $ 487,877 | ||||
Mizuho Capital Markets 11 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2023-07 | ||||
Derivative, Notional Amount | $ 6,240,000 | ||||
Derivative, Effective Date | Aug. 01, 2023 | ||||
Derivative, Termination Date | Jun. 01, 2030 | ||||
Derivative, Fixed Rate Paid | 3.65% | ||||
Derivative, Period End Variable Rate Received | 5.32% | ||||
Derivative, Variable Rate Index | Compounded SOFR | ||||
Derivative, Variable Debt Financing Hedged | TOB Trusts | ||||
Derivative Liability, Fair Value, Gross Asset | $ 240,490 | ||||
Mizuho Capital Markets 12 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2023-08 | ||||
Derivative, Notional Amount | $ 11,000,000 | ||||
Derivative, Effective Date | Aug. 08, 2023 | ||||
Derivative, Termination Date | Feb. 01, 2025 | ||||
Derivative, Fixed Rate Paid | 5.05% | ||||
Derivative, Period End Variable Rate Received | 5.32% | ||||
Derivative, Variable Rate Index | Compounded SOFR | ||||
Derivative, Variable Debt Financing Hedged | TOB Trusts | ||||
Derivative Liability, Fair Value, Gross Asset | $ 24,256 | ||||
Raymond James Bank 1 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Trade Date | 2023-09 | ||||
Derivative, Notional Amount | $ 25,000,000 | ||||
Derivative, Effective Date | Sep. 19, 2023 | ||||
Derivative, Termination Date | Mar. 19, 2024 | ||||
Derivative, Fixed Rate Paid | 5.54% | ||||
Derivative, Period End Variable Rate Received | 5.33% | ||||
Derivative, Variable Rate Index | CME Term SOFR | ||||
Derivative, Variable Debt Financing Hedged | TOB Trusts | ||||
Derivative Liability, Fair Value, Gross Asset | $ (12,927) | ||||
[1] The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 21.6 million. |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Terms of Partnership's Interest Rate Swap (Parenthetical) (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | ||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 314,785,688 | $ 194,656,088 | ||
Mizuho Capital Markets 3 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 47,892,888 | [1] | 34,436,088 | [2] |
Mizuho Capital Markets 4 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 20,400,000 | [3] | 10,880,000 | [4] |
Mizuho Capital Markets 7 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 8,027,600 | |||
Maximum [Member] | Mizuho Capital Markets 3 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 99,600,000 | 99,600,000 | ||
Maximum [Member] | Mizuho Capital Markets 4 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 47,800,000 | $ 47,800,000 | ||
Maximum [Member] | Mizuho Capital Markets 7 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 21,600,000 | |||
[1] The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. |
Derivative Instruments - Summ_3
Derivative Instruments - Summary of Terms of Partnership's Total Return Swaps (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | ||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 314,785,688 | $ 194,656,088 | |
Derivative, Fair Value Liability | $ 12,927 | ||
Mizuho Capital Markets [Member] | |||
Derivative [Line Items] | |||
Derivative, Trade Date | 2022-12 | 2022-12 | |
Derivative, Notional Amount | $ 102,386,966 | $ 102,690,670 | |
Derivative, Effective Date | 2022-12 | 2022-12 | |
Derivative, Termination Date | 2025-09 | 2025-09 | |
Derivative, Period End Variable Rate Paid | [1] | 9.32% | 7.80% |
Derivative, Period End Variable Rate Received | [2] | 14.57% | 13.05% |
Derivative, Variable Rate Index | SOFR | SOFR | |
Derivative, Fair Value Liability | $ 223,971 | $ 239,612 | |
[1] Variable rate equal to SOFR + 4.00 %, subject to an all-in floor of 4.25 %. Variable rate equal to SOFR + 9.25 %. |
Derivative Instruments - Summ_4
Derivative Instruments - Summary of Terms of Partnership's Total Return Swaps (Parenthetical) (Details) | Sep. 30, 2023 | Dec. 31, 2022 |
Mizuho Capital Markets 1 [Member] | ||
Derivative [Line Items] | ||
Derivative, basis spread on variable rate | 4% | 4% |
Derivative, floor interest rate | 4.25% | 4.25% |
Mizuho Capital Markets [Member] | ||
Derivative [Line Items] | ||
Derivative, basis spread on variable rate | 9.25% | 9.25% |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) - Total Return Swap One [Member] - Mizuho Capital Markets [Member] | 1 Months Ended | 9 Months Ended |
Feb. 28, 2023 | Sep. 30, 2023 | |
Derivative [Line Items] | ||
Required cash collateral percentage | 35% | |
Required cash collateral reduced percentage | 30% |
Derivative Instruments - Summ_5
Derivative Instruments - Summary of Partnership's Interest Rate Cap Agreements (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Derivative, Fair Value - Asset (Liability) | $ 1,041 | $ 91,627 |
Barclays Bank PLC [Member] | ||
Derivative [Line Items] | ||
Derivative, Trade Date | 2019-08 | 2019-08 |
Derivative, Notional Amount | $ 73,853,153 | $ 75,014,903 |
Derivative, Maturity Date | 2024-08 | 2024-08 |
Derivative, Effective Capped Rate | 4.50% | 4.50% |
Derivative, Index | SIFMA | SIFMA |
Derivative, Variable Debt Financing Hedged | M31 TEBS | M31 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 1,041 | $ 91,627 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Partnership's Bond Purchase Commitments (Details) - Anaheim & Walnut [Member] - Bond Purchase Commitment [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Bond Purchase Commitment [Line Items] | ||
Commitment Date | 2021-09 | |
Maximum Committed Amounts Remaining | $ 3,900,000 | |
Interest Rate | 4.85% | |
Estimated Closing Date | Q3 2024 | |
Fair Value | $ (112,448) | $ 98,929 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Partnership's Total and Remaining Commitments (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2023 | Jul. 31, 2023 | |||
Commitments And Other Guarantees [Line Items] | ||||
Total Initial Commitment | $ 496,239,818 | |||
Remaining Commitment as of September 30, 2023 | $ 344,379,001 | |||
The Residency at Empire [Member] | Series BB-3 [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Maturity Date | 2029-12 | |||
Interest Rate | 6% | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Total Initial Commitment | $ 152,500,000 | |||
Remaining Commitment as of September 30, 2023 | $ 127,405,000 | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency At Mayer [Member] | Series A T Mortgage [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2021-10 | |||
