Greystone Housing Impact Investors (GHI) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
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	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Units Outstanding		23,288,781
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 ($)	Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 56,255,270	$ 37,918,237
Restricted cash	14,672,102	9,815,909
Interest receivable, net	7,846,857	8,265,901
Mortgage revenue bonds held in trust, at fair value (Note 4)	922,468,164	883,030,786
Mortgage revenue bonds, at fair value (Note 4)	20,277,433	47,644,509
Governmental issuer loans:
Governmental issuer loans held in trust (Note 5)	205,557,300	222,947,300
Allowance for credit losses (Note 10)	(1,166,000)	(1,294,000)
Governmental issuer loans, net	204,391,300	221,653,300
Property loans:
Property loans (Note 6)	53,306,414	122,556,204
Allowance for credit losses (Note 10)	(1,628,000)	(2,048,000)
Property loans, net	51,678,414	120,508,204
Investments in unconsolidated entities (Note 7)	145,130,907	136,653,246
Real estate assets, net (Note 8)	4,716,140	4,716,140
Other assets (Note 9)	25,982,910	43,194,470
Total Assets	1,453,419,497	1,513,400,702
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 11)	20,862,915	22,958,088
Distribution payable	8,672,287	8,584,292
Secured lines of credit (Note 12)	16,500,000	33,400,000
Debt financing, net (Note 13)	978,475,088	1,015,030,066
Mortgages payable, net (Note 14)	1,690,000	1,690,000
Total Liabilities	1,026,200,290	1,081,662,446
Commitments and Contingencies (Note 16)
Redeemable Preferred Units, $87.5 million redemption value, 8.8 million issued and outstanding, net (Note 17)	87,389,526	82,431,548
Partnersʼ Capital:
General Partner (Note 1)	438,671	543,977
Beneficial Unit Certificates ("BUCs," Note 1)	339,391,010	348,762,731
Total Partnersʼ Capital	339,829,681	349,306,708
Total Liabilities and Partnersʼ Capital	$ 1,453,419,497	$ 1,513,400,702

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Redeemable preferred units redemption value	$ 87.5	$ 87.5
Redeemable preferred units, issued	8.8	8.8
Redeemable preferred units, outstanding	8.8	8.8

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Investment income	$ 19,272,345	$ 19,302,685
Other interest income	3,003,838	4,409,665
Property revenues		1,225,620
Other income	94,471
Total revenues	22,370,654	24,937,970
Expenses:
Real estate operating (exclusive of items shown below)	0	602,253
Provision for credit losses (Note 10)	(806,000)	(545,000)
Depreciation and amortization	5,967	404,981
Interest expense	13,803,935	16,688,362
Net result from derivative transactions (Note 15)	(6,267,664)	1,283,136
General and administrative	4,930,388	5,072,587
Total expenses	11,666,626	23,506,319
Other Income:
Gain on sale of investments in unconsolidated entities	50,000	15,366,929
Earnings (losses) from investments in unconsolidated entities	(106,845)
Income before income taxes	10,647,183	16,798,580
Income tax expense (benefit)	(1,198)	7,358
Net income	10,648,381	16,791,222
Redeemable Preferred Unit distributions and accretion	(767,241)	(746,650)
Net income available to Partners	9,881,140	16,044,572
Net income available to Partners allocated to:
General Partner	98,311	2,479,058
Net income available to Partners and noncontrolling interest	$ 9,881,140	$ 16,044,572
BUC holders' interest in net income per BUC, basic	$ 0.42	$ 0.59
BUC holders' interest in net income per BUC, diluted	$ 0.42	$ 0.59
Weighted average number of BUCs outstanding, basic	23,000,754	22,924,081
Weighted average number of BUCs outstanding, diluted	23,000,754	22,924,081
Beneficial Unit Certificate Holders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 9,725,097	$ 13,490,834
Restricted Unitholders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 57,732	$ 74,680

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Income Statement [Abstract]
Beneficial unit certificates distribution ratio	0.00417	0.00415	0.00418	0.00448

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 10,648,381	$ 16,791,222
Unrealized gains (losses) on securities	(12,008,737)	20,397,542
Unrealized gains (losses) on bond purchase commitments	(62,959)	112,547
Comprehensive income (loss)	$ (1,423,315)	$ 37,301,311

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, 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									23,011,517
Distributions paid or accrued:
Regular distribution	(1,175,563)			(11,756)		(1,163,807)
Distribution of income (Note 22)		$ (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
Rounding of BUCs related to BUCs Distributions/Reverse Unit Split									(151)
Restricted unit compensation expense	349,959			3,500		346,459
Unrealized gains on securities	20,397,542			203,975		20,193,567				20,397,542
Unrealized gains (losses) on bond purchase commitments	112,547			1,125		111,422				112,547
Balance at Mar. 31, 2023	344,072,051			486,762		343,585,289				64,258,328
Partners' Capital Account, Units at Mar. 31, 2023									23,113,453
Balance at Dec. 31, 2023	349,306,708			543,977		348,762,731				59,604,899
Partners' Capital Account, Units at Dec. 31, 2023									23,088,268
Distributions paid or accrued:
Regular distribution	(8,622,287)			(86,223)		(8,536,064)
Distribution of income (Note 22)			$ (50,000)					$ (50,000)
Cash paid in lieu of fractional BUCs	(1,772)					(1,772)
Net income allocable to Partners	9,881,140			98,311		9,782,829
Sale of BUCs, net of issuance costs, Value	1,055,267					1,055,267
Sale of BUCs, net of issuance costs, Units									64,765
Restricted units awarded									109,581
Rounding of BUCs related to BUCs Distributions/Reverse Unit Split									(105)
Restricted unit compensation expense	332,321			3,323		328,998
Unrealized gains on securities	(12,008,737)			(120,087)		(11,888,650)				(12,008,737)
Unrealized gains (losses) on bond purchase commitments	(62,959)			(630)		(62,329)				(62,959)
Balance at Mar. 31, 2024	$ 339,829,681			$ 438,671		$ 339,391,010				$ 47,533,203
Partners' Capital Account, Units at Mar. 31, 2024									23,262,509

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
Regular distributions paid or accrued	$ 0.368	$ 0.364

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 10,648,381	$ 16,791,222
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	5,967	404,981
Amortization of deferred financing costs	367,418	1,005,767
Gain on sale of investments in unconsolidated entities	(50,000)	(15,366,929)
(Earnings) losses from investments in unconsolidated entities	106,845
Provision for credit losses	(806,000)	(545,000)
Recovery of prior credit loss	(17,155)	(16,967)
(Gains) losses on derivative instruments, net of cash paid	(4,489,788)	3,476,097
Restricted unit compensation expense	332,321	349,959
Bond premium, discount and acquisition fee amortization	(48,178)	(54,476)
Debt premium amortization	(10,126)	(10,145)
Deferred income tax expense (benefit) & income tax payable/receivable	(1,200)	7,358
Change in preferred return receivable from unconsolidated entities, net	(1,624,169)	(1,934,065)
Changes in operating assets and liabilities
(Increase) decrease in interest receivable	419,044	(2,986,762)
(Increase) decrease in other assets	84,659	(237,767)
Decrease in accounts payable, accrued expenses and other liabilities	(1,545,171)	(683,869)
Net cash provided by operating activities	3,372,848	199,404
Cash flows from investing activities:
Advances on mortgage revenue bonds	(26,297,798)	(60,622,813)
Advances on taxable mortgage revenue bonds	(1,000,000)	(1,805,000)
Advances on governmental issuer loans	(6,000,000)	(17,377,303)
Advances on taxable governmental issuer loans		(3,000,000)
Advances on property loans	(3,073,404)	(7,942,324)
Contributions to unconsolidated entities	(6,960,337)	(4,705,639)
Capital expenditures		(171,670)
Proceeds from sale of land held for development		441,714
Proceeds from sale of investments in unconsolidated entities	50,000	27,659,480
Principal payments received on mortgage revenue bonds	2,260,565	13,303,739
Principal payments received on governmental issuer loans	23,390,000
Principal payments received on taxable mortgage revenue bonds	11,503,059	2,797
Principal payments received on taxable governmental issuer loans	10,573,000
Principal payments received on property loans	72,323,194	18,315,580
Net cash provided by (used in) investing activities	76,768,279	(35,901,439)
Cash flows from financing activities:
Distributions paid	(9,204,814)	(11,612,492)
Proceeds from the sale of BUCs	1,080,957
Payment of offering costs related to the sale of BUCs	(21,628)
Proceeds from debt financing	63,250,000	126,381,000
Principal payments on debt financing	(99,697,766)	(41,786,351)
Principal borrowing on secured lines of credit	20,000,000	45,000,000
Principal payments on secured lines of credit	(36,900,000)	(94,000,000)
Decrease in security deposit liability related to restricted cash		(5,887)
Proceeds upon issuance of Redeemable Preferred Units	5,000,000	8,000,000
Debt financing and other deferred costs paid	(454,650)	(593,368)
Net cash provided by (used in) financing activities	(56,947,901)	31,382,902
Net increase (decrease) in cash, cash equivalents and restricted cash	23,193,226	(4,319,133)
Cash, cash equivalents and restricted cash at beginning of period	47,734,146	92,637,256
Cash, cash equivalents and restricted cash at end of period	70,927,372	88,318,123
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	12,165,910	12,869,770
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner	8,672,287	10,835,021
Distributions declared but not paid for Preferred Units	762,118	739,417
Exchange of Redeemable Preferred Units	17,500,000	7,000,000
Deferred financing costs financed through accounts payable	$ 62,628	58,000
Non-cash contribution to unconsolidated entity		$ 997,062

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 56,255,270	$ 52,105,214
Restricted cash	14,672,102	36,212,909
Total cash, cash equivalents and restricted cash	$ 70,927,372	$ 88,318,123

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 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 (collectively, the “Preferred Units”). The outstanding Preferred Units are redeemable in the future at the option of either the holders or the Partnership (Note 17). 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 (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	3 Months Ended
	Mar. 31, 2024
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 3). 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 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 owned 100 % of the Suites on Paseo MF Property. The Partnership also consolidates multiple variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary. Use of Estimates and Assumptions in Preparation of Consolidated Financial Statements 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; and (iii) 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, 2023. These condensed consolidated financial statements and notes have been prepared consistently with the 2023 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 March 31, 2024, 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, 2023 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 has recently maintained rates at the current levels as it analyzes further employment, price and economic data for indications of inflation declining to its long-term annual inflation target of 2 %. The Federal Reserve continues to reduce its balance sheet of US treasury bonds and mortgage-backed securities which may cause further upward pressure on interest rates. In addition, geopolitical conflicts continue to impact the general global economic environment. These factors have maintained 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 recent 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 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. The Partnership declared BUCs Distributions in the form of additional BUCs during the three months ended March 31, 2024 and the year ended December 31, 2023. 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. Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. For the year ended December 31, 2023, the Partnership began reporting the realized and unrealized gains (losses) of its derivative transactions within “Net result from derivative transactions” on the Partnership’s consolidated statements of operations. Previously, the realized and unrealized (gains) losses of the Partnership's derivative transactions had been reported within "Interest expense" on the Partnership’s consolidated statement of operations. Accordingly, for the three months ended March 31, 2023, the Partnership has included the realized and unrealized (gains) losses of its derivative transactions within “Net result from derivative transactions” in conformity with the current reporting period presented herein. This reclassification has no effect on the Partnership’s reported “Net income” or “Partners’ capital” in the Partnership’s condensed consolidated financial statements for the periods presented. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, which enhances the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. ASU 2023-07 is effective for the Partnership’s annual periods beginning after December 15, 2023 and interim periods with fiscal years beginning after December 15, 2024. The Partnership is currently assessing the impact of the adoption of this pronouncement on the consolidated financial statements.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities	3. Variable Interest Entities Consolidated Variable Interest Entities (“VIEs”) The Partnership has determined the Tender Option Bond ("TOB"), term TOB, TEBS financings, and TEBS Residual Financing 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, TEBS financings, and TEBS Residual Financing 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, TEBS financings, and TEBS Residual Financing on a consolidated basis. The Partnership reports the senior securities related to the TOB, term TOB, TEBS financings, and TEBS Residual Financing as secured debt financings on the Partnership's condensed consolidated balance sheets (Note 13). The investment assets securing the TOB, term TOB, TEBS financings, and TEBS Residual Financing are reported as assets on the Partnership's condensed consolidated balance sheets (Notes 4, 5, 6 and 9). 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 8), mortgage payable (Note 14), and current liabilities associated with the construction costs of a market-rate multifamily property (Note 11). 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 30 and 33 non-consolidated VIEs as of March 31, 2024 and December 31, 2023, respectively. The following table summarizes the Partnership’s maximum exposure to loss associated with its variable interests as of March 31, 2024 and December 31, 2023: Maximum Exposure to Loss of March 31, 2024 December 31, 2023 Mortgage revenue bonds $ 120,453,758 $ 98,336,213 Taxable mortgage revenue bonds 3,014,582 13,520,631 Governmental issuer loans 185,157,300 202,547,300 Taxable governmental issuer loans 3,000,000 13,573,000 Property loans 38,261,960 107,511,750 Investments in unconsolidated entities 145,130,907 136,653,246 $ 495,018,507 $ 572,142,140 The Partnership’s maximum exposure to loss for non-consolidated VIEs associated with the MRBs and taxable MRBs as of March 31, 2024 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 $ 115.0 million and $ 15.4 million , respectively, as of March 31, 2024 (Note 16). 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 March 31, 2024 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 $ 45.1 million , $ 53.6 million , $ 3.1 million , and $ 45.4 million , respectively, as of March 31, 2024 (Note 16).

Mortgage Revenue Bonds

Mortgage Revenue Bonds	3 Months Ended
	Mar. 31, 2024
Investments In Mortgage Revenue Bonds [Abstract]
Mortgage Revenue Bonds	4. 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 13). 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 March 31, 2024 and December 31, 2023: March 31, 2024 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value The Safford (5) AZ $ 9,989,318 $ 2,039,618 $ - $ 12,028,936 40rty on Colony - Series P (5) CA 5,963,574 638,636 - 6,602,210 CCBA Senior Garden Apartments (5) CA 3,748,159 78,327 - 3,826,486 Courtyard - Series A (3) CA 9,748,189 685,729 - 10,433,918 Glenview Apartments - Series A (2) CA 4,296,391 203,899 - 4,500,290 Harmony Court Bakersfield - Series A (3) CA 3,554,325 218,766 - 3,773,091 Harmony Terrace - Series A (3) CA 6,580,876 466,164 - 7,047,040 Harden Ranch - Series A (1) CA 6,331,241 339,666 - 6,670,907 Las Palmas II - Series A (3) CA 1,612,276 103,208 - 1,715,484 Lutheran Gardens (6), (7) CA 10,352,000 - ( 37,415 ) 10,314,585 Montclair Apartments - Series A (2) CA 2,327,595 134,203 - 2,461,798 Montecito at Williams Ranch Apartments - Series A (5) CA 7,425,704 712,176 - 8,137,880 Montevista - Series A (5) CA 6,595,473 826,864 - 7,422,337 Ocotillo Springs - Series A (5), (7) CA 3,480,813 - ( 129,021 ) 3,351,792 Ocotillo Springs - Series A-1 (5) CA 498,442 83,372 - 581,814 Residency at Empire - Series BB-1 (5) CA 14,116,406 788,100 - 14,904,506 Residency at Empire - Series BB-2 (5) CA 4,000,000 258,431 - 4,258,431 Residency at Empire - Series BB-3 (5) CA 9,555,000 466,050 - 10,021,050 Residency at the Entrepreneur - Series J-1 (5) CA 9,083,796 15,757 - 9,099,553 Residency at the Entrepreneur - Series J-2 (5) CA 7,500,000 82,961 - 7,582,961 Residency at the Entrepreneur - Series J-3 (5) CA 16,100,000 548,641 - 16,648,641 Residency at the Entrepreneur - Series J-5 (5) CA 1,000,000 - - 1,000,000 Residency at the Mayer - Series A (5) CA 29,559,238 - - 29,559,238 Residency at the Mayer - Series M (5) CA 11,500,000 - - 11,500,000 San Vicente - Series A (3) CA 3,324,428 212,810 - 3,537,238 Santa Fe Apartments - Series A (2) CA 2,819,794 167,405 - 2,987,199 Seasons at Simi Valley - Series A (3) CA 4,069,240 374,446 - 4,443,686 Seasons Lakewood - Series A (3) CA 7,010,064 496,566 - 7,506,630 Seasons San Juan Capistrano - Series A (3) CA 11,802,659 800,970 - 12,603,629 Solano Vista - Series A (5) CA 2,606,974 286,892 - 2,893,866 Summerhill - Series A (3) CA 6,120,491 288,115 - 6,408,606 Sycamore Walk - Series A (3) CA 3,368,481 109,717 - 3,478,198 The Village at Madera - Series A (3) CA 2,939,703 189,528 - 3,129,231 Tyler Park Townhomes - Series A (1) CA 5,511,871 66,935 - 5,578,806 Village at Hanford Square - Series H (5) CA 10,400,000 907,760 - 11,307,760 Vineyard Gardens - Series A (5) CA 3,866,389 389,493 - 4,255,882 Westside Village Market - Series A (1) CA 3,601,998 170,597 - 3,772,595 Handsel Morgan Village Apartments (5) GA 2,150,000 253,792 - 2,403,792 MaryAlice Circle Apartments (5) GA 5,900,000 751,174 - 6,651,174 Copper Gate Apartments (1) IN 4,780,000 - - 4,780,000 Renaissance - Series A (2) LA 10,388,916 860,164 - 11,249,080 Live 929 Apartments - Series 2022A (5) MD 58,390,083 2,957,716 - 61,347,799 Meadow Valley (5), (9) MI 25,036,225 - ( 1,393,024 ) 23,643,201 Jackson Manor Apartments (5) , (8) MS 4,813,818 105,024 - 4,918,842 Village Point (6), (8) NJ 23,000,000 - ( 74,146 ) 22,925,854 Silver Moon - Series A (2) NM 7,460,511 799,556 - 8,260,067 Village at Avalon (4) NM 15,773,357 1,775,826 - 17,549,183 Columbia Gardens (3) SC 12,301,761 601,976 - 12,903,737 Companion at Thornhill Apartments (3) SC 10,601,493 438,686 - 11,040,179 The Ivy Apartments (5) SC 30,565,536 1,499,111 - 32,064,647 The Palms at Premier Park Apartments (1) SC 17,803,781 246,195 - 18,049,976 The Park at Sondrio - Series 2022A (5) SC 38,100,000 2,119,463 - 40,219,463 The Park at Vietti - Series 2022A (5) SC 26,985,000 1,570,008 - 28,555,008 Village at River's Edge (3) SC 9,544,429 1,167,655 - 10,712,084 Willow Run (3) SC 12,130,581 634,209 - 12,764,790 Windsor Shores Apartments - Series A (5) SC 21,545,000 1,216,171 - 22,761,171 Arbors at Hickory Ridge (1) TN 10,372,503 1,585,054 - 11,957,557 Avistar at Copperfield - Series A (5) TX 13,338,421 753,400 - 14,091,821 Avistar at the Crest - Series A (1) TX 8,728,170 770,799 - 9,498,969 Avistar at the Oaks - Series A (1) TX 7,064,747 555,435 - 7,620,182 Avistar at the Parkway - Series A (2) TX 12,229,345 603,221 - 12,832,566 Avistar at Wilcrest - Series A (5) TX 5,054,991 262,967 - 5,317,958 Avistar at Wood Hollow - Series A (5) TX 38,382,434 2,082,233 - 40,464,667 Avistar in 09 - Series A (1) TX 6,100,131 496,237 - 6,596,368 Avistar on the Boulevard - Series A (1) TX 14,869,385 1,120,753 - 15,990,138 Avistar on the Hills - Series A (1) TX 4,836,683 393,457 - 5,230,140 Bruton Apartments (3) TX 17,179,304 - - 17,179,304 Concord at Gulfgate - Series A (3) TX 18,135,132 1,517,470 - 19,652,602 Concord at Little York - Series A (3) TX 12,704,518 1,028,673 - 13,733,191 Concord at Williamcrest - Series A (3) TX 19,680,659 1,700,215 - 21,380,874 Crossing at 1415 - Series A (3) TX 7,059,848 422,501 - 7,482,349 Decatur Angle (3) TX 21,589,111 - - 21,589,111 Esperanza at Palo Alto (3) TX 18,708,566 2,101,382 - 20,809,948 Heights at 515 - Series A (3) TX 6,463,412 466,027 - 6,929,439 Heritage Square - Series A (2) TX 10,150,390 456,422 - 10,606,812 Oaks at Georgetown - Series A (3) TX 11,759,740 655,561 - 12,415,301 Southpark (5) TX 11,150,461 1,149,539 - 12,300,000 15 West Apartments (3) WA 9,350,364 1,292,182 - 10,642,546 Mortgage revenue bonds held in trust $ 874,539,714 $ 49,562,056 $ ( 1,633,606 ) $ 922,468,164 (1) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Morgan Stanley in a debt financing transaction, Note 13. (5) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 13. (6) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 13. (7) 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 March 31, 2024, the MRB has been in an unrealized loss position for more than 12 months. (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 March 31, 2024, 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 $ 19.1 million as of March 31, 2024. 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 March 31, 2024 (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 March 31, 2024, the MRB has been in an unrealized loss position for more than 12 months. March 31, 2024 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Brookstone IL $ 7,213,953 $ 1,123,250 $ - $ 8,337,203 Provision Center 2014-1 TN 196,577 - - 196,577 Avistar at the Crest - Series B TX 716,636 40,405 - 757,041 Avistar at the Oaks - Series B TX 525,126 28,014 - 553,140 Avistar at the Parkway - Series B TX 122,573 16,786 - 139,359 Avistar in 09 - Series B TX 433,181 23,109 - 456,290 Avistar on the Boulevard - Series B TX 425,827 21,996 - 447,823 Runnymede TX 9,390,000 - - 9,390,000 Mortgage revenue bonds $ 19,023,873 $ 1,253,560 $ - $ 20,277,433 December 31, 2023 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value The Safford (5) AZ $ 7,667,299 $ 2,717,033 $ - $ 10,384,332 40rty on Colony - Series P (5) CA 5,964,008 739,204 - 6,703,212 Courtyard - Series A (3) CA 9,774,107 845,146 - 10,619,253 Glenview Apartments - Series A (2) CA 4,312,025 298,507 - 4,610,532 Harmony Court Bakersfield - Series A (3) CA 3,563,775 275,305 - 3,839,080 Harmony Terrace - Series A (3) CA 6,598,285 573,928 - 7,172,213 Harden Ranch - Series A (1) CA 6,355,567 441,345 - 6,796,912 Las Palmas II - Series A (3) CA 1,616,607 128,930 - 1,745,537 Lutheran Gardens (6), (7) CA 10,352,000 - ( 30,994 ) 10,321,006 Montclair Apartments - Series A (2) CA 2,336,065 170,291 - 2,506,356 Montecito at Williams Ranch Apartments - Series A (5) CA 7,442,435 846,333 - 8,288,768 Montevista - Series A (5) CA 6,607,973 992,675 - 7,600,648 Residency at Empire - Series BB-1 (5) CA 14,117,540 1,004,021 - 15,121,561 Residency at Empire - Series BB-2 (5) CA 4,000,000 320,446 - 4,320,446 Residency at Empire - Series BB-3 (5) CA 5,055,000 575,709 - 5,630,709 Residency at the Entrepreneur - Series J-1 (5) CA 9,085,429 181,504 - 9,266,933 Residency at the Entrepreneur - Series J-2 (5) CA 7,500,000 222,445 - 7,722,445 Residency at the Entrepreneur - Series J-3 (5) CA 12,300,000 697,895 - 12,997,895 Residency at the Mayer - Series A (5) CA 29,560,945 - - 29,560,945 San Vicente - Series A (3) CA 3,333,357 265,848 - 3,599,205 Santa Fe Apartments - Series A (2) CA 2,830,055 206,301 - 3,036,356 Seasons at Simi Valley - Series A (3) CA 4,083,273 443,901 - 4,527,174 Seasons Lakewood - Series A (3) CA 7,028,608 611,358 - 7,639,966 Seasons San Juan Capistrano - Series A (3) CA 11,833,880 992,473 - 12,826,353 Summerhill - Series A (3) CA 6,136,763 381,019 - 6,517,782 Sycamore Walk - Series A (3) CA 3,380,901 226,216 - 3,607,117 The Village at Madera - Series A (3) CA 2,947,519 227,699 - 3,175,218 Tyler Park Townhomes - Series A (1) CA 5,533,307 119,693 - 5,653,000 Village at Hanford Square - Series H (5) CA 10,400,000 1,073,808 - 11,473,808 Vineyard Gardens - Series A (5) CA 3,874,962 461,663 - 4,336,625 Westside Village Market - Series A (1) CA 3,616,007 223,459 - 3,839,466 MaryAlice Circle Apartments (5) GA 5,900,000 880,643 - 6,780,643 Copper Gate Apartments (1), (7) IN 4,780,000 - ( 5 ) 4,779,995 Renaissance - Series A (2) LA 10,429,392 1,221,077 - 11,650,469 Live 929 Apartments - Series 2022A (5) MD 58,333,646 3,275,636 - 61,609,282 Meadow Valley (5), (8) MI 20,863,114 - ( 920,148 ) 19,942,966 Jackson Manor Apartments (5) MS 4,824,474 209,082 - 5,033,556 Village Point (6) NJ 23,000,000 192,788 - 23,192,788 Silver Moon - Series A (2) NM 7,480,455 928,841 - 8,409,296 Village at Avalon (4) NM 15,808,184 1,962,627 - 17,770,811 Columbia Gardens (3) SC 12,351,218 807,633 - 13,158,851 Companion at Thornhill Apartments (3) SC 10,639,506 598,197 - 11,237,703 The Ivy Apartments (5) SC 30,567,832 1,933,208 - 32,501,040 The Palms at Premier Park Apartments (1) SC 17,872,527 427,099 - 18,299,626 The Park at Sondrio - Series 2022A (5) SC 38,100,000 2,682,964 - 40,782,964 The Park at Vietti - Series 2022A (5) SC 26,985,000 1,972,695 - 28,957,695 Village at River's Edge (3) SC 9,566,110 1,000,545 - 10,566,655 Willow Run (3) SC 12,180,025 817,941 - 12,997,966 Windsor Shores Apartments - Series A (5) SC 21,545,000 1,530,085 - 23,075,085 Arbors at Hickory Ridge (1) TN 10,417,646 1,805,985 - 12,223,631 Avistar at Copperfield - Series A (5) TX 13,378,386 983,586 - 14,361,972 Avistar at the Crest - Series A (1) TX 8,762,826 909,437 - 9,672,263 Avistar at the Oaks - Series A (1) TX 7,091,928 666,990 - 7,758,918 Avistar at the Parkway - Series A (2) TX 12,270,653 830,179 - 13,100,832 Avistar at Wilcrest - Series A (5) TX 5,070,137 313,010 - 5,383,147 Avistar at Wood Hollow - Series A (5) TX 38,497,436 2,648,201 - 41,145,637 Avistar in 09 - Series A (1) TX 6,123,600 593,430 - 6,717,030 Avistar on the Boulevard - Series A (1) TX 14,928,425 1,346,449 - 16,274,874 Avistar on the Hills - Series A (1) TX 4,855,291 470,520 - 5,325,811 Bruton Apartments (3), (7) TX 17,220,941 - ( 13,366 ) 17,207,575 Concord at Gulfgate - Series A (3) TX 18,190,721 1,807,038 - 19,997,759 Concord at Little York - Series A (3) TX 12,743,460 1,302,221 - 14,045,681 Concord at Williamcrest - Series A (3) TX 19,740,985 2,017,280 - 21,758,265 Crossing at 1415 - Series A (3) TX 7,082,698 565,843 - 7,648,541 Decatur Angle (3), (7) TX 21,646,255 - ( 16,674 ) 21,629,581 Esperanza at Palo Alto (3) TX 18,751,278 2,480,537 - 21,231,815 Heights at 515 - Series A (3) TX 6,484,332 602,199 - 7,086,531 Heritage Square - Series A (2) TX 10,186,405 606,579 - 10,792,984 Oaks at Georgetown - Series A (3) TX 11,790,848 838,472 - 12,629,320 15 West Apartments (3) WA 9,371,808 1,478,567 - 10,850,375 Mortgage revenue bonds held in trust $ 825,040,234 $ 58,971,739 $ ( 981,187 ) $ 883,030,786 (1) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 13 . The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13 . The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13 . The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Morgan Stanley in a debt financing transaction, Note 13. (5) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 13. (6) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 13. (7) 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 December 31, 2023, the MRB has been in an unrealized loss position for less than 12 months. (8) The Partnership has a remaining MRB funding commitment of approximately $ 23.2 million as of December 31, 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 December 31, 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 December 31, 2023, the MRB has been in an unrealized loss position for more than 12 months. December 31, 2023 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value CCBA Senior Garden Apartments CA $ 3,757,268 $ 158,840 $ - $ 3,916,108 Ocotillo Springs - Series A (1) CA 3,489,096 - ( 59,805 ) 3,429,291 Ocotillo Springs - Series A-1 CA 499,117 95,386 - 594,503 Residency at the Entrepreneur - Series J-5 CA 1,000,000 - - 1,000,000 Solano Vista - Series A CA 2,611,955 338,125 - 2,950,080 Handsel Morgan Village Apartments GA 2,150,000 300,188 - 2,450,188 Brookstone IL 7,229,475 1,071,177 - 8,300,652 Provision Center 2014-1 TN 926,475 - - 926,475 Avistar at the Crest - Series B TX 718,332 49,845 - 768,177 Avistar at the Oaks - Series B TX 526,318 35,066 - 561,384 Avistar at the Parkway - Series B TX 122,701 19,352 - 142,053 Avistar in 09 - Series B TX 434,165 28,926 - 463,091 Avistar on the Boulevard - Series B TX 426,835 27,507 - 454,342 Runnymede (2) TX 9,390,000 - ( 1,121 ) 9,388,879 Southpark TX 11,133,003 1,166,283 - 12,299,286 Mortgage revenue bonds $ 44,414,740 $ 3,290,695 $ ( 60,926 ) $ 47,644,509 (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 December 31, 2023, the MRB has been in an unrealized loss position for more 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 December 31, 2023, the MRB has been in an unrealized loss position for less than 12 months. The Partnership has accrued interest receivable related to its MRBs of $ 5.0 million and $ 4.7 million as of March 31, 2024 and December 31, 2023, 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 March 31, 2024. See Note 16 for additional information regarding the Partnership’s MRB funding commitments. See Note 20 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. See Note 10 for information regarding the Partnership’s allowance for credit losses. Activity in the First Three Months of 2024 Acquisitions: The following MRB was acquired at a price that approximated the principal outstanding plus accrued interest during the three months ended March 31, 2024: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funding Residency at the Mayer - Series M (1) March 2024 Hollywood, CA 79 4/1/2039 SOFR + 3.60 % (2) $ 11,500,000 (1) The borrower re-allocated $ 11.5 million of previously provided funding from a taxable MRB to this new MRB during the acquisition and rehabilitation phase of the property. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $ 5.0 million. (2) The interest rate is subject to an all-in floor of 3.85 %. Upon stabilization of the property, the interest rate will reset to a fixed rate based on the SOFR index plus 3.50 % on or around the stabilization date. Activity in the First Three Months of 2023 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the three months ended March 31, 2023: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funded Windsor Shores Apartments - Series A January 2023 Columbia, SC 176 2/1/2030 6.50 % $ 21,545,000 The Ivy Apartments January 2023 Greenville, SC 212 2/1/2030 6.50 % 30,500,000 Residency at the Entrepreneur - Series J-5 (1) February 2023 Los Angeles, CA 200 4/1/2025 SOFR + 3.60 % (2) 1,000,000 $ 53,045,000 (1) The Partnership has committed to provide funding for the Series J-5 MRB totaling $ 5.0 million. See Note 16. (2) The interest rate is subject to an all-in floor of 3.87 %. Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 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

Governmental Issuer Loans

Governmental Issuer Loans	3 Months Ended
	Mar. 31, 2024
Governmental Issuer Loans [Abstract]
Governmental Issuer Loans	5. 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 6 and 9). 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. All GILs were held in trust in connection with TOB trust financings as of March 31, 2024 and December 31, 2023 (Note 13). 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 March 31, 2024 and December 31, 2023: As of March 31, 2024 Property Name Month Property Units Maturity (1) Interest Rate (2) Current Interest Amortized Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 8/1/2024 SOFR + 3.07 % 8.40 % 34,620,000 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 8.38 % 60,000,000 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 8.61 % 25,000,000 Willow Place Apartments Supplemental November 2023 McDonough, GA n/a 10/1/2024 SOFR + 3.45 % 8.76 % 1,500,000 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 9.16 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 21,846,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 11,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 18,550,000 Sandy Creek Apartments (3) August 2023 Bryan, TX 140 9/1/2026 7.83 % (5) 7.83 % 12,100,000 1,539 $ 205,557,300 (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 0.25 % to 0.50 %. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19). (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, 2023 Property Name Month Property Units Maturity (1) Interest (2) Current Interest Amortized Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % 8.46 % $ 34,620,000 Hope on Avalon January 2021 Los Angeles, CA 88 2/1/2024 SIFMA + 3.75 % 7.62 % 23,390,000 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 8.38 % 60,000,000 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 8.61 % 25,000,000 Willow Place Apartments Supplemental November 2023 McDonough, GA n/a 10/1/2024 SOFR + 3.45 % 8.76 % 1,500,000 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 9.16 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 19,846,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 9,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 16,550,000 Sandy Creek Apartments (3) August 2023 Bryan, TX 140 9/1/2026 7.83 % (5) 7.83 % 12,100,000 1,627 $ 222,947,300 (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 19). (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. The Partnership has accrued interest receivable related to its GILs of $ 1.4 million and $ 1.5 million as of March 31, 2024 and December 31, 2023, 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 6) with total outstanding principal of $ 133.2 million and $ 4.7 million , respectively, as of March 31, 2024. The guaranties relate to the Partnership’s investments in 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 on a draw-down basis during construction and/or rehabilitation of the secured properties as of March 31, 2024. See Note 16 for further information regarding the Partnership’s remaining GIL funding commitments. See Note 10 for information regarding the Partnership’s allowance for credit losses. Activity in the First Three Months of 2024 During the three months ended March 31, 2024, the following GIL was purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full: Property Name Month Principal Proceeds Hope on Avalon January 2024 $ 23,390,000 In February 2024, the Partnership recognized a fee of approximately $ 87,000 in other income in connection with an extension of the maturity date of the Legacy Commons at Signal Hills GIL to August 1, 2024.

