Greystone Housing Impact Investors (GHI) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

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