Maturity Date | [1] | 2024-10 | ||
Total Initial Commitment | $ 12,500,000 | |||
Remaining Commitment as of September 30, 2023 | $ 4,000,000 | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency At Mayer [Member] | Series A T Mortgage [Member] | SOFR [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Interest Rate | [2] | 3.70% | ||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency at the Entrepreneur [Member] | Series J-3 [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-04 | |||
Maturity Date | 2040-03 | |||
Interest Rate | [2] | 6% | ||
Total Initial Commitment | $ 26,080,000 | |||
Remaining Commitment as of September 30, 2023 | $ 19,680,000 | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency at the Entrepreneur [Member] | Series J-4 [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-04 | |||
Maturity Date | 2040-03 | |||
Total Initial Commitment | $ 16,420,000 | |||
Remaining Commitment as of September 30, 2023 | $ 16,420,000 | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency at the Entrepreneur [Member] | Series J-4 [Member] | SOFR [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Interest Rate | [2],[3] | 3.60% | ||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency at the Entrepreneur [Member] | Series J-5 [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2023-02 | |||
Maturity Date | [1] | 2025-04 | ||
Total Initial Commitment | $ 5,000,000 | |||
Remaining Commitment as of September 30, 2023 | $ 4,000,000 | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency at the Entrepreneur [Member] | Series J-5 [Member] | SOFR [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Interest Rate | [2] | 3.60% | ||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency at the Entrepreneur [Member] | Series J-T [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-04 | |||
Maturity Date | [1] | 2025-04 | ||
Total Initial Commitment | $ 8,000,000 | |||
Remaining Commitment as of September 30, 2023 | $ 7,000,000 | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency at the Entrepreneur [Member] | Series J-T [Member] | SOFR [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Interest Rate | [2] | 3.65% | ||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency at Empire [Member] | Series BB-3 [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-12 | |||
Maturity Date | 2040-12 | |||
Interest Rate | [2],[4] | 6.45% | ||
Total Initial Commitment | $ 14,000,000 | |||
Remaining Commitment as of September 30, 2023 | $ 12,745,000 | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency at Empire [Member] | Series BB-4 [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-12 | |||
Maturity Date | 2040-12 | |||
Interest Rate | [2],[5] | 6.45% | ||
Total Initial Commitment | $ 47,000,000 | |||
Remaining Commitment as of September 30, 2023 | $ 47,000,000 | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency at Empire [Member] | Series BB-T [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-12 | |||
Maturity Date | [1] | 2025-12 | ||
Interest Rate | [2] | 7.45% | ||
Total Initial Commitment | $ 9,404,500 | |||
Remaining Commitment as of September 30, 2023 | $ 8,404,500 | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | Meadow Valley [Member] | Series A [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2021-12 | |||
Maturity Date | 2029-12 | |||
Interest Rate | [2] | 6.25% | ||
Total Initial Commitment | $ 44,000,000 | |||
Remaining Commitment as of September 30, 2023 | $ 27,560,000 | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | Village at Hanford Square [Member] | Series H-T [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2023-05 | |||
Maturity Date | 2030-05 | |||
Interest Rate | [2] | 7.25% | ||
Total Initial Commitment | $ 10,400,000 | |||
Remaining Commitment as of September 30, 2023 | $ 9,400,000 | |||
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | 40rty On Colony [Member] | Series P-T [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2023-06 | |||
Maturity Date | 2030-06 | |||
Interest Rate | [2] | 7.45% | ||
Total Initial Commitment | $ 5,950,000 | |||
Remaining Commitment as of September 30, 2023 | 4,950,000 | |||
Taxable Mortgage Revenue Bonds [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Total Initial Commitment | 46,254,500 | |||
Remaining Commitment as of September 30, 2023 | 33,754,500 | |||
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Total Initial Commitment | 97,057,835 | |||
Remaining Commitment as of September 30, 2023 | $ 56,620,535 | |||
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] | Poppy Grove I [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-09 | |||
Maturity Date | [1] | 2025-04 | ||
Interest Rate | [2] | 6.78% | ||
Total Initial Commitment | $ 35,688,328 | |||
Remaining Commitment as of September 30, 2023 | $ 18,342,328 | |||
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] | Poppy Grove II [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-09 | |||
Maturity Date | [1] | 2025-04 | ||
Interest Rate | [2] | 6.78% | ||
Total Initial Commitment | $ 22,250,000 | |||
Remaining Commitment as of September 30, 2023 | $ 13,708,700 | |||
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] | Poppy Grove III [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-09 | |||
Maturity Date | [1] | 2025-04 | ||
Interest Rate | [2] | 6.78% | ||
Total Initial Commitment | $ 39,119,507 | |||
Remaining Commitment as of September 30, 2023 | 24,569,507 | |||
Taxable Governmental Issuer Loans [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Total Initial Commitment | 56,579,465 | |||
Remaining Commitment as of September 30, 2023 | $ 53,579,465 | |||
Taxable Governmental Issuer Loans [Member] | Poppy Grove I [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-09 | |||
Maturity Date | [1] | 2025-04 | ||
Interest Rate | [2] | 6.78% | ||
Total Initial Commitment | $ 21,157,672 | |||
Remaining Commitment as of September 30, 2023 | $ 20,157,672 | |||
Taxable Governmental Issuer Loans [Member] | Poppy Grove II [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-09 | |||
Maturity Date | [1] | 2025-04 | ||
Interest Rate | [2] | 6.78% | ||
Total Initial Commitment | $ 10,941,300 | |||
Remaining Commitment as of September 30, 2023 | $ 9,941,300 | |||