Property Loans

Property Loans	3 Months Ended
	Mar. 31, 2024
Property Loans Net Of Loan Loss Allowance [Abstract]
Property Loans	6. Property Loans The following tables summarize the Partnership’s property loans, net of asset-specific allowances for credit losses, as of March 31, 2024 and December 31, 2023: March 31, 2024 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Magnolia Heights $ 8,118,546 $ - $ 8,118,546 7/1/2024 SOFR + 3.85 % Sandy Creek Apartments 4,716,960 - 4,716,960 9/1/2026 8.63 % (2) Subtotal 12,835,506 - 12,835,506 Mezzanine Financing (3) SoLa Impact Opportunity Zone Fund $ 33,545,000 $ - $ 33,545,000 12/30/2024 7.875 % Other The 50/50 MF Property $ 5,977,314 $ - $ 5,977,314 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 6,925,908 ( 495,000 ) 6,430,908 Total $ 53,306,414 $ ( 495,000 ) $ 52,811,414 (1) The property loans are held in trust in connection with TOB trust financings (Note 13). 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. (2) The interest rate will convert to a variable rate of Term SOFR + 3.35 % on February 1, 2025. (3) The property loan is held in trust in connection with a TOB trust financing (Note 13). December 31, 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 14,998,296 - 14,998,296 8/1/2024 SOFR + 3.07 % Osprey Village Supplemental 4,600,000 - 4,600,000 8/1/2024 SOFR + 3.22 % Sandy Creek Apartments 2,419,876 - 2,419,876 9/1/2026 8.63 % (2) Willow Place Apartments 18,875,606 - 18,875,606 10/1/2024 SOFR + 3.30 % Willow Place Apartments Supplemental 339,000 - 339,000 10/1/2024 SOFR + 3.45 % Subtotal 81,585,296 - 81,585,296 Mezzanine Financing (3) SoLa Impact Opportunity Zone Fund $ 34,045,000 $ - $ 34,045,000 12/30/2024 7.875 % Other The 50/50 MF Property $ 5,977,314 $ - $ 5,977,314 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 6,925,908 ( 495,000 ) 6,430,908 Total $ 122,556,204 $ ( 495,000 ) $ 122,061,204 (1) The property loans are held in trust in connection with TOB trust financings (Note 13) with the exception of the Osprey Village Supplemental and Willow Place Apartments Supplemental property loans. 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 interest rate will convert to a variable rate of Term SOFR + 3.35 % on February 1, 2025. (3) The property loan is held in trust in connection with a TOB trust financing (Note 13). The Partnership has accrued interest receivable related to its property loans of $ 1.2 million and $ 1.7 million as of March 31, 2024 and December 31, 2023, 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 on a draw-down basis during construction of the secured properties as of March 31, 2024. See Note 16 for further information regarding the Partnership’s remaining property loan funding commitments. See Note 10 for information regarding the Partnership’s allowance for credit losses related to its property loans. Activity in the First Three Months of 2024 The following property loan principal payments were received during the three months ended March 31, 2024: Property Name Month Principal Proceeds Legacy Commons at Signal Hills February 2024 $ 32,233,972 Osprey Village February 2024 14,998,296 Osprey Village Supplemental February 2024 4,600,000 Willow Place Apartments February 2024 18,875,606 Willow Place Apartments Supplemental February 2024 1,115,320 SoLa Impact Opportunity Zone Fund March 2024 500,000 $ 72,323,194 Activity in the First Three Months of 2023 The following property loan principal payments were received during the three months ended March 31, 2023: Property Name Month Principal Greens Property February 2023 $ 850,000 Scharbauer Flats February 2023 10,773,236 Centennial Crossings March 2023 6,692,344 $ 18,315,580 Concurrent with the redemption of the Greens Property loan, the Partnership received cash as payment for accrued interest of approximately $ 1.6 million.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	7. 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 invested capital through a date approximately five years after commencement of construction in connection with the Vantage investments. The following table provides the details of the investments in unconsolidated entities as of March 31, 2024 and December 31, 2023: Property Name Location Units Construction Commencement Date Construction Completion Date Carrying Value as of March 31, 2024 Carrying Value as of December 31, 2023 Current Investments Vantage at Tomball Tomball, TX 288 August 2020 April 2022 $ 14,199,870 13,235,090 Vantage at Hutto Hutto, TX 288 December 2021 December 2023 14,573,715 13,908,660 Vantage at Loveland Loveland, CO 288 April 2021 N/A 21,157,573 20,464,906 Vantage at Helotes Helotes, TX 288 May 2021 November 2022 15,090,681 15,090,681 Vantage at Fair Oaks Boerne, TX 288 September 2021 May 2023 13,485,258 12,996,316 Vantage at McKinney Falls McKinney Falls, TX 288 December 2021 N/A 14,349,293 13,131,272 Freestone Greeley Greeley, CO 296 N/A N/A 5,784,762 5,346,007 Freestone Cresta Bella San Antonio, TX 296 February 2023 N/A 17,661,138 17,325,494 Valage Senior Living Carson Valley Minden, NV 102 (1) February 2023 N/A 8,684,133 8,608,322 The Jessam at Hays Farm Huntsville, AL 318 July 2023 N/A 10,941,810 7,518,717 Freestone Greenville Greenville, TX 300 April 2024 N/A 5,470,516 5,366,551 Freestone Ladera Ladera, TX 288 N/A N/A 3,732,158 3,661,230 $ 145,130,907 $ 136,653,246 (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 March 31, 2024. See Note 16 for further details regarding the Partnership’s remaining funding commitments. Activity in the First Three Months of 2024 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the three months ended March 31, 2024: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain (loss) Vantage at Coventry Omaha, NE 294 (1) $ 50,000 $ - $ 50,000 (1) In January 2024, the Partnership received sales proceeds of approximately $ 50,000 associated with final settlements of the Vantage at Coventry sale in January 2023. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statement of operations. During the first three months of 2024, the Partnership advanced funds beyond its original commitments to four Vantage unconsolidated entities totaling $ 2.9 million to cover additional construction and interest costs. Activity in the First Three Months of 2023 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the three months ended March 31, 2023: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain on Sale 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 ) $ 27,903,278 $ 243,796 $ 15,366,929 (1) In February 2023, the Partnership paid additional cash of approximately $ 6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the full amount in "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statements 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. Summarized Unconsolidated Entity Level Financial Data The following table provides summary combined financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Property revenues $ 3,785,318 $ 3,749,443 Gain on sale of property $ - $ 38,104,333 Net income (loss) $ ( 1,124,174 ) $ 37,742,938

Real Estate Assets

Real Estate Assets	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Real Estate Assets	8. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2024 and December 31, 2023: Real Estate Assets as of March 31, 2024 Property Name Location Number of Land and Land Buildings and Carrying Value Vantage at San Marcos San Marcos, TX (1) 2,660,615 946,043 3,606,658 Land held for development (2) 1,109,482 - 1,109,482 $ 4,716,140 Less accumulated depreciation - Real estate assets, net $ 4,716,140 (1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 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, 2023 Property Name Location Number of Land and Land Buildings and Carrying Value Vantage at San Marcos San Marcos, TX (1) 2,660,615 946,043 3,606,658 Land held for development (2) 1,109,482 - 1,109,482 $ 4,716,140 Less accumulated depreciation - Real estate assets, net $ 4,716,140 (1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 for further information. (2) Land held for development consists of land and development costs for a parcel of land in Richland County, SC. In January 2023, the Partnership sold the land held for development in Omaha, NE and received proceeds of $ 442,000 which approximated the Partnership ’ s carrying value. In December 2023, the Partnership sold the Suites on Paseo MF Property. Net income related to the Suites on Paseo MF Property for the three months ended March 31, 2024, and 2023 was as follows: For the Three Months Ended March 31, 2024 2023 Net income $ - $ 228,912

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2024
Other Assets [Abstract]
Other Assets	9. Other Assets The following table summarizes the Partnership ’ s other assets as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Deferred financing costs, net $ 799,144 $ 850,726 Derivative instruments at fair value (Note 15) 9,263,602 5,254,663 Taxable mortgage revenue bonds, at fair value 10,980,756 21,460,288 Taxable governmental issuer loans: Taxable governmental issuer loans 3,000,000 13,573,000 Allowance for credit losses (Note 10) ( 41,000 ) ( 77,000 ) Taxable governmental issuer loans, net 2,959,000 13,496,000 Bond purchase commitment, at fair value (Note 16) 134,829 197,788 Other assets 1,845,579 1,935,005 Total other assets $ 25,982,910 $ 43,194,470 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 March 31, 2024. See Note 16 for further information regarding the Partnership’s remaining taxable GIL and taxable MRB funding commitments. See Note 10 for information regarding the Partnership’s allowance for credit losses related to its taxable GILs. See Note 20 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 gains and 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 March 31, 2024, nine taxable MRBs and three taxable GILs with a reported value totaling $ 14.4 million were held in trust in connection with TOB trust financings (Note 13). Activity in the First Three Months of 2024 The following taxable MRB and taxable GIL principal payments were received during the three months ended March 31, 2024: Property Name Month Property Location Units Original Interest Rate Principal Taxable MRBs Residency at the Mayer Series A-T (1) March 2024 Hollywood, CA 79 10/1/2024 SOFR + 3.70 % (2) $ 11,500,000 Taxable GILs Hope on Avalon January 2024 Los Angeles, CA 88 2/1/2024 SOFR + 3.55 % $ 10,573,000 Total $ 22,073,000 (1) The borrower re-allocated $ 11.5 million of previously provided funding from a taxable MRB to a new MRB during the acquisition and rehabilitation phase of the property. (2) The interest rate is subject to an all-in floor of 3.95 %. Activity in the First Three Months of 2023 The following table includes details of the taxable MRB acquired during the three months ended March 31, 2023: Property Name Date Committed Maturity Date Initial Principal Funding Total Commitment Windsor Shores Apartments - Series B January 2023 2/1/2030 $ 805,000 $ 805,000

Allowance for Credit Losses

Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2024
Credit Loss [Abstract]
Allowance for Credit Losses	10. Allowance for Credit Losses 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. The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 Governmental Issuer Loans Taxable Governmental Issuer Loans Property Loans Unfunded Commitments Total Balance, beginning of period $ 1,294,000 $ 77,000 $ 2,048,000 $ 678,000 $ 4,097,000 Current provision for credit losses ( 128,000 ) ( 36,000 ) ( 420,000 ) ( 222,000 ) ( 806,000 ) Balance, end of period $ 1,166,000 $ 41,000 $ 1,628,000 $ 456,000 $ 3,291,000 For the Three Months ended March 31, 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 expected credit losses ( 65,000 ) 10,000 ( 153,000 ) ( 337,000 ) ( 545,000 ) Balance, end of period $ 2,080,000 $ 89,000 $ 2,450,000 $ 1,280,000 $ 5,899,000 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 $ 806,000 and $ 545,000 for the three months ended March 31, 2024 and 2023, respectively, which caused a decrease in the allowance for credit losses by the same amount. The decreases for the three months ended March 31, 2024 and 2023 are primarily due to GIL and property loan redemptions, 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 tables summarize the Partnership’s carrying value by acquisition year, grouped by risk rating as of March 31, 2024 and December 31, 2023: March 31, 2024 2024 2023 2022 2021 2020 Prior Total Governmental Issuer Loans Performing $ - $ 13,600,000 $ 72,337,300 $ 119,620,000 $ - $ - $ 205,557,300 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 13,600,000 72,337,300 119,620,000 - - 205,557,300 Taxable Governmental Issuer Loans Performing $ - $ - $ 3,000,000 $ - $ - $ - $ 3,000,000 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - - 3,000,000 - - - 3,000,000 Property Loans Performing $ - $ 4,716,960 $ 47,640,860 $ - $ - $ 453,594 $ 52,811,414 Watch - - - - - - - Nonperforming - - - - - 495,000 495,000 Subtotal - 4,716,960 47,640,860 - - 948,594 53,306,414 Unfunded Commitments Performing $ - $ 3,113,040 $ 98,700,000 $ - $ - $ - $ 101,813,040 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 3,113,040 98,700,000 - - - 101,813,040 Total $ - $ 21,430,000 $ 221,678,160 $ 119,620,000 $ - $ 948,594 $ 363,676,754 December 31, 2023 2023 2022 2021 2020 2019 Prior Total Governmental Issuer Loans Performing $ 13,600,000 $ 66,337,300 $ 143,010,000 $ - $ - $ - $ 222,947,300 Watch - - - - - - - Nonperforming - - - - - - - Subtotal 13,600,000 66,337,300 143,010,000 - - - 222,947,300 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 $ 7,358,876 $ 48,140,860 $ 66,107,874 $ - - $ 453,594 $ 122,061,204 Watch - - - - - - - Nonperforming - - - - $ 495,000 - 495,000 Subtotal 7,358,876 48,140,860 66,107,874 - 495,000 453,594 122,556,204 Unfunded Commitments Performing $ 6,909,378 $ 104,700,000 $ 12,977,426 $ - $ - $ - $ 124,586,804 Watch - - - - - - - Nonperforming - - - - - - - Subtotal 6,909,378 104,700,000 12,977,426 - - - 124,586,804 Total $ 27,868,254 $ 222,178,160 $ 232,668,300 $ - $ 495,000 $ 453,594 $ 483,663,308 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 March 31, 2024, except as noted below. The Partnership currently has two property loans on nonaccrual status. During the three months ended March 31, 2024 and 2023, 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 March 31, 2024 and December 31, 2023, 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. 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. The property loan is in non-accrual status as of March 31, 2024 because payments under the loan are not required immediately and are expected to be paid from future net cash flows of the property. As such, the loan is considered to be performing. The property loan associated with the 50/50 MF Property had outstanding principal of approximately $ 6.0 million as of March 31, 2024 and December 31, 2023. Available-for-Sale Debt Securities The Partnership records impairments 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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 9,910,079 $ 9,978,891 Recovery of prior credit loss (1) ( 17,155 ) ( 16,967 ) Balance, end of period (2) $ 9,892,924 $ 9,961,924 (1) 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. (2) The allowance for credit losses as of March 31, 2024 and 2023 was related 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	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	11. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Accounts payable $ 1,341,410 $ 1,518,267 Accrued expenses 3,471,873 4,104,945 Accrued interest expense 7,428,057 7,935,327 Deferred gain on sale of MF Property 6,596,622 6,596,622 Reserve for credit losses on unfunded commitments (Note 10) 456,000 678,000 Derivative instruments at fair value (Note 15) 224,845 705,694 Other liabilities 1,344,108 1,419,233 Total accounts payable, accrued expenses and other liabilities $ 20,862,915 $ 22,958,088

Secured Lines of Credit

Secured Lines of Credit	3 Months Ended
	Mar. 31, 2024
Secured Line Of Credit Facility [Member]
Line of Credit Facility [Line Items]
Secured Lines of Credit	12. Secured Lines of Credit The following tables summarize the Partnership ’s secured lines of credit ("LOC" or "LOCs") as of March 31, 2024 and December 31, 2023: Secured Lines of Credit Outstanding as of March 31, 2024 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 16,500,000 $ 50,000,000 June 2025 (1) Variable (2) Monthly 8.82 % Bankers Trust Acquisition LOC - 50,000,000 June 2024 (3) Variable (4) Monthly 7.82 % $ 16,500,000 $ 100,000,000 (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, 2023 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 16,500,000 $ 40,000,000 June 2025 (1) Variable (2) Monthly 8.85 % Bankers Trust Acquisition LOC 16,900,000 50,000,000 June 2024 (3) Variable (4) Monthly 7.85 % $ 33,400,000 $ 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”). General LOC The Partnership has entered into a secured Credit Agreement (“Secured Credit Agreement”) of up to $ 50.0 million with three financial institutions 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 March 31, 2024, the borrowing base was approximately $ 41.5 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 March 31, 2024. 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 $ 6.3 million and maintain a minimum consolidated tangible net worth of $ 200.0 million. The Partnership may increase the maximum commitment from $ 50.0 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 $ 6.3 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 March 31, 2024. 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 March 31, 2024.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2024
Debt Financing [Abstract]
Debt Financing	13. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2024 and December 31, 2023: 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) $ 66,287,183 $ 4,999 2024 Variable Yes 3.67 % 1.36 % 5.03 % M33 TEBS 28,696,943 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 209,211,759 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 304,195,885 4.42 % TEBS Residual Financing $ 60,243,478 $ 9,000 2034 Fixed Yes N/A N/A 7.16 % TOB Trust Securitizations Mizuho Capital Markets: Jackson Manor Apartments 4,100,000 (4) 2024 Variable Yes 4.01 % 1.29 % 5.30 % Southpark MRB 9,810,692 (4) 2024 Variable Yes 4.01 % 1.44 % 5.45 % SoLa Impact Opportunity Zone Fund 23,412,092 (4) 2024 Variable No 5.59 % 1.78 % 7.37 % Montevista - Series A 5,607,507 (4) 2025 Variable Yes 4.01 % 1.28 % 5.29 % Montecito at Williams Ranch - Series A 6,798,537 (4) 2025 Variable Yes 4.01 % 1.18 % 5.19 % Vineyard Gardens - Series A 3,593,846 (4) 2025 Variable Yes 4.01 % 1.18 % 5.19 % The Park at Sondrio - Series 2022A 30,407,150 (4) 2025 Variable Yes 4.01 % 1.43 % 5.44 % The Park at Vietti - Series 2022A 21,530,746 (4) 2025 Variable Yes 4.01 % 1.43 % 5.44 % Avistar at Copperfield - Series A 11,338,321 (4) 2025 Variable Yes 4.01 % 1.68 % 5.69 % Avistar at Wilcrest - Series A 4,292,320 (4) 2025 Variable Yes 4.01 % 1.68 % 5.69 % Residency at the Entrepreneur MRBs 26,080,000 (4) 2025 Variable Yes 4.01 % 1.45 % 5.46 % Legacy Commons at Signal Hills GIL 31,155,000 (4) 2025 Variable Yes 4.01 % 0.91 % 4.92 % Osprey Village GIL 49,475,000 (4) 2025 Variable Yes 4.01 % 1.19 % 5.20 % Residency at the Mayer Taxable MRB 824,508 (4) 2025 Variable No 5.59 % 1.17 % 6.76 % Residency at Empire MRBs 21,888,667 (4) 2026 Variable Yes 4.01 % 1.42 % 5.43 % The Ivy Apartments 24,339,218 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Windsor Shores Apartments 17,190,485 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Village at Hanford Square 7,764,412 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % MaryAlice Circle Apartments 4,686,385 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Meadow Valley 18,581,544 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % 40rty on Colony 4,443,263 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Sandy Creek Apartments GIL 9,622,773 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Residency at the Mayer - Series A 33,804,687 (4) 2026 Variable Yes 4.01 % 1.19 % 5.20 % The Safford 7,779,345 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Avistar at Wood Hollow - Series A 32,568,480 (4) 2027 Variable Yes 4.01 % 1.44 % 5.45 % Live 929 53,092,000 (4) 2027 Variable Yes 4.01 % 1.18 % 5.19 % Trust 2024-XF3219 (5) 22,579,601 (4) 2027 Variable No 5.59 % 1.79 % 7.38 % Barclays Capital Inc.: Trust 2021-XF2953 (6) 54,627,862 - 2025 Variable No 5.45 % 1.27 % 6.72 % Poppy Grove I GIL 17,473,372 - 2025 Variable Yes 4.75 % 1.25 % 6.00 % Poppy Grove II GIL 9,229,372 - 2025 Variable Yes 4.75 % 1.25 % 6.00 % Poppy Grove III GIL 14,836,372 - 2025 Variable Yes 4.75 % 1.25 % 6.00 % Village Point 18,386,175 - 2025 Variable Yes 4.78 % 1.61 % 6.39 % Subtotal/Weighed Average Period End Rate 601,319,732 5.69 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,715,993 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 978,475,088 (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 Partnership has restricted cash totaling approximately $ 14.7 million related to its total net position with Mizuho Capital Markets. (5) The TOB trust is securitized by eight taxable MRBs, six MRBs, and one property loan. (6) The TOB trust is securitized by the Willow Place GIL & supplemental GIL, 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) $ 66,621,825 $ 4,999 2024 Variable Yes 3.90 % 1.31 % 5.21 % M33 TEBS 28,870,624 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 209,769,942 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 305,262,391 4.46 % TEBS Residual Financing $ 60,322,317 $ - 2034 Fixed Yes N/A N/A 7.16 % TOB Trust Securitizations Mizuho Capital Markets: Hope on Avalon GIL 18,711,665 (4) 2024 Variable Yes 4.24 % 1.44 % 5.68 % Jackson Manor Apartments 4,100,000 (4) 2024 Variable Yes 4.24 % 1.29 % 5.53 % Trust 2021-XF2926 (5) 38,496,952 (4) 2024 Variable No 5.59 % 0.90 % 6.49 % SoLa Impact Opportunity Zone Fund 23,741,122 (4) 2024 Variable No 5.59 % 1.78 % 7.37 % Montevista - Series A 5,618,833 (4) 2025 Variable Yes 4.24 % 1.28 % 5.52 % Montecito at Williams Ranch - Series A 6,813,244 (4) 2025 Variable Yes 4.24 % 1.18 % 5.42 % Vineyard Gardens - Series A 3,593,615 (4) 2025 Variable Yes 4.24 % 1.18 % 5.42 % The Park at Sondrio - Series 2022A 30,396,222 (4) 2025 Variable Yes 4.24 % 1.43 % 5.67 % The Park at Vietti - Series 2022A 21,522,158 (4) 2025 Variable Yes 4.24 % 1.43 % 5.67 % Avistar at Copperfield - Series A 11,370,985 (4) 2025 Variable Yes 4.24 % 1.68 % 5.92 % Avistar at Wilcrest - Series A 4,303,984 (4) 2025 Variable Yes 4.24 % 1.68 % 5.92 % Residency at the Entrepreneur MRBs 23,040,000 (4) 2025 Variable Yes 4.24 % 1.45 % 5.69 % Legacy Commons at Signal Hills GIL 31,155,000 (4) 2025 Variable Yes 4.24 % 0.91 % 5.15 % Osprey Village GIL 49,475,000 (4) 2025 Variable Yes 4.24 % 1.19 % 5.43 % Trust 2021-XF2939 (6) 21,821,644 (4) 2025 Variable No 5.59 % 1.17 % 6.76 % Residency at Empire MRBs 18,267,048 (4) 2026 Variable Yes 4.24 % 1.42 % 5.66 % The Ivy Apartments 24,330,930 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Windsor Shores Apartments 17,183,983 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Village at Hanford Square 7,760,141 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % MaryAlice Circle Apartments 4,682,351 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Meadow Valley 15,438,915 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % 40rty on Colony 4,440,847 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Sandy Creek Apartments GIL 9,616,853 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Residency at the Mayer - Series A 24,335,000 (4) 2026 Variable Yes 4.24 % 1.19 % 5.43 % The Safford 5,911,780 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Avistar at Wood Hollow - Series A 32,673,300 (4) 2027 Variable Yes 4.24 % 1.44 % 5.68 % Live 929 53,092,000 (4) 2027 Variable Yes 4.24 % 1.18 % 5.42 % Barclays Capital Inc.: Trust 2021-XF2953 (7) 69,694,599 - 2024 Variable No 5.48 % 1.27 % 6.75 % Poppy Grove I GIL 15,872,163 - 2024 Variable Yes 4.40 % 1.25 % 5.65 % Poppy Grove II GIL 7,628,163 - 2024 Variable Yes 4.40 % 1.25 % 5.65 % Poppy Grove III GIL 13,235,163 - 2024 Variable Yes 4.40 % 1.25 % 5.65 % Village Point 18,381,720 - 2024 Variable Yes 4.43 % 1.61 % 6.04 % Subtotal/Weighed Average Period End Rate 636,705,380 5.87 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,739,978 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,015,030,066 (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 Partnership has restricted cash totaling approximately $ 9.6 million related to its total net position with Mizuho Capital Markets. (5) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. (6) The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan. (7) The TOB trust is securitized by the Willow Place GIL, property loan & supplemental GIL, 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, TEBS financing, and TEBS Residual Financing are consolidated VIEs of the Partnership (Note 3). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, term TOB, TEBS financings, and TEBS Residual Financing 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, TEBS financings, and TEBS Residual Financing in Notes 4, 5, 6 and 9, respectively. As the residual interest holder in the TOB, term TOB, and TEBS financing, 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. As the residual interest holder in the TEBS Residual Financing, the Partnership may make certain payments or contribute certain assets to the VIE to prevent a default under the arrangement. If the Partnership does not or is unable to cure the default, the default and liquidation provisions will be invoked and the underlying assets will be sold, which may result in the Partnership’s residual interest not being recovered. The Partnership has entered into various TOB trust financings with Mizuho and Barclays secured by various investment assets. The TOB trusts with Mizuho and Barclays are subject to respective ISDA master agreements that contain certain covenants and requirements. The TOB trust financings with Mizuho and Barclays require that the Partnership's residual interests must maintain a certain value in relation to the 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 a national securities exchange. 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 March 31, 2024. 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. The amount of collateral posting required is dependent on the valuation of the securitized assets and interest rate swaps (Note 15) in relation to thresholds set by Mizuho and Barclays at the initiation of each transaction. The Partnership had posted approximately $ 14.7 million and $ 9.6 million of cash collateral with Mizuho as of March 31, 2024 and December 31, 2023, respectively. There was no required cash collateral posted with Barclays as of March 31, 2024 or December 31, 2023. As of March 31, 2024 and December 31, 2023, the Partnership posted restricted cash as contractually required under the terms of the three 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 15). 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 March 31, 2024. 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 Three Months of 2024 New Debt Financings: The following is a summary of the new TOB trust financings that were entered into during the three months ended March 31, 2024: TOB Trust Securitization Initial TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Facility Fees Southpark MRB $ 9,840,000 June 2024 Variable Yes 1.44 % Trust 2024-XF3219 21,795,000 February 2027 Variable No 1.79 % Total TOB Trust Financings $ 31,635,000 In March 2024, the Partnership deposited the Residency at the Mayer Series M MRB into the existing TOB Trust 2022-XF3059 and received additional debt financing proceeds of approximately $ 9.5 million. Redemptions: The following is a summary of the debt financing principal payments made in connection with the redemption of underlying assets during the three months ended March 31, 2024: Debt Financing Debt Facility Month Paydown Applied Hope on Avalon GIL TOB Trust January 2024 $ 18,712,000 Trust 2021-XF2926 - Hope on Avalon taxable GIL TOB Trust January 2024 9,515,000 Trust 2021-XF2939 - Osprey Village property loan TOB Trust February 2024 12,365,000 Trust 2021-XF2939 - Osprey Village Supplemental property loan TOB Trust February 2024 3,795,000 Trust 2021-XF2953 - Willow Place property loan TOB Trust February 2024 15,080,000 Trust 2021-XF2926 - Legacy Commons at Signal Hills property loan TOB Trust February 2024 28,985,000 Trust 2021-XF2939 - Residency at the Mayer Series A-T TOB Trust March 2024 9,480,000 SoLa Impact Opportunity Zone Fund TOB Trust March 2024 350,000 $ 98,282,000 Refinancing Activity: The Partnership executed three-month extensions of the maturity dates of the Barclays TOB financings of Trust 2021-XF2953, Poppy Grove I GIL, Poppy Grove II GIL, Poppy Grove III GIL, and Village Point to January 2025. There were no additional changes to terms or fees associated with the extensions. Activity in the First Three Months of 2023 New Debt Financings: The following is a summary of the new TOB trust financings that were entered into during the three months ended March 31, 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 % Total TOB Trust Financings $ 83,336,000 Redemptions: The following is a summary of the debt trust financing repaid in connection with the redemption of the underlying asset during the three months ended March 31, 2023: Debt Financing Debt Facility Month Paydown Applied Greens of Pine Glen M31 TEBS February 2023 $ 7,579,000 Future Maturities The Partnership’s contractual maturities of borrowings as of March 31, 2024 for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: Remainder of 2024 $ 143,344,871 2025 312,950,784 2026 159,748,526 2027 103,965,220 2028 4,518,577 Thereafter 257,084,127 Total 981,612,105 Unamortized deferred financing costs and debt premium ( 3,137,017 ) Total debt financing, net $ 978,475,088

Mortgages Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2024
Mortgages Payable [Abstract]
Mortgages Payable	14. Mortgages Payable The following is a summary of the Partnership's mortgage payable, net of deferred financing costs, as of March 31, 2024 and December 31, 2023: 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 2024 Variable 9.25 % (1) The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 3).

