Greystone Housing Impact Investors (GHI) 10-K 20 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Jun. 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	Accelerated Filer
Document Type	10-K
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Trading Symbol	GHI
Title of each class	Beneficial Unit Certificates representingassignments of limited partnership interests in Greystone Housing Impact Investors LP
Name of each exchange on which registered	NYSE
Entity Common Stock, Units Outstanding	0
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-41564
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 Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Public Float		$ 344,931,446
Documents Incorporated by Reference	None
Auditor Opinion	Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Greystone Housing Impact Investors LP and its subsidiaries (the "Partnership") as of December 31, 2024 and 2023, and the related consolidated statements of operations, of comprehensive income (loss), of partners' capital and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Partnership's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	238

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Dec. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents		$ 14,703,198	$ 37,918,237
Restricted cash		16,602,473	9,815,909
Interest receivable, net		7,446,307	8,265,901
Mortgage revenue bonds, at fair value (Note 4)		1,026,483,796	930,675,295
Governmental issuer loans
Governmental issuer loans (Note 5)		226,202,222	222,947,300
Allowance for credit losses (Note 10)		(1,038,000)	(1,294,000)
Governmental issuer loans, net		225,164,222	221,653,300
Property loans
Property loans (Note 6)		57,064,611	122,556,204
Allowance for credit losses (Note 10)		(1,930,000)	(2,048,000)
Property loans, net		55,134,611	120,508,204
Investments in unconsolidated entities (Note 7)		179,409,869	136,653,246
Real estate assets, net (Note 8)		4,906,264	4,716,140
Other assets (Note 9)		49,849,420	43,194,470
Total Assets	[1]	1,579,700,160	1,513,400,702
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 11)		23,480,768	22,958,088
Distribution payable		8,996,978	8,584,292
Secured lines of credit (Note 12)		68,852,000	33,400,000
Debt financing, net (Note 13)		1,093,273,157	1,015,030,066
Mortgages payable, net (Note 14)		1,664,347	1,690,000
Total Liabilities	[1]	1,196,267,250	1,081,662,446
Commitments and Contingencies (Note 16)
Redeemable Preferred Units, $77.5 and $82.5 million redemption value, 7.8 million and 8.3 million issued and outstanding, respectively (Note 17)		77,406,144	82,431,548
Partnersʼ Capital:
General Partner (Note 1)		98,621	543,977
Beneficial Unit Certificates (Note 1)		305,928,145	348,762,731
Total Partnersʼ Capital		306,026,766	349,306,708
Total Liabilities and Partnersʼ Capital		$ 1,579,700,160	$ 1,513,400,702
[1] The consolidated balance sheets include assets of consolidated VIEs that can only be used to settle obligations of these VIEs that totaled $ 1,332,121,374 and $ 1,247,819,817 as of December 31, 2024 and 2023, respectively. The consolidated balance sheets include liabilities of the consolidated VIEs for which creditors do not have recourse to the general credit of the Partnership that totaled $ 370,876,249 and $ 374,992,803 as of December 31, 2024 and 2023, respectively. See Note 3 - Variable Interest Entities for further detail.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions		Dec. 31, 2024	Dec. 31, 2023
Redeemable preferred units redemption value		$ 77,500,000	$ 82,500,000
Redeemable preferred units, issued		7.8	8.3
Redeemable preferred units, outstanding		7.8	8.3
Assets	[1]	$ 1,579,700,160	$ 1,513,400,702
Liabilities	[1]	1,196,267,250	1,081,662,446
Variable Interest Entity, Primary Beneficiary [Member]
Assets		1,332,121,374	1,247,819,817
Liabilities		1,108,480,581	1,028,660,379
Nonrecourse [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Liabilities		$ 370,876,249	$ 374,992,803
[1] The consolidated balance sheets include assets of consolidated VIEs that can only be used to settle obligations of these VIEs that totaled $ 1,332,121,374 and $ 1,247,819,817 as of December 31, 2024 and 2023, respectively. The consolidated balance sheets include liabilities of the consolidated VIEs for which creditors do not have recourse to the general credit of the Partnership that totaled $ 370,876,249 and $ 374,992,803 as of December 31, 2024 and 2023, respectively. See Note 3 - Variable Interest Entities for further detail.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Investment income	$ 80,976,706	$ 82,266,198	$ 61,342,533
Other interest income	9,509,307	17,756,044	11,875,538
Property revenues		4,567,506	7,855,506
Other income	785,386	310,916
Total revenues	91,271,399	104,900,664	81,073,577
Expenses:
Real estate operating (exclusive of items shown below)		2,663,868	4,738,160
Provision for credit losses (Note 10)	(1,036,308)	(2,347,000)
Depreciation and amortization	23,867	1,537,448	2,717,415
Interest expense	60,032,007	69,066,763	43,559,873
Net result from derivative transactions (Note 15)	(8,495,426)	(7,371,584)	(13,095,422)
General and administrative	19,652,622	20,399,489	17,447,864
Total expenses	70,176,762	83,948,984	55,367,890
Other income:
Gain on sale of real estate assets	63,739	10,363,363
Gain on sale of mortgage revenue bond	2,220,254
Gain on sale of investments in unconsolidated entities	117,844	22,725,398	39,805,285
Earnings (losses) from investments in unconsolidated entities	(2,140,694)	(17,879)
Income before income taxes	21,355,780	54,022,562	65,510,972
Income tax expense (benefit)	32,447	10,866	(51,194)
Net income	21,323,333	54,011,696	65,562,166
Redeemable Preferred Unit distributions and accretion	(2,991,671)	(2,868,578)	(2,866,625)
Net income available to Partners	18,331,662	51,143,118	62,695,541
Net income available to Partners allocated to:
General Partner	479,602	3,589,447	3,471,267
Net income available to Partners and noncontrolling interest	$ 18,331,662	$ 51,143,118	$ 62,695,541
BUC holders' interest in net income (loss) per BUC, basic	$ 0.76	$ 2.06	$ 2.58
BUC holders' interest in net income per BUC, diluted	$ 0.76	$ 2.06	$ 2.58
Weighted average number of BUCs outstanding, basic	23,071,141	22,929,966	22,870,294
Weighted average number of BUCs outstanding, diluted	23,071,141	22,929,966	22,870,294
Beneficial Unit Certificate Holders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 17,587,205	$ 47,209,260	$ 58,945,102
Restricted Unitholders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 264,855	$ 344,411	$ 279,172

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 21,323,333	$ 54,011,696	$ 65,562,166
Reclassification of gain on sale of mortgage revenue bond to net income	(2,220,254)
Unrealized gains (losses) on securities	(27,262,557)	15,757,801	(69,426,546)
Unrealized gains (losses) on bond purchase commitments	(197,788)	98,859	(865,475)
Comprehensive income (loss)	$ (8,357,266)	$ 69,868,356	$ (4,729,855)

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - USD ($)	Total	Tier 2 [Member]	Tier 3 [Member]	General Partner [Member]	General Partner [Member] Tier 2 [Member]	BUCs - Restricted and Unrestricted [Member]	BUCs - Restricted and Unrestricted [Member] Tier 2 [Member]	BUCs - Restricted and Unrestricted [Member] Tier 3 [Member]	Number of BUCs - Restricted and Unrestricted [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2021	$ 372,412,027			$ 765,550		$ 371,646,477				$ 114,040,260
Partners' Capital Account, Units at Dec. 31, 2021									22,941,752
Distributions paid or accrued:
Regular distribution	(2,127,734)			(21,277)		(2,106,457)
Distribution of income (Note 23)		$ (12,969,459)	$ (26,835,826)		$ (3,242,365)		$ (9,727,094)	$ (26,835,826)
Cash paid in lieu of fractional BUCs	(2,506)					(2,506)
Net income allocable to Partners	62,695,541			3,471,267		59,224,274
Rounding of BUCs related to BUCs Distributions/Reverse Unit Split									1,177
Restricted units awarded									96,321
Restricted units forfeited									(5,437)
Restricted unit compensation expense	1,531,622			15,316		1,516,306
BUCs surrendered to pay tax withholding on vested restricted units	(456,127)					(456,127)
BUCs surrendered to pay tax withholding on vested restricted units, Units									(22,296)
Unrealized gains (losses) on securities	(69,426,546)			(694,265)		(68,732,281)				(69,426,546)
Unrealized gains (losses) on bond purchase commitments	(865,475)			(8,655)		(856,820)				(865,475)
Balance at Dec. 31, 2022	323,955,517			285,571		323,669,946				43,748,239
Partners' Capital Account, Units at Dec. 31, 2022									23,011,517
Cumulative effect of accounting change (Note 2)	(5,949,000)			(59,490)		(5,889,510)
Distributions paid or accrued:
Regular distribution	(20,210,697)			(202,107)		(20,008,590)
Distribution of income (Note 23)		(12,992,591)	(4,020,578)		(3,248,148)		(9,744,443)	(4,020,578)
Cash paid in lieu of fractional BUCs	(6,202)					(6,202)
Net income allocable to Partners	51,143,118			3,589,447		47,553,671
Rounding of BUCs related to BUCs Distributions/Reverse Unit Split									(377)
Restricted units awarded									105,274
Restricted unit compensation expense	2,013,736			20,137		1,993,599
BUCs surrendered to pay tax withholding on vested restricted units	(483,255)					(483,255)
BUCs surrendered to pay tax withholding on vested restricted units, Units									(28,146)
Unrealized gains (losses) on securities	15,757,801			157,578		15,600,223				15,757,801
Unrealized gains (losses) on bond purchase commitments	98,859			989		97,870				98,859
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	(33,720,936)			(337,209)		(33,383,727)
Distribution of income (Note 23)		$ (1,239,431)	$ (117,844)		$ (309,858)		$ (929,573)	$ (117,844)
Cash paid in lieu of fractional BUCs	(3,468)					(3,468)
Net income allocable to Partners	18,331,662			479,602		17,852,060
Rounding of BUCs related to BUCs Distributions/Reverse Unit Split									(209)
Sale of BUCs, net of issuance costs, Value	1,493,952					1,493,952
Sale of BUCs, net of issuance costs, Units									92,802
Restricted units awarded									109,581
Restricted unit compensation expense	1,891,633			18,916		1,872,717
BUCs surrendered to pay tax withholding on vested restricted units	(234,911)					(234,911)
BUCs surrendered to pay tax withholding on vested restricted units, Units									(19,757)
Unrealized gains (losses) on securities	(27,262,557)			(272,626)		(26,989,931)				(27,262,557)
Unrealized gains (losses) on bond purchase commitments	(197,788)			(1,978)		(195,810)				(197,788)
Reclassification of gain on sale of mortgage revenue bond to net income	(2,220,254)			(22,203)		(2,198,051)				(2,220,254)
Balance at Dec. 31, 2024	$ 306,026,766			$ 98,621		$ 305,928,145				$ 29,924,300
Partners' Capital Account, Units at Dec. 31, 2024									23,270,685

Consolidated Statements of Pa_2

Consolidated Statements of Partners' Capital (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Distributions paid or accrued per share	$ 1.478	$ 1.46	$ 1.68

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 21,323,333	$ 54,011,696	$ 65,562,166
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	23,867	1,537,448	2,717,415
Amortization of deferred financing costs	1,653,805	2,461,713	2,537,186
Gain on sale of investments in unconsolidated entities	(117,844)	(22,725,398)	(39,805,285)
(Earnings) losses from investments in unconsolidated entities	2,140,694	17,879
Gain on sale of real estate assets	(63,739)	(10,363,363)
Gain on sale of mortgage revenue bonds	(2,220,254)
Provision for credit losses	(1,036,308)	(2,347,000)
Recovery of prior credit loss	(69,000)	(68,812)	(57,124)
(Gains) losses on derivative instruments, net of cash paid	(1,822,085)	2,981,469	(7,187,020)
Restricted unit compensation expense	1,891,633	2,013,736	1,531,622
Bond premium, discount and acquisition fee amortization	(1,229,054)	(212,071)	(1,880,983)
Debt premium amortization	(40,456)	(40,556)	(40,591)
Deferred income tax expense (benefit) & income tax payable/receivable	110,716	10,041	(120,923)
Change in preferred return receivable from unconsolidated entities, net	(4,668,588)	(6,452,903)	(2,404,641)
Accrued interest added to property loan principal			(635,226)
Changes in operating assets and liabilities
(Increase) decrease in interest receivable	819,594	2,447,913	(2,316,182)
(Increase) decrease in other assets	492,341	777,209	(356,241)
Increase in accounts payable, accrued expenses and other liabilities	805,522	887,758	3,583,565
Net cash provided by operating activities	17,994,177	24,936,759	21,127,738
Cash flows from investing activities:
Advances on mortgage revenue bonds	(259,657,385)	(141,135,222)	(182,726,187)
Advances on taxable mortgage revenue bonds	(17,527,000)	(13,319,875)	(13,669,857)
Advances on governmental issuer loans	(51,342,328)	(67,352,488)	(115,462,985)
Advances on taxable governmental issuer loans	(11,157,672)	(5,573,000)	(7,000,000)
Advances on property loans	(15,568,741)	(48,564,543)	(131,118,766)
Contributions to unconsolidated entities	(40,228,729)	(34,747,495)	(34,036,247)
Capital expenditures		(798,141)	(1,808,416)
Proceeds from sale of land held for development		441,714
Proceeds from sale of the Suites on Paseo MF Property	63,739	40,023,137
Proceeds from sale of mortgage revenue bonds	108,841,836
Proceeds from sale of investments in unconsolidated entities	117,844	44,042,573	66,786,694
Return of investments in unconsolidated entities			1,462,160
Principal payments received on mortgage revenue bonds	29,025,145	27,286,523	109,034,876
Principal payments received on governmental issuer loans	48,087,406	144,635,623
Principal payments received on taxable mortgage revenue bonds	12,512,661	7,011,575	10,583
Principal payments received on taxable governmental issuer loans	10,573,000
Principal payments received on property loans	81,060,334	101,613,050	30,332,123
Costs incurred on sale of The 50/50 MF Property			(403,625)
Net cash provided by (used in) investing activities	(105,199,890)	53,563,431	(278,599,647)
Cash flows from financing activities:
Distributions paid	(37,521,735)	(42,479,453)	(46,628,307)
Proceeds from the sale of BUCs	1,532,484
Payment of offering costs related to the sale of BUCs	(30,662)
Payment of tax withholding related to restricted unit awards	(234,911)	(483,255)	(456,127)
Proceeds from debt financing	344,740,097	331,772,000	643,402,000
Principal payments on debt financing	(264,483,152)	(375,218,521)	(404,666,949)
Principal borrowing on mortgages payable		25,000,000
Principal payments on mortgages payable	(25,653)	(25,000,000)	(906,481)
Principal borrowing on secured lines of credit	138,727,000	136,100,000	137,742,000
Principal payments on secured lines of credit	(103,275,000)	(158,200,000)	(127,956,000)
Decrease in security deposit liability related to restricted cash		(51,393)	(148,851)
Proceeds upon issuance of Redeemable Preferred Units	5,000,000	18,000,000
Payment upon redemption of Redeemable Preferred Units	(10,000,000)	(30,000,000)
Proceeds upon exchange of Redeemable Preferred Units			20,000,000
Payment upon exchange of Redeemable Preferred Units			(20,000,000)
Debt financing and other deferred costs paid	(3,651,230)	(2,842,678)	(2,204,590)
Net cash provided by (used in) financing activities	70,777,238	(123,403,300)	198,176,695
Net decrease in cash, cash equivalents and restricted cash	(16,428,475)	(44,903,110)	(59,295,214)
Cash, cash equivalents and restricted cash at beginning of period	47,734,146	92,637,256	151,932,470
Cash, cash equivalents and restricted cash at end of period	31,305,671	47,734,146	92,637,256
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	52,111,065	55,981,857	32,262,815
Cash paid during the period for income taxes	8,841		69,729
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner	8,996,978	8,584,292	10,899,677
Distributions declared but not paid for Preferred Units	735,938	618,750	708,750
Exchange of Redeemable Preferred Units	17,500,000	7,000,000	10,000,000
Deferred financing costs financed through accounts payable	51,926	95,149	117,400
Non-cash contribution to unconsolidated entity		$ 997,062
Net real estate, operating assets and operating liabilities of the 50/50 mf property sold for noncash consideration			22,435,371
Property loan received as consideration for sale of The 50/50 MF Property			4,803,620
Mortgages payable assumed by the buyer of The 50/50 MF Property			24,228,373
Deferred gain liability recorded upon sale of The 50/50 MF Property			6,596,622
Capital expenditures financed through accounts payable	$ 190,124		$ 565,614

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 14,703,198	$ 37,918,237	$ 51,188,416
Restricted cash	16,602,473	9,815,909	41,448,840
Total cash, cash equivalents and restricted cash	$ 31,305,671	$ 47,734,146	$ 92,637,256

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Risk Management and Strategy Partnership management considers risks from cybersecurity threats as a component of its entity-wide risk assessment that includes various processes and procedures to assess, identify, and manage material risks. The Partnership uses a variety of information technology solutions in the operation of its business, all of which are maintained by reputable third-party providers, including an information technology managed services system provider that is an affiliate of Greystone. Management regularly communicates with the Greystone affiliate regarding the information technology managed services system including ongoing threats or cybersecurity incidents, monitoring of third-party vendors used by the Greystone affiliate, and review of System and Organization Controls assurance reports. Risk management processes in place at the Greystone affiliate include an annual cybersecurity risk assessment, third-party network security assessments, continuous employee training, regular internal information technology audits, and ongoing threat monitoring. Management regularly reviews material technology services used, the population of technology service providers, and material and/or sensitive financial and operational data, and then assesses the material risks from cybersecurity threats associated with these items. Management has developed processes, procedures, and internal controls to address materials risks focusing on application security (levels of access, passwords, etc.), system change controls, and operations processing. The design and operating effectiveness of internal controls are subject to testing annually by the Partnership’s internal audit function. Management has also developed procedures to assess the operations and internal controls of material service providers through questionnaires, inquiries, reviews of available policy statements, and evaluation of System and Organization Controls assurance reports, which are assessed in the aggregate to determine if the service providers have adequately addressed the risks of cybersecurity threats within their operations. The overall assessment includes an evaluation of a service provider’s breach notification policies and procedures and any reported cybersecurity incidents. Management is not aware of any cybersecurity incidents at any of its service providers that have materially affected or are reasonably likely to materially affect the Partnership’s operations. Notwithstanding the extensive approach the Partnership takes to cybersecurity in conjunction with Greystone, the Partnership may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on the Partnership. See “ Item 1A. Risk Factors ,” for a discussion of cybersecurity risks. Governance Certain employees of Greystone Manager that provide services to the Partnership are responsible for assessing and managing material risks from cybersecurity threats and are overseen by the Partnership’s Chief Financial Officer. The Chief Financial Officer and relevant Greystone Manager employees collectively have over 20 years of experience in information technology risk assessment and audit evaluations. These individuals will also consult with experts from Greystone’s affiliate that provides information technology managed services systems, particularly the Chief Information Security Officer of the Greystone affiliate, when assessing and evaluating risks of cybersecurity threats. These consultations with the Chief Information Security Officer typically encompass a broad range of topics, including the current cybersecurity landscape and emerging threats; the status of ongoing cybersecurity initiatives and strategies; incident reports and learnings from any cybersecurity events; and compliance with regulatory requirements and industry standards. The Greystone affiliate's Chief Information Security officer and Information Security Committee (made up of key information technology personnel) are responsible for establishing, maintaining, and monitoring the cybersecurity ecosystem at the Greystone affiliate. The Chief Information Security Officer and Information Security Committee together have over 25 years of experience in information technology managed services systems and cybersecurity. The Partnership has established incident response procedures to be followed in the event of a cybersecurity incident that is overseen by the Partnership’s Chief Executive Officer and Chief Financial Officer. The Chief Executive Officer and the Chief Financial Officer are notified of cybersecurity incidents as soon as the Partnership receives notification from a third-party service provider or is informed by other means, and will determine if additional internal and/or external resources are needed to evaluate , mitigate, and remediate the cybersecurity incident. At a minimum, the Board of Managers will be notified of material cybersecurity incidents prior to any public announcement and will receive updates on material developments and remediation activities. The Board of Managers considers risks from cybersecurity threats in conducting its oversight of the Partnership’s overall risk assessment, primarily through the activities of the Audit Committee of the Board of Managers. The Chief Financial Officer reports to the Audit Committee the results of the evaluation of risks from cybersecurity threats, the process, procedures and internal controls designed to address such risks, and other relevant information needed for the Audit Committee to operate its oversight responsibilities. The Partnership’s internal audit function reports to the Audit Committee annually the results of its assessment of design and operating effectiveness testing of internal controls. In addition, the Audit Committee conducts an annual review of the Partnership’s cybersecurity posture and the effectiveness of its risk management strategies. This review assists in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework of the Partnership. Additional third parties, contracted with by our third-party service providers, also play a role in the Partnership’s overall cybersecurity. Our third-party service providers engage with a range of additional third-party service providers and external experts, including cybersecurity assessors, consultants, and auditors, to evaluate and test their risk management systems. These services include, but are not limited to, penetration testing, independent audits, and consulting on best practices to address new challenges, and also include testing both the design and operational effectiveness of our security controls. These engagements enable our service providers to leverage specialized knowledge and insights, ensuring cybersecurity strategies and processes remain at the forefront of industry best practices. Risks from Cybersecurity Incidents The Partnership has not encountered, to its knowledge, a cybersecurity incident that has materially impaired, or is reasonably likely to materially impair, our business strategy, operations, or financial condition. There can be no assurance that such effects may not occur in the future.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	Management is not aware of any cybersecurity incidents at any of its service providers that have materially affected or are reasonably likely to materially affect the Partnership’s operations.
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Managers considers risks from cybersecurity threats in conducting its oversight of the Partnership’s overall risk assessment, primarily through the activities of the Audit Committee of the Board of Managers. The Chief Financial Officer reports to the Audit Committee the results of the evaluation of risks from cybersecurity threats, the process, procedures and internal controls designed to address such risks, and other relevant information needed for the Audit Committee to operate its oversight responsibilities. The Partnership’s internal audit function reports to the Audit Committee annually the results of its assessment of design and operating effectiveness testing of internal controls. In addition, the Audit Committee conducts an annual review of the Partnership’s cybersecurity posture and the effectiveness of its risk management strategies. This review assists in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework of the Partnership.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Managers considers risks from cybersecurity threats in conducting its oversight of the Partnership’s overall risk assessment, primarily through the activities of the Audit Committee of the Board of Managers. The Chief Financial Officer reports to the Audit Committee the results of the evaluation of risks from cybersecurity threats, the process, procedures and internal controls designed to address such risks, and other relevant information needed for the Audit Committee to operate its oversight responsibilities.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Chief Executive Officer and the Chief Financial Officer are notified of cybersecurity incidents as soon as the Partnership receives notification from a third-party service provider or is informed by other means, and will determine if additional internal and/or external resources are needed to evaluate
Cybersecurity Risk Role of Management [Text Block]	Certain employees of Greystone Manager that provide services to the Partnership are responsible for assessing and managing material risks from cybersecurity threats and are overseen by the Partnership’s Chief Financial Officer. The Chief Financial Officer and relevant Greystone Manager employees collectively have over 20 years of experience in information technology risk assessment and audit evaluations. These individuals will also consult with experts from Greystone’s affiliate that provides information technology managed services systems, particularly the Chief Information Security Officer of the Greystone affiliate, when assessing and evaluating risks of cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Certain employees of Greystone Manager that provide services to the Partnership are responsible for assessing and managing material risks from cybersecurity threats and are overseen by the Partnership’s Chief Financial Officer. The Chief Financial Officer and relevant Greystone Manager employees collectively have over 20 years of experience in information technology risk assessment and audit evaluations.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Chief Financial Officer and relevant Greystone Manager employees collectively have over 20 years of experience in information technology risk assessment and audit evaluations. These individuals will also consult with experts from Greystone’s affiliate that provides information technology managed services systems, particularly the Chief Information Security Officer of the Greystone affiliate, when assessing and evaluating risks of cybersecurity threats. The Greystone affiliate's Chief Information Security officer and Information Security Committee (made up of key information technology personnel) are responsible for establishing, maintaining, and monitoring the cybersecurity ecosystem at the Greystone affiliate. The Chief Information Security Officer and Information Security Committee together have over 25 years of experience in information technology managed services systems and cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Chief Executive Officer and the Chief Financial Officer are notified of cybersecurity incidents as soon as the Partnership receives notification from a third-party service provider or is informed by other means, and will determine if additional internal and/or external resources are needed to evaluate , mitigate, and remediate the cybersecurity incident. At a minimum, the Board of Managers will be notified of material cybersecurity incidents prior to any public announcement and will receive updates on material developments and remediation activities.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 21,323,333	$ 54,011,696	$ 65,562,166

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 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 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 GILs, which, similar to MRBs, provide 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 MF Properties until the “highest and best use” can be determined by management. The Partnership has issued BUCs representing assigned limited partnership interests to investors. 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 outstanding Preferred Units are redeemable in the future at the option of either the holders or the Partnership (Note 17). On December 5, 2022, America First Capital Associates Limited Partnership Two, in its capacity as the General Partner of the Partnership, and Greystone ILP, Inc., in its capacity as the initial limited partner of the Partnership, entered into 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. The General Partner is the sole general partner of the Partnership. Greystone Manager, the general partner of the General Partner, is an affiliate of 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	12 Months Ended
	Dec. 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 TEBS Financing with 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, and subsequently, to facilitate the 2024 PFA Securitization Transaction; • 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 had issued Secured Notes to 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; • GHI-BIO AC Debt JV MM, LLC, a wholly owned subsidiary of the Partnership, which will manage and is committed to provide capital to the Construction Lending JV; • Greens Hold Co, a wholly owned corporation, which owns certain property loans, land held for development, and previously owned 100 % of The 50/50 MF Property, a prior real estate asset; and • Lindo Paseo LLC, a wholly owned limited liability company, which previously owned 100 % of the Suites on Paseo MF Property. Use of Estimates in Preparation of Consolidated Financial Statements The preparation of financial statements in conformity with 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 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. Risks and Uncertainties The Federal Reserve reduced the federal funds rate by 50 basis points in September 2024, which was the first reduction in the federal funds rate since the Federal Reserve began raising interest rates in March 2022 to combat inflation. The Federal Reserve also reduced the federal funds rate by 25 basis points in both November and December 2024, but left rates unchanged in January 2025, resulting in the current target range for the federal funds rate being 4.25-4.50%. 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, changes in short-term interest rates will directly impact 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 aggregate effects of the recent inflationary environment experienced in the United States and any resurgence in inflation may continue to adversely impact 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. Continuing elevated levels of 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. Variable Interest Entities Under the accounting guidance for consolidation, the Partnership evaluates entities in which it holds a variable interest to determine if the entities are VIEs and if the Partnership is the primary beneficiary. The entity that is deemed to have: (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it will consolidate the VIEs in its consolidated financial statements. The Partnership has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Partnership’s consolidated financial statements, all transactions and accounts between the Partnership and the consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates its accounting for VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. The Partnership does not believe that the consolidation of VIEs for reporting under GAAP impacts its status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership. In addition, the consolidation of VIEs is not expected to impact the treatment of the MRBs, GILs and property loans owned by consolidated VIEs, the tax-exempt nature of the interest payments on secured debt financings, or the manner in which the Partnership’s income is reported to Unitholders on IRS Schedule K-1. Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in securities with maturities of three months or less when purchased. Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at three financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $ 250,000 at each institution. At various times the cash balances have exceeded the $ 250,000 limit. The Partnership may from time to time invest in short-term investment grade securities and certificates of deposit with original maturities of 90 days or less. The Partnership is exposed to risk on its short-term investments in the event of non-performance by counterparties, though such risk is minimal and the Partnership does not anticipate any non-performance. Restricted Cash Restricted cash is legally restricted as to its use. The Partnership has been required to maintain, at times, restricted cash collateral related to one secured line of credit (Note 12), total return swap transaction (Note 15), mark-to-market provisions in the ISDA master agreement with Mizuho (Note 13), certain balances for the TEBS Financing facilities (Note 13), resident security deposits, and various escrowed funds. Restricted cash is presented with cash and cash equivalents in the consolidated statements of cash flows. Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds The Partnership accounts for its investments in MRBs and taxable MRBs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at estimated fair value. The net unrealized gains or losses on these investments are reflected on the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income. See Note 21 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership reports interest receivables for MRBs and taxable MRBs separately from the reported fair value within “Interest receivable, net” on the consolidated balance sheets. Investments in Governmental Issuer Loans and Taxable Governmental Issuer Loans The Partnership accounts for its investment in GILs and taxable GILs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as held-to-maturity debt securities and are reported at amortized cost, which is net of unamortized loan acquisition costs, discounts, and allowance for credit losses. The Partnership evaluates its outstanding principal and interest receivable balances associated with its GILs for collectability. If collection of these balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. The Partnership reports interest receivables for GILs and taxable GILs separately from the amortized cost basis within “Interest receivable, net” on the consolidated balance sheets. The GIL and Taxable GIL associated with Natchitoches Thomas Apartments are considered available-for-sale debt securities and are reported at fair value, with unrealized gains and loss reflected on the Partnership’s consolidated statements of comprehensive income. There are no unrealized gains or losses associated with these investments as of December 31, 2024. Property Loans The Partnership invests in property loans made to the owners of certain multifamily, student housing and skilled nursing properties, and one property loan associated with a master lease of essential healthcare support buildings to an investment grade rated non-profit healthcare system. The property loans are considered held-for-investment and are reported at amortized cost, which is net of unamortized loan acquisition costs, discounts, and allowance for credit losses. Some property loans have been made to multifamily properties that secure MRBs and GILs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. If collection of outstanding principal and interest receivable balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. Interest income is recognized upon the repayment of these property loans and accrued interest which is dependent largely on the cash flows or proceeds upon sale or refinancing of the related property. The Partnership reports interest receivables for property loans separately from the amortized cost basis within “Interest receivable, net” on the consolidated balance sheets. One property loan, Sandoval Flats Apartments, is considered held-for-sale and reported at fair value with gains or losses reported within the Partnership’s consolidated statements of operations. There have been no such gains or losses reported as of December 31, 2024. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19 - 40 years on multifamily and student housing residential apartment buildings, and five to 15 years on capital improvements. Depreciation expense is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gains and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets for impairment periodically and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. Investments in Unconsolidated Entities The Partnership accounts for its investments in unconsolidated entities under the equity method of accounting. Through ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC, ATAX Senior Housing Holdings I, LLC, and ATAX Great Hill Holdings, LLC, the Partnership makes investments in non-controlling limited membership interests in entities formed to construct market-rate multifamily and seniors housing properties. Through GHI-BIO AC Debt JV MM, LLC, the Partnership has committed to provide capital to the Construction Lending JV formed to finance the construction and/or rehabilitation of affordable multifamily housing properties. The Partnership applies the equity method of accounting by initially recording these investments at cost, subsequently adjusted for accrued preferred returns, the Partnership’s proportionate share of earnings (losses) of the unconsolidated entities, cash contributions, and distributions. The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Factors considered include: • The absence of an ability to recover the carrying amount of the investment; • The inability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment; or • Estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment of whether a decline in value is other than temporary is based on the Partnership’s ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered other than temporary, an impairment charge would be recorded equal to the excess of the carrying value over the estimated fair value of the investment. The Partnership earns a preferred return on its investments in Vantage Properties that is guaranteed by an unrelated third-party, which is also an affiliate of the unconsolidated entities. The term of the third-party guaranty is from the initial investment through a date approximately five years after commencement of construction. The Partnership recognizes its preferred return based upon the guaranty provided by the unrelated third-party, the guarantor’s financial ability to perform under the guaranty, and the cash flows expected to be received from each Vantage Property. Preferred returns are reported within “Investment income” on the Partnership’s consolidated statements of operations. The Partnership earns a preferred return on its investments in non-Vantage properties that is senior to the preferred return and return of capital of the other members of the unconsolidated entities. The Partnership recognizes its preferred return on each investment to the extent there is capital of the managing member of the unconsolidated entity to support the recognition of preferred return. Preferred returns are reported within “Investment income” on the Partnership’s consolidated statements of operations. In addition, the Partnership will recognize its proportionate share of earnings (losses) of the unconsolidated entities, when appropriate, and report within “Earnings (losses) from investments in unconsolidated entities” on the Partnership’s cons olidated statements of operations. Earnings (losses) generally begin after completion of construction of each underlying property as all costs during the construction period are typically capitalized. Allowance for Credit Losses On January 1, 2023, the Partnership adopted ASU 2016-13, Financial Instruments-Credit Losses, and subsequent related amendments to ASC 326, which is an expected loss model known as the CECL model. Prior to the adoption of the CECL, the Partnership applied an incurred loss methodology under prior GAAP. The allowance for credit losses is presented as a valuation reserve to the corresponding assets on the Partnership’s consolidated balance sheets. Expected credit losses related to non-cancelable unfunded commitments and financial guaranties are accounted for as separate liabilities and are included in “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheets. The adoption of the ASU 2016-13 required a cumulative-effect adjustment to Partners’ Capital upon adoption. Upon adoption on January 1, 2023, the Partnership recorded a cumulative effect of accounting change of approximately $5.9 million as a direct reduction to Partners’ Capital. Subsequent changes to the allowance for credit losses are recognized through “Provision for credit losses” on the Partnership’s consolidated statements of operations. Held-to-Maturity Debt Securities, Held-for-Investment Loans and Related Unfunded Commitments The Partnership estimates allowances for credit losses for its GILs, taxable GILs, property loans and related non-cancelable funding commitments using a WARM method loss-rate model, combined with qualitative factors that are sensitive to changes in forecasted economic conditions. The Partnership applies qualitative factors related to risk factors and changes in current economic conditions that may not be adequately reflected in quantitatively derived results, or other relevant factors to ensure the allowance for credit losses reflects the Partnership’s best estimate of current expected credit losses. The WARM method pools assets sharing similar characteristics and utilizes a historical annual charge-off rate which is applied to the outstanding asset balances over the remaining weighted average life of the pool, adjusted for certain qualitative factors to estimate expected credit losses. The Partnership has minimal loss history with GILs, taxable GILs, and property loans to date and has had minimal historical credit losses to date. As such, the Partnership uses historical annual charge-off data for similar assets from publicly available loan data through the FFIEC. The Partnership adjusts for current conditions and the impact of qualitative forecasts that are reasonable and supportable. The Partnership assesses qualitative adjustments related to, but not limited to, credit quality changes in the asset portfolio, general economic conditions, changes in the affordable multifamily real estate markets, changes in lending policies and underwriting, and underlying collateral values. The Partnership will elect to separately evaluate an asset if it no longer shares the same risk characteristics as the respective pool or the specific investment attributes do not lend to analysis with a model-based approach. For collateral-dependent assets when foreclosure is probable, the Partnership will apply a practical expedient to estimate current expected credit losses as the difference between the fair value of collateral and the amortized cost of the asset. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale, when a modification or restructuring takes place in which the Partnership grants a concession to a borrower or agrees to a discount in full or partial satisfaction of the asset, when the Partnership takes ownership and control of the underlying collateral in full satisfaction of the asset, or when significant collection efforts have ceased and it is highly likely that a loss has been realized. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its GILs, taxable GILs and property loans because uncollectible accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. Available-for-Sale Debt Securities The Partnership periodically determines if allowances of credit losses are needed for its MRBs and taxable MRBs under the applicable guidance for available-for-sale debt securities. The Partnership evaluates whether unrealized losses are considered impairments based on various factors including, but not necessarily limited to, the following: • The severity of the decline in fair value; • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers; • Adverse conditions specifically related to the security, its collateral, or both; • The likelihood of the borrower being able to make scheduled interest and principal payments; and • Failure of the borrower to make scheduled interest or principal payments. While the Partnership evaluates all available information, it focuses specifically on whether the estimated fair value of the security is below amortized cost. If the estimated fair value of an MRB is below amortized cost, and the Partnership has the intent to sell or may be required to sell the MRB prior to the time that its value recovers or until maturity, the Partnership will record an impairment through earnings equal to the difference between the MRB’s carrying value and its fair value. If the Partnership does not expect to sell an other-than-temporarily impaired MRB, only the portion of the impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income. In determining the provision for credit loss, the Partnership compares the present value of cash flows expected to be collected to the amortized cost basis of the MRB and records any provision for credit losses as an adjustment to the allowance for credit losses. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its MRBs and taxable MRBs because uncollectable accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. The recognition of impairments, provisions for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership's consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur impairments or provisions for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. The Partnership periodically reviews any previously impaired MRBs for indications of a recovery of value. If a recovery of value is identified, the Partnership will report the recovery of prior credit losses through its allowance for credit losses as a provision for credit losses (recoveries). For MRB impairment recoveries identified prior to the adoption of the CECL model, the Partnership will accrete the recovery of prior credit losses into investment income over the remaining term of the MRB. Accounting for TOB, Term TOB, TEBS Financings, the 2024 PFA Securitization Transaction, and TEBS Residual Financing Arrangements The Partnership has evaluated the accounting guidance related to its TOBs, term TOB, TEBS Financings, the 2024 PFA Securitization Transaction, and TEBS Residual Financing, and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and therefore are accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets. The financing agreements contain certain provisions that allow the Partnership to unilaterally cause the holder to return the securitized assets, other than through a cleanup call. Based on these terms, the Partnership has concluded that the Partnership has not transferred effective control over the transferred assets and, as such, the transactions do not meet the conditions to de-recognize the transferred assets. In addition, the Partnership has evaluated the entities associated with the TOBs, term TOB, TEBS Financings, the 2024 PFA Securitization Transaction, and TEBS Residual Financing in accordance with guidance on consolidation of VIEs. See Note 3 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and transactions and consolidates the assets, liabilities, income and expenses of the securitizations in the Partnership’s consolidated financial statements. The Partnership recognizes interest expense for fixed-rate TEBS Financings with escalating stated interest rates using the effective interest method over the estimated term of the arrangement. Deferred Financing Costs Debt financing costs are capitalized and amortized using the effective interest method through either the stated maturity date or the optional redemption date of the related debt financing agreement. Debt financing costs associated with revolving line of credit arrangements are reported within “Other assets” on the Partnership’s consolidated balance sheets. Deferred financing costs associated with debt financing and mortgages payable arrangements are reported as reductions to the carrying value of the related liability on the Partnership’s consolidated balance sheets. Income Taxes No provision has been made for income taxes of the Partnership as it is a partnership for federal income tax purposes such that profits and losses are allocated to Unitholders, except for certain entities described below. The distributive share of income, deductions and credits is reported to Unitholders on IRS Schedule K-1. The Partnership pays franchise margin taxes on revenues in certain jurisdictions relating to property loans and investments in unconsolidated entities. The Greens Hold Co is a corporation that is subject to federal and state income taxes. The Partnership recognizes income tax expense or benefit for the federal and state income taxes incurred by this entity in its consolidated financial statements. The Partnership evaluates its tax positions on the consolidated financial statements under the accounting guidance for uncertain tax positions. The Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. The Partnership accrues interest and penalties, if any, and reports them within “Income tax expense” on the Partnership’s consolidated statements of operations. Deferred income tax expense or benefit is generally a function of temporary differences (items that are treated differently for tax purposes than for financial reporting purposes), such as depreciation, amortization of financing costs, etc. and the utilization of tax NOLs. The Partnership values its deferred tax assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Partnership records a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred income tax expense. Investment Income from Investments in Mortgage Revenue Bonds and Governmental Issuer Loans The interest income received by the Partnership from its MRBs and GILs is dependent upon the net cash flow or capitalized interest reserves of the underlying properties. Interest income on fully performing MRBs and GILs is recognized as it is earned. Current and past due interest income on MRBs and GILs not fully performing is recognized as it is received. The Partnership reinstates the accrual of interest once the MRB’s or GIL’s ability to perform is adequately demonstrated. Interest income related to MRBs and GILs is reported within “Investment Income” and interest income related to taxable MRBs and taxable GILs is reported within “Other interest income” on the Partnership’s consolidated statements of operations. As of December 31, 2024 and 2023, all of the Partnership’s MRBs and GILs were fully performing and current on all interest payments, with the exception of the Provision Center 2014-1 MRB as of December 31, 2023. Premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Discounts on MRB investments are amortized as a yield adjustment to the stated maturity date. Amortization of premiums and discounts is reported within “Investment income” on the Partnership’s consolidated statements of operations. Bond acquisition costs are capitalized and amortized utilizing the effective interest method over the period to the stated maturity of the related MRB and taxable MRB investments. Bond acquisition costs are reported as an adjustment to the cost adjusted for paydowns and allowances of the related MRB in Note 4. Derivative Instruments and Hedging Activities The Partnership reports interest rate derivatives on its consolidated balance sheets at fair value. The Partnership’s derivative instruments are not designated as hedging instruments for GAAP purposes and changes in fair value are reported within “Net results from derivative transactions” on the Partnership’s consolidated statements of operations. The Partnership is exposed to loss upon defaults by its counterparties on its interest rate derivative agreements. The Partnership does not anticipate non-performance by any counterparty. Redeemable Preferred Units The Partnership has designated three series of Preferred Units consisting of the Series A Preferred Units, the Series A-1 Preferred Units, and the Series B Preferred Units. The Partnership has issued the Preferred Units representing limited partnership interests in the Partnership to various financial institutions. The Preferred