Taxable Governmental Issuer Loans [Member] | Poppy Grove III [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-09 | |||
Maturity Date | [1] | 2025-04 | ||
Interest Rate | [2] | 6.78% | ||
Total Initial Commitment | $ 24,480,493 | |||
Remaining Commitment as of September 30, 2023 | 23,480,493 | |||
Property Loans [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Total Initial Commitment | 54,681,328 | |||
Remaining Commitment as of September 30, 2023 | $ 31,700,050 | |||
Property Loans [Member] | Osprey Village [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2021-07 | |||
Maturity Date | [1] | 2024-08 | ||
Total Initial Commitment | $ 25,500,000 | |||
Remaining Commitment as of September 30, 2023 | $ 16,725,196 | |||
Property Loans [Member] | Osprey Village [Member] | SOFR [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Interest Rate | [2] | 3.07% | ||
Property Loans [Member] | Willow Place Apartments [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2021-09 | |||
Maturity Date | [1] | 2024-10 | ||
Total Initial Commitment | $ 21,351,328 | |||
Remaining Commitment as of September 30, 2023 | $ 7,144,854 | |||
Property Loans [Member] | Willow Place Apartments [Member] | SOFR [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Interest Rate | [2] | 3.30% | ||
Property Loans [Member] | Sandy Creek Apartments [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2023-08 | |||
Maturity Date | [1] | 2026-09 | ||
Interest Rate | [2],[6] | 8.63% | ||
Total Initial Commitment | $ 7,830,000 | |||
Remaining Commitment as of September 30, 2023 | $ 7,830,000 | |||
Property Loans [Member] | Anaheim & Walnut [Member] | SOFR [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Interest Rate | [2] | 4.85% | ||
Joint Venture Investments [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Total Initial Commitment | $ 85,266,690 | |||
Remaining Commitment as of September 30, 2023 | $ 37,419,451 | |||
Joint Venture Investments [Member] | Vantage at San Marcos [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | [7],[8] | 2020-11 | ||
Total Initial Commitment | [7],[8] | $ 9,914,529 | ||
Remaining Commitment as of September 30, 2023 | [7],[8] | $ 8,943,914 | ||
Joint Venture Investments [Member] | Vantage at Loveland [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | [9] | 2021-04 | ||
Total Initial Commitment | $ 18,215,000 | [9] | $ 16,300,000 | |
Remaining Commitment as of September 30, 2023 | [9] | $ 1,065,061 | ||
Joint Venture Investments [Member] | Freestone Greeley [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | [7] | 2022-10 | ||
Total Initial Commitment | [7] | $ 16,035,710 | ||
Remaining Commitment as of September 30, 2023 | [7] | $ 11,325,008 | ||
Joint Venture Investments [Member] | Freestone Cresta Bella [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2022-11 | |||
Total Initial Commitment | $ 16,405,514 | |||
Remaining Commitment as of September 30, 2023 | $ 2,607,927 | |||
Joint Venture Investments [Member] | Valage Senior Living Carson Valley [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2023-02 | |||
Total Initial Commitment | $ 8,163,301 | |||
Remaining Commitment as of September 30, 2023 | $ 643,104 | |||
Joint Venture Investments [Member] | The Jessam At Hays Farms [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2023-07 | |||
Total Initial Commitment | $ 16,532,636 | |||
Remaining Commitment as of September 30, 2023 | 12,834,437 | |||
Bond Purchase Commitment [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Total Initial Commitment | 3,900,000 | |||
Remaining Commitment as of September 30, 2023 | $ 3,900,000 | |||
Bond Purchase Commitment [Member] | Anaheim & Walnut [Member] | ||||
Commitments And Other Guarantees [Line Items] | ||||
Commitment Date | 2021-09 | |||
Maturity Date | [10] | Q3 2024 | ||
Total Initial Commitment | $ 3,900,000 | |||
Remaining Commitment as of September 30, 2023 | $ 3,900,000 | |||
[1] 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. The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. Upon stabilization, the MRB will convert to a fixed rate of 8.0 % and become subordinate to the other senior MRBs. Beginning December 2029 , the interest rate will change to the greater of (i) 3.25 % over the then 10 -Year SOFR Swap rate, or (ii) 6.00 %. Upon stabilization, the MRB will convert to a fixed rate of 10.0 % and become subordinate to the other senior MRBs of the borrower. The interest rate will convert to a variable rate of Term SOFR + 3.35 % on February 1, 2025. A development site has been identified for this property but construction had not commenced as of September 30, 2023. The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). In July 2023, the Partnership's initial commitment of $ 16.3 million was increased by $ 1.9 million upon meeting certain conditions as outlined in the original agreement. This is the estimated closing date of the associated bond purchase commitment. |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Partnership's Total and Remaining Commitments (Parenthetical) (Details) - USD ($) | 9 Months Ended | ||||
Sep. 30, 2023 | Feb. 01, 2025 | Jul. 31, 2023 | Apr. 30, 2022 | ||
Commitments And Other Guarantees [Line Items] | |||||
Total Initial Commitment | $ 496,239,818 | ||||
Joint Venture Investments [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Total Initial Commitment | $ 85,266,690 | ||||
The Residency at the Entrepreneur [Member] | Series J-4 [Member] | Mortgage Revenue Bonds [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Fixed interest rate | 8% | ||||
The Residency at Empire [Member] | Series BB-4 [Member] | Mortgage Revenue Bonds [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Fixed interest rate | 10% | ||||
The Residency at Empire [Member] | Series BB Three Mortgage [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Maturity Date | 2029-12 | ||||
Interest Rate | 6% | ||||
Vantage at Loveland [Member] | Joint Venture Investments [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Total Initial Commitment | $ 18,215,000 | [1] | $ 16,300,000 | ||
Increase in partnerships commitment amount | $ 1,900,000 | ||||
Scenario Forecast [Member] | SOFR [Member] | Sandy Creek Apartments [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Interest Rate | 3.35% | ||||
Minimum [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Extended maturity period | 6 months | ||||