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
Interest Rate Derivatives [Abstract]
Derivative Instruments	15. 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 “Net result from derivative transactions” in the Partnership's condensed consolidated statements of operations, with gains reported as a reduction to expenses. The following tables are a summary of the unrealized and realized gains and losses of the Partnership's derivative instruments for the three months ended March 31, 2024 and 2023: For the Three Months ended March 31, 2024 Realized (gains) losses on derivatives, net Unrealized (gains) losses on derivatives, net Net result from derivative transactions Interest rate swaps $ ( 1,663,449 ) $ ( 4,604,445 ) $ ( 6,267,894 ) Interest rate cap - 230 230 Total $ ( 1,663,449 ) $ ( 4,604,215 ) $ ( 6,267,664 ) For the Three Months ended March 31, 2023 Realized (gains) losses on derivatives, net Unrealized (gains) losses on derivatives, net Net result from derivative transactions Interest rate swaps $ ( 829,480 ) $ 3,430,002 $ 2,600,522 Interest rate cap 5,965 5,965 Total return swaps ( 1,323,351 ) - ( 1,323,351 ) Total $ ( 2,152,831 ) $ 3,435,967 $ 1,283,136 The value of the Partnership’ interest rate swaps are subject to mark-to-market collateral posting provisions in conjunction with the Partnership’s respective ISDA master agreements (Note 13). See Note 20 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” and “Accounts payable, accrued expenses and other liabilities” in the Partnership's condensed consolidated balance sheets. The Partnership has entered into multiple interest rate swap agreements with large financial institutions to mitigate interest rate risk associated with variable rate TOB trust financings (Note 13). No fees were paid to the counterparties upon closing of the interest rate swaps. 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 derivative instruments as of March 31, 2024 and December 31, 2023: Fair Value as of Contract Type Notional Amount Asset Liability Weighted Average Swaps SOFR 313,264,293 $ 9,263,567 $ ( 224,845 ) 3.04 Cap 4.5 % SIFMA Rate Cap 72,988,749 35 - 0.42 386,253,042 $ 9,263,602 $ ( 224,845 ) Fair Value as of Contract Type Notional Amount Asset Liability Weighted Average Swaps SOFR 333,250,226 $ 5,254,398 $ ( 705,694 ) 3.48 Cap 4.5 % SIFMA Rate Cap 73,393,729 265 - 0.67 406,643,955 $ 5,254,663 $ ( 705,694 ) The following table summarizes the average notional amount and weighted average fixed rate by year for our interest rate swaps as of March 31, 2024: Year Average Notional Weighted Average Remainder of 2024 $ 354,680,757 3.45 % 2025 297,636,631 3.31 % 2026 247,498,799 3.27 % 2027 162,100,466 3.31 % 2028 125,802,132 3.38 % 2029 103,872,299 3.38 % 2030 8,997,800 3.40 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. 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 March 31, 2024 and December 31, 2023: 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 134,829 197,788 Investment Commitments The Partnership has remaining contractual 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. See Note 10 for additional information on the allowance for credit losses on such commitments. The Partnership also has outstanding contractual commitments to contribute additional equity to unconsolidated entities. The following table summarizes the Partnership’s total and remaining commitments as of March 31, 2024: 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 $ 19,070,000 Residency at the Entrepreneur- Series J-3 April 2022 March 2040 6.00 % 26,080,000 9,980,000 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 4,445,000 Residency at Empire - Series BB-4 December 2022 December 2040 6.45 % (5) 47,000,000 47,000,000 The Safford October 2023 October 2026 (3) 7.59 % 43,000,000 33,117,168 Subtotal 195,500,000 134,032,168 Taxable Mortgage Revenue Bonds 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 33,754,500 29,754,500 Governmental Issuer Loans Poppy Grove I September 2022 April 2025 (3) 6.78 % 35,688,328 13,842,328 Poppy Grove II September 2022 April 2025 (3) 6.78 % 22,250,000 10,708,700 Poppy Grove III September 2022 April 2025 (3) 6.78 % 39,119,507 20,569,507 Subtotal 97,057,835 45,120,535 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 Sandy Creek Apartments August 2023 September 2026 (3) 8.63 % (6) $ 7,830,000 $ 3,113,040 Subtotal 7,830,000 3,113,040 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 18,215,000 657,427 Freestone Greeley (8) October 2022 N/A N/A 16,035,710 10,806,346 The Jessam at Hays Farm July 2023 N/A N/A 16,532,636 5,880,256 Freestone Greenville December 2023 N/A N/A 19,934,456 14,597,244 Freestone Ladera (8) December 2023 N/A N/A 17,097,624 13,449,494 Subtotal 97,729,955 54,334,681 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 $ 492,351,755 $ 323,834,389 (1) The variable index interest rate components are subject to a floor of 0.27 %. (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 3). (8) A development site has been identified for this property but construction had not commenced as of March 31, 2024. (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 March 31, 2024: Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure Ohio Properties 2026 $ 1,960,152 Greens of Pine Glen, LP 2027 1,470,582 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 $ 338,000 and $ 343,000 as of March 31, 2024 and December 31, 2023, 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 March 31, 2024: Borrower End of Guaranty Period Partnership's Maximum Exposure The 50/50 MF Property--TIF Loan 2025 $ 1,337,268 The 50/50 MF Property--Mortgage 2027 21,701,660

Redeemable Preferred Units

Redeemable Preferred Units	3 Months Ended
	Mar. 31, 2024
Temporary Equity Disclosure [Abstract]
Redeemable Preferred Units	17. 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. The following table summarizes the Partnership’s outstanding Preferred Units as of March 31, 2024 and December 31, 2023: March 31, 2024 Month Issued Units Purchase Price Distribution Redemption Earliest Redemption Series A Preferred Units March 2017 1,000,000 $ 10,000,000 3.00 % 10.00 March 2024 (1) Total Series A Preferred Units 1,000,000 10,000,000 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 Series B Preferred Units January 2024 1,750,000 $ 17,500,000 5.75 % 10.00 January 2030 February 2024 500,000 5,000,000 5.75 % $ 10.00 February 2030 Total Series B Preferred Units 2,250,000 22,500,000 Redeemable Preferred Units 8,750,000 $ 87,500,000 (1) In April 2024, the Partnership redeemed $ 10.0 million of Series A Preferred Units. See Note 25 for additional information. December 31, 2023 Month Issued Units Purchase Price Distribution Redemption Series A Preferred Units March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2017 1,000,000 10,000,000 3.00 % 10.00 October 2017 750,000 7,500,000 3.00 % 10.00 Total Series A Preferred Units 2,750,000 27,500,000 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 February 2023 1,500,000 15,000,000 3.00 % 10.00 June 2023 1,000,000 10,000,000 3.00 % 10.00 Total Series A-1 Preferred Units 5,500,000 55,000,000 Redeemable Preferred Units 8,250,000 $ 82,500,000

Restricted Unit Awards

Restricted Unit Awards	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Restricted Unit Awards	18. Restricted Unit Awards The Amended and Restated Greystone Housing Impact Investors LP 2015 Equity Incentive Plan (the " 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 March 31, 2024, there were approximately 292,000 restricted units and other awards available for future issuance under the Plan. 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 $ 332,000 and $ 350,000 for the three months ended March 31, 2024 and 2023, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations. The following table summarizes the RUA activity for the three months ended March 31, 2024 and for the year ended December 31, 2023: Restricted Units Weighted average Unvested as of January 1, 2023 87,334 $ 19.33 Granted 105,274 17.65 Vested ( 97,008 ) 18.64 Unvested as of December 31, 2023 95,600 18.18 Granted 109,581 16.62 Unvested as of March 31, 2024 205,181 $ 17.35 The unrecognized compensation expense related to unvested RUAs granted under the Plan was approximately $ 2.4 million as of March 31, 2024. The remaining compensation expense is expected to be recognized over a weighted average period of 1.3 years. The total intrinsic value of unvested RUAs was approximately $ 3.3 million as of March 31, 2024.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Transactions with Related Parties	19. 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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Partnership administrative fees paid to AFCA 2 (1) $ 1,486,000 $ 1,578,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 20,000 15,000 Referral fees paid to an affiliate (3) - 76,250 (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, 2024, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond acquisition 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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Investment/mortgage placement fees earned by AFCA 2 (1) $ 25,000 $ 2,257,000 (1) 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. As of March 31, 2024, Greystone Servicing Company LLC, an affiliate of the Partnership, has forward committed to purchase eight of the Partnership’s GILs (Note 5), 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 did not purchase any of the Partnership’s GILs during the three months ended March 31, 2024 and 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 12). 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. The Partnership reported receivables due from unconsolidated entities of approximately $ 189,000 and $ 169,000 as of March 31, 2024 and December 31, 2023, 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 $ 540,000 and $ 588,000 as of March 31, 2024 and December 31, 2023, 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	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments	20. 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Mortgage revenue bonds (2) 2.6 % - 8.0 % 2.3 % - 7.7 % 5.2 % 4.8 % Taxable mortgage revenue bonds 6.9 % - 11.9 % 6.5 % - 11.9 % 8.8 % 8.8 % Bond purchase commitments 4.3 % 4.1 % 4.3 % 4.1 % (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 as the bankruptcy process is nearly complete. The valuation as of March 31, 2024 is based on expected additional liquidation proceeds of approximately $ 197,000 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 interest rate swaps. 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 interest rate cap. 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 was to lower the net interest rate related to the Partnership’s Secured Notes equal to the notional amount of the derivative agreement. The Partnership used 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 was based on a model with inputs that are not observable and therefore the total return swaps were categorized as Level 3 assets or liabilities. Assets measured at fair value on a recurring basis as of March 31, 2024 are summarized as follows: Fair Value Measurements as of March 31, 2024 Description Assets and Liabilities Quoted Prices in Significant Other Significant Assets and Liabilities Mortgage revenue bonds, held in trust $ 922,468,164 $ - $ - $ 922,468,164 Mortgage revenue bonds 20,277,433 - - 20,277,433 Bond purchase commitments (reported within other assets) 134,829 - - 134,829 Taxable mortgage revenue bonds (reported within other assets) 10,980,756 - - 10,980,756 Derivative instruments (reported within other assets) 9,263,602 - 9,263,568 34 Derivative swap liability (reported within other liabilities) ( 224,845 ) - ( 224,845 ) - Total Assets and Liabilities at Fair Value, net $ 962,899,939 $ - $ 9,038,723 $ 953,861,216 The following table summarizes the activity related to Level 3 assets for the three months ended March 31, 2024: For the Three Months Ended March 31, 2024 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Taxable Mortgage Derivative Total Beginning Balance January 1, 2024 $ 930,675,295 $ 197,788 $ 21,460,288 $ 265 $ 952,333,636 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 71,383 - ( 6,050 ) ( 231 ) 65,102 Included in other comprehensive income ( 12,038,314 ) ( 62,959 ) 29,577 - ( 12,071,696 ) Purchases and advances 26,297,798 - 1,000,000 - 27,297,798 Settlements and redemptions ( 2,260,565 ) - ( 11,503,059 ) - ( 13,763,624 ) Ending Balance March 31, 2024 $ 942,745,597 $ 134,829 $ 10,980,756 $ 34 $ 953,861,216 Total amount of gains (losses) for the $ 17,155 $ - $ - $ ( 231 ) $ 16,924 (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, 2023 are summarized as follows: Fair Value Measurements as of December 31, 2023 Description Assets and Liabilities Quoted Prices in Significant Other Significant Assets and Liabilities Mortgage revenue bonds, held in trust $ 883,030,786 $ - $ - $ 883,030,786 Mortgage revenue bonds 47,644,509 - - 47,644,509 Bond purchase commitments (reported within other assets) 197,788 - - 197,788 Taxable mortgage revenue bonds (reported within other assets) 21,460,288 - - 21,460,288 Derivative instruments (reported within other assets) 5,254,663 - 5,254,398 265 Derivative swap liability (reported within other liabilities) ( 705,694 ) - ( 705,694 ) - Total Assets and Liabilities at Fair Value, net $ 956,882,340 $ - $ 4,548,704 $ 952,333,636 The following tables summarize the activity related to Level 3 assets and liabilities for the three months ended March 31, 2023: For the Three Months Ended March 31, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Commitments 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 77,493 - ( 6,050 ) 1,317,385 1,388,828 Included in other comprehensive income 20,579,051 112,547 ( 181,509 ) - 20,510,089 Purchases and advances 60,622,813 - 1,805,000 - 62,427,813 Settlements and redemptions ( 13,303,739 ) - ( 2,797 ) ( 1,363,480 ) ( 14,670,016 ) Ending Balance March 31, 2023 $ 867,383,622 $ 211,476 $ 18,146,540 $ 285,145 $ 886,026,783 Total amount of gains for the $ 16,967 $ - $ - $ ( 6,024 ) $ 10,943 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. Total gains and losses included in earnings for the derivative instruments are reported within “Net result from derivative transactions” in the Partnership's condensed consolidated statements of operations. As of March 31, 2024 and December 31, 2023, 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 $ 207.2 million and $ 1.7 million as of March 31, 2024, respectively. The estimated fair value of the GILs and taxable GILs was $ 225.7 million and $ 12.1 million as of December 31, 2023, respectively. The fair value of the construction financing property loans approximated amortized cost as of March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 978,475,088 $ 979,889,395 $ 1,015,030,066 $ 1,019,218,351 Secured lines of credit 16,500,000 16,500,000 33,400,000 33,400,000 Mortgages payable 1,690,000 1,690,000 1,690,000 1,690,000

Income Tax Provision

Income Tax Provision	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	21. Income Taxes 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 and real estate. The following table summarizes income tax expense (benefit) for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Current income tax expense (benefit) $ ( 4,196 ) $ 8,340 Deferred income tax expense (benefit) 2,998 ( 982 ) Total income tax expense (benefit) $ ( 1,198 ) $ 7,358 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 March 31, 2024 and December 31, 2023.

Partnership Income, Expenses an

Partnership Income, Expenses and Distributions	3 Months Ended
	Mar. 31, 2024
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income, Expenses and Distributions	22. 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	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income per BUC	23. 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 months ended March 31, 2024 and 2023.

Segments

Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segments	24. Segments As of March 31, 2024, 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 on the Partnership's condensed consolidated balance sheets. As of March 31, 2024, the Partnership reported 84 MRBs and nine GILs in this segment. As of March 31, 2024, the multifamily residential properties securing the MRBs and GILs contain a total of 11,525 and 1,539 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 4). 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 that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of March 31, 2024, 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 7). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 3). MF Properties Segment The MF Properties segment consists primarily of student housing residential properties that were previously owned by the Partnership. As of March 31, 2024 and December 31, 2023, the Partnership did not own any MF Properties. The Partnership previously owned the Suites on Paseo MF Property until the property was sold in December 2023 and there is no continuing involvement with the property. The Partnership previously sold The 50/50 MF Property to an unrelated non-profit organization in December 2022 in exchange for a seller financing property loan which is included in the MF Properties Segment. 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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Total revenues Affordable Multifamily MRB Investments $ 19,998,977 $ 21,437,933 Seniors and Skilled Nursing MRB Investments 747,508 96,555 Market-Rate Joint Venture Investments 1,624,169 2,177,862 MF Properties - 1,225,620 Total revenues $ 22,370,654 $ 24,937,970 Interest expense Affordable Multifamily MRB Investments $ 12,769,139 $ 16,426,555 Seniors and Skilled Nursing MRB Investments 497,170 - Market-Rate Joint Venture Investments 537,626 261,807 MF Properties - - Total interest expense $ 13,803,935 $ 16,688,362 Net result from derivative transactions Affordable Multifamily MRB Investments $ ( 5,435,562 ) $ 1,283,136 Seniors and Skilled Nursing MRB Investments ( 832,102 ) - Market-Rate Joint Venture Investments - MF Properties - - Total net result from derivative transactions $ ( 6,267,664 ) $ 1,283,136 Depreciation expense Affordable Multifamily MRB Investments $ 5,967 $ 5,946 Seniors and Skilled Nursing MRB Investments - - Market-Rate Joint Venture Investments - - MF Properties - 399,035 Total depreciation expense $ 5,967 $ 404,981 Net income (loss) Affordable Multifamily MRB Investments $ 8,536,243 $ ( 801,573 ) Seniors and Skilled Nursing MRB Investments 1,082,440 96,555 Market-Rate Joint Venture Investments 1,029,698 17,279,267 MF Properties - 216,973 Net income $ 10,648,381 $ 16,791,222 The following table details total assets for the Partnership’s reportable segments as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Total assets Affordable Multifamily MRB Investments $ 1,346,410,727 $ 1,413,596,701 Seniors and Skilled Nursing MRB Investments 47,696,156 43,532,926 Market-Rate Joint Venture Investments 149,294,984 140,791,041 MF Properties 6,964,933 7,034,690 Consolidation/eliminations ( 96,947,303 ) ( 91,554,656 ) Total assets $ 1,453,419,497 $ 1,513,400,702

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	25. Subsequent Events In April 2024, the Partnership redeemed $ 10.0 million of Series A Preferred Units from one investor. The redemption was paid using unrestricted cash on hand. In April 2024, 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 April 2024 $ 19,500,000 5/1/2024 5/1/2029 4.345 % Compounded SOFR TOB Trusts Mizuho Capital Markets In April 2024, the Partnership acquired an MRB and taxable MRB to finance the acquisition and rehabilitation of an affordable multifamily property. The following table summarizes the terms of the Partnership’s investments: Mortgage Revenue Bond Name Month Property Location Units Maturity Date Fixed Interest Rate Principal Acquired Woodington Gardens Apartments MRB April 2024 Baltimore, MD 197 5/1/2029 7.80 % $ 31,150,000 Woodington Gardens Apartments taxable MRB April 2024 Baltimore, MD 197 5/1/2029 7.80 % 2,577,000 $ 33,727,000 In April 2024, 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 Woodington Gardens Apartments MRB $ 24,920,000 April 2027 Variable Yes 4.14 % 1.44 % 5.58 % In April 2024, the Partnership deposited the Woodington Gardens Apartments taxable MRB into the existing Trust 2024-XF3219 trust financing and received additional debt financing proceeds of approximately $ 2.1 million. In April 2024, the maturity date of the Partnership’s Term TOB financing associated with the Village at Avalon MRB was extended to May 2025 . In May 2024, the Partnership sold the Brookstone MRB to an unaffiliated entity at a price that approximated the outstanding principal balance and accrued interest. The Partnership received gross proceeds of $8.3 million upon sale. The Partnership also realized the remaining discount of $1.0 million associated with the Brookstone MRB upon sale.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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 3). 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 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 owned 100 % of the Suites on Paseo MF Property. The Partnership also consolidates multiple variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary.
Use of Estimates and Assumptions in Preparation of Consolidated Financial Statements	Use of Estimates and Assumptions in Preparation of Consolidated Financial Statements 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; and (iii) 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, 2023. These condensed consolidated financial statements and notes have been prepared consistently with the 2023 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 March 31, 2024, 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, 2023 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 has recently maintained rates at the current levels as it analyzes further employment, price and economic data for indications of inflation declining to its long-term annual inflation target of 2 %. The Federal Reserve continues to reduce its balance sheet of US treasury bonds and mortgage-backed securities which may cause further upward pressure on interest rates. In addition, geopolitical conflicts continue to impact the general global economic environment. These factors have maintained 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 recent 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 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. The Partnership declared BUCs Distributions in the form of additional BUCs during the three months ended March 31, 2024 and the year ended December 31, 2023. 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.
Reclassification	Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. For the year ended December 31, 2023, the Partnership began reporting the realized and unrealized gains (losses) of its derivative transactions within “Net result from derivative transactions” on the Partnership’s consolidated statements of operations. Previously, the realized and unrealized (gains) losses of the Partnership's derivative transactions had been reported within "Interest expense" on the Partnership’s consolidated statement of operations. Accordingly, for the three months ended March 31, 2023, the Partnership has included the realized and unrealized (gains) losses of its derivative transactions within “Net result from derivative transactions” in conformity with the current reporting period presented herein. This reclassification has no effect on the Partnership’s reported “Net income” or “Partners’ capital” in the Partnership’s condensed consolidated financial statements for the periods presented.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, which enhances the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. ASU 2023-07 is effective for the Partnership’s annual periods beginning after December 15, 2023 and interim periods with fiscal years beginning after December 15, 2024. The Partnership is currently assessing the impact of the adoption of this pronouncement on the consolidated financial statements.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Maximum Exposure to Loss of March 31, 2024 December 31, 2023 Mortgage revenue bonds $ 120,453,758 $ 98,336,213 Taxable mortgage revenue bonds 3,014,582 13,520,631 Governmental issuer loans 185,157,300 202,547,300 Taxable governmental issuer loans 3,000,000 13,573,000 Property loans 38,261,960 107,511,750 Investments in unconsolidated entities 145,130,907 136,653,246 $ 495,018,507 $ 572,142,140

Mortgage Revenue Bonds (Tables)