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities	3. Variable Interest Entities Non-Consolidated Variable Interest Entities The Partnership acquires investments in the form of MRBs, taxable MRBs, GILs, taxable GILs, and property loans to finance the construction and/or operation of affordable multifamily properties that are obligations of the property-owning entity, which is considered the borrower entity. The Partnership’s individual investment assets are considered debt obligations of each individual borrower entity, and the investment assets are secured by a mortgage on real and personal property of the respective borrower entity. The Partnership’s associated investment asset(s) is considered a variable interest in the borrower entity as the Partnership will absorb losses of the VIEs if the borrower entities are unable to repay the outstanding principal of the respective MRBs, taxable MRBs, GILs, taxable GILs, and property loans. The Partnership evaluates whether each borrower entity is a VIE under the accounting guidance, and if so, the Partnership performs an evaluation to determine if the Partnership is the primary beneficiary of the VIE. When evaluating whether the Partnership is the primary beneficiary of a VIE, the Partnership identifies the rights that grant the power to direct the activities that most significantly impact the VIE’s economic performance, which are those rights to manage regular property operations of the VIE, to sell the assets of the VIE, or to refinance the debt of the VIE. Generally, all such rights are held by the equity investors in the VIE and not the Partnership. 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 consolidated financial statements. The Partnership reports its investments in the MRBs, taxable MRBs, GILs, taxable GILs, and property loans on the Partnership’s consolidated balance sheet and the related interest income on the Partnership’s consolidated statement of operations. The Partnership also makes equity investments in entities formed for the construction, operation and sale of market-rate multifamily or seniors housing properties (Note 7). The Partnership’s equity investments in these VIEs are considered variable interests as the Partnership, and the respective managing members, are entitled to returns and absorb losses from the underlying properties according to the entities’ respective operating agreements. The Partnership has determined that the underlying investee entities are VIEs for financial reporting purposes and the Partnership performs an evaluation to determine if the Partnership is the primary beneficiary of the VIE. The Partnership and the respective managing members have various rights within the respective operating agreement for each VIE. When evaluating whether the Partnership is the primary beneficiary of a VIE, it identifies the rights that grant the power to direct the activities that most significantly impact the VIE’s performance, which are those rights to manage regular property operations of the VIE, to sell the assets of the VIE, or to refinance the debt of the VIE. Generally, all such rights are held by the managing members of the VIE. In addition, the Partnership does not have kick-out rights or substantive participating rights. 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 consolidated financial statements, with one exception as disclosed in the “ Consolidated Variable Interest Entities ” section below. The Partnership reports its equity investments in the VIEs as “Investments in unconsolidated entities” on the Partnership’s consolidated balance sheet and the related preferred return, earnings (losses) from investments in unconsolidated entities, and gains on sale on the Partnership’s consolidated statement of operations. The Partnership held variable interests in 31 and 33 non-consolidated VIEs as of December 31, 2024 and 2023, respectively. The following table summarizes the Partnership’s carrying value by asset type and maximum exposure to loss associated with its variable interests as of December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Carrying Value Maximum Carrying Value Maximum Mortgage revenue bonds $ 207,170,395 $ 203,929,806 $ 105,236,097 $ 98,336,213 Taxable mortgage revenue bonds (reported within other assets) 4,393,869 4,406,024 13,488,560 13,520,631 Governmental issuer loans 203,999,628 203,999,628 202,547,300 202,547,300 Taxable governmental issuer loans (reported within other assets) 14,157,672 14,157,672 13,573,000 13,573,000 Property loans 42,210,000 42,210,000 107,511,750 107,511,750 Investments in unconsolidated entities 179,409,869 179,409,869 136,653,246 136,653,246 $ 651,341,433 $ 648,112,999 $ 579,009,953 $ 572,142,140 The Partnership’s maximum exposure to loss for non-consolidated VIEs associated with the MRBs and taxable MRBs as of December 31, 2024 is equal to the Partnership’s cost basis adjusted for paydowns. The difference between the MRB carrying value in the Partnership's consolidated balance sheets and the maximum exposure to loss is due to the unrealized gains or losses. The Partnership has remaining MRB and taxable MRB funding commitments related to non-consolidated VIEs totaling $ 31.5 million and $ 13.0 million , respectively, as of December 31, 2024 (Note 16). The Partnership’s maximum exposure to loss for non-consolidated VIEs associated with the GILs, taxable GILs, property loans and investments in unconsolidated entities as of December 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 $ 18.8 million , $ 46.4 million , $ 28.8 million , and $ 18.3 million , respectively, as of December 31, 2024 (Note 16). Consolidated Variable Interest Entities The Partnership obtains leverage on its investment assets to enhance returns and lower its net capital investment. The Partnership’s leverage programs generally consist of selling MRBs, taxable MRBs, GILs, taxable GILs, and property loans into debt financing entities in the form of TOBs, a term TOB, TEBS financings, the 2024 PFA Securitization Transaction, and the TEBS Residual Financing. These debt financing entities issue senior securities and residual beneficial interests that share in the cash flows from the securitized investment assets. The senior securities are sold to third-party investors for cash and the Partnership retains the residual beneficial interests. The Partnership determined that its residual beneficial interest in a debt financing entity absorbs potential losses of the entity as the interests are in a first-loss position and subordinate to the senior securities in the distribution of cash flows of the debt financing entity. The Partnership has determined that each debt financing entity is a VIE for financial reporting purposes and the Partnership performs an evaluation to determine if the Partnership is the primary beneficiary of the VIE. 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 and the obligation to absorb losses or rights to receive benefits of the entity that could potentially be significant to the VIE. The Partnership determined that the right to direct the VIE to sell the underlying assets most significantly impacts the economic performance of the VIE, and such right is held by the Partnership through its ownership of the residual beneficial interests. The Partnership has the obligation to absorb losses that could potentially be significant to the VIE given its first-loss position noted previously. As the Partnership meets both primary beneficiary criteria, it is considered the primary beneficiary of the VIEs and reports the VIEs on a consolidated basis. The Partnership reports the underlying investment assets of the VIEs in the Partnership’s assets (Notes 4, 5, 6 and 9) and the senior securities of the VIEs are reported as “Debt financing, net” (Note 13) on the Partnership’s consolidated balance sheets. The interest income earned from the underlying investment assets of the VIEs is reported within “Investment income” and “Other interest income” on the Partnership’s consolidated statement of operations. Interest expense and facility fees associated with the debt financing are reported within “Interest expense” on the Partnership’s consolidated statement of operations. As noted previously, the Partnership also makes equity investments in certain entities formed for the construction, operation and sale of market-rate multifamily or seniors housing properties (Note 7). The investee entities are VIEs for financial reporting purposes and the Partnership is typically not considered the primary beneficiary, making such entities non-consolidated VIEs. Within one of the Partnership’s equity investments, Vantage at San Marcos, the Partnership has additional rights compared to its other equity investments and such rights are considered in the Partnership’s assessment of the primary beneficiary of the VIE. In determining the primary beneficiary of the VIEs, the Partnership considered which party has the power to control the activities of the VIE which most significantly impact its financial performance and the obligation to absorb losses or rights to receive benefits of the entity that could potentially be significant to the VIE. For the Vantage at San Marcos investee, the Partnership can 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. The only assets of the VIE are land and capitalized development costs such that if the Partnership were to require the managing member to purchase its equity investment, all underlying assets of the VIE would likely need to be sold, which would significantly impact the VIE’s economic performance. The Partnership would be exposed to gains or losses of the VIE based on the sales price of the underlying asset in relation to the Partnership’s equity investment. As the Partnership meets both the primary beneficiary criteria for the Vantage at San Marcos investee, it is considered the primary beneficiary of the VIE and reports the VIE on a consolidated basis. The Partnership reports the land and capitalized development costs of the VIE within “Real estate assets, net” and a mortgage loan on the property within “Mortgages payable, net” on the Partnership’s consolidated balance sheets. The VIE has not reported any income or expenses during the years ended December 31, 2024, 2023, and 2022. If certain events occur in the future, the Partnership’s option to redeem the investment will terminate and the VIE may be deconsolidated. The following table summarizes the assets and liabilities of the Partnership’s consolidated VIEs as of December 31, 2024 and December 31, 2023: December 31, 2024 December 31, 2023 Assets: Restricted cash $ 771,606 $ 12,605 Interest receivable, net 7,089,580 6,920,851 Mortgage revenue bonds, at fair value 1,013,847,272 883,030,786 Governmental issuer loans Governmental issuer loans 219,702,222 222,947,300 Allowance for credit losses ( 1,038,000 ) ( 1,294,000 ) Governmental issuer loans, net 218,664,222 221,653,300 Property loans Property loans 48,460,000 108,271,420 Allowance for credit losses ( 547,000 ) ( 675,000 ) Property loans, net 47,913,000 107,596,420 Real estate assets 3,796,782 3,606,658 Other assets 40,038,912 24,999,197 Total Assets $ 1,332,121,374 $ 1,247,819,817 Liabilities: Accounts payable, accrued expenses and other liabilities (1) $ 8,285,369 $ 8,656,003 Debt financing (2) 1,098,530,865 1,018,314,376 Mortgages payable (3) 1,664,347 1,690,000 Total Liabilities $ 1,108,480,581 $ 1,028,660,379 (1) Of the amounts reported, $ 5,112,036 and $ 5,495,426 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of December 31, 2024 and 2023, respectively. (2) Of the amounts reported, $ 364,099,866 and $ 367,807,377 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of December 31, 2024 and 2023, respectively. (3) The entire mortgages payable balance is associated with a VIE where the creditor does not have recourse to the general credit of the Partnership as of December 31, 2024 and 2023, respectively. In certain instances, the Partnership has investment assets in the form of MRBs, taxable MRBs, GILs, taxable GILs and property loans that are variable interests in non-consolidated borrower entity VIEs which are also assets of consolidated debt financing entity VIEs. Accordingly, such investment assets are reported within tables related to both non-consolidated VIEs and consolidated VIEs presented in this Note 3.

Mortgage Revenue Bonds

Mortgage Revenue Bonds	12 Months Ended
	Dec. 31, 2024
Investments In Mortgage Revenue Bonds [Abstract]
Mortgage Revenue Bonds	4. Mortgage Revenue Bonds The Partnership invests in MRBs that are issued by state and local governments, their agencies, and authorities to finance the construction or acquisition and rehabilitation of income-producing affordable multifamily, seniors housing and skilled nursing properties. An MRB does not constitute an obligation of any state or local government, agency or authority and no state or local government, agency or authority is liable on them, nor is the taxing power of any state or local government pledged to the payment of principal or interest on an MRB. An MRB is a non-recourse obligation of the property owner. Each MRB is collateralized by a mortgage on all real and personal property of the secured property. Typically, the sole source of funds to pay principal and interest on an MRB is the net cash flow or the sale or refinancing proceeds from the secured property. The Partnership may commit to advance funding for MRBs on a draw-down basis during construction and/or rehabilitation of secured property and may require recourse to the borrower during the construction or rehabilitation period in certain instances. The Partnership expects and believes that the interest received on our MRBs is excludable from gross income for federal income tax purposes. The Partnership primarily invests in MRBs that are senior obligations of the secured properties, though it may also invest in subordinate MRBs or taxable MRBs that share the first mortgage lien with the related MRBs. MRBs are either held directly by the Partnership or through consolidated VIEs associated with debt financing transactions (Notes 3 and 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. MRBs may have optional call dates that may be exercised by the borrower or the Partnership that are earlier than the contractual maturity. Such optional calls may be at either par or a premium to par. The Partnership had the following MRB investments as of December 31, 2024 and 2023: December 31, 2024 Description of Mortgage Revenue Bonds State Cost Adjusted for Cumulative Cumulative Estimated Fair Value The Safford (4) AZ $ 37,435,466 $ 1,523,170 $ - $ 38,958,636 40rty on Colony - Series P (4) CA 5,962,217 459,328 - 6,421,545 CCBA Senior Garden Apartments (1), (8) CA 3,720,209 - ( 58,814 ) 3,661,395 Courtyard - Series A (3) CA 9,668,469 449,017 - 10,117,486 Glenview Apartments - Series A (2) CA 4,248,118 170,362 - 4,418,480 Harmony Court Bakersfield - Series A (3) CA 3,525,258 127,289 - 3,652,547 Harmony Terrace - Series A (3) CA 6,527,329 288,190 - 6,815,519 Harden Ranch - Series A (1) CA 6,256,135 260,476 - 6,516,611 Las Palmas II - Series A (3) CA 1,598,957 61,427 - 1,660,384 Lutheran Gardens CA 10,352,000 - - 10,352,000 Montclair Apartments - Series A (2) CA 2,301,443 98,596 - 2,400,039 Montecito at Williams Ranch Apartments - Series A (1) CA 7,374,111 424,400 - 7,798,511 Montevista - Series A (1) CA 6,556,878 602,131 - 7,159,009 Ocotillo Springs - Series A (1), (6) CA 3,455,419 - ( 224,262 ) 3,231,157 Ocotillo Springs - Series A-1 (1) CA 496,351 64,598 - 560,949 Residency at Empire - Series BB-1 (4) CA 14,109,248 491,616 - 14,600,864 Residency at Empire - Series BB-2 (4) CA 4,000,000 171,675 - 4,171,675 Residency at Empire - Series BB-3 (4) CA 14,000,000 510,453 - 14,510,453 Residency at Empire - Series BB-4 (4) CA 21,200,000 275,702 - 21,475,702 Residency at the Entrepreneur - Series J-1 (4) , (8) CA 9,078,496 - ( 194,816 ) 8,883,680 Residency at the Entrepreneur - Series J-2 (4), (8) CA 7,500,000 - ( 96,933 ) 7,403,067 Residency at the Entrepreneur - Series J-3 (4), (8) CA 26,080,000 - ( 99,928 ) 25,980,072 Residency at the Entrepreneur - Series J-4 (4) CA 16,420,000 - - 16,420,000 Residency at the Entrepreneur - Series J-5 (4) CA 5,000,000 - - 5,000,000 Residency at the Mayer - Series A (4) CA 29,556,596 - - 29,556,596 Residency at the Mayer - Series M (4) CA 11,500,000 - - 11,500,000 San Vicente - Series A (3) CA 3,296,965 135,060 - 3,432,025 Santa Fe Apartments - Series A (2) CA 2,788,112 123,270 - 2,911,382 Seasons at Simi Valley - Series A (3) CA 4,025,911 272,883 - 4,298,794 Seasons Lakewood - Series A (3) CA 6,953,024 306,985 - 7,260,009 Seasons San Juan Capistrano - Series A (3) CA 11,706,622 516,863 - 12,223,485 Solano Vista - Series A (1) CA 2,591,588 172,312 - 2,763,900 Summerhill - Series A (3) CA 6,070,437 20,122 - 6,090,559 Sycamore Walk - Series A (3) CA 3,330,230 44,181 - 3,374,411 The Village at Madera - Series A (3) CA 2,915,662 112,779 - 3,028,441 Tyler Park Townhomes - Series A (1) CA 5,445,686 - - 5,445,686 Village at Hanford Square - Series H (4) CA 10,400,000 619,721 - 11,019,721 Vineyard Gardens - Series A (1) CA 3,839,951 281,057 - 4,121,008 Wellspring Apartments (1) CA 3,880,455 119,584 - 4,000,039 Westside Village Market - Series A (1) CA 3,558,747 132,773 - 3,691,520 Handsel Morgan Village Apartments (4) GA 2,150,000 162,887 - 2,312,887 MaryAlice Circle Apartments (4) GA 5,900,000 496,763 - 6,396,763 Copper Gate Apartments (1) IN 4,715,000 - - 4,715,000 Renaissance - Series A (2), (8) LA 10,263,789 - ( 836,645 ) 9,427,144 Live 929 Apartments - Series 2022A (4) MD 58,560,655 3,547,694 - 62,108,349 Woodington Gardens Apartments - Series A-1 (4) MD 31,150,000 3,112,265 - 34,262,265 Meadow Valley (4), (7) MI 41,162,263 - ( 1,859,135 ) 39,303,128 Jackson Manor Apartments (1) MS 4,781,136 19,919 - 4,801,055 Village Point (5), (8) NJ 23,000,000 - ( 447,248 ) 22,552,752 Silver Moon - Series A (2) NM 7,398,857 571,694 - 7,970,551 Village at Avalon (1) NM 15,665,803 1,241,389 - 16,907,192 Columbia Gardens (3) SC 12,150,488 502,113 - 12,652,601 Companion at Thornhill Apartments (3) SC 10,484,096 338,831 - 10,822,927 The Ivy Apartments (4), (8) SC 30,558,423 822,638 - 31,381,061 The Palms at Premier Park Apartments (1) SC 17,590,997 27,389 - 17,618,386 The Park at Sondrio - Series 2022A (4) SC 38,100,000 1,260,209 - 39,360,209 The Park at Vietti - Series 2022A (4), (8) SC 26,985,000 952,281 - 27,937,281 Village at River's Edge (3) SC 9,477,407 832,313 - 10,309,720 Willow Run (3) SC 11,981,345 494,536 - 12,475,881 Windsor Shores Apartments - Series A (4), (8) SC 21,545,000 718,755 - 22,263,755 Avistar at Copperfield - Series A (4) TX 13,215,029 485,574 - 13,700,603 Avistar at the Crest - Series A (4) TX 8,621,036 471,417 - 9,092,453 Avistar at the Crest - Series B TX 711,315 24,748 - 736,063 Avistar at the Oaks - Series A (4) TX 6,980,721 333,795 - 7,314,516 Avistar at the Oaks - Series B TX 521,384 14,194 - 535,578 Avistar at the Parkway - Series A (2) TX 12,101,645 422,358 - 12,524,003 Avistar at the Parkway - Series B TX 122,165 13,232 - 135,397 Avistar at Wilcrest - Series A (4) TX 5,008,228 155,503 - 5,163,731 Avistar at Wood Hollow - Series A (4) TX 38,027,363 1,397,281 - 39,424,644 Avistar in 09 - Series A (4) TX 6,027,577 302,568 - 6,330,145 Avistar in 09 - Series B TX 430,095 12,653 - 442,748 Avistar on the Boulevard - Series A (4) TX 14,686,873 671,717 - 15,358,590 Avistar on the Boulevard - Series B TX 422,666 12,072 - 434,738 Avistar on the Hills - Series A (4) TX 4,779,156 251,307 - 5,030,463 December 31, 2024 Description of Mortgage Revenue Bonds State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Bruton Apartments (3) TX 17,050,526 - - 17,050,526 Concord at Gulfgate - Series A (3) TX 17,963,286 938,146 - 18,901,432 Concord at Little York - Series A (3) TX 12,584,132 716,639 - 13,300,771 Concord at Williamcrest - Series A (3) TX 19,494,168 1,064,065 - 20,558,233 Crossing at 1415 - Series A (3) TX 6,989,209 179,154 - 7,168,363 Decatur Angle (3), (8) TX 21,412,592 - ( 149,516 ) 21,263,076 Esperanza at Palo Alto (3) TX 18,576,657 1,168,859 - 19,745,516 Heights at 515 - Series A (3) TX 6,398,741 312,241 - 6,710,982 Heritage Square - Series A (2) TX 10,039,053 307,888 - 10,346,941 Oaks at Georgetown - Series A (3), (8) TX 11,664,053 214,123 - 11,878,176 15 West Apartments (3) WA 9,283,990 1,025,529 - 10,309,519 Aventine Apartments (4) WA 9,500,000 1,060,325 - 10,560,325 Mortgage revenue bonds $ 994,958,009 $ 35,493,084 $ ( 3,967,297 ) $ 1,026,483,796 (1) 2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), 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 Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Mizuho in a TOB trust financing transaction, Note 13. (5) MRB held by Barclays in a TOB trust financing transaction, Note 13. (6) 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, 2024, the MRB has been in an unrealized loss position for at least 12 months. (7) The Partnership has a remaining MRB funding commitment of approximately $ 2.9 million as of December 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 December 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 December 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 December 31, 2024, the MRB has been in an unrealized loss position for less than 12 months. December 31, 2023 Description of Mortgage Revenue Bonds 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 CCBA Senior Garden Apartments CA 3,757,268 158,840 - 3,916,108 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 Ocotillo Springs - Series A (8) CA 3,489,096 - ( 59,805 ) 3,429,291 Ocotillo Springs - Series A-1 CA 499,117 95,386 - 594,503 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 Entrepreneur - Series J-5 CA 1,000,000 - - 1,000,000 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 Solano Vista - Series A CA 2,611,955 338,125 - 2,950,080 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 Handsel Morgan Village Apartments GA 2,150,000 300,188 - 2,450,188 MaryAlice Circle Apartments (5) GA 5,900,000 880,643 - 6,780,643 Brookstone IL 7,229,475 1,071,177 - 8,300,652 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), (9) 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 Provision Center 2014-1 TN 926,475 - - 926,475 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 Crest - Series B TX 718,332 49,845 - 768,177 Avistar at the Oaks - Series A (1) TX 7,091,928 666,990 - 7,758,918 Avistar at the Oaks - Series B TX 526,318 35,066 - 561,384 Avistar at the Parkway - Series A (2) TX 12,270,653 830,179 - 13,100,832 Avistar at the Parkway - Series B TX 122,701 19,352 - 142,053 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 in 09 - Series B TX 434,165 28,926 - 463,091 Avistar on the Boulevard - Series A (1) TX 14,928,425 1,346,449 - 16,274,874 Avistar on the Boulevard - Series B TX 426,835 27,507 - 454,342 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 December 31, 2023 Description of Mortgage Revenue Bonds State Cost Adjusted for Cumulative Cumulative Estimated Fair Value 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 Runnymede (7) TX 9,390,000 - ( 1,121 ) 9,388,879 Southpark TX 11,133,003 1,166,283 - 12,299,286 15 West Apartments (3) WA 9,371,808 1,478,567 - 10,850,375 Mortgage revenue bonds $ 869,454,974 $ 62,262,434 $ ( 1,042,113 ) $ 930,675,295 (1) MRB owned by ATAX TEBS II, LLC (M31 TEBS Financing), 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 Financing), 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 Financing), 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 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) 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. (9) 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 accrued interest receivable related to its MRBs of $ 5.3 million and $ 4.7 million as of December 31, 2024 and 2023, respectively, that is reported as interest receivable, net in the Partnership's 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 December 31, 2024. See Note 16 for additional information regarding the Partnership’s MRB funding commitments. See Note 21 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 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 2024: Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 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 Woodington Gardens Apartments - Series A-1 April 2024 Baltimore, MD 197 5/1/2029 7.80 % 31,150,000 Aventine Apartments May 2024 Bellevue, WA 68 6/1/2031 7.68 % 9,500,000 Wellspring Apartments (3) August 2024 Long Beach, CA 88 9/1/2039 4.85 % 3,900,000 $ 56,050,000 (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. (3) The investment was previously reported as the Anaheim & Walnut bond purchase commitment and has converted to an MRB. During the fourth quarter of 2024, The Partnership sold and subsequently repurchased 11 MRBs that were previously secured in the M31 TEBS Financing in relation to temporary bridge financing to facilitate the M31 TEBS Financing termination (Note 13). The MRBs were sold and repurchased at par for approximately $ 89.2 million within the fourth quarter. Sales: The following MRBs were sold during the year ended December 31, 2024: Property Name Month Sold Property Location Units Original Interest Rate Principal Brookstone May 2024 Waukegan, IL 168 5/1/2040 5.45 % $ 8,221,234 Arbors at Hickory Ridge November 2024 Memphis, TN 348 1/1/2049 6.25 % 10,217,709 $ 18,438,943 The Partnership realized a gain on sale of the Brookstone MRB of approximately $ 1.0 million related to collection of an unamortized discount upon sale. The Partnership realized a gain on sale of the Arbors at Hickory Ridge MRB of approximately $ 1.2 million. Redemptions: The following MRBs were redeemed at prices that approximated the outstanding principal balance plus accrued interest during the year ended December 31, 2024: Property Name Month Property Location Units Original Interest Rate Principal Southpark July 2024 Austin, TX 192 12/1/2049 6.13 % $ 12,300,000 Runnymede August 2024 Austin, TX 252 10/1/2024 6.00 % 9,315,000 $ 21,615,000 Upon redemption of the Southpark MRB, the Partnership recognized investment income of $ 1.1 million related to its previously unamortized discount on the MRB. In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership received proceeds of approximately $ 365,000 and recovered approximately $ 169,000 of its previously recognized allowance for credit loss (see Note 10). Activity in 2023: Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 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 Handsel Morgan Village Apartments April 2023 Buford, GA 45 3/1/2041 6.75 % 2,150,000 MaryAlice Circle Apartments April 2023 Buford, GA 98 3/1/2041 6.75 % 5,900,000 Village at Hanford Square - Series H May 2023 Hanford, CA 100 5/1/2030 6.65 % 10,400,000 Village Point May 2023 Monroe Township, NJ 120 (3) 6/1/2030 6.88 % 23,000,000 40rty on Colony - Series P June 2023 La Mesa, CA 40 6/1/2030 7.05 % 5,950,000 The Safford (4) October 2023 Marana, AZ 200 10/10/2026 7.59 % 7,560,034 $ 108,005,034 (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 %. (3) Village Point is a seniors housing property with 120 beds in 92 units (4) The Partnership has committed to provide funding for The Safford MRB totaling $ 43.0 million. See Note 16. Conversions: In July 2023, the Ocotillo Springs property achieved stabilization and the borrower converted to permanent financing. The Ocotillo Springs – Series A MRB was paid down to its permanent financing size of $ 4.0 million, of which $ 500,000 was allocated as principal of the supplemental Ocotillo Springs – Series A-1 MRB. The following table summarizes the terms of the Ocotillo Springs MRBs after conversion: Property Name Property Location Units Maturity Date Fixed Interest Rate Post-Conversion Principal Ocotillo Springs - Series A Brawley, CA 75 8/1/2038 4.35 % $ 3,500,000 Ocotillo Springs - Series A-1 Brawley, CA 75 8/1/2038 6.50 % 500,000 $ 4,000,000 In November 2023, the Jackson Manor Apartments property achieved stabilization and the borrower converted to permanent financing. The Jackson Manor Apartments MRB was paid down to its permanent financing size of $ 4.8 million. The following table summarizes the terms of the Jackson Manor Apartments MRB after conversion: Property Name Property Location Units Maturity Date Fixed Interest Rate Post-Conversion Principal Jackson Manor Apartments Jackson, MS 60 5/1/2038 5.00 % $ 4,828,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 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 Geographic Concentrations The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding: December 31, 2024 December 31, 2023 California 30 % 25 % Texas 25 % 32 % South Carolina 18 % 21 % The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2024, and 2023: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2024 15 West Apartments - Series A (3) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,283,990 40rty on Colony - Series P (4) 2023 La Mesa, CA 6/1/2030 7.05 % 5,950,000 Aventine Apartments (4) 2024 Bellevue, WA 6/1/2031 7.68 % 9,500,000 Avistar at Copperfield - Series A (4) 2017 Houston, TX 5/1/2054 5.75 % 13,215,029 Avistar on the Boulevard - Series A (4) 2013 San Antonio, TX 3/1/2050 6.00 % 14,686,873 Avistar at the Crest - Series A (4) 2013 San Antonio, TX 3/1/2050 6.00 % 8,621,036 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,133,980 Avistar at the Oaks - Series A (4) 2013 San Antonio, TX 8/1/2050 6.00 % 6,980,721 Avistar in 09 - Series A (4) 2013 San Antonio, TX 8/1/2050 6.00 % 6,027,577 Avistar on the Hills - Series A (4) 2013 San Antonio, TX 8/1/2050 6.00 % 4,779,156 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 951,479 Avistar at the Parkway - Series A (2) 2015 San Antonio, TX 5/1/2052 6.00 % 12,101,645 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 122,165 Avistar at Wilcrest - Series A (4) 2017 Houston, TX 5/1/2054 5.75 % 5,008,228 Avistar at Wood Hollow - Series A (4) 2017 Austin, TX 5/1/2054 5.75 % 38,027,363 Bruton Apartments (3) 2014 Dallas, TX 8/1/2054 6.00 % 17,050,526 CCBA Senior Garden Apartments (1) 2022 San Diego, CA 7/1/2037 4.50 % 3,720,209 Columbia Gardens (3) 2015 Columbia, SC 12/1/2050 5.50 % 12,099,000 Companion at Thornhill Apartments (3) 2016 Lexington, SC 1/1/2052 5.80 % 10,484,096 Concord at Gulfgate - Series A (3) 2015 Houston, TX 2/1/2032 6.00 % 17,963,286 Concord at Little York - Series A (3) 2015 Houston, TX 2/1/2032 6.00 % 12,584,132 Concord at Williamcrest - Series A (3) 2015 Houston, TX 2/1/2032 6.00 % 19,494,168 Copper Gate Apartments (1) 2013 Lafayette, IN 12/1/2029 6.25 % 4,715,000 Courtyard - Series A (3) 2016 Fullerton, CA 12/1/2033 5.00 % 9,668,469 Crossing at 1415 - Series A (3) 2015 San Antonio, TX 12/1/2052 6.00 % 6,989,209 Decatur Angle (3) 2014 Fort Worth, TX 1/1/2054 5.75 % 21,412,592 Esperanza at Palo Alto (3) 2018 San Antonio, TX 7/1/2058 5.80 % 18,576,657 Glenview Apartments - Series A (2) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,248,118 Handsel Morgan Village Apartments (4) 2023 Buford, GA 3/1/2041 6.75 % 2,150,000 Harden Ranch - Series A (1) 2014 Salinas, CA 3/1/2030 5.75 % 6,256,135 Harmony Court Bakersfield - Series A (3) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,525,258 Harmony Terrace - Series A (3) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,527,329 Heights at 515 - Series A (3) 2015 San Antonio, TX 12/1/2052 6.00 % 6,398,741 Heritage Square - Series A (2) 2014 Edinburg, TX 9/1/2051 6.00 % 10,039,053 The Ivy Apartments (4) 2023 Greensville, SC 2/1/2030 6.50 % 30,500,000 Jackson Manor Apartments (1) 2021 Jackson, MS 5/1/2038 5.00 % 4,781,136 Las Palmas II - Series A (3) 2016 Coachella, CA 11/1/2033 5.00 % 1,598,957 Live 929 Apartments - Series 2022A (4) 2022 Baltimore, MD 1/1/2060 4.30 % 66,365,000 Lutheran Gardens 2021 Compton, CA 2/1/2025 4.90 % 10,352,000 MaryAlice Circle Apartments (4) 2023 Buford, GA 3/1/2041 6.75 % 5,900,000 Meadow Valley (4) 2021 Garfield Charter Township, MI 12/1/2029 6.25 % 41,065,000 Montclair Apartments - Series A (2) 2014 Lemoore, CA 12/1/2031 5.75 % 2,301,443 Montecito at Williams Ranch Apartments - Series A (1) 2017 Salinas, CA 10/1/2034 5.50 % 7,374,111 Montevista - Series A (1) 2019 San Pablo, CA 7/1/2036 5.75 % 6,556,878 Oaks at Georgetown - Series A (3) 2016 Georgetown, TX 1/1/2034 5.00 % 11,664,053 Ocotillo Springs - Series A (1) 2020 Brawley, CA 8/1/2038 4.35 % 3,455,419 Ocotillo Springs - Series A-1 (1) 2023 Brawley, CA 8/1/2038 6.50 % 496,351 The Park at Sondrio - Series 2022A (4) 2022 Greenville, SC 1/1/2030 6.50 % 38,100,000 The Park at Vietti - Series 2022A (4) 2022 Spartanburg, SC 1/1/2030 6.50 % 26,985,000 Renaissance - Series A (2) 2015 Baton Rouge, LA 6/1/2050 6.00 % 10,263,789 Residency at Empire - Series BB-1 (4) 2022 Burbank, CA 12/1/2040 6.45 % 14,000,000 Residency at Empire - Series BB-2 (4) 2022 Burbank, CA 12/1/2040 6.45 % 4,000,000 Residency at Empire - Series BB-3 (4) 2022 Burbank, CA 12/1/2040 6.45 % 14,000,000 Residency at Empire - Series BB-4 (4) 2022 Burbank, CA 12/1/2040 6.45 % 21,200,000 Residency at the Entrepreneur - Series J-1 (4) 2022 Los Angeles, CA 3/31/2040 6.00 % 9,000,000 Residency at the Entrepreneur - Series J-2 (4) 2022 Los Angeles, CA 3/31/2040 6.00 % 7,500,000 Residency at the Entrepreneur - Series J-3 (4) 2022 Los Angeles, CA 3/31/2040 6.00 % 26,080,000 Residency at the Entrepreneur - Series J-4 (4) 2022 Los Angeles, CA 3/31/2040 SOFR + 3.60 % 16,420,000 Residency at the Entrepreneur - Series J-5 (4) 2023 Los Angeles, CA 4/1/2025 SOFR + 3.60 % 5,000,000 Residency at the Mayer - Series A (4) 2021 Hollywood, CA 4/1/2039 SOFR + 3.60 % 29,500,000 Residency at the Mayer - Series M (4) 2024 Hollywood, CA 4/1/2039 SOFR + 3.60 % 11,500,000 The Safford (4) 2023 Marana, AZ 10/10/2026 7.59 % 37,348,957 San Vicente - Series A (3) 2016 Soledad, CA 11/1/2033 5.00 % 3,296,965 Santa Fe Apartments - Series A (2) 2014 Hesperia, CA 12/1/2031 5.75 % 2,788,112 Seasons at Simi Valley - Series A (3) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,025,911 Seasons Lakewood - Series A (3) 2016 Lakewood, CA 1/1/2034 5.00 % 6,953,024 Seasons San Juan Capistrano - Series A (3) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 11,706,622 Silver Moon - Series A (2) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,398,857 Solano Vista - Series A (1) 2018 Vallejo, CA 1/1/2036 5.85 % 2,591,588 Summerhill - Series A (3) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,070,437 Sycamore Walk - Series A (3) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,330,230 The Palms at Premier Park Apartments (1) 2013 Columbia, SC 1/1/2050 6.25 % 17,590,997 Tyler Park Townhomes (1) 2013 Greenfield, CA 1/1/2030 5.75 % 5,445,686 The Village at Madera - Series A (3) 2016 Madera, CA 12/1/2033 5.00 % 2,915,662 Village at Avalon (1) 2018 Albuquerque, NM 1/1/2059 5.80 % 15,665,803 Village at Hanford Square - Series H (4) 2023 Hanford, CA 5/1/2030 6.65 % 10,400,000 Village Point Apartments (5) 2023 Monroe, NJ 6/1/2030 6.875 % 23,000,000 Village at River's Edge (3) 2017 Columbia, SC 6/1/2033 6.00 % 9,477,407 Vineyard Gardens - Series A (1) 2017 Oxnard, CA 1/1/2035 5.50 % 3,839,951 Wellspring Apartments (1) 2024 Long Beach, CA 9/1/2039 4.85 % 3,870,922 Westside Village Market (1) 2013 Shafter, CA 1/1/2030 5.75 % 3,558,747 Willow Run (3) 2015 Columbia, SC 12/1/2050 5.50 % 11,930,000 Windsor Shores Apartments (4) 2023 Columbia, SC 2/1/2030 6.50 % 21,545,000 Woodington Gardens Apartments - Series A-1 (4) 2024 Baltimore, MD 5/1/2029 7.80 % 31,150,000 $ 1,002,151,235 (1) 2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction and TEBS Residual Financing, Note 13 (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), Note 13 (3) MRB owned by

Governmental Issuer Loans

Governmental Issuer Loans	12 Months Ended
	Dec. 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. 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 December 31, 2024 and 2023 (Note 13), with the exception of the Natchitoches Thomas Apartments GIL. 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 December 31, 2024 and 2023: As of December 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 2/1/2025 SOFR + 3.07 % 7.60 % $ 34,620,000 Osprey Village (3) July 2021 Kissimmee, FL 383 2/1/2025 SOFR + 3.07 % 7.64 % 60,000,000 Willow Place Apartments (3) September 2021 McDonough, GA 182 2/1/2025 SOFR + 3.30 % 7.87 % 20,702,594 Willow Place Apartments Supplemental November 2023 McDonough, GA n/a 2/1/2025 SOFR + 3.45 % 8.02 % 1,500,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 35,688,328 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 21,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 33,550,000 Sandy Creek Apartments (3) August 2023 Bryan, TX 140 9/1/2026 7.83 % (5) 7.83 % 12,100,000 Natchitoches Thomas Apartments (3), (6) December 2024 Natchitoches, LA 120 7/1/2027 7.92 % 7.92 % 6,500,000 1,459 $ 226,202,222 (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 20). (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. (6) The Natchitoches Thomas Apartments GIL was considered to be available-for-sale sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future. 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 20). (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 December 31, 2024 and 2023, respectively, that is reported as interest receivable, net in the Partnership’s 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 $ 128.9 million and $ 8.8 million , respectively, as of December 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 affiliates also provide limited-to-full guaranties for The Safford MRB and the Sandoval Flats property loan. The Partnership has remaining commitments to provide funding of certain GILs on a draw-down basis during construction and/or rehabilitation of the secured properties as of December 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 2024 During 2024, the following GILs were purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full: Property Name Month Principal Proceeds Hope on Avalon January 2024 $ 23,390,000 Magnolia Heights September 2024 20,400,000 $ 43,790,000 During 2024 the following GIL had a partial principal repayment: Property Name Month Principal Proceeds Willow Place Apartments August 2024 $ 4,297,406 During 2024, the Partnership recognized fees of approximately $ 431,000 in other income in connection with extensions of the maturity dates of the Legacy Commons at Signal Hills GIL, the Magnolia Heights GIL, the Osprey Village GIL, the Willow Place Apartments GIL and the Willow Place Apartments Supplemental GIL. In December 2024, the Partnership entered into a $ 19.0 million GIL commitment to provide acquisition/rehabilitation financing for Natchitoches Thomas Apartments. Activity in 2023 During 2023, the following GILs were purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full: Property Name Month Principal Proceeds Oasis at Twin Lakes June 2023 $ 34,000,000 Hope on Broadway July 2023 13,105,623 Hilltop at Signal Hills August 2023 24,450,000 Centennial Crossings September 2023 33,080,000 Scharbauer Flats Apartments November 2023 40,000,000 $ 144,635,623 In June 2023, the Partnership recognized a fee of approximately $ 100,000 in other income in connection with an extension of the maturity date of the Scharbauer Flats Apartments GIL to January 1, 2024. In July 2023, the Partnership received a fee of approximately $ 70,000 in other income in connection with an extension of the maturity date of the Hope on Avalon GIL to February 1, 2024. In August 2023, the Partnership entered into and fully funded a $ 12.1 million GIL commitment to provide acquisition/rehabilitation financing for Sandy Creek Apartments. In November 2023, the Partnership entered into a $ 1.5 million GIL commitment to provide additional funding to Willow Place Apartments.