Minimum [Member] | Floor Rate [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Variable Interest Rate | 0% | ||||
Maximum [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Extended maturity period | 12 months | ||||
Maximum [Member] | SOFR [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Interest Rate | 3.25% | ||||
Interest rate period | 10 years | ||||
Maximum [Member] | Floor Rate [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Variable Interest Rate | 0.85% | ||||
[1] In July 2023, the Partnership's initial commitment of $ 16.3 million was increased by $ 1.9 million upon meeting certain conditions as outlined in the original agreement. |
Commitments and Contingencies_4
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | ||
Dec. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | |
Commitments And Other Guarantees [Line Items] | |||
Reserve for credit losses | $ 495,000 | $ 4,563,000 | $ 5,125,000 |
Reported value of credit guaranties | $ 363,000 | $ 348,000 | |
Greens of Pine Glen [Member] | |||
Commitments And Other Guarantees [Line Items] | |||
Percentage of loss contingency, range of possible loss, maximum | 75% | ||
The 50/50 MF Property [Member] | |||
Commitments And Other Guarantees [Line Items] | |||
Ownership interest sold | 100% | ||
Unfunded Commitments [Member] | |||
Commitments And Other Guarantees [Line Items] | |||
Reserve for credit losses | $ 836,000 | $ 958,000 |
Commitments and Contingencies_5
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guaranty Agreements (Details) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
The 50/50 MF Property--TIF Loan [Member] | |
Long-term Purchase Commitment [Line Items] | |
Partnership's Maximum Exposure as of September 30, 2022 | $ 1,515,941 |
End of Guaranty Period | 2025 |
The 50/50 MF Property--Mortgage [Member] | |
Long-term Purchase Commitment [Line Items] | |
Partnership's Maximum Exposure as of September 30, 2022 | $ 22,001,116 |
End of Guaranty Period | 2027 |
Ohio Properties [Member] | |
Long-term Purchase Commitment [Line Items] | |
Partnership's Maximum Exposure as of September 30, 2022 | $ 2,310,609 |
End of Guaranty Period | 2026 |
Greens of Pine Glen [Member] | |
Long-term Purchase Commitment [Line Items] | |
Partnership's Maximum Exposure as of September 30, 2022 | $ 1,662,397 |
End of Guaranty Period | 2027 |
Redeemable Preferred Units - Ad
Redeemable Preferred Units - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended |
Aug. 31, 2023 | Sep. 30, 2023 | |
Series A Preferred Units [Member] | ||
Distributions paid quarterly at annual fixed rate | 3% | |
Partnership redeemed amount | $ 20 | |
Series A-1 Preferred Units [Member] | ||
Distributions paid quarterly at annual fixed rate | 3% | |
Series A Preferred Units or Series A-1 Preferred Units [Member] | ||
Redemption Price per Unit | $ 10 | |
Minimum threshold written notice period for redemption of temporary equity | 180 days | |
Series B Preferred Units [Member] | ||
Distributions paid quarterly at annual fixed rate | 5.75% |
Redeemable Preferred Units - Su
Redeemable Preferred Units - Summary of Issuances of Preferred Units (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | ||
Preferred Units outstanding | 9,250,000 | 9,450,000 | |
Purchase Price | $ 92,500,000 | $ 94,500,000 | |
Series A Preferred Units [Member] | |||
Preferred Units outstanding | 3,750,000 | 6,450,000 | |
Purchase Price | $ 37,500,000 | $ 64,500,000 | |
Distribution Rate | 3% | ||
Series A-1 Preferred Units [Member] | |||
Preferred Units outstanding | 5,500,000 | 3,000,000 | |
Purchase Price | $ 55,000,000 | $ 30,000,000 | |
Distribution Rate | 3% | ||
Series A Preferred Units issued on March 2016 [Member] | |||
Preferred Units outstanding | 1,000,000 | 1,000,000 | |
Purchase Price | $ 10,000,000 | $ 10,000,000 | |
Distribution Rate | 3% | 3% | |
Redemption Price per Unit | $ 10 | $ 10 | |
Earliest Redemption Date | [1] | 2024-03 | |
Series A Preferred Units issued on December 2016 [Member] | |||
Preferred Units outstanding | 700,000 | ||
Purchase Price | $ 7,000,000 | ||
Distribution Rate | 3% | ||
Redemption Price per Unit | $ 10 | ||
Series A Preferred Units issued on March 2017 [Member] | |||
Preferred Units outstanding | 1,000,000 | 1,000,000 | |
Purchase Price | $ 10,000,000 | $ 10,000,000 | |
Distribution Rate | 3% | 3% | |
Redemption Price per Unit | $ 10 | $ 10 | |
Earliest Redemption Date | [2] | 2024-03 | |
Series A Preferred Units issued on August 2017 [Member] | |||
Preferred Units outstanding | 2,000,000 | ||
Purchase Price | $ 20,000,000 | ||
Distribution Rate | 3% | ||
Redemption Price per Unit | $ 10 | ||
Series A Preferred Units issued on October 2017 [Member] | |||
Preferred Units outstanding | 1,750,000 | 1,750,000 | |
Purchase Price | $ 17,500,000 | $ 17,500,000 | |
Distribution Rate | 3% | 3% | |
Redemption Price per Unit | $ 10 | $ 10 | |
Earliest Redemption Date | [3] | 2023-10 | |
Series A-1 Preferred Units issued on April 2022 [Member] | |||
Preferred Units outstanding | 2,000,000 | 2,000,000 | |
Purchase Price | $ 20,000,000 | $ 20,000,000 | |
Distribution Rate | 3% | 3% | |
Redemption Price per Unit | $ 10 | $ 10 | |
Earliest Redemption Date | 2028-04 | ||
Series A-1 Preferred Units issued on October 2022 [Member] | |||
Preferred Units outstanding | 1,000,000 | 1,000,000 | |
Purchase Price | $ 10,000,000 | $ 10,000,000 | |
Distribution Rate | 3% | 3% | |
Redemption Price per Unit | $ 10 | $ 10 | |
Earliest Redemption Date | 2028-10 | ||
Series A-1 Preferred Units issued on February 2023 [Member] | |||
Preferred Units outstanding | 1,500,000 | ||
Purchase Price | $ 15,000,000 | ||
Distribution Rate | 3% | ||
Redemption Price per Unit | $ 10 | ||
Earliest Redemption Date | 2029-02 | ||
Series A-1 Preferred Units issued on June 2023 [Member] | |||
Preferred Units outstanding | 1,000,000 | ||
Purchase Price | $ 10,000,000 | ||
Distribution Rate | 3% | ||
Redemption Price per Unit | $ 10 | ||
Earliest Redemption Date | 2029-06 | ||
[1] The holder did not provide a notice of its intent to redeem prior to the date 180 days before the most recent optional redemption date. Accordingly, the holder's next optional redemption date is on the next anniversary of the sale of the Series A Preferred Units. In October 2023, the holder of $ 10.0 million of Series A Preferred Units provided notice of its intent to redeem its investment in March 2024. In April 2023, the holder of $ 10.0 million of Series A Preferred Units provided notice of its intent to redeem and the redemption was completed in October 2023. |