Mortgage Revenue Bonds (Tables)	3 Months Ended
	Mar. 31, 2024
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of Investments in MRBs	The Partnership had the following investments in MRBs as of March 31, 2024 and December 31, 2023: March 31, 2024 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value The Safford (5) AZ $ 9,989,318 $ 2,039,618 $ - $ 12,028,936 40rty on Colony - Series P (5) CA 5,963,574 638,636 - 6,602,210 CCBA Senior Garden Apartments (5) CA 3,748,159 78,327 - 3,826,486 Courtyard - Series A (3) CA 9,748,189 685,729 - 10,433,918 Glenview Apartments - Series A (2) CA 4,296,391 203,899 - 4,500,290 Harmony Court Bakersfield - Series A (3) CA 3,554,325 218,766 - 3,773,091 Harmony Terrace - Series A (3) CA 6,580,876 466,164 - 7,047,040 Harden Ranch - Series A (1) CA 6,331,241 339,666 - 6,670,907 Las Palmas II - Series A (3) CA 1,612,276 103,208 - 1,715,484 Lutheran Gardens (6), (7) CA 10,352,000 - ( 37,415 ) 10,314,585 Montclair Apartments - Series A (2) CA 2,327,595 134,203 - 2,461,798 Montecito at Williams Ranch Apartments - Series A (5) CA 7,425,704 712,176 - 8,137,880 Montevista - Series A (5) CA 6,595,473 826,864 - 7,422,337 Ocotillo Springs - Series A (5), (7) CA 3,480,813 - ( 129,021 ) 3,351,792 Ocotillo Springs - Series A-1 (5) CA 498,442 83,372 - 581,814 Residency at Empire - Series BB-1 (5) CA 14,116,406 788,100 - 14,904,506 Residency at Empire - Series BB-2 (5) CA 4,000,000 258,431 - 4,258,431 Residency at Empire - Series BB-3 (5) CA 9,555,000 466,050 - 10,021,050 Residency at the Entrepreneur - Series J-1 (5) CA 9,083,796 15,757 - 9,099,553 Residency at the Entrepreneur - Series J-2 (5) CA 7,500,000 82,961 - 7,582,961 Residency at the Entrepreneur - Series J-3 (5) CA 16,100,000 548,641 - 16,648,641 Residency at the Entrepreneur - Series J-5 (5) CA 1,000,000 - - 1,000,000 Residency at the Mayer - Series A (5) CA 29,559,238 - - 29,559,238 Residency at the Mayer - Series M (5) CA 11,500,000 - - 11,500,000 San Vicente - Series A (3) CA 3,324,428 212,810 - 3,537,238 Santa Fe Apartments - Series A (2) CA 2,819,794 167,405 - 2,987,199 Seasons at Simi Valley - Series A (3) CA 4,069,240 374,446 - 4,443,686 Seasons Lakewood - Series A (3) CA 7,010,064 496,566 - 7,506,630 Seasons San Juan Capistrano - Series A (3) CA 11,802,659 800,970 - 12,603,629 Solano Vista - Series A (5) CA 2,606,974 286,892 - 2,893,866 Summerhill - Series A (3) CA 6,120,491 288,115 - 6,408,606 Sycamore Walk - Series A (3) CA 3,368,481 109,717 - 3,478,198 The Village at Madera - Series A (3) CA 2,939,703 189,528 - 3,129,231 Tyler Park Townhomes - Series A (1) CA 5,511,871 66,935 - 5,578,806 Village at Hanford Square - Series H (5) CA 10,400,000 907,760 - 11,307,760 Vineyard Gardens - Series A (5) CA 3,866,389 389,493 - 4,255,882 Westside Village Market - Series A (1) CA 3,601,998 170,597 - 3,772,595 Handsel Morgan Village Apartments (5) GA 2,150,000 253,792 - 2,403,792 MaryAlice Circle Apartments (5) GA 5,900,000 751,174 - 6,651,174 Copper Gate Apartments (1) IN 4,780,000 - - 4,780,000 Renaissance - Series A (2) LA 10,388,916 860,164 - 11,249,080 Live 929 Apartments - Series 2022A (5) MD 58,390,083 2,957,716 - 61,347,799 Meadow Valley (5), (9) MI 25,036,225 - ( 1,393,024 ) 23,643,201 Jackson Manor Apartments (5) , (8) MS 4,813,818 105,024 - 4,918,842 Village Point (6), (8) NJ 23,000,000 - ( 74,146 ) 22,925,854 Silver Moon - Series A (2) NM 7,460,511 799,556 - 8,260,067 Village at Avalon (4) NM 15,773,357 1,775,826 - 17,549,183 Columbia Gardens (3) SC 12,301,761 601,976 - 12,903,737 Companion at Thornhill Apartments (3) SC 10,601,493 438,686 - 11,040,179 The Ivy Apartments (5) SC 30,565,536 1,499,111 - 32,064,647 The Palms at Premier Park Apartments (1) SC 17,803,781 246,195 - 18,049,976 The Park at Sondrio - Series 2022A (5) SC 38,100,000 2,119,463 - 40,219,463 The Park at Vietti - Series 2022A (5) SC 26,985,000 1,570,008 - 28,555,008 Village at River's Edge (3) SC 9,544,429 1,167,655 - 10,712,084 Willow Run (3) SC 12,130,581 634,209 - 12,764,790 Windsor Shores Apartments - Series A (5) SC 21,545,000 1,216,171 - 22,761,171 Arbors at Hickory Ridge (1) TN 10,372,503 1,585,054 - 11,957,557 Avistar at Copperfield - Series A (5) TX 13,338,421 753,400 - 14,091,821 Avistar at the Crest - Series A (1) TX 8,728,170 770,799 - 9,498,969 Avistar at the Oaks - Series A (1) TX 7,064,747 555,435 - 7,620,182 Avistar at the Parkway - Series A (2) TX 12,229,345 603,221 - 12,832,566 Avistar at Wilcrest - Series A (5) TX 5,054,991 262,967 - 5,317,958 Avistar at Wood Hollow - Series A (5) TX 38,382,434 2,082,233 - 40,464,667 Avistar in 09 - Series A (1) TX 6,100,131 496,237 - 6,596,368 Avistar on the Boulevard - Series A (1) TX 14,869,385 1,120,753 - 15,990,138 Avistar on the Hills - Series A (1) TX 4,836,683 393,457 - 5,230,140 Bruton Apartments (3) TX 17,179,304 - - 17,179,304 Concord at Gulfgate - Series A (3) TX 18,135,132 1,517,470 - 19,652,602 Concord at Little York - Series A (3) TX 12,704,518 1,028,673 - 13,733,191 Concord at Williamcrest - Series A (3) TX 19,680,659 1,700,215 - 21,380,874 Crossing at 1415 - Series A (3) TX 7,059,848 422,501 - 7,482,349 Decatur Angle (3) TX 21,589,111 - - 21,589,111 Esperanza at Palo Alto (3) TX 18,708,566 2,101,382 - 20,809,948 Heights at 515 - Series A (3) TX 6,463,412 466,027 - 6,929,439 Heritage Square - Series A (2) TX 10,150,390 456,422 - 10,606,812 Oaks at Georgetown - Series A (3) TX 11,759,740 655,561 - 12,415,301 Southpark (5) TX 11,150,461 1,149,539 - 12,300,000 15 West Apartments (3) WA 9,350,364 1,292,182 - 10,642,546 Mortgage revenue bonds held in trust $ 874,539,714 $ 49,562,056 $ ( 1,633,606 ) $ 922,468,164 (1) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Morgan Stanley in a debt financing transaction, Note 13. (5) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 13. (6) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 13. (7) 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 March 31, 2024, the MRB has been in an unrealized loss position for more than 12 months. (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 March 31, 2024, 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 $ 19.1 million as of March 31, 2024. 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 March 31, 2024 (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 March 31, 2024, the MRB has been in an unrealized loss position for more than 12 months. March 31, 2024 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Brookstone IL $ 7,213,953 $ 1,123,250 $ - $ 8,337,203 Provision Center 2014-1 TN 196,577 - - 196,577 Avistar at the Crest - Series B TX 716,636 40,405 - 757,041 Avistar at the Oaks - Series B TX 525,126 28,014 - 553,140 Avistar at the Parkway - Series B TX 122,573 16,786 - 139,359 Avistar in 09 - Series B TX 433,181 23,109 - 456,290 Avistar on the Boulevard - Series B TX 425,827 21,996 - 447,823 Runnymede TX 9,390,000 - - 9,390,000 Mortgage revenue bonds $ 19,023,873 $ 1,253,560 $ - $ 20,277,433 December 31, 2023 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value The Safford (5) AZ $ 7,667,299 $ 2,717,033 $ - $ 10,384,332 40rty on Colony - Series P (5) CA 5,964,008 739,204 - 6,703,212 Courtyard - Series A (3) CA 9,774,107 845,146 - 10,619,253 Glenview Apartments - Series A (2) CA 4,312,025 298,507 - 4,610,532 Harmony Court Bakersfield - Series A (3) CA 3,563,775 275,305 - 3,839,080 Harmony Terrace - Series A (3) CA 6,598,285 573,928 - 7,172,213 Harden Ranch - Series A (1) CA 6,355,567 441,345 - 6,796,912 Las Palmas II - Series A (3) CA 1,616,607 128,930 - 1,745,537 Lutheran Gardens (6), (7) CA 10,352,000 - ( 30,994 ) 10,321,006 Montclair Apartments - Series A (2) CA 2,336,065 170,291 - 2,506,356 Montecito at Williams Ranch Apartments - Series A (5) CA 7,442,435 846,333 - 8,288,768 Montevista - Series A (5) CA 6,607,973 992,675 - 7,600,648 Residency at Empire - Series BB-1 (5) CA 14,117,540 1,004,021 - 15,121,561 Residency at Empire - Series BB-2 (5) CA 4,000,000 320,446 - 4,320,446 Residency at Empire - Series BB-3 (5) CA 5,055,000 575,709 - 5,630,709 Residency at the Entrepreneur - Series J-1 (5) CA 9,085,429 181,504 - 9,266,933 Residency at the Entrepreneur - Series J-2 (5) CA 7,500,000 222,445 - 7,722,445 Residency at the Entrepreneur - Series J-3 (5) CA 12,300,000 697,895 - 12,997,895 Residency at the Mayer - Series A (5) CA 29,560,945 - - 29,560,945 San Vicente - Series A (3) CA 3,333,357 265,848 - 3,599,205 Santa Fe Apartments - Series A (2) CA 2,830,055 206,301 - 3,036,356 Seasons at Simi Valley - Series A (3) CA 4,083,273 443,901 - 4,527,174 Seasons Lakewood - Series A (3) CA 7,028,608 611,358 - 7,639,966 Seasons San Juan Capistrano - Series A (3) CA 11,833,880 992,473 - 12,826,353 Summerhill - Series A (3) CA 6,136,763 381,019 - 6,517,782 Sycamore Walk - Series A (3) CA 3,380,901 226,216 - 3,607,117 The Village at Madera - Series A (3) CA 2,947,519 227,699 - 3,175,218 Tyler Park Townhomes - Series A (1) CA 5,533,307 119,693 - 5,653,000 Village at Hanford Square - Series H (5) CA 10,400,000 1,073,808 - 11,473,808 Vineyard Gardens - Series A (5) CA 3,874,962 461,663 - 4,336,625 Westside Village Market - Series A (1) CA 3,616,007 223,459 - 3,839,466 MaryAlice Circle Apartments (5) GA 5,900,000 880,643 - 6,780,643 Copper Gate Apartments (1), (7) IN 4,780,000 - ( 5 ) 4,779,995 Renaissance - Series A (2) LA 10,429,392 1,221,077 - 11,650,469 Live 929 Apartments - Series 2022A (5) MD 58,333,646 3,275,636 - 61,609,282 Meadow Valley (5), (8) MI 20,863,114 - ( 920,148 ) 19,942,966 Jackson Manor Apartments (5) MS 4,824,474 209,082 - 5,033,556 Village Point (6) NJ 23,000,000 192,788 - 23,192,788 Silver Moon - Series A (2) NM 7,480,455 928,841 - 8,409,296 Village at Avalon (4) NM 15,808,184 1,962,627 - 17,770,811 Columbia Gardens (3) SC 12,351,218 807,633 - 13,158,851 Companion at Thornhill Apartments (3) SC 10,639,506 598,197 - 11,237,703 The Ivy Apartments (5) SC 30,567,832 1,933,208 - 32,501,040 The Palms at Premier Park Apartments (1) SC 17,872,527 427,099 - 18,299,626 The Park at Sondrio - Series 2022A (5) SC 38,100,000 2,682,964 - 40,782,964 The Park at Vietti - Series 2022A (5) SC 26,985,000 1,972,695 - 28,957,695 Village at River's Edge (3) SC 9,566,110 1,000,545 - 10,566,655 Willow Run (3) SC 12,180,025 817,941 - 12,997,966 Windsor Shores Apartments - Series A (5) SC 21,545,000 1,530,085 - 23,075,085 Arbors at Hickory Ridge (1) TN 10,417,646 1,805,985 - 12,223,631 Avistar at Copperfield - Series A (5) TX 13,378,386 983,586 - 14,361,972 Avistar at the Crest - Series A (1) TX 8,762,826 909,437 - 9,672,263 Avistar at the Oaks - Series A (1) TX 7,091,928 666,990 - 7,758,918 Avistar at the Parkway - Series A (2) TX 12,270,653 830,179 - 13,100,832 Avistar at Wilcrest - Series A (5) TX 5,070,137 313,010 - 5,383,147 Avistar at Wood Hollow - Series A (5) TX 38,497,436 2,648,201 - 41,145,637 Avistar in 09 - Series A (1) TX 6,123,600 593,430 - 6,717,030 Avistar on the Boulevard - Series A (1) TX 14,928,425 1,346,449 - 16,274,874 Avistar on the Hills - Series A (1) TX 4,855,291 470,520 - 5,325,811 Bruton Apartments (3), (7) TX 17,220,941 - ( 13,366 ) 17,207,575 Concord at Gulfgate - Series A (3) TX 18,190,721 1,807,038 - 19,997,759 Concord at Little York - Series A (3) TX 12,743,460 1,302,221 - 14,045,681 Concord at Williamcrest - Series A (3) TX 19,740,985 2,017,280 - 21,758,265 Crossing at 1415 - Series A (3) TX 7,082,698 565,843 - 7,648,541 Decatur Angle (3), (7) TX 21,646,255 - ( 16,674 ) 21,629,581 Esperanza at Palo Alto (3) TX 18,751,278 2,480,537 - 21,231,815 Heights at 515 - Series A (3) TX 6,484,332 602,199 - 7,086,531 Heritage Square - Series A (2) TX 10,186,405 606,579 - 10,792,984 Oaks at Georgetown - Series A (3) TX 11,790,848 838,472 - 12,629,320 15 West Apartments (3) WA 9,371,808 1,478,567 - 10,850,375 Mortgage revenue bonds held in trust $ 825,040,234 $ 58,971,739 $ ( 981,187 ) $ 883,030,786 (1) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 13 . The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13 . The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13 . The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Morgan Stanley in a debt financing transaction, Note 13. (5) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 13. (6) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 13. (7) 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 December 31, 2023, the MRB has been in an unrealized loss position for less than 12 months. (8) The Partnership has a remaining MRB funding commitment of approximately $ 23.2 million as of December 31, 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 December 31, 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 December 31, 2023, the MRB has been in an unrealized loss position for more than 12 months. December 31, 2023 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value CCBA Senior Garden Apartments CA $ 3,757,268 $ 158,840 $ - $ 3,916,108 Ocotillo Springs - Series A (1) CA 3,489,096 - ( 59,805 ) 3,429,291 Ocotillo Springs - Series A-1 CA 499,117 95,386 - 594,503 Residency at the Entrepreneur - Series J-5 CA 1,000,000 - - 1,000,000 Solano Vista - Series A CA 2,611,955 338,125 - 2,950,080 Handsel Morgan Village Apartments GA 2,150,000 300,188 - 2,450,188 Brookstone IL 7,229,475 1,071,177 - 8,300,652 Provision Center 2014-1 TN 926,475 - - 926,475 Avistar at the Crest - Series B TX 718,332 49,845 - 768,177 Avistar at the Oaks - Series B TX 526,318 35,066 - 561,384 Avistar at the Parkway - Series B TX 122,701 19,352 - 142,053 Avistar in 09 - Series B TX 434,165 28,926 - 463,091 Avistar on the Boulevard - Series B TX 426,835 27,507 - 454,342 Runnymede (2) TX 9,390,000 - ( 1,121 ) 9,388,879 Southpark TX 11,133,003 1,166,283 - 12,299,286 Mortgage revenue bonds $ 44,414,740 $ 3,290,695 $ ( 60,926 ) $ 47,644,509 (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 December 31, 2023, the MRB has been in an unrealized loss position for more 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 December 31, 2023, the MRB has been in an unrealized loss position for less than 12 months.
Schedule of MRB Acquisitions	The following MRB was acquired at a price that approximated the principal outstanding plus accrued interest during the three months ended March 31, 2024: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funding Residency at the Mayer - Series M (1) March 2024 Hollywood, CA 79 4/1/2039 SOFR + 3.60 % (2) $ 11,500,000 (1) The borrower re-allocated $ 11.5 million of previously provided funding from a taxable MRB to this new MRB during the acquisition and rehabilitation phase of the property. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $ 5.0 million. (2) The interest rate is subject to an all-in floor of 3.85 %. Upon stabilization of the property, the interest rate will reset to a fixed rate based on the SOFR index plus 3.50 % on or around the stabilization date. The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the three months ended March 31, 2023: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funded Windsor Shores Apartments - Series A January 2023 Columbia, SC 176 2/1/2030 6.50 % $ 21,545,000 The Ivy Apartments January 2023 Greenville, SC 212 2/1/2030 6.50 % 30,500,000 Residency at the Entrepreneur - Series J-5 (1) February 2023 Los Angeles, CA 200 4/1/2025 SOFR + 3.60 % (2) 1,000,000 $ 53,045,000 (1) The Partnership has committed to provide funding for the Series J-5 MRB totaling $ 5.0 million. See Note 16. (2) The interest rate is subject to an all-in floor of 3.87 %.
Schedule of Terms of Partnership's MRBs After Conversions	The following table summarizes the terms of the Partnership’s investments: Mortgage Revenue Bond Name Month Property Location Units Maturity Date Fixed Interest Rate Principal Acquired Woodington Gardens Apartments MRB April 2024 Baltimore, MD 197 5/1/2029 7.80 % $ 31,150,000 Woodington Gardens Apartments taxable MRB April 2024 Baltimore, MD 197 5/1/2029 7.80 % 2,577,000 $ 33,727,000
Schedule of MRB Redeemed	The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 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

Governmental Issuer Loans (Tabl

Governmental Issuer Loans (Tables)	3 Months Ended
	Mar. 31, 2024
Governmental Issuer Loans [Abstract]
Summary of Partnership's GIL Investments	The Partnership had the following GIL investments as of March 31, 2024 and December 31, 2023: As of March 31, 2024 Property Name Month Property Units Maturity (1) Interest Rate (2) Current Interest Amortized Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 8/1/2024 SOFR + 3.07 % 8.40 % 34,620,000 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 8.38 % 60,000,000 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 8.61 % 25,000,000 Willow Place Apartments Supplemental November 2023 McDonough, GA n/a 10/1/2024 SOFR + 3.45 % 8.76 % 1,500,000 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 9.16 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 21,846,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 11,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 18,550,000 Sandy Creek Apartments (3) August 2023 Bryan, TX 140 9/1/2026 7.83 % (5) 7.83 % 12,100,000 1,539 $ 205,557,300 (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 0.25 % to 0.50 %. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19). (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, 2023 Property Name Month Property Units Maturity (1) Interest (2) Current Interest Amortized Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % 8.46 % $ 34,620,000 Hope on Avalon January 2021 Los Angeles, CA 88 2/1/2024 SIFMA + 3.75 % 7.62 % 23,390,000 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 8.38 % 60,000,000 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 8.61 % 25,000,000 Willow Place Apartments Supplemental November 2023 McDonough, GA n/a 10/1/2024 SOFR + 3.45 % 8.76 % 1,500,000 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 9.16 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 19,846,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 9,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 16,550,000 Sandy Creek Apartments (3) August 2023 Bryan, TX 140 9/1/2026 7.83 % (5) 7.83 % 12,100,000 1,627 $ 222,947,300 (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 19). (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.
Schedule of Principal and Accrued Interest Paid	During the three months ended March 31, 2024, the following GIL was purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full: Property Name Month Principal Proceeds Hope on Avalon January 2024 $ 23,390,000

Property Loans (Tables)

Property Loans (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: March 31, 2024 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Magnolia Heights $ 8,118,546 $ - $ 8,118,546 7/1/2024 SOFR + 3.85 % Sandy Creek Apartments 4,716,960 - 4,716,960 9/1/2026 8.63 % (2) Subtotal 12,835,506 - 12,835,506 Mezzanine Financing (3) SoLa Impact Opportunity Zone Fund $ 33,545,000 $ - $ 33,545,000 12/30/2024 7.875 % Other The 50/50 MF Property $ 5,977,314 $ - $ 5,977,314 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 6,925,908 ( 495,000 ) 6,430,908 Total $ 53,306,414 $ ( 495,000 ) $ 52,811,414 (1) The property loans are held in trust in connection with TOB trust financings (Note 13). 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. (2) The interest rate will convert to a variable rate of Term SOFR + 3.35 % on February 1, 2025. (3) The property loan is held in trust in connection with a TOB trust financing (Note 13). December 31, 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 14,998,296 - 14,998,296 8/1/2024 SOFR + 3.07 % Osprey Village Supplemental 4,600,000 - 4,600,000 8/1/2024 SOFR + 3.22 % Sandy Creek Apartments 2,419,876 - 2,419,876 9/1/2026 8.63 % (2) Willow Place Apartments 18,875,606 - 18,875,606 10/1/2024 SOFR + 3.30 % Willow Place Apartments Supplemental 339,000 - 339,000 10/1/2024 SOFR + 3.45 % Subtotal 81,585,296 - 81,585,296 Mezzanine Financing (3) SoLa Impact Opportunity Zone Fund $ 34,045,000 $ - $ 34,045,000 12/30/2024 7.875 % Other The 50/50 MF Property $ 5,977,314 $ - $ 5,977,314 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 6,925,908 ( 495,000 ) 6,430,908 Total $ 122,556,204 $ ( 495,000 ) $ 122,061,204 (1) The property loans are held in trust in connection with TOB trust financings (Note 13) with the exception of the Osprey Village Supplemental and Willow Place Apartments Supplemental property loans. 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 interest rate will convert to a variable rate of Term SOFR + 3.35 % on February 1, 2025. (3) The property loan is held in trust in connection with a TOB trust financing (Note 13).
Schedule of Property Loans Paid Down or Redeemed	The following property loan principal payments were received during the three months ended March 31, 2024: Property Name Month Principal Proceeds Legacy Commons at Signal Hills February 2024 $ 32,233,972 Osprey Village February 2024 14,998,296 Osprey Village Supplemental February 2024 4,600,000 Willow Place Apartments February 2024 18,875,606 Willow Place Apartments Supplemental February 2024 1,115,320 SoLa Impact Opportunity Zone Fund March 2024 500,000 $ 72,323,194 The following property loan principal payments were received during the three months ended March 31, 2023: Property Name Month Principal Greens Property February 2023 $ 850,000 Scharbauer Flats February 2023 10,773,236 Centennial Crossings March 2023 6,692,344 $ 18,315,580

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Property Name Location Units Construction Commencement Date Construction Completion Date Carrying Value as of March 31, 2024 Carrying Value as of December 31, 2023 Current Investments Vantage at Tomball Tomball, TX 288 August 2020 April 2022 $ 14,199,870 13,235,090 Vantage at Hutto Hutto, TX 288 December 2021 December 2023 14,573,715 13,908,660 Vantage at Loveland Loveland, CO 288 April 2021 N/A 21,157,573 20,464,906 Vantage at Helotes Helotes, TX 288 May 2021 November 2022 15,090,681 15,090,681 Vantage at Fair Oaks Boerne, TX 288 September 2021 May 2023 13,485,258 12,996,316 Vantage at McKinney Falls McKinney Falls, TX 288 December 2021 N/A 14,349,293 13,131,272 Freestone Greeley Greeley, CO 296 N/A N/A 5,784,762 5,346,007 Freestone Cresta Bella San Antonio, TX 296 February 2023 N/A 17,661,138 17,325,494 Valage Senior Living Carson Valley Minden, NV 102 (1) February 2023 N/A 8,684,133 8,608,322 The Jessam at Hays Farm Huntsville, AL 318 July 2023 N/A 10,941,810 7,518,717 Freestone Greenville Greenville, TX 300 April 2024 N/A 5,470,516 5,366,551 Freestone Ladera Ladera, TX 288 N/A N/A 3,732,158 3,661,230 $ 145,130,907 $ 136,653,246 (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 three months ended March 31, 2024: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain (loss) Vantage at Coventry Omaha, NE 294 (1) $ 50,000 $ - $ 50,000 (1) In January 2024, the Partnership received sales proceeds of approximately $ 50,000 associated with final settlements of the Vantage at Coventry sale in January 2023. 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 three months ended March 31, 2023: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain on Sale 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 ) $ 27,903,278 $ 243,796 $ 15,366,929 (1) In February 2023, the Partnership paid additional cash of approximately $ 6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the full amount in "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 summary combined financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Property revenues $ 3,785,318 $ 3,749,443 Gain on sale of property $ - $ 38,104,333 Net income (loss) $ ( 1,124,174 ) $ 37,742,938

Real Estate Assets (Tables)

Real Estate Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Real Estate Assets Owned by Partnership	The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2024 and December 31, 2023: Real Estate Assets as of March 31, 2024 Property Name Location Number of Land and Land Buildings and Carrying Value Vantage at San Marcos San Marcos, TX (1) 2,660,615 946,043 3,606,658 Land held for development (2) 1,109,482 - 1,109,482 $ 4,716,140 Less accumulated depreciation - Real estate assets, net $ 4,716,140 (1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 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, 2023 Property Name Location Number of Land and Land Buildings and Carrying Value Vantage at San Marcos San Marcos, TX (1) 2,660,615 946,043 3,606,658 Land held for development (2) 1,109,482 - 1,109,482 $ 4,716,140 Less accumulated depreciation - Real estate assets, net $ 4,716,140 (1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 for further information. (2) Land held for development consists of land and development costs for a parcel of land in Richland County, SC.
Schedule Of Partnership Sold Net Income Related to Mf Property	In December 2023, the Partnership sold the Suites on Paseo MF Property. Net income related to the Suites on Paseo MF Property for the three months ended March 31, 2024, and 2023 was as follows: For the Three Months Ended March 31, 2024 2023 Net income $ - $ 228,912

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the Partnership ’ s other assets as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Deferred financing costs, net $ 799,144 $ 850,726 Derivative instruments at fair value (Note 15) 9,263,602 5,254,663 Taxable mortgage revenue bonds, at fair value 10,980,756 21,460,288 Taxable governmental issuer loans: Taxable governmental issuer loans 3,000,000 13,573,000 Allowance for credit losses (Note 10) ( 41,000 ) ( 77,000 ) Taxable governmental issuer loans, net 2,959,000 13,496,000 Bond purchase commitment, at fair value (Note 16) 134,829 197,788 Other assets 1,845,579 1,935,005 Total other assets $ 25,982,910 $ 43,194,470
Summary of Taxable MRB and GIL Acquired	Activity in the First Three Months of 2024 The following taxable MRB and taxable GIL principal payments were received during the three months ended March 31, 2024: Property Name Month Property Location Units Original Interest Rate Principal Taxable MRBs Residency at the Mayer Series A-T (1) March 2024 Hollywood, CA 79 10/1/2024 SOFR + 3.70 % (2) $ 11,500,000 Taxable GILs Hope on Avalon January 2024 Los Angeles, CA 88 2/1/2024 SOFR + 3.55 % $ 10,573,000 Total $ 22,073,000 (1) The borrower re-allocated $ 11.5 million of previously provided funding from a taxable MRB to a new MRB during the acquisition and rehabilitation phase of the property. (2) The interest rate is subject to an all-in floor of 3.95 %. Activity in the First Three Months of 2023 The following table includes details of the taxable MRB acquired during the three months ended March 31, 2023: Property Name Date Committed Maturity Date Initial Principal Funding Total Commitment Windsor Shores Apartments - Series B January 2023 2/1/2030 $ 805,000 $ 805,000

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 Governmental Issuer Loans Taxable Governmental Issuer Loans Property Loans Unfunded Commitments Total Balance, beginning of period $ 1,294,000 $ 77,000 $ 2,048,000 $ 678,000 $ 4,097,000 Current provision for credit losses ( 128,000 ) ( 36,000 ) ( 420,000 ) ( 222,000 ) ( 806,000 ) Balance, end of period $ 1,166,000 $ 41,000 $ 1,628,000 $ 456,000 $ 3,291,000 For the Three Months ended March 31, 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 expected credit losses ( 65,000 ) 10,000 ( 153,000 ) ( 337,000 ) ( 545,000 ) Balance, end of period $ 2,080,000 $ 89,000 $ 2,450,000 $ 1,280,000 $ 5,899,000
Summary of Partnerships Carrying Value by Acquisition Year Grouped by Risk Rating	The following tables summarize the Partnership’s carrying value by acquisition year, grouped by risk rating as of March 31, 2024 and December 31, 2023: March 31, 2024 2024 2023 2022 2021 2020 Prior Total Governmental Issuer Loans Performing $ - $ 13,600,000 $ 72,337,300 $ 119,620,000 $ - $ - $ 205,557,300 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 13,600,000 72,337,300 119,620,000 - - 205,557,300 Taxable Governmental Issuer Loans Performing $ - $ - $ 3,000,000 $ - $ - $ - $ 3,000,000 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - - 3,000,000 - - - 3,000,000 Property Loans Performing $ - $ 4,716,960 $ 47,640,860 $ - $ - $ 453,594 $ 52,811,414 Watch - - - - - - - Nonperforming - - - - - 495,000 495,000 Subtotal - 4,716,960 47,640,860 - - 948,594 53,306,414 Unfunded Commitments Performing $ - $ 3,113,040 $ 98,700,000 $ - $ - $ - $ 101,813,040 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 3,113,040 98,700,000 - - - 101,813,040 Total $ - $ 21,430,000 $ 221,678,160 $ 119,620,000 $ - $ 948,594 $ 363,676,754 December 31, 2023 2023 2022 2021 2020 2019 Prior Total Governmental Issuer Loans Performing $ 13,600,000 $ 66,337,300 $ 143,010,000 $ - $ - $ - $ 222,947,300 Watch - - - - - - - Nonperforming - - - - - - - Subtotal 13,600,000 66,337,300 143,010,000 - - - 222,947,300 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 $ 7,358,876 $ 48,140,860 $ 66,107,874 $ - - $ 453,594 $ 122,061,204 Watch - - - - - - - Nonperforming - - - - $ 495,000 - 495,000 Subtotal 7,358,876 48,140,860 66,107,874 - 495,000 453,594 122,556,204 Unfunded Commitments Performing $ 6,909,378 $ 104,700,000 $ 12,977,426 $ - $ - $ - $ 124,586,804 Watch - - - - - - - Nonperforming - - - - - - - Subtotal 6,909,378 104,700,000 12,977,426 - - - 124,586,804 Total $ 27,868,254 $ 222,178,160 $ 232,668,300 $ - $ 495,000 $ 453,594 $ 483,663,308
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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 9,910,079 $ 9,978,891 Recovery of prior credit loss (1) ( 17,155 ) ( 16,967 ) Balance, end of period (2) $ 9,892,924 $ 9,961,924 (1) 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. (2) The allowance for credit losses as of March 31, 2024 and 2023 was related 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)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Accounts payable $ 1,341,410 $ 1,518,267 Accrued expenses 3,471,873 4,104,945 Accrued interest expense 7,428,057 7,935,327 Deferred gain on sale of MF Property 6,596,622 6,596,622 Reserve for credit losses on unfunded commitments (Note 10) 456,000 678,000 Derivative instruments at fair value (Note 15) 224,845 705,694 Other liabilities 1,344,108 1,419,233 Total accounts payable, accrued expenses and other liabilities $ 20,862,915 $ 22,958,088

Secured Line of Credit (Tables)

Secured Line of Credit (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Secured Lines of Credit Outstanding as of March 31, 2024 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 16,500,000 $ 50,000,000 June 2025 (1) Variable (2) Monthly 8.82 % Bankers Trust Acquisition LOC - 50,000,000 June 2024 (3) Variable (4) Monthly 7.82 % $ 16,500,000 $ 100,000,000 (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, 2023 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 16,500,000 $ 40,000,000 June 2025 (1) Variable (2) Monthly 8.85 % Bankers Trust Acquisition LOC 16,900,000 50,000,000 June 2024 (3) Variable (4) Monthly 7.85 % $ 33,400,000 $ 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”).