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate Assets	8. Real Estate Assets The Partnership owns real estate assets through a consolidated VIE, as described in Note 3. The Partnership also invests in land with plans to develop into rental properties or for future sale. These investments are reported as “Land held for development” below. The following tables summarize information regarding the Partnership’s real estate assets as of December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Property Name Location Land and Land Buildings and Carrying Value Land and Land Buildings and Carrying Value Vantage at San Marcos (1) San Marcos, TX 2,660,615 1,136,167 3,796,782 2,660,615 946,043 3,606,658 Land held for development Richland County, SC 1,109,482 - 1,109,482 1,109,482 - 1,109,482 $ 4,906,264 $ 4,716,140 Less accumulated depreciation - - Real estate assets, net $ 4,906,264 $ 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. In June 2024, the Partnership received its final sales proceeds associated with the sale of the Suites on Paseo MF Property. The Partnership recognized a gain on sale of approximately $ 64,000 . In December 2023, the Partnership sold the Suites on Paseo MF Property for gross proceeds of approximately $ 40.7 million. A portion of the proceeds were used to pay closing costs and to repay $ 25.0 million of principal on the related mortgage payable. The Partnership recognized a gain on sale of approximately $ 10.4 million. The Partnership incurred costs of approximately $ 403,000 related to the sale which reduced the Partnership's gain on sale. 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 2022, the Partnership sold 100 % of its ownership interest in The 50/50 MF Property to an unrelated non-profit organization. The Partnership received an unsecured property loan upon sale (Note 6) payable from future net cash flows of the property. The buyer assumed two mortgages payable associated with the property and the Partnership agreed to provide certain recourse support for the assumed mortgages. The remainder of the purchase price was funded by the issuance of a seller financing property loan to the Partnership in the amount of $ 4.8 million (Note 6). As a result of the sale, the Partnership deconsolidated The 50/50 MF Property assets and liabilities in its consolidated financial statements. The Partnership incurred costs of approximately $ 404,000 related to the sale which reduced the Partnership's gain on sale. The Partnership has deferred its entire gain on sale of approximately $ 6.6 million which is reported within accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. The Partnership will recognize the deferred gain upon collection of principal of the unsecured property loan (Note 11). Net loss, exclusive of the gains on sale, related to The 50/50 MF Property and the Suites on Paseo MF Property for the years ended December 31, 2024, 2023, and 2022 was as follows For the Years Ended December 31, 2024 2023 2022 Net loss $ - $ ( 234,776 ) $ ( 649,222 )

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
	Dec. 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 consolidated statements of operations. An affiliate of the Vantage Properties guarantees a preferred return on the Partnership’s invested capital through a date approximately five years after commencement of construction in connection with each Vantage Property. In October 2024, the Partnership entered into the Construction Lending JV to invest in loans to finance the construction and/or rehabilitation of affordable multifamily housing properties across the United States, such as the Partnership’s current GIL, taxable GIL and property loan investments. The Partnership will provide 10 % of the capital for the Construction Lending JV with the remainder to be funded by a third-party investor with each party contributing its proportionate capital contributions upon funding of future investments. The Partnership’s initial maximum capital contribution to the Construction Lending JV is approximately $ 8.3 million. A wholly owned subsidiary of the Partnership is the Construction Lending JV’s managing member responsible for identifying, evaluating, underwriting, and closing investments, subject to the conditions of the joint venture and third-party investor evaluation and approval. The Partnership will earn proportionate returns on its invested capital plus promote income if the joint venture meets certain earnings thresholds. The Partnership will account for its investment in the Construction Lending JV using the equity method. There were no assets, liabilities, or net income of the Construction Lending JV as of and for the year ended December 31, 2024. The following table provides the details of the investments in unconsolidated entities as of December 31, 2024 and 2023: Property Name Location Units Construction Commencement Date Construction Completion Date Carrying Value as of December 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 October 2024 26,560,347 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 13,535,176 12,996,316 Vantage at McKinney Falls McKinney Falls, TX 288 December 2021 July 2024 15,633,593 13,131,272 Freestone Greeley Greeley, CO 296 N/A N/A 6,230,785 5,346,007 Freestone Cresta Bella San Antonio, TX 296 February 2023 November 2024 16,759,593 17,325,494 Valage Senior Living Carson Valley Minden, NV 102 (1) February 2023 N/A 8,471,445 8,608,322 The Jessam at Hays Farm Huntsville, AL 318 July 2023 N/A 17,696,609 7,518,717 Freestone Greenville Greenville, TX 300 April 2024 N/A 20,853,691 5,366,551 Freestone Ladera Ladera, TX 288 August 2024 N/A 9,804,364 3,661,230 $ 179,409,869 $ 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 December 31, 2024. See Note 16 for further details regarding the Partnership's remaining funding commitments. Activity in 2024 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the year ended December 31, 2024: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain on Sale Vantage at Coventry Omaha, NE 294 (1) $ 50,000 $ - $ 50,000 Vantage at Westover Hills San Antonio, TX 288 (2) 6,986 - 6,986 Vantage at Murfreesboro Murfreesboro, TN 288 (3) 60,858 - 60,858 $ 117,844 $ - $ 117,844 (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 consolidated statement of operations. (2) In May 2024, the Partnership received sales proceeds of approximately $ 7,000 associated with final settlements of the Vantage at Westover Hills sale in May 2022. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s consolidated statement of operations. (3) In December 2024, the Partnership received tax refund proceeds of approximately $ 61,000 primarily associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s consolidated statements of operations. During the year ended December 31, 2024, the Partnership advanced funds beyond its original commitments to five Vantage Properties totaling $ 9.0 million to cover additional construction and interest costs. Activity in 2023 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the year ended December 31, 2023: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain (Loss) 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 ) Vantage at O'Connor San Antonio, TX 288 (2) ( 11,744 ) - ( 11,744 ) Vantage at Conroe Conroe, TX 288 June 2023 19,828,060 2,065,608 7,337,828 Vantage at Powdersville Powdersville, SC 288 (3) 32,385 - 32,385 $ 47,751,979 $ 2,309,404 $ 22,725,398 (1) In February 2023, the Partnership returned sales proceeds of approximately $ 6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s consolidated statements of operations. (2) In May 2023, the Partnership returned sales proceeds of approximately $ 12,000 associated with final settlements of the Vantage at O’Connor sale in July 2022. The Partnership recognized the amount in "Gain on sale of investment in an unconsolidated entity" on the Partnership’s consolidated statements of operations. (3) In August 2023, the Partnership received sales proceeds of approximately $ 32,000 associated with final settlements of the Vantage at Powdersville sale in May 2021. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s 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. In July 2023, the Partnership executed a $ 16.5 million equity commitment to fund the construction of The Jessam at Hays Farm. In December 2023, the Partnership executed equity commitments of $ 19.9 million and $ 17.1 million to fund the construction of Freestone Greenville and Freestone Ladera, respectively. Activity in 2022 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the year ended December 31, 2022: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain on Sale Vantage at Murfreesboro Murfreesboro, TN 288 March 2022 $ 29,399,532 $ 657,937 $ 16,501,596 Vantage at Westover Hills San Antonio, TX 288 May 2022 20,923,784 - 12,658,501 Vantage at Bulverde Bulverde, TX 288 (1) 60,000 - 60,000 Vantage at Germantown Germantown, TN 288 (2) 4,407 - 4,407 Vantage at O’Connor San Antonio, TX 288 July 2022 19,381,976 1,195 10,580,781 $ 69,769,699 $ 659,132 $ 39,805,285 (1) During 2022, the Partnership received net cash of approximately $ 60,000 associated with final settlements of the Vantage at Bulverde sale in August 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s consolidated statements of operations. (2) During 2022, the Partnership received cash of approximately $ 4,000 associated with final settlements of the Vantage at Germantown sale in March 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s consolidated statements of operations. 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 as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022: December 31, 2024 December 31, 2023 Assets $ 456,310,813 $ 317,027,557 Liabilities $ 307,735,879 $ 195,330,159 For the Years Ended December 31, 2024 2023 2022 Property revenues $ 19,953,172 $ 13,321,584 $ 22,048,926 Gain on sale of property $ - $ 56,959,112 $ 87,602,712 Net income (loss) $ ( 16,168,741 ) $ 48,500,277 $ 83,943,337

Property Loans

Property Loans	12 Months Ended
	Dec. 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 December 31, 2024 and 2023: December 31, 2024 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Sandy Creek Apartments $ 7,830,000 $ - $ 7,830,000 9/1/2026 8.63 % (2) Subtotal 7,830,000 - 7,830,000 Mezzanine Financing (3) SoLa Impact Opportunity Zone Fund $ 33,380,000 $ - $ 33,380,000 12/30/2025 7.875 % The Centurion Foundation 7,250,000 - 7,250,000 6/15/2039 10.50 % Subtotal 40,630,000 - 40,630,000 Other The 50/50 (a former MF Property) $ 7,109,611 $ - $ 7,109,611 3/11/2048 9.00 % Live 929 Apartments 495,000 ( 495,000 ) - 7/31/2049 8.00 % Sandoval Flats (4) 1,000,000 - 1,000,000 12/1/2027 7.48 % Subtotal 8,604,611 ( 495,000 ) 8,109,611 Total $ 57,064,611 $ ( 495,000 ) $ 56,569,611 (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 by six 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 loans are held in trust in connection with TOB trust financings (Note 13). (4) The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future. 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 $ 354,000 and $ 1.7 million as of December 31, 2024 and 2023, respectively, that is reported as interest receivable, net in the Partnership’s consolidated balance sheets. The Partnership has remaining commitments to provide additional funding of certain property loans during construction of the secured properties as of December 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 2024 In June 2024, the Partnership executed a property loan to The Centurion Foundation, Inc. in the amount of $ 7.3 million to facilitate the purchase of a portfolio of nine essential healthcare support buildings located in eastern Pennsylvania that were then leased to an investment grade rated non-profit healthcare system. The Partnership’s loan is subordinate to the senior debt of the borrower which is secured by a first priority security interest in master lease payments guaranteed by the healthcare system. In June 2024, the Partnership recognized a fee of approximately $ 20,000 in other income in connection with an extension of the maturity date of the Magnolia Heights property loan to October 1, 2024. In November 2024, the Partnership committed to provide a subordinate property loan up to $ 29.8 million for the construction of Sandoval Flats. In December 2024, the Partnership recognized a fee of approximately $ 167,000 in other income in connection with an extension of the maturity date of the SoLa Impact Opportunity Zone Fund property loan to December 2025. The following property loan principal payments were received during the year ended December 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 Avistar (February 2013 portfolio) May 2024 201,972 Avistar (June 2013 portfolio) May 2024 251,622 Magnolia Heights September 2024 8,118,546 SoLa Impact Opportunity Zone Fund October 2024 165,000 $ 81,060,334 Activity in 2023 The following property loan principal payments were received during the year ended December 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 SoLa Impact Opportunity Zone Fund May 2023 3,790,000 Magnolia Heights June 2023 2,181,454 Oasis at Twin Lakes June 2023 24,018,657 SoLa Impact Opportunity Zone Fund August 2023 1,165,000 Hilltop at Signal Hills August 2023 21,197,939 Centennial Crossings September 2023 17,557,656 Scharbauer Flats November 2023 13,386,764 $ 101,613,050 Concurrent with the redemption of the Greens Property loan, the Partnership received cash as payment for accrued interest of approximately $ 1.6 million. In June 2023, the Partnership recognized a fee of approximately $ 33,000 in other income in connection with an extension of the maturity date of the Scharbauer Flats Apartments property loan to January 2024 . In August 2023, concurrent with the acquisition of the Sandy Creek Apartments GIL (Note 5), the Partnership committed to provide a property loan up to $ 7.8 million for the acquisition/rehabilitation of the underlying property on a draw-down basis. The property loan and associated GIL are on parity and share a first mortgage position on all real and personal property associated with the secured property. In November 2023, the Partnership entered into a $ 1.8 million property loan commitment to provide additional funding to Willow Place Apartments. In December 2023, the Partnership entered into a $ 4.6 million property loan commitment to provide additional financing to Osprey Village. Activity in 2022 In March 2022, the Ohio Properties property loans were repaid in full. The Partnership received approximately $ 2.4 million of principal and approximately $ 4.3 million of accrued interest upon redemption, of which $ 1.7 million was recognized in other interest income. In August 2022, the outstanding property loans due from Cross Creek were restructured and the Partnership advanced additional funds totaling approximately $ 7.7 million. In September 2022, the underlying Cross Creek property was sold and the Partnership received $ 13.0 million as redemption proceeds to satisfy all outstanding balances, which consisted of $ 11.4 million of principal payments and approximately $ 1.7 million of accrued interest. All property loan balances due from Cross Creek were previously on non-accrual status and fully reserved, so the Partnership recognized approximately $ 1.7 million of other interest income upon redemption.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	22. Income Taxes The Partnership recognizes 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 years ended December 31, 2024, 2023, and 2022: For the Years Ended December 31, 2024 2023 2022 Current income tax expense $ 30,012 $ 11,228 $ ( 6,138 ) Deferred income tax expense (benefit) 2,435 ( 362 ) ( 45,056 ) Total income tax expense $ 32,447 $ 10,866 $ ( 51,194 ) The Partnership’s income tax expense fluctuates from period to period based on the timing of the taxable income in the Greens Hold Co and the impact of deferred income taxes. Deferred income tax expense is generally a function of the period’s temporary differences (i.e. depreciation, amortization of finance costs, etc.). The deferred tax assets and liabilities are valued based on enacted tax rates. The Greens Hold Co had net deferred tax assets of approximately $ 664,000 and $ 667,000 as of December 31, 2024 and 2023 respectively. Substantially all of the deferred tax assets and liabilities relate to The 50/50 MF Property and will be realized along with the deferred gain on sale (Note 11). These amounts are reported within “Other assets” on the Partnership’s consolidated balance sheets. The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable and recorded no valuation allowance as of December 31, 2024 and 2023. For the years ended December 31, 2024, 2023 and 2022, income taxes computed by applying the U.S. federal statutory rates to income from continuing operations before income taxes for the Greens Hold Co differ from the provision for income taxes due to state income taxes (net of the effect on federal income tax). The Partnership accrues interest and penalties associated with uncertain tax positions as part of income tax expense. There were no material uncertain tax positions, accrued interest or penalties as of December 31, 2024, and 2023. The Partnership files U.S. federal and state tax returns. The Partnership’s returns for years 2021 through 2023 remain subject to examination by the Internal Revenue Service.

Partnership Income, Expenses an

Partnership Income, Expenses and Distributions	12 Months Ended
	Dec. 31, 2024
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income, Expenses and Distributions	23. 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. Cash distributions per BUC declared during the years ended December 31, 2024, 2023 and 2022 were as follows: For the Years Ended December 31, 2024 2023 2022 Cash distributions (1) $ 1.478 $ 1.460 $ 1.680 (1) All cash distributions per BUC amounts above have been retroactively adjusted for the BUCs Distributions on a retroactive basis. The following table summarizes the BUCs Distributions declared during the years ended December 31, 2024, 2023 and 2022: BUCs Distribution Payment Ratio (1) Declaration Date Record Date Payment Date 2024 BUCs Distribution: First Quarter 2024 BUCs Distribution $ 0.07 0.00417 3/13/2024 3/28/2024 4/30/2024 2023 BUCs Distributions: BUCs distribution $ 0.07 0.00448 6/14/2023 6/30/2023 7/31/2023 BUCs distribution 0.07 0.00418 9/13/2023 9/29/2023 10/31/2023 BUCs distribution 0.07 0.00415 12/13/2023 12/29/2023 1/31/2024 subtotal 0.21 2022 BUCs Distributions: BUCs distribution $ 0.20 0.01044 9/14/2022 9/30/2022 10/31/2022 BUCs distribution 0.20 0.01050 12/19/2022 12/30/2022 1/31/2023 subtotal 0.40 Total $ 0.68 (1) The ratio represents the number of BUCs distributed for each BUC outstanding as of the respective record dates. The ratio was determined based on the closing BUC price on the NYSE on the day prior to the respective declaration dates.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
Other Assets	9. Other Assets The following table summarizes the Partnership’s other assets as of December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Deferred financing costs, net $ 653,510 $ 850,726 Derivative instruments at fair value (Note 15) 6,980,820 5,254,663 Taxable mortgage revenue bonds, at fair value 26,671,085 21,460,288 Taxable governmental issuer loans: Taxable governmental issuer loans 14,157,672 13,573,000 Allowance for credit losses (Note 10) ( 76,000 ) ( 77,000 ) Taxable governmental issuer loans, net 14,081,672 13,496,000 Bond purchase commitment, at fair value (Note 16) - 197,788 Other assets 1,462,333 1,935,005 Total other assets $ 49,849,420 $ 43,194,470 The Partnership has remaining commitments to provide additional funding of taxable MRBs and taxable GILs during construction and/or rehabilitation of the secured properties as of December 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 21 for a description of the methodology and significant assumptions for determining the fair value of derivative instruments, taxable MRBs, one taxable GIL, and bond purchase commitments. Unrealized gains or losses on derivative instruments are reported as “Net result from derivative transactions” in the Partnership ’ s consolidated statements of operations. Unrealized gains and losses on taxable MRBs, one taxable GIL, and bond purchase commitments are recorded in the Partnership ’ s 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 December 31, 2024, nine taxable MRBs and three taxable GILs with reported principal values totaling approximately $ 40.1 million were held in trust in connection with TOB trust financings (Note 13). Activity in 2024 The following table includes details of the taxable MRBs and taxable GILs acquired during the year ended December 31, 2024: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funding Taxable MRB Woodington Gardens Apartments - Series A-2 April 2024 Baltimore, MD 197 5/1/2029 7.80 % $ 2,577,000 Taxable GIL Natchitoches Thomas Apartments December 2024 Natchitoches, LA 120 7/1/2027 7.92 % 1,000,000 Total $ 3,577,000 The following taxable MRB and taxable GIL principal payments were received during the year ended December 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 Residency at the Mayer Series A-T September 2024 Hollywood, CA 79 10/1/2024 SOFR + 3.70 % (2) 1,000,000 Subtotal $ 12,500,000 Taxable GILs Hope on Avalon January 2024 Los Angeles, CA 88 2/1/2024 SOFR + 3.55 % $ 10,573,000 Total $ 23,073,000 (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 2023 The following table includes details of the taxable MRBs acquired during the year ended December 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 Village at Hanford Square - Series H-T May 2023 5/1/2030 1,000,000 10,400,000 40rty on Colony - Series P-T June 2023 6/1/2030 1,100,000 5,950,000 Subtotal $ 17,155,000 In July 2023, the Ocotillo Springs property achieved stabilization and the borrower converted to permanent financing. The Ocotillo Springs - Series A-T taxable MRB with outstanding principal of $ 7.0 million was redeemed in full. In July 2023, the Partnership recognized a fee of approximately $ 32,000 in other income in connection with an extension of the maturity date of the Hope on Avalon taxable GIL to February 1, 2024 .

Allowance for Credit Losses

Allowance for Credit Losses	12 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
Allowance for Credit Losses	10. Allowance for Credit Losses On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. See Note 2 for further discussion of the Partnership’s allowance for credit losses accounting policy. Held-to-Maturity Debt Securities, Held-for-Investment Loans and Related Unfunded Commitments The Partnership considers key credit quality indicators when estimating expected credit losses for assets recorded at amortized cost. Such assets primarily finance the construction or rehabilitation of affordable multifamily properties. The GILs are primarily repaid through a conversion to permanent financing pursuant to a forward commitment from Freddie Mac dependent on completion of construction and various other conditions that each property must meet. The property loans related to GILs are primarily to be repaid from future equity contributions by investors and other forward financing commitments provided by various parties. If Freddie Mac is not required to purchase the GIL and payment of the property loans from available sources is not made, the GIL and associated property loan will have defaulted, and the Partnership has the right to foreclose on the underlying property, the associated low income housing tax credits, and enforce the guaranty provisions against affiliates of the individual property borrower. Accordingly, the Partnership’s key credit quality indicators include, but are not limited to, construction status of the property, financial strength of borrowers and guarantors, adequacy of capitalized interest reserves, lease up and occupancy of the property, the status of other conversion conditions, and operating results of the underlying property. The property loans secured by other multifamily properties are repaid through property operations or future sales proceeds. As a result of the adoption of ASU 2016-13 effective date of January 1, 2023, there is a lack of comparability in both the allowance and provisions for credit losses for the periods presented. Results for reporting periods beginning after January 1, 2023 are presented using the CECL methodology, while comparative period information continues to be reported in accordance with the incurred loss methodology in effect for prior years. The following table summarizes the changes in the Partnership’s allowance for credit losses for the years ended December 31, 2024 and 2023: For the Year ended December 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 ( 256,000 ) ( 1,000 ) ( 118,000 ) ( 492,000 ) ( 867,000 ) Balance, end of period $ 1,038,000 $ 76,000 $ 1,930,000 $ 186,000 $ 3,230,000 For the Year ended December 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 credit losses ( 851,000 ) ( 2,000 ) ( 555,000 ) ( 939,000 ) ( 2,347,000 ) Balance, end of period $ 1,294,000 $ 77,000 $ 2,048,000 $ 678,000 $ 4,097,000 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 $ 867,000 and $ 2.3 million for the years ended December 31, 2024 and 2023, respectively. The decreases for the years ended December 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 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, taxable GILs, and property loans is at risk. • Watch – The underlying property associated with the GILs, taxable 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, taxable GILs, and property loans is not at material risk. • Nonperforming – The underlying property associated with the GILs, taxable 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 December 31, 2024 and 2023: December 31, 2024 2024 2023 2022 2021 2020 Prior Total Governmental Issuer Loans Performing $ - $ 13,600,000 $ 90,779,628 $ 115,322,594 $ - $ - $ 219,702,222 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 13,600,000 90,779,628 115,322,594 - - 219,702,222 Taxable Governmental Issuer Loans Performing $ - $ - $ 13,157,672 $ - $ - $ - $ 13,157,672 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - - 13,157,672 - - - 13,157,672 Property Loans Performing $ 7,250,000 $ 7,830,000 $ 40,489,611 $ - $ - $ - $ 55,569,611 Watch - - - - - - - Nonperforming - - - - - 495,000 495,000 Subtotal 7,250,000 7,830,000 40,489,611 - - 495,000 56,064,611 Unfunded Commitments Performing $ - $ - $ 49,700,000 $ - $ - $ - $ 49,700,000 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - - 49,700,000 - - - 49,700,000 Total $ 7,250,000 $ 21,430,000 $ 194,126,911 $ 115,322,594 $ - $ 495,000 $ 338,624,505 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, taxable 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 December 31, 2024, except as noted below. The Partnership currently has two property loans on nonaccrual status. During the years ended December 31, 2024, 2023 and 2022, the interest to be earned on the Live 929 Apartments property loan was in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of the property loan determined the collection of the interest accrued was not probable and the loan is considered to be nonperforming. The Live 929 Apartments property loan has outstanding principal of approximately $ 495,000 as of December 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 December 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. During the year ended December 31, 2024, the Partnership received $ 174,000 of cash interest from the borrower, which was recorded as other interest income on the Partnership’s consolidated statement of operations. The property loan associated with the 50/50 MF Property had outstanding principal of approximately $ 7.1 million and $ 6.0 million as of December 31, 2024 and December 31, 2023, respectively. Available-for-Sale Debt Securities The Partnership records impairments for MRBs and taxable MRBs through an 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 year ended December 31, 2024, 2023 and 2022: For the Years Ended December 31, 2024 2023 2022 Balance, beginning of period $ 9,910,079 $ 9,978,891 $ 9,175,482 Other Additions (1) - - 860,533 Current provision for credit loss (2) ( 169,308 ) - - Write-offs (2) ( 5,542,922 ) - - Recovery of prior credit loss (3) ( 69,000 ) ( 68,812 ) ( 57,124 ) Balance, end of period (4) $ 4,128,849 $ 9,910,079 $ 9,978,891 (1) The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. (2) In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership recovered approximately $ 169,000 of its previously recognized allowance for credit loss and the remainder of the allowance associated with the MRB was written off. (3) 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. (4) The allowance for credit losses as of December 31, 2024 was related to the Live 929 Apartments – Series 2022A MRB. The allowance for credit losses as of December 31, 2023 and 2022 was related to the Provision Center 2014-1 MRB and the Live 929 Apartments – Series 2022A MRB .

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 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 December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Accounts payable $ 2,183,546 $ 1,518,267 Accrued expenses 5,076,445 4,104,945 Accrued interest expense 7,529,123 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) 186,000 678,000 Derivative instruments at fair value (Note 15) 609,766 705,694 Other liabilities 1,299,266 1,419,233 Total accounts payable, accrued expenses and other liabilities $ 23,480,768 $ 22,958,088 See Note 10 for information regarding the Partnership’s allowance for credit losses related to its unfunded commitments.

Secured Lines of Credit

Secured Lines of Credit	12 Months Ended
	Dec. 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 secured lines of credit as of December 31, 2024 and 2023: Secured Lines of Credit Outstanding as of December 31, 2024 Total Commitment Commitment Maturity Variable / Reset Period End General LOC $ 50,000,000 $ 50,000,000 June 2025 (1) Variable (2) Monthly 8.03 % Acquisition LOC 18,852,000 50,000,000 June 2025 (3) Variable (4) Monthly 7.02 % $ 68,852,000 $ 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 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 a one-year extension option subject to certain conditions and payment of a $ 25,000 extension fee. (4) The variable rate is equal to 2.50 % plus a variable component based on the Term SOFR. Secured Lines of Credit Outstanding as of December 31, 2023 Total Commitment Commitment Maturity Variable / Reset Period End General LOC $ 16,500,000 $ 40,000,000 June 2025 (1) Variable (2) Monthly 8.85 % 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 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 Term SOFR. General LOC The Partnership has entered into a Secured Credit Agreement with a commitment of up to $ 50.0 million for 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, seniors 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 December 31, 2024, the borrowing base exceeded $ 50.0 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, 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 December 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 increases in the maximum commitment amount. The Partnership was in compliance with all covenants as of December 31, 2024. Acquisition LOC The Acquisition LOC has a commitment of up to $ 50.0 million that may be used to fund purchases of Financed Assets consisting 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, mortgage-backed securities, or master lease agreements guaranteed by investment grade tenants. 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. Advances made for tax-exempt or taxable loans secured by master lease agreements guaranteed by investment grade tenants are due on the 45th day following such advance. 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 December 31, 2024.

Debt Financing

Debt Financing	12 Months Ended
	Dec. 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 December 31, 2024 and 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 M33 TEBS $ 28,153,143 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 207,487,593 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 235,640,736 4.25 % 2024 PFA Securitization Transaction $ 72,928,607 $ 499,000 2039 Fixed Yes N/A N/A 4.90 % TEBS Residual Financing $ 51,574,033 $ 265,000 2034 Fixed Yes N/A N/A 7.16 % TOB Trust Securitizations Mizuho Capital Markets: SoLa Impact Opportunity Zone Fund $ 23,353,548 (3) 2025 Variable No 4.60 % 1.78 % 6.38 % The Park at Sondrio - Series 2022A 30,439,932 (3) 2025 Variable Yes 3.94 % 1.43 % 5.37 % The Park at Vietti - Series 2022A 21,556,510 (3) 2025 Variable Yes 3.94 % 1.43 % 5.37 % Residency at the Entrepreneur MRBs 34,060,000 (3) 2025 Variable Yes 3.94 % 1.45 % 5.39 % Legacy Commons at Signal Hills GIL 31,155,000 (3) 2025 Variable Yes 3.94 % 0.91 % 4.85 % Osprey Village GIL 49,475,000 (3) 2025 Variable Yes 3.94 % 1.19 % 5.13 % Residency at Empire MRBs 42,456,840 (3) 2026 Variable Yes 3.94 % 1.42 % 5.36 % The Ivy Apartments 24,364,083 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Windsor Shores Apartments 17,209,991 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Village at Hanford Square 7,777,224 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % MaryAlice Circle Apartments 4,698,486 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Meadow Valley 30,709,433 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % 40rty on Colony 4,450,508 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Sandy Creek Apartments GIL 9,640,533 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Residency at the Mayer MRBs 33,806,861 (3) 2026 Variable Yes 3.94 % 1.19 % 5.13 % The Safford 29,772,042 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Avistar at Wood Hollow - Series A 32,254,020 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Live 929 53,092,000 (3) 2027 Variable Yes 3.94 % 1.18 % 5.12 % Woodington Gardens - Series A-1 24,841,650 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Aventine Apartments 7,560,184 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar at Copperfield - Series A 11,232,828 (3) 2027 Variable Yes 3.94 % 1.68 % 5.62 % Avistar at Wilcrest - Series A 4,255,827 (3) 2027 Variable Yes 3.94 % 1.68 % 5.62 % Trust 2024-XF3219 (4) 46,436,706 (3) 2027 Variable No 4.60 % 1.79 % 6.39 % The Centurion Foundation 5,051,557 (3) 2027 Variable No 4.60 % 1.79 % 6.39 % Avistar at the Crest - Series A 7,240,898 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar on the Blvd - Series A 12,060,628 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar on the Hills - Series A 4,001,672 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar at the Oaks - Series A 5,858,331 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar in 09 - Series A 5,053,972 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Barclays Capital Inc.: Trust 2021-XF2953 (5) 28,254,089 - 2025 Variable No 4.45 % 1.27 % 5.72 % Poppy Grove I GIL 28,545,470 - 2025 Variable Yes 4.05 % 1.25 % 5.30 % Poppy Grove II GIL 17,231,470 - 2025 Variable Yes 4.05 % 1.25 % 5.30 % Poppy Grove III GIL 26,838,470 - 2025 Variable Yes 4.05 % 1.25 % 5.30 % Village Point 18,394,018 - 2025 Variable Yes 4.05 % 1.61 % 5.66 % Subtotal/Weighed Average Period End Rate 733,129,781 5.43 % Total $ 1,093,273,157 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt 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) The Partnership has restricted cash totaling approximately $ 15.8 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (4) The TOB trust is securitized by four MRBs, eight taxable MRBs, and one property loan. (5) The TOB trust is securitized by the Willow Place GIL & Supplemental GIL, 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 $ 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 ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (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 TOBs, term TOB, TEBS Financings, TEBS Residual Financing, and 2024 PFA Securitization Transaction 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 TOBs, term TOB, TEBS Financings, TEBS Residual Financing, and 2024 PFA Securitization Transaction on the Partnership's consolidated financial statements. See information regarding the MRBs, GILs, property loans, taxable MRBs and taxable GILs securitized within the TOBs, term TOB, TEBS Financings, TEBS Residual Financing, and 2024 PFA Securitization Transaction in Notes 4, 5, 6 and 9, respectively. As the residual interest holder in the TOB trust financings, term TOB trust financing, and TEBS Financings, 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 and 2024 PFA Securitization Transaction, the Partnership may make certain payments or contribute certain assets to the VIE to prevent a default under the arrangement or related credit enhancement. 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. TEBS Financings The Partnership, through the TEBS Sponsors, sponsored four separate TEBS Financings – the M24 TEBS financing, the M31 TEBS financing, the M33 TEBS financing, and the M45 TEBS financing. The TEBS Financings are structured such that the Partnership transferred MRBs to Freddie Mac to be securitized into the TEBS financings. Freddie Mac then issued the TEBS Certificates which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are senior securities that are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class A TEBS Certificates are credit enhanced by Freddie Mac such that Freddie Mac will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Class A TEBS Certificate holders. The TEBS Sponsors or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. The Class B TEBS Certificates are residual interests retained by the TEBS Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A TEBS Certificates and related facility fees, as well as certain other rights to the securitized assets. The TEBS Financings are non-recourse financing to the Partnership and the maximum exposure to loss is the value of the Class B TEBS Certificates, before consideration of the Partnership’s total return swap. In December 2023, all outstanding principal and accrued interest on the M24 TEBS Financing was paid in full and the facility was collapsed in accordance with prepayment provisions in the original agreement. The Partnership took ownership of the three remaining MRBs that had been securitized in the M24 TEBS Financing. In October 2024, all outstanding principal and accrued interest of the M31 TEBS Financing was paid in full and the facility was collapsed in accordance with prepayment provisions in the original agreement. Of the 11 MRBs remaining in the M31 TEBS Financing upon redemption, one MRB was sold and the remaining 10 MRBs were transferred into alternative debt financing arrangements during the fourth quarter of 2024. As of December 31, 2024 and 2023, the Partnership posted restricted cash as contractually required under the terms of the TEBS Financings. 2024 PFA Securitization Transaction The Partnership has entered into a financing securitization of partial interests in 14 MRBs. The Wisconsin Public Finance Authority and a trustee created the 2024 PFA Securitization Transaction, into which the Partnership then sold 14 custodial receipts representing partial interests in the 2024 PFA Securitization Bonds. The Wisconsin Public Finance Authority then issued Affordable Housing Multifamily Certificates, which were sold to unaffiliated investors. For financial reporting purposes, the Affordable Housing Multifamily Certificates of the 2024 PFA Securitization Transaction are considered debt financing of the Partnership. Debt service on the Affordable Housing Multifamily Certificates is payable from the cash flows due from the senior custodial receipts associated with the 2024 PFA Securitization Bonds. The holders of the Affordable Housing Multifamily Certificates are entitled to interest at a fixed rate of 4.10 % per annum, payable monthly, and all principal payments from the 2024 PFA Securitization Bonds until the stated amount of the Affordable Housing Multifamily Certificates is reduced to zero, which will be no later than September 2039. The Partnership will also pay credit enhancement, servicing, and trustee fees related to the 2024 PFA Securitization Transaction totaling 0.80 % per annum. The 2024 PFA Securitization Transaction is non-recourse financing to the Partnership and the maximum exposure to loss is the value of the residual interests in the 2024 PFA Securitization Bonds. The 2024 PFA Securitization Transaction does not have any mark-to-market collateral posting requirements. The Partnership is required to post certain restricted cash balances on an annual basis related to the credit enhancement arrangement associated with this transaction. The Partnership retained the residual custodial receipts associated with the 2024 PFA Securitization Bonds, which grants rights to certain cash flows from the securitized assets after payment to the senior custodial receipts and related facility fees of the 2024 PFA Securitization Transaction, as well as certain other rights to the securitized assets. The residual custodial receipts were sold into the TEBS Residual Financing in November 2024. TEBS Residual Financing The Partnership has entered into a financing securitization of its residual interests in the M33 TEBS Financing, the M45 TEBS Financing, and the residual custodial receipts associated with the 2024 PFA Securitization Bonds. The residual interests in the M31 TEBS Financing were included in the TEBS Residual Financing prior to termination in October 2024. The securitization involved the sale of the residual interests to an issuer, which then issued and sold senior Affordable Housing Multifamily Certificates. The Partnership retained the residual Affordable Housing Multifamily Certificates also issued by the issuer. The senior Affordable Housing Multifamily Certificates are considered secured financing of the Partnership and were sold to third-party investors in exchange for financing proceeds. The residual Affordable Housing Multifamily Certificates were retained by the Partnership. The senior Affordable Housing Multifamily Certificates are entitled to interest at a fixed rate of 7.125 % per annum and certain principal payments from the assets within the TEBS Residual Financing. The Partnership is entitled to all residual cash flows of the TEBS Residual Financing after payments to the senior Affordable Housing Multifamily Certificates and trustee expenses of 0.03 % per annum. The senior Affordable Housing Multifamily Certificates are non-recourse to the Partnership and are not subject to mark-to-market collateral posting. TOB and Term TOB Trust Financings The Partnership has entered into various TOB trust financings with Mizuho and Barclays secured by various investment assets. The TOB trust structures under Mizuho and Barclays are functionally similar. Under these TOB trust financings, the trustee issues senior securities and residual interests that represent beneficial interests in the TOB trust that entitle the holders to cash flows from the securitized assets within the TOB trust. The senior securities are sold to unaffiliated investors and entitle the holder to cash flows from the securitized assets at a variable interest rate. The senior securities are credit enhanced by Mizuho or Barclays such that Mizuho or Barclays will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the senior security holders. The Partnership will then be required to reimburse Mizuho or Barclays for any credit enhancement payments. The residual interests are retained by the Partnership and grant the Partnership rights to certain cash flows from the securitized assets after payment to the senior securities and related trust fees, as well as certain other rights to the securitized assets. The TOB trust financings are generally recourse obligations of the partnership under the respective ISDA master agreements discussed below. The TOB trust financings include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized assets. Mizuho Capital Markets The TOB trusts and Secured Notes with Mizuho are subject to an ISDA master agreement that contains certain covenants and requirements related to the Partnership’s TOB trusts and Secured Notes. The TOB trusts require that Partnership’s residual interests must maintain a certain value in relation to the total assets in each TOB trust. The ISDA master agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remain listed on a national securities exchange. If the Partnership is not in 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 December 31, 2024. The Partnership is subject to mark-to-market collateral posting provision for positions under the ISDA master agreement with Mizuho. 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 at the initiation of each transaction. As of December 31, 2024, the Partnership had posted required cash collateral totaling $ 15.8 million related to mark-to-market valuations. As of December 31, 2023, the Partnership had posted all required cash collateral totaling $ 9.6 million related to mark-to-market valuations. Barclays Bank PLC The TOB trusts with Barclays are subject to an ISDA master agreement that contains certain covenants and requirements related to the Partnership’s TOB trusts. The Partnership’s residual interests in the TOB trusts must maintain a certain value in relation to the total assets in the TOB trust. The ISDA master agreement with Barclays requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold, limits on the Partnership’s Leverage Ratio (as defined by the Partnership) and that the Partnership remained listed on a national securities exchange. If the Partnership is not in 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 December 31, 2024. The Partnership is subject to mark-to-market collateral posting provision for positions under the ISDA master agreement with Barclays. 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 Barclays at the initiation of each transaction. There was no requirement to post collateral for the TOB trusts as of December 31, 2024 and 2023. Morgan Stanley Bank The Partnership entered into a term TOB trust financing with Morgan Stanley secured by an MRB. Under the term TOB trust structure, the trustee issued senior certificates and residual certificates that represent beneficial interests in the securitized asset held by the term TOB trust. Morgan Stanley has purchased the senior certificates, and the Partnership retained the residual certificates of the trust. The residual certificates granted the Partnership certain rights to the securitized MRB. The term TOB was terminated and all amounts due to the lender were paid in October 2024. Contractual Maturities As of December 31, 2024, t he Partnership’s contractual maturities of debt financing for the twelve-month periods ending December 31 for the next five years and thereafter are as follows: 2025 $ 352,103,969 2026 203,721,434 2027 194,545,705 2028 5,948,361 2029 10,606,159 Thereafter 331,391,189 Total 1,098,316,817 Unamortized deferred financing costs and debt premium ( 5,043,660 ) Total debt financing, net $ 1,093,273,157 The table above does not reflect certain extensions of certain TOB trust financings after December 31, 2024. See Note 27 for additional information.

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2024
Mortgages Payable [Abstract]
Mortgages Payable	14. Mortgages Payable The following is a summary of the mortgages payable, net of deferred financing costs, as of December 31, 2024 and 2023: Property Mortgage Payables Outstanding Mortgage Outstanding Mortgage Year Stated Maturity Variable Period End Vantage at San Marcos (1) $ 1,664,347 $ 1,690,000 2020 November 2025 Variable 8.25 % (1) The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 3) . In September 2023, the Partnership entered into a mortgage secured by the Suites on Paseo MF Property with an initial principal amount of $ 25.0 million. The mortgage payable was repaid in full with proceeds from the sale of the Suites on Paseo MF Property in December 2023.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 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 consolidated statements of operations, with gains reported as a reduction to expenses. The following tables are a summary of the realized and unrealized gains and losses of the Partnership's derivative instruments for the years ended December 31, 2024, 2023 and 2022: For the Year ended December 31, 2024 Realized (gains) losses on derivatives, net Unrealized (gains) losses on derivatives, net Net result from derivative transactions Interest rate swaps $ ( 6,412,028 ) $ ( 2,098,165 ) $ ( 8,510,193 ) Interest rate cap 14,502 265 14,767 Total $ ( 6,397,526 ) $ ( 2,097,900 ) $ ( 8,495,426 ) For the Year ended December 31, 2023 Realized (gains) losses on derivatives, net Unrealized (gains) losses on derivatives, net Net result from derivative transactions Interest rate swaps $ ( 6,043,273 ) $ 3,082,035 $ ( 2,961,238 ) Interest rate cap - 91,363 91,363 Total return swaps ( 4,501,709 ) - ( 4,501,709 ) Total $ ( 10,544,982 ) $ 3,173,398 $ ( 7,371,584 ) For the Year ended December 31, 2022 Realized (gains) losses on derivatives, net Unrealized (gains) losses on derivatives, net Net result from derivative transactions Interest rate swaps $ ( 140,171 ) $ ( 7,199,197 ) $ ( 7,339,368 ) Interest rate cap - ( 40,539 ) ( 40,539 ) Total return swaps ( 5,715,515 ) - ( 5,715,515 ) Total $ ( 5,855,686 ) $ ( 7,239,736 ) $ ( 13,095,422 ) The value of the Partnership’s interest rate swaps are subject to mark-to-market collateral posting provisions in conjunction with the Partnership’s respective ISDA master agreements with Mizuho and Barclays (Note 13). See Note 21 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 consolidated balance sheets. Interest Rate Swap Agreements The Partnership has entered into multiple interest rate swap agreements to mitigate interest rate risk associated with variable rate TOB trust financings (Note 13). No fees were paid to the counterparties upon closing of the interest rate swaps. The Partnership previously entered into an interest rate cap agreement to mitigate its exposure to interest rate risk associated with the M31 TEBS Financing. The following table summarizes the Partnership’s interest rate derivative agreements as of December 31, 2024 and 2023 Fair Value as of Contract Type Notional Amount Asset Liability Weighted Average Swaps SOFR 416,989,686 $ 6,980,820 $ ( 609,766 ) 2.68 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 December 31, 2024: Year Average Notional Weighted Average 2025 $ 334,078,298 3.42 % 2026 300,528,466 3.42 % 2027 217,943,332 3.50 % 2028 155,697,132 3.55 % 2029 119,142,299 3.47 % 2030 19,392,800 3.77 % 2031 11,799,667 3.79 % 2032 9,583,000 3.71 % 2033 6,577,667 3.84 % 2034 2,537,500 3.91 %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 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 consolidated statements of comprehensive income (loss). The following table summarizes the Partnership’s bond purchase commitments as of December 31, 2024 and December 31, 2023: Bond Purchase Commitments Commitment Date Maximum Interest Closing Fair Value as of Fair Value as of Anaheim & Walnut (a/k/a Wellspring Apartments) September 2021 $ - 4.85 % August 2024 - 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. The Partnership’s remaining non-cancelable commitments for GILs, taxable GILs and property loans are subject to an allowance for credit losses, which was approximately $ 186,000 as of December 31, 2024. 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 December 31, 2024: Property Name Commitment Date Asset Interest Rate Total Initial Commitment Remaining Commitment Mortgage Revenue Bonds Meadow Valley December 2021 December 2029 6.25 % $ 44,000,000 $ 2,935,000 Residency at Empire - Series BB-4 December 2022 December 2040 6.45 % (1) 47,000,000 25,800,000 The Safford October 2023 October 2026 (2) 7.59 % 43,000,000 5,651,043 Subtotal 134,000,000 34,386,043 Taxable Mortgage Revenue Bonds Residency at the Entrepreneur Series J-T April 2022 April 2025 (2) SOFR + 3.65 % (3) $ 8,000,000 $ 4,600,000 Residency at Empire - Series BB-T December 2022 December 2025 (2) 7.45 % 9,404,500 8,404,500 Village at Hanford Square - Series H-T May 2023 May 2030 7.25 % 10,400,000 1,400,000 40rty on Colony - Series P-T June 2023 June 2030 7.45 % 5,950,000 1,400,000 Subtotal 33,754,500 15,804,500 Governmental Issuer Loans Poppy Grove II September 2022 April 2025 (2) 6.78 % 22,250,000 708,700 Poppy Grove III September 2022 April 2025 (2) 6.78 % 39,119,507 5,569,507 Natchitoches Thomas Apartments December 2024 July 2027 (2) 7.92 % 19,000,000 12,500,000 Subtotal 80,369,507 18,778,207 Taxable Governmental Issuer Loans Poppy Grove I September 2022 April 2025 (2) 6.78 % $ 21,157,672 $ 10,000,000 Poppy Grove II September 2022 April 2025 (2) 6.78 % 10,941,300 9,941,300 Poppy Grove III September 2022 April 2025 (2) 6.78 % 24,480,493 23,480,493 Natchitoches Thomas Apartments December 2024 July 2027 (2) 7.92 % 4,000,000 3,000,000 Subtotal 60,579,465 46,421,793 Property Loans Sandoval Flats November 2024 December 2027 (2) 7.48 % $ 29,846,000 $ 28,846,000 Subtotal 29,846,000 28,846,000 Equity Investments Vantage at San Marcos (4), (5) November 2020 N/A N/A $ 9,914,529 $ 8,943,914 Freestone Greeley (5) October 2022 N/A N/A 16,035,710 10,562,345 Freestone Ladera December 2023 N/A N/A 17,097,624 7,704,782 Subtotal 43,047,863 27,211,041 Total Commitments $ 381,597,335 $ 171,447,584 (1) Upon stabilization, the MRB will convert to a fixed rate of 10.00 % and become subordinate to the other senior MRBs of the borrower. (2) The borrowers may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (3) The variable index interest rate component is subject to a floor of 0.27 %. (4) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 3). (5) A development site has been identified for this property but construction had not commenced as of December 31, 2024. Construction Loan Guaranties The Partnership entered into limited guaranty agreements for bridge loans related to certain investments in unconsolidated entities. The Partnership will only have to perform on the guaranties if a default by the borrower were to occur. The Partnership has not accrued any amount for these contingent liabilities because the Partnership believes the likelihood of guaranty claims is remote. The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of December 31, 2024: Borrower Guaranty Maturity Maximum Balance Loan Partnership's Maximum Exposure Guaranty Vantage at McKinney Falls 2026 $ 35,850,000 $ 35,850,000 $ 17,925,000 (1) (1) The Partnership’s guaranty is for 50 % of the loan balance. The Partnership has guaranteed up to 100 % of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth of not less than $ 100.0 million and maintain liquid assets of not less than $ 5.0 million. The Partnership was in compliance with these requirements as of December 31, 2024. The Partnership has also provided indemnification to the lender for various costs including interest expenses, operating costs, environmental non-compliance and remediation during the term. 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 December 31, 2024: Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure Ohio Properties 2026 $ 1,609,695 Greens of Pine Glen, LP 2027 1,278,767 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 $ 319,000 and $ 343,000 as of December 31, 2024 and 2023, respectively, and are included within other liabilities in the Partnership's consolidated financial statements. No additional contingent liability has been accrued because the likelihood of claims is remote. The Partnership's remaining forward loan purchase agreement expires in 2027 and its maximum exposure as of December 31, 2024 was approximately $ 21.3 million . The Partnership has entered into various forward loan purchase agreements associated with construction loans for its investments in unconsolidated entities. Under these agreements, the Partnership will purchase a loan from the construction lender at maturity of the construction loan, which is typically five to seven years from closing, if not otherwise repaid by the borrower entity. The Partnership has the right to cure any defaults under the construction loan agreement that otherwise could accelerate the maturity of the construction loan. In addition, if the Partnership is required to perform under a forward loan purchase agreement, then it has the right to remove the managing member of the borrower entity, take ownership of the underlying property, and either sell the property or obtain replacement financing. Certain forward loan purchase agreements are only effective upon the receipt by the property of a certificate of occupancy by the borrower entity while others are effective as of the construction loan closing. The Partnership has recourse to the managing member of the borrower entity and/or the project’s general contractor for those agreements that are effective prior to the receipt of a certificate of occupancy. Total construction loan balances associated with effective forward loan purchase agreements were $ 183.2 million as of December 31, 2024. The Partnership has not recorded any non-contingent or contingent liabilities related to the forward loan purchase agreements as such amounts are deemed minimal.