Redeemable Preferred Units - _2
Redeemable Preferred Units - Summary of Issuances of Preferred Units (Parenthetical) (Details) - USD ($) | Oct. 31, 2023 | Sep. 30, 2023 | Apr. 30, 2023 | Dec. 31, 2022 |
Redeemable preferred stock units | $ 92,427,708 | $ 94,446,913 | ||
Series A Preferred Units [Member] | ||||
Redeemable preferred stock units | $ 10,000,000 | $ 10,000,000 |
Restricted Unit Awards - Additi
Restricted Unit Awards - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
RSU available for future issuance | 373,000 | 373,000 | ||
Unrecognized compensation expense related to nonvested RUAs granted | $ 1,400,000 | $ 1,400,000 | ||
Remaining compensation expense expected to be recognized over a weighted-average period | 9 months 18 days | |||
Intrinsic value of unvested RUAs | $ 3,000,000 | |||
General and Administrative Expenses [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 604,000 | $ 580,000 | $ 1,541,000 | $ 920,000 |
Greystone Manager [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Approved grant of restricted units and other awards to employees | 1,000,000 | 1,000,000 | ||
RUAs granted with vesting range | 3 years | |||
Greystone Manager [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
RUAs granted with vesting range | 3 months |
Restricted Unit Awards - Summar
Restricted Unit Awards - Summary of RUA Activity (Details) - Restricted Unit Awards [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Restricted Units Awarded | ||
Beginning Balance | 87,334 | 77,523 |
Granted | 105,274 | 96,321 |
Vested | (81,073) | |
Forfeited | (5,437) | |
Ending Balance | 192,608 | 87,334 |
Weighted-average Grant-Date Fair Value | ||
Beginning Balance | $ 19.33 | $ 18.18 |
Granted | 17.65 | 19.33 |
Vested | 18.26 | |
Forfeited | 18.76 | |
Ending Balance | $ 18.41 | $ 19.33 |
Transactions with Related Par_3
Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Related Party Transaction [Line Items] | |||||
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities | [1] | $ 14,000 | $ 139,000 | $ 152,000 | $ 314,000 |
Referral fees paid to an affiliate | [2] | 106,000 | 108,000 | ||
General Partner [Member] | |||||
Related Party Transaction [Line Items] | |||||
Administrative fees | [3] | $ 1,579,000 | $ 1,329,000 | $ 4,785,000 | $ 3,809,000 |
[1] The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group franchise tax return. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s condensed consolidated statements of operations. The Partnership has an agreement with an affiliate of Greystone, in which the Greystone affiliate is entitled to receive a referral fee up to 0.25 % of the original principal amount of executed tax-exempt loan or tax-exempt bond transactions introduced to the Partnership by the Greystone affiliate. The term of the agreement ends December 31, 2023, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond origination costs that are deferred and amortized as a yield adjustment to the related investment asset. AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45 % per annum of the outstanding principal balance of any of its investment assets for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations. |
Transactions with Related Par_4
Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transactions [Abstract] | ||||
Rate for administration fees receivable | 0.45% | 0.45% | 0.45% | 0.45% |
Percentage of referral fee to be received in original principal amount | 0.25% | 0.25% | 0.25% | 0.25% |
Transactions with Related Par_5
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - General Partner [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Non-partnership property administrative fee received | [1] | $ 9,000 | $ 26,000 | ||
Investment/mortgage placement fees earned | [2] | $ 805,000 | $ 1,627,000 | $ 3,847,000 | $ 2,861,000 |
[1] AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45 % per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified. AFCA 2 received placement fees in connection with the acquisition of certain MRBs, taxable MRBs, GILs, taxable GILs and property loans and investments in unconsolidated entities. |
Transactions with Related Par_6
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transactions [Abstract] | ||||
Rate for administration fees receivable | 0.45% | 0.45% | 0.45% | 0.45% |
Transactions with Related Par_7
Transactions with Related Parties - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Aug. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Related Party Transaction [Line Items] | |||||||
Fee paid | [1] | $ 106,000 | $ 108,000 | ||||
Outstanding liabilities due to related parties | $ 2,263,700 | 2,263,700 | $ 1,817,507 | ||||
Related Party [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Receivables due from unconsolidated entities | 164,000 | 164,000 | 325,000 | ||||
Related Party [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Outstanding liabilities due to related parties | 595,000 | 595,000 | $ 654,000 | ||||
Oasis at Twin Lakes GIL [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amount paid to purchase including principal and accrued interest | $ 34,100,000 | ||||||
Hilltop at Signal Hills GIL [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amount paid to purchase including principal and accrued interest | $ 24,500,000 | ||||||
Centennial Crossings GIL [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amount paid to purchase including principal and accrued interest | $ 33,100,000 | ||||||
Greystone Select [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Fee paid | $ 0 | ||||||
[1] The Partnership has an agreement with an affiliate of Greystone, in which the Greystone affiliate is entitled to receive a referral fee up to 0.25 % of the original principal amount of executed tax-exempt loan or tax-exempt bond transactions introduced to the Partnership by the Greystone affiliate. The term of the agreement ends December 31, 2023, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond origination costs that are deferred and amortized as a yield adjustment to the related investment asset. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments (Details) | Sep. 30, 2023 | Dec. 31, 2022 | |