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Financing [Abstract]
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2024 and December 31, 2023: 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) $ 66,287,183 $ 4,999 2024 Variable Yes 3.67 % 1.36 % 5.03 % M33 TEBS 28,696,943 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 209,211,759 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 304,195,885 4.42 % TEBS Residual Financing $ 60,243,478 $ 9,000 2034 Fixed Yes N/A N/A 7.16 % TOB Trust Securitizations Mizuho Capital Markets: Jackson Manor Apartments 4,100,000 (4) 2024 Variable Yes 4.01 % 1.29 % 5.30 % Southpark MRB 9,810,692 (4) 2024 Variable Yes 4.01 % 1.44 % 5.45 % SoLa Impact Opportunity Zone Fund 23,412,092 (4) 2024 Variable No 5.59 % 1.78 % 7.37 % Montevista - Series A 5,607,507 (4) 2025 Variable Yes 4.01 % 1.28 % 5.29 % Montecito at Williams Ranch - Series A 6,798,537 (4) 2025 Variable Yes 4.01 % 1.18 % 5.19 % Vineyard Gardens - Series A 3,593,846 (4) 2025 Variable Yes 4.01 % 1.18 % 5.19 % The Park at Sondrio - Series 2022A 30,407,150 (4) 2025 Variable Yes 4.01 % 1.43 % 5.44 % The Park at Vietti - Series 2022A 21,530,746 (4) 2025 Variable Yes 4.01 % 1.43 % 5.44 % Avistar at Copperfield - Series A 11,338,321 (4) 2025 Variable Yes 4.01 % 1.68 % 5.69 % Avistar at Wilcrest - Series A 4,292,320 (4) 2025 Variable Yes 4.01 % 1.68 % 5.69 % Residency at the Entrepreneur MRBs 26,080,000 (4) 2025 Variable Yes 4.01 % 1.45 % 5.46 % Legacy Commons at Signal Hills GIL 31,155,000 (4) 2025 Variable Yes 4.01 % 0.91 % 4.92 % Osprey Village GIL 49,475,000 (4) 2025 Variable Yes 4.01 % 1.19 % 5.20 % Residency at the Mayer Taxable MRB 824,508 (4) 2025 Variable No 5.59 % 1.17 % 6.76 % Residency at Empire MRBs 21,888,667 (4) 2026 Variable Yes 4.01 % 1.42 % 5.43 % The Ivy Apartments 24,339,218 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Windsor Shores Apartments 17,190,485 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Village at Hanford Square 7,764,412 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % MaryAlice Circle Apartments 4,686,385 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Meadow Valley 18,581,544 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % 40rty on Colony 4,443,263 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Sandy Creek Apartments GIL 9,622,773 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Residency at the Mayer - Series A 33,804,687 (4) 2026 Variable Yes 4.01 % 1.19 % 5.20 % The Safford 7,779,345 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Avistar at Wood Hollow - Series A 32,568,480 (4) 2027 Variable Yes 4.01 % 1.44 % 5.45 % Live 929 53,092,000 (4) 2027 Variable Yes 4.01 % 1.18 % 5.19 % Trust 2024-XF3219 (5) 22,579,601 (4) 2027 Variable No 5.59 % 1.79 % 7.38 % Barclays Capital Inc.: Trust 2021-XF2953 (6) 54,627,862 - 2025 Variable No 5.45 % 1.27 % 6.72 % Poppy Grove I GIL 17,473,372 - 2025 Variable Yes 4.75 % 1.25 % 6.00 % Poppy Grove II GIL 9,229,372 - 2025 Variable Yes 4.75 % 1.25 % 6.00 % Poppy Grove III GIL 14,836,372 - 2025 Variable Yes 4.75 % 1.25 % 6.00 % Village Point 18,386,175 - 2025 Variable Yes 4.78 % 1.61 % 6.39 % Subtotal/Weighed Average Period End Rate 601,319,732 5.69 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,715,993 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 978,475,088 (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 Partnership has restricted cash totaling approximately $ 14.7 million related to its total net position with Mizuho Capital Markets. (5) The TOB trust is securitized by eight taxable MRBs, six MRBs, and one property loan. (6) The TOB trust is securitized by the Willow Place GIL & supplemental GIL, 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) $ 66,621,825 $ 4,999 2024 Variable Yes 3.90 % 1.31 % 5.21 % M33 TEBS 28,870,624 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 209,769,942 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 305,262,391 4.46 % TEBS Residual Financing $ 60,322,317 $ - 2034 Fixed Yes N/A N/A 7.16 % TOB Trust Securitizations Mizuho Capital Markets: Hope on Avalon GIL 18,711,665 (4) 2024 Variable Yes 4.24 % 1.44 % 5.68 % Jackson Manor Apartments 4,100,000 (4) 2024 Variable Yes 4.24 % 1.29 % 5.53 % Trust 2021-XF2926 (5) 38,496,952 (4) 2024 Variable No 5.59 % 0.90 % 6.49 % SoLa Impact Opportunity Zone Fund 23,741,122 (4) 2024 Variable No 5.59 % 1.78 % 7.37 % Montevista - Series A 5,618,833 (4) 2025 Variable Yes 4.24 % 1.28 % 5.52 % Montecito at Williams Ranch - Series A 6,813,244 (4) 2025 Variable Yes 4.24 % 1.18 % 5.42 % Vineyard Gardens - Series A 3,593,615 (4) 2025 Variable Yes 4.24 % 1.18 % 5.42 % The Park at Sondrio - Series 2022A 30,396,222 (4) 2025 Variable Yes 4.24 % 1.43 % 5.67 % The Park at Vietti - Series 2022A 21,522,158 (4) 2025 Variable Yes 4.24 % 1.43 % 5.67 % Avistar at Copperfield - Series A 11,370,985 (4) 2025 Variable Yes 4.24 % 1.68 % 5.92 % Avistar at Wilcrest - Series A 4,303,984 (4) 2025 Variable Yes 4.24 % 1.68 % 5.92 % Residency at the Entrepreneur MRBs 23,040,000 (4) 2025 Variable Yes 4.24 % 1.45 % 5.69 % Legacy Commons at Signal Hills GIL 31,155,000 (4) 2025 Variable Yes 4.24 % 0.91 % 5.15 % Osprey Village GIL 49,475,000 (4) 2025 Variable Yes 4.24 % 1.19 % 5.43 % Trust 2021-XF2939 (6) 21,821,644 (4) 2025 Variable No 5.59 % 1.17 % 6.76 % Residency at Empire MRBs 18,267,048 (4) 2026 Variable Yes 4.24 % 1.42 % 5.66 % The Ivy Apartments 24,330,930 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Windsor Shores Apartments 17,183,983 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Village at Hanford Square 7,760,141 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % MaryAlice Circle Apartments 4,682,351 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Meadow Valley 15,438,915 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % 40rty on Colony 4,440,847 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Sandy Creek Apartments GIL 9,616,853 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Residency at the Mayer - Series A 24,335,000 (4) 2026 Variable Yes 4.24 % 1.19 % 5.43 % The Safford 5,911,780 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Avistar at Wood Hollow - Series A 32,673,300 (4) 2027 Variable Yes 4.24 % 1.44 % 5.68 % Live 929 53,092,000 (4) 2027 Variable Yes 4.24 % 1.18 % 5.42 % Barclays Capital Inc.: Trust 2021-XF2953 (7) 69,694,599 - 2024 Variable No 5.48 % 1.27 % 6.75 % Poppy Grove I GIL 15,872,163 - 2024 Variable Yes 4.40 % 1.25 % 5.65 % Poppy Grove II GIL 7,628,163 - 2024 Variable Yes 4.40 % 1.25 % 5.65 % Poppy Grove III GIL 13,235,163 - 2024 Variable Yes 4.40 % 1.25 % 5.65 % Village Point 18,381,720 - 2024 Variable Yes 4.43 % 1.61 % 6.04 % Subtotal/Weighed Average Period End Rate 636,705,380 5.87 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,739,978 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,015,030,066 (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 Partnership has restricted cash totaling approximately $ 9.6 million related to its total net position with Mizuho Capital Markets. (5) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. (6) The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan. (7) The TOB trust is securitized by the Willow Place GIL, property loan & supplemental GIL, 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 three months ended March 31, 2024: TOB Trust Securitization Initial TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Facility Fees Southpark MRB $ 9,840,000 June 2024 Variable Yes 1.44 % Trust 2024-XF3219 21,795,000 February 2027 Variable No 1.79 % Total TOB Trust Financings $ 31,635,000 In March 2024, the Partnership deposited the Residency at the Mayer Series M MRB into the existing TOB Trust 2022-XF3059 and received additional debt financing proceeds of approximately $ 9.5 million. The following is a summary of the new TOB trust financings that were entered into during the three months ended March 31, 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 % Total TOB Trust Financings $ 83,336,000
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 of underlying assets during the three months ended March 31, 2024: Debt Financing Debt Facility Month Paydown Applied Hope on Avalon GIL TOB Trust January 2024 $ 18,712,000 Trust 2021-XF2926 - Hope on Avalon taxable GIL TOB Trust January 2024 9,515,000 Trust 2021-XF2939 - Osprey Village property loan TOB Trust February 2024 12,365,000 Trust 2021-XF2939 - Osprey Village Supplemental property loan TOB Trust February 2024 3,795,000 Trust 2021-XF2953 - Willow Place property loan TOB Trust February 2024 15,080,000 Trust 2021-XF2926 - Legacy Commons at Signal Hills property loan TOB Trust February 2024 28,985,000 Trust 2021-XF2939 - Residency at the Mayer Series A-T TOB Trust March 2024 9,480,000 SoLa Impact Opportunity Zone Fund TOB Trust March 2024 350,000 $ 98,282,000 The following is a summary of the debt trust financing repaid in connection with the redemption of the underlying asset during the three months ended March 31, 2023: Debt Financing Debt Facility Month Paydown Applied Greens of Pine Glen M31 TEBS February 2023 $ 7,579,000
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings as of March 31, 2024 for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: Remainder of 2024 $ 143,344,871 2025 312,950,784 2026 159,748,526 2027 103,965,220 2028 4,518,577 Thereafter 257,084,127 Total 981,612,105 Unamortized deferred financing costs and debt premium ( 3,137,017 ) Total debt financing, net $ 978,475,088

Mortgages Payable (Tables)

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: 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) $ 66,287,183 $ 4,999 2024 Variable Yes 3.67 % 1.36 % 5.03 % M33 TEBS 28,696,943 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 209,211,759 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 304,195,885 4.42 % TEBS Residual Financing $ 60,243,478 $ 9,000 2034 Fixed Yes N/A N/A 7.16 % TOB Trust Securitizations Mizuho Capital Markets: Jackson Manor Apartments 4,100,000 (4) 2024 Variable Yes 4.01 % 1.29 % 5.30 % Southpark MRB 9,810,692 (4) 2024 Variable Yes 4.01 % 1.44 % 5.45 % SoLa Impact Opportunity Zone Fund 23,412,092 (4) 2024 Variable No 5.59 % 1.78 % 7.37 % Montevista - Series A 5,607,507 (4) 2025 Variable Yes 4.01 % 1.28 % 5.29 % Montecito at Williams Ranch - Series A 6,798,537 (4) 2025 Variable Yes 4.01 % 1.18 % 5.19 % Vineyard Gardens - Series A 3,593,846 (4) 2025 Variable Yes 4.01 % 1.18 % 5.19 % The Park at Sondrio - Series 2022A 30,407,150 (4) 2025 Variable Yes 4.01 % 1.43 % 5.44 % The Park at Vietti - Series 2022A 21,530,746 (4) 2025 Variable Yes 4.01 % 1.43 % 5.44 % Avistar at Copperfield - Series A 11,338,321 (4) 2025 Variable Yes 4.01 % 1.68 % 5.69 % Avistar at Wilcrest - Series A 4,292,320 (4) 2025 Variable Yes 4.01 % 1.68 % 5.69 % Residency at the Entrepreneur MRBs 26,080,000 (4) 2025 Variable Yes 4.01 % 1.45 % 5.46 % Legacy Commons at Signal Hills GIL 31,155,000 (4) 2025 Variable Yes 4.01 % 0.91 % 4.92 % Osprey Village GIL 49,475,000 (4) 2025 Variable Yes 4.01 % 1.19 % 5.20 % Residency at the Mayer Taxable MRB 824,508 (4) 2025 Variable No 5.59 % 1.17 % 6.76 % Residency at Empire MRBs 21,888,667 (4) 2026 Variable Yes 4.01 % 1.42 % 5.43 % The Ivy Apartments 24,339,218 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Windsor Shores Apartments 17,190,485 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Village at Hanford Square 7,764,412 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % MaryAlice Circle Apartments 4,686,385 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Meadow Valley 18,581,544 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % 40rty on Colony 4,443,263 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Sandy Creek Apartments GIL 9,622,773 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Residency at the Mayer - Series A 33,804,687 (4) 2026 Variable Yes 4.01 % 1.19 % 5.20 % The Safford 7,779,345 (4) 2026 Variable Yes 4.01 % 1.44 % 5.45 % Avistar at Wood Hollow - Series A 32,568,480 (4) 2027 Variable Yes 4.01 % 1.44 % 5.45 % Live 929 53,092,000 (4) 2027 Variable Yes 4.01 % 1.18 % 5.19 % Trust 2024-XF3219 (5) 22,579,601 (4) 2027 Variable No 5.59 % 1.79 % 7.38 % Barclays Capital Inc.: Trust 2021-XF2953 (6) 54,627,862 - 2025 Variable No 5.45 % 1.27 % 6.72 % Poppy Grove I GIL 17,473,372 - 2025 Variable Yes 4.75 % 1.25 % 6.00 % Poppy Grove II GIL 9,229,372 - 2025 Variable Yes 4.75 % 1.25 % 6.00 % Poppy Grove III GIL 14,836,372 - 2025 Variable Yes 4.75 % 1.25 % 6.00 % Village Point 18,386,175 - 2025 Variable Yes 4.78 % 1.61 % 6.39 % Subtotal/Weighed Average Period End Rate 601,319,732 5.69 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,715,993 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 978,475,088 (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 Partnership has restricted cash totaling approximately $ 14.7 million related to its total net position with Mizuho Capital Markets. (5) The TOB trust is securitized by eight taxable MRBs, six MRBs, and one property loan. (6) The TOB trust is securitized by the Willow Place GIL & supplemental GIL, 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) $ 66,621,825 $ 4,999 2024 Variable Yes 3.90 % 1.31 % 5.21 % M33 TEBS 28,870,624 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 209,769,942 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 305,262,391 4.46 % TEBS Residual Financing $ 60,322,317 $ - 2034 Fixed Yes N/A N/A 7.16 % TOB Trust Securitizations Mizuho Capital Markets: Hope on Avalon GIL 18,711,665 (4) 2024 Variable Yes 4.24 % 1.44 % 5.68 % Jackson Manor Apartments 4,100,000 (4) 2024 Variable Yes 4.24 % 1.29 % 5.53 % Trust 2021-XF2926 (5) 38,496,952 (4) 2024 Variable No 5.59 % 0.90 % 6.49 % SoLa Impact Opportunity Zone Fund 23,741,122 (4) 2024 Variable No 5.59 % 1.78 % 7.37 % Montevista - Series A 5,618,833 (4) 2025 Variable Yes 4.24 % 1.28 % 5.52 % Montecito at Williams Ranch - Series A 6,813,244 (4) 2025 Variable Yes 4.24 % 1.18 % 5.42 % Vineyard Gardens - Series A 3,593,615 (4) 2025 Variable Yes 4.24 % 1.18 % 5.42 % The Park at Sondrio - Series 2022A 30,396,222 (4) 2025 Variable Yes 4.24 % 1.43 % 5.67 % The Park at Vietti - Series 2022A 21,522,158 (4) 2025 Variable Yes 4.24 % 1.43 % 5.67 % Avistar at Copperfield - Series A 11,370,985 (4) 2025 Variable Yes 4.24 % 1.68 % 5.92 % Avistar at Wilcrest - Series A 4,303,984 (4) 2025 Variable Yes 4.24 % 1.68 % 5.92 % Residency at the Entrepreneur MRBs 23,040,000 (4) 2025 Variable Yes 4.24 % 1.45 % 5.69 % Legacy Commons at Signal Hills GIL 31,155,000 (4) 2025 Variable Yes 4.24 % 0.91 % 5.15 % Osprey Village GIL 49,475,000 (4) 2025 Variable Yes 4.24 % 1.19 % 5.43 % Trust 2021-XF2939 (6) 21,821,644 (4) 2025 Variable No 5.59 % 1.17 % 6.76 % Residency at Empire MRBs 18,267,048 (4) 2026 Variable Yes 4.24 % 1.42 % 5.66 % The Ivy Apartments 24,330,930 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Windsor Shores Apartments 17,183,983 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Village at Hanford Square 7,760,141 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % MaryAlice Circle Apartments 4,682,351 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Meadow Valley 15,438,915 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % 40rty on Colony 4,440,847 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Sandy Creek Apartments GIL 9,616,853 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Residency at the Mayer - Series A 24,335,000 (4) 2026 Variable Yes 4.24 % 1.19 % 5.43 % The Safford 5,911,780 (4) 2026 Variable Yes 4.24 % 1.44 % 5.68 % Avistar at Wood Hollow - Series A 32,673,300 (4) 2027 Variable Yes 4.24 % 1.44 % 5.68 % Live 929 53,092,000 (4) 2027 Variable Yes 4.24 % 1.18 % 5.42 % Barclays Capital Inc.: Trust 2021-XF2953 (7) 69,694,599 - 2024 Variable No 5.48 % 1.27 % 6.75 % Poppy Grove I GIL 15,872,163 - 2024 Variable Yes 4.40 % 1.25 % 5.65 % Poppy Grove II GIL 7,628,163 - 2024 Variable Yes 4.40 % 1.25 % 5.65 % Poppy Grove III GIL 13,235,163 - 2024 Variable Yes 4.40 % 1.25 % 5.65 % Village Point 18,381,720 - 2024 Variable Yes 4.43 % 1.61 % 6.04 % Subtotal/Weighed Average Period End Rate 636,705,380 5.87 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,739,978 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,015,030,066 (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 Partnership has restricted cash totaling approximately $ 9.6 million related to its total net position with Mizuho Capital Markets. (5) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. (6) The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan. (7) The TOB trust is securitized by the Willow Place GIL, property loan & supplemental GIL, 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 Partnership's mortgage payable, net of deferred financing costs, as of March 31, 2024 and December 31, 2023: 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 2024 Variable 9.25 % (1) The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 3).

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative [Line Items]
Summary of Unrealized and Realized Gains and Losses of Partnership's Derivative Instruments	The following tables are a summary of the unrealized and realized gains and losses of the Partnership's derivative instruments for the three months ended March 31, 2024 and 2023: For the Three Months ended March 31, 2024 Realized (gains) losses on derivatives, net Unrealized (gains) losses on derivatives, net Net result from derivative transactions Interest rate swaps $ ( 1,663,449 ) $ ( 4,604,445 ) $ ( 6,267,894 ) Interest rate cap - 230 230 Total $ ( 1,663,449 ) $ ( 4,604,215 ) $ ( 6,267,664 ) For the Three Months ended March 31, 2023 Realized (gains) losses on derivatives, net Unrealized (gains) losses on derivatives, net Net result from derivative transactions Interest rate swaps $ ( 829,480 ) $ 3,430,002 $ 2,600,522 Interest rate cap 5,965 5,965 Total return swaps ( 1,323,351 ) - ( 1,323,351 ) Total $ ( 2,152,831 ) $ 3,435,967 $ 1,283,136
Summary of Partnership's Derivative Instruments	The following tables summarize the Partnership’s derivative instruments as of March 31, 2024 and December 31, 2023: Fair Value as of Contract Type Notional Amount Asset Liability Weighted Average Swaps SOFR 313,264,293 $ 9,263,567 $ ( 224,845 ) 3.04 Cap 4.5 % SIFMA Rate Cap 72,988,749 35 - 0.42 386,253,042 $ 9,263,602 $ ( 224,845 ) Fair Value as of Contract Type Notional Amount Asset Liability Weighted Average Swaps SOFR 333,250,226 $ 5,254,398 $ ( 705,694 ) 3.48 Cap 4.5 % SIFMA Rate Cap 73,393,729 265 - 0.67 406,643,955 $ 5,254,663 $ ( 705,694 )
Summary of Average Notional Amount and Weighted Average Fixed Rate by Year	The following table summarizes the average notional amount and weighted average fixed rate by year for our interest rate swaps as of March 31, 2024: Year Average Notional Weighted Average Remainder of 2024 $ 354,680,757 3.45 % 2025 297,636,631 3.31 % 2026 247,498,799 3.27 % 2027 162,100,466 3.31 % 2028 125,802,132 3.38 % 2029 103,872,299 3.38 % 2030 8,997,800 3.40 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Partnership's Bond Purchase Commitments	The following table summarizes the Partnership’s bond purchase commitments as of March 31, 2024 and December 31, 2023: 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 134,829 197,788
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 $ 19,070,000 Residency at the Entrepreneur- Series J-3 April 2022 March 2040 6.00 % 26,080,000 9,980,000 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 4,445,000 Residency at Empire - Series BB-4 December 2022 December 2040 6.45 % (5) 47,000,000 47,000,000 The Safford October 2023 October 2026 (3) 7.59 % 43,000,000 33,117,168 Subtotal 195,500,000 134,032,168 Taxable Mortgage Revenue Bonds 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 33,754,500 29,754,500 Governmental Issuer Loans Poppy Grove I September 2022 April 2025 (3) 6.78 % 35,688,328 13,842,328 Poppy Grove II September 2022 April 2025 (3) 6.78 % 22,250,000 10,708,700 Poppy Grove III September 2022 April 2025 (3) 6.78 % 39,119,507 20,569,507 Subtotal 97,057,835 45,120,535 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 Sandy Creek Apartments August 2023 September 2026 (3) 8.63 % (6) $ 7,830,000 $ 3,113,040 Subtotal 7,830,000 3,113,040 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 18,215,000 657,427 Freestone Greeley (8) October 2022 N/A N/A 16,035,710 10,806,346 The Jessam at Hays Farm July 2023 N/A N/A 16,532,636 5,880,256 Freestone Greenville December 2023 N/A N/A 19,934,456 14,597,244 Freestone Ladera (8) December 2023 N/A N/A 17,097,624 13,449,494 Subtotal 97,729,955 54,334,681 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 $ 492,351,755 $ 323,834,389 (1) The variable index interest rate components are subject to a floor of 0.27 %. (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 3). (8) A development site has been identified for this property but construction had not commenced as of March 31, 2024. (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 March 31, 2024: Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure Ohio Properties 2026 $ 1,960,152 Greens of Pine Glen, LP 2027 1,470,582 Borrower End of Guaranty Period Partnership's Maximum Exposure The 50/50 MF Property--TIF Loan 2025 $ 1,337,268 The 50/50 MF Property--Mortgage 2027 21,701,660

Redeemable Preferred Units (Tab

Redeemable Preferred Units (Tables)	3 Months Ended
	Mar. 31, 2024
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Preferred Units	The following table summarizes the Partnership’s outstanding Preferred Units as of March 31, 2024 and December 31, 2023: March 31, 2024 Month Issued Units Purchase Price Distribution Redemption Earliest Redemption Series A Preferred Units March 2017 1,000,000 $ 10,000,000 3.00 % 10.00 March 2024 (1) Total Series A Preferred Units 1,000,000 10,000,000 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 Series B Preferred Units January 2024 1,750,000 $ 17,500,000 5.75 % 10.00 January 2030 February 2024 500,000 5,000,000 5.75 % $ 10.00 February 2030 Total Series B Preferred Units 2,250,000 22,500,000 Redeemable Preferred Units 8,750,000 $ 87,500,000 (1) In April 2024, the Partnership redeemed $ 10.0 million of Series A Preferred Units. See Note 25 for additional information. December 31, 2023 Month Issued Units Purchase Price Distribution Redemption Series A Preferred Units March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2017 1,000,000 10,000,000 3.00 % 10.00 October 2017 750,000 7,500,000 3.00 % 10.00 Total Series A Preferred Units 2,750,000 27,500,000 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 February 2023 1,500,000 15,000,000 3.00 % 10.00 June 2023 1,000,000 10,000,000 3.00 % 10.00 Total Series A-1 Preferred Units 5,500,000 55,000,000 Redeemable Preferred Units 8,250,000 $ 82,500,000

Restricted Unit Awards (Tables)

Restricted Unit Awards (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of RUA Activity	The following table summarizes the RUA activity for the three months ended March 31, 2024 and for the year ended December 31, 2023: Restricted Units Weighted average Unvested as of January 1, 2023 87,334 $ 19.33 Granted 105,274 17.65 Vested ( 97,008 ) 18.64 Unvested as of December 31, 2023 95,600 18.18 Granted 109,581 16.62 Unvested as of March 31, 2024 205,181 $ 17.35

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Partnership administrative fees paid to AFCA 2 (1) $ 1,486,000 $ 1,578,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 20,000 15,000 Referral fees paid to an affiliate (3) - 76,250 (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, 2024, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond acquisition 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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Investment/mortgage placement fees earned by AFCA 2 (1) $ 25,000 $ 2,257,000 (1) 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)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Mortgage revenue bonds (2) 2.6 % - 8.0 % 2.3 % - 7.7 % 5.2 % 4.8 % Taxable mortgage revenue bonds 6.9 % - 11.9 % 6.5 % - 11.9 % 8.8 % 8.8 % Bond purchase commitments 4.3 % 4.1 % 4.3 % 4.1 % (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 as the bankruptcy process is nearly complete. The valuation as of March 31, 2024 is based on expected additional liquidation proceeds of approximately $ 197,000 at final liquidation.
Summary of Assets Measured at Fair Value on Recurring Basis	Assets measured at fair value on a recurring basis as of March 31, 2024 are summarized as follows: Fair Value Measurements as of March 31, 2024 Description Assets and Liabilities Quoted Prices in Significant Other Significant Assets and Liabilities Mortgage revenue bonds, held in trust $ 922,468,164 $ - $ - $ 922,468,164 Mortgage revenue bonds 20,277,433 - - 20,277,433 Bond purchase commitments (reported within other assets) 134,829 - - 134,829 Taxable mortgage revenue bonds (reported within other assets) 10,980,756 - - 10,980,756 Derivative instruments (reported within other assets) 9,263,602 - 9,263,568 34 Derivative swap liability (reported within other liabilities) ( 224,845 ) - ( 224,845 ) - Total Assets and Liabilities at Fair Value, net $ 962,899,939 $ - $ 9,038,723 $ 953,861,216 Assets measured at fair value on a recurring basis as of December 31, 2023 are summarized as follows: Fair Value Measurements as of December 31, 2023 Description Assets and Liabilities Quoted Prices in Significant Other Significant Assets and Liabilities Mortgage revenue bonds, held in trust $ 883,030,786 $ - $ - $ 883,030,786 Mortgage revenue bonds 47,644,509 - - 47,644,509 Bond purchase commitments (reported within other assets) 197,788 - - 197,788 Taxable mortgage revenue bonds (reported within other assets) 21,460,288 - - 21,460,288 Derivative instruments (reported within other assets) 5,254,663 - 5,254,398 265 Derivative swap liability (reported within other liabilities) ( 705,694 ) - ( 705,694 ) - Total Assets and Liabilities at Fair Value, net $ 956,882,340 $ - $ 4,548,704 $ 952,333,636
Summary of Activity Related to Level 3 Assets and Liabilities	The following table summarizes the activity related to Level 3 assets for the three months ended March 31, 2024: For the Three Months Ended March 31, 2024 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Taxable Mortgage Derivative Total Beginning Balance January 1, 2024 $ 930,675,295 $ 197,788 $ 21,460,288 $ 265 $ 952,333,636 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 71,383 - ( 6,050 ) ( 231 ) 65,102 Included in other comprehensive income ( 12,038,314 ) ( 62,959 ) 29,577 - ( 12,071,696 ) Purchases and advances 26,297,798 - 1,000,000 - 27,297,798 Settlements and redemptions ( 2,260,565 ) - ( 11,503,059 ) - ( 13,763,624 ) Ending Balance March 31, 2024 $ 942,745,597 $ 134,829 $ 10,980,756 $ 34 $ 953,861,216 Total amount of gains (losses) for the $ 17,155 $ - $ - $ ( 231 ) $ 16,924 (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 months ended March 31, 2023: For the Three Months Ended March 31, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Commitments 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 77,493 - ( 6,050 ) 1,317,385 1,388,828 Included in other comprehensive income 20,579,051 112,547 ( 181,509 ) - 20,510,089 Purchases and advances 60,622,813 - 1,805,000 - 62,427,813 Settlements and redemptions ( 13,303,739 ) - ( 2,797 ) ( 1,363,480 ) ( 14,670,016 ) Ending Balance March 31, 2023 $ 867,383,622 $ 211,476 $ 18,146,540 $ 285,145 $ 886,026,783 Total amount of gains for the $ 16,967 $ - $ - $ ( 6,024 ) $ 10,943 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.
Summary of Fair Value of Partnership's Financial Liabilities	The table below summarizes the fair value of the Partnership’s financial liabilities as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 978,475,088 $ 979,889,395 $ 1,015,030,066 $ 1,019,218,351 Secured lines of credit 16,500,000 16,500,000 33,400,000 33,400,000 Mortgages payable 1,690,000 1,690,000 1,690,000 1,690,000

Income Tax Provision (Tables)

Income Tax Provision (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	The following table summarizes income tax expense (benefit) for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Current income tax expense (benefit) $ ( 4,196 ) $ 8,340 Deferred income tax expense (benefit) 2,998 ( 982 ) Total income tax expense (benefit) $ ( 1,198 ) $ 7,358

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Total revenues Affordable Multifamily MRB Investments $ 19,998,977 $ 21,437,933 Seniors and Skilled Nursing MRB Investments 747,508 96,555 Market-Rate Joint Venture Investments 1,624,169 2,177,862 MF Properties - 1,225,620 Total revenues $ 22,370,654 $ 24,937,970 Interest expense Affordable Multifamily MRB Investments $ 12,769,139 $ 16,426,555 Seniors and Skilled Nursing MRB Investments 497,170 - Market-Rate Joint Venture Investments 537,626 261,807 MF Properties - - Total interest expense $ 13,803,935 $ 16,688,362 Net result from derivative transactions Affordable Multifamily MRB Investments $ ( 5,435,562 ) $ 1,283,136 Seniors and Skilled Nursing MRB Investments ( 832,102 ) - Market-Rate Joint Venture Investments - MF Properties - - Total net result from derivative transactions $ ( 6,267,664 ) $ 1,283,136 Depreciation expense Affordable Multifamily MRB Investments $ 5,967 $ 5,946 Seniors and Skilled Nursing MRB Investments - - Market-Rate Joint Venture Investments - - MF Properties - 399,035 Total depreciation expense $ 5,967 $ 404,981 Net income (loss) Affordable Multifamily MRB Investments $ 8,536,243 $ ( 801,573 ) Seniors and Skilled Nursing MRB Investments 1,082,440 96,555 Market-Rate Joint Venture Investments 1,029,698 17,279,267 MF Properties - 216,973 Net income $ 10,648,381 $ 16,791,222 The following table details total assets for the Partnership’s reportable segments as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Total assets Affordable Multifamily MRB Investments $ 1,346,410,727 $ 1,413,596,701 Seniors and Skilled Nursing MRB Investments 47,696,156 43,532,926 Market-Rate Joint Venture Investments 149,294,984 140,791,041 MF Properties 6,964,933 7,034,690 Consolidation/eliminations ( 96,947,303 ) ( 91,554,656 ) Total assets $ 1,453,419,497 $ 1,513,400,702

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2024
Subsequent Event [Line Items]
Summary of Terms of Interest Rate Swap Agreement	The following tables summarize the Partnership’s derivative instruments as of March 31, 2024 and December 31, 2023: Fair Value as of Contract Type Notional Amount Asset Liability Weighted Average Swaps SOFR 313,264,293 $ 9,263,567 $ ( 224,845 ) 3.04 Cap 4.5 % SIFMA Rate Cap 72,988,749 35 - 0.42 386,253,042 $ 9,263,602 $ ( 224,845 ) Fair Value as of Contract Type Notional Amount Asset Liability Weighted Average Swaps SOFR 333,250,226 $ 5,254,398 $ ( 705,694 ) 3.48 Cap 4.5 % SIFMA Rate Cap 73,393,729 265 - 0.67 406,643,955 $ 5,254,663 $ ( 705,694 )
Schedule of Terms of Partnership's MRB Investments	The following table summarizes the terms of the Partnership’s investments: Mortgage Revenue Bond Name Month Property Location Units Maturity Date Fixed Interest Rate Principal Acquired Woodington Gardens Apartments MRB April 2024 Baltimore, MD 197 5/1/2029 7.80 % $ 31,150,000 Woodington Gardens Apartments taxable MRB April 2024 Baltimore, MD 197 5/1/2029 7.80 % 2,577,000 $ 33,727,000
Summary of Initial Terms of TOB Trusts Financings	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 Woodington Gardens Apartments MRB $ 24,920,000 April 2027 Variable Yes 4.14 % 1.44 % 5.58 %
Interest rate swap [Member]
Subsequent Event [Line Items]
Summary of Terms of Interest Rate Swap Agreement	In April 2024, 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 April 2024 $ 19,500,000 5/1/2024 5/1/2029 4.345 % Compounded SOFR TOB Trusts Mizuho Capital Markets

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Preferredunit Rating
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%
Maximum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds	4
Minimum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) Property $ / shares	Dec. 31, 2023 USD ($)	Mar. 31, 2023 $ / shares
Summary Of Significant Accounting Policies [Line Items]
Partners capital | $	$ 339,829,681	$ 349,306,708
Supplemental distribution payable | $ / shares	$ 0.368		$ 0.364
Long-term annual inflation target rate	2%
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%