Redeemable Preferred Units

Redeemable Preferred Units	12 Months Ended
	Dec. 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 Partnership did not have any outstanding Series A Preferred Units as of December 31, 2024 and does not expect to issue any new Series A Preferred Units in the future. Upon the sixth anniversary of the closing of the sale of Preferred Units to a subscriber, and upon each annual anniversary thereafter, the Partnership and each holder of Preferred Units have the right to redeem, in whole or in part, the Preferred Units held by such holder at a per unit redemption price equal to $ 10.00 per unit plus an amount equal to all declared and unpaid distributions through the date of the redemption. Each holder desiring to exercise its redemption rights must provide written notice of its intent to so exercise no less than 180 calendar days prior to any such redemption date. In the event of any liquidation, dissolution, or winding up of the Partnership, the holders of the Series A-1 Preferred Units and Series B Preferred Units are entitled to a liquidation preference in connection with their investments. With respect to anticipated quarterly distributions and rights upon liquidation, dissolution, or the winding-up of the Partnership’s affairs, the Series A-1 Preferred Units will rank: (a) senior to the Partnership's BUCs, the Series B Preferred Units, and to any other class or series of Partnership interests or securities expressly designated as ranking junior to the Series A-1 Preferred Units; (b) junior to the Partnership's existing indebtedness (including indebtedness outstanding under the Partnership's senior bank credit facility) and other liabilities with respect to assets available to satisfy claims against the Partnership; and (c) junior to any other class or series of Partnership interests or securities expressly designated as ranking senior to the Series A-1 Preferred Units. The Series B Preferred Units will rank: (a) senior to the BUCs and to any other class or series of Partnership interests or securities that is not expressly designated as ranking senior or on parity with the Series B Preferred Units; (b) junior to the Series A-1 Preferred Units and to each other class or series of Partnership interests or securities with terms expressly made senior to the Series B Preferred Units; and (c) junior to all the Partnership's existing indebtedness (including indebtedness outstanding under the Partnership's senior bank credit facility) and other liabilities with respect to assets available to satisfy claims against the Partnership. The Partnership filed a registration statement on Form S-3 for the registration of up to 10,000,000 of Series B Preferred Units, which was declared effective by the SEC on September 27, 2024. The Partnership has not yet issued any Series B Preferred Units under this offering as of December 31, 2024. The following table summarizes the Partnership’s outstanding Preferred Units as of December 31, 2024 and December 31, 2023: December 31, 2024 Month Issued Units Purchase Price Distribution Redemption Earliest Redemption 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 7,750,000 $ 77,500,000 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

Issuances of Beneficial Unit Ce

Issuances of Beneficial Unit Certificates	12 Months Ended
	Dec. 31, 2024
Issuances Of Beneficial Unit Certificates [Abstract]
Issuances of Beneficial Unit Certificates	18. Issuances of Beneficial Unit Certificates In December 2022, the Partnership’s Shelf Registration Statement was declared effective by the SEC under which the Partnership may offer up to $ 300.0 million of additional BUCs, Preferred Units or debt securities for sale from time to time. The Shelf Registration Statement will expire in December 2025 . In March 2024, the Partnership entered into a Sales Agreement with JonesTrading Institutional Services LLC and BTIG, LLC, as Agents, to offer and sell, from time to time at market prices on the date of sale, BUCs up to an aggregate offering price of $ 50.0 million via an “at the market offering.” As of December 31, 2024, the Partnership has sold 92,802 BUCs for gross proceeds of $ 1.5 million under the Sales Agreement. In April 2024, the Partnership commenced a registered offering of up to $ 25.0 million of BUCs which are being offered and sold pursuant to the effective Shelf Registration Statement and a prospectus supplement filed with the SEC relating to this offering. As of the date of this filing, the Partnership has no t issued any BUCs in connection with this offering.

Restricted Unit Awards

Restricted Unit Awards	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Restricted Unit Awards	19. Restricted Unit Awards The Partnership’s Equity Incentive 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 for up to 1.0 million BUCs. As of December 31, 2024, there were approximately 312,000 restricted units and other awards available for future issuance. RUAs have historically been granted with vesting conditions ranging from three months to up to three years . Unvested RUAs are typically entitled to receive distributions during the restriction period. The Equity Incentive 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 Equity Incentive 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 $ 1.9 million , $ 2.0 million , and $ 1.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s consolidated statements of operations. The following table summarizes the RUA activity for years ended December 31, 2024, 2023, and 2022: Restricted Units Weighted average Unvested as of January 1, 2022 77,523 $ 18.18 Granted 96,321 19.33 Vested ( 81,073 ) 18.26 Forfeited ( 5,437 ) 18.76 Unvested as of December 31, 2022 87,334 19.33 Granted 105,274 17.65 Vested ( 97,008 ) 18.64 Unvested as of December 31, 2023 95,600 18.18 Granted 109,581 16.62 Vested ( 105,722 ) 17.70 Unvested as of December 31, 2024 99,459 $ 16.96 The unrecognized compensation expense related to unvested RUAs granted under the Equity Incentive Plan was approximately $ 865,000 as of December 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 $ 1.0 million as of December 31, 2024.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Transactions with Related Parties	20. Transactions with Related Parties The Partnership is managed by its General Partner, which is controlled by its general partner, Greystone Manager. The Board of Managers act as managers (and effectively as the directors) of the Partnership and certain employees of Greystone Manager are executive officers of the Partnership. Certain services are provided to the Partnership by employees of Greystone Manager and the Partnership reimburses Greystone Manager for its allocated share of these salaries and benefits. The Partnership also reimburses Greystone Manager for its share of general and administrative expenses. These reimbursed costs represent a substantial portion of the Partnership’s general and administrative expenses. The amounts in the following table summarize amounts reimbursable to the General Partner, Greystone Manager, or an affiliate for the years ended December 31, 2024, 2023 and 2022 and are reported within “General and administrative expenses” in the Partnership’s consolidated statements of operations: 2024 2023 2022 Reimbursable salaries and benefits $ 5,849,829 $ 6,517,811 $ 5,763,496 Other expenses 59,048 41,841 77,383 Office expenses 295,087 284,396 269,722 Insurance 317,480 441,298 515,245 Professional fees and expenses 155,000 155,846 181,821 Consulting and travel expenses 57,939 56,973 19,381 $ 6,734,383 $ 7,498,165 $ 6,827,048 The Partnership incurs costs for services and makes contractual payments to the General Partner, Greystone Manager, 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 reported in the Partnership’s consolidated financial statements for the years ended December 31, 2024, 2023 and 2022: For the Years Ended December 31, 2024 2023 2022 Partnership administrative fees paid to the General Partner (1) $ 6,210,000 $ 6,319,000 $ 5,200,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 97,000 169,000 328,000 Referral fees paid to an affiliate (3) - 214,000 241,000 Servicing fees paid to an affiliate (4) 7,000 - - (1) The General Partner 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 the General Partner. 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 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 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, 2025, 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. (4) Greystone Servicing, an affiliate of the Partnership, is the servicer for the 2024 PFA Securitization Bonds. The General Partner 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 consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s affiliates for the years ended December 31, 2024, 2023 and 2022: For the Years Ended December 31, 2024 2023 2022 Non-Partnership property administrative fees received by the General Partner (1) $ - $ - $ 26,000 Investment/mortgage placement fees earned by the General Partner (2) $ 2,860,000 $ 4,209,000 5,487,000 (1) The General Partner received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45 % per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by the Genereal Partner during the periods specified. (2) The General Partner 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 December 31, 2024, Greystone Servicing, 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 is committed to then immediately sell the GILs to Freddie Mac pursuant to a financing commitment between Greystone Servicing and Freddie Mac. Greystone Servicing did not purchase any of the Partnership’s GILs during the year ended December 31, 2022. Greystone Servicing purchased the following GILs during the years ended December 31, 2024 and 2023, including principal and accrued interest: • Oasis at Twin Lakes GIL for approximately $ 34.1 million in June 2023; • Hilltop at Signal Hills GIL for approximately $ 24.5 million in August 2023; • Centennial Crossings GIL for approximately $ 33.1 million in September 2023; • Scharbauer Flats Apartments GIL for approximately $ 40.0 million in November 2023; and • Magnolia Heights GIL for approximately $ 20.5 million in September 2024. An affiliate of the Partnership, Greystone Bridge Lending Fund Manager LLC, entered into an investment management agreement in 2024 to provide various investment management services for the Construction Lending JV. No fees were paid to Greystone Bridge Lending Fund Manager LLC during the year ended December 31, 2024. 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 $ 98,000 and $ 169,000 as of December 31, 2024 and 2023, respectively. These amounts are reported within “Other assets” on the Partnership’s consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $ 1,182,000 and $ 588,000 as of December 31, 2024 and 2023, respectively. These amounts are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments	21. 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 December 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 December 31, 2024 and 2023 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Mortgage revenue bonds 3.7 % - 8.4 % 2.3 % - 7.7 % (2) 5.5 % 4.8 % (2) Taxable mortgage revenue bonds 7.1 % - 11.9 % 6.5 % - 11.9 % 8.7 % 8.8 % Bond purchase commitments n/a 4.1 % n/a 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 was nearly complete. 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 December 31, 2024 are summarized as follows: Fair Value Measurements as of December 31, 2024 Description Assets and Liabilities Quoted Prices in Significant Other Significant Assets and Liabilities Mortgage revenue bonds $ 1,026,483,796 $ - $ - $ 1,026,483,796 Taxable mortgage revenue bonds (reported within other assets) 26,671,085 - - 26,671,085 Derivative instruments (reported within other assets) 6,980,820 - 6,980,820 - Derivative swap liability (reported within other liabilities) ( 609,766 ) - ( 609,766 ) - Total Assets and Liabilities at Fair Value, net $ 1,059,525,935 $ - $ 6,371,054 $ 1,053,154,881 The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2024: For the Years ended December 31, 2024 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage 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 1,313,321 - ( 15,267 ) ( 265 ) 1,297,789 Included in earnings (provision for credit loss) 169,308 - - - 169,308 Included in earnings (gain on sale of 2,220,254 - - - 2,220,254 Included in other comprehensive income ( 29,694,536 ) ( 197,788 ) 211,725 - ( 29,680,599 ) Purchases and advances 259,667,135 - 17,527,000 - 277,194,135 Sales ( 108,841,836 ) - - - ( 108,841,836 ) Settlements and redemptions ( 29,025,145 ) - ( 12,512,661 ) - ( 41,537,806 ) Ending Balance December 31, 2024 $ 1,026,483,796 $ - $ 26,671,085 $ - $ 1,053,154,881 Total amount of gains (losses) for the $ 238,308 $ - $ - $ ( 265 ) $ 238,043 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 $ 930,675,295 $ - $ - $ 930,675,295 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 table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2023: For the Years Ended December 31, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage 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 305,081 - ( 24,198 ) 4,410,346 4,691,229 Included in other comprehensive income 17,113,511 98,859 ( 1,355,710 ) - 15,856,660 Purchases and advances 141,135,222 - 13,319,875 - 154,455,097 Settlements and redemptions ( 27,286,523 ) - ( 7,011,575 ) ( 4,741,321 ) ( 39,039,419 ) Ending Balance December 31, 2023 $ 930,675,295 $ 197,788 $ 21,460,288 $ 265 $ 952,333,636 Total amount of gains (losses) for the $ 68,812 $ - $ - $ ( 91,421 ) $ ( 22,609 ) The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2022: For the Years Ended December 31, 2022 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Bond Purchase Commitments Taxable Mortgage Derivative Total Beginning Balance January 1, 2022 $ 793,509,844 $ 964,404 $ 3,428,443 $ 343,418 $ 798,246,109 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 1,958,135 - ( 20,028 ) 5,756,111 7,694,218 Included in other comprehensive income ( 68,890,753 ) ( 865,475 ) ( 535,793 ) - ( 70,292,021 ) Purchases and advances 182,726,187 - 13,669,857 - 196,396,044 Settlements and redemptions ( 109,034,876 ) - ( 10,583 ) ( 5,768,289 ) ( 114,813,748 ) Other (1) ( 860,533 ) - - - ( 860,533 ) Ending Balance December 31, 2022 $ 799,408,004 $ 98,929 $ 16,531,896 $ 331,240 $ 816,370,069 Total amount of gains for the $ 57,124 $ - $ - $ 40,538 $ 97,662 (1) The other line is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan (Notes 4 and 6). The Partnership considered the Natchitoches Thomas Apartments GIL and taxable GIL to be available-for-sale securities as of December 31, 2024. The Partnership also considered the Sandoval Flats property loan to be held-for-sale as of December 31, 2024. These assets are reported at fair value as of December 31, 2024, which in all cases, approximated the carrying value with no unrealized gains or losses. Total gains and losses included in earnings for the derivative instruments are reported within “Net results of derivative transaction” in the Partnership’s consolidated statements of operations. As of December 31, 2024 and 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 GILs, and construction financing property loans are categorized as Level 3 assets. The estimated fair value of the GILs and taxable GILs was $ 226.7 million and $ 13.9 million as of December 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 estimated fair value of the construction financing property loans approximated amortized cost as of December 31, 2024 and 2023. As of December 31, 2024 and 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 December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 1,093,273,157 $ 1,093,729,911 $ 1,015,030,066 $ 1,019,218,351 Secured lines of credit 68,852,000 68,852,000 33,400,000 33,400,000 Mortgages payable 1,664,347 1,664,347 1,690,000 1,690,000

Net Income per BUC

Net Income per BUC	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Net Income per BUC	24. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC in the Partnership’s consolidated statements of operations. The unvested RUAs issued under the Equity Incentive Plan are considered participating securities and are potentially dilutive. There were no dilutive BUCs for the years ended December 31, 2024, 2023 and 2022.

Segments

Segments	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segments	25. Segments As of December 31, 2024, the Partnership had four reportable segments: (1) Affordable Multifamily Investments, (2) Seniors and Skilled Nursing 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. The Partnership’s chief operating decision maker is the Chief Executive Officer , who uses net income (loss) to monitor segment performance against budgeted results and to allocate resources . The chief operating decision maker uses this analysis to prioritize investments and guide strategic decisions by segment to ensure alignment with the Partnership’s overall objectives. Affordable Multifamily Investments Segment The Affordable Multifamily Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related taxable MRBs, taxable GILs, and 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 taxable MRBs, taxable GILs, and property loans, net of loan loss allowances, are reported as such on the Partnership’s consolidated balance sheets. As of December 31, 2024, the Partnership reported 84 MRBs and nine GILs in this segment. As of December 31, 2024, t he multifamily residential properties securing the MRBs and GILs contain a total of 10,918 and 1,459 multifamily rental units, respectively. All “General and administrative expenses” on the Partnership’s consolidated statements of operations are reported within this segment. Seniors and Skilled Nursing Investments Segment The Seniors and Skilled Nursing 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 and a property loan associated with a lease of essential healthcare support buildings. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of December 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 December 31, 2024, 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 tables detail certain financial information for the Partnership’s reportable segments for the periods indicated: For the Year Ended December 31, 2024 Affordable Multifamily Investments Seniors and Skilled Nursing Investments Market-Rate Joint Venture Investments MF Properties Partnership Total Revenues: Investment income $ 72,865,558 $ 3,442,560 $ 4,668,588 $ - $ 80,976,706 Other interest income 8,941,994 393,313 - 174,000 9,509,307 Other income 785,386 - - - 785,386 Total revenues 82,592,938 3,835,873 4,668,588 174,000 91,271,399 Expenses: Provision for credit losses (Note 10) ( 1,254,308 ) 218,000 - - ( 1,036,308 ) Depreciation and amortization 23,867 - - - 23,867 Interest expense 54,566,925 2,464,899 3,000,183 - 60,032,007 Net result from derivative transactions (Note 15) ( 7,202,354 ) ( 1,293,072 ) - - ( 8,495,426 ) General and administrative 19,652,622 - - - 19,652,622 Total expenses 65,786,752 1,389,827 3,000,183 - 70,176,762 Other Income: Gain on sale of real estate assets - - - 63,739 63,739 Gain on sale of mortgage revenue bond 2,220,254 - - - 2,220,254 Gain on sale of investments in unconsolidated entities - - 117,844 - 117,844 Earnings (losses) from investments in unconsolidated entities - - ( 2,140,694 ) - ( 2,140,694 ) Income before income taxes 19,026,440 2,446,046 ( 354,445 ) 237,739 21,355,780 Income tax expense - - - 32,447 32,447 Segment net income (loss) $ 19,026,440 $ 2,446,046 $ ( 354,445 ) $ 205,292 $ 21,323,333 For the Year Ended December 31, 2023 Affordable Multifamily Investments Seniors and Skilled Nursing Investments Market-Rate Joint Venture Investments MF Properties Partnership Total Revenues: Investment income $ 70,393,234 $ 1,710,657 $ 10,162,307 $ - $ 82,266,198 Other interest income 17,756,044 - - - 17,756,044 Property revenues - - - 4,567,506 4,567,506 Other income 310,916 - - - 310,916 Total revenues 88,460,194 1,710,657 10,162,307 4,567,506 104,900,664 Expenses: Real estate operating (exclusive of items shown below) - - - 2,663,868 2,663,868 Provision for credit losses (Note 10) ( 2,347,000 ) - - - ( 2,347,000 ) Depreciation and amortization 23,846 - - 1,513,602 1,537,448 Interest expense 66,112,891 998,618 1,337,402 617,852 69,066,763 Net result from derivative transactions (Note 15) ( 7,305,867 ) ( 89,844 ) - 24,127 ( 7,371,584 ) General and administrative 20,399,489 - - - 20,399,489 Total expenses 76,883,359 908,774 1,337,402 4,819,449 83,948,984 Other Income: Gain on sale of real estate assets - - - 10,363,363 10,363,363 Gain on sale of investments in unconsolidated entities - - 22,725,398 - 22,725,398 Earnings (losses) from investments in unconsolidated entities - - ( 17,879 ) - ( 17,879 ) Income before income taxes 11,576,835 801,883 31,532,424 10,111,420 54,022,562 Income tax expense - - - 10,866 10,866 Segment net income $ 11,576,835 $ 801,883 $ 31,532,424 $ 10,100,554 $ 54,011,696 For the Year Ended December 31, 2022 Affordable Multifamily Investments Seniors and Skilled Nursing Investments Market-Rate Joint Venture Investments MF Properties Partnership Total Revenues: Investment income $ 52,153,336 $ 58,711 $ 9,130,486 $ - $ 61,342,533 Other interest income 11,221,213 654,325 - - 11,875,538 Property revenues - - - 7,855,506 7,855,506 Total revenues 63,374,549 713,036 9,130,486 7,855,506 81,073,577 Expenses: Real estate operating (exclusive of items shown below) - - - 4,738,160 4,738,160 Depreciation and amortization 23,846 - - 2,693,569 2,717,415 Interest expense 41,640,137 5,750 870,497 1,043,489 43,559,873 Net result from derivative transactions (Note 15) ( 13,095,422 ) - - - ( 13,095,422 ) General and administrative 17,447,864 - - - 17,447,864 Total expenses 46,016,425 5,750 870,497 8,475,218 55,367,890 Other Income: Gain on sale of investments in unconsolidated entities - - 39,805,285 - 39,805,285 Income (loss) before income taxes 17,358,124 707,286 48,065,274 ( 619,712 ) 65,510,972 Income tax benefit - - - ( 51,194 ) ( 51,194 ) Segment net income (loss) $ 17,358,124 $ 707,286 $ 48,065,274 $ ( 568,518 ) $ 65,562,166 The following table details total assets for the Partnership’s reportable segments as of December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Total assets Affordable Multifamily Investments $ 1,428,627,104 $ 1,413,596,701 Seniors and Skilled Nursing Investments 70,163,422 43,532,926 Market-Rate Joint Venture Investments 183,508,429 140,791,041 MF Properties 7,782,906 7,034,690 Consolidation/eliminations ( 110,381,701 ) ( 91,554,656 ) Total assets $ 1,579,700,160 $ 1,513,400,702

Summary of Unaudited Quarterly

Summary of Unaudited Quarterly Results of Operations	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Summary of Unaudited Quarterly Results of Operations	26. Summary of Unaudited Quarterly Results of Operations 2024 March 31, June 30, September 30, December 31, Total revenues $ 22,370,654 $ 21,969,171 $ 24,345,550 $ 22,586,024 Other income - gains and losses, net ( 56,845 ) 1,068,595 ( 704,096 ) ( 46,511 ) Income from continuing operations 10,648,381 5,178,136 ( 4,635,707 ) 10,132,523 Net income (loss) $ 10,648,381 $ 5,178,136 $ ( 4,635,707 ) $ 10,132,523 Income from continuing operations, per BUC $ 0.42 $ 0.19 $ ( 0.23 ) $ 0.39 Net income, basic and diluted, per BUC $ 0.42 $ 0.19 $ ( 0.23 ) $ 0.39 2023 March 31, June 30, September 30, December 31, Total revenues $ 24,937,970 $ 28,303,941 $ 26,474,136 $ 25,184,617 Other income - gains and losses, net 15,366,929 7,326,084 32,385 10,363,363 Income from continuing operations 16,791,222 21,287,172 9,729,378 6,203,924 Net income $ 16,791,222 $ 21,287,172 $ 9,729,378 $ 6,203,924 Income from continuing operations, per BUC $ 0.59 $ 0.84 $ 0.39 $ 0.24 Net income, basic and diluted, per BUC $ 0.59 $ 0.84 $ 0.39 $ 0.24 2022 March 31, June 30, September 30, December 31, Total revenues $ 19,206,371 $ 17,232,967 $ 22,604,404 $ 22,029,835 Other income - gains 16,439,750 12,643,501 10,580,781 141,253 Income from continuing operations 26,264,018 17,606,681 18,516,593 3,174,874 Net income $ 26,264,018 $ 17,606,681 $ 18,516,593 $ 3,174,874 Income from continuing operations, per BUC $ 0.99 $ 0.73 $ 0.77 $ 0.09 Net income, basic and diluted, per BUC $ 0.99 $ 0.73 $ 0.77 $ 0.09

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	27. Subsequent Events In January 2025, a partial repayment of $ 7.2 million was made on the Sandy Creek property loan. Proceeds of approximately $ 5.8 million were used to pay down the related TOB trust financing. In January 2025, the Willow Place Apartments GIL and Supplemental GIL with outstanding principal of approximately $ 20.7 million and approximately $ 1.5 million, respectively, were redeemed in full. Proceeds of approximately $ 17.7 million were used to repay the related TOB trust financing. In January 2025, the Osprey Village GIL with outstanding principal of $ 60.0 million was redeemed in full. Proceeds of approximately $ 49.5 million were used to repay the related TOB trust financing. In January 2025, the managing member of Vantage at Hutto refinanced its construction loan and the Partnership has provided a limited guaranty for the new loan. The Partnership will only have to perform on the guaranty if a default by the borrower were to occur. The Partnership’s guaranty was approximately $17.5 million at closing, or 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. Upon closing of the refinancing, the Partnership was no longer subject to the forward loan purchase agreement associated with the Vantage at Hutto construction loan discussed in Note 16. In January 2025, Vantage at Tomball, at the direction its managing member, sold substantially all assets to an unrelated third-party and ceased operations. The Partnership received net cash of approximately $ 14.2 million, inclusive of the return of its contributed equity and accrued preferred return. The Partnership will recognize no gain or loss on sale in the first quarter of 2025. In February 2025, the borrower of the Legacy Commons at Signal Hills GIL extended the maturity date from February 1, 2025 to August 1, 2025 . Freddie Mac extended its forward purchase commitment maturity to August 1, 2025 as well. There were no additional changes to terms associated with the extensions. In February 2025, the maturity dates for TOB trust financings associated with The Park at Vietti – Series A, The Park at Sondrio – Series A, Residency at the Empire MRBs, Windsor Shores Apartments, The Ivy Apartments, and Residency at the Entrepreneur MRBs were extended to January 2028 . In February 2025, the borrower of the Poppy Grove I, Poppy Grove II, and Poppy Grove III GILs and taxable GILs extended the maturity dates from April 1, 2025 to October 1, 2025 . Freddie Mac extended its forward purchase commitments maturity to October 1, 2025 as well. There were no additional changes to terms associated with the extensions. In February 2025, the Partnership acquired two new series of GILs associated with Poppy Grove I with a principal amount of $ 5.2 million. The new GILs share a first lien with the existing Poppy Grove I GIL and taxable GIL and have the same general terms as the Poppy Grove I GIL. The acquisition proceeds of $ 5.2 million were then used by the borrower to pay down the same amount of principal of the existing Poppy Grove I taxable GIL.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 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 TEBS Financing with 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, and subsequently, to facilitate the 2024 PFA Securitization Transaction; • 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 had issued Secured Notes to 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; • GHI-BIO AC Debt JV MM, LLC, a wholly owned subsidiary of the Partnership, which will manage and is committed to provide capital to the Construction Lending JV; • Greens Hold Co, a wholly owned corporation, which owns certain property loans, land held for development, and previously owned 100 % of The 50/50 MF Property, a prior real estate asset; and • Lindo Paseo LLC, a wholly owned limited liability company, which previously owned 100 % of the Suites on Paseo MF Property.
Use of Estimates in Preparation of Consolidated Financial Statements	Use of Estimates in Preparation of Consolidated Financial Statements The preparation of financial statements in conformity with 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 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.
Risks and Uncertainties	Risks and Uncertainties The Federal Reserve reduced the federal funds rate by 50 basis points in September 2024, which was the first reduction in the federal funds rate since the Federal Reserve began raising interest rates in March 2022 to combat inflation. The Federal Reserve also reduced the federal funds rate by 25 basis points in both November and December 2024, but left rates unchanged in January 2025, resulting in the current target range for the federal funds rate being 4.25-4.50%. 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, changes in short-term interest rates will directly impact 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 aggregate effects of the recent inflationary environment experienced in the United States and any resurgence in inflation may continue to adversely impact 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. Continuing elevated levels of 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.
Variable Interest Entities	Variable Interest Entities Under the accounting guidance for consolidation, the Partnership evaluates entities in which it holds a variable interest to determine if the entities are VIEs and if the Partnership is the primary beneficiary. The entity that is deemed to have: (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it will consolidate the VIEs in its consolidated financial statements. The Partnership has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Partnership’s consolidated financial statements, all transactions and accounts between the Partnership and the consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates its accounting for VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. The Partnership does not believe that the consolidation of VIEs for reporting under GAAP impacts its status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership. In addition, the consolidation of VIEs is not expected to impact the treatment of the MRBs, GILs and property loans owned by consolidated VIEs, the tax-exempt nature of the interest payments on secured debt financings, or the manner in which the Partnership’s income is reported to Unitholders on IRS Schedule K-1.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in securities with maturities of three months or less when purchased.
Concentration of Credit Risk	Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at three financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $ 250,000 at each institution. At various times the cash balances have exceeded the $ 250,000 limit. The Partnership may from time to time invest in short-term investment grade securities and certificates of deposit with original maturities of 90 days or less. The Partnership is exposed to risk on its short-term investments in the event of non-performance by counterparties, though such risk is minimal and the Partnership does not anticipate any non-performance.
Restricted Cash	Restricted Cash Restricted cash is legally restricted as to its use. The Partnership has been required to maintain, at times, restricted cash collateral related to one secured line of credit (Note 12), total return swap transaction (Note 15), mark-to-market provisions in the ISDA master agreement with Mizuho (Note 13), certain balances for the TEBS Financing facilities (Note 13), resident security deposits, and various escrowed funds. Restricted cash is presented with cash and cash equivalents in the consolidated statements of cash flows.
Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds	Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds The Partnership accounts for its investments in MRBs and taxable MRBs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at estimated fair value. The net unrealized gains or losses on these investments are reflected on the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income. See Note 21 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership reports interest receivables for MRBs and taxable MRBs separately from the reported fair value within “Interest receivable, net” on the consolidated balance sheets. Investments in Governmental Issuer Loans and Taxable Governmental Issuer Loans The Partnership accounts for its investment in GILs and taxable GILs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as held-to-maturity debt securities and are reported at amortized cost, which is net of unamortized loan acquisition costs, discounts, and allowance for credit losses. The Partnership evaluates its outstanding principal and interest receivable balances associated with its GILs for collectability. If collection of these balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. The Partnership reports interest receivables for GILs and taxable GILs separately from the amortized cost basis within “Interest receivable, net” on the consolidated balance sheets. The GIL and Taxable GIL associated with Natchitoches Thomas Apartments are considered available-for-sale debt securities and are reported at fair value, with unrealized gains and loss reflected on the Partnership’s consolidated statements of comprehensive income. There are no unrealized gains or losses associated with these investments as of December 31, 2024. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19 - 40 years on multifamily and student housing residential apartment buildings, and five to 15 years on capital improvements. Depreciation expense is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gains and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets for impairment periodically and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. Investments in Unconsolidated Entities The Partnership accounts for its investments in unconsolidated entities under the equity method of accounting. Through ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC, ATAX Senior Housing Holdings I, LLC, and ATAX Great Hill Holdings, LLC, the Partnership makes investments in non-controlling limited membership interests in entities formed to construct market-rate multifamily and seniors housing properties. Through GHI-BIO AC Debt JV MM, LLC, the Partnership has committed to provide capital to the Construction Lending JV formed to finance the construction and/or rehabilitation of affordable multifamily housing properties. The Partnership applies the equity method of accounting by initially recording these investments at cost, subsequently adjusted for accrued preferred returns, the Partnership’s proportionate share of earnings (losses) of the unconsolidated entities, cash contributions, and distributions. The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Factors considered include: • The absence of an ability to recover the carrying amount of the investment; • The inability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment; or • Estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment of whether a decline in value is other than temporary is based on the Partnership’s ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered other than temporary, an impairment charge would be recorded equal to the excess of the carrying value over the estimated fair value of the investment. The Partnership earns a preferred return on its investments in Vantage Properties that is guaranteed by an unrelated third-party, which is also an affiliate of the unconsolidated entities. The term of the third-party guaranty is from the initial investment through a date approximately five years after commencement of construction. The Partnership recognizes its preferred return based upon the guaranty provided by the unrelated third-party, the guarantor’s financial ability to perform under the guaranty, and the cash flows expected to be received from each Vantage Property. Preferred returns are reported within “Investment income” on the Partnership’s consolidated statements of operations. The Partnership earns a preferred return on its investments in non-Vantage properties that is senior to the preferred return and return of capital of the other members of the unconsolidated entities. The Partnership recognizes its preferred return on each investment to the extent there is capital of the managing member of the unconsolidated entity to support the recognition of preferred return. Preferred returns are reported within “Investment income” on the Partnership’s consolidated statements of operations. In addition, the Partnership will recognize its proportionate share of earnings (losses) of the unconsolidated entities, when appropriate, and report within “Earnings (losses) from investments in unconsolidated entities” on the Partnership’s cons olidated statements of operations. Earnings (losses) generally begin after completion of construction of each underlying property as all costs during the construction period are typically capitalized. Held-to-Maturity Debt Securities, Held-for-Investment Loans and Related Unfunded Commitments The Partnership estimates allowances for credit losses for its GILs, taxable GILs, property loans and related non-cancelable funding commitments using a WARM method loss-rate model, combined with qualitative factors that are sensitive to changes in forecasted economic conditions. The Partnership applies qualitative factors related to risk factors and changes in current economic conditions that may not be adequately reflected in quantitatively derived results, or other relevant factors to ensure the allowance for credit losses reflects the Partnership’s best estimate of current expected credit losses. The WARM method pools assets sharing similar characteristics and utilizes a historical annual charge-off rate which is applied to the outstanding asset balances over the remaining weighted average life of the pool, adjusted for certain qualitative factors to estimate expected credit losses. The Partnership has minimal loss history with GILs, taxable GILs, and property loans to date and has had minimal historical credit losses to date. As such, the Partnership uses historical annual charge-off data for similar assets from publicly available loan data through the FFIEC. The Partnership adjusts for current conditions and the impact of qualitative forecasts that are reasonable and supportable. The Partnership assesses qualitative adjustments related to, but not limited to, credit quality changes in the asset portfolio, general economic conditions, changes in the affordable multifamily real estate markets, changes in lending policies and underwriting, and underlying collateral values. The Partnership will elect to separately evaluate an asset if it no longer shares the same risk characteristics as the respective pool or the specific investment attributes do not lend to analysis with a model-based approach. For collateral-dependent assets when foreclosure is probable, the Partnership will apply a practical expedient to estimate current expected credit losses as the difference between the fair value of collateral and the amortized cost of the asset. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale, when a modification or restructuring takes place in which the Partnership grants a concession to a borrower or agrees to a discount in full or partial satisfaction of the asset, when the Partnership takes ownership and control of the underlying collateral in full satisfaction of the asset, or when significant collection efforts have ceased and it is highly likely that a loss has been realized. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its GILs, taxable GILs and property loans because uncollectible accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. Available-for-Sale Debt Securities The Partnership periodically determines if allowances of credit losses are needed for its MRBs and taxable MRBs under the applicable guidance for available-for-sale debt securities. The Partnership evaluates whether unrealized losses are considered impairments based on various factors including, but not necessarily limited to, the following: • The severity of the decline in fair value; • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers; • Adverse conditions specifically related to the security, its collateral, or both; • The likelihood of the borrower being able to make scheduled interest and principal payments; and • Failure of the borrower to make scheduled interest or principal payments. While the Partnership evaluates all available information, it focuses specifically on whether the estimated fair value of the security is below amortized cost. If the estimated fair value of an MRB is below amortized cost, and the Partnership has the intent to sell or may be required to sell the MRB prior to the time that its value recovers or until maturity, the Partnership will record an impairment through earnings equal to the difference between the MRB’s carrying value and its fair value. If the Partnership does not expect to sell an other-than-temporarily impaired MRB, only the portion of the impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income. In determining the provision for credit loss, the Partnership compares the present value of cash flows expected to be collected to the amortized cost basis of the MRB and records any provision for credit losses as an adjustment to the allowance for credit losses. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its MRBs and taxable MRBs because uncollectable accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. The recognition of impairments, provisions for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership's consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur impairments or provisions for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. The Partnership periodically reviews any previously impaired MRBs for indications of a recovery of value. If a recovery of value is identified, the Partnership will report the recovery of prior credit losses through its allowance for credit losses as a provision for credit losses (recoveries). For MRB impairment recoveries identified prior to the adoption of the CECL model, the Partnership will accrete the recovery of prior credit losses into investment income over the remaining term of the MRB.
Property Loans, Net	Property Loans The Partnership invests in property loans made to the owners of certain multifamily, student housing and skilled nursing properties, and one property loan associated with a master lease of essential healthcare support buildings to an investment grade rated non-profit healthcare system. The property loans are considered held-for-investment and are reported at amortized cost, which is net of unamortized loan acquisition costs, discounts, and allowance for credit losses. Some property loans have been made to multifamily properties that secure MRBs and GILs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. If collection of outstanding principal and interest receivable balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. Interest income is recognized upon the repayment of these property loans and accrued interest which is dependent largely on the cash flows or proceeds upon sale or refinancing of the related property. The Partnership reports interest receivables for property loans separately from the amortized cost basis within “Interest receivable, net” on the consolidated balance sheets. One property loan, Sandoval Flats Apartments, is considered held-for-sale and reported at fair value with gains or losses reported within the Partnership’s consolidated statements of operations. There have been no such gains or losses reported as of December 31, 2024.
Allowance for Credit Losses	Allowance for Credit Losses On January 1, 2023, the Partnership adopted ASU 2016-13, Financial Instruments-Credit Losses, and subsequent related amendments to ASC 326, which is an expected loss model known as the CECL model. Prior to the adoption of the CECL, the Partnership applied an incurred loss methodology under prior GAAP. The allowance for credit losses is presented as a valuation reserve to the corresponding assets on the Partnership’s consolidated balance sheets. Expected credit losses related to non-cancelable unfunded commitments and financial guaranties are accounted for as separate liabilities and are included in “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheets. The adoption of the ASU 2016-13 required a cumulative-effect adjustment to Partners’ Capital upon adoption. Upon adoption on January 1, 2023, the Partnership recorded a cumulative effect of accounting change of approximately $5.9 million as a direct reduction to Partners’ Capital. Subsequent changes to the allowance for credit losses are recognized through “Provision for credit losses” on the Partnership’s consolidated statements of operations.
Deferred Financing Costs	Deferred Financing Costs Debt financing costs are capitalized and amortized using the effective interest method through either the stated maturity date or the optional redemption date of the related debt financing agreement. Debt financing costs associated with revolving line of credit arrangements are reported within “Other assets” on the Partnership’s consolidated balance sheets. Deferred financing costs associated with debt financing and mortgages payable arrangements are reported as reductions to the carrying value of the related liability on the Partnership’s consolidated balance sheets.
Income Taxes	Income Taxes No provision has been made for income taxes of the Partnership as it is a partnership for federal income tax purposes such that profits and losses are allocated to Unitholders, except for certain entities described below. The distributive share of income, deductions and credits is reported to Unitholders on IRS Schedule K-1. The Partnership pays franchise margin taxes on revenues in certain jurisdictions relating to property loans and investments in unconsolidated entities. The Greens Hold Co is a corporation that is subject to federal and state income taxes. The Partnership recognizes income tax expense or benefit for the federal and state income taxes incurred by this entity in its consolidated financial statements. The Partnership evaluates its tax positions on the consolidated financial statements under the accounting guidance for uncertain tax positions. The Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. The Partnership accrues interest and penalties, if any, and reports them within “Income tax expense” on the Partnership’s consolidated statements of operations. Deferred income tax expense or benefit is generally a function of temporary differences (items that are treated differently for tax purposes than for financial reporting purposes), such as depreciation, amortization of financing costs, etc. and the utilization of tax NOLs. The Partnership values its deferred tax assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Partnership records a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred income tax expense.
Investment Income from Investments in Mortgage Revenue Bonds and Governmental Issuer Loans	Investment Income from Investments in Mortgage Revenue Bonds and Governmental Issuer Loans The interest income received by the Partnership from its MRBs and GILs is dependent upon the net cash flow or capitalized interest reserves of the underlying properties. Interest income on fully performing MRBs and GILs is recognized as it is earned. Current and past due interest income on MRBs and GILs not fully performing is recognized as it is received. The Partnership reinstates the accrual of interest once the MRB’s or GIL’s ability to perform is adequately demonstrated. Interest income related to MRBs and GILs is reported within “Investment Income” and interest income related to taxable MRBs and taxable GILs is reported within “Other interest income” on the Partnership’s consolidated statements of operations. As of December 31, 2024 and 2023, all of the Partnership’s MRBs and GILs were fully performing and current on all interest payments, with the exception of the Provision Center 2014-1 MRB as of December 31, 2023. Premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Discounts on MRB investments are amortized as a yield adjustment to the stated maturity date. Amortization of premiums and discounts is reported within “Investment income” on the Partnership’s consolidated statements of operations. Bond acquisition costs are capitalized and amortized utilizing the effective interest method over the period to the stated maturity of the related MRB and taxable MRB investments. Bond acquisition costs are reported as an adjustment to the cost adjusted for paydowns and allowances of the related MRB in Note 4.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Partnership reports interest rate derivatives on its consolidated balance sheets at fair value. The Partnership’s derivative instruments are not designated as hedging instruments for GAAP purposes and changes in fair value are reported within “Net results from derivative transactions” on the Partnership’s consolidated statements of operations. The Partnership is exposed to loss upon defaults by its counterparties on its interest rate derivative agreements. The Partnership does not anticipate non-performance by any counterparty.
Redeemable Preferred Units	Redeemable Preferred Units The Partnership has designated three series of Preferred Units consisting of the Series A Preferred Units, the Series A-1 Preferred Units, and the Series B Preferred Units. The Partnership has issued the Preferred Units representing limited partnership interests in the Partnership to various financial institutions. The Preferred Units are recorded as mezzanine equity due to the holders’ redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. The costs of issuing the Preferred Units have been netted against the carrying value of the Preferred Units and are amortized to the first redemption date.
Beneficial Unit Certificates	Beneficial Unit Certificates 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 first quarter of 2024 and during the years ended December 31, 2023 and 2022. 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 consolidated financial statements.
Restricted Unit Awards	Restricted Unit Awards The Equity Incentive Plan, as originally approved by the BUC holders in September 2015, permits the grant of RUAs and other awards to the employees of Greystone Manager, or any affiliate, who performs services for Greystone Manager, the Partnership or an affiliate, and members of the Board of Managers of Greystone Manager . The Equity Incentive Plan permits total grants of RUAs of up to 1.0 million BUCs. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. RUAs typically provide for the payment of distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control, or upon death or disability of the participant. The number of outstanding RUAs was not impacted by the BUCs Distributions as holders of RUAs did not participate in the BUCs Distributions, but rather received cash in an amount equal to the value of the BUCs Distributions. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The Partnership accounts for modifications to RUAs as they occur, if the fair value of the RUAs change, if there are changes to vesting conditions or if the awards no longer qualify for equity classificatio n. The Partnership accounts for forfeitures as they occur.
Net Income per BUC	Net Income per BUC The Partnership uses the two-class method to allocate net income available to the BUCs, and to the unvested RUAs as the RUAs are participating securities. Unvested RUAs are included with BUCs for the calculation of diluted net income per BUC using the treasury stock method, if the treasury stock method is more dilutive than the two-class method.
Accounting for TOB, Term TOB, TEBS Financings, and TEBS Residual Financing Arrangements	Accounting for TOB, Term TOB, TEBS Financings, the 2024 PFA Securitization Transaction, and TEBS Residual Financing Arrangements The Partnership has evaluated the accounting guidance related to its TOBs, term TOB, TEBS Financings, the 2024 PFA Securitization Transaction, and TEBS Residual Financing, and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and therefore are accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets. The financing agreements contain certain provisions that allow the Partnership to unilaterally cause the holder to return the securitized assets, other than through a cleanup call. Based on these terms, the Partnership has concluded that the Partnership has not transferred effective control over the transferred assets and, as such, the transactions do not meet the conditions to de-recognize the transferred assets. In addition, the Partnership has evaluated the entities associated with the TOBs, term TOB, TEBS Financings, the 2024 PFA Securitization Transaction, and TEBS Residual Financing in accordance with guidance on consolidation of VIEs. See Note 3 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and transactions and consolidates the assets, liabilities, income and expenses of the securitizations in the Partnership’s consolidated financial statements. The Partnership recognizes interest expense for fixed-rate TEBS Financings with escalating stated interest rates using the effective interest method over the estimated term of the arrangement.
Lessor Leases	Lessor Leases The Partnership’s lessor leases consisted of tenant leases related to real estate assets, specifically at the MF Properties. Tenant leases also contained terms for non-lease revenues related to operations at the MF Properties, such as parking and food service revenues. The Partnership elected to combine the lease and non-lease components when accounting for lessor leases. The unit lease component of the tenant lease is considered the predominant component, so all components of the tenant lease are accounted for under ASC 842. Tenant leases were typically for terms of 12 months or less and do not include extension options so no ROU asset was recorded for such leases. Lease revenue is recognized monthly and is reported within “Property revenues” on the Partnership’s consolidated statements of operations. The Partnership has no lessor leases as of December 31, 2024.
Reclassification	Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. As of December 31, 2024, the Partnership began reporting MRBs within one line item titled “Mortgage revenue bonds, at fair value” in the Partnership’s consolidated balance sheets and in various footnote disclosures. In prior periods, the Partnership separately reported "Mortgage revenue bonds held in trust, at fair value" and "Mortgage revenue bonds, at fair value" line items in the Partnership's consolidated balance sheets. The MRBs designated as “held in trust” are owned by consolidated VIEs and disclosed within Note 3 of the Partnership’s consolidated financial statements for all periods presented. Accordingly, the Partnership has combined the previously reported "Mortgage revenue bonds held in trust, at fair value" and "Mortgage revenue bonds, at fair value" line items into one line item in the Partnership’s consolidated balance sheet as of December 31, 2023, in conformity with the current reporting period presented herein. This reclassification has no effect on the Partnership’s reported “Total Assets” in the Partnership’s consolidated financial statements for the periods presented.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the 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 for the year ended December 31, 2024 and interim periods thereafter. The adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2024 . See Note 25 for related disclosures. In November 2024, the FASB issued ASU 2024-03, which improves the disclosures about a public business entity’s expenses. ASU 2024-03 is effective for the Partnership for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. 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)	12 Months Ended
	Dec. 31, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities Property Asset Carrying Value by Asset Type and Maximum Exposure	The following table summarizes the Partnership’s carrying value by asset type and maximum exposure to loss associated with its variable interests as of December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Carrying Value Maximum Carrying Value Maximum Mortgage revenue bonds $ 207,170,395 $ 203,929,806 $ 105,236,097 $ 98,336,213 Taxable mortgage revenue bonds (reported within other assets) 4,393,869 4,406,024 13,488,560 13,520,631 Governmental issuer loans 203,999,628 203,999,628 202,547,300 202,547,300 Taxable governmental issuer loans (reported within other assets) 14,157,672 14,157,672 13,573,000 13,573,000 Property loans 42,210,000 42,210,000 107,511,750 107,511,750 Investments in unconsolidated entities 179,409,869 179,409,869 136,653,246 136,653,246 $ 651,341,433 $ 648,112,999 $ 579,009,953 $ 572,142,140
Schedule of Assets and Liabilities of the Partnership Consolidated VIE	The following table summarizes the assets and liabilities of the Partnership’s consolidated VIEs as of December 31, 2024 and December 31, 2023: December 31, 2024 December 31, 2023 Assets: Restricted cash $ 771,606 $ 12,605 Interest receivable, net 7,089,580 6,920,851 Mortgage revenue bonds, at fair value 1,013,847,272 883,030,786 Governmental issuer loans Governmental issuer loans 219,702,222 222,947,300 Allowance for credit losses ( 1,038,000 ) ( 1,294,000 ) Governmental issuer loans, net 218,664,222 221,653,300 Property loans Property loans 48,460,000 108,271,420 Allowance for credit losses ( 547,000 ) ( 675,000 ) Property loans, net 47,913,000 107,596,420 Real estate assets 3,796,782 3,606,658 Other assets 40,038,912 24,999,197 Total Assets $ 1,332,121,374 $ 1,247,819,817 Liabilities: Accounts payable, accrued expenses and other liabilities (1) $ 8,285,369 $ 8,656,003 Debt financing (2) 1,098,530,865 1,018,314,376 Mortgages payable (3) 1,664,347 1,690,000 Total Liabilities $ 1,108,480,581 $ 1,028,660,379 (1) Of the amounts reported, $ 5,112,036 and $ 5,495,426 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of December 31, 2024 and 2023, respectively. (2) Of the amounts reported, $ 364,099,866 and $ 367,807,377 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of December 31, 2024 and 2023, respectively. (3) The entire mortgages payable balance is associated with a VIE where the creditor does not have recourse to the general credit of the Partnership as of December 31, 2024 and 2023, respectively.