Taxable Mortgage Revenue Bonds [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Weighted Average Effective Yields | [1] | 9.40% | 7.60% |
Taxable Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 7.30% | 6.50% | |
Taxable Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 12.70% | 11.40% | |
Bond Purchase Commitment [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 5.30% | 4.50% | |
Weighted Average Effective Yields | [1] | 5.30% | 4.50% |
Mortgage Revenue Bonds [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Weighted Average Effective Yields | [1],[2] | 5.80% | 5.10% |
Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | [2] | 3.40% | 2.60% |
Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | [2] | 8.80% | 20.30% |
[1] Weighted by the total principal outstanding of all the respective securities as of the reporting date Mortgage revenue bonds excludes the Provision Center 2014-1 MRB for figures as of September 30, 2023 as the proton therapy center securing the MRB was successfully sold out of bankruptcy in July 2022 and the Partnership received liquidation proceeds of $ 3.7 million in January 2023. The valuation as of September 30, 2023 is based on expected additional liquidation proceeds of approximately $ 928,000 at final liquidation. |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments (Parenthetical) (Details) - USD ($) | 1 Months Ended | 9 Months Ended |
Jan. 31, 2023 | Sep. 30, 2023 | |
Fair Value Measurements [Abstract] | ||
Proceeds from liquidation | $ 3,700,000 | |
Additional proceeds from final liquidation | $ 928,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total Assets at Fair Value, net | $ 890,880,857 | $ 823,569,267 |
Fair Value Inputs Level 2 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Assets at Fair Value, net | 14,110,679 | 7,199,198 |
Fair Value, Inputs, Level 3 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Assets at Fair Value, net | 876,770,178 | 816,370,069 |
Mortgage Revenue Bonds Held In Trust [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets at Fair Value | 842,828,122 | 763,208,945 |
Mortgage Revenue Bonds Held In Trust [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets at Fair Value | 842,828,122 | 763,208,945 |
Mortgage Revenue Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets at Fair Value | 16,217,828 | 36,199,059 |
Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets at Fair Value | 16,217,828 | 36,199,059 |
Bond Purchase Commitment [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets at Fair Value | 98,929 | |
Liabilities at Fair Value | (112,448) | |
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets at Fair Value | 98,929 | |
Liabilities at Fair Value | (112,448) | |
Taxable Mortgage Revenue Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets at Fair Value | 17,611,663 | 16,531,896 |
Taxable Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets at Fair Value | 17,611,663 | 16,531,896 |
Derivative Instruments (Reported within Other Assets) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets at Fair Value | 14,348,619 | 7,530,438 |
Derivative Instruments (Reported within Other Assets) [Member] | Fair Value Inputs Level 2 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets at Fair Value | 14,123,606 | 7,199,198 |
Derivative Instruments (Reported within Other Assets) [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets at Fair Value | 225,013 | $ 331,240 |
Derivative Swap Liability (reported within other liabilities) | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Liabilities at Fair Value | (12,927) | |
Derivative Swap Liability (reported within other liabilities) | Fair Value Inputs Level 2 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Liabilities at Fair Value | $ (12,927) |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Activity Related to Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Assets at Fair Value, beginning balance | $ 928,701,121 | $ 739,143,486 | $ 816,370,069 | $ 798,246,109 | |||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||||
Total gain (losses) included in earnings (interest income and interest expense) | $ 1,285,386 | $ 2,952,972 | $ 4,057,755 | $ 6,359,920 | |||||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Income (Expense), Net | Interest Income (Expense), Net | Interest Income (Expense), Net | Interest Income (Expense), Net | |||||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Income (Expense), Net | Interest Income (Expense), Net | Interest Income (Expense), Net | Interest Income (Expense), Net | |||||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | |||||
Total gain (losses) included in other comprehensive (loss) income | $ (48,024,749) | $ (22,780,560) | $ (39,087,606) | $ (91,367,669) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases and advances | 11,665,000 | 3,923,437 | 129,772,563 | 102,243,437 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements and redemptions | (16,856,580) | (14,341,223) | (34,342,603) | (105,723,152) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Other | [1] | (860,533) | |||||||
Assets at Fair Value, ending balance | 876,770,178 | 708,898,112 | 876,770,178 | 708,898,112 | |||||
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | (57,119) | 2,836 | (37,066) | 147,585 | |||||
Interest Rate Derivative Instruments [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Derivative Assets (Liabilities) at Fair Value, beginning balance | 301,624 | 398,280 | 331,240 | 343,418 | |||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||||
Total gain (losses) included in earnings (interest income and interest expense) | 1,298,340 | 3,844,528 | |||||||
Total gain (losses) included in earnings (interest income and interest expense) | 1,215,389 | 4,497,078 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements and redemptions | (1,313,061) | (3,950,755) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements and redemptions | (1,292,000) | (4,456,937) | |||||||
Derivative Assets (Liabilities) at Fair Value, ending balance | 225,013 | 383,559 | 225,013 | 383,559 | |||||
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | (74,463) | (14,509) | (88,722) | 107,617 | |||||