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($) Property	Dec. 31, 2023 Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Variable Interest Entities | Property	30	33
Investments in Unconsolidated Entities [Member] | Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	$ 45.4
Mortgage Revenue Bonds [Member] | Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	115
Taxable Mortgage Revenue Bonds [Member] | Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	15.4
Governmental Issuer Loans [Member] | Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	45.1
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	$ 3.1

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 495,018,507	$ 572,142,140
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	120,453,758	98,336,213
Taxable Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	3,014,582	13,520,631
Governmental Issuer Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	185,157,300	202,547,300
Taxable Governmental Issuer Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	3,000,000	13,573,000
Property Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	38,261,960	107,511,750
Investments in Unconsolidated Entities [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 145,130,907	$ 136,653,246

Mortgage Revenue Bonds - Schedu

Mortgage Revenue Bonds - Schedule of Investments in MRBs (Details) - USD ($)		Mar. 31, 2024		Dec. 31, 2023
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		$ 874,539,714		$ 825,040,234
Cumulative Unrealized Gain		49,562,056		58,971,739
Cumulative Unrealized Loss		(1,633,606)		(981,187)
Estimated Fair Value		922,468,164		883,030,786
Mortgage Revenue Bonds Held In Trust [Member] | The Safford [Member] | Series A [Member] | AZ [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		9,989,318	[1]	7,667,299	[2]
Cumulative Unrealized Gain		2,039,618	[1]	2,717,033	[2]
Estimated Fair Value		12,028,936	[1]	10,384,332	[2]
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		5,963,574	[1]	5,964,008	[2]
Cumulative Unrealized Gain		638,636	[1]	739,204	[2]
Estimated Fair Value		6,602,210	[1]	6,703,212	[2]
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		9,748,189	[3]	9,774,107	[4]
Cumulative Unrealized Gain		685,729	[3]	845,146	[4]
Estimated Fair Value		10,433,918	[3]	10,619,253	[4]
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		4,296,391	[5]	4,312,025	[6]
Cumulative Unrealized Gain		203,899	[5]	298,507	[6]
Estimated Fair Value		4,500,290	[5]	4,610,532	[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		3,554,325	[3]	3,563,775	[4]
Cumulative Unrealized Gain		218,766	[3]	275,305	[4]
Estimated Fair Value		3,773,091	[3]	3,839,080	[4]
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		6,580,876	[3]	6,598,285	[4]
Cumulative Unrealized Gain		466,164	[3]	573,928	[4]
Estimated Fair Value		7,047,040	[3]	7,172,213	[4]
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		6,331,241	[7]	6,355,567	[8]
Cumulative Unrealized Gain		339,666	[7]	441,345	[8]
Estimated Fair Value		6,670,907	[7]	6,796,912	[8]
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		1,612,276	[3]	1,616,607	[4]
Cumulative Unrealized Gain		103,208	[3]	128,930	[4]
Estimated Fair Value		1,715,484	[3]	1,745,537	[4]
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	[9],[10]	10,352,000
Cumulative Unrealized Loss	[9],[10]	(37,415)
Estimated Fair Value	[9],[10]	10,314,585
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		2,327,595	[5]	2,336,065	[4]
Cumulative Unrealized Gain		134,203	[5]	170,291	[4]
Estimated Fair Value		2,461,798	[5]	2,506,356	[4]
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		7,425,704	[1]	7,442,435	[2]
Cumulative Unrealized Gain		712,176	[1]	846,333	[2]
Estimated Fair Value		8,137,880	[1]	8,288,768	[2]
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		6,595,473	[1]	6,607,973	[2]
Cumulative Unrealized Gain		826,864	[1]	992,675	[2]
Estimated Fair Value		7,422,337	[1]	7,600,648	[2]
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	[1]	3,480,813
Cumulative Unrealized Loss	[1]	(129,021)
Estimated Fair Value	[1]	3,351,792
Mortgage Revenue Bonds Held In Trust [Member] | Ocotillo Springs [Member] | Series A-1 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	498,442
Cumulative Unrealized Gain	[1]	83,372
Estimated Fair Value	[1]	581,814
Mortgage Revenue Bonds Held In Trust [Member] | CCBA Senior Garden Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	3,748,159
Cumulative Unrealized Gain	[1]	78,327
Estimated Fair Value	[1]	3,826,486
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		14,116,406	[1]	14,117,540	[2]
Cumulative Unrealized Gain		788,100	[1]	1,004,021	[2]
Estimated Fair Value		14,904,506	[1]	15,121,561	[2]
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		4,000,000	[1]	4,000,000	[2]
Cumulative Unrealized Gain		258,431	[1]	320,446	[2]
Estimated Fair Value		4,258,431	[1]	4,320,446	[2]
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		9,555,000	[1]	5,055,000	[2]
Cumulative Unrealized Gain		466,050	[1]	575,709	[2]
Estimated Fair Value		10,021,050	[1]	5,630,709	[2]
Mortgage Revenue Bonds Held In Trust [Member] | Residency at the Entrepreneur - Series J-1 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		9,083,796	[1]	9,085,429	[2]
Cumulative Unrealized Gain		15,757	[1]	181,504	[2]
Estimated Fair Value		9,099,553	[1]	9,266,933	[2]
Mortgage Revenue Bonds Held In Trust [Member] | Residency at the Entrepreneur - Series J-2 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		7,500,000	[1]	7,500,000	[2]
Cumulative Unrealized Gain		82,961	[1]	222,445	[2]
Estimated Fair Value		7,582,961	[1]	7,722,445	[2]
Mortgage Revenue Bonds Held In Trust [Member] | Residency at the Entrepreneur - Series J-3 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		16,100,000	[1]	12,300,000	[2]
Cumulative Unrealized Gain		548,641	[1]	697,895	[2]
Estimated Fair Value		16,648,641	[1]	12,997,895	[2]
Mortgage Revenue Bonds Held In Trust [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]	1,000,000
Estimated Fair Value	[1]	1,000,000
Mortgage Revenue Bonds Held In Trust [Member] | Solano Vista [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	2,606,974
Cumulative Unrealized Gain	[1]	286,892
Estimated Fair Value	[1]	2,893,866
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		29,559,238	[1]	29,560,945	[2]
Estimated Fair Value		29,559,238	[1]	29,560,945	[2]
Mortgage Revenue Bonds Held In Trust [Member] | Residency at the Mayer [Member] | Series M [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	11,500,000
Estimated Fair Value	[1]	11,500,000
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		3,324,428	[3]	3,333,357	[4]
Cumulative Unrealized Gain		212,810	[3]	265,848	[4]
Estimated Fair Value		3,537,238	[3]	3,599,205	[4]
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		2,819,794	[5]	2,830,055	[6]
Cumulative Unrealized Gain		167,405	[5]	206,301	[6]
Estimated Fair Value		2,987,199	[5]	3,036,356	[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		4,069,240	[3]	4,083,273	[4]
Cumulative Unrealized Gain		374,446	[3]	443,901	[4]
Estimated Fair Value		4,443,686	[3]	4,527,174	[4]
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		7,010,064	[3]	7,028,608	[4]
Cumulative Unrealized Gain		496,566	[3]	611,358	[4]
Estimated Fair Value		7,506,630	[3]	7,639,966	[4]
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		11,802,659	[3]	11,833,880	[4]
Cumulative Unrealized Gain		800,970	[3]	992,473	[4]
Estimated Fair Value		12,603,629	[3]	12,826,353	[4]
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		6,120,491	[3]	6,136,763	[4]
Cumulative Unrealized Gain		288,115	[3]	381,019	[4]
Estimated Fair Value		6,408,606	[3]	6,517,782	[4]
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		3,368,481	[3]	3,380,901	[4]
Cumulative Unrealized Gain		109,717	[3]	226,216	[4]
Estimated Fair Value		3,478,198	[3]	3,607,117	[4]
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		2,939,703	[3]	2,947,519	[4]
Cumulative Unrealized Gain		189,528	[3]	227,699	[4]
Estimated Fair Value		3,129,231	[3]	3,175,218	[4]
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		5,511,871	[7]	5,533,307	[8]
Cumulative Unrealized Gain		66,935	[7]	119,693	[8]
Estimated Fair Value		5,578,806	[7]	5,653,000	[8]
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		10,400,000	[1]	10,400,000	[2]
Cumulative Unrealized Gain		907,760	[1]	1,073,808	[2]
Estimated Fair Value		11,307,760	[1]	11,473,808	[2]
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		3,866,389	[1]	3,874,962	[2]
Cumulative Unrealized Gain		389,493	[1]	461,663	[2]
Estimated Fair Value		4,255,882	[1]	4,336,625	[2]
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		3,601,998	[7]	3,616,007	[8]
Cumulative Unrealized Gain		170,597	[7]	223,459	[8]
Estimated Fair Value		3,772,595	[7]	3,839,466	[8]
Mortgage Revenue Bonds Held In Trust [Member] | Handsel Morgan Village Apartments [Member] | GA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	2,150,000
Cumulative Unrealized Gain	[1]	253,792
Estimated Fair Value	[1]	2,403,792
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		5,900,000	[1]	5,900,000	[2]
Cumulative Unrealized Gain		751,174	[1]	880,643	[2]
Estimated Fair Value		6,651,174	[1]	6,780,643	[2]
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		4,780,000	[7]	4,780,000	[8],[11]
Cumulative Unrealized Loss	[8],[11]			(5)
Estimated Fair Value		4,780,000	[7]	4,779,995	[8],[11]
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		10,388,916	[5]	10,429,392	[6]
Cumulative Unrealized Gain		860,164	[5]	1,221,077	[6]
Estimated Fair Value		11,249,080	[5]	11,650,469	[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		58,390,083	[1]	58,333,646	[2]
Cumulative Unrealized Gain		2,957,716	[1]	3,275,636	[2]
Estimated Fair Value		61,347,799	[1]	61,609,282	[2]
Mortgage Revenue Bonds Held In Trust [Member] | Meadow Valley [Member] | MI [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2],[12]			20,863,114
Cumulative Unrealized Loss	[2],[12]			(920,148)
Estimated Fair Value	[2],[12]			19,942,966
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],[13]	25,036,225
Cumulative Unrealized Loss	[1],[13]	(1,393,024)
Estimated Fair Value	[1],[13]	23,643,201
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		4,813,818	[1],[14]	4,824,474	[2]
Cumulative Unrealized Gain		105,024	[1],[14]	209,082	[2]
Estimated Fair Value		4,918,842	[1],[14]	5,033,556	[2]
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	[14]	23,000,000
Cumulative Unrealized Loss	[14]	(74,146)
Estimated Fair Value	[14]	22,925,854
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	[11],[15]			10,352,000
Cumulative Unrealized Loss	[11],[15]			(30,994)
Estimated Fair Value	[11],[15]			10,321,006
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		7,460,511	[5]	7,480,455	[6]
Cumulative Unrealized Gain		799,556	[5]	928,841	[6]
Estimated Fair Value		8,260,067	[5]	8,409,296	[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		15,773,357	[16]	15,808,184	[17]
Cumulative Unrealized Gain		1,775,826	[16]	1,962,627	[17]
Estimated Fair Value		17,549,183	[16]	17,770,811	[17]
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		12,301,761	[3]	12,351,218	[4]
Cumulative Unrealized Gain		601,976	[3]	807,633	[4]
Estimated Fair Value		12,903,737	[3]	13,158,851	[4]
Mortgage Revenue Bonds Held In Trust [Member] | Companion at Thornhill Apartments [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		10,601,493	[3]	10,639,506	[4]
Cumulative Unrealized Gain		438,686	[3]	598,197	[4]
Estimated Fair Value		11,040,179	[3]	11,237,703	[4]
Mortgage Revenue Bonds Held In Trust [Member] | The Ivy Apartments [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		30,565,536	[1]	30,567,832	[2]
Cumulative Unrealized Gain		1,499,111	[1]	1,933,208	[2]
Estimated Fair Value		32,064,647	[1]	32,501,040	[2]
Mortgage Revenue Bonds Held In Trust [Member] | The Palms at Premier Park Apartment [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		17,803,781	[7]	17,872,527	[8]
Cumulative Unrealized Gain		246,195	[7]	427,099	[8]
Estimated Fair Value		18,049,976	[7]	18,299,626	[8]
Mortgage Revenue Bonds Held In Trust [Member] | The Park at Sondrio [Member] | Series 2022A [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		38,100,000	[1]	38,100,000	[2]
Cumulative Unrealized Gain		2,119,463	[1]	2,682,964	[2]
Estimated Fair Value		40,219,463	[1]	40,782,964	[2]
Mortgage Revenue Bonds Held In Trust [Member] | The Park at Vietti [Member] | Series 2022A [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		26,985,000	[1]	26,985,000	[2]
Cumulative Unrealized Gain		1,570,008	[1]	1,972,695	[2]
Estimated Fair Value		28,555,008	[1]	28,957,695	[2]
Mortgage Revenue Bonds Held In Trust [Member] | Village at River's Edge [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		9,544,429	[3]	9,566,110	[4]
Cumulative Unrealized Gain		1,167,655	[3]	1,000,545	[4]
Estimated Fair Value		10,712,084	[3]	10,566,655	[4]
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		12,130,581	[3]	12,180,025	[4]
Cumulative Unrealized Gain		634,209	[3]	817,941	[4]
Estimated Fair Value		12,764,790	[3]	12,997,966	[4]
Mortgage Revenue Bonds Held In Trust [Member] | Wiindsor Shores Apartments [Member] | Series A [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		21,545,000	[1]	21,545,000	[2]
Cumulative Unrealized Gain		1,216,171	[1]	1,530,085	[2]
Estimated Fair Value		22,761,171	[1]	23,075,085	[2]
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		10,372,503	[7]	10,417,646	[8]
Cumulative Unrealized Gain		1,585,054	[7]	1,805,985	[8]
Estimated Fair Value		11,957,557	[7]	12,223,631	[8]
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		13,338,421	[1]	13,378,386	[2]
Cumulative Unrealized Gain		753,400	[1]	983,586	[2]
Estimated Fair Value		14,091,821	[1]	14,361,972	[2]
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		8,728,170	[7]	8,762,826	[8]
Cumulative Unrealized Gain		770,799	[7]	909,437	[8]
Estimated Fair Value		9,498,969	[7]	9,672,263	[8]
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		7,064,747	[7]	7,091,928	[8]
Cumulative Unrealized Gain		555,435	[7]	666,990	[8]
Estimated Fair Value		7,620,182	[7]	7,758,918	[8]
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		12,229,345	[5]	12,270,653	[6]
Cumulative Unrealized Gain		603,221	[5]	830,179	[6]
Estimated Fair Value		12,832,566	[5]	13,100,832	[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		5,054,991	[1]	5,070,137	[2]
Cumulative Unrealized Gain		262,967	[1]	313,010	[2]
Estimated Fair Value		5,317,958	[1]	5,383,147	[2]
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		38,382,434	[1]	38,497,436	[2]
Cumulative Unrealized Gain		2,082,233	[1]	2,648,201	[2]
Estimated Fair Value		40,464,667	[1]	41,145,637	[2]
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		6,100,131	[7]	6,123,600	[8]
Cumulative Unrealized Gain		496,237	[7]	593,430	[8]
Estimated Fair Value		6,596,368	[7]	6,717,030	[8]
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		14,869,385	[7]	14,928,425	[8]
Cumulative Unrealized Gain		1,120,753	[7]	1,346,449	[8]
Estimated Fair Value		15,990,138	[7]	16,274,874	[8]
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		4,836,683	[7]	4,855,291	[8]
Cumulative Unrealized Gain		393,457	[7]	470,520	[8]
Estimated Fair Value		5,230,140	[7]	5,325,811	[8]
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		17,179,304	[3]	17,220,941	[4],[11]
Cumulative Unrealized Loss	[4],[11]			(13,366)
Estimated Fair Value		17,179,304	[3]	17,207,575	[4],[11]
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		18,135,132	[3]	18,190,721	[4]
Cumulative Unrealized Gain		1,517,470	[3]	1,807,038	[4]
Estimated Fair Value		19,652,602	[3]	19,997,759	[4]
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		12,704,518	[3]	12,743,460	[4]
Cumulative Unrealized Gain		1,028,673	[3]	1,302,221	[4]
Estimated Fair Value		13,733,191	[3]	14,045,681	[4]
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		19,680,659	[3]	19,740,985	[4]
Cumulative Unrealized Gain		1,700,215	[3]	2,017,280	[4]
Estimated Fair Value		21,380,874	[3]	21,758,265	[4]
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		7,059,848	[3]	7,082,698	[4]
Cumulative Unrealized Gain		422,501	[3]	565,843	[4]
Estimated Fair Value		7,482,349	[3]	7,648,541	[4]
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		21,589,111	[3]	21,646,255	[4],[11]
Cumulative Unrealized Loss	[4],[11]			(16,674)
Estimated Fair Value		21,589,111	[3]	21,629,581	[4],[11]
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		18,708,566	[3]	18,751,278	[4]
Cumulative Unrealized Gain		2,101,382	[3]	2,480,537	[4]
Estimated Fair Value		20,809,948	[3]	21,231,815	[4]
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		6,463,412	[3]	6,484,332	[4]
Cumulative Unrealized Gain		466,027	[3]	602,199	[4]
Estimated Fair Value		6,929,439	[3]	7,086,531	[4]
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		10,150,390	[5]	10,186,405	[6]
Cumulative Unrealized Gain		456,422	[5]	606,579	[6]
Estimated Fair Value		10,606,812	[5]	10,792,984	[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		11,759,740	[3]	11,790,848	[4]
Cumulative Unrealized Gain		655,561	[3]	838,472	[4]
Estimated Fair Value		12,415,301	[3]	12,629,320	[4]
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	[15]			23,000,000
Cumulative Unrealized Gain	[15]			192,788
Estimated Fair Value	[15]			23,192,788
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	[1]	11,150,461
Cumulative Unrealized Gain	[1]	1,149,539
Estimated Fair Value	[1]	12,300,000
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		9,350,364	[3]	9,371,808	[4]
Cumulative Unrealized Gain		1,292,182	[3]	1,478,567	[4]
Estimated Fair Value		10,642,546	[3]	10,850,375	[4]
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		19,023,873		44,414,740
Cumulative Unrealized Gain		1,253,560		3,290,695
Cumulative Unrealized Loss				(60,926)
Estimated Fair Value		20,277,433		47,644,509
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				3,757,268
Cumulative Unrealized Gain				158,840
Estimated Fair Value				3,916,108
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	[18]			3,489,096
Cumulative Unrealized Loss	[18]			(59,805)
Estimated Fair Value	[18]			3,429,291
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				499,117
Cumulative Unrealized Gain				95,386
Estimated Fair Value				594,503
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				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				2,611,955
Cumulative Unrealized Gain				338,125
Estimated Fair Value				2,950,080
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				300,188
Estimated Fair Value				2,450,188
Mortgage Revenue Bonds [Member] | Brookstone [Member] | IL [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		7,213,953
Cumulative Unrealized Gain		1,123,250
Estimated Fair Value		8,337,203
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				7,229,475
Cumulative Unrealized Gain				1,071,177
Estimated Fair Value				8,300,652
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		196,577		926,475
Estimated Fair Value		196,577		926,475
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		716,636		718,332
Cumulative Unrealized Gain		40,405		49,845
Estimated Fair Value		757,041		768,177
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		525,126		526,318
Cumulative Unrealized Gain		28,014		35,066
Estimated Fair Value		553,140		561,384
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		122,573		122,701
Cumulative Unrealized Gain		16,786		19,352
Estimated Fair Value		139,359		142,053
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		433,181		434,165
Cumulative Unrealized Gain		23,109		28,926
Estimated Fair Value		456,290		463,091
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		425,827		426,835
Cumulative Unrealized Gain		21,996		27,507
Estimated Fair Value		447,823		454,342
Mortgage Revenue Bonds [Member] | Runnymede [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		9,390,000		9,390,000	[19]
Cumulative Unrealized Loss	[19]			(1,121)
Estimated Fair Value		$ 9,390,000		9,388,879	[19]
Mortgage Revenue Bonds [Member] | Southpark [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances				11,133,003
Cumulative Unrealized Gain				1,166,283
Estimated Fair Value				$ 12,299,286
[1] MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 13. MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 13. MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. 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 13 . 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 13. 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 13 . 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 13. 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 13 . 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 March 31, 2024, 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 13. 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 December 31, 2023, the MRB has been in an unrealized loss position for less than 12 months. The Partnership has a remaining MRB funding commitment of approximately $ 23.2 million as of December 31, 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 December 31, 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 December 31, 2023, the MRB has been in an unrealized loss position for more than 12 months. The Partnership has a remaining MRB funding commitment of approximately $ 19.1 million as of March 31, 2024. 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 March 31, 2024 (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 March 31, 2024, the MRB has been in an unrealized loss position for more than 12 months. 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 March 31, 2024, the MRB has been in an unrealized loss position for less than 12 months. MRB held by Barclays Capital Inc. in a debt financing transaction, Note 13. MRB held by Morgan Stanley in a debt financing transaction, Note 13. MRB held by Morgan Stanley in a debt financing transaction, Note 13. 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 December 31, 2023, the MRB has been in an unrealized loss position for more than 12 months. 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 December 31, 2023, the MRB has been in an unrealized loss position for less than 12 months.

Mortgage Revenue Bonds - Sche_2

Mortgage Revenue Bonds - Schedule of Investments in MRBs (Parenthetical) (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Remaining partnership commitment fund amount	$ 323,834,389
Mortgage Revenue Bond [Member] | Meadow Valley [Member]
Schedule Of Available For Sale Securities [Line Items]
Remaining partnership commitment fund amount	$ 19,100,000	$ 23,200,000

Mortgage Revenue Bonds - Additi

Mortgage Revenue Bonds - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Jan. 01, 2023
Schedule Of Available For Sale Securities [Line Items]
Allowance for credit losses				$ 5,900,000
Principal Acquired			$ 53,045,000
Principal Outstanding at Date of Redemption	$ 22,073,000		$ 18,315,580
Mortgage Revenue Bond [Member]
Schedule Of Available For Sale Securities [Line Items]
Accrued interest receivable	$ 5,000,000	$ 4,700,000

Mortgage Revenue Bonds - Sche_3

Mortgage Revenue Bonds - Schedule of Terms of partnership's MRBs After Conversions (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Principal Acquired		$ 53,045,000
Mortgage Revenue Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Principal Acquired	$ 33,727,000

Mortgage Revenue Bonds - Sche_4

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)		3 Months Ended
		Mar. 31, 2024 USD ($) Unit	Mar. 31, 2023 USD ($) Unit
Schedule Of Available For Sale Securities [Line Items]
Initial Principal Funded			$ 53,045,000
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Initial Principal Funded		$ 33,727,000
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	[1]		February 2023
Units | Unit	[1]		200
Maturity Date	[1]		Apr. 01, 2025
Initial Principal Funded	[1]		$ 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	[1],[2]		3.60%
Residency at the Mayer [Member] | MRB and Taxable MRB Commitments [Member] | Series M [Member] | Hollywood, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[3]	March 2024
Units | Unit	[3]	79
Maturity Date	[3]	Apr. 01, 2039
Initial Principal Funded	[3]	$ 11,500,000
Residency at the Mayer [Member] | MRB and Taxable MRB Commitments [Member] | Series M [Member] | Hollywood, CA [Member] | SOFR [Member]
Schedule Of Available For Sale Securities [Line Items]
Interest Rate	[3],[4]	3.60%
Windsor Shores Apartments [Member] | MRB and Taxable MRB Commitments [Member] | Series A [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired			January 2023
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] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired			January 2023
Units | Unit			212
Maturity Date			Feb. 01, 2030
Interest Rate			6.50%
Initial Principal Funded			$ 30,500,000
[1] The Partnership has committed to provide funding for the Series J-5 MRB totaling $ 5.0 million. See Note 16. The interest rate is subject to an all-in floor of 3.87 %. The borrower re-allocated $ 11.5 million of previously provided funding from a taxable MRB to this new MRB during the acquisition and rehabilitation phase of the property. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $ 5.0 million. The interest rate is subject to an all-in floor of 3.85 %. Upon stabilization of the property, the interest rate will reset to a fixed rate based on the SOFR index plus 3.50 % on or around the stabilization date.

Mortgage Revenue Bonds - Sche_5

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Parenthetical) (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Floor rate	3.95%
Committed to funding amount	$ 492,351,755
Mortgage Revenue Bonds [Member] | Residency at the Entrepreneur [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Floor rate		3.87%
Mortgage Revenue Bonds [Member] | Residency at the Mayer [Member] | Hollywood, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Floor rate	3.85%
Mortgage Revenue Bonds [Member] | Series M [Member] | Residency at the Mayer [Member] | Hollywood, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Maximum balance of the MRB after stabilization	$ 5,000,000
Partnership re-allocated funding of taxable MRB	$ 11,500,000
Mortgage Revenue Bonds [Member] | Series M [Member] | SOFR [Member] | Residency at the Mayer [Member] | Hollywood, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Fixed interest rate	3.50%
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

Mortgage Revenue Bonds - Sche_6

Mortgage Revenue Bonds - Schedule of Terms of MRBSs upon Redemption (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) Unit	Mar. 31, 2024 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption	$ 18,315,580	$ 22,073,000
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption	8,493,040
Greens Property [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption	$ 850,000
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)	3 Months Ended
	Mar. 31, 2023 USD ($) Unit	Mar. 31, 2024 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption	$ 18,315,580	$ 22,073,000
Greens Property [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption	850,000
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption	$ 8,493,040
Mortgage Revenue Bonds [Member] | 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
Mortgage Revenue Bonds [Member] | 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

Governmental Issuer Loans - Sum

Governmental Issuer Loans - Summary of Partnership's GIL Investments (Details)		3 Months Ended		12 Months Ended
		Mar. 31, 2024 USD ($) Unit		Dec. 31, 2023 USD ($) Unit
Governmental Issuer Loans [Line Items]
Amortized Cost		$ 204,391,300		$ 221,653,300
Governmental Issuer Loans [Member] | TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Units | Unit		1,539		1,627
Amortized Cost		$ 205,557,300		$ 222,947,300
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	[1]	January 2021		January 2021
Units | Unit	[1]	247		247
Maturity Date	[1]	Aug. 01, 2024	[2]	Feb. 01, 2024	[3]
Current Interest Rate	[1]	8.40%		8.46%
Amortized Cost	[1]	$ 34,620,000		$ 34,620,000
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | SOFR [Member] | St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Variable rate	[1]	3.07%	[4]	3.07%	[5]
Governmental Issuer Loans [Member] | Willow Place Apartments Supplemental [Member] | TOB Trust [Member] | McDonough, GA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		November 2023		November 2023
Maturity Date		Oct. 01, 2024	[2]	Oct. 01, 2024	[3]
Current Interest Rate		8.76%		8.76%
Amortized Cost		$ 1,500,000		$ 1,500,000
Governmental Issuer Loans [Member] | Willow Place Apartments Supplemental [Member] | TOB Trust [Member] | SOFR [Member] | McDonough, GA [Member]
Governmental Issuer Loans [Line Items]
Variable rate		3.45%	[4]	3.45%	[5]
Governmental Issuer Loans [Member] | Hope on Avalon [Member]
Governmental Issuer Loans [Line Items]
Maturity Date		Feb. 01, 2024
Governmental Issuer Loans [Member] | Hope on Avalon [Member] | TOB Trust [Member] | Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired				January 2021
Units | Unit				88
Maturity Date	[3]			Feb. 01, 2024
Current Interest Rate				7.62%
Amortized Cost				$ 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]
Variable rate	[5]			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	[6]
Units | Unit		383	[1]	383	[6]
Maturity Date		Aug. 01, 2024	[1],[2]	Aug. 01, 2024	[3],[6]
Current Interest Rate		8.38%	[1]	8.38%	[6]
Amortized Cost		$ 60,000,000	[1]	$ 60,000,000	[6]
Governmental Issuer Loans [Member] | Osprey Village [Member] | TOB Trust [Member] | SOFR [Member] | Kissimmee FL [Member]
Governmental Issuer Loans [Line Items]
Variable rate		3.07%	[1],[4]	3.07%	[5],[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	[6]
Units | Unit		182	[1]	182	[6]
Maturity Date		Oct. 01, 2024	[1],[2]	Oct. 01, 2024	[3],[6]
Current Interest Rate		8.61%	[1]	8.61%	[6]
Amortized Cost		$ 25,000,000	[1]	$ 25,000,000	[6]
Governmental Issuer Loans [Member] | Willow Place Apartments [Member] | TOB Trust [Member] | SOFR [Member] | McDonough, GA [Member]
Governmental Issuer Loans [Line Items]
Variable rate		3.30%	[1],[4]	3.30%	[5],[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	[6]
Units | Unit		200	[1]	200	[6]
Maturity Date		Jul. 01, 2024	[1],[2]	Jul. 01, 2024	[3],[6]
Current Interest Rate		9.16%	[1]	9.16%	[6]
Amortized Cost		$ 20,400,000	[1]	$ 20,400,000	[6]
Governmental Issuer Loans [Member] | Magnolia Heights [Member] | TOB Trust [Member] | SOFR [Member] | Covington, GA [Member]
Governmental Issuer Loans [Line Items]
Variable rate		3.85%	[1],[4]	3.85%	[5],[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	[6],[8]
Units | Unit		147	[1],[7]	147	[6],[8]
Maturity Date		Apr. 01, 2025	[1],[2],[7]	Apr. 01, 2025	[3],[6],[8]
Variable rate		6.78%	[1],[4],[7]	6.78%	[5],[6],[8]
Current Interest Rate		6.78%	[1],[7]	6.78%	[6],[8]
Amortized Cost		$ 21,846,000	[1],[7]	$ 19,846,000	[6],[8]
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	[6],[8]
Units | Unit		82	[1],[7]	82	[6],[8]
Maturity Date		Apr. 01, 2025	[1],[2],[7]	Apr. 01, 2025	[3],[6],[8]
Variable rate		6.78%	[1],[4],[7]	6.78%	[5],[6],[8]
Current Interest Rate		6.78%	[1],[7]	6.78%	[6],[8]
Amortized Cost		$ 11,541,300	[1],[7]	$ 9,541,300	[6],[8]
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	[6],[8]
Units | Unit		158	[1],[7]	158	[6],[8]
Maturity Date		Apr. 01, 2025	[1],[2],[7]	Apr. 01, 2025	[3],[6],[8]
Variable rate		6.78%	[1],[4],[7]	6.78%	[5],[6],[8]
Current Interest Rate		6.78%	[1],[7]	6.78%	[6],[8]
Amortized Cost		$ 18,550,000	[1],[7]	$ 16,550,000	[6],[8]
Governmental Issuer Loans [Member] | Sandy Creek Apartments [Member] | TOB Trust [Member] | Bryan, TX [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		August 2023	[1]	August 2023	[6]
Units | Unit		140	[1]	140	[6]
Maturity Date		Sep. 01, 2026	[1],[2]	Sep. 01, 2026	[3],[6]
Variable rate		7.83%	[1],[4],[9]	7.83%	[5],[6],[10]
Current Interest Rate		7.83%	[1]	7.83%	[6]
Amortized Cost		$ 12,100,000	[1]	$ 12,100,000	[6]
[1] The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19). 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 0.25 % to 0.50 %. The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19). 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 interest rate will convert to a variable rate of Term SOFR + 2.80 % on February 1, 2025. 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	Mar. 31, 2024	Dec. 31, 2023
Floor Rate [Member] | Minimum [Member]
Governmental Issuer Loans [Line Items]
Variable rate		0.25%	0%
Floor Rate [Member] | Maximum [Member]
Governmental Issuer Loans [Line Items]
Variable rate		0.50%	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]
Variable rate	2.80%