Mortgage Revenue Bonds (Tables)

Mortgage Revenue Bonds (Tables)	12 Months Ended
	Dec. 31, 2024
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of MRB Investments	The Partnership had the following MRB investments as of December 31, 2024 and 2023: December 31, 2024 Description of Mortgage Revenue Bonds State Cost Adjusted for Cumulative Cumulative Estimated Fair Value The Safford (4) AZ $ 37,435,466 $ 1,523,170 $ - $ 38,958,636 40rty on Colony - Series P (4) CA 5,962,217 459,328 - 6,421,545 CCBA Senior Garden Apartments (1), (8) CA 3,720,209 - ( 58,814 ) 3,661,395 Courtyard - Series A (3) CA 9,668,469 449,017 - 10,117,486 Glenview Apartments - Series A (2) CA 4,248,118 170,362 - 4,418,480 Harmony Court Bakersfield - Series A (3) CA 3,525,258 127,289 - 3,652,547 Harmony Terrace - Series A (3) CA 6,527,329 288,190 - 6,815,519 Harden Ranch - Series A (1) CA 6,256,135 260,476 - 6,516,611 Las Palmas II - Series A (3) CA 1,598,957 61,427 - 1,660,384 Lutheran Gardens CA 10,352,000 - - 10,352,000 Montclair Apartments - Series A (2) CA 2,301,443 98,596 - 2,400,039 Montecito at Williams Ranch Apartments - Series A (1) CA 7,374,111 424,400 - 7,798,511 Montevista - Series A (1) CA 6,556,878 602,131 - 7,159,009 Ocotillo Springs - Series A (1), (6) CA 3,455,419 - ( 224,262 ) 3,231,157 Ocotillo Springs - Series A-1 (1) CA 496,351 64,598 - 560,949 Residency at Empire - Series BB-1 (4) CA 14,109,248 491,616 - 14,600,864 Residency at Empire - Series BB-2 (4) CA 4,000,000 171,675 - 4,171,675 Residency at Empire - Series BB-3 (4) CA 14,000,000 510,453 - 14,510,453 Residency at Empire - Series BB-4 (4) CA 21,200,000 275,702 - 21,475,702 Residency at the Entrepreneur - Series J-1 (4) , (8) CA 9,078,496 - ( 194,816 ) 8,883,680 Residency at the Entrepreneur - Series J-2 (4), (8) CA 7,500,000 - ( 96,933 ) 7,403,067 Residency at the Entrepreneur - Series J-3 (4), (8) CA 26,080,000 - ( 99,928 ) 25,980,072 Residency at the Entrepreneur - Series J-4 (4) CA 16,420,000 - - 16,420,000 Residency at the Entrepreneur - Series J-5 (4) CA 5,000,000 - - 5,000,000 Residency at the Mayer - Series A (4) CA 29,556,596 - - 29,556,596 Residency at the Mayer - Series M (4) CA 11,500,000 - - 11,500,000 San Vicente - Series A (3) CA 3,296,965 135,060 - 3,432,025 Santa Fe Apartments - Series A (2) CA 2,788,112 123,270 - 2,911,382 Seasons at Simi Valley - Series A (3) CA 4,025,911 272,883 - 4,298,794 Seasons Lakewood - Series A (3) CA 6,953,024 306,985 - 7,260,009 Seasons San Juan Capistrano - Series A (3) CA 11,706,622 516,863 - 12,223,485 Solano Vista - Series A (1) CA 2,591,588 172,312 - 2,763,900 Summerhill - Series A (3) CA 6,070,437 20,122 - 6,090,559 Sycamore Walk - Series A (3) CA 3,330,230 44,181 - 3,374,411 The Village at Madera - Series A (3) CA 2,915,662 112,779 - 3,028,441 Tyler Park Townhomes - Series A (1) CA 5,445,686 - - 5,445,686 Village at Hanford Square - Series H (4) CA 10,400,000 619,721 - 11,019,721 Vineyard Gardens - Series A (1) CA 3,839,951 281,057 - 4,121,008 Wellspring Apartments (1) CA 3,880,455 119,584 - 4,000,039 Westside Village Market - Series A (1) CA 3,558,747 132,773 - 3,691,520 Handsel Morgan Village Apartments (4) GA 2,150,000 162,887 - 2,312,887 MaryAlice Circle Apartments (4) GA 5,900,000 496,763 - 6,396,763 Copper Gate Apartments (1) IN 4,715,000 - - 4,715,000 Renaissance - Series A (2), (8) LA 10,263,789 - ( 836,645 ) 9,427,144 Live 929 Apartments - Series 2022A (4) MD 58,560,655 3,547,694 - 62,108,349 Woodington Gardens Apartments - Series A-1 (4) MD 31,150,000 3,112,265 - 34,262,265 Meadow Valley (4), (7) MI 41,162,263 - ( 1,859,135 ) 39,303,128 Jackson Manor Apartments (1) MS 4,781,136 19,919 - 4,801,055 Village Point (5), (8) NJ 23,000,000 - ( 447,248 ) 22,552,752 Silver Moon - Series A (2) NM 7,398,857 571,694 - 7,970,551 Village at Avalon (1) NM 15,665,803 1,241,389 - 16,907,192 Columbia Gardens (3) SC 12,150,488 502,113 - 12,652,601 Companion at Thornhill Apartments (3) SC 10,484,096 338,831 - 10,822,927 The Ivy Apartments (4), (8) SC 30,558,423 822,638 - 31,381,061 The Palms at Premier Park Apartments (1) SC 17,590,997 27,389 - 17,618,386 The Park at Sondrio - Series 2022A (4) SC 38,100,000 1,260,209 - 39,360,209 The Park at Vietti - Series 2022A (4), (8) SC 26,985,000 952,281 - 27,937,281 Village at River's Edge (3) SC 9,477,407 832,313 - 10,309,720 Willow Run (3) SC 11,981,345 494,536 - 12,475,881 Windsor Shores Apartments - Series A (4), (8) SC 21,545,000 718,755 - 22,263,755 Avistar at Copperfield - Series A (4) TX 13,215,029 485,574 - 13,700,603 Avistar at the Crest - Series A (4) TX 8,621,036 471,417 - 9,092,453 Avistar at the Crest - Series B TX 711,315 24,748 - 736,063 Avistar at the Oaks - Series A (4) TX 6,980,721 333,795 - 7,314,516 Avistar at the Oaks - Series B TX 521,384 14,194 - 535,578 Avistar at the Parkway - Series A (2) TX 12,101,645 422,358 - 12,524,003 Avistar at the Parkway - Series B TX 122,165 13,232 - 135,397 Avistar at Wilcrest - Series A (4) TX 5,008,228 155,503 - 5,163,731 Avistar at Wood Hollow - Series A (4) TX 38,027,363 1,397,281 - 39,424,644 Avistar in 09 - Series A (4) TX 6,027,577 302,568 - 6,330,145 Avistar in 09 - Series B TX 430,095 12,653 - 442,748 Avistar on the Boulevard - Series A (4) TX 14,686,873 671,717 - 15,358,590 Avistar on the Boulevard - Series B TX 422,666 12,072 - 434,738 Avistar on the Hills - Series A (4) TX 4,779,156 251,307 - 5,030,463 December 31, 2024 Description of Mortgage Revenue Bonds State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Bruton Apartments (3) TX 17,050,526 - - 17,050,526 Concord at Gulfgate - Series A (3) TX 17,963,286 938,146 - 18,901,432 Concord at Little York - Series A (3) TX 12,584,132 716,639 - 13,300,771 Concord at Williamcrest - Series A (3) TX 19,494,168 1,064,065 - 20,558,233 Crossing at 1415 - Series A (3) TX 6,989,209 179,154 - 7,168,363 Decatur Angle (3), (8) TX 21,412,592 - ( 149,516 ) 21,263,076 Esperanza at Palo Alto (3) TX 18,576,657 1,168,859 - 19,745,516 Heights at 515 - Series A (3) TX 6,398,741 312,241 - 6,710,982 Heritage Square - Series A (2) TX 10,039,053 307,888 - 10,346,941 Oaks at Georgetown - Series A (3), (8) TX 11,664,053 214,123 - 11,878,176 15 West Apartments (3) WA 9,283,990 1,025,529 - 10,309,519 Aventine Apartments (4) WA 9,500,000 1,060,325 - 10,560,325 Mortgage revenue bonds $ 994,958,009 $ 35,493,084 $ ( 3,967,297 ) $ 1,026,483,796 (1) 2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), 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 Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Mizuho in a TOB trust financing transaction, Note 13. (5) MRB held by Barclays in a TOB trust financing transaction, Note 13. (6) 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, 2024, the MRB has been in an unrealized loss position for at least 12 months. (7) The Partnership has a remaining MRB funding commitment of approximately $ 2.9 million as of December 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 December 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 December 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 December 31, 2024, the MRB has been in an unrealized loss position for less than 12 months. December 31, 2023 Description of Mortgage Revenue Bonds 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 CCBA Senior Garden Apartments CA 3,757,268 158,840 - 3,916,108 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 Ocotillo Springs - Series A (8) CA 3,489,096 - ( 59,805 ) 3,429,291 Ocotillo Springs - Series A-1 CA 499,117 95,386 - 594,503 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 Entrepreneur - Series J-5 CA 1,000,000 - - 1,000,000 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 Solano Vista - Series A CA 2,611,955 338,125 - 2,950,080 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 Handsel Morgan Village Apartments GA 2,150,000 300,188 - 2,450,188 MaryAlice Circle Apartments (5) GA 5,900,000 880,643 - 6,780,643 Brookstone IL 7,229,475 1,071,177 - 8,300,652 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), (9) 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 Provision Center 2014-1 TN 926,475 - - 926,475 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 Crest - Series B TX 718,332 49,845 - 768,177 Avistar at the Oaks - Series A (1) TX 7,091,928 666,990 - 7,758,918 Avistar at the Oaks - Series B TX 526,318 35,066 - 561,384 Avistar at the Parkway - Series A (2) TX 12,270,653 830,179 - 13,100,832 Avistar at the Parkway - Series B TX 122,701 19,352 - 142,053 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 in 09 - Series B TX 434,165 28,926 - 463,091 Avistar on the Boulevard - Series A (1) TX 14,928,425 1,346,449 - 16,274,874 Avistar on the Boulevard - Series B TX 426,835 27,507 - 454,342 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 December 31, 2023 Description of Mortgage Revenue Bonds State Cost Adjusted for Cumulative Cumulative Estimated Fair Value 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 Runnymede (7) TX 9,390,000 - ( 1,121 ) 9,388,879 Southpark TX 11,133,003 1,166,283 - 12,299,286 15 West Apartments (3) WA 9,371,808 1,478,567 - 10,850,375 Mortgage revenue bonds $ 869,454,974 $ 62,262,434 $ ( 1,042,113 ) $ 930,675,295 (1) MRB owned by ATAX TEBS II, LLC (M31 TEBS Financing), 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 Financing), 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 Financing), 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 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) 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. (9) 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.
Schedule of MRBs Acquisitions	The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 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 Woodington Gardens Apartments - Series A-1 April 2024 Baltimore, MD 197 5/1/2029 7.80 % 31,150,000 Aventine Apartments May 2024 Bellevue, WA 68 6/1/2031 7.68 % 9,500,000 Wellspring Apartments (3) August 2024 Long Beach, CA 88 9/1/2039 4.85 % 3,900,000 $ 56,050,000 (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. (3) The investment was previously reported as the Anaheim & Walnut bond purchase commitment and has converted to an MRB. The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 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 Handsel Morgan Village Apartments April 2023 Buford, GA 45 3/1/2041 6.75 % 2,150,000 MaryAlice Circle Apartments April 2023 Buford, GA 98 3/1/2041 6.75 % 5,900,000 Village at Hanford Square - Series H May 2023 Hanford, CA 100 5/1/2030 6.65 % 10,400,000 Village Point May 2023 Monroe Township, NJ 120 (3) 6/1/2030 6.88 % 23,000,000 40rty on Colony - Series P June 2023 La Mesa, CA 40 6/1/2030 7.05 % 5,950,000 The Safford (4) October 2023 Marana, AZ 200 10/10/2026 7.59 % 7,560,034 $ 108,005,034 (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 %. (3) Village Point is a seniors housing property with 120 beds in 92 units (4) The Partnership has committed to provide funding for The Safford MRB totaling $ 43.0 million. See Note 16.
Schedule of MRB Sales	The following MRBs were sold during the year ended December 31, 2024: Property Name Month Sold Property Location Units Original Interest Rate Principal Brookstone May 2024 Waukegan, IL 168 5/1/2040 5.45 % $ 8,221,234 Arbors at Hickory Ridge November 2024 Memphis, TN 348 1/1/2049 6.25 % 10,217,709 $ 18,438,943 The Partnership realized a gain on sale of the Brookstone MRB of approximately $ 1.0 million related to collection of an unamortized discount upon sale.
Schedule of Terms of partnership's MRBs After Conversions	The following table summarizes the terms of the Ocotillo Springs MRBs after conversion: Property Name Property Location Units Maturity Date Fixed Interest Rate Post-Conversion Principal Ocotillo Springs - Series A Brawley, CA 75 8/1/2038 4.35 % $ 3,500,000 Ocotillo Springs - Series A-1 Brawley, CA 75 8/1/2038 6.50 % 500,000 $ 4,000,000 In November 2023, the Jackson Manor Apartments property achieved stabilization and the borrower converted to permanent financing. The Jackson Manor Apartments MRB was paid down to its permanent financing size of $ 4.8 million. The following table summarizes the terms of the Jackson Manor Apartments MRB after conversion: Property Name Property Location Units Maturity Date Fixed Interest Rate Post-Conversion Principal Jackson Manor Apartments Jackson, MS 60 5/1/2038 5.00 % $ 4,828,000
Schedule of MRBs Redeemed	The following MRBs were redeemed at prices that approximated the outstanding principal balance plus accrued interest during the year ended December 31, 2024: Property Name Month Property Location Units Original Interest Rate Principal Southpark July 2024 Austin, TX 192 12/1/2049 6.13 % $ 12,300,000 Runnymede August 2024 Austin, TX 252 10/1/2024 6.00 % 9,315,000 $ 21,615,000 The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 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
Schedule of Percentage of MRBs Principal Outstanding	The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding: December 31, 2024 December 31, 2023 California 30 % 25 % Texas 25 % 32 % South Carolina 18 % 21 %
Description of Certain Terms of Partnership' MRB's	The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2024, and 2023: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2024 15 West Apartments - Series A (3) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,283,990 40rty on Colony - Series P (4) 2023 La Mesa, CA 6/1/2030 7.05 % 5,950,000 Aventine Apartments (4) 2024 Bellevue, WA 6/1/2031 7.68 % 9,500,000 Avistar at Copperfield - Series A (4) 2017 Houston, TX 5/1/2054 5.75 % 13,215,029 Avistar on the Boulevard - Series A (4) 2013 San Antonio, TX 3/1/2050 6.00 % 14,686,873 Avistar at the Crest - Series A (4) 2013 San Antonio, TX 3/1/2050 6.00 % 8,621,036 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,133,980 Avistar at the Oaks - Series A (4) 2013 San Antonio, TX 8/1/2050 6.00 % 6,980,721 Avistar in 09 - Series A (4) 2013 San Antonio, TX 8/1/2050 6.00 % 6,027,577 Avistar on the Hills - Series A (4) 2013 San Antonio, TX 8/1/2050 6.00 % 4,779,156 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 951,479 Avistar at the Parkway - Series A (2) 2015 San Antonio, TX 5/1/2052 6.00 % 12,101,645 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 122,165 Avistar at Wilcrest - Series A (4) 2017 Houston, TX 5/1/2054 5.75 % 5,008,228 Avistar at Wood Hollow - Series A (4) 2017 Austin, TX 5/1/2054 5.75 % 38,027,363 Bruton Apartments (3) 2014 Dallas, TX 8/1/2054 6.00 % 17,050,526 CCBA Senior Garden Apartments (1) 2022 San Diego, CA 7/1/2037 4.50 % 3,720,209 Columbia Gardens (3) 2015 Columbia, SC 12/1/2050 5.50 % 12,099,000 Companion at Thornhill Apartments (3) 2016 Lexington, SC 1/1/2052 5.80 % 10,484,096 Concord at Gulfgate - Series A (3) 2015 Houston, TX 2/1/2032 6.00 % 17,963,286 Concord at Little York - Series A (3) 2015 Houston, TX 2/1/2032 6.00 % 12,584,132 Concord at Williamcrest - Series A (3) 2015 Houston, TX 2/1/2032 6.00 % 19,494,168 Copper Gate Apartments (1) 2013 Lafayette, IN 12/1/2029 6.25 % 4,715,000 Courtyard - Series A (3) 2016 Fullerton, CA 12/1/2033 5.00 % 9,668,469 Crossing at 1415 - Series A (3) 2015 San Antonio, TX 12/1/2052 6.00 % 6,989,209 Decatur Angle (3) 2014 Fort Worth, TX 1/1/2054 5.75 % 21,412,592 Esperanza at Palo Alto (3) 2018 San Antonio, TX 7/1/2058 5.80 % 18,576,657 Glenview Apartments - Series A (2) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,248,118 Handsel Morgan Village Apartments (4) 2023 Buford, GA 3/1/2041 6.75 % 2,150,000 Harden Ranch - Series A (1) 2014 Salinas, CA 3/1/2030 5.75 % 6,256,135 Harmony Court Bakersfield - Series A (3) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,525,258 Harmony Terrace - Series A (3) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,527,329 Heights at 515 - Series A (3) 2015 San Antonio, TX 12/1/2052 6.00 % 6,398,741 Heritage Square - Series A (2) 2014 Edinburg, TX 9/1/2051 6.00 % 10,039,053 The Ivy Apartments (4) 2023 Greensville, SC 2/1/2030 6.50 % 30,500,000 Jackson Manor Apartments (1) 2021 Jackson, MS 5/1/2038 5.00 % 4,781,136 Las Palmas II - Series A (3) 2016 Coachella, CA 11/1/2033 5.00 % 1,598,957 Live 929 Apartments - Series 2022A (4) 2022 Baltimore, MD 1/1/2060 4.30 % 66,365,000 Lutheran Gardens 2021 Compton, CA 2/1/2025 4.90 % 10,352,000 MaryAlice Circle Apartments (4) 2023 Buford, GA 3/1/2041 6.75 % 5,900,000 Meadow Valley (4) 2021 Garfield Charter Township, MI 12/1/2029 6.25 % 41,065,000 Montclair Apartments - Series A (2) 2014 Lemoore, CA 12/1/2031 5.75 % 2,301,443 Montecito at Williams Ranch Apartments - Series A (1) 2017 Salinas, CA 10/1/2034 5.50 % 7,374,111 Montevista - Series A (1) 2019 San Pablo, CA 7/1/2036 5.75 % 6,556,878 Oaks at Georgetown - Series A (3) 2016 Georgetown, TX 1/1/2034 5.00 % 11,664,053 Ocotillo Springs - Series A (1) 2020 Brawley, CA 8/1/2038 4.35 % 3,455,419 Ocotillo Springs - Series A-1 (1) 2023 Brawley, CA 8/1/2038 6.50 % 496,351 The Park at Sondrio - Series 2022A (4) 2022 Greenville, SC 1/1/2030 6.50 % 38,100,000 The Park at Vietti - Series 2022A (4) 2022 Spartanburg, SC 1/1/2030 6.50 % 26,985,000 Renaissance - Series A (2) 2015 Baton Rouge, LA 6/1/2050 6.00 % 10,263,789 Residency at Empire - Series BB-1 (4) 2022 Burbank, CA 12/1/2040 6.45 % 14,000,000 Residency at Empire - Series BB-2 (4) 2022 Burbank, CA 12/1/2040 6.45 % 4,000,000 Residency at Empire - Series BB-3 (4) 2022 Burbank, CA 12/1/2040 6.45 % 14,000,000 Residency at Empire - Series BB-4 (4) 2022 Burbank, CA 12/1/2040 6.45 % 21,200,000 Residency at the Entrepreneur - Series J-1 (4) 2022 Los Angeles, CA 3/31/2040 6.00 % 9,000,000 Residency at the Entrepreneur - Series J-2 (4) 2022 Los Angeles, CA 3/31/2040 6.00 % 7,500,000 Residency at the Entrepreneur - Series J-3 (4) 2022 Los Angeles, CA 3/31/2040 6.00 % 26,080,000 Residency at the Entrepreneur - Series J-4 (4) 2022 Los Angeles, CA 3/31/2040 SOFR + 3.60 % 16,420,000 Residency at the Entrepreneur - Series J-5 (4) 2023 Los Angeles, CA 4/1/2025 SOFR + 3.60 % 5,000,000 Residency at the Mayer - Series A (4) 2021 Hollywood, CA 4/1/2039 SOFR + 3.60 % 29,500,000 Residency at the Mayer - Series M (4) 2024 Hollywood, CA 4/1/2039 SOFR + 3.60 % 11,500,000 The Safford (4) 2023 Marana, AZ 10/10/2026 7.59 % 37,348,957 San Vicente - Series A (3) 2016 Soledad, CA 11/1/2033 5.00 % 3,296,965 Santa Fe Apartments - Series A (2) 2014 Hesperia, CA 12/1/2031 5.75 % 2,788,112 Seasons at Simi Valley - Series A (3) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,025,911 Seasons Lakewood - Series A (3) 2016 Lakewood, CA 1/1/2034 5.00 % 6,953,024 Seasons San Juan Capistrano - Series A (3) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 11,706,622 Silver Moon - Series A (2) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,398,857 Solano Vista - Series A (1) 2018 Vallejo, CA 1/1/2036 5.85 % 2,591,588 Summerhill - Series A (3) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,070,437 Sycamore Walk - Series A (3) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,330,230 The Palms at Premier Park Apartments (1) 2013 Columbia, SC 1/1/2050 6.25 % 17,590,997 Tyler Park Townhomes (1) 2013 Greenfield, CA 1/1/2030 5.75 % 5,445,686 The Village at Madera - Series A (3) 2016 Madera, CA 12/1/2033 5.00 % 2,915,662 Village at Avalon (1) 2018 Albuquerque, NM 1/1/2059 5.80 % 15,665,803 Village at Hanford Square - Series H (4) 2023 Hanford, CA 5/1/2030 6.65 % 10,400,000 Village Point Apartments (5) 2023 Monroe, NJ 6/1/2030 6.875 % 23,000,000 Village at River's Edge (3) 2017 Columbia, SC 6/1/2033 6.00 % 9,477,407 Vineyard Gardens - Series A (1) 2017 Oxnard, CA 1/1/2035 5.50 % 3,839,951 Wellspring Apartments (1) 2024 Long Beach, CA 9/1/2039 4.85 % 3,870,922 Westside Village Market (1) 2013 Shafter, CA 1/1/2030 5.75 % 3,558,747 Willow Run (3) 2015 Columbia, SC 12/1/2050 5.50 % 11,930,000 Windsor Shores Apartments (4) 2023 Columbia, SC 2/1/2030 6.50 % 21,545,000 Woodington Gardens Apartments - Series A-1 (4) 2024 Baltimore, MD 5/1/2029 7.80 % 31,150,000 $ 1,002,151,235 (1) 2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction and TEBS Residual Financing, Note 13 (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), Note 13 (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing), Note 13 (4) MRB held by Mizuho in a TOB trust financing transaction, Note 13 (5) MRB held by Barclays in a TOB trust financing transaction, Note 13 Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2023 15 West Apartments - Series A (3) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,371,808 40rty on Colony - Series P (5) 2023 La Mesa, CA 6/1/2030 7.05 % 5,950,000 Arbors at Hickory Ridge (1) 2012 Memphis, TN 1/1/2049 6.25 % 10,379,348 Avistar at Copperfield - Series A (5) 2017 Houston, TX 5/1/2054 5.75 % 13,378,386 Avistar on the Boulevard - Series A (1) 2013 San Antonio, TX 3/1/2050 6.00 % 14,928,425 Avistar at the Crest - Series A (1) 2013 San Antonio, TX 3/1/2050 6.00 % 8,762,826 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,145,167 Avistar at the Oaks - Series A (1) 2013 San Antonio, TX 8/1/2050 6.00 % 7,091,928 Avistar in 09 - Series A (1) 2013 San Antonio, TX 8/1/2050 6.00 % 6,123,600 Avistar on the Hills - Series A (1) 2013 San Antonio, TX 8/1/2050 6.00 % 4,855,291 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 960,483 Avistar at the Parkway - Series A (2) 2015 San Antonio, TX 5/1/2052 6.00 % 12,270,653 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 122,701 Avistar at Wilcrest - Series A (5) 2017 Houston, TX 5/1/2054 5.75 % 5,070,137 Avistar at Wood Hollow - Series A (5) 2017 Austin, TX 5/1/2054 5.75 % 38,497,436 Brookstone 2009 Waukegan, IL 5/1/2040 5.45 % 8,268,029 Bruton Apartments (3) 2014 Dallas, TX 8/1/2054 6.00 % 17,220,941 CCBA Senior Garden Apartments 2022 San Diego, CA 7/1/2037 4.50 % 3,757,268 Columbia Gardens (3) 2015 Columbia, SC 12/1/2050 5.50 % 12,282,000 Companion at Thornhill Apartments (3) 2016 Lexington, SC 1/1/2052 5.80 % 10,639,506 Concord at Gulfgate - Series A (3) 2015 Houston, TX 2/1/2032 6.00 % 18,190,721 Concord at Little York - Series A (3) 2015 Houston, TX 2/1/2032 6.00 % 12,743,460 Concord at Williamcrest - Series A (3) 2015 Houston, TX 2/1/2032 6.00 % 19,740,985 Copper Gate Apartments (1) 2013 Lafayette, IN 12/1/2029 6.25 % 4,780,000 Courtyard - Series A (3) 2016 Fullerton, CA 12/1/2033 5.00 % 9,774,107 Crossing at 1415 - Series A (3) 2015 San Antonio, TX 12/1/2052 6.00 % 7,082,698 Decatur Angle (3) 2014 Fort Worth, TX 1/1/2054 5.75 % 21,646,255 Esperanza at Palo Alto (3) 2018 San Antonio, TX 7/1/2058 5.80 % 18,751,278 Glenview Apartments - Series A (2) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,312,025 Handsel Morgan Village Apartments 2023 Buford, GA 3/1/2041 6.75 % 2,150,000 Harden Ranch - Series A (1) 2014 Salinas, CA 3/1/2030 5.75 % 6,355,567 Harmony Court Bakersfield - Series A (3) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,563,775 Harmony Terrace - Series A (3) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,598,285 Heights at 515 - Series A (3) 2015 San Antonio, TX 12/1/2052 6.00 % 6,484,332 Heritage Square - Series A (2) 2014 Edinburg, TX 9/1/2051 6.00 % 10,186,405 The Ivy Apartments (5) 2023 Greensville, SC 2/1/2030 6.50 % 30,500,000 Jackson Manor Apartments (5) 2021 Jackson, MS 5/1/2038 5.00 % 4,824,474 Las Palmas II - Series A (3) 2016 Coachella, CA 11/1/2033 5.00 % 1,616,607 Live 929 Apartments - Series 2022A (5) 2022 Baltimore, MD 1/1/2060 4.30 % 66,365,000 Lutheran Gardens (6) 2021 Compton, CA 2/1/2025 4.90 % 10,352,000 MaryAlice Circle Apartments (5) 2023 Buford, GA 3/1/2041 6.75 % 5,900,000 Meadow Valley (5) 2021 Garfield Charter Township, MI 12/1/2029 6.25 % 20,755,000 Montclair Apartments - Series A (2) 2014 Lemoore, CA 12/1/2031 5.75 % 2,336,065 Montecito at Williams Ranch Apartments - Series A (5) 2017 Salinas, CA 10/1/2034 5.50 % 7,442,435 Montevista - Series A (5) 2019 San Pablo, CA 7/1/2036 5.75 % 6,607,973 Oaks at Georgetown - Series A (3) 2016 Georgetown, TX 1/1/2034 5.00 % 11,790,848 Ocotillo Springs - Series A 2020 Brawley, CA 8/1/2038 4.35 % 3,489,096 Ocotillo Springs - Series A-1 2023 Brawley, CA 8/1/2038 6.50 % 499,117 The Park at Sondrio - Series 2022A (5) 2022 Greenville, SC 1/1/2030 6.50 % 38,100,000 The Park at Vietti - Series 2022A (5) 2022 Spartanburg, SC 1/1/2030 6.50 % 26,985,000 Provision Center 2014-1 2014 Knoxville, TN 5/1/2034 6.00 % 6,636,596 Renaissance - Series A (2) 2015 Baton Rouge, LA 6/1/2050 6.00 % 10,429,392 Residency at Empire - Series BB-1 (5) 2022 Burbank, CA 12/1/2040 6.45 % 14,000,000 Residency at Empire - Series BB-2 (5) 2022 Burbank, CA 12/1/2040 6.45 % 4,000,000 Residency at Empire - Series BB-3 (5) 2022 Burbank, CA 12/1/2040 6.45 % 5,055,000 Residency at the Entrepreneur - Series J-1 (5) 2022 Los Angeles, CA 3/31/2040 6.00 % 9,000,000 Residency at the Entrepreneur - Series J-2 (5) 2022 Los Angeles, CA 3/31/2040 6.00 % 7,500,000 Residency at the Entrepreneur - Series J-3 (5) 2022 Los Angeles, CA 3/31/2040 6.00 % 12,300,000 Residency at the Entrepreneur - Series J-5 2023 Los Angeles, CA 4/1/2025 SOFR + 3.60 % 1,000,000 Residency at the Mayer - Series A (5) 2021 Hollywood, CA 4/1/2039 SOFR + 3.60 % 29,500,000 Runnymede 2007 Austin, TX 10/1/2024 6.00 % 9,390,000 The Safford (5) 2023 Marana, AZ 10/10/2026 7.59 % 7,560,034 San Vicente - Series A (3) 2016 Soledad, CA 11/1/2033 5.00 % 3,333,357 Santa Fe Apartments - Series A (2) 2014 Hesperia, CA 12/1/2031 5.75 % 2,830,055 Seasons at Simi Valley - Series A (3) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,083,273 Seasons Lakewood - Series A (3) 2016 Lakewood, CA 1/1/2034 5.00 % 7,028,608 Seasons San Juan Capistrano - Series A (3) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 11,833,880 Silver Moon - Series A (2) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,480,455 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,611,955 Southpark 2009 Austin, TX 12/1/2049 6.13 % 12,300,000 Summerhill - Series A (3) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,136,763 Sycamore Walk - Series A (3) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,380,901 The Palms at Premier Park Apartments (1) 2013 Columbia, SC 1/1/2050 6.25 % 17,872,527 Tyler Park Townhomes (1) 2013 Greenfield, CA 1/1/2030 5.75 % 5,533,307 The Village at Madera - Series A (3) 2016 Madera, CA 12/1/2033 5.00 % 2,947,519 Village at Avalon (4) 2018 Albuquerque, NM 1/1/2059 5.80 % 15,808,184 Village at Hanford Square - Series H (5) 2023 Hanford, CA 5/1/2030 6.65 % 10,400,000 Village Point Apartments (6) 2023 Monroe, NJ 6/1/2030 6.875 % 23,000,000 Village at River's Edge (3) 2017 Columbia, SC 6/1/2033 6.00 % 9,566,110 Vineyard Gardens - Series A (5) 2017 Oxnard, CA 1/1/2035 5.50 % 3,874,962 Westside Village Market (1) 2013 Shafter, CA 1/1/2030 5.75 % 3,616,007 Willow Run (3) 2015 Columbia, SC 12/1/2050 5.50 % 12,111,000 Windsor Shores Apartments (5) 2023 Columbia, SC 2/1/2030 6.50 % 21,545,000 $ 884,664,326 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS Financing), Note 13 (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS Financing), Note 13 (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing ), Note 13 (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing ), Note 13 (5) MRB held by Morgan Stanley in a debt financing transaction, Note 13 (6) MRB held by Mizuho in a TOB trust financing transaction, Note 13 (7) MRB held by Barclays in a TOB trust financing transaction, Note 13

Governmental Issuer Loans (Tabl

Governmental Issuer Loans (Tables)	12 Months Ended
	Dec. 31, 2024
Governmental Issuer Loans [Abstract]
Summary of Partnership's GIL Investments	The Partnership had the following GIL investments as of December 31, 2024 and 2023: As of December 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 2/1/2025 SOFR + 3.07 % 7.60 % $ 34,620,000 Osprey Village (3) July 2021 Kissimmee, FL 383 2/1/2025 SOFR + 3.07 % 7.64 % 60,000,000 Willow Place Apartments (3) September 2021 McDonough, GA 182 2/1/2025 SOFR + 3.30 % 7.87 % 20,702,594 Willow Place Apartments Supplemental November 2023 McDonough, GA n/a 2/1/2025 SOFR + 3.45 % 8.02 % 1,500,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 35,688,328 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 21,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 33,550,000 Sandy Creek Apartments (3) August 2023 Bryan, TX 140 9/1/2026 7.83 % (5) 7.83 % 12,100,000 Natchitoches Thomas Apartments (3), (6) December 2024 Natchitoches, LA 120 7/1/2027 7.92 % 7.92 % 6,500,000 1,459 $ 226,202,222 (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 20). (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. (6) The Natchitoches Thomas Apartments GIL was considered to be available-for-sale sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future. 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 20). (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 2024, the following GILs were purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full: Property Name Month Principal Proceeds Hope on Avalon January 2024 $ 23,390,000 Magnolia Heights September 2024 20,400,000 $ 43,790,000 During 2024 the following GIL had a partial principal repayment: Property Name Month Principal Proceeds Willow Place Apartments August 2024 $ 4,297,406 During 2024, the Partnership recognized fees of approximately $ 431,000 in other income in connection with extensions of the maturity dates of the Legacy Commons at Signal Hills GIL, the Magnolia Heights GIL, the Osprey Village GIL, the Willow Place Apartments GIL and the Willow Place Apartments Supplemental GIL. During 2023, the following GILs were purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full: Property Name Month Principal Proceeds Oasis at Twin Lakes June 2023 $ 34,000,000 Hope on Broadway July 2023 13,105,623 Hilltop at Signal Hills August 2023 24,450,000 Centennial Crossings September 2023 33,080,000 Scharbauer Flats Apartments November 2023 40,000,000 $ 144,635,623

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 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 December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Property Name Location Land and Land Buildings and Carrying Value Land and Land Buildings and Carrying Value Vantage at San Marcos (1) San Marcos, TX 2,660,615 1,136,167 3,796,782 2,660,615 946,043 3,606,658 Land held for development Richland County, SC 1,109,482 - 1,109,482 1,109,482 - 1,109,482 $ 4,906,264 $ 4,716,140 Less accumulated depreciation - - Real estate assets, net $ 4,906,264 $ 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.
Schedule of Net Loss Exclusive of Gains on Sale of MF Property	Net loss, exclusive of the gains on sale, related to The 50/50 MF Property and the Suites on Paseo MF Property for the years ended December 31, 2024, 2023, and 2022 was as follows For the Years Ended December 31, 2024 2023 2022 Net loss $ - $ ( 234,776 ) $ ( 649,222 )

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 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 December 31, 2024 and 2023: Property Name Location Units Construction Commencement Date Construction Completion Date Carrying Value as of December 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 October 2024 26,560,347 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 13,535,176 12,996,316 Vantage at McKinney Falls McKinney Falls, TX 288 December 2021 July 2024 15,633,593 13,131,272 Freestone Greeley Greeley, CO 296 N/A N/A 6,230,785 5,346,007 Freestone Cresta Bella San Antonio, TX 296 February 2023 November 2024 16,759,593 17,325,494 Valage Senior Living Carson Valley Minden, NV 102 (1) February 2023 N/A 8,471,445 8,608,322 The Jessam at Hays Farm Huntsville, AL 318 July 2023 N/A 17,696,609 7,518,717 Freestone Greenville Greenville, TX 300 April 2024 N/A 20,853,691 5,366,551 Freestone Ladera Ladera, TX 288 August 2024 N/A 9,804,364 3,661,230 $ 179,409,869 $ 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 year ended December 31, 2024: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain on Sale Vantage at Coventry Omaha, NE 294 (1) $ 50,000 $ - $ 50,000 Vantage at Westover Hills San Antonio, TX 288 (2) 6,986 - 6,986 Vantage at Murfreesboro Murfreesboro, TN 288 (3) 60,858 - 60,858 $ 117,844 $ - $ 117,844 (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 consolidated statement of operations. (2) In May 2024, the Partnership received sales proceeds of approximately $ 7,000 associated with final settlements of the Vantage at Westover Hills sale in May 2022. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s consolidated statement of operations. (3) In December 2024, the Partnership received tax refund proceeds of approximately $ 61,000 primarily associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s consolidated statements of operations. The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the year ended December 31, 2023: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain (Loss) 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 ) Vantage at O'Connor San Antonio, TX 288 (2) ( 11,744 ) - ( 11,744 ) Vantage at Conroe Conroe, TX 288 June 2023 19,828,060 2,065,608 7,337,828 Vantage at Powdersville Powdersville, SC 288 (3) 32,385 - 32,385 $ 47,751,979 $ 2,309,404 $ 22,725,398 (1) In February 2023, the Partnership returned sales proceeds of approximately $ 6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s consolidated statements of operations. (2) In May 2023, the Partnership returned sales proceeds of approximately $ 12,000 associated with final settlements of the Vantage at O’Connor sale in July 2022. The Partnership recognized the amount in "Gain on sale of investment in an unconsolidated entity" on the Partnership’s consolidated statements of operations. (3) In August 2023, the Partnership received sales proceeds of approximately $ 32,000 associated with final settlements of the Vantage at Powdersville sale in May 2021. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s consolidated statements of operations. The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the year ended December 31, 2022: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain on Sale Vantage at Murfreesboro Murfreesboro, TN 288 March 2022 $ 29,399,532 $ 657,937 $ 16,501,596 Vantage at Westover Hills San Antonio, TX 288 May 2022 20,923,784 - 12,658,501 Vantage at Bulverde Bulverde, TX 288 (1) 60,000 - 60,000 Vantage at Germantown Germantown, TN 288 (2) 4,407 - 4,407 Vantage at O’Connor San Antonio, TX 288 July 2022 19,381,976 1,195 10,580,781 $ 69,769,699 $ 659,132 $ 39,805,285 (1) During 2022, the Partnership received net cash of approximately $ 60,000 associated with final settlements of the Vantage at Bulverde sale in August 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s consolidated statements of operations. (2) During 2022, the Partnership received cash of approximately $ 4,000 associated with final settlements of the Vantage at Germantown sale in March 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s 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 as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022: December 31, 2024 December 31, 2023 Assets $ 456,310,813 $ 317,027,557 Liabilities $ 307,735,879 $ 195,330,159 For the Years Ended December 31, 2024 2023 2022 Property revenues $ 19,953,172 $ 13,321,584 $ 22,048,926 Gain on sale of property $ - $ 56,959,112 $ 87,602,712 Net income (loss) $ ( 16,168,741 ) $ 48,500,277 $ 83,943,337

Property Loans (Tables)

Property Loans (Tables)	12 Months Ended
	Dec. 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 December 31, 2024 and 2023: December 31, 2024 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Sandy Creek Apartments $ 7,830,000 $ - $ 7,830,000 9/1/2026 8.63 % (2) Subtotal 7,830,000 - 7,830,000 Mezzanine Financing (3) SoLa Impact Opportunity Zone Fund $ 33,380,000 $ - $ 33,380,000 12/30/2025 7.875 % The Centurion Foundation 7,250,000 - 7,250,000 6/15/2039 10.50 % Subtotal 40,630,000 - 40,630,000 Other The 50/50 (a former MF Property) $ 7,109,611 $ - $ 7,109,611 3/11/2048 9.00 % Live 929 Apartments 495,000 ( 495,000 ) - 7/31/2049 8.00 % Sandoval Flats (4) 1,000,000 - 1,000,000 12/1/2027 7.48 % Subtotal 8,604,611 ( 495,000 ) 8,109,611 Total $ 57,064,611 $ ( 495,000 ) $ 56,569,611 (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 by six 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 loans are held in trust in connection with TOB trust financings (Note 13). (4) The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future. 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 year ended December 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 Avistar (February 2013 portfolio) May 2024 201,972 Avistar (June 2013 portfolio) May 2024 251,622 Magnolia Heights September 2024 8,118,546 SoLa Impact Opportunity Zone Fund October 2024 165,000 $ 81,060,334 Activity in 2023 The following property loan principal payments were received during the year ended December 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 SoLa Impact Opportunity Zone Fund May 2023 3,790,000 Magnolia Heights June 2023 2,181,454 Oasis at Twin Lakes June 2023 24,018,657 SoLa Impact Opportunity Zone Fund August 2023 1,165,000 Hilltop at Signal Hills August 2023 21,197,939 Centennial Crossings September 2023 17,557,656 Scharbauer Flats November 2023 13,386,764 $ 101,613,050

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	The following table summarizes income tax expense (benefit) for the years ended December 31, 2024, 2023, and 2022: For the Years Ended December 31, 2024 2023 2022 Current income tax expense $ 30,012 $ 11,228 $ ( 6,138 ) Deferred income tax expense (benefit) 2,435 ( 362 ) ( 45,056 ) Total income tax expense $ 32,447 $ 10,866 $ ( 51,194 )

Partnership Income, Expenses _2

Partnership Income, Expenses and Distributions (Tables)	12 Months Ended
	Dec. 31, 2024
Partnership Income Expenses And Cash Distributions [Abstract]
Schedule of Distributions Declared per Beneficial Unit Certificates	Cash distributions per BUC declared during the years ended December 31, 2024, 2023 and 2022 were as follows: For the Years Ended December 31, 2024 2023 2022 Cash distributions (1) $ 1.478 $ 1.460 $ 1.680 (1) All cash distributions per BUC amounts above have been retroactively adjusted for the BUCs Distributions on a retroactive basis.
Summary of Beneficial Unit Certificates Distributions Declared	The following table summarizes the BUCs Distributions declared during the years ended December 31, 2024, 2023 and 2022: BUCs Distribution Payment Ratio (1) Declaration Date Record Date Payment Date 2024 BUCs Distribution: First Quarter 2024 BUCs Distribution $ 0.07 0.00417 3/13/2024 3/28/2024 4/30/2024 2023 BUCs Distributions: BUCs distribution $ 0.07 0.00448 6/14/2023 6/30/2023 7/31/2023 BUCs distribution 0.07 0.00418 9/13/2023 9/29/2023 10/31/2023 BUCs distribution 0.07 0.00415 12/13/2023 12/29/2023 1/31/2024 subtotal 0.21 2022 BUCs Distributions: BUCs distribution $ 0.20 0.01044 9/14/2022 9/30/2022 10/31/2022 BUCs distribution 0.20 0.01050 12/19/2022 12/30/2022 1/31/2023 subtotal 0.40 Total $ 0.68 (1) The ratio represents the number of BUCs distributed for each BUC outstanding as of the respective record dates. The ratio was determined based on the closing BUC price on the NYSE on the day prior to the respective declaration dates.