Bond Purchase Commitment [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Assets at Fair Value, beginning balance | 138,100 | 8,953 | 98,929 | 964,404 | |||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||||
Total gain (losses) included in other comprehensive (loss) income | (250,548) | (91,864) | (211,377) | (1,047,315) | |||||
Assets at Fair Value, ending balance | (112,448) | (82,911) | (112,448) | (82,911) | |||||
Taxable Mortgage Revenue Bonds [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Assets at Fair Value, beginning balance | 22,297,418 | 11,457,256 | 16,531,896 | 3,428,443 | |||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||||
Total gain (losses) included in earnings (interest income and interest expense) | (6,050) | (4,860) | (18,149) | (14,932) | |||||
Total gain (losses) included in other comprehensive (loss) income | (1,676,780) | (221,686) | (2,213,376) | (553,379) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases and advances | 4,000,000 | 2,300,000 | 10,319,875 | 10,675,750 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements and redemptions | (7,002,925) | (2,676) | (7,008,583) | (7,848) | |||||
Assets at Fair Value, ending balance | 17,611,663 | 13,528,034 | 17,611,663 | 13,528,034 | |||||
Mortgage Revenue Bonds [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Assets at Fair Value, beginning balance | 905,963,979 | [2] | 727,278,997 | [3] | 799,408,004 | [4] | 793,509,844 | [5] | |
Total gains (losses) (realized/unrealized) [Abstract] | |||||||||
Total gain (losses) included in earnings (interest income and interest expense) | 76,047 | [2] | 1,659,492 | [3] | 231,376 | [4] | 1,877,774 | [5] | |
Total gain (losses) included in other comprehensive (loss) income | (46,097,421) | [2] | (22,467,010) | [3] | (36,662,853) | [4] | (89,766,975) | [5] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases and advances | 7,665,000 | [2] | 1,623,437 | [3] | 119,452,688 | [4] | 91,567,687 | [5] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements and redemptions | (8,561,655) | [2] | (13,025,486) | [3] | (23,383,265) | [4] | (101,258,367) | [5] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Other | [1],[5] | (860,533) | |||||||
Assets at Fair Value, ending balance | 859,045,950 | [2],[4] | 695,069,430 | [3] | 859,045,950 | [2],[4] | 695,069,430 | [3] | |
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | $ 17,344 | [2] | $ 17,345 | [3] | $ 51,656 | [4] | $ 39,968 | [5] | |
[1] The other line is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 515,304,516 | $ 667,698,183 | ||
Fair Value, Inputs, Level 3 [Member] | Governmental Issuer Loan [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 257,600,000 | $ 305,000,000 | $ 11,300,000 | $ 6,800,000 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgages payable and other secured financing | $ 26,512,747 | $ 1,690,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt financing | 1,081,409,507 | 1,058,903,952 |
Secured lines of credit | 16,500,000 | 55,500,000 |
Mortgages payable and other secured financing | 26,512,747 | 1,690,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt financing | 1,071,406,487 | 1,059,674,409 |
Secured lines of credit | 16,500,000 | 55,500,000 |
Mortgages payable and other secured financing | $ 26,690,000 | $ 1,690,000 |
Segments - Additional Informati
Segments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2023 Property Unit Security Segment Bed | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | Segment | 4 |
Affordable Multifamily Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of Available for Sale Securities | Security | 82 |
Number of available for sale securities in tax-exempt loan | Security | 10 |
Number of Real Estate Properties | Property | 2 |
Seniors and Skilled Nursing Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of rental units financed by mortgage revenue bonds | Bed | 294 |
MF Properties Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of Real Estate Properties | Property | 1 |
Number of rental units under MF properties segment | Unit | 384 |
Residential Properties [Member] | Affordable Multifamily Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of rental units financed by mortgage revenue bonds | Unit | 11,325 |
Number of rental units financed by tax-exempt loan | Unit | 1,927 |
Commercial Real Estate [Member] | Affordable Multifamily Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of collateralized securities | Security | 1 |
Segments - Summary of Partnersh
Segments - Summary of Partnership Reportable Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Total revenues | |||||
Total revenues | $ 26,474,136 | $ 22,604,404 | $ 79,716,047 | $ 59,043,742 | |
Interest expense | |||||
Interest expense | 10,717,401 | 8,035,982 | 37,677,382 | 18,750,079 | |
Depreciation expense | |||||
Depreciation expense | 413,433 | 688,488 | 1,223,822 | 2,056,512 | |
Net income (loss) | |||||
Net income (loss) | 9,729,378 | 18,516,593 | 47,807,772 | 62,387,292 | |
Total assets | |||||
Total assets | 1,546,330,515 | 1,546,330,515 | $ 1,567,129,565 | ||
Operating Segments [Member] | Affordable Multifamily MRB Investments [Member] | |||||
Total revenues | |||||
Total revenues | 22,635,813 | 18,423,127 | 67,026,288 | 45,443,505 | |
Interest expense | |||||
Interest expense | 10,822,127 | 7,530,723 | 37,376,094 | 17,309,510 | |
Depreciation expense | |||||
Depreciation expense | 5,967 | 5,962 | 17,880 | 17,885 | |
Net income (loss) | |||||
Net income (loss) | 7,044,063 | 6,375,471 | 16,022,889 | 16,099,041 | |
Total assets | |||||
Total assets | 1,438,949,167 | 1,438,949,167 | 1,520,609,550 | ||
Operating Segments [Member] | Seniors and Skilled Nursing MRB Investments [Member] | |||||
Total revenues | |||||
Total revenues | 604,040 | 194,296 | 1,037,082 | 664,579 | |
Interest expense | |||||
Interest expense | (546,877) | 5,750 | (701,261) | 5,750 | |
Net income (loss) | |||||
Net income (loss) | 1,150,917 | 187,921 | 1,727,343 | 656,954 | |
Total assets | |||||
Total assets | 36,545,409 | 36,545,409 | 3,551,307 | ||
Operating Segments [Member] | Market-Rate Joint Venture Investments [Member] | |||||
Total revenues | |||||
Total revenues | 2,035,391 | 2,072,781 | 8,119,809 | 7,149,916 | |
Interest expense | |||||
Interest expense | 345,104 | 226,247 | 905,502 | 619,928 | |