Governmental Issuer Loans - Add

Governmental Issuer Loans - Additional Information (Details)	1 Months Ended
	Feb. 29, 2024 USD ($)	Mar. 31, 2024 USD ($) Property Entities	Dec. 31, 2023 USD ($) Property	Jan. 01, 2023 USD ($)
Governmental Issuer Loans [Line Items]
Number of Variable Interest Entities | Property		30	33
Allowance for credit losses				$ 5,900,000
Governmental Issuer Loans [Member]
Governmental Issuer Loans [Line Items]
Accrued interest receivable		$ 1,400,000	$ 1,500,000
Number of Variable Interest Entities | Entities		2
Outstanding principal		$ 133,200,000
Property Loans [Member]
Governmental Issuer Loans [Line Items]
Outstanding principal		$ 4,700,000
Scharbauer Flats Apartments [Member] | Governmental Issuer Loans [Member]
Governmental Issuer Loans [Line Items]
Partnership recognized loan fee	$ 87,000

Governmental Issuer Loans - Sch

Governmental Issuer Loans - Schedule of Principal and Accrued Interest Paid (Details) - Hope on Avalon [Member] - Governmental Issuer Loans [Member]	3 Months Ended
	Mar. 31, 2024 USD ($)
Governmental Issuer Loans [Line Items]
Month Redeemed	2024-01
Principal Proceeds	$ 23,390,000

Property Loans - Summary of Par

Property Loans - Summary of Partnership's Property Loans, Net of Allowances for Credit Losses (Details) - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 53,306,414		$ 122,556,204
Asset-Specific Allowance for Credit Losses		(495,000)		(495,000)
Property Loan Principal, net of allowance		52,811,414		122,061,204
The 50/50 MF Property [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		6,000,000		6,000,000
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		12,835,506	[1]	81,585,296	[2]
Property Loan Principal, net of allowance		12,835,506	[1]	81,585,296	[2]
Senior Construction Financing [Member] | Magnolia Heights [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		8,118,546	[1]	8,118,546	[2]
Property Loan Principal, net of allowance		$ 8,118,546	[1]	$ 8,118,546	[2]
Maturity Date		Jul. 01, 2024	[1]	Jul. 01, 2024	[2]
Senior Construction Financing [Member] | Magnolia Heights [Member] | SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate		3.85%	[1]	3.85%	[2]
Senior Construction Financing [Member] | Sandy Creek Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 4,716,960	[1]	$ 2,419,876	[2]
Property Loan Principal, net of allowance		$ 4,716,960	[1]	$ 2,419,876	[2]
Maturity Date		Sep. 01, 2026	[1]	Sep. 01, 2026	[2]
Interest Rate		8.63%	[1],[3]	8.63%	[2],[4]
Senior Construction Financing [Member] | Legacy Commons at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[2]			$ 32,233,972
Property Loan Principal, net of allowance	[2]			$ 32,233,972
Maturity Date	[2]			Feb. 01, 2024
Senior Construction Financing [Member] | Legacy Commons at Signal Hills [Member] | SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]			3.07%
Senior Construction Financing [Member] | Osprey Village [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[2]			$ 14,998,296
Property Loan Principal, net of allowance	[2]			$ 14,998,296
Maturity Date	[2]			Aug. 01, 2024
Senior Construction Financing [Member] | Osprey Village [Member] | SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]			3.07%
Senior Construction Financing [Member] | Osprey Village Supplemental [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[2]			$ 4,600,000
Property Loan Principal, net of allowance	[2]			$ 4,600,000
Maturity Date	[2]			Aug. 01, 2024
Senior Construction Financing [Member] | Osprey Village Supplemental [Member] | SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]			3.22%
Senior Construction Financing [Member] | Willow Place Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[2]			$ 18,875,606
Property Loan Principal, net of allowance	[2]			$ 18,875,606
Maturity Date	[2]			Oct. 01, 2024
Senior Construction Financing [Member] | Willow Place Apartments [Member] | SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]			3.30%
Senior Construction Financing [Member] | Willow Place Apartments Supplemental [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[2]			$ 339,000
Property Loan Principal, net of allowance	[2]			$ 339,000
Maturity Date	[2]			Oct. 01, 2024
Senior Construction Financing [Member] | Willow Place Apartments Supplemental [Member] | SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]			3.45%
Mezzanine Financing [Member] | So La Impact Opportunity Zone Fund [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 33,545,000	[5]	$ 34,045,000	[6]
Property Loan Principal, net of allowance		$ 33,545,000		$ 34,045,000	[6]
Maturity Date		Dec. 30, 2024	[5]	Dec. 30, 2024	[6]
Interest Rate		7.875%	[5]	7.875%	[6]
Other [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 6,925,908		$ 6,925,908
Asset-Specific Allowance for Credit Losses		(495,000)		(495,000)
Property Loan Principal, net of allowance		6,430,908		6,430,908
Other [Member] | The 50/50 MF Property [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		5,977,314		5,977,314
Property Loan Principal, net of allowance		$ 5,977,314		$ 5,977,314
Maturity Date		Mar. 11, 2048		Mar. 11, 2048
Interest Rate		9%		9%
Other [Member] | Avistar (February 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 201,972		$ 201,972
Property Loan Principal, net of allowance		$ 201,972		$ 201,972
Maturity Date		Jun. 26, 2024		Jun. 26, 2024
Interest Rate		12%		12%
Other [Member] | Avistar (June 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 251,622		$ 251,622
Property Loan Principal, net of allowance		$ 251,622		$ 251,622
Maturity Date		Jun. 26, 2024		Jun. 26, 2024
Interest Rate		12%		12%
Other [Member] | Live 929 Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 495,000		$ 495,000
Asset-Specific Allowance for Credit Losses		$ (495,000)		$ (495,000)
Maturity Date		Jul. 31, 2049		Jul. 31, 2049
Interest Rate		8%		8%
[1] The property loans are held in trust in connection with TOB trust financings (Note 13). 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 property loans are held in trust in connection with TOB trust financings (Note 13) with the exception of the Osprey Village Supplemental and Willow Place Apartments Supplemental property loans. 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 interest rate will convert to a variable rate of Term SOFR + 3.35 % on February 1, 2025. The interest rate will convert to a variable rate of Term SOFR + 3.35 % on February 1, 2025. The property loan is held in trust in connection with a TOB trust financing (Note 13). The property loan is held in trust in connection with a TOB trust financing (Note 13).

Property Loans - Summary of P_2

Property Loans - Summary of Partnership's Property Loans, Allowances for Credit Losses (Parenthetical) (Details)	Feb. 01, 2025	Dec. 31, 2023
Osprey Village Supplemental and Willow Place Apartments [Member] | Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Floor interest rate		0%
Osprey Village Supplemental and Willow Place Apartments [Member] | Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Floor interest rate		0.50%
Senior Construction Financing [Member] | SOFR [Member] | Scenario Forecast [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable rate	3.35%

Property Loans - Additional Inf

Property Loans - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jan. 01, 2023
Property Loans Net Of Loan Loss Allowance [Line Items]
Allowance for credit losses				$ 5,900,000
Advanced additional funds	$ 3,073,404	$ 7,942,324
Other interest income	3,003,838	$ 4,409,665
Property Loans [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Accrued interest receivable	1,200,000		$ 1,700,000
Live 929 Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Allowance for credit losses				$ 495,000
Greens Property [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Accrued interest redemption on notes receivable	$ 1,600,000

Property Loans - Schedule of Pr

Property Loans - Schedule of Property Loans Paid Down or Redeemed (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property Loans Net Of Loan Loss Allowance [Line Items]
Principal Proceeds	$ 72,323,194	$ 18,315,580
Principal Outstanding at Date of Redemption	$ 22,073,000	$ 18,315,580
Legacy Commons at Signal Hills [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid	2024-02
Principal Proceeds	$ 32,233,972
Osprey Village [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid	2024-02
Principal Proceeds	$ 14,998,296
Osprey Village Supplemental [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid	2024-02
Principal Proceeds	$ 4,600,000
Willow Place Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid	2024-02
Principal Proceeds	$ 18,875,606
Willow Place Apartments Supplemental [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid	2024-02
Principal Proceeds	$ 1,115,320
SoLa Impact Opportunity Zone Fund [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid	2024-03
Principal Proceeds	$ 500,000
Greens Property [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Redeemed		2023-02
Principal Outstanding at Date of Redemption		$ 850,000
Scharbauer Flats [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Redeemed		2023-02
Principal Outstanding at Date of Redemption		$ 10,773,236
Centennial Crossings [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Redeemed		2023-03
Principal Outstanding at Date of Redemption		$ 6,692,344

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details)		3 Months Ended
		Mar. 31, 2024 USD ($) Unit		Dec. 31, 2023 USD ($)
Schedule Of Equity Method Investments [Line Items]
Carrying Value | $		$ 145,130,907		$ 136,653,246
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 | $		$ 14,199,870		13,235,090
Vantage At Hutto | Hutto T X | Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit		288
Month Commitment Executed		December 2021
Construction Completion Date		2023-12
Carrying Value | $		$ 14,573,715		13,908,660
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 | $		$ 21,157,573		20,464,906
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 | $		$ 15,090,681		15,090,681
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 | $		$ 13,485,258		12,996,316
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 | $		$ 14,349,293		13,131,272
Freestone At Greeley [Member] | Greeley, CO [Member] | Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit		296
Carrying Value | $		$ 5,784,762		5,346,007
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 | $		$ 17,661,138		17,325,494
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		February 2023
Carrying Value | $		$ 8,684,133	[1]	8,608,322
The Jessam At Hays Farms [Member] | Huntsville, AL [Member] | Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit		318
Month Commitment Executed		July 2023
Carrying Value | $		$ 10,941,810		7,518,717
Freestone Greenville [Member] | Greenville TX [Member] | Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit		300
Month Commitment Executed		April 2024
Carrying Value | $		$ 5,470,516		5,366,551
Freestone Ladera [Member] | Ladera TX [Member] | Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit		288
Carrying Value | $		$ 3,732,158		$ 3,661,230
[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]	Mar. 31, 2024 Bed Unit
Schedule of Equity Method Investments [Line Items]
Number of beds | Bed	102
Number of Units | Unit	88

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Sales Information of Partnership Investment in Unconsolidated Entities (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) Unit	Mar. 31, 2023 USD ($) Unit
Schedule Of Equity Method Investments [Line Items]
Gross Proceeds to the Partnership		$ 27,903,278
Investment Income from sale of properties		243,796
Gain (loss) on Sale	$ 50,000	$ 15,366,929
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	294
Month Sold		2023-01
Gross Proceeds to the Partnership	$ 50,000	$ 13,220,218
Investment Income from sale of properties		135,501
Gain (loss) on Sale	$ 50,000	$ 6,258,133
Murfreesboro, TN [Member] | Vantage At Murfreesboro [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit		288
Gross Proceeds to the Partnership		$ (6,184)
Gain (loss) on Sale		$ (6,184)

Investments in Unconsolidated_6

Investments in Unconsolidated Entities - Summary of Sales Information of Partnership Investments in Unconsolidated Entities - (Parenthetical) (Details) - USD ($)		1 Months Ended
	Jan. 31, 2024	Feb. 28, 2023
Murfreesboro, TN [Member] | Vantage At Murfreesboro [Member]
Schedule of Equity Method Investments [Line Items]
Cash received/sales proceeds returned		$ 6,200
Omaha, NE [Member] | Vantage At Stone Creek [Member]
Schedule of Equity Method Investments [Line Items]
Cash received/sales proceeds returned	$ 50,000

Investments in Unconsolidated_7

Investments in Unconsolidated Entities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Feb. 28, 2023
Schedule Of Equity Method Investments [Line Items]
Partnership advanced funds	$ 2.9
Freestone at Greeley [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment		$ 8.2

Investments in Unconsolidated_8

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Property revenues	$ 3,785,318	$ 3,749,443
Gain on sale of property		38,104,333
Net income (loss)	$ (1,124,174)	$ 37,742,938

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Assets Owned by Partnership (Details) - USD ($)	Mar. 31, 2024		Dec. 31, 2023
Real Estate [Line Items]
Carrying Value	$ 4,716,140		$ 4,716,140
Net real estate assets	4,716,140		4,716,140
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	946,043	[1]	946,043	[2]
Carrying Value	3,606,658	[1]	3,606,658	[2]
Land Held for Development [Member]
Real Estate [Line Items]
Land and Land Improvements	1,109,482	[3]	1,109,482	[4]
Carrying Value	$ 1,109,482	[3]	$ 1,109,482	[4]
[1] The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 for further information. The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 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 a parcel of land in Richland County, SC.

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details)	1 Months Ended
	Jan. 31, 2023 USD ($)
Land Held for Development [Member] | Omaha, NE [Member]
Real Estate [Line Items]
Proceed sale of real assets	$ 442,000

Real Estate Assets - Schedule O

Real Estate Assets - Schedule Of Partnership Sold Net Income Related to Mf Property (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
The 50/50 MF Property [Member]
Real Estate [Line Items]
Net income	$ 228,912

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Deferred financing costs, net	$ 799,144	$ 850,726
Derivative instruments at fair value	9,263,602	5,254,663
Taxable mortgage revenue bonds, at fair value	10,980,756	21,460,288
Taxable governmental issuer loans	3,000,000	13,573,000
Allowance for credit losses	(41,000)	(77,000)
Taxable governmental issuer loans, net	2,959,000	13,496,000
Bond purchase commitment, at fair value	134,829	197,788
Other assets	1,845,579	1,935,005
Total other assets	$ 25,982,910	$ 43,194,470

Other Assets - Additional Infor

Other Assets - Additional Information (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Other Assets [Line Items]
Principal Outstanding at Date of Redemption	$ 22,073,000	$ 18,315,580
Taxable MRBs and Taxable GILs [Member] | TOB Trust [Member]
Other Assets [Line Items]
Assets held in trust	$ 14,400,000

Other Assets - Summary of Taxab

Other Assets - Summary of Taxable MRBs and and GILs Acquired (Details)		3 Months Ended
		Mar. 31, 2024 USD ($) Unit	Mar. 31, 2023 USD ($)
Governmental Issuer Loans [Line Items]
Principal Outstanding at Date of Redemption		$ 22,073,000	$ 18,315,580
Mortgage Revenue Bonds [Member] | Live 929 Apartments - Series 2022B [Member]
Governmental Issuer Loans [Line Items]
Month Redeemed			2023-01
Date Committed			2023-01
Original Maturity Date			Feb. 01, 2030
Taxable MRB, Initial Principal Funding			$ 805,000
Taxable MRB, Total Commitment			$ 805,000
Mortgage Revenue Bonds [Member] | Residency at the Mayer Series A-T [Member]
Governmental Issuer Loans [Line Items]
Month Redeemed	[1]	2024-03
Property Location	[1]	Hollywood, CA
Units | Unit	[1]	79
Date Committed	[1]	2024-03
Original Maturity Date	[1]	Oct. 01, 2024
Principal Outstanding at Date of Redemption	[1]	$ 11,500,000
Mortgage Revenue Bonds [Member] | Residency at the Mayer Series A-T [Member] | SOFR [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	[1],[2]	3.70%
Governmental Issuer Loans [Member] | Hope On Avalon [Member]
Governmental Issuer Loans [Line Items]
Month Redeemed		2024-01
Property Location		Los Angeles, CA
Units | Unit		88
Date Committed		2024-01
Original Maturity Date		Feb. 01, 2024
Principal Outstanding at Date of Redemption		$ 10,573,000
Governmental Issuer Loans [Member] | Hope On Avalon [Member] | SOFR [Member]
Governmental Issuer Loans [Line Items]
Interest Rate		3.55%
[1] The borrower re-allocated $ 11.5 million of previously provided funding from a taxable MRB to a new MRB during the acquisition and rehabilitation phase of the property. The interest rate is subject to an all-in floor of 3.95 %.

Other Assets - Summary of Tax_2

Other Assets - Summary of Taxable MRBs Acquired (Parenthetical) (Details)	Mar. 31, 2024 USD ($)
Governmental Issuer Loans [Line Items]
Floor rate	3.95%
Committed to funding amount	$ 492,351,755
Mortgage Revenue Bonds [Member]
Governmental Issuer Loans [Line Items]
Borrower re-allocated previously provided funding	$ 11.5

Allowance for Credit Losses - S

Allowance for Credit Losses - Summary of Changes in Partnership's Allowance for Credit Losses (Details) - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		$ 4,097,000	$ 495,000
Recovery of prior credit loss		(17,155)	(16,967)
Cumulative-effect adjustment upon adoption			5,949,000
Current provision for expected credit losses		(806,000)	(545,000)
Balance, end of period		3,291,000	5,899,000
MRB and taxable MRB investments [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		9,910,079	9,978,891
Recovery of prior credit loss	[1]	(17,155)	(16,967)
Balance, end of period	[2]	9,892,924	9,961,924
Governmental Issuer Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		1,294,000	0
Cumulative-effect adjustment upon adoption			2,145,000
Current provision for expected credit losses		(128,000)	(65,000)
Balance, end of period		1,166,000	2,080,000
Taxable Governmental Issuer Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		77,000	0
Cumulative-effect adjustment upon adoption			79,000
Current provision for expected credit losses		(36,000)	10,000
Balance, end of period		41,000	89,000
Property Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		2,048,000	495,000
Cumulative-effect adjustment upon adoption			2,108,000
Current provision for expected credit losses		(420,000)	(153,000)
Balance, end of period		1,628,000	2,450,000
Unfunded Commitments [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		678,000	0
Cumulative-effect adjustment upon adoption			1,617,000
Current provision for expected credit losses		(222,000)	(337,000)
Balance, end of period		$ 456,000	$ 1,280,000
[1] 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 March 31, 2024 and 2023 was related 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
	Dec. 31, 2022 USD ($)	Mar. 31, 2024 USD ($) Loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	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		$ 806,000	$ 545,000
Property loans outstanding principal		53,306,414		$ 122,556,204
Property loans, net		52,811,414		122,061,204
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
The 50/50 MF Property [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Property loans outstanding principal		$ 6,000,000		$ 6,000,000
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
Provision for credit losses		$ 420,000	$ 153,000

Allowance for Credit Losses -_2

Allowance for Credit Losses - Summary of Partnerships Carrying Value by Origination Year Grouped by Risk Rating (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2024		$ 27,868,254
2023	$ 21,430,000	222,178,160
2022	221,678,160	232,668,300
2021	119,620,000
2020		495,000
Prior	948,594	453,594
Total	363,676,754	483,663,308
Governmental Issuer Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024		13,600,000
2023	13,600,000	66,337,300
2022	72,337,300	143,010,000
2021	119,620,000
Total	205,557,300	222,947,300
Governmental Issuer Loans [Member] | Performing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024		13,600,000
2023	13,600,000	66,337,300
2022	72,337,300	143,010,000
2021	119,620,000
Total	205,557,300	222,947,300
Taxable Governmental Issuer Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023		3,000,000
2022	3,000,000	10,573,000
Total	3,000,000	13,573,000
Taxable Governmental Issuer Loans [Member] | Performing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023		3,000,000
2022	3,000,000	10,573,000
Total	3,000,000	13,573,000
Property Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024		7,358,876
2023	4,716,960	48,140,860
2022	47,640,860	66,107,874
2020		495,000
Prior	948,594	453,594
Total	53,306,414	122,556,204
Property Loans [Member] | Performing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024		7,358,876
2023	4,716,960	48,140,860
2022	47,640,860	66,107,874
Prior	453,594	453,594
Total	52,811,414	122,061,204
Property Loans [Member] | Nonperforming [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2020		495,000
Prior	495,000
Total	495,000	495,000
Unfunded Commitments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024		6,909,378
2023	3,113,040	104,700,000
2022	98,700,000	12,977,426
Total	101,813,040	124,586,804
Unfunded Commitments [Member] | Performing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024		6,909,378
2023	3,113,040	104,700,000
2022	98,700,000	12,977,426
Total	$ 101,813,040	$ 124,586,804

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 1,341,410	$ 1,518,267
Accrued expenses	3,471,873	4,104,945
Accrued interest expense	7,428,057	7,935,327
Deferred gain on sale of property	6,596,622	6,596,622
Reserve for credit losses on unfunded commitments	456,000	678,000
Derivative instruments at fair value	224,845	705,694
Other liabilities	1,344,108	1,419,233
Total accounts payable, accrued expenses and other liabilities	$ 20,862,915	$ 22,958,088

Secured Line of Credit - Summar

Secured Line of Credit - Summary of Secured Line of Credit (Details) - Secured Line Of Credit Facility [Member] - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024		Dec. 31, 2023
Line of Credit Facility [Line Items]
Lines of credit	$ 16,500,000		$ 33,400,000
Total Commitment	100,000,000		90,000,000
Bank United General [Member]
Line of Credit Facility [Line Items]
Lines of credit	16,500,000		16,500,000
Total Commitment	$ 50,000,000		$ 40,000,000
Commitment Maturity	2025-06	[1]	2025-06	[2]
Variable / Fixed	Variable	[3]	Variable	[4]
Reset Frequency	Monthly		Monthly
Line of credit facility, interest rate during period	8.82%		8.85%
Bankers Trust Acquisition [Member]
Line of Credit Facility [Line Items]
Lines of credit			$ 16,900,000
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	7.82%		7.85%
[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 SOFR + 3.50 %, subject to an all-in floor of 3.75 %. 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 for each extension. 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]	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) Extension	Dec. 31, 2023 USD ($) 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] | SOFR [Member]
Line of Credit Facility [Line Items]
Debt instrument variable rate	3.50%	3.50%
Floor rate	3.75%	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		3 Months Ended
	Aug. 31, 2021	Jun. 30, 2021	Mar. 31, 2024	Dec. 31, 2023
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			$ 100,000,000	$ 90,000,000
Minimum liquidity		$ 6,300,000
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 $6.3 million and maintain a minimum consolidated tangible net worth of $200.0 million. The Partnership may increase the maximum commitment from $50.0 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 $6.3 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 March 31, 2024.
Secured Line Of Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Increase in the maximum commitment		50,000,000
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		$ 50,000,000	$ 41,500,000
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 ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2024		Dec. 31, 2023
Debt Instrument [Line Items]
Debt financing		$ 978,475,088		$ 1,015,030,066
Barclays Capital Inc [Member]
Debt Instrument [Line Items]
Debt financing		0		0
TEBS Financings [Member]
Debt Instrument [Line Items]
Debt financing		$ 304,195,885		$ 305,262,391
Period End Rates		4.42%		4.46%
TEBS Financings [Member] | Variable - M31 [Member]
Debt Instrument [Line Items]
Debt financing		$ 66,287,183	[1]	$ 66,621,825	[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		3.67%	[1],[5]	3.90%	[2],[4]
Facility Fees		1.36%	[1]	1.31%	[2]
Period End Rates	[1]	5.03%		5.21%
TEBS Financings [Member] | Fixed - M33 [Member]
Debt Instrument [Line Items]
Debt financing		$ 28,696,943		$ 28,870,624
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		$ 209,211,759		$ 209,769,942
Restricted Cash		$ 5,000		$ 5,000
Stated Maturities		2034		2034
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Period End Rates		4.39%		4.39%
TOB Trusts Securitization [Member]
Debt Instrument [Line Items]
Debt financing		$ 601,319,732		$ 636,705,380	[6]
Period End Rates		5.69%		5.87%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Montevista - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 5,607,507	[7]	$ 5,618,833	[6]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.28%		1.28%
Period End Rates		5.29%		5.52%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Hope on Avalon GIL [Member]
Debt Instrument [Line Items]
Debt financing	[6]			$ 18,711,665
Stated Maturities				2024
Tax-Exempt Interest on Senior Securities	[4]			Yes
Remarketing Senior Securities Rate	[8]			4.24%
Facility Fees				1.44%
Period End Rates				5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Jackson Manor Apartments [Member]
Debt Instrument [Line Items]
Debt financing		$ 4,100,000	[7]	$ 4,100,000	[6]
Stated Maturities		2024		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.29%		1.29%
Period End Rates		5.30%		5.53%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Southpark MRB [Member]
Debt Instrument [Line Items]
Debt financing	[7]	$ 9,810,692
Stated Maturities		2024
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[5]	4.01%
Facility Fees		1.44%
Period End Rates		5.45%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Trust 2021-XF2926 [Member]
Debt Instrument [Line Items]
Debt financing	[6],[9]			$ 38,496,952
Stated Maturities	[9]			2024
Tax-Exempt Interest on Senior Securities	[4],[9]			No
Remarketing Senior Securities Rate	[8],[9]			5.59%
Facility Fees	[9]			0.90%
Period End Rates	[9]			6.49%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Trust 2021-XF2939 [Member]
Debt Instrument [Line Items]
Debt financing	[6],[10]			$ 21,821,644
Stated Maturities	[10]			2025
Tax-Exempt Interest on Senior Securities	[4],[10]			No
Remarketing Senior Securities Rate	[8],[10]			5.59%
Facility Fees	[10]			1.17%
Period End Rates	[10]			6.76%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Trust 2024-XF3219 [Member]
Debt Instrument [Line Items]
Debt financing	[7],[11]	$ 22,579,601
Stated Maturities	[11]	2027
Tax-Exempt Interest on Senior Securities	[3],[11]	No
Remarketing Senior Securities Rate	[5],[11]	5.59%
Facility Fees	[11]	1.79%
Period End Rates	[11]	7.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Mayer - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 33,804,687	[7]	$ 24,335,000	[6]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.19%		1.19%
Period End Rates		5.20%		5.43%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Safford [Member]
Debt Instrument [Line Items]
Debt financing		$ 7,779,345	[7]	$ 5,911,780	[6]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.44%		1.44%
Period End Rates		5.45%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | SoLa Impact Opportunity Zone Fund [Member]
Debt Instrument [Line Items]
Debt financing		$ 23,412,092	[7]	$ 23,741,122	[6]
Stated Maturities		2024		2024
Tax-Exempt Interest on Senior Securities		No	[3]	No	[4]
Remarketing Senior Securities Rate		5.59%	[5]	5.59%	[8]
Facility Fees		1.78%		1.78%
Period End Rates		7.37%		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		$ 6,798,537	[7]	$ 6,813,244	[6]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.18%		1.18%
Period End Rates		5.19%		5.42%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Vineyard Gardens - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 3,593,846	[7]	$ 3,593,615	[6]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.18%		1.18%
Period End Rates		5.19%		5.42%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Park at Sondrio - Series 2022A [Member]
Debt Instrument [Line Items]
Debt financing		$ 30,407,150	[7]	$ 30,396,222	[6]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.43%		1.43%
Period End Rates		5.44%		5.67%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Park at Vietti - Series 2022A [Member]
Debt Instrument [Line Items]
Debt financing		$ 21,530,746	[7]	$ 21,522,158	[6]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.43%		1.43%
Period End Rates		5.44%		5.67%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Copperfield - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 11,338,321	[7]	$ 11,370,985	[6]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.68%		1.68%
Period End Rates		5.69%		5.92%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Wilcrest - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 4,292,320	[7]	$ 4,303,984	[6]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.68%		1.68%
Period End Rates		5.69%		5.92%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Entrepreneur MRBs [ Member ]
Debt Instrument [Line Items]
Debt financing		$ 26,080,000	[7]	$ 23,040,000	[6]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.45%		1.45%
Period End Rates		5.46%		5.69%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Legacy Commons at Signal Hills GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 31,155,000	[7]	$ 31,155,000	[6]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		0.91%		0.91%
Period End Rates		4.92%		5.15%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Osprey Village GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 49,475,000	[7]	$ 49,475,000	[6]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate	[5]	4.01%		4.24%	[8]
Facility Fees		1.19%		1.19%
Period End Rates		5.20%		5.43%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Mayer Taxable MRB [Member]
Debt Instrument [Line Items]
Debt financing	[7]	$ 824,508
Stated Maturities		2025
Tax-Exempt Interest on Senior Securities	[3]	No
Remarketing Senior Securities Rate	[5]	5.59%
Facility Fees		1.17%
Period End Rates		6.76%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at Empire MRBs [Member]
Debt Instrument [Line Items]
Debt financing		$ 21,888,667	[7]	$ 18,267,048	[6]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes		Yes	[4]
Remarketing Senior Securities Rate	[5]	4.01%		4.24%
Facility Fees		1.42%		1.42%
Period End Rates		5.43%		5.66%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Ivy Apartments [Member]
Debt Instrument [Line Items]
Debt financing		$ 24,339,218	[7]	$ 24,330,930	[6]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes		Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.44%		1.44%
Period End Rates		5.45%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Windsor Shores Apartments [Member]
Debt Instrument [Line Items]
Debt financing		$ 17,190,485	[7]	$ 17,183,983	[6]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes		Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.44%		1.44%
Period End Rates		5.45%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Village at Hanford Sqaure [Member]
Debt Instrument [Line Items]
Debt financing		$ 7,764,412	[7]	$ 7,760,141	[6]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes		Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.44%		1.44%
Period End Rates		5.45%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Maryalice Circle Apartments [Member]
Debt Instrument [Line Items]
Debt financing		$ 4,686,385	[7]	$ 4,682,351	[6]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes		Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.44%		1.44%
Period End Rates		5.45%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Meadow Valley [Member]
Debt Instrument [Line Items]
Debt financing		$ 18,581,544	[7]	$ 15,438,915	[6]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes		Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.44%		1.44%
Period End Rates		5.45%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | 40rty on Colony [Member]
Debt Instrument [Line Items]
Debt financing		$ 4,443,263	[7]	$ 4,440,847	[6]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes		Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.44%		1.44%
Period End Rates		5.45%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Sandy Creek Apartments GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 9,622,773	[7]	$ 9,616,853	[6]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.44%		1.44%
Period End Rates		5.45%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Wood Hollow - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 32,568,480	[7]	$ 32,673,300	[6]
Stated Maturities		2027		2027
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.44%		1.44%
Period End Rates		5.45%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Live929 [Member]
Debt Instrument [Line Items]
Debt financing		$ 53,092,000	[7]	$ 53,092,000	[6]
Stated Maturities		2027		2027
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.01%	[5]	4.24%	[8]
Facility Fees		1.18%		1.18%
Period End Rates		5.19%		5.42%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Trust 2021-XF2953 [Member]
Debt Instrument [Line Items]
Debt financing		$ 54,627,862	[12]	$ 69,694,599	[6],[13]
Stated Maturities		2025	[12]	2024	[13]
Tax-Exempt Interest on Senior Securities		No	[3],[12]	No	[4],[13]
Remarketing Senior Securities Rate		5.45%	[5],[12]	5.48%	[8],[13]
Facility Fees		1.27%	[12]	1.27%	[13]
Period End Rates		6.72%	[12]	6.75%	[13]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove I GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 17,473,372		$ 15,872,163	[6]
Stated Maturities		2025		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.75%	[5]	4.40%	[8]
Facility Fees		1.25%		1.25%
Period End Rates		6%		5.65%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove II GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 9,229,372		$ 7,628,163	[6]
Stated Maturities		2025		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.75%	[5]	4.40%	[8]
Facility Fees		1.25%		1.25%
Period End Rates		6%		5.65%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Village Point [Member]
Debt Instrument [Line Items]
Debt financing		$ 18,386,175		$ 18,381,720	[6]
Stated Maturities		2025		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.78%	[5]	4.43%	[8]
Facility Fees		1.61%		1.61%
Period End Rates		6.39%		6.04%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove III GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 14,836,372		$ 13,235,163	[6]
Stated Maturities		2025		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.75%	[5]	4.40%	[8]
Facility Fees		1.25%		1.25%
Period End Rates		6%		5.65%
Term TOB Trust Securitization [Member] | Morgan Stanley Bank [Member] | Village at Avalon [Member]
Debt Instrument [Line Items]
Debt financing		$ 12,715,993		$ 12,739,978
Stated Maturities		2024		2024
Variable Rate Index		Yes	[3]	Yes	[4]
Period End Rates		1.98%		1.98%
TEBS Residual Financing [Member] | Fixed Notes [Member]
Debt Instrument [Line Items]
Debt financing		$ 60,243,478		$ 60,322,317
Restricted Cash		$ 9,000
Stated Maturities		2034		2034
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Period End Rates		7.16%		7.16%
[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 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. 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 Partnership has restricted cash totaling approximately $ 9.6 million related to its total net position with Mizuho Capital Markets. The Partnership has restricted cash totaling approximately $ 14.7 million related to its total net position with Mizuho Capital Markets. 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 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 Residency at the Mayer taxable MRB and Osprey Village property loan. The TOB trust is securitized by eight taxable MRBs, six MRBs, and one property loan. The TOB trust is securitized by the Willow Place GIL & supplemental GIL, 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, property loan & supplemental GIL, 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 ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Cash collateral	$ 14.7	$ 9.6