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the Partnership’s other assets as of December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Deferred financing costs, net $ 653,510 $ 850,726 Derivative instruments at fair value (Note 15) 6,980,820 5,254,663 Taxable mortgage revenue bonds, at fair value 26,671,085 21,460,288 Taxable governmental issuer loans: Taxable governmental issuer loans 14,157,672 13,573,000 Allowance for credit losses (Note 10) ( 76,000 ) ( 77,000 ) Taxable governmental issuer loans, net 14,081,672 13,496,000 Bond purchase commitment, at fair value (Note 16) - 197,788 Other assets 1,462,333 1,935,005 Total other assets $ 49,849,420 $ 43,194,470
Summary of Taxable Governmental Issuer Loan and MRB, and Total Funding Commitment	The following table includes details of the taxable MRBs and taxable GILs acquired during the year ended December 31, 2024: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funding Taxable MRB Woodington Gardens Apartments - Series A-2 April 2024 Baltimore, MD 197 5/1/2029 7.80 % $ 2,577,000 Taxable GIL Natchitoches Thomas Apartments December 2024 Natchitoches, LA 120 7/1/2027 7.92 % 1,000,000 Total $ 3,577,000 The following taxable MRB and taxable GIL principal payments were received during the year ended December 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 Residency at the Mayer Series A-T September 2024 Hollywood, CA 79 10/1/2024 SOFR + 3.70 % (2) 1,000,000 Subtotal $ 12,500,000 Taxable GILs Hope on Avalon January 2024 Los Angeles, CA 88 2/1/2024 SOFR + 3.55 % $ 10,573,000 Total $ 23,073,000 (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 %.
Summary of Taxable MRB Acquired	The following table includes details of the taxable MRBs acquired during the year ended December 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 Village at Hanford Square - Series H-T May 2023 5/1/2030 1,000,000 10,400,000 40rty on Colony - Series P-T June 2023 6/1/2030 1,100,000 5,950,000 Subtotal $ 17,155,000

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2024 and 2023: For the Year ended December 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 ( 256,000 ) ( 1,000 ) ( 118,000 ) ( 492,000 ) ( 867,000 ) Balance, end of period $ 1,038,000 $ 76,000 $ 1,930,000 $ 186,000 $ 3,230,000 For the Year ended December 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 credit losses ( 851,000 ) ( 2,000 ) ( 555,000 ) ( 939,000 ) ( 2,347,000 ) Balance, end of period $ 1,294,000 $ 77,000 $ 2,048,000 $ 678,000 $ 4,097,000
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 December 31, 2024 and 2023: December 31, 2024 2024 2023 2022 2021 2020 Prior Total Governmental Issuer Loans Performing $ - $ 13,600,000 $ 90,779,628 $ 115,322,594 $ - $ - $ 219,702,222 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 13,600,000 90,779,628 115,322,594 - - 219,702,222 Taxable Governmental Issuer Loans Performing $ - $ - $ 13,157,672 $ - $ - $ - $ 13,157,672 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - - 13,157,672 - - - 13,157,672 Property Loans Performing $ 7,250,000 $ 7,830,000 $ 40,489,611 $ - $ - $ - $ 55,569,611 Watch - - - - - - - Nonperforming - - - - - 495,000 495,000 Subtotal 7,250,000 7,830,000 40,489,611 - - 495,000 56,064,611 Unfunded Commitments Performing $ - $ - $ 49,700,000 $ - $ - $ - $ 49,700,000 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - - 49,700,000 - - - 49,700,000 Total $ 7,250,000 $ 21,430,000 $ 194,126,911 $ 115,322,594 $ - $ 495,000 $ 338,624,505 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	For the Years Ended December 31, 2024 2023 2022 Balance, beginning of period $ 9,910,079 $ 9,978,891 $ 9,175,482 Other Additions (1) - - 860,533 Current provision for credit loss (2) ( 169,308 ) - - Write-offs (2) ( 5,542,922 ) - - Recovery of prior credit loss (3) ( 69,000 ) ( 68,812 ) ( 57,124 ) Balance, end of period (4) $ 4,128,849 $ 9,910,079 $ 9,978,891 (1) The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. (2) In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership recovered approximately $ 169,000 of its previously recognized allowance for credit loss and the remainder of the allowance associated with the MRB was written off. (3) 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. (4) The allowance for credit losses as of December 31, 2024 was related to the Live 929 Apartments – Series 2022A MRB. The allowance for credit losses as of December 31, 2023 and 2022 was related to the Provision Center 2014-1 MRB and the Live 929 Apartments – Series 2022A MRB .

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 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 December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Accounts payable $ 2,183,546 $ 1,518,267 Accrued expenses 5,076,445 4,104,945 Accrued interest expense 7,529,123 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) 186,000 678,000 Derivative instruments at fair value (Note 15) 609,766 705,694 Other liabilities 1,299,266 1,419,233 Total accounts payable, accrued expenses and other liabilities $ 23,480,768 $ 22,958,088

Secured Lines of Credit (Tables

Secured Lines of Credit (Tables)	12 Months Ended
	Dec. 31, 2024
Secured Line Of Credit Facility [Member]
Line of Credit Facility [Line Items]
Summary of Secured Line of Credit	The following tables summarize the secured lines of credit as of December 31, 2024 and 2023: Secured Lines of Credit Outstanding as of December 31, 2024 Total Commitment Commitment Maturity Variable / Reset Period End General LOC $ 50,000,000 $ 50,000,000 June 2025 (1) Variable (2) Monthly 8.03 % Acquisition LOC 18,852,000 50,000,000 June 2025 (3) Variable (4) Monthly 7.02 % $ 68,852,000 $ 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 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 a one-year extension option subject to certain conditions and payment of a $ 25,000 extension fee. (4) The variable rate is equal to 2.50 % plus a variable component based on the Term SOFR. Secured Lines of Credit Outstanding as of December 31, 2023 Total Commitment Commitment Maturity Variable / Reset Period End General LOC $ 16,500,000 $ 40,000,000 June 2025 (1) Variable (2) Monthly 8.85 % 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 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 Term SOFR.

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
	Dec. 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 December 31, 2024 and 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 M33 TEBS $ 28,153,143 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 207,487,593 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 235,640,736 4.25 % 2024 PFA Securitization Transaction $ 72,928,607 $ 499,000 2039 Fixed Yes N/A N/A 4.90 % TEBS Residual Financing $ 51,574,033 $ 265,000 2034 Fixed Yes N/A N/A 7.16 % TOB Trust Securitizations Mizuho Capital Markets: SoLa Impact Opportunity Zone Fund $ 23,353,548 (3) 2025 Variable No 4.60 % 1.78 % 6.38 % The Park at Sondrio - Series 2022A 30,439,932 (3) 2025 Variable Yes 3.94 % 1.43 % 5.37 % The Park at Vietti - Series 2022A 21,556,510 (3) 2025 Variable Yes 3.94 % 1.43 % 5.37 % Residency at the Entrepreneur MRBs 34,060,000 (3) 2025 Variable Yes 3.94 % 1.45 % 5.39 % Legacy Commons at Signal Hills GIL 31,155,000 (3) 2025 Variable Yes 3.94 % 0.91 % 4.85 % Osprey Village GIL 49,475,000 (3) 2025 Variable Yes 3.94 % 1.19 % 5.13 % Residency at Empire MRBs 42,456,840 (3) 2026 Variable Yes 3.94 % 1.42 % 5.36 % The Ivy Apartments 24,364,083 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Windsor Shores Apartments 17,209,991 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Village at Hanford Square 7,777,224 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % MaryAlice Circle Apartments 4,698,486 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Meadow Valley 30,709,433 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % 40rty on Colony 4,450,508 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Sandy Creek Apartments GIL 9,640,533 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Residency at the Mayer MRBs 33,806,861 (3) 2026 Variable Yes 3.94 % 1.19 % 5.13 % The Safford 29,772,042 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Avistar at Wood Hollow - Series A 32,254,020 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Live 929 53,092,000 (3) 2027 Variable Yes 3.94 % 1.18 % 5.12 % Woodington Gardens - Series A-1 24,841,650 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Aventine Apartments 7,560,184 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar at Copperfield - Series A 11,232,828 (3) 2027 Variable Yes 3.94 % 1.68 % 5.62 % Avistar at Wilcrest - Series A 4,255,827 (3) 2027 Variable Yes 3.94 % 1.68 % 5.62 % Trust 2024-XF3219 (4) 46,436,706 (3) 2027 Variable No 4.60 % 1.79 % 6.39 % The Centurion Foundation 5,051,557 (3) 2027 Variable No 4.60 % 1.79 % 6.39 % Avistar at the Crest - Series A 7,240,898 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar on the Blvd - Series A 12,060,628 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar on the Hills - Series A 4,001,672 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar at the Oaks - Series A 5,858,331 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar in 09 - Series A 5,053,972 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Barclays Capital Inc.: Trust 2021-XF2953 (5) 28,254,089 - 2025 Variable No 4.45 % 1.27 % 5.72 % Poppy Grove I GIL 28,545,470 - 2025 Variable Yes 4.05 % 1.25 % 5.30 % Poppy Grove II GIL 17,231,470 - 2025 Variable Yes 4.05 % 1.25 % 5.30 % Poppy Grove III GIL 26,838,470 - 2025 Variable Yes 4.05 % 1.25 % 5.30 % Village Point 18,394,018 - 2025 Variable Yes 4.05 % 1.61 % 5.66 % Subtotal/Weighed Average Period End Rate 733,129,781 5.43 % Total $ 1,093,273,157 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt 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) The Partnership has restricted cash totaling approximately $ 15.8 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (4) The TOB trust is securitized by four MRBs, eight taxable MRBs, and one property loan. (5) The TOB trust is securitized by the Willow Place GIL & Supplemental GIL, 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 $ 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 ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (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.
Schedule of Contractual Maturities of Debt Financing	he Partnership’s contractual maturities of debt financing for the twelve-month periods ending December 31 for the next five years and thereafter are as follows: 2025 $ 352,103,969 2026 203,721,434 2027 194,545,705 2028 5,948,361 2029 10,606,159 Thereafter 331,391,189 Total 1,098,316,817 Unamortized deferred financing costs and debt premium ( 5,043,660 ) Total debt financing, net $ 1,093,273,157 The table above does not reflect certain extensions of certain TOB trust financings after December 31, 2024. See Note 27 for additional information.

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 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 December 31, 2024 and 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 M33 TEBS $ 28,153,143 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS 207,487,593 5,000 2034 Fixed Yes N/A N/A 4.39 % Subtotal/Weighed Average Period End Rate 235,640,736 4.25 % 2024 PFA Securitization Transaction $ 72,928,607 $ 499,000 2039 Fixed Yes N/A N/A 4.90 % TEBS Residual Financing $ 51,574,033 $ 265,000 2034 Fixed Yes N/A N/A 7.16 % TOB Trust Securitizations Mizuho Capital Markets: SoLa Impact Opportunity Zone Fund $ 23,353,548 (3) 2025 Variable No 4.60 % 1.78 % 6.38 % The Park at Sondrio - Series 2022A 30,439,932 (3) 2025 Variable Yes 3.94 % 1.43 % 5.37 % The Park at Vietti - Series 2022A 21,556,510 (3) 2025 Variable Yes 3.94 % 1.43 % 5.37 % Residency at the Entrepreneur MRBs 34,060,000 (3) 2025 Variable Yes 3.94 % 1.45 % 5.39 % Legacy Commons at Signal Hills GIL 31,155,000 (3) 2025 Variable Yes 3.94 % 0.91 % 4.85 % Osprey Village GIL 49,475,000 (3) 2025 Variable Yes 3.94 % 1.19 % 5.13 % Residency at Empire MRBs 42,456,840 (3) 2026 Variable Yes 3.94 % 1.42 % 5.36 % The Ivy Apartments 24,364,083 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Windsor Shores Apartments 17,209,991 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Village at Hanford Square 7,777,224 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % MaryAlice Circle Apartments 4,698,486 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Meadow Valley 30,709,433 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % 40rty on Colony 4,450,508 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Sandy Creek Apartments GIL 9,640,533 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Residency at the Mayer MRBs 33,806,861 (3) 2026 Variable Yes 3.94 % 1.19 % 5.13 % The Safford 29,772,042 (3) 2026 Variable Yes 3.94 % 1.44 % 5.38 % Avistar at Wood Hollow - Series A 32,254,020 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Live 929 53,092,000 (3) 2027 Variable Yes 3.94 % 1.18 % 5.12 % Woodington Gardens - Series A-1 24,841,650 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Aventine Apartments 7,560,184 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar at Copperfield - Series A 11,232,828 (3) 2027 Variable Yes 3.94 % 1.68 % 5.62 % Avistar at Wilcrest - Series A 4,255,827 (3) 2027 Variable Yes 3.94 % 1.68 % 5.62 % Trust 2024-XF3219 (4) 46,436,706 (3) 2027 Variable No 4.60 % 1.79 % 6.39 % The Centurion Foundation 5,051,557 (3) 2027 Variable No 4.60 % 1.79 % 6.39 % Avistar at the Crest - Series A 7,240,898 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar on the Blvd - Series A 12,060,628 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar on the Hills - Series A 4,001,672 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar at the Oaks - Series A 5,858,331 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Avistar in 09 - Series A 5,053,972 (3) 2027 Variable Yes 3.94 % 1.44 % 5.38 % Barclays Capital Inc.: Trust 2021-XF2953 (5) 28,254,089 - 2025 Variable No 4.45 % 1.27 % 5.72 % Poppy Grove I GIL 28,545,470 - 2025 Variable Yes 4.05 % 1.25 % 5.30 % Poppy Grove II GIL 17,231,470 - 2025 Variable Yes 4.05 % 1.25 % 5.30 % Poppy Grove III GIL 26,838,470 - 2025 Variable Yes 4.05 % 1.25 % 5.30 % Village Point 18,394,018 - 2025 Variable Yes 4.05 % 1.61 % 5.66 % Subtotal/Weighed Average Period End Rate 733,129,781 5.43 % Total $ 1,093,273,157 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt 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) The Partnership has restricted cash totaling approximately $ 15.8 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (4) The TOB trust is securitized by four MRBs, eight taxable MRBs, and one property loan. (5) The TOB trust is securitized by the Willow Place GIL & Supplemental GIL, 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 $ 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 ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (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 mortgages payable, net of deferred financing costs, as of December 31, 2024 and 2023: Property Mortgage Payables Outstanding Mortgage Outstanding Mortgage Year Stated Maturity Variable Period End Vantage at San Marcos (1) $ 1,664,347 $ 1,690,000 2020 November 2025 Variable 8.25 % (1) The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 3) . In September 2023, the Partnership entered into a mortgage secured by the Suites on Paseo MF Property with an initial principal amount of $ 25.0 million. The mortgage payable was repaid in full with proceeds from the sale of the Suites on Paseo MF Property in December 2023.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 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 realized and unrealized gains and losses of the Partnership's derivative instruments for the years ended December 31, 2024, 2023 and 2022: For the Year ended December 31, 2024 Realized (gains) losses on derivatives, net Unrealized (gains) losses on derivatives, net Net result from derivative transactions Interest rate swaps $ ( 6,412,028 ) $ ( 2,098,165 ) $ ( 8,510,193 ) Interest rate cap 14,502 265 14,767 Total $ ( 6,397,526 ) $ ( 2,097,900 ) $ ( 8,495,426 ) For the Year ended December 31, 2023 Realized (gains) losses on derivatives, net Unrealized (gains) losses on derivatives, net Net result from derivative transactions Interest rate swaps $ ( 6,043,273 ) $ 3,082,035 $ ( 2,961,238 ) Interest rate cap - 91,363 91,363 Total return swaps ( 4,501,709 ) - ( 4,501,709 ) Total $ ( 10,544,982 ) $ 3,173,398 $ ( 7,371,584 ) For the Year ended December 31, 2022 Realized (gains) losses on derivatives, net Unrealized (gains) losses on derivatives, net Net result from derivative transactions Interest rate swaps $ ( 140,171 ) $ ( 7,199,197 ) $ ( 7,339,368 ) Interest rate cap - ( 40,539 ) ( 40,539 ) Total return swaps ( 5,715,515 ) - ( 5,715,515 ) Total $ ( 5,855,686 ) $ ( 7,239,736 ) $ ( 13,095,422 )
Summary of Partnership's Interest Rate derivative Agreements	The following table summarizes the Partnership’s interest rate derivative agreements as of December 31, 2024 and 2023 Fair Value as of Contract Type Notional Amount Asset Liability Weighted Average Swaps SOFR 416,989,686 $ 6,980,820 $ ( 609,766 ) 2.68 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 December 31, 2024: Year Average Notional Weighted Average 2025 $ 334,078,298 3.42 % 2026 300,528,466 3.42 % 2027 217,943,332 3.50 % 2028 155,697,132 3.55 % 2029 119,142,299 3.47 % 2030 19,392,800 3.77 % 2031 11,799,667 3.79 % 2032 9,583,000 3.71 % 2033 6,577,667 3.84 % 2034 2,537,500 3.91 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Partnership's Bond Purchase Commitments	The following table summarizes the Partnership’s bond purchase commitments as of December 31, 2024 and December 31, 2023: Bond Purchase Commitments Commitment Date Maximum Interest Closing Fair Value as of Fair Value as of Anaheim & Walnut (a/k/a Wellspring Apartments) September 2021 $ - 4.85 % August 2024 - 197,788
Summary of Partnership's Total and Remaining Commitments	Property Name Commitment Date Asset Interest Rate Total Initial Commitment Remaining Commitment Mortgage Revenue Bonds Meadow Valley December 2021 December 2029 6.25 % $ 44,000,000 $ 2,935,000 Residency at Empire - Series BB-4 December 2022 December 2040 6.45 % (1) 47,000,000 25,800,000 The Safford October 2023 October 2026 (2) 7.59 % 43,000,000 5,651,043 Subtotal 134,000,000 34,386,043 Taxable Mortgage Revenue Bonds Residency at the Entrepreneur Series J-T April 2022 April 2025 (2) SOFR + 3.65 % (3) $ 8,000,000 $ 4,600,000 Residency at Empire - Series BB-T December 2022 December 2025 (2) 7.45 % 9,404,500 8,404,500 Village at Hanford Square - Series H-T May 2023 May 2030 7.25 % 10,400,000 1,400,000 40rty on Colony - Series P-T June 2023 June 2030 7.45 % 5,950,000 1,400,000 Subtotal 33,754,500 15,804,500 Governmental Issuer Loans Poppy Grove II September 2022 April 2025 (2) 6.78 % 22,250,000 708,700 Poppy Grove III September 2022 April 2025 (2) 6.78 % 39,119,507 5,569,507 Natchitoches Thomas Apartments December 2024 July 2027 (2) 7.92 % 19,000,000 12,500,000 Subtotal 80,369,507 18,778,207 Taxable Governmental Issuer Loans Poppy Grove I September 2022 April 2025 (2) 6.78 % $ 21,157,672 $ 10,000,000 Poppy Grove II September 2022 April 2025 (2) 6.78 % 10,941,300 9,941,300 Poppy Grove III September 2022 April 2025 (2) 6.78 % 24,480,493 23,480,493 Natchitoches Thomas Apartments December 2024 July 2027 (2) 7.92 % 4,000,000 3,000,000 Subtotal 60,579,465 46,421,793 Property Loans Sandoval Flats November 2024 December 2027 (2) 7.48 % $ 29,846,000 $ 28,846,000 Subtotal 29,846,000 28,846,000 Equity Investments Vantage at San Marcos (4), (5) November 2020 N/A N/A $ 9,914,529 $ 8,943,914 Freestone Greeley (5) October 2022 N/A N/A 16,035,710 10,562,345 Freestone Ladera December 2023 N/A N/A 17,097,624 7,704,782 Subtotal 43,047,863 27,211,041 Total Commitments $ 381,597,335 $ 171,447,584 (1) Upon stabilization, the MRB will convert to a fixed rate of 10.00 % and become subordinate to the other senior MRBs of the borrower. (2) The borrowers may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (3) The variable index interest rate component is subject to a floor of 0.27 %. (4) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 3). (5) A development site has been identified for this property but construction had not commenced as of December 31, 2024. Construction Loan Guaranties
Summary of Partnership's Maximum Exposure Under Guarantee Agreements	The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of December 31, 2024: Borrower Guaranty Maturity Maximum Balance Loan Partnership's Maximum Exposure Guaranty Vantage at McKinney Falls 2026 $ 35,850,000 $ 35,850,000 $ 17,925,000 (1) (1) The Partnership’s guaranty is for 50 % of the loan balance. The Partnership has guaranteed up to 100 % of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth of not less than $ 100.0 million and maintain liquid assets of not less than $ 5.0 million. The Partnership was in compliance with these requirements as of December 31, 2024. The Partnership has also provided indemnification to the lender for various costs including interest expenses, operating costs, environmental non-compliance and remediation during the term. The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of December 31, 2024: Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure Ohio Properties 2026 $ 1,609,695 Greens of Pine Glen, LP 2027 1,278,767

Redeemable Preferred Units (Tab

Redeemable Preferred Units (Tables)	12 Months Ended
	Dec. 31, 2024
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Preferred Units	The following table summarizes the Partnership’s outstanding Preferred Units as of December 31, 2024 and December 31, 2023: December 31, 2024 Month Issued Units Purchase Price Distribution Redemption Earliest Redemption 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 7,750,000 $ 77,500,000 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)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of RUA Activity	The following table summarizes the RUA activity for years ended December 31, 2024, 2023, and 2022: Restricted Units Weighted average Unvested as of January 1, 2022 77,523 $ 18.18 Granted 96,321 19.33 Vested ( 81,073 ) 18.26 Forfeited ( 5,437 ) 18.76 Unvested as of December 31, 2022 87,334 19.33 Granted 105,274 17.65 Vested ( 97,008 ) 18.64 Unvested as of December 31, 2023 95,600 18.18 Granted 109,581 16.62 Vested ( 105,722 ) 17.70 Unvested as of December 31, 2024 99,459 $ 16.96

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Summary of Amounts Reimbursable to AFCA 2, the General Partner of AFCA 2, or an Affiliate	The amounts in the following table summarize amounts reimbursable to the General Partner, Greystone Manager, or an affiliate for the years ended December 31, 2024, 2023 and 2022 and are reported within “General and administrative expenses” in the Partnership’s consolidated statements of operations: 2024 2023 2022 Reimbursable salaries and benefits $ 5,849,829 $ 6,517,811 $ 5,763,496 Other expenses 59,048 41,841 77,383 Office expenses 295,087 284,396 269,722 Insurance 317,480 441,298 515,245 Professional fees and expenses 155,000 155,846 181,821 Consulting and travel expenses 57,939 56,973 19,381 $ 6,734,383 $ 7,498,165 $ 6,827,048
Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements	The following table summarizes transactions with related parties that are reported in the Partnership’s consolidated financial statements for the years ended December 31, 2024, 2023 and 2022: For the Years Ended December 31, 2024 2023 2022 Partnership administrative fees paid to the General Partner (1) $ 6,210,000 $ 6,319,000 $ 5,200,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 97,000 169,000 328,000 Referral fees paid to an affiliate (3) - 214,000 241,000 Servicing fees paid to an affiliate (4) 7,000 - - (1) The General Partner 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 the General Partner. 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 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 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, 2025, 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. (4) Greystone Servicing, an affiliate of the Partnership, is the servicer for the 2024 PFA Securitization Bonds.
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 years ended December 31, 2024, 2023 and 2022: For the Years Ended December 31, 2024 2023 2022 Non-Partnership property administrative fees received by the General Partner (1) $ - $ - $ 26,000 Investment/mortgage placement fees earned by the General Partner (2) $ 2,860,000 $ 4,209,000 5,487,000 (1) The General Partner received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45 % per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by the Genereal Partner during the periods specified. (2) The General Partner 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)	12 Months Ended
	Dec. 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 December 31, 2024 and 2023 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Mortgage revenue bonds 3.7 % - 8.4 % 2.3 % - 7.7 % (2) 5.5 % 4.8 % (2) Taxable mortgage revenue bonds 7.1 % - 11.9 % 6.5 % - 11.9 % 8.7 % 8.8 % Bond purchase commitments n/a 4.1 % n/a 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 was nearly complete.
Summary of Assets Measured at Fair Value on Recurring Basis	Assets measured at fair value on a recurring basis as of December 31, 2024 are summarized as follows: Fair Value Measurements as of December 31, 2024 Description Assets and Liabilities Quoted Prices in Significant Other Significant Assets and Liabilities Mortgage revenue bonds $ 1,026,483,796 $ - $ - $ 1,026,483,796 Taxable mortgage revenue bonds (reported within other assets) 26,671,085 - - 26,671,085 Derivative instruments (reported within other assets) 6,980,820 - 6,980,820 - Derivative swap liability (reported within other liabilities) ( 609,766 ) - ( 609,766 ) - Total Assets and Liabilities at Fair Value, net $ 1,059,525,935 $ - $ 6,371,054 $ 1,053,154,881 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 $ 930,675,295 $ - $ - $ 930,675,295 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 and liabilities for the year ended December 31, 2024: For the Years ended December 31, 2024 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage 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 1,313,321 - ( 15,267 ) ( 265 ) 1,297,789 Included in earnings (provision for credit loss) 169,308 - - - 169,308 Included in earnings (gain on sale of 2,220,254 - - - 2,220,254 Included in other comprehensive income ( 29,694,536 ) ( 197,788 ) 211,725 - ( 29,680,599 ) Purchases and advances 259,667,135 - 17,527,000 - 277,194,135 Sales ( 108,841,836 ) - - - ( 108,841,836 ) Settlements and redemptions ( 29,025,145 ) - ( 12,512,661 ) - ( 41,537,806 ) Ending Balance December 31, 2024 $ 1,026,483,796 $ - $ 26,671,085 $ - $ 1,053,154,881 Total amount of gains (losses) for the $ 238,308 $ - $ - $ ( 265 ) $ 238,043 The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2023: For the Years Ended December 31, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage 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 305,081 - ( 24,198 ) 4,410,346 4,691,229 Included in other comprehensive income 17,113,511 98,859 ( 1,355,710 ) - 15,856,660 Purchases and advances 141,135,222 - 13,319,875 - 154,455,097 Settlements and redemptions ( 27,286,523 ) - ( 7,011,575 ) ( 4,741,321 ) ( 39,039,419 ) Ending Balance December 31, 2023 $ 930,675,295 $ 197,788 $ 21,460,288 $ 265 $ 952,333,636 Total amount of gains (losses) for the $ 68,812 $ - $ - $ ( 91,421 ) $ ( 22,609 ) The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2022: For the Years Ended December 31, 2022 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Bond Purchase Commitments Taxable Mortgage Derivative Total Beginning Balance January 1, 2022 $ 793,509,844 $ 964,404 $ 3,428,443 $ 343,418 $ 798,246,109 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 1,958,135 - ( 20,028 ) 5,756,111 7,694,218 Included in other comprehensive income ( 68,890,753 ) ( 865,475 ) ( 535,793 ) - ( 70,292,021 ) Purchases and advances 182,726,187 - 13,669,857 - 196,396,044 Settlements and redemptions ( 109,034,876 ) - ( 10,583 ) ( 5,768,289 ) ( 114,813,748 ) Other (1) ( 860,533 ) - - - ( 860,533 ) Ending Balance December 31, 2022 $ 799,408,004 $ 98,929 $ 16,531,896 $ 331,240 $ 816,370,069 Total amount of gains for the $ 57,124 $ - $ - $ 40,538 $ 97,662 (1) The other line is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan (Notes 4 and 6).
Summary of Fair Value of Partnership's Financial Liabilities	The table below summarizes the fair value of the Partnership’s financial liabilities as of December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 1,093,273,157 $ 1,093,729,911 $ 1,015,030,066 $ 1,019,218,351 Secured lines of credit 68,852,000 68,852,000 33,400,000 33,400,000 Mortgages payable 1,664,347 1,664,347 1,690,000 1,690,000

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Summary of Partnership Reportable Segment Information	The following tables detail certain financial information for the Partnership’s reportable segments for the periods indicated: For the Year Ended December 31, 2024 Affordable Multifamily Investments Seniors and Skilled Nursing Investments Market-Rate Joint Venture Investments MF Properties Partnership Total Revenues: Investment income $ 72,865,558 $ 3,442,560 $ 4,668,588 $ - $ 80,976,706 Other interest income 8,941,994 393,313 - 174,000 9,509,307 Other income 785,386 - - - 785,386 Total revenues 82,592,938 3,835,873 4,668,588 174,000 91,271,399 Expenses: Provision for credit losses (Note 10) ( 1,254,308 ) 218,000 - - ( 1,036,308 ) Depreciation and amortization 23,867 - - - 23,867 Interest expense 54,566,925 2,464,899 3,000,183 - 60,032,007 Net result from derivative transactions (Note 15) ( 7,202,354 ) ( 1,293,072 ) - - ( 8,495,426 ) General and administrative 19,652,622 - - - 19,652,622 Total expenses 65,786,752 1,389,827 3,000,183 - 70,176,762 Other Income: Gain on sale of real estate assets - - - 63,739 63,739 Gain on sale of mortgage revenue bond 2,220,254 - - - 2,220,254 Gain on sale of investments in unconsolidated entities - - 117,844 - 117,844 Earnings (losses) from investments in unconsolidated entities - - ( 2,140,694 ) - ( 2,140,694 ) Income before income taxes 19,026,440 2,446,046 ( 354,445 ) 237,739 21,355,780 Income tax expense - - - 32,447 32,447 Segment net income (loss) $ 19,026,440 $ 2,446,046 $ ( 354,445 ) $ 205,292 $ 21,323,333 For the Year Ended December 31, 2023 Affordable Multifamily Investments Seniors and Skilled Nursing Investments Market-Rate Joint Venture Investments MF Properties Partnership Total Revenues: Investment income $ 70,393,234 $ 1,710,657 $ 10,162,307 $ - $ 82,266,198 Other interest income 17,756,044 - - - 17,756,044 Property revenues - - - 4,567,506 4,567,506 Other income 310,916 - - - 310,916 Total revenues 88,460,194 1,710,657 10,162,307 4,567,506 104,900,664 Expenses: Real estate operating (exclusive of items shown below) - - - 2,663,868 2,663,868 Provision for credit losses (Note 10) ( 2,347,000 ) - - - ( 2,347,000 ) Depreciation and amortization 23,846 - - 1,513,602 1,537,448 Interest expense 66,112,891 998,618 1,337,402 617,852 69,066,763 Net result from derivative transactions (Note 15) ( 7,305,867 ) ( 89,844 ) - 24,127 ( 7,371,584 ) General and administrative 20,399,489 - - - 20,399,489 Total expenses 76,883,359 908,774 1,337,402 4,819,449 83,948,984 Other Income: Gain on sale of real estate assets - - - 10,363,363 10,363,363 Gain on sale of investments in unconsolidated entities - - 22,725,398 - 22,725,398 Earnings (losses) from investments in unconsolidated entities - - ( 17,879 ) - ( 17,879 ) Income before income taxes 11,576,835 801,883 31,532,424 10,111,420 54,022,562 Income tax expense - - - 10,866 10,866 Segment net income $ 11,576,835 $ 801,883 $ 31,532,424 $ 10,100,554 $ 54,011,696 For the Year Ended December 31, 2022 Affordable Multifamily Investments Seniors and Skilled Nursing Investments Market-Rate Joint Venture Investments MF Properties Partnership Total Revenues: Investment income $ 52,153,336 $ 58,711 $ 9,130,486 $ - $ 61,342,533 Other interest income 11,221,213 654,325 - - 11,875,538 Property revenues - - - 7,855,506 7,855,506 Total revenues 63,374,549 713,036 9,130,486 7,855,506 81,073,577 Expenses: Real estate operating (exclusive of items shown below) - - - 4,738,160 4,738,160 Depreciation and amortization 23,846 - - 2,693,569 2,717,415 Interest expense 41,640,137 5,750 870,497 1,043,489 43,559,873 Net result from derivative transactions (Note 15) ( 13,095,422 ) - - - ( 13,095,422 ) General and administrative 17,447,864 - - - 17,447,864 Total expenses 46,016,425 5,750 870,497 8,475,218 55,367,890 Other Income: Gain on sale of investments in unconsolidated entities - - 39,805,285 - 39,805,285 Income (loss) before income taxes 17,358,124 707,286 48,065,274 ( 619,712 ) 65,510,972 Income tax benefit - - - ( 51,194 ) ( 51,194 ) Segment net income (loss) $ 17,358,124 $ 707,286 $ 48,065,274 $ ( 568,518 ) $ 65,562,166 The following table details total assets for the Partnership’s reportable segments as of December 31, 2024 and 2023: December 31, 2024 December 31, 2023 Total assets Affordable Multifamily Investments $ 1,428,627,104 $ 1,413,596,701 Seniors and Skilled Nursing Investments 70,163,422 43,532,926 Market-Rate Joint Venture Investments 183,508,429 140,791,041 MF Properties 7,782,906 7,034,690 Consolidation/eliminations ( 110,381,701 ) ( 91,554,656 ) Total assets $ 1,579,700,160 $ 1,513,400,702

Summary of Unaudited Quarterl_2

Summary of Unaudited Quarterly Results of Operations (Tables)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	2024 March 31, June 30, September 30, December 31, Total revenues $ 22,370,654 $ 21,969,171 $ 24,345,550 $ 22,586,024 Other income - gains and losses, net ( 56,845 ) 1,068,595 ( 704,096 ) ( 46,511 ) Income from continuing operations 10,648,381 5,178,136 ( 4,635,707 ) 10,132,523 Net income (loss) $ 10,648,381 $ 5,178,136 $ ( 4,635,707 ) $ 10,132,523 Income from continuing operations, per BUC $ 0.42 $ 0.19 $ ( 0.23 ) $ 0.39 Net income, basic and diluted, per BUC $ 0.42 $ 0.19 $ ( 0.23 ) $ 0.39 2023 March 31, June 30, September 30, December 31, Total revenues $ 24,937,970 $ 28,303,941 $ 26,474,136 $ 25,184,617 Other income - gains and losses, net 15,366,929 7,326,084 32,385 10,363,363 Income from continuing operations 16,791,222 21,287,172 9,729,378 6,203,924 Net income $ 16,791,222 $ 21,287,172 $ 9,729,378 $ 6,203,924 Income from continuing operations, per BUC $ 0.59 $ 0.84 $ 0.39 $ 0.24 Net income, basic and diluted, per BUC $ 0.59 $ 0.84 $ 0.39 $ 0.24 2022 March 31, June 30, September 30, December 31, Total revenues $ 19,206,371 $ 17,232,967 $ 22,604,404 $ 22,029,835 Other income - gains 16,439,750 12,643,501 10,580,781 141,253 Income from continuing operations 26,264,018 17,606,681 18,516,593 3,174,874 Net income $ 26,264,018 $ 17,606,681 $ 18,516,593 $ 3,174,874 Income from continuing operations, per BUC $ 0.99 $ 0.73 $ 0.77 $ 0.09 Net income, basic and diluted, per BUC $ 0.99 $ 0.73 $ 0.77 $ 0.09

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	12 Months Ended
	Dec. 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) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2024	Nov. 30, 2024	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Unrealized gains losses on investments				$ 0
Decrease in short term interest rates in basis points	25%	25%	50%
Cash, FDIC insured amount	$ 250,000			250,000
Partners capital	$ 306,026,766			$ 306,026,766	$ 349,306,708
Beneficial Unit Certificates [Member]
Summary Of Significant Accounting Policies [Line Items]
Supplemental distribution payable	$ 0.68			$ 0.68
ASU 2023-07 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true			true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Dec. 31, 2024			Dec. 31, 2024
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true			true
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Certificates of deposit maturity term				90 days
Maximum [Member] | Restricted Unit Awards [Member] | Greystone Manager [Member]
Summary Of Significant Accounting Policies [Line Items]
Approved grant of restricted units and other awards to employees	1			1
Real Estate Buildings [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	19 years			19 years
Real Estate Buildings [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	40 years			40 years
Capital Improvements [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	5 years			5 years
Capital Improvements [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	15 years			15 years
Greens Hold Co [Member]
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage in MF property	100%			100%
Lindo Paseo LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage in MF property	100%			100%

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Millions	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Variable Interest Entities | Property	31	33
Investments in Unconsolidated Entities [Member] | Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	$ 18.3
Mortgage Revenue Bonds [Member] | Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	31.5
Taxable Mortgage Revenue Bonds [Member] | Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	13
Governmental Issuer Loans [Member] | Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	18.8
Taxable Governmental Issuer Loans (Reported Within Other Assets) [Member] | Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	46.4
Property Loans [Member] | Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	$ 28.8

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value by Asset Type and Maximum Exposure (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 651,341,433	$ 579,009,953
Maximum Exposure to Loss	648,112,999	572,142,140
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	207,170,395	105,236,097
Maximum Exposure to Loss	203,929,806	98,336,213
Taxable Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	4,393,869	13,488,560
Maximum Exposure to Loss	4,406,024	13,520,631
Governmental Issuer Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	203,999,628	202,547,300
Maximum Exposure to Loss	203,999,628	202,547,300
Taxable Governmental Issuer Loans (Reported Within Other Assets) [Member]
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	14,157,672	13,573,000
Maximum Exposure to Loss	14,157,672	13,573,000
Property Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	42,210,000	107,511,750
Maximum Exposure to Loss	42,210,000	107,511,750
Investments in Unconsolidated Entities [Member]
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	179,409,869	136,653,246
Maximum Exposure to Loss	$ 179,409,869	$ 136,653,246

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Assets and Liabilities of the Partnership Conslidated VIE (Details) - USD ($)		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets:
Restricted cash		$ 16,602,473	$ 9,815,909	$ 41,448,840
Interest receivable, net		7,446,307	8,265,901
Mortgage revenue bonds, at fair value		26,671,085	21,460,288
Governmental issuer loans:
Governmental issuer loans held in trust		226,202,222	222,947,300
Allowance for credit losses		(1,038,000)	(1,294,000)
Governmental issuer loans, net		225,164,222	221,653,300
Property loans:
Property loans outstanding principal		57,064,611	122,556,204
Allowance for credit losses		1,930,000	2,048,000
Property loans, net		55,134,611	120,508,204
Real estate assets		4,906,264	4,716,140
Other assets		49,849,420	43,194,470
Total Assets	[1]	1,579,700,160	1,513,400,702
Liabilities:
Accounts payable, accrued expenses and other liabilities		23,480,768	22,958,088
Debt financing, net		1,093,273,157	1,015,030,066
Mortgages payable		1,664,347	1,690,000
Total Liabilities	[1]	1,196,267,250	1,081,662,446
Variable Interest Entities
Assets:
Restricted cash		771,606	12,605
Interest receivable, net		7,089,580	6,920,851
Mortgage revenue bonds, at fair value		1,013,847,272	883,030,786
Governmental issuer loans:
Governmental issuer loans held in trust		219,702,222	222,947,300
Allowance for credit losses		(1,038,000)	(1,294,000)
Governmental issuer loans, net		218,664,222	221,653,300
Property loans:
Property loans outstanding principal		48,460,000	108,271,420
Allowance for credit losses		(547,000)	(675,000)
Property loans, net		47,913,000	107,596,420
Real estate assets		3,796,782	3,606,658
Other assets		40,038,912	24,999,197
Total Assets		1,332,121,374	1,247,819,817
Liabilities:
Accounts payable, accrued expenses and other liabilities	[2]	8,285,369	8,656,003
Debt financing, net	[3]	1,098,530,865	1,018,314,376
Mortgages payable	[4]	1,664,347	1,690,000
Total Liabilities		$ 1,108,480,581	$ 1,028,660,379
[1] The consolidated balance sheets include assets of consolidated VIEs that can only be used to settle obligations of these VIEs that totaled $ 1,332,121,374 and $ 1,247,819,817 as of December 31, 2024 and 2023, respectively. The consolidated balance sheets include liabilities of the consolidated VIEs for which creditors do not have recourse to the general credit of the Partnership that totaled $ 370,876,249 and $ 374,992,803 as of December 31, 2024 and 2023, respectively. See Note 3 - Variable Interest Entities for further detail. Of the amounts reported, $ 5,112,036 and $ 5,495,426 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of December 31, 2024 and 2023, respectively. Of the amounts reported, $ 364,099,866 and $ 367,807,377 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of December 31, 2024 and 2023, respectively. The entire mortgages payable balance is associated with a VIE where the creditor does not have recourse to the general credit of the Partnership as of December 31, 2024 and 2023, respectively.