Net income (loss) | |||||
Net income (loss) | 1,719,861 | 12,423,255 | 29,930,657 | 46,185,380 | |
Total assets | |||||
Total assets | 122,758,900 | 122,758,900 | 120,089,351 | ||
Operating Segments [Member] | MF Properties [Member] | |||||
Total revenues | |||||
Total revenues | 1,198,892 | 1,914,200 | 3,532,868 | 5,785,742 | |
Interest expense | |||||
Interest expense | 97,047 | 273,262 | 97,047 | 814,891 | |
Depreciation expense | |||||
Depreciation expense | 407,466 | 682,526 | 1,205,942 | 2,038,627 | |
Net income (loss) | |||||
Net income (loss) | (185,463) | $ (470,054) | 126,883 | $ (554,083) | |
Total assets | |||||
Total assets | 37,824,381 | 37,824,381 | 41,699,828 | ||
Consolidation, Eliminations [Member] | |||||
Total assets | |||||
Total assets | $ (89,747,342) | $ (89,747,342) | $ (118,820,471) |
Subsequent Events - Schedule of
Subsequent Events - Schedule of terms of partnership's MRB investments (Details) | 1 Months Ended | |||
Oct. 31, 2023 USD ($) Unit | Jul. 31, 2023 USD ($) Unit | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Subsequent Event [Line Items] | ||||
Initial funding | $ 100,445,000 | $ 20,307,000 | ||
Mortgage Revenue Bonds [Member] | ||||
Subsequent Event [Line Items] | ||||
Initial funding | $ 4,000,000 | |||
Ocotillo Springs Series A [Member] | Brawley, CA [Member] | Mortgage Revenue Bonds [Member] | ||||
Subsequent Event [Line Items] | ||||
Units | Unit | 75 | |||
Maturity Date | Aug. 01, 2038 | |||
Fixed Interest Rate | 4.35% | |||
Initial funding | $ 3,500,000 | |||
Ocotillo Springs Series A 1 [Member] | Brawley, CA [Member] | Mortgage Revenue Bonds [Member] | ||||
Subsequent Event [Line Items] | ||||
Units | Unit | 75 | |||
Maturity Date | Aug. 01, 2038 | |||
Fixed Interest Rate | 6.50% | |||
Initial funding | $ 500,000 | |||
Subsequent Event [Member] | The Safford [Member] | Mortgage Revenue Bonds [Member] | ||||
Subsequent Event [Line Items] | ||||
Month Acquired | October 2023 | |||
Units | Unit | 200 | |||
Maturity Date | Oct. 10, 2026 | |||
Fixed Interest Rate | 7.59% | |||
Initial funding | $ 7,560,034 | |||
Maximum Commitment | $ 43,000,000 |
Subsequent Events - Summary of
Subsequent Events - Summary of Initial Terms of TOB Trusts Financings (Details) - USD ($) | 1 Months Ended | |||
Oct. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Subsequent Event [Line Items] | ||||
TOB Trust Financing | $ 1,081,409,507 | $ 1,058,903,952 | ||
TOB Trust [Member] | ||||
Subsequent Event [Line Items] | ||||
TOB Trust Financing | $ 137,007,000 | $ 67,092,000 | ||
Subsequent Event [Member] | TOB Trust [Member] | MRB [Member] | The Safford [Member] | ||||
Subsequent Event [Line Items] | ||||
TOB Trust Financing | $ 6,050,000 | |||
Stated Maturity | 2026-10 | |||
Interest Rate Type | Variable | |||
Tax-Exempt Interest on Senior Securities | Yes | |||
Remarketing Senior Securities Rate | 4.46% | |||
Facility Fees | 1.44% | |||
Interest Rate | 5.90% |
Subsequent Events - Summary o_2
Subsequent Events - Summary of Partnership's Derivative Instruments (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Oct. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | ||
Subsequent Event [Line Items] | ||||
Derivative, Notional Amount | $ 314,785,688 | $ 194,656,088 | ||
Mizuho Capital Markets [Member] | ||||
Subsequent Event [Line Items] | ||||
Derivative, Trade Date | 2022-12 | 2022-12 | ||
Derivative, Notional Amount | $ 102,386,966 | $ 102,690,670 | ||
Subsequent Event [Member] | Mizuho Capital Markets [Member] | ||||
Subsequent Event [Line Items] | ||||
Derivative, Trade Date | 2023-10 | |||
Derivative, Notional Amount | [1] | $ 3,520,000 | ||
Derivative, Effective Date | Oct. 10, 2023 | |||
Derivative, Termination Date | Apr. 01, 2027 | |||
Derivative, Fixed Rate Paid | 4.722% | |||
Derivative, Variable Rate Index Received | Compounded SOFR | |||
Derivative, Variable Debt Financing Hedged | TOB Trusts | |||
[1] The notional amount increases according to a schedule up to a maximum notional amount of $ 24.1 million. |
Subsequent Events - Summary o_3
Subsequent Events - Summary of Partnership's Derivative Instruments (Parenthetical) (Details) - USD ($) | Oct. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | ||||
Derivative, Notional Amount | $ 314,785,688 | $ 194,656,088 | ||
Mizuho Capital Markets [Member] | ||||
Subsequent Event [Line Items] | ||||
Derivative, Notional Amount | $ 102,386,966 | $ 102,690,670 | ||
Subsequent Event [Member] | Mizuho Capital Markets [Member] | ||||
Subsequent Event [Line Items] | ||||
Derivative, Notional Amount | [1] | $ 3,520,000 | ||
Subsequent Event [Member] | Maximum [Member] | Mizuho Capital Markets [Member] | ||||
Subsequent Event [Line Items] | ||||
Derivative, Notional Amount | $ 24,100,000 | |||
[1] The notional amount increases according to a schedule up to a maximum notional amount of $ 24.1 million. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Mar. 31, 2024 | Nov. 30, 2023 | Oct. 31, 2023 | Aug. 31, 2023 | |
Scenario Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Residual financing securities issued | $ 61.5 | |||
Residual affordable housing multifamily certificates securities issued | $ 20.5 | |||
Senior Affordable Housing Multifamily Certificates and Trustee expenses Percentage | 0.03% | |||
Stated interest rate | 7.125% | |||
Earlier repayment of senior securities | $ 61.5 | |||
Net proceeds after payment of placement, legal and other costs | 60.4 | |||
Principal Proceeds | 57.9 | |||
Restricted cash | 24.6 | |||
Payment of outstanding principal and accrued interest of secure notes | 82.5 | |||
Jackson Manor Apartments [Member] | Scenario Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Repayment of principal amount upon conversion | 2.1 | |||
Mortgage revenue bond, principal amount | 4.8 | |||
TOB [Member] | Jackson Manor Apartments [Member] | Scenario Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Repayment of principal amount upon conversion | $ 1.8 | |||
Series A Preferred Units [Member] | ||||
Subsequent Event [Line Items] | ||||
Partnership redemption amount | $ 20 | |||
Series A Preferred Units [Member] | Scenario Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Partnership redemption amount | $ 10 | |||
Subsequent Event [Member] | Series A Preferred Units [Member] | ||||
Subsequent Event [Line Items] | ||||
Partnership redemption amount | $ 10 |