Debt Financing - Additional Inf

Debt Financing - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
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%
Debt financing	$ 978,475,088	$ 978,475,088	$ 1,015,030,066
Outstanding principal		98,282,000
Mizuho [Member]
Debt Instrument [Line Items]
Debt financing	14,700,000	14,700,000	9,600,000
Barclays Capital Inc [Member]
Debt Instrument [Line Items]
Debt financing	0	0	0
TOB Trust [Member]
Debt Instrument [Line Items]
Debt financing	31,635,000	$ 31,635,000	$ 83,336,000
TOB Trust [Member] | Trust 2022-XF3059 [Member]
Debt Instrument [Line Items]
Additional debt financing proceeds	$ 9,500,000

Debt Financing - Summary of TOB

Debt Financing - Summary of TOB Trust Financings (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt financing	$ 978,475,088	$ 1,015,030,066
TOB Trust [Member]
Debt Instrument [Line Items]
Debt financing	31,635,000	83,336,000
TOB Trust [Member] | Southpark MRB [Member] | MRB [Member]
Debt Instrument [Line Items]
Debt financing	$ 9,840,000
Stated Maturity	2024-06
Interest Rate Type	Variable
Tax-Exempt Interest on Senior Securities	Yes
Facility Fees	1.44%
TOB Trust [Member] | Trust 2024-XF3219 [Member]
Debt Instrument [Line Items]
Debt financing	$ 21,795,000
Stated Maturity	2027-02
Interest Rate Type	Variable
Tax-Exempt Interest on Senior Securities	No
Facility Fees	1.79%
TOB Trust [Member] | Residency at Empire MRBs [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%

Debt Financing - Summary of T_2

Debt Financing - Summary of TOB Trust Financings Were Repaid in Connection With Redemption or Sale of Underlying Assets (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument Redemption [Line Items]
Paydown Applied	$ 98,282,000
M31 TEBS [Member] | Greens of Pine Glen [Member]
Debt Instrument Redemption [Line Items]
Month		2023-02
Paydown Applied		$ 7,579,000
TOB Trust [Member] | Hope on Avalon GIL [Member]
Debt Instrument Redemption [Line Items]
Month	2024-01
Paydown Applied	$ 18,712,000
TOB Trust [Member] | Trust 2021-XF2926 - Hope on Avalon taxable GIL [Member]
Debt Instrument Redemption [Line Items]
Month	2024-01
Paydown Applied	$ 9,515,000
TOB Trust [Member] | Trust 2021-XF2939 - Osprey Village Property Loan [Member]
Debt Instrument Redemption [Line Items]
Month	2024-02
Paydown Applied	$ 12,365,000
TOB Trust [Member] | Trust 2021-XF2953 - Willow Place Property Loan [Member]
Debt Instrument Redemption [Line Items]
Month	2024-02
Paydown Applied	$ 15,080,000
TOB Trust [Member] | Trust 2021-XF2926 - Legacy Commons at Signal Hills property loan [Member]
Debt Instrument Redemption [Line Items]
Month	2024-02
Paydown Applied	$ 28,985,000
TOB Trust [Member] | Trust 2021-XF2939 - Residency at the Mayer Series A-T [Member]
Debt Instrument Redemption [Line Items]
Month	2024-03
Paydown Applied	$ 9,480,000
TOB Trust [Member] | So La Impact Opportunity Zone Fund [Member]
Debt Instrument Redemption [Line Items]
Month	2024-03
Paydown Applied	$ 350,000
TOB Trust [Member] | Trust 2021-XF2939 - Osprey Village Supplemental property loan [Member]
Debt Instrument Redemption [Line Items]
Month	2024-02
Paydown Applied	$ 3,795,000

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Financing [Abstract]
Remainder of 2024	$ 143,344,871
2025	312,950,784
2026	159,748,526
2027	103,965,220
2028	4,518,577
Thereafter	257,084,127
Total	981,612,105
Unamortized deferred financing costs and debt premium	(3,137,017)
Total debt financing, net	$ 978,475,088	$ 1,015,030,066

Mortgage Payable - Summary of P

Mortgage Payable - Summary of Partnerships' Mortgages Payable, Net of Deferred Financing Costs (Details) - Mortgages payable [Member] - Real Estate [Member] - Vantage at San Marcos [Member] - USD ($)		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
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]	2024-11
Variable / Fixed	[1]	Variable
Period End Rate	[1]	9.25%
[1] The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 3).

Derivative Instruments - Summar

Derivative Instruments - Summary of Unrealized and Realized Gains and Losses of Partnership's Derivative Instruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Realized (gains) losses on derivatives, net	$ (1,663,449)	$ (2,152,831)
Unrealized (gains) losses on derivatives, net	(4,604,215)	3,435,967
Net result from derivative transactions	(6,267,664)	1,283,136
Interest Rate Swaps [Member]
Derivative [Line Items]
Realized (gains) losses on derivatives, net	(1,663,449)	(829,480)
Unrealized (gains) losses on derivatives, net	(4,604,445)	3,430,002
Net result from derivative transactions	(6,267,894)	2,600,522
Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized (gains) losses on derivatives, net	230	5,965
Net result from derivative transactions	$ 230	5,965
Total Return Swaps [Member]
Derivative [Line Items]
Realized (gains) losses on derivatives, net		(1,323,351)
Net result from derivative transactions		$ (1,323,351)

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Partnership's Derivative Instruments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative, Notional Amount	$ 386,253,042	$ 406,643,955
Derivative, Fair Value Asset	9,263,602	5,254,663
Derivative, Fair Value Liability	(224,845)	(705,694)
Interest Rate Cap Agreements [Member] | SIFMA [Member]
Derivative [Line Items]
Derivative, Notional Amount	72,988,749	73,393,729
Derivative, Fair Value Asset	$ 35	$ 265
Derivative, Weighted Average Remaining Maturity	5 months 1 day	8 months 1 day
Interest Rate Swaps [Member] | SOFR [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 313,264,293	$ 333,250,226
Derivative, Fair Value Asset	9,263,567	5,254,398
Derivative, Fair Value Liability	$ (224,845)	$ (705,694)
Derivative, Weighted Average Remaining Maturity	3 years 14 days	3 years 5 months 23 days

Derivative Instruments - Summ_3

Derivative Instruments - Summary of Partnership's Derivative Instruments (Parenthetical) (Details)	Mar. 31, 2024	Dec. 31, 2023
Interest Rate Cap [Member] | SIFMA [Member]
Derivative [Line Items]
Derivative, Effective Capped Rate	4.50%	4.50%

Derivative Instruments - Summ_4

Derivative Instruments - Summary of Average Notional Amount and Weighted Average Fixed Rate by Year (Details) - Interest Rate Swaps [Member]	Mar. 31, 2024 USD ($)
Average Notional
Remainder of 2024	$ 354,680,757
2025	297,636,631
2026	247,498,799
2027	162,100,466
2028	125,802,132
2029	103,872,299
2030	$ 8,997,800
Weighted Average Fixed Rate Paid
Remainder of 2024	3.45%
2025	3.31%
2026	3.27%
2027	3.31%
2028	3.38%
2029	3.38%
2030	3.40%

Commitments and Contingencies -

Commitments and Contingencies - Summary of Partnership's Bond Purchase Commitments (Details) - Anaheim & Walnut [Member] - Bond Purchase Commitment [Member] - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	$ 134,829	$ 197,788

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Partnership's Total and Remaining Commitments (Details) - USD ($)		3 Months Ended
		Mar. 31, 2024		Jul. 31, 2023
Commitments And Other Guarantees [Line Items]
Total Initial Commitment		$ 492,351,755
Remaining Commitment as of March 31, 2024		$ 323,834,389
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		$ 195,500,000
Remaining Commitment as of March 31, 2024		$ 134,032,168
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	[1]	6%
Total Initial Commitment		$ 26,080,000
Remaining Commitment as of March 31, 2024		$ 9,980,000
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 March 31, 2024		$ 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	[1],[2]	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	[3]	2025-04
Total Initial Commitment		$ 5,000,000
Remaining Commitment as of March 31, 2024		$ 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	[1]	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	[3]	2025-04
Total Initial Commitment		$ 8,000,000
Remaining Commitment as of March 31, 2024		$ 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	[1]	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	[1],[4]	6.45%
Total Initial Commitment		$ 14,000,000
Remaining Commitment as of March 31, 2024		$ 4,445,000
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	[1],[5]	6.45%
Total Initial Commitment		$ 47,000,000
Remaining Commitment as of March 31, 2024		$ 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	[3]	2025-12
Interest Rate	[1]	7.45%
Total Initial Commitment		$ 9,404,500
Remaining Commitment as of March 31, 2024		$ 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	[1]	6.25%
Total Initial Commitment		$ 44,000,000
Remaining Commitment as of March 31, 2024		$ 19,070,000
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	[1]	7.25%
Total Initial Commitment		$ 10,400,000
Remaining Commitment as of March 31, 2024		$ 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	[1]	7.45%
Total Initial Commitment		$ 5,950,000
Remaining Commitment as of March 31, 2024		$ 4,950,000
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Safford [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date		2023-10
Maturity Date		2026-10
Interest Rate	[1]	7.59%
Total Initial Commitment		$ 43,000,000
Remaining Commitment as of March 31, 2024		33,117,168
Taxable Mortgage Revenue Bonds [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment		33,754,500
Remaining Commitment as of March 31, 2024		29,754,500
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 March 31, 2024		$ 45,120,535
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	[3]	2025-04
Interest Rate	[1]	6.78%
Total Initial Commitment		$ 35,688,328
Remaining Commitment as of March 31, 2024		$ 13,842,328
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	[3]	2025-04
Interest Rate	[1]	6.78%
Total Initial Commitment		$ 22,250,000
Remaining Commitment as of March 31, 2024		$ 10,708,700
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	[3]	2025-04
Interest Rate	[1]	6.78%
Total Initial Commitment		$ 39,119,507
Remaining Commitment as of March 31, 2024		20,569,507
Taxable Governmental Issuer Loans [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment		56,579,465
Remaining Commitment as of March 31, 2024		$ 53,579,465
Taxable Governmental Issuer Loans [Member] | Poppy Grove I [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date		2022-09
Maturity Date	[3]	2025-04
Interest Rate	[1]	6.78%
Total Initial Commitment		$ 21,157,672
Remaining Commitment as of March 31, 2024		$ 20,157,672
Taxable Governmental Issuer Loans [Member] | Poppy Grove II [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date		2022-09
Maturity Date	[3]	2025-04
Interest Rate	[1]	6.78%
Total Initial Commitment		$ 10,941,300
Remaining Commitment as of March 31, 2024		$ 9,941,300
Taxable Governmental Issuer Loans [Member] | Poppy Grove III [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date		2022-09
Maturity Date	[3]	2025-04
Interest Rate	[1]	6.78%
Total Initial Commitment		$ 24,480,493
Remaining Commitment as of March 31, 2024		23,480,493
Property Loans [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment		7,830,000
Remaining Commitment as of March 31, 2024		$ 3,113,040
Property Loans [Member] | Sandy Creek Apartments [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date		2023-08
Maturity Date	[3]	2026-09
Interest Rate	[1],[6]	8.63%
Total Initial Commitment		$ 7,830,000
Remaining Commitment as of March 31, 2024		$ 3,113,040
Property Loans [Member] | Anaheim & Walnut [Member] | SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	[1]	4.85%
Joint Venture Investments [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment		$ 97,729,955
Remaining Commitment as of March 31, 2024		$ 54,334,681
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 March 31, 2024	[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 March 31, 2024	[9]	$ 657,427
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 March 31, 2024	[7]	$ 10,806,346
Joint Venture Investments [Member] | Freestone Cresta Bella [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date		2023-12
Total Initial Commitment		$ 19,934,456
Remaining Commitment as of March 31, 2024		$ 14,597,244
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 March 31, 2024		$ 5,880,256
Joint Venture Investments [Member] | Freestone Ladera [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date		2023-12
Total Initial Commitment		$ 17,097,624
Remaining Commitment as of March 31, 2024		13,449,494
Bond Purchase Commitment [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment		3,900,000
Remaining Commitment as of March 31, 2024		$ 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 March 31, 2024		$ 3,900,000
[1] The variable index interest rate components are subject to a floor of 0.27 %. Upon stabilization, the MRB will convert to a fixed rate of 8.0 % and become subordinate to the other senior MRBs. 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. 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 March 31, 2024. The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 3). 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 ($)	3 Months Ended
	Mar. 31, 2024		Feb. 01, 2025	Jul. 31, 2023
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 492,351,755
Joint Venture Investments [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 97,729,955
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	0.27%
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
[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	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Commitments And Other Guarantees [Line Items]
Reserve for credit losses	$ 495,000	$ 3,291,000	$ 4,097,000	$ 5,899,000
Reported value of credit guaranties		$ 338,000	343,000
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	$ 0	$ 456,000	$ 678,000	$ 1,280,000

Commitments and Contingencies_5

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guaranty Agreements (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
The 50/50 MF Property--TIF Loan [Member]
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of September 30, 2022	$ 1,337,268
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	$ 21,701,660
End of Guaranty Period	2027
Ohio Properties [Member]
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of September 30, 2022	$ 1,960,152
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	$ 1,470,582
End of Guaranty Period	2027

Redeemable Preferred Units - Ad

Redeemable Preferred Units - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024
Series A Preferred Units [Member]
Distributions paid quarterly at annual fixed rate	3%
Series A-1 Preferred Units [Member]
Distributions paid quarterly at annual fixed rate	3%
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 ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Preferred Units outstanding		8,750,000	8,250,000
Purchase Price		$ 87,500,000	$ 82,500,000
Series A Preferred Units [Member]
Preferred Units outstanding		1,000,000	2,750,000
Purchase Price		$ 10,000,000	$ 27,500,000
Distribution Rate		3%
Series A-1 Preferred Units [Member]
Preferred Units outstanding		5,500,000	5,500,000
Purchase Price		$ 55,000,000	$ 55,000,000
Distribution Rate		3%
Series B Preferred Units [Member]
Preferred Units outstanding		2,250,000
Purchase Price		$ 22,500,000
Distribution Rate		5.75%
Series A Preferred Units issued on March 2016 [Member]
Preferred Units outstanding			1,000,000
Purchase Price			$ 10,000,000
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	[1]	2024-03
Series A Preferred Units issued on October 2017 [Member]
Preferred Units outstanding			750,000
Purchase Price			$ 7,500,000
Distribution Rate			3%
Redemption Price per Unit			$ 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	1,500,000
Purchase Price		$ 15,000,000	$ 15,000,000
Distribution Rate		3%	3%
Redemption Price per Unit		$ 10	$ 10
Earliest Redemption Date		2029-02
Series A-1 Preferred Units issued on June 2023 [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		2029-06
Series B Preferred Units Issued On January 2024 [Member]
Preferred Units outstanding		1,750,000
Purchase Price		$ 17,500,000
Distribution Rate		5.75%
Redemption Price per Unit		$ 10
Earliest Redemption Date		2030-01
Series B Preferred Units Issued On February 2024 [Member]
Preferred Units outstanding		500,000
Purchase Price		$ 5,000,000
Distribution Rate		5.75%
Redemption Price per Unit		$ 10
Earliest Redemption Date		2030-02
[1] In April 2024, the Partnership redeemed $ 10.0 million of Series A Preferred Units. See Note 25 for additional information.

Redeemable Preferred Units - _2

Redeemable Preferred Units - Summary of Issuances of Preferred Units (Parenthetical) (Details) - USD ($)	Apr. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Redeemable preferred stock units		$ 87,389,526	$ 82,431,548
Series A Preferred Units [Member]
Redeemable preferred stock units	$ 10

Restricted Unit Awards - Additi

Restricted Unit Awards - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to nonvested RUAs granted	$ 2,400,000
Remaining compensation expense expected to be recognized over a weighted-average period	1 year 3 months 18 days
Intrinsic value of unvested RUAs	$ 3,300,000
General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 332,000	$ 350,000
2015 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU available for future issuance	292,000
2015 Equity Incentive Plan [Member] | 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
RUAs granted with vesting range	3 years
2015 Equity Incentive Plan [Member] | 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	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Restricted Units Awarded
Beginning Balance	95,600	87,334
Granted	109,581	105,274
Vested		(97,008)
Ending Balance	205,181	95,600
Weighted-average Grant-Date Fair Value
Beginning Balance	$ 18.18	$ 19.33
Granted	16.62	17.65
Vested		18.64
Ending Balance	$ 17.35	$ 18.18

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
		Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities	[1]	$ 20,000	$ 15,000
Referral fees paid to an affiliate	[2]	0	76,250
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees	[3]	$ 1,486,000	$ 1,578,000
[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, 2024, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond acquisition 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
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%	0.45%
Percentage of referral fee to be received in original principal amount	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) - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
General Partner [Member]
Investment/mortgage placement fees earned	[1]	$ 25,000	$ 2,257,000
[1] 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. As of March 31, 2024,

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
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%	0.45%

Transactions with Related Par_7

Transactions with Related Parties - Additional Information (Details) - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Fee paid	[1]	$ 0	$ 76,250
Outstanding liabilities due to related parties		1,344,108		$ 1,419,233
Related Party [Member]
Related Party Transaction [Line Items]
Receivables due from unconsolidated entities		189,000		169,000
Related Party [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member]
Related Party Transaction [Line Items]
Outstanding liabilities due to related parties		540,000		$ 588,000
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, 2024, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond acquisition 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)		Mar. 31, 2024	Dec. 31, 2023
Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[1],[2]	5.20%	4.80%
Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields	[1]	2.60%	2.30%
Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields	[1]	8%	7.70%
Taxable Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[2]	8.80%	8.80%
Taxable Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		6.90%	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		11.90%	11.90%
Bond Purchase Commitment [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		4.30%	4.10%
Weighted Average Effective Yields	[2]	4.30%	4.10%
[1] Mortgage revenue bonds excludes the Provision Center 2014-1 MRB as the bankruptcy process is nearly complete. The valuation as of March 31, 2024 is based on expected additional liquidation proceeds of approximately $ 197,000 at final liquidation. Weighted by the total principal outstanding of all the respective securities as of the reporting date

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)	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value Measurements [Abstract]
Additional proceeds from final liquidation	$ 197,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Total Assets at Fair Value, net	$ 962,899,939	$ 956,882,340
Fair Value Inputs Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Total Assets at Fair Value, net	9,038,723	4,548,704
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Total Assets at Fair Value, net	953,861,216	952,333,636
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	922,468,164	883,030,786
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	922,468,164	883,030,786
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	20,277,433	47,644,509
Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	20,277,433	47,644,509
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	134,829	197,788
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	134,829	197,788
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	10,980,756	21,460,288
Taxable Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	10,980,756	21,460,288
Derivative Instruments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	9,263,602	5,254,663
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	9,263,568	5,254,398
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	34	265
Derivative Swap Liability (reported within other liabilities)
Schedule of Available-for-sale Securities [Line Items]
Liabilities at Fair Value	(224,845)	(705,694)
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	$ (224,845)	$ (705,694)

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
		Mar. 31, 2024	Mar. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		$ 952,333,636	$ 816,370,069
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		$ 65,102	$ 1,388,828
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
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
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
Total gain (losses) included in other comprehensive (loss) income		$ (12,071,696)	$ 20,510,089
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases and advances		27,297,798	62,427,813
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements and redemptions		(13,763,624)	(14,670,016)
Assets at Fair Value, ending balance		953,861,216	886,026,783
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		16,924	10,943
Interest Rate Derivative Instruments [Member]
Schedule of Available-for-sale Securities [Line Items]
Derivative Assets (Liabilities) at Fair Value, beginning balance		265	331,240
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(231)	1,317,385
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements and redemptions
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements and redemptions			(1,363,480)
Derivative Assets (Liabilities) at Fair Value, ending balance		34	285,145
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		(231)	(6,024)
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		197,788	98,929
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		(62,959)	112,547
Assets at Fair Value, ending balance		134,829	211,476
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		21,460,288	16,531,896
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(6,050)	(6,050)
Total gain (losses) included in other comprehensive (loss) income		29,577	(181,509)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases and advances		1,000,000	1,805,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements and redemptions		(11,503,059)	(2,797)
Assets at Fair Value, ending balance		10,980,756	18,146,540
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance	[1]	930,675,295	799,408,004
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)	[1]	71,383	77,493
Total gain (losses) included in other comprehensive (loss) income	[1]	(12,038,314)	20,579,051
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases and advances	[1]	26,297,798	60,622,813
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements and redemptions	[1]	(2,260,565)	(13,303,739)
Assets at Fair Value, ending balance	[1]	942,745,597	867,383,622
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	[1]	$ 17,155	$ 16,967
[1] 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 ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 495,018,507	$ 572,142,140
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	207,200,000	225,700,000
Fair Value, Inputs, Level 3 [Member] | Taxable Governmental Issuer Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 1,700,000	$ 12,100,000

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt financing	$ 978,475,088	$ 1,015,030,066
Secured lines of credit	16,500,000	33,400,000
Mortgages payable	1,690,000	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	979,889,395	1,019,218,351
Secured lines of credit	16,500,000	33,400,000
Mortgages payable	$ 1,690,000	$ 1,690,000

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Provision [Line Items]
Total income tax expense (benefit)	$ (1,198)	$ 7,358
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense (benefit)	(4,196)	8,340
Deferred income tax benefit	2,998	(982)
Total income tax expense (benefit)	$ (1,198)	$ 7,358

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Valuation allowance	$ 0	$ 0

Partnership Income, Expenses _2

Partnership Income, Expenses and Distributions - Additional Information (Details)	Mar. 31, 2024
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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Dilutive BUCs	0	0

Segments - Additional Informati

Segments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Property Segment Unit Security 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	84
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
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	11,525
Number of rental units financed by tax-exempt loan | Unit	1,539
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
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Total revenues
Total revenues	$ 22,370,654	$ 24,937,970
Interest expense
Interest expense	13,803,935	16,688,362
Net result from derivative transactions
Net result from derivative transactions	(6,267,664)	1,283,136
Depreciation expense
Depreciation expense	5,967	404,981
Net income (loss)
Net income (loss)	10,648,381	16,791,222
Total assets
Total assets	1,453,419,497		$ 1,513,400,702
Operating Segments [Member]
Net income (loss)
Net income (loss)	10,648,381	16,791,222
Operating Segments [Member] | Affordable Multifamily MRB Investments [Member]
Total revenues
Total revenues	19,998,977	21,437,933
Interest expense
Interest expense	12,769,139	16,426,555
Net result from derivative transactions
Net result from derivative transactions	(5,435,562)	1,283,136
Depreciation expense
Depreciation expense	5,967	5,946
Net income (loss)
Net income (loss)	8,536,243	(801,573)
Total assets
Total assets	1,346,410,727		1,413,596,701
Operating Segments [Member] | Seniors and Skilled Nursing MRB Investments [Member]
Total revenues
Total revenues	747,508	96,555
Interest expense
Interest expense	497,170
Net result from derivative transactions
Net result from derivative transactions	(832,102)
Net income (loss)
Net income (loss)	1,082,440	96,555
Total assets
Total assets	47,696,156		43,532,926
Operating Segments [Member] | Market-Rate Joint Venture Investments [Member]
Total revenues
Total revenues	1,624,169	2,177,862
Interest expense
Interest expense	537,626	261,807
Net income (loss)
Net income (loss)	1,029,698	17,279,267
Total assets
Total assets	149,294,984		140,791,041
Operating Segments [Member] | MF Properties [Member]
Total revenues
Total revenues		1,225,620
Depreciation expense
Depreciation expense		399,035
Net income (loss)
Net income (loss)		$ 216,973
Total assets
Total assets	6,964,933		7,034,690
Consolidation, Eliminations [Member]
Total assets
Total assets	$ (96,947,303)		$ (91,554,656)

Subsequent Events - Summary of

Subsequent Events - Summary of Partnership's Derivative Instruments (Details) - Subsequent Event [Member] - Mizuho Capital Markets [Member]	1 Months Ended
	Apr. 30, 2024 USD ($)
Subsequent Event [Line Items]
Derivative, Trade Date	2024-04
Derivative, Notional Amount	$ 19,500,000
Derivative, Effective Date	May 01, 2024
Derivative, Termination Date	May 01, 2029
Derivative, Fixed Rate Paid	4.345%
Derivative, Variable Rate Index Received	Compounded SOFR
Derivative, Variable Debt Financing Hedged	TOB Trusts

Subsequent Events - Schedule of

Subsequent Events - Schedule of terms of partnership's MRB investments (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) Unit	Mar. 31, 2023 USD ($)
Subsequent Event [Line Items]
Principal Acquired		$ 53,045,000
Mortgage Revenue Bonds [Member]
Subsequent Event [Line Items]
Principal Acquired	$ 33,727,000
Woodington Gardens Apartments MRB [Member] | Baltimore, MD | Mortgage Revenue Bonds [Member]
Subsequent Event [Line Items]
Month Acquired	April 2024
Units | Unit	197
Maturity Date	May 01, 2029
Fixed Interest Rate	7.80%
Principal Acquired	$ 31,150,000
Woodington Gardens Apartments taxable MRB [Member] | Baltimore, MD | Mortgage Revenue Bonds [Member]
Subsequent Event [Line Items]
Month Acquired	April 2024
Units | Unit	197
Maturity Date	May 01, 2029
Fixed Interest Rate	7.80%
Principal Acquired	$ 2,577,000

Subsequent Events - Summary o_2

Subsequent Events - Summary of Initial Terms of TOB Trusts Financings (Details) - USD ($)	1 Months Ended
	Jan. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
TOB Trust Financing		$ 978,475,088	$ 1,015,030,066
T O B Trust [Member]
Subsequent Event [Line Items]
TOB Trust Financing		$ 31,635,000	$ 83,336,000
MRB [Member] | Woodington Gardens Apartments MRB [Member] | T O B Trust [Member]
Subsequent Event [Line Items]
TOB Trust Financing	$ 24,920,000
Stated Maturity	2027-04
Interest Rate Type	Variable
Tax-Exempt Interest on Senior Securities	Yes
Remarketing Senior Securities Rate	4.14%
Facility Fees	1.44%
Interest Rate	5.58%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ in Millions	1 Months Ended
	Apr. 30, 2024 USD ($)
TOB [Member]
Subsequent Event [Line Items]
Additional debt financing proceeds	$ 2.1
TOB [Member] | Village at Avalon MRB [Member]
Subsequent Event [Line Items]
Partnership maturity extended date	May 2025
Series A Preferred Units [Member]
Subsequent Event [Line Items]
Partnership redemption amount	$ 10