Variable Interest Entities - _2

Variable Interest Entities - Schedule of Assets and Liabilities of the Partnership Consolidated VIE (Parenthetical) (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Reporting Entity to Variable Interest Entity	$ 648,112,999	$ 572,142,140
Non recourse | Accounts Payable, Accrued Expenses and Other Liabilities
Variable Interest Entity [Line Items]
Reporting Entity to Variable Interest Entity	5,112,036	5,495,426
Non recourse | Debt Financing
Variable Interest Entity [Line Items]
Reporting Entity to Variable Interest Entity	$ 364,099,866	$ 367,807,377

Mortgage Revenue Bonds - Schedu

Mortgage Revenue Bonds - Schedule of Investments in MRBs (Details) - Mortgage Revenue Bonds [Member] - USD ($)		Dec. 31, 2024		Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		$ 994,958,009		$ 869,454,974
Cumulative Unrealized Gain		35,493,084		62,262,434
Cumulative Unrealized Loss		(3,967,297)		(1,042,113)
Estimated Fair Value		1,026,483,796		930,675,295
The Safford [Member] | Series A [Member] | AZ [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		37,435,466	[1]	7,667,299	[2]
Cumulative Unrealized Gain		1,523,170	[1]	2,717,033	[2]
Estimated Fair Value		38,958,636	[1]	10,384,332	[2]
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		5,962,217	[1]	5,964,008	[2]
Cumulative Unrealized Gain		459,328	[1]	739,204	[2]
Estimated Fair Value		6,421,545	[1]	6,703,212	[2]
CCBA Senior Garden Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		3,720,209	[3]	3,757,268
Cumulative Unrealized Gain	[2]			158,840
Cumulative Unrealized Loss	[3]	(58,814)
Estimated Fair Value		3,661,395	[3]	3,916,108
Courtyard [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		9,668,469	[4]	9,774,107	[5]
Cumulative Unrealized Gain		449,017	[4]	845,146	[5]
Estimated Fair Value		10,117,486	[4]	10,619,253	[5]
Glenview Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		4,248,118	[6]	4,312,025	[7]
Cumulative Unrealized Gain		170,362	[6]	298,507	[7]
Estimated Fair Value		4,418,480	[6]	4,610,532	[7]
Harmony Court Bakersfield [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		3,525,258	[4]	3,563,775	[5]
Cumulative Unrealized Gain		127,289	[4]	275,305	[5]
Estimated Fair Value		3,652,547	[4]	3,839,080	[5]
Harmony Terrace [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		6,527,329	[4]	6,598,285	[5]
Cumulative Unrealized Gain		288,190	[4]	573,928	[5]
Estimated Fair Value		6,815,519	[4]	7,172,213	[5]
Harden Ranch [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		6,256,135	[3]	6,355,567	[8]
Cumulative Unrealized Gain		260,476	[3]	441,345	[8]
Estimated Fair Value		6,516,611	[3]	6,796,912	[8]
Las Palmas II [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		1,598,957	[4]	1,616,607	[5]
Cumulative Unrealized Gain		61,427	[4]	128,930	[5]
Estimated Fair Value		1,660,384	[4]	1,745,537	[5]
Lutheran Gardens [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		10,352,000		10,352,000	[9],[10]
Cumulative Unrealized Loss	[9],[10]			(30,994)
Estimated Fair Value		10,352,000		10,321,006	[9],[10]
Montclair Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		2,301,443	[6]	2,336,065	[7]
Cumulative Unrealized Gain		98,596	[6]	170,291	[7]
Estimated Fair Value		2,400,039	[6]	2,506,356	[7]
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		7,374,111	[3]	7,442,435	[2]
Cumulative Unrealized Gain		424,400	[3]	846,333	[2]
Estimated Fair Value		7,798,511	[3]	8,288,768	[2]
Montevista [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		6,556,878	[3]	6,607,973	[2]
Cumulative Unrealized Gain		602,131	[3]	992,675	[2]
Estimated Fair Value		7,159,009	[3]	7,600,648	[2]
Residency at Empire - Series BB-1 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		14,109,248	[1]	14,117,540	[2]
Cumulative Unrealized Gain		491,616	[1]	1,004,021	[2]
Estimated Fair Value		14,600,864	[1]	15,121,561	[2]
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		171,675	[1]	320,446	[2]
Estimated Fair Value		4,171,675	[1]	4,320,446	[2]
Residency at Empire - Series BB-3 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		14,000,000	[1]	5,055,000	[2]
Cumulative Unrealized Gain		510,453	[1]	575,709	[2]
Estimated Fair Value		14,510,453	[1]	5,630,709	[2]
Residency at Empire - Series BB-4 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	21,200,000
Cumulative Unrealized Gain	[1]	275,702
Estimated Fair Value	[1]	21,475,702
Ocotillo Springs [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		3,455,419	[3],[11]	3,489,096	[9]
Cumulative Unrealized Loss		(224,262)	[3],[11]	(59,805)	[9]
Estimated Fair Value		3,231,157	[3],[11]	3,429,291	[9]
Ocotillo Springs [Member] | Series A-1 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		496,351	[3]	499,117
Cumulative Unrealized Gain		64,598	[3]	95,386
Estimated Fair Value		560,949	[3]	594,503
Residency at the Entrepreneur - Series J-1 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		9,078,496	[1],[12]	9,085,429	[2]
Cumulative Unrealized Gain	[2]			181,504
Cumulative Unrealized Loss	[1],[12]	(194,816)
Estimated Fair Value		8,883,680	[1],[12]	9,266,933	[2]
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],[12]	7,500,000	[2]
Cumulative Unrealized Gain	[2]			222,445
Cumulative Unrealized Loss	[1],[12]	(96,933)
Estimated Fair Value		7,403,067	[1],[12]	7,722,445	[2]
Residency at the Entrepreneur - Series J-3 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		26,080,000	[1],[12]	12,300,000	[2]
Cumulative Unrealized Gain	[2]			697,895
Cumulative Unrealized Loss	[1],[12]	(99,928)
Estimated Fair Value		25,980,072	[1],[12]	12,997,895	[2]
Residency at the Entrepreneur - Series J-4 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	16,420,000
Estimated Fair Value	[1]	16,420,000
Residency at the Entrepreneur - Series J-5 [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		5,000,000	[1]	1,000,000
Estimated Fair Value		5,000,000	[1]	1,000,000
Residency at the Mayer [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		29,556,596	[1]	29,560,945	[2]
Estimated Fair Value		29,556,596	[1]	29,560,945	[2]
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
San Vicente [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		3,296,965	[4]	3,333,357	[5]
Cumulative Unrealized Gain		135,060	[4]	265,848	[5]
Estimated Fair Value		3,432,025	[4]	3,599,205	[5]
Santa Fe Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		2,788,112	[6]	2,830,055	[7]
Cumulative Unrealized Gain		123,270	[6]	206,301	[7]
Estimated Fair Value		2,911,382	[6]	3,036,356	[7]
Seasons at Simi Valley [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		4,025,911	[4]	4,083,273	[5]
Cumulative Unrealized Gain		272,883	[4]	443,901	[5]
Estimated Fair Value		4,298,794	[4]	4,527,174	[5]
Seasons Lakewood [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		6,953,024	[4]	7,028,608	[5]
Cumulative Unrealized Gain		306,985	[4]	611,358	[5]
Estimated Fair Value		7,260,009	[4]	7,639,966	[5]
Seasons San Juan Capistrano [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		11,706,622	[4]	11,833,880	[5]
Cumulative Unrealized Gain		516,863	[4]	992,473	[5]
Estimated Fair Value		12,223,485	[4]	12,826,353	[5]
Summerhill [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		6,070,437	[4]	6,136,763	[5]
Cumulative Unrealized Gain		20,122	[4]	381,019	[5]
Estimated Fair Value		6,090,559	[4]	6,517,782	[5]
Sycamore Walk [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		3,330,230	[4]	3,380,901	[5]
Cumulative Unrealized Gain		44,181	[4]	226,216	[5]
Estimated Fair Value		3,374,411	[4]	3,607,117	[5]
The Village at Madera [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		2,915,662	[4]	2,947,519	[5]
Cumulative Unrealized Gain		112,779	[4]	227,699	[5]
Estimated Fair Value		3,028,441	[4]	3,175,218	[5]
Tyler Park Townhomes [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		5,445,686	[3]	5,533,307	[8]
Cumulative Unrealized Gain	[8]			119,693
Estimated Fair Value		5,445,686	[3]	5,653,000	[8]
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		619,721	[1]	1,073,808	[2]
Estimated Fair Value		11,019,721	[1]	11,473,808	[2]
Vineyard Gardens | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		3,839,951	[3]	3,874,962	[2]
Cumulative Unrealized Gain		281,057	[3]	461,663	[2]
Estimated Fair Value		4,121,008	[3]	4,336,625	[2]
Westside Village Market [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		3,558,747	[3]	3,616,007	[8]
Cumulative Unrealized Gain		132,773	[3]	223,459	[8]
Estimated Fair Value		3,691,520	[3]	3,839,466	[8]
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		496,763	[1]	880,643	[2]
Estimated Fair Value		6,396,763	[1]	6,780,643	[2]
Brookstone [Member] | IL [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
Copper Gate Apartments [Member] | IN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		4,715,000	[3]	4,780,000	[8],[9]
Cumulative Unrealized Loss	[8],[9]			(5)
Estimated Fair Value		4,715,000	[3]	4,779,995	[8],[9]
Renaissance [Member] | Series A [Member] | LA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		10,263,789	[6],[12]	10,429,392	[7]
Cumulative Unrealized Gain	[7]			1,221,077
Cumulative Unrealized Loss	[6],[12]	(836,645)
Estimated Fair Value		9,427,144	[6],[12]	11,650,469	[7]
Live 929 Apartments [Member] | Series 2022A [Member] | MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		58,560,655	[1]	58,333,646	[2]
Cumulative Unrealized Gain		3,547,694	[1]	3,275,636	[2]
Estimated Fair Value		62,108,349	[1]	61,609,282	[2]
Woodington Gardens Apartments [Member] | Series A-1 [Member] | MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	31,150,000
Cumulative Unrealized Gain	[1]	3,112,265
Estimated Fair Value	[1]	34,262,265
Meadow Valley [Member] | MI [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		41,162,263	[1],[13]	20,863,114	[2],[14]
Cumulative Unrealized Loss		(1,859,135)	[1],[13]	(920,148)	[2],[14]
Estimated Fair Value		39,303,128	[1],[13]	19,942,966	[2],[14]
Jackson Manor Apartments [Member] | MS [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		4,781,136	[3]	4,824,474	[2]
Cumulative Unrealized Gain		19,919	[3]	209,082	[2]
Estimated Fair Value		4,801,055	[3]	5,033,556	[2]
Village Point [Member] | NJ [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		23,000,000	[12],[15]	23,000,000	[10]
Cumulative Unrealized Gain	[10]			192,788
Cumulative Unrealized Loss	[12],[15]	(447,248)
Estimated Fair Value		22,552,752	[12],[15]	23,192,788	[10]
Silver Moon [Member] | Series A [Member] | NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		7,398,857	[6]	7,480,455	[7]
Cumulative Unrealized Gain		571,694	[6]	928,841	[7]
Estimated Fair Value		7,970,551	[6]	8,409,296	[7]
Village at Avalon [Member] | NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		15,665,803	[3]	15,808,184	[16]
Cumulative Unrealized Gain		1,241,389	[3]	1,962,627	[16]
Estimated Fair Value		16,907,192	[3]	17,770,811	[16]
Columbia Gardens [Member] | Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		12,150,488	[4]	12,351,218	[5]
Cumulative Unrealized Gain		502,113	[4]	807,633	[5]
Estimated Fair Value		12,652,601	[4]	13,158,851	[5]
Companion at Thornhill Apartments [Member] | Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		10,484,096	[4]	10,639,506	[5]
Cumulative Unrealized Gain		338,831	[4]	598,197	[5]
Estimated Fair Value		10,822,927	[4]	11,237,703	[5]
The Ivy Apartments [Member] | Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		30,558,423	[1],[11]	30,567,832	[2]
Cumulative Unrealized Gain		822,638	[1],[11]	1,933,208	[2]
Estimated Fair Value		31,381,061	[1],[11]	32,501,040	[2]
The Palms at Premier Park Apartments [Member] | Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		17,590,997	[3]	17,872,527	[8]
Cumulative Unrealized Gain		27,389	[3]	427,099	[8]
Estimated Fair Value		17,618,386	[3]	18,299,626	[8]
The Park at Sondrio [Member] | Series 2022A [Member] | Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		38,100,000	[1]	38,100,000	[2]
Cumulative Unrealized Gain		1,260,209	[1]	2,682,964	[2]
Estimated Fair Value		39,360,209	[1]	40,782,964	[2]
The Park at Vietti [Member] | Series 2022A [Member] | Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		26,985,000	[1],[11]	26,985,000	[2]
Cumulative Unrealized Gain		952,281	[1],[11]	1,972,695	[2]
Estimated Fair Value		27,937,281	[1],[11]	28,957,695	[2]
Village at River's Edge [Member] | Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		9,477,407	[4]	9,566,110	[5]
Cumulative Unrealized Gain		832,313	[4]	1,000,545	[5]
Estimated Fair Value		10,309,720	[4]	10,566,655	[5]
Willow Run [Member] | Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		11,981,345	[4]	12,180,025	[5]
Cumulative Unrealized Gain		494,536	[4]	817,941	[5]
Estimated Fair Value		12,475,881	[4]	12,997,966	[5]
Windsor Shores Apartments [Member] | Series A [Member] | Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		21,545,000	[1],[11]	21,545,000	[2]
Cumulative Unrealized Gain		718,755	[1],[11]	1,530,085	[2]
Estimated Fair Value		22,263,755	[1],[11]	23,075,085	[2]
Arbors at Hickory Ridge [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[8]			10,417,646
Cumulative Unrealized Gain	[8]			1,805,985
Estimated Fair Value	[8]			12,223,631
Avistar at Copperfield [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		13,215,029	[1]	13,378,386	[2]
Cumulative Unrealized Gain		485,574	[1]	983,586	[2]
Estimated Fair Value		13,700,603	[1]	14,361,972	[2]
Avistar at the Crest [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		8,621,036	[1]	8,762,826	[8]
Cumulative Unrealized Gain		471,417	[1]	909,437	[8]
Estimated Fair Value		9,092,453	[1]	9,672,263	[8]
Avistar at the Crest [Member] | Series B [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		711,315		718,332
Cumulative Unrealized Gain		24,748		49,845
Estimated Fair Value		736,063		768,177
Avistar at the Oaks [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		6,980,721	[1]	7,091,928	[8]
Cumulative Unrealized Gain		333,795	[1]	666,990	[8]
Estimated Fair Value		7,314,516	[1]	7,758,918	[8]
Avistar at the Oaks [Member] | Series B [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		521,384		526,318
Cumulative Unrealized Gain		14,194		35,066
Estimated Fair Value		535,578		561,384
Avistar at the Parkway [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		12,101,645	[6]	12,270,653	[7]
Cumulative Unrealized Gain		422,358	[6]	830,179	[7]
Estimated Fair Value		12,524,003	[6]	13,100,832	[7]
Avistar at the Parkway [Member] | Series B [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		122,165		122,701
Cumulative Unrealized Gain		13,232		19,352
Estimated Fair Value		135,397		142,053
Avistar at Wilcrest [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		5,008,228	[1]	5,070,137	[2]
Cumulative Unrealized Gain		155,503	[1]	313,010	[2]
Estimated Fair Value		5,163,731	[1]	5,383,147	[2]
Avistar at Wood Hollow [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		38,027,363	[1]	38,497,436	[2]
Cumulative Unrealized Gain		1,397,281	[1]	2,648,201	[2]
Estimated Fair Value		39,424,644	[1]	41,145,637	[2]
Avistar in 09 [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		6,027,577	[1]	6,123,600	[8]
Cumulative Unrealized Gain		302,568	[1]	593,430	[8]
Estimated Fair Value		6,330,145	[1]	6,717,030	[8]
Avistar in 09 [Member] | Series B [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		430,095		434,165
Cumulative Unrealized Gain		12,653		28,926
Estimated Fair Value		442,748		463,091
Avistar on the Boulevard [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		14,686,873	[1]	14,928,425	[8]
Cumulative Unrealized Gain		671,717	[1]	1,346,449	[8]
Estimated Fair Value		15,358,590	[1]	16,274,874	[8]
Avistar on the Boulevard [Member] | Series B [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		422,666		426,835
Cumulative Unrealized Gain		12,072		27,507
Estimated Fair Value		434,738		454,342
Avistar on the Hills [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		4,779,156	[1]	4,855,291	[8]
Cumulative Unrealized Gain		251,307	[1]	470,520	[8]
Estimated Fair Value		5,030,463	[1]	5,325,811	[8]
Bruton Apartments [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		17,050,526	[4]	17,220,941	[5],[9]
Cumulative Unrealized Loss	[5],[9]			(13,366)
Estimated Fair Value		17,050,526	[4]	17,207,575	[5],[9]
Concord at Gulfgate [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		17,963,286	[4]	18,190,721	[5]
Cumulative Unrealized Gain		938,146	[4]	1,807,038	[5]
Estimated Fair Value		18,901,432	[4]	19,997,759	[5]
Concord at Little York [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		12,584,132	[4]	12,743,460	[5]
Cumulative Unrealized Gain		716,639	[4]	1,302,221	[5]
Estimated Fair Value		13,300,771	[4]	14,045,681	[5]
Concord at Williamcrest [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		19,494,168	[4]	19,740,985	[5]
Cumulative Unrealized Gain		1,064,065	[4]	2,017,280	[5]
Estimated Fair Value		20,558,233	[4]	21,758,265	[5]
Crossing at 1415 [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		6,989,209	[4]	7,082,698	[5]
Cumulative Unrealized Gain		179,154	[4]	565,843	[5]
Estimated Fair Value		7,168,363	[4]	7,648,541	[5]
Decatur-Angle [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		21,412,592	[4],[12]	21,646,255	[5],[9]
Cumulative Unrealized Loss		(149,516)	[4],[12]	(16,674)	[5],[9]
Estimated Fair Value		21,263,076	[4],[12]	21,629,581	[5],[9]
Esperanza at Palo Alto [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		18,576,657	[4]	18,751,278	[5]
Cumulative Unrealized Gain		1,168,859	[4]	2,480,537	[5]
Estimated Fair Value		19,745,516	[4]	21,231,815	[5]
Heights at 515 [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		6,398,741	[4]	6,484,332	[5]
Cumulative Unrealized Gain		312,241	[4]	602,199	[5]
Estimated Fair Value		6,710,982	[4]	7,086,531	[5]
Heritage Square [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		10,039,053	[6]	10,186,405	[7]
Cumulative Unrealized Gain		307,888	[6]	606,579	[7]
Estimated Fair Value		10,346,941	[6]	10,792,984	[7]
Oaks at Georgetown [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		11,664,053	[4],[12]	11,790,848	[5]
Cumulative Unrealized Gain		214,123	[4],[11]	838,472	[5]
Estimated Fair Value		11,878,176	[4],[12]	12,629,320	[5]
15 West Apartments [Member] | WA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		9,283,990	[4]	9,371,808	[5]
Cumulative Unrealized Gain		1,025,529	[4]	1,478,567	[5]
Estimated Fair Value		10,309,519	[4]	10,850,375	[5]
Aventine Apartments [Member] | WA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	9,500,000
Cumulative Unrealized Gain	[1]	1,060,325
Estimated Fair Value	[1]	10,560,325
Wellspring Apartments [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[3]	3,880,455
Cumulative Unrealized Gain	[3]	119,584
Estimated Fair Value	[3]	4,000,039
Solano Vista [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		2,591,588	[3]	2,611,955
Cumulative Unrealized Gain		172,312	[3]	338,125
Estimated Fair Value		2,763,900	[3]	2,950,080
Handsel Morgan Village Apartments [Member] | GA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		2,150,000	[1]	2,150,000
Cumulative Unrealized Gain		162,887	[1]	300,188
Estimated Fair Value		$ 2,312,887	[1]	2,450,188
Provision Center 2014-1 [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances				926,475
Estimated Fair Value				926,475
Runnymede [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[9]			9,390,000
Cumulative Unrealized Gain	[9]			1,121
Estimated Fair Value	[9]			9,388,879
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 in a TOB trust financing transaction, Note 13. MRB held by Mizuho in a debt financing transaction, Note 13. 2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13. MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing), 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 Financing), 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 Financing), 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 Financing), 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 Financing), 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 December 31, 2023, the MRB has been in an unrealized loss position for less 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 December 31, 2023, the MRB has been in an unrealized loss position for more than 12 months. MRB held by Barclays Capital Inc. in a debt financing transaction, Note 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, 2024, the MRB has been in an unrealized loss position for at least 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, 2024, the MRB has been in an unrealized loss position for less than 12 months. The Partnership has a remaining MRB funding commitment of approximately $ 2.9 million as of December 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 December 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 December 31, 2024, the MRB has been in an unrealized loss position for more 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. MRB held by Barclays in a TOB trust financing transaction, Note 13. MRB held by Morgan Stanley in a debt financing transaction, Note 13.

Mortgage Revenue Bonds - Sche_2

Mortgage Revenue Bonds - Schedule of Investments in MRBs (Parenthetical) (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Remaining partnership commitment fund amount	$ 171,447,584
Mortgage Revenue Bond [Member] | Meadow Valley [Member]
Schedule Of Available For Sale Securities [Line Items]
Remaining partnership commitment fund amount	$ 2,900,000	$ 23,200,000

Mortgage Revenue Bonds - Additi

Mortgage Revenue Bonds - Additional Information (Details)	1 Months Ended		3 Months Ended	12 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) Security	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2023 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Post-Conversion Principal			$ 56,050,000	$ 56,050,000	$ 108,005,034
Investment income				80,976,706	82,266,198	$ 61,342,533
Finace receivable, allowance for credit losses			3,230,000	3,230,000	4,097,000	495,000
Recovery of prior credit loss				69,000	68,812	$ 57,124
Mortgage Revenue Bond [Member]
Schedule Of Available For Sale Securities [Line Items]
Accrued interest receivable			$ 5,300,000	5,300,000	$ 4,700,000
Proceeds received from final settlements		$ 365,000
Recovery of prior credit loss	$ 169,000	169,000
Mortgage Revenue Bond [Member] | TEBS Financings [Member]
Schedule Of Available For Sale Securities [Line Items]
Number of Available for Sale Securities | Security			11
Mortgage Revenue Bond Sold and Repurchase			$ 89,200,000
Ocotillo Springs - Series A [Member] | Mortgage Revenue Bond [Member]
Schedule Of Available For Sale Securities [Line Items]
Post-Conversion Principal		4,000,000
Jackson Manor Apartments [Member] | Mortgage Revenue Bond [Member]
Schedule Of Available For Sale Securities [Line Items]
Post-Conversion Principal							$ 4,800,000
Ocotillo Springs Series A 1 [Member] | Mortgage Revenue Bond [Member]
Schedule Of Available For Sale Securities [Line Items]
Post-Conversion Principal		$ 500,000
Brookstone [Member]
Schedule Of Available For Sale Securities [Line Items]
Realized a gain on sale				1,000,000
Arbors at Hickory Ridge [Member]
Schedule Of Available For Sale Securities [Line Items]
Realized a gain on sale				1,200,000
Southpark [Member] | Mortgage Revenue Bond [Member]
Schedule Of Available For Sale Securities [Line Items]
Investment income				$ 1,100,000

Mortgage Revenue Bonds - Sche_3

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)		12 Months Ended
		Dec. 31, 2024 USD ($) Unit	Dec. 31, 2023 USD ($) Unit
Schedule Of Available For Sale Securities [Line Items]
Initial Principal Funded		$ 56,050,000	$ 108,005,034
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
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
Interest Rate	[1],[2]		3.60%
Initial Principal Funded	[1]		$ 1,000,000
Woodington Gardens Apartments [Member] | MRB and Taxable MRB Commitments [Member] | Series A-1 [Member] | Baltimore, MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired		April 2024
Units | Unit		197
Maturity Date		May 01, 2029
Interest Rate		7.80%
Initial Principal Funded		$ 31,150,000
Aventine Apartments [Member] | MRB and Taxable MRB Commitments [Member] | Bellevue, WA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired		May 2024
Units | Unit		68
Maturity Date		Jun. 01, 2031
Interest Rate		7.68%
Initial Principal Funded		$ 9,500,000
Village Point [Member] | MRB and Taxable MRB Commitments [Member] | NJ [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired			May 2023
Units | Unit	[3]		120
Maturity Date			Jun. 01, 2030
Interest Rate			6.88%
Initial Principal Funded			$ 23,000,000
Forty on Colony [Member] | MRB and Taxable MRB Commitments [Member] | Series P Mortgage [Member] | La Mesa, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired			June 2023
Units | Unit			40
Maturity Date			Jun. 01, 2030
Interest Rate			7.05%
Initial Principal Funded			$ 5,950,000
Handsel Morgan Village Apartments [Member] | MRB and Taxable MRB Commitments [Member] | GA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired			April 2023
Units | Unit			45
Maturity Date			Mar. 01, 2041
Interest Rate			6.75%
Initial Principal Funded			$ 2,150,000
Village at Hanford Square [Member] | MRB and Taxable MRB Commitments [Member] | Series H Mortgage [Member] | Hanford, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired			May 2023
Units | Unit			100
Maturity Date			May 01, 2030
Interest Rate			6.65%
Initial Principal Funded			$ 10,400,000
Wellspring Apartments [Member] | MRB and Taxable MRB Commitments [Member] | Long Beach, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[4]	August 2024
Units | Unit	[4]	88
Maturity Date	[4]	Sep. 01, 2039
Interest Rate	[4]	4.85%
Initial Principal Funded	[4]	$ 3,900,000
Maryalice Circle Apartments [Member] | MRB and Taxable MRB Commitments [Member] | GA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired			April 2023
Units | Unit			98
Maturity Date			Mar. 01, 2041
Interest Rate			6.75%
Initial Principal Funded			$ 5,900,000
The Ivy Apartments [Member] | MRB and Taxable MRB Commitments [Member] | Greenville, 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
The Safford [Member] | MRB and Taxable MRB Commitments [Member] | AZ [member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[5]		October 2023
Units | Unit	[5]		200
Maturity Date	[5]		Oct. 10, 2026
Interest Rate	[5]		7.59%
Initial Principal Funded	[5]		$ 7,560,034
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	[6]	March 2024
Units | Unit	[6]	79
Maturity Date	[6]	Apr. 01, 2039
Interest Rate	[6],[7]	3.60%
Initial Principal Funded	[6]	$ 11,500,000
[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 %. Village Point is a seniors housing property with 120 beds in 92 units The investment was previously reported as the Anaheim & Walnut bond purchase commitment and has converted to an MRB. The Partnership has committed to provide funding for The Safford MRB totaling $ 43.0 million. See Note 16. 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_4

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Parenthetical) (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) Bed Unit
Schedule Of Available For Sale Securities [Line Items]
Floor rate	3.95%
Mortgage Revenue Bonds [Member] | Hollywood, CA [Member] | Residency at the Mayer [Member]
Schedule Of Available For Sale Securities [Line Items]
Floor rate	3.85%
Mortgage Revenue Bonds [Member] | Hollywood, CA [Member] | Residency at the Mayer [Member] | Series M [Member]
Schedule Of Available For Sale Securities [Line Items]
Partnership re-allocated funding of taxable MRB	$ 11.5
Maximum balance of the MRB after stabilization	$ 5
Fixed interest rate	3.50%
Mortgage Revenue Bonds [Member] | NJ [Member] | Village Point [Member]
Schedule Of Available For Sale Securities [Line Items]
Number of beds | Bed		120
Number of Units | Unit		92
Mortgage Revenue Bonds [Member] | AZ [member] | The Safford [Member]
Schedule Of Available For Sale Securities [Line Items]
Commitment to provide maximum funding of taxable MRB		$ 43
Mortgage Revenue Bonds [Member] | CA [Member] | Residency At the Entrepreneur [Member]
Schedule Of Available For Sale Securities [Line Items]
Floor rate		3.87%
Mortgage Revenue Bonds [Member] | CA [Member] | Residency At the Entrepreneur [Member] | Series J-5 [Member]
Schedule Of Available For Sale Securities [Line Items]
Commitment to provide maximum funding of taxable MRB		$ 5

Mortgage Revenue Bonds - Sche_5

Mortgage Revenue Bonds - Schedule of Terms of partnership's MRBs After Conversions (Details)	1 Months Ended
	Nov. 30, 2023 USD ($) Unit	Jul. 31, 2023 USD ($) Unit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Post-Conversion Principal			$ 56,050,000	$ 108,005,034
Mortgage Revenue Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Post-Conversion Principal		$ 4,000,000
Mortgage Revenue Bonds [Member] | Ocotillo Springs Series A [Member] | Brawley C A [Member]
Debt Securities, Available-for-Sale [Line Items]
Units | Unit		75
Maturity Date		Aug. 01, 2038
Interest Rate		4.35%
Post-Conversion Principal		$ 3,500,000
Mortgage Revenue Bonds [Member] | Ocotillo Springs Series A 1 [Member] | Brawley C A [Member]
Debt Securities, Available-for-Sale [Line Items]
Units | Unit		75
Maturity Date		Aug. 01, 2038
Interest Rate		6.50%
Post-Conversion Principal		$ 500,000
Mortgage Revenue Bonds [Member] | Jackson Manor [Member] | Jackson MS [Member]
Debt Securities, Available-for-Sale [Line Items]
Units | Unit	60
Maturity Date	May 01, 2038
Interest Rate	5%
Post-Conversion Principal	$ 4,828,000

Mortgage Revenue Bonds - Sche_6

Mortgage Revenue Bonds - Schedule of Terms of MRBSs upon Redemption (Details)	Dec. 31, 2024 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Restructuring	$ 23,073,000

Mortgage Revenue Bonds - Sche_7

Mortgage Revenue Bonds - Schedule of MRB Sales (Details) - Sale of Mortgage Revenue Bonds [Member]	12 Months Ended
	Dec. 31, 2024 USD ($) Unit
Debt Securities, Available-for-Sale [Line Items]
Principal Outstanding at Date of Sale	$ 18,438,943
Bookstone [Member] | Waukegan, Illinois [Member]
Debt Securities, Available-for-Sale [Line Items]
Month Sold	May 2024
Units | Unit	168
Maturity Date	May 01, 2040
Interest Rate	5.45%
Principal Outstanding at Date of Sale	$ 8,221,234
Arbors at Hickory Ridge [Member] | Memphis, TN [Member]
Debt Securities, Available-for-Sale [Line Items]
Month Sold	November 2024
Units | Unit	348
Maturity Date	Jan. 01, 2049
Interest Rate	6.25%
Principal Outstanding at Date of Sale	$ 10,217,709

Mortgage Revenue Bonds - Sche_8

Mortgage Revenue Bonds - Schedule of MRBs Redeemed (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Unit	Dec. 31, 2023 USD ($) Unit
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption	$ 23,073,000
Redemption of Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption	$ 21,615,000	$ 8,493,040
Redemption of Mortgage Revenue Bonds [Member] | Southpark [Member] | Austin Texas [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	July 2024
Units | Unit	192
Original Maturity Date	Dec. 01, 2049
Interest Rate	6.13%
Principal Outstanding at Date of Redemption	$ 12,300,000
Redemption of Mortgage Revenue Bonds [Member] | Runnymede [Member] | Austin Texas [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	August 2024
Units | Unit	252
Original Maturity Date	Oct. 01, 2024
Interest Rate	6%
Principal Outstanding at Date of Redemption	$ 9,315,000
Redemption of 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
Redemption of 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

Mortgage Revenue Bonds - Sche_9

Mortgage Revenue Bonds - Schedule of Percentage of MRBs Principal Outstanding (Details)	Dec. 31, 2024	Dec. 31, 2023
TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location	25%	32%
CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location	30%	25%
SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location	18%	21%

Mortgage Revenue Bonds - Descri

Mortgage Revenue Bonds - Description of Certain Terms of Partnership's MRBs (Details) - USD ($)		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023
Summary Of Investment Holdings [Line Items]
Principal Outstanding		$ 1,002,151,235		$ 884,664,326
15 West Apartments [Member] | Series A [Member] | Vancouver Washington [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Jul. 01, 2054	[1]	Jul. 01, 2054	[2]
Base Interest Rate		6.25%	[1]	6.25%	[2]
Principal Outstanding		$ 9,283,990	[1]	$ 9,371,808	[2]
40rty on Colony [Member] | Series P [Member] | La Mesa, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2023	[3]	2023	[4]
Maturity Date		Jun. 01, 2030	[3]	Jun. 01, 2030	[4]
Base Interest Rate		7.05%	[3]	7.05%	[4]
Principal Outstanding		$ 5,950,000	[3]	$ 5,950,000	[4]
Aventine Apartments [Member] | Bellevue, WA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]	2024
Maturity Date	[3]	Jun. 01, 2031
Base Interest Rate	[3]	7.68%
Principal Outstanding	[3]	$ 9,500,000
Arbors at Hickory Ridge [Member] | Memphis, Tennessee [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[5]			2012
Maturity Date	[5]			Jan. 01, 2049
Base Interest Rate	[5]			6.25%
Principal Outstanding	[5]			$ 10,379,348
Avistar at Copperfield [Member] | Series A [Member] | Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[3]	2017	[4]
Maturity Date		May 01, 2054	[3]	May 01, 2054	[4]
Base Interest Rate		5.75%	[3]	5.75%	[4]
Principal Outstanding		$ 13,215,029	[3]	$ 13,378,386	[4]
Avistar on the Boulevard [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[3]	2013	[5]
Maturity Date		Mar. 01, 2050	[3]	Mar. 01, 2050	[5]
Base Interest Rate		6%	[3]	6%	[5]
Principal Outstanding		$ 14,686,873	[3]	$ 14,928,425	[5]
Avistar at the Crest [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[3]	2013	[5]
Maturity Date		Mar. 01, 2050	[3]	Mar. 01, 2050	[5]
Base Interest Rate		6%	[3]	6%	[5]
Principal Outstanding		$ 8,621,036	[3]	$ 8,762,826	[5]
Avistar (February 2013 Acquisition) [Member] | Series B [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[3]	2013
Maturity Date		Apr. 01, 2050	[3]	Apr. 01, 2050
Base Interest Rate		9%	[3]	9%
Principal Outstanding		$ 1,133,980	[3]	$ 1,145,167
Avistar at the Oaks [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[3]	2013	[5]
Maturity Date		Aug. 01, 2050	[3]	Aug. 01, 2050	[5]
Base Interest Rate		6%	[3]	6%	[5]
Principal Outstanding		$ 6,980,721	[3]	$ 7,091,928	[5]
Avistar in 09 [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[3]	2013	[5]
Maturity Date		Aug. 01, 2050	[3]	Aug. 01, 2050	[5]
Base Interest Rate		6%	[3]	6%	[5]
Principal Outstanding		$ 6,027,577	[3]	$ 6,123,600	[5]
Avistar on the Hills [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[3]	2013	[5]
Maturity Date		Aug. 01, 2050	[3]	Aug. 01, 2050	[5]
Base Interest Rate		6%	[3]	6%	[5]
Principal Outstanding		$ 4,779,156	[3]	$ 4,855,291	[5]
Avistar (June 2013 Acquisition) [Member] | Series B [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[3]	2013
Maturity Date		Sep. 01, 2050	[3]	Sep. 01, 2050
Base Interest Rate		9%	[3]	9%
Principal Outstanding		$ 951,479	[3]	$ 960,483
Avistar at the Parkway [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[6]	2015	[7]
Maturity Date		May 01, 2052	[6]	May 01, 2052	[7]
Base Interest Rate		6%	[6]	6%	[7]
Principal Outstanding		$ 12,101,645	[6]	$ 12,270,653	[7]
Avistar at the Parkway [Member] | Series B [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015		2015
Maturity Date		Jun. 01, 2052		Jun. 01, 2052
Base Interest Rate		12%		12%
Principal Outstanding		$ 122,165		$ 122,701
Avistar at Wilcrest [Member] | Series A [Member] | Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[3]	2017	[4]
Maturity Date		May 01, 2054	[3]	May 01, 2054	[4]
Base Interest Rate		5.75%	[3]	5.75%	[4]
Principal Outstanding		$ 5,008,228	[3]	$ 5,070,137	[4]
Avistar at Wood Hollow [Member] | Series A [Member] | Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[3]	2017	[4]
Maturity Date		May 01, 2054	[3]	May 01, 2054	[4]
Base Interest Rate		5.75%	[3]	5.75%	[4]
Principal Outstanding		$ 38,027,363	[3]	$ 38,497,436	[4]
Brookstone [Member] | Waukegan, Illinois [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired				2009
Maturity Date				May 01, 2040
Base Interest Rate				5.45%
Principal Outstanding				$ 8,268,029
Bruton Apartments [Member] | Dallas Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[1]	2014	[2]
Maturity Date		Aug. 01, 2054	[1]	Aug. 01, 2054	[2]
Base Interest Rate		6%	[1]	6%	[2]
Principal Outstanding		$ 17,050,526	[1]	$ 17,220,941	[2]
CCBA Senior Garden Apartments [Member] | San Diego, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2022	[8]	2022
Maturity Date		Jul. 01, 2037	[8]	Jul. 01, 2037
Base Interest Rate		4.50%	[8]	4.50%
Principal Outstanding		$ 3,720,209	[8]	$ 3,757,268
Columbia Gardens [Member] | Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[1]	2015	[2]
Maturity Date		Dec. 01, 2050	[1]	Dec. 01, 2050	[2]
Base Interest Rate		5.50%	[1]	5.50%	[2]
Principal Outstanding		$ 12,099,000	[1]	$ 12,282,000	[2]
Companion at Thornhill Apartments [Member] | Lexington, South Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Jan. 01, 2052	[1]	Jan. 01, 2052	[2]
Base Interest Rate		5.80%	[1]	5.80%	[2]
Principal Outstanding		$ 10,484,096	[1]	$ 10,639,506	[2]
Concord at Gulfgate [Member] | Series A [Member] | Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[1]	2015	[2]
Maturity Date		Feb. 01, 2032	[1]	Feb. 01, 2032	[2]
Base Interest Rate		6%	[1]	6%	[2]
Principal Outstanding		$ 17,963,286	[1]	$ 18,190,721	[2]
Concord at Little York [Member] | Series A [Member] | Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[1]	2015	[2]
Maturity Date		Feb. 01, 2032	[1]	Feb. 01, 2032	[2]
Base Interest Rate		6%	[1]	6%	[2]
Principal Outstanding		$ 12,584,132	[1]	$ 12,743,460	[2]
Concord at Williamcrest [Member] | Series A [Member] | Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[1]	2015	[2]
Maturity Date		Feb. 01, 2032	[1]	Feb. 01, 2032	[2]
Base Interest Rate		6%	[1]	6%	[2]
Principal Outstanding		$ 19,494,168	[1]	$ 19,740,985	[2]
Courtyard [Member] | Series A [Member] | Fullerton California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Dec. 01, 2033	[1]	Dec. 01, 2033	[2]
Base Interest Rate		5%	[1]	5%	[2]
Principal Outstanding		$ 9,668,469	[1]	$ 9,774,107	[2]
Decatur Angle [Member] | Fort Worth, Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[1]	2014	[2]
Maturity Date		Jan. 01, 2054	[1]	Jan. 01, 2054	[2]
Base Interest Rate		5.75%	[1]	5.75%	[2]
Principal Outstanding		$ 21,412,592	[1]	$ 21,646,255	[2]
Harden Ranch [Member] | Series A [Member] | Salinas California
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[8]	2014	[5]
Maturity Date		Mar. 01, 2030	[8]	Mar. 01, 2030	[5]
Base Interest Rate		5.75%	[8]	5.75%	[5]
Principal Outstanding		$ 6,256,135	[8]	$ 6,355,567	[5]
Heritage Square [Member] | Series A [Member] | Edinburg Texas
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[6]	2014	[7]
Maturity Date		Sep. 01, 2051	[6]	Sep. 01, 2051	[7]
Base Interest Rate		6%	[6]	6%	[7]
Principal Outstanding		$ 10,039,053	[6]	$ 10,186,405	[7]
Jackson Manor Apartments [Member] | Jackson, MS [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2021	[8]	2021	[4]
Maturity Date		May 01, 2038	[8]	May 01, 2038	[4]
Base Interest Rate		5%	[8]	5%	[4]
Principal Outstanding		$ 4,781,136	[8]	$ 4,824,474	[4]
Crossing at 1415 [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[1]	2015	[2]
Maturity Date		Dec. 01, 2052	[1]	Dec. 01, 2052	[2]
Base Interest Rate		6%	[1]	6%	[2]
Principal Outstanding		$ 6,989,209	[1]	$ 7,082,698	[2]
Esperanza at Palo Alto [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2018	[1]	2018	[2]
Maturity Date		Jul. 01, 2058	[1]	Jul. 01, 2058	[2]
Base Interest Rate		5.80%	[1]	5.80%	[2]
Principal Outstanding		$ 18,576,657	[1]	$ 18,751,278	[2]
Glenview Apartments [Member] | Series A [Member] | Cameron California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[6]	2014	[7]
Maturity Date		Dec. 01, 2031	[6]	Dec. 01, 2031	[7]
Base Interest Rate		5.75%	[6]	5.75%	[7]
Principal Outstanding		$ 4,248,118	[6]	$ 4,312,025	[7]
Handsel Morgan Village Apartments [Member] | Buford, Georgia [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[9]	2023
Maturity Date	[9]	Mar. 01, 2041
Base Interest Rate	[9]	6.75%
Principal Outstanding	[9]	$ 2,150,000
Handsel Morgan Village Apartments [Member] | Series A [Member] | Buford, Georgia [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired				2023
Maturity Date				Mar. 01, 2041
Base Interest Rate				6.75%
Principal Outstanding				$ 2,150,000
Harmony Court Bakersfield [Member] | Series A [Member] | Bakersfield, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Dec. 01, 2033	[1]	Dec. 01, 2033	[2]
Base Interest Rate		5%	[1]	5%	[2]
Principal Outstanding		$ 3,525,258	[1]	$ 3,563,775	[2]
Heights at 515 [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[1]	2015	[2]
Maturity Date		Dec. 01, 2052	[1]	Dec. 01, 2052	[2]
Base Interest Rate		6%	[1]	6%	[2]
Principal Outstanding		$ 6,398,741	[1]	$ 6,484,332	[2]
Harmony Terrace [Member] | Series A [Member] | Simi Valley, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Jan. 01, 2034	[1]	Jan. 01, 2034	[2]
Base Interest Rate		5%	[1]	5%	[2]
Principal Outstanding		$ 6,527,329	[1]	$ 6,598,285	[2]
The Ivy Apartments [Member] | Greenville, SC [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]	2023
Maturity Date	[3]	Feb. 01, 2030
Base Interest Rate	[3]	6.50%
Principal Outstanding	[3]	$ 30,500,000
The Ivy Apartments [Member] | Series A [Member] | Greenville, SC [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[4]			2023
Maturity Date	[4]			Feb. 01, 2030
Base Interest Rate	[4]			6.50%
Principal Outstanding	[4]			$ 30,500,000
Las Palmas II [Member] | Series A [Member] | Coachella, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Nov. 01, 2033	[1]	Nov. 01, 2033	[2]
Base Interest Rate		5%	[1]	5%	[2]
Principal Outstanding		$ 1,598,957	[1]	$ 1,616,607	[2]
Live 929 Apartments [Member] | Series A [Member] | Baltimore Maryland
Summary Of Investment Holdings [Line Items]
Year Acquired		2022	[3]	2022	[4]
Maturity Date		Jan. 01, 2060	[3]	Jan. 01, 2060	[4]
Base Interest Rate		4.30%	[3]	4.30%	[4]
Principal Outstanding		$ 66,365,000	[3]	$ 66,365,000	[4]
Lutheran Gardens [Member] | Compton, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2021		2021	[10]
Maturity Date		Feb. 01, 2025		Feb. 01, 2025	[10]
Base Interest Rate		4.90%		4.90%	[10]
Principal Outstanding		$ 10,352,000		$ 10,352,000	[10]
Maryalice Circle Apartments [Member] | Buford, Georgia [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2023	[3]	2023	[4]
Maturity Date		Mar. 01, 2041	[3]	Mar. 01, 2041	[4]
Base Interest Rate		6.75%	[3]	6.75%	[4]
Principal Outstanding		$ 5,900,000	[3]	$ 5,900,000	[4]
Meadow Valley [Member] | Garfield Charter Township, MI [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2021	[3]	2021	[4]
Maturity Date		Dec. 01, 2029	[3]	Dec. 01, 2029	[4]
Base Interest Rate		6.25%	[3]	6.25%	[4]
Principal Outstanding		$ 41,065,000	[3]	$ 20,755,000	[4]
Montclair Apartments [Member] | Series A [Member] | Lemoore California
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[6]	2014	[7]
Maturity Date		Dec. 01, 2031	[6]	Dec. 01, 2031	[7]
Base Interest Rate		5.75%	[6]	5.75%	[7]
Principal Outstanding		$ 2,301,443	[6]	$ 2,336,065	[7]
Montecito at Williams Ranch Apartments [Member] | Series A [Member] | Salinas California
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[8]	2017	[4]
Maturity Date		Oct. 01, 2034	[8]	Oct. 01, 2034	[4]
Base Interest Rate		5.50%	[8]	5.50%	[4]
Principal Outstanding		$ 7,374,111	[8]	$ 7,442,435	[4]
Montevista [Member] | Series A [Member] | San Pablo, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2019	[8]	2019	[4]
Maturity Date		Jul. 01, 2036	[8]	Jul. 01, 2036	[4]
Base Interest Rate		5.75%	[8]	5.75%	[4]
Principal Outstanding		$ 6,556,878	[8]	$ 6,607,973	[4]
Oaks at Georgetown [Member] | Series A [Member] | Georgetown, Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Jan. 01, 2034	[1]	Jan. 01, 2034	[2]
Base Interest Rate		5%	[1]	5%	[2]
Principal Outstanding		$ 11,664,053	[1]	$ 11,790,848	[2]
Ocotillo Springs [Member] | Series A [Member] | Brawley, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2020	[8]	2020
Maturity Date		Aug. 01, 2038	[8]	Aug. 01, 2038
Base Interest Rate		4.35%	[8]	4.35%
Principal Outstanding		$ 3,455,419	[8]	$ 3,489,096
Ocotillo Springs [Member] | Series A-1 [Member] | Brawley, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2023	[8]	2023
Maturity Date		Aug. 01, 2038	[8]	Aug. 01, 2038
Base Interest Rate		6.50%	[8]	6.50%
Principal Outstanding		$ 496,351	[8]	$ 499,117
The Park at Sondrio - Series 2022A | Greenville, SC [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2022	[3]	2022	[4]
Maturity Date		Jan. 01, 2030	[3]	Jan. 01, 2030	[4]
Base Interest Rate		6.50%	[3]	6.50%	[4]
Principal Outstanding		$ 38,100,000	[3]	$ 38,100,000	[4]
The Park at Vietti - Series 2022A | Greenville, SC [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[4]			2022
Maturity Date	[4]			Jan. 01, 2030
Base Interest Rate	[4]			6.50%
Principal Outstanding	[4]			$ 26,985,000
The Park at Vietti - Series 2022A | Spartanburg, SC [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]	2022
Maturity Date	[3]	Jan. 01, 2030
Base Interest Rate	[3]	6.50%
Principal Outstanding	[3]	$ 26,985,000
Provision Center 2014-1 [Member] | Knoxville Tennessee
Summary Of Investment Holdings [Line Items]
Year Acquired				2014
Maturity Date				May 01, 2034
Base Interest Rate				6%
Principal Outstanding				$ 6,636,596
Renaissance [Member] | Series A [Member] | Baton Rouge, Louisiana [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[6]	2015	[7]
Maturity Date		Jun. 01, 2050	[6]	Jun. 01, 2050	[7]
Base Interest Rate		6%	[6]	6%	[7]
Principal Outstanding		$ 10,263,789	[6]	$ 10,429,392	[7]
Residency at Empire - Series BB-1 [Member] | Burbank, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2022	[3]	2022	[4]
Maturity Date		Dec. 01, 2040	[3]	Dec. 01, 2040	[4]
Base Interest Rate		6.45%	[3]	6.45%	[4]
Principal Outstanding		$ 14,000,000	[3]	$ 14,000,000	[4]
Residency at Empire - Series BB-2 [Member] | Burbank, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2022	[3]	2022	[4]
Maturity Date		Dec. 01, 2040	[3]	Dec. 01, 2040	[4]
Base Interest Rate		6.45%	[3]	6.45%	[4]
Principal Outstanding		$ 4,000,000	[3]	$ 4,000,000	[4]
Residency at Empire - Series BB-3 [Member] | Burbank, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2022	[3]	2022	[4]
Maturity Date		Dec. 01, 2040	[3]	Dec. 01, 2040	[4]
Base Interest Rate		6.45%	[3]	6.45%	[4]
Principal Outstanding		$ 14,000,000	[3]	$ 5,055,000	[4]
Residency at Empire - Series BB-4 [Member] | Burbank, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]	2022
Maturity Date	[3]	Dec. 01, 2040
Base Interest Rate	[3]	6.45%
Principal Outstanding	[3]	$ 21,200,000
Residency at the Mayer [Member] | Series A [Member] | Hollywood, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]	2021
Maturity Date	[3]	Apr. 01, 2039
Principal Outstanding	[3]	$ 29,500,000
Residency at the Mayer [Member] | Series A [Member] | Hollywood, CA [Member] | SOFR [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[4]			2021
Maturity Date	[4]			Apr. 01, 2039
Base Interest Rate		3.60%	[3]	3.60%	[4]
Principal Outstanding	[4]			$ 29,500,000
Residency at the Mayer [Member] | Series M [Member] | Hollywood, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]	2024
Maturity Date	[3]	Apr. 01, 2039
Principal Outstanding	[3]	$ 11,500,000
Residency at the Mayer [Member] | Series M [Member] | Hollywood, CA [Member] | SOFR [Member]
Summary Of Investment Holdings [Line Items]
Base Interest Rate	[3]	3.60%
Residency at the Entrepreneur J -1 [Member] | Los Angeles, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2022	[3]	2022	[4]
Maturity Date		Mar. 31, 2040	[3]	Mar. 31, 2040	[4]
Base Interest Rate		6%	[3]	6%	[4]
Principal Outstanding		$ 9,000,000	[3]	$ 9,000,000	[4]
Residency at the Entrepreneur J -2 [Member] | Los Angeles, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2022	[3]	2022	[4]
Maturity Date		Mar. 31, 2040	[3]	Mar. 31, 2040	[4]
Base Interest Rate		6%	[3]	6%	[4]
Principal Outstanding		$ 7,500,000	[3]	$ 7,500,000	[4]
Residency at the Entrepreneur J -3 [Member] | Los Angeles, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2022	[3]	2022	[4]
Maturity Date		Mar. 31, 2040	[3]	Mar. 31, 2040	[4]
Base Interest Rate		6%	[3]	6%	[4]
Principal Outstanding		$ 26,080,000	[3]	$ 12,300,000	[4]
Residency at the Entrepreneur J -4 [Member] | Los Angeles, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]	2022
Maturity Date	[3]	Mar. 31, 2040
Principal Outstanding	[3]	$ 16,420,000
Residency at the Entrepreneur J -4 [Member] | Los Angeles, CA [Member] | SOFR [Member]
Summary Of Investment Holdings [Line Items]
Base Interest Rate	[3]	3.60%
Residency At The Entrepreneur J-5 [Member] | Los Angeles, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]	2023
Maturity Date	[3]	Apr. 01, 2025
Principal Outstanding	[3]	$ 5,000,000
Residency At The Entrepreneur J-5 [Member] | Los Angeles, CA [Member] | SOFR [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired				2023
Maturity Date				Apr. 01, 2025
Base Interest Rate		3.60%	[3]	3.60%
Residency At The Entrepreneur J-5 [Member] | Series A [Member] | Hollywood, CA [Member] | SOFR [Member]
Summary Of Investment Holdings [Line Items]
Principal Outstanding				$ 1,000,000
Runnymede [Member] | Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired				2007
Maturity Date				Oct. 01, 2024
Base Interest Rate				6%
Principal Outstanding				$ 9,390,000
The Safford [Member] | Marana, AZ [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2023	[3]	2023	[4]
Maturity Date		Oct. 10, 2026	[3]	Oct. 10, 2026	[4]
Base Interest Rate		7.59%	[3]	7.59%	[4]
Principal Outstanding		$ 37,348,957	[3]	$ 7,560,034	[4]
San Vicente [Member] | Series A [Member] | Soledad, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Nov. 01, 2033	[1]	Nov. 01, 2033	[2]
Base Interest Rate		5%	[1]	5%	[2]
Principal Outstanding		$ 3,296,965	[1]	$ 3,333,357	[2]
Santa Fe Apartments [Member] | Series A [Member] | Hesperia California
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[6]	2014	[7]
Maturity Date		Dec. 01, 2031	[6]	Dec. 01, 2031	[7]
Base Interest Rate		5.75%	[6]	5.75%	[7]
Principal Outstanding		$ 2,788,112	[6]	$ 2,830,055	[7]
Seasons at Simi Valley [Member] | Series A [Member] | Simi Valley, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[1]	2015	[2]
Maturity Date		Sep. 01, 2032	[1]	Sep. 01, 2032	[2]
Base Interest Rate		5.75%	[1]	5.75%	[2]
Principal Outstanding		$ 4,025,911	[1]	$ 4,083,273	[2]
Seasons Lakewood [Member] | Series A [Member] | Lakewood, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Jan. 01, 2034	[1]	Jan. 01, 2034	[2]
Base Interest Rate		5%	[1]	5%	[2]
Principal Outstanding		$ 6,953,024	[1]	$ 7,028,608	[2]
Seasons San Juan Capistrano [Member] | Series A [Member] | San Juan Capistrano California
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Jan. 01, 2034	[1]	Jan. 01, 2034	[2]
Base Interest Rate		5%	[1]	5%	[2]
Principal Outstanding		$ 11,706,622	[1]	$ 11,833,880	[2]
Silver Moon [Member] | Series A [Member] | Albuquerque, NM [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[6]	2015	[7]
Maturity Date		Aug. 01, 2055	[6]	Aug. 01, 2055	[7]
Base Interest Rate		6%	[6]	6%	[7]
Principal Outstanding		$ 7,398,857	[6]	$ 7,480,455	[7]
Solano Vista [Member] | Series A [Member] | Vallejo, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2018	[8]	2018
Maturity Date		Jan. 01, 2036	[8]	Jan. 01, 2036
Base Interest Rate		5.85%	[8]	5.85%
Principal Outstanding		$ 2,591,588	[8]	$ 2,611,955
Southpark [Member] | Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired				2009
Maturity Date				Dec. 01, 2049
Base Interest Rate				6.13%
Principal Outstanding				$ 12,300,000
Summerhill [Member] | Series A [Member] | Bakersfield, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Dec. 01, 2033	[1]	Dec. 01, 2033	[2]
Base Interest Rate		5%	[1]	5%	[2]
Principal Outstanding		$ 6,070,437	[1]	$ 6,136,763	[2]
Sycamore Walk [Member] | Series A [Member] | Bakersfield, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[1]	2015	[2]
Maturity Date		Jan. 01, 2033	[1]	Jan. 01, 2033	[2]
Base Interest Rate		5.25%	[1]	5.25%	[2]
Principal Outstanding		$ 3,330,230	[1]	$ 3,380,901	[2]
The Palms at Premier Park Apartments | Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[8]	2013	[5]
Maturity Date		Jan. 01, 2050	[8]	Jan. 01, 2050	[5]
Base Interest Rate		6.25%	[8]	6.25%	[5]
Principal Outstanding		$ 17,590,997	[8]	$ 17,872,527	[5]
Tyler Park Townhomes [Member] | Greenfield California
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[8]	2013	[5]
Maturity Date		Jan. 01, 2030	[8]	Jan. 01, 2030	[5]
Base Interest Rate		5.75%	[8]	5.75%	[5]
Principal Outstanding		$ 5,445,686	[8]	$ 5,533,307	[5]
Village at Avalon [Member] | Albuquerque, NM [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2018	[8]	2018	[11]
Maturity Date		Jan. 01, 2059	[8]	Jan. 01, 2059	[11]
Base Interest Rate		5.80%	[8]	5.80%	[11]
Principal Outstanding		$ 15,665,803	[8]	$ 15,808,184	[11]
Village at Hanford Square [Member] | Hanford, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[4]			2023
Maturity Date	[4]			May 01, 2030
Base Interest Rate	[4]			6.65%
Principal Outstanding	[4]			$ 10,400,000
Village at Hanford Square [Member] | Series H [Member] | Hanford, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]	2023
Maturity Date	[3]	May 01, 2030
Base Interest Rate	[3]	6.65%
Principal Outstanding	[3]	$ 10,400,000
Village Point Apartments [Member] | Monroe, NJ [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2023	[12]	2023	[10]
Maturity Date		Jun. 01, 2030	[12]	Jun. 01, 2030	[10]
Base Interest Rate		6.875%	[12]	6.875%	[10]
Principal Outstanding		$ 23,000,000	[12]	$ 23,000,000	[10]
The Village at Madera [Member] | Series A [Member] | Madera, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2016	[1]	2016	[2]
Maturity Date		Dec. 01, 2033	[1]	Dec. 01, 2033	[2]
Base Interest Rate		5%	[1]	5%	[2]
Principal Outstanding		$ 2,915,662	[1]	$ 2,947,519	[2]
Village at River's Edge [Member] | Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[1]	2017	[2]
Maturity Date		Jun. 01, 2033	[1]	Jun. 01, 2033	[2]
Base Interest Rate		6%	[1]	6%	[2]
Principal Outstanding		$ 9,477,407	[1]	$ 9,566,110	[2]
Vineyard Gardens | Series A [Member] | Oxnard, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[8]	2017	[4]
Maturity Date		Jan. 01, 2035	[8]	Jan. 01, 2035	[4]
Base Interest Rate		5.50%	[8]	5.50%	[4]
Principal Outstanding		$ 3,839,951	[8]	$ 3,874,962	[4]
Westside Village Market [Member] | Shafter California
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[8]	2013	[5]
Maturity Date		Jan. 01, 2030	[8]	Jan. 01, 2030	[5]
Base Interest Rate		5.75%	[8]	5.75%	[5]
Principal Outstanding		$ 3,558,747	[8]	$ 3,616,007	[5]
Wellspring Apartments [Member] | Long Beach, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[8]	2024
Maturity Date	[8]	Sep. 01, 2039
Base Interest Rate	[8]	4.85%
Principal Outstanding	[8]	$ 3,870,922
Willow Run [Member] | Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2015	[1]	2015	[2]
Maturity Date		Dec. 01, 2050	[1]	Dec. 01, 2050	[2]
Base Interest Rate		5.50%	[1]	5.50%	[2]
Principal Outstanding		$ 11,930,000	[1]	$ 12,111,000	[2]
Windsor Shores Apartments [Member] | Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired		2023	[3]	2023	[4]
Maturity Date		Feb. 01, 2030	[3]	Feb. 01, 2030	[4]
Base Interest Rate		6.50%	[3]	6.50%	[4]
Principal Outstanding		$ 21,545,000	[3]	$ 21,545,000	[4]
Copper Gate Apartments [Member] | Lafayette, Indiana [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013	[8]	2013	[5]
Maturity Date		Dec. 01, 2029	[8]	Dec. 01, 2029	[5]
Base Interest Rate		6.25%	[8]	6.25%	[5]
Principal Outstanding		$ 4,715,000	[8]	$ 4,780,000	[5]
Woodington Gardens Apartments [Member] | Series A-1 [Member] | Baltimore, MD [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]	2024
Maturity Date	[3]	May 01, 2029
Base Interest Rate	[3]	7.80%
Principal Outstanding	[3]	$ 31,150,000
[1] MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing), Note 13 MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing ), Note 13 MRB held by Mizuho in a TOB trust financing transaction, Note 13 MRB held by Morgan Stanley in a debt financing transaction, Note 13 MRB owned by ATAX TEBS I, LLC (M24 TEBS Financing), Note 13 MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), Note 13 MRB owned by ATAX TEBS II, LLC (M31 TEBS Financing), Note 13 2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction and TEBS Residual Financing, Note 13 MRB held by Mizuho in a TOB trust financing transaction, Note 13. MRB held by Mizuho in a TOB trust financing transaction, Note 13 MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing ), Note 13 MRB held by Barclays in a TOB trust financing transaction, Note 13

Governmental Issuer Loans - Sum

Governmental Issuer Loans - Summary of Partnership's GIL Investments (Details)		12 Months Ended
		Dec. 31, 2024 USD ($) Unit		Dec. 31, 2023 USD ($) Unit
Governmental Issuer Loans [Line Items]
Amortized Cost		$ 225,164,222		$ 221,653,300
Governmental Issuer Loans [Member] | TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Units | Unit		1,459		1,627
Amortized Cost		$ 226,202,222		$ 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		January 2021	[1]	January 2021	[2]
Units | Unit		247	[1]	247	[2]
Maturity Date		Feb. 01, 2025	[1],[3]	Feb. 01, 2024	[2],[4]
Current Interest Rate		7.60%	[1]	8.46%	[2]
Amortized Cost		$ 34,620,000	[1]	$ 34,620,000	[2]
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | SOFR [Member] | St Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate		3.07%	[1],[5]	3.07%	[2],[6]
Governmental Issuer Loans [Member] | Hilltop at Signal Hills [Member] | TOB Trust [Member] | St Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired				November 2023
Maturity Date	[4]			Oct. 01, 2024
Current Interest Rate				8.76%
Amortized Cost				$ 1,500,000
Governmental Issuer Loans [Member] | Hilltop at Signal Hills [Member] | TOB Trust [Member] | SOFR [Member] | St Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[6]			3.45%
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	[4]			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 Interest Rate	[6]			3.75%
Governmental Issuer Loans [Member] | Osprey Village [Member] | TOB Trust [Member] | Kissimmee, FL [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		July 2021	[1]	July 2021	[2]
Units | Unit		383	[1]	383	[2]
Maturity Date		Feb. 01, 2025	[1],[3]	Aug. 01, 2024	[2],[4]
Current Interest Rate		7.64%	[1]	8.38%	[2]
Amortized Cost		$ 60,000,000	[1]	$ 60,000,000	[2]
Governmental Issuer Loans [Member] | Osprey Village [Member] | TOB Trust [Member] | SOFR [Member] | Kissimmee, FL [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate		3.07%	[1],[5]	3.07%	[2],[6]
Governmental Issuer Loans [Member] | Willow Place Apartments [Member] | TOB Trust [Member] | McDonough, GA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		September 2021	[1]	September 2021	[2]
Units | Unit		182	[1]	182	[2]
Maturity Date		Feb. 01, 2025	[1],[3]	Oct. 01, 2024	[2],[4]
Current Interest Rate		7.87%	[1]	8.61%	[2]
Amortized Cost		$ 20,702,594	[1]	$ 25,000,000	[2]
Governmental Issuer Loans [Member] | Willow Place Apartments [Member] | TOB Trust [Member] | SOFR [Member] | McDonough, GA [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate		3.30%	[1],[5]	3.30%	[2],[6]
Governmental Issuer Loans [Member] | Willow Place Apartments Supplemental [Member] | TOB Trust [Member] | McDonough, GA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		November 2023
Maturity Date	[3]	Feb. 01, 2025
Current Interest Rate		8.02%
Amortized Cost		$ 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 Interest Rate	[5]	3.45%
Governmental Issuer Loans [Member] | Magnolia Heights [Member] | TOB Trust [Member] | Covington Georgia [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	[2]			June 2022
Units | Unit	[2]			200
Maturity Date	[2],[4]			Jul. 01, 2024
Current Interest Rate	[2]			9.16%
Amortized Cost	[2]			$ 20,400,000
Governmental Issuer Loans [Member] | Magnolia Heights [Member] | TOB Trust [Member] | SOFR [Member] | Covington Georgia [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[2],[6]			3.85%
Governmental Issuer Loans [Member] | Poppy Grove I [Member] | TOB Trust [Member] | Elk Grove, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		September 2022	[1],[7]	September 2022	[2],[8]
Units | Unit		147	[1],[7]	147	[2],[8]
Maturity Date		Apr. 01, 2025	[1],[3],[7]	Apr. 01, 2025	[2],[4],[8]
Variable Interest Rate		6.78%	[1],[5],[7]	6.78%	[2],[6],[8]
Current Interest Rate		6.78%	[1],[7]	6.78%	[2],[8]
Amortized Cost		$ 35,688,328	[1],[7]	$ 19,846,000	[2],[8]
Governmental Issuer Loans [Member] | Poppy Grove I I [Member] | TOB Trust [Member] | Elk Grove, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		September 2022	[1],[7]	September 2022	[2],[8]
Units | Unit		82	[1],[7]	82	[2],[8]
Maturity Date		Apr. 01, 2025	[1],[3],[7]	Apr. 01, 2025	[2],[4],[8]
Variable Interest Rate		6.78%	[1],[5],[7]	6.78%	[2],[6],[8]
Current Interest Rate		6.78%	[1],[7]	6.78%	[2],[8]
Amortized Cost		$ 21,541,300	[1],[7]	$ 9,541,300	[2],[8]
Governmental Issuer Loans [Member] | Poppy Grove I I I [Member] | TOB Trust [Member] | Elk Grove, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		September 2022	[1],[7]	September 2022	[2],[8]
Units | Unit		158	[1],[7]	158	[2],[8]
Maturity Date		Apr. 01, 2025	[1],[3],[7]	Apr. 01, 2025	[2],[4],[8]
Variable Interest Rate		6.78%	[1],[5],[7]	6.78%	[2],[6],[8]
Current Interest Rate		6.78%	[1],[7]	6.78%	[2],[8]
Amortized Cost		$ 33,550,000	[1],[7]	$ 16,550,000	[2],[8]
Governmental Issuer Loans [Member] | Sandy Creek Apartments [Member] | TOB Trust [Member] | Midland, TX [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	[2]			August 2023
Units | Unit	[2]			140
Maturity Date	[2],[4]			Sep. 01, 2026
Current Interest Rate	[2]			7.83%
Amortized Cost	[2]			$ 12,100,000
Governmental Issuer Loans [Member] | Sandy Creek Apartments [Member] | TOB Trust [Member] | Bryan, Texas [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	[1]	August 2023
Units | Unit	[1]	140
Maturity Date	[1],[3]	Sep. 01, 2026
Variable Interest Rate		7.83%	[1],[5],[9]	7.83%	[2],[6],[10]
Current Interest Rate	[1],[7]	7.83%
Amortized Cost	[1],[7]	$ 12,100,000
Governmental Issuer Loans [Member] | Natchitoches Thomas Apartments [Member]
Governmental Issuer Loans [Line Items]
Maturity Date		Jul. 01, 2027
Governmental Issuer Loans [Member] | Natchitoches Thomas Apartments [Member] | TOB Trust [Member] | Natchitoches, Los Angeles [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	[1],[11]	December 2024
Units | Unit	[1],[11]	120
Maturity Date	[1],[3],[11]	Jul. 01, 2027
Variable Interest Rate	[1],[5],[11]	7.92%
Current Interest Rate	[1],[11]	7.92%
Amortized Cost	[1],[11]	$ 6,500,000
[1] The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 20). The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 20). 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 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. The Natchitoches Thomas Apartments GIL was considered to be available-for-sale sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future.

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	Dec. 31, 2024	Dec. 31, 2023
Maximum [Member] | Poppy Grove [Member]
Governmental Issuer Loans [Line Items]
Partnership subordinate loan amount		$ 3.8	$ 3.8
Maximum [Member] | Poppy Grove II [Member]
Governmental Issuer Loans [Line Items]
Partnership subordinate loan amount		2.2	2.2
Maximum [Member] | Poppy Grove III [Member]
Governmental Issuer Loans [Line Items]
Partnership subordinate loan amount		$ 4.2	$ 4.2
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%
SOFR [Member] | Sandy Creek Apartments [Member] | Subsequent Event [Member]
Governmental Issuer Loans [Line Items]
Variable rate	2.80%

Governmental Issuer Loans - Add

Governmental Issuer Loans - Additional Information (Details)	1 Months Ended						12 Months Ended
	Dec. 31, 2024 USD ($) Property Entities	Jun. 30, 2024 USD ($)	Nov. 30, 2023 USD ($)	Aug. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) Property Entities	Dec. 31, 2023 USD ($) Property	Jan. 01, 2023 USD ($)
Governmental Issuer Loans [Line Items]
Allowance for credit losses									$ 5,900,000
Number of Variable Interest Entities | Property	31						31	33
Scharbauer Flats Apartments [Member]
Governmental Issuer Loans [Line Items]
Partnership recognized loan fee						$ 33,000
Magnolia Heights [Member]
Governmental Issuer Loans [Line Items]
Partnership recognized loan fee		$ 20,000
Governmental Issuer Loans [Member]
Governmental Issuer Loans [Line Items]
Accrued interest receivable	$ 1,400,000						$ 1,400,000	$ 1,500,000
Outstanding principal	$ 128,900,000						$ 128,900,000
Number of Variable Interest Entities | Entities	2						2
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills GIL, the Magnolia Heights GIL, the Osprey Village GIL, the Willow Place Apartments GIl and the Willow Place Apartments Supplemental GIL [Member]
Governmental Issuer Loans [Line Items]
Partnership recognized loan fee							$ 431,000
Governmental Issuer Loans [Member] | Hope on Avalon GIL [Member]
Governmental Issuer Loans [Line Items]
Partnership recognized loan fee					$ 70,000
Governmental Issuer Loans [Member] | Willow Place Apartments [Member]
Governmental Issuer Loans [Line Items]
Total commitment fully funded			$ 1,500,000
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member]
Governmental Issuer Loans [Line Items]
Partnership recognized loan fee						$ 100,000
Governmental Issuer Loans [Member] | Natchitoches Thomas Apartments [Member]
Governmental Issuer Loans [Line Items]
Total commitment fully funded	$ 19,000,000
Governmental Issuer Loans [Member] | Sandy Creek Apartments [Member]
Governmental Issuer Loans [Line Items]
Total commitment fully funded				$ 12,100,000
Property Loans [Member]
Governmental Issuer Loans [Line Items]
Outstanding principal	$ 8,800,000						$ 8,800,000

Governmental Issuer Loans - Sch

Governmental Issuer Loans - Schedule of Principal and Accrued Interest Paid (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Governmental Issuer Loans [Line Items]
Principal Proceeds	$ 81,060,334	$ 101,613,050	$ 30,332,123
Oasis at Twin Lakes [Member]
Governmental Issuer Loans [Line Items]
Principal Proceeds		24,018,657
Magnolia Heights [Member]
Governmental Issuer Loans [Line Items]
Principal Proceeds	8,118,546	2,181,454
Willow Place Apartments [Member]
Governmental Issuer Loans [Line Items]
Principal Proceeds	18,875,606
Hilltop at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Principal Proceeds		21,197,939
Centennial Crossings [Member]
Governmental Issuer Loans [Line Items]
Principal Proceeds		6,692,344
Scharbauer Flats Apartments [Member]
Governmental Issuer Loans [Line Items]
Principal Proceeds		10,773,236
Governmental Issuer Loans [Member]
Governmental Issuer Loans [Line Items]
Principal Proceeds	$ 43,790,000	$ 144,635,623
Governmental Issuer Loans [Member] | Oasis at Twin Lakes [Member]
Governmental Issuer Loans [Line Items]
Month Redeemed		2023-06
Principal Proceeds		$ 34,000,000
Governmental Issuer Loans [Member] | Hope on Broadway [Member]
Governmental Issuer Loans [Line Items]
Month Redeemed		2023-07
Principal Proceeds		$ 13,105,623
Governmental Issuer Loans [Member] | Hope On Avalon [Member]
Governmental Issuer Loans [Line Items]
Month Redeemed	2024-01
Principal Proceeds	$ 23,390,000
Governmental Issuer Loans [Member] | Magnolia Heights [Member]
Governmental Issuer Loans [Line Items]
Month Redeemed	2024-09
Principal Proceeds	$ 20,400,000
Governmental Issuer Loans [Member] | Willow Place Apartments [Member]
Governmental Issuer Loans [Line Items]
Month Redeemed	2024-08
Principal Proceeds	$ 4,297,406
Governmental Issuer Loans [Member] | Hilltop at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Month Redeemed		2023-08
Principal Proceeds		$ 24,450,000
Governmental Issuer Loans [Member] | Centennial Crossings [Member]
Governmental Issuer Loans [Line Items]
Month Redeemed		2023-09
Principal Proceeds		$ 33,080,000
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member]
Governmental Issuer Loans [Line Items]
Month Redeemed		2023-11
Principal Proceeds		$ 40,000,000

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details)		12 Months Ended
		Dec. 31, 2024 USD ($) Unit	Dec. 31, 2023 USD ($)
Schedule Of Equity Method Investments [Line Items]
Carrying Value | $		$ 179,409,869	$ 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 [Member] | Hutto TX [Member] | 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
Construction Completion Date		2024-10
Carrying Value | $		$ 26,560,347	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 | $		$ 13,535,176	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
Construction Completion Date		2024-07
Carrying Value | $		$ 15,633,593	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 | $		$ 6,230,785	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
Construction Completion Date		2024-11
Carrying Value | $		$ 16,759,593	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	[1]	February 2023
Carrying Value | $	[1]	$ 8,471,445	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 | $		$ 17,696,609	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 | $		$ 20,853,691	5,366,551
Freestone Ladera [Member] | Ladera TX [Member] | Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit		288
Month Commitment Executed		August 2024
Carrying Value | $		$ 9,804,364	$ 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]	Dec. 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)	12 Months Ended
	Dec. 31, 2024 USD ($) Unit	Dec. 31, 2023 USD ($) Unit	Dec. 31, 2022 USD ($) Unit
Schedule Of Equity Method Investments [Line Items]
Gross Proceeds to the Partnership	$ 117,844	$ 47,751,979	$ 69,769,699
Investment Income from sale of properties		2,309,404	659,132
Gain (Loss) on Sale	$ 117,844	$ 22,725,398	$ 39,805,285
Murfreesboro, TN [Member] | Vantage At Murfreesboro [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288	288	288
Month Sold			2022-03
Gross Proceeds to the Partnership	$ 60,858	$ (6,184)	$ 29,399,532
Investment Income from sale of properties			657,937
Gain (Loss) on Sale	$ 60,858	$ (6,184)	$ 16,501,596
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
San Antonio, TX [Member] | Vantage At Westover Hills [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288		288
Month Sold			2022-05
Gross Proceeds to the Partnership	$ 6,986		$ 20,923,784
Gain (Loss) on Sale	$ 6,986		$ 12,658,501
San Antonio, TX [Member] | Vantage At O'Connor [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit		288	288
Month Sold			2022-07
Gross Proceeds to the Partnership		$ (11,744)	$ 19,381,976
Investment Income from sale of properties			1,195
Gain (Loss) on Sale		$ (11,744)	$ 10,580,781
Bulverde T X [Member] | Vantage At Bulverde [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit			288
Gross Proceeds to the Partnership			$ 60,000
Gain (Loss) on Sale			$ 60,000
Germantown T N [Member] | Vantage At Germantown [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit			288
Gross Proceeds to the Partnership			$ 4,407
Gain (Loss) on Sale			$ 4,407
Powdersville S C [Member] | Vantage At Powdersville [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit		288
Gross Proceeds to the Partnership		$ 32,385
Gain (Loss) on Sale		$ 32,385
Conroe T X [Member] | Vantage At Conroe [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit		288
Month Sold		2023-06
Gross Proceeds to the Partnership		$ 19,828,060
Investment Income from sale of properties		2,065,608
Gain (Loss) on Sale		$ 7,337,828

Investments in Unconsolidated_6

Investments in Unconsolidated Entities - Summary of Sales Information of Partnership Investments in Unconsolidated Entities - (Parenthetical) (Details) - USD ($)	1 Months Ended						12 Months Ended
	Dec. 31, 2024	May 31, 2024	Jan. 31, 2024	Aug. 31, 2023	May 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Vantage At Germantown [Member] | Germantown, TN [Member]
Schedule of Equity Method Investments [Line Items]
Cash received/sales proceeds returned							$ 4,000
Vantage At Bulverde [Member] | Bulverde TX [Member]
Schedule of Equity Method Investments [Line Items]
Cash received/sales proceeds returned							$ 60,000
Vantage At Murfreesboro [Member] | Murfreesboro, TN [Member]
Schedule of Equity Method Investments [Line Items]
Cash received/sales proceeds returned	$ 61,000					$ 6,200
Vantage At O'Connor [Member] | San Antonio, TX [Member]
Schedule of Equity Method Investments [Line Items]
Cash received/sales proceeds returned					$ 12,000
Vantage At Powdersville [Member] | Powdersville S C [Member]
Schedule of Equity Method Investments [Line Items]
Cash received/sales proceeds returned				$ 32,000
Vantage At Westover Hills [Member] | San Antonio, TX [Member]
Schedule of Equity Method Investments [Line Items]
Cash received/sales proceeds returned		$ 7,000
Vantage At Coventry [Member] | Omaha, NE [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	1 Months Ended	12 Months Ended
	Oct. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2023	Feb. 28, 2023
Schedule of Equity Method Investments [Line Items]
Percentage of capital provided for joint venture	10%
Capital provided for joint venture	$ 8.3
Partnership advanced funds		$ 9
Freestone at Greeley [Member]
Schedule of Equity Method Investments [Line Items]
Equity commitment					$ 8.2
The Jessam At Hays Farms [Member]
Schedule of Equity Method Investments [Line Items]
Equity commitment				$ 16.5
Freestone Greenville [Member]
Schedule of Equity Method Investments [Line Items]
Equity commitment			$ 19.9
Freestone Ladera [Member]
Schedule of Equity Method Investments [Line Items]
Equity commitment			$ 17.1

Investments in Unconsolidated_8

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Assets	[1]	$ 1,579,700,160	$ 1,513,400,702
Liabilities	[1]	1,196,267,250	1,081,662,446
Unconsolidated Entity [Member]
Real Estate Properties [Line Items]
Assets		456,310,813	317,027,557
Liabilities		307,735,879	195,330,159
Property revenues		19,953,172	13,321,584	$ 22,048,926
Gain on sale of property			56,959,112	87,602,712
Net income (loss)		$ (16,168,741)	$ 48,500,277	$ 83,943,337
[1] The consolidated balance sheets include assets of consolidated VIEs that can only be used to settle obligations of these VIEs that totaled $ 1,332,121,374 and $ 1,247,819,817 as of December 31, 2024 and 2023, respectively. The consolidated balance sheets include liabilities of the consolidated VIEs for which creditors do not have recourse to the general credit of the Partnership that totaled $ 370,876,249 and $ 374,992,803 as of December 31, 2024 and 2023, respectively. See Note 3 - Variable Interest Entities for further detail.

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Assets Owned by Partnership (Details) - USD ($)		Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Carrying Value		$ 4,906,264	$ 4,716,140
Net real estate assets		4,906,264	4,716,140
Vantage at San Marcos [Member] | San Marcos TX [Member]
Real Estate [Line Items]
Land and Land Improvements	[1]	2,660,615	2,660,615
Buildings and Improvements	[1]	1,136,167	946,043
Carrying Value	[1]	3,796,782	3,606,658
Land Held for Development [Member] | Richland County, SC [Member]
Real Estate [Line Items]
Land and Land Improvements		1,109,482	1,109,482
Carrying Value		$ 1,109,482	$ 1,109,482
[1] The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 for further information.

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details) - USD ($)	1 Months Ended				12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Repayments on mortgage payable		$ 25,000,000			$ 25,653	$ 25,000,000	$ 906,481
Property loans, net		122,061,204			56,569,611	122,061,204
Deferred gain on sale of property		6,596,622			6,596,622	6,596,622
Costs related to sale which reduced Partnership's gain on sale					$ 63,739	10,363,363
The 50/50 MF Property [Member]
Real Estate [Line Items]
Ownership interest sold				100%
Property loans, net				$ 4,800,000			4,800,000
Deferred gain on sale of property				6,600,000			$ 6,600,000
Costs related to sale which reduced Partnership's gain on sale				$ 404,000
Land Held for Development [Member] | Omaha, NE [Member]
Real Estate [Line Items]
Proceed sale of real assets			$ 442,000
The Suites on Paseo MF Property [Member]
Real Estate [Line Items]
Proceed sale of real assets		40,700,000
Gain on sale of real assets	$ 64,000
Deferred gain on sale of property		10,400,000				$ 10,400,000
Costs related to sale which reduced Partnership's gain on sale		$ 403,000

Real Estate Assets - Schedule o

Real Estate Assets - Schedule of Net Loss Exclusive of Gains on Sale of MF Property (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
The 50/50 MF Property and The Suites on Paseo MF Property [Member]
Real Estate [Line Items]
Net loss	$ (234,776)	$ (649,222)

Property Loans - Summary of Par

Property Loans - Summary of Partnership's Property Loans, Net of Allowances for Credit Losses (Details) - USD ($)		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 57,064,611		$ 122,556,204
Asset-Specific Allowance for Credit Losses		(495,000)		(495,000)
Property Loan Principal, net of allowance		56,569,611		122,061,204
Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		7,830,000	[1]	81,585,296	[2]
Property Loan Principal, net of allowance		7,830,000	[1]	81,585,296	[2]
Mezzanine Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[3]	40,630,000
Property Loan Principal, net of allowance	[3]	40,630,000
Other [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		8,604,611		6,925,908
Asset-Specific Allowance for Credit Losses		(495,000)		(495,000)
Property Loan Principal, net of allowance		$ 8,109,611		$ 6,430,908
Legacy Commons at Signal Hills [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[2]			Feb. 01, 2024
Property loan receivable, outstanding balance	[2]			$ 32,233,972
Property Loan Principal, net of allowance	[2]			$ 32,233,972
Legacy Commons at Signal Hills [Member] | SOFR [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]			3.07%
Magnolia Heights [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[2]			Jul. 01, 2024
Property loan receivable, outstanding balance	[2]			$ 8,118,546
Property Loan Principal, net of allowance	[2]			$ 8,118,546
Magnolia Heights [Member] | SOFR [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]			3.85%
Osprey Village [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[2]			Aug. 01, 2024
Property loan receivable, outstanding balance	[2]			$ 14,998,296
Property Loan Principal, net of allowance	[2]			$ 14,998,296
Osprey Village [Member] | SOFR [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]			3.07%
Osprey Village Supplemental [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[2]			Aug. 01, 2024
Property loan receivable, outstanding balance	[2]			$ 4,600,000
Property Loan Principal, net of allowance	[2]			$ 4,600,000
Osprey Village Supplemental [Member] | LIBOR [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]			3.22%
Sandy Creek Apartments [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Sep. 01, 2026	[1]	Sep. 01, 2026	[2]
Interest Rate	[1],[4]	8.63%
Property loan receivable, outstanding balance		$ 7,830,000	[1]	$ 2,419,876	[2]
Property Loan Principal, net of allowance		$ 7,830,000	[1]	$ 2,419,876	[2]
Sandy Creek Apartments [Member] | SOFR [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2],[5]			8.63%
Willow Place Apartments [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[2]			Oct. 01, 2024
Property loan receivable, outstanding balance	[2]			$ 18,875,606
Property Loan Principal, net of allowance	[2]			$ 18,875,606
Willow Place Apartments [Member] | SOFR [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]			3.30%
Willow Place Apartments Supplemental [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[2]			Oct. 01, 2024
Property loan receivable, outstanding balance	[2]			$ 339,000
Property Loan Principal, net of allowance	[2]			$ 339,000
Willow Place Apartments Supplemental [Member] | SOFR [Member] | Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]			3.45%
SoLa Impact Opportunity Zone Fund [Member] | Mezzanine Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Dec. 30, 2025	[3]	Dec. 30, 2024	[6]
Interest Rate		7.875%	[3]	7.875%	[6]
Property loan receivable, outstanding balance		$ 33,380,000	[3]	$ 34,045,000	[6]
Property Loan Principal, net of allowance		$ 33,380,000	[3]	34,045,000	[6]
The Centurion Foundation [Member] | Mezzanine Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[3]	Jun. 15, 2039
Interest Rate	[3]	10.50%
Property loan receivable, outstanding balance	[3]	$ 7,250,000
Property Loan Principal, net of allowance	[3]	7,250,000
The 50/50 MF Property [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 7,100,000		$ 6,000,000
Property Loan Principal, net of allowance						$ 4,800,000
The 50/50 MF Property [Member] | Other [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Mar. 11, 2048		Mar. 11, 2048
Interest Rate		9%		9%
Property loan receivable, outstanding balance		$ 7,109,611		$ 5,977,314
Property Loan Principal, net of allowance		7,109,611		$ 5,977,314
Avistar (February 2013 Portfolio) [Member] | Other [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date				Jun. 26, 2024
Interest Rate				12%
Property loan receivable, outstanding balance				$ 201,972
Property Loan Principal, net of allowance				$ 201,972
Avistar (June 2013 Portfolio) [Member] | Other [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date				Jun. 26, 2024
Interest Rate				12%
Property loan receivable, outstanding balance				$ 251,622
Property Loan Principal, net of allowance				251,622
Live 929 Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 495,000		$ 495,000
Live 929 Apartments [Member] | Other [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Jul. 31, 2049		Jul. 31, 2049
Interest Rate		8%		8%
Property loan receivable, outstanding balance		$ 495,000		$ 495,000
Asset-Specific Allowance for Credit Losses		$ (495,000)		$ (495,000)
Sandoval Flats [Member] | Other [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[7]	Dec. 01, 2027
Interest Rate	[7]	7.48%
Property loan receivable, outstanding balance	[7]	$ 1,000,000
Property Loan Principal, net of allowance	[7]	$ 1,000,000
[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 by six 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 property loans are held in trust in connection with TOB trust financings (Note 13). 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 Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future.

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%
SOFR [Member] | Senior Construction Financing [Member] | Subsequent Event [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	3.35%

Property Loans - Additional Inf

Property Loans - Additional Information (Details) - USD ($)

1 Months Ended

12 Months Ended

Dec. 31, 2024

Jun. 30, 2024

Jun. 30, 2023

Sep. 30, 2022

Aug. 31, 2022

Mar. 31, 2022

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Nov. 30, 2024

Nov. 30, 2023

Aug. 31, 2023

Property Loans Net Of Loan Loss Allowance [Line Items]

Principal payments received on property loans

$ 81,060,334

$ 101,613,050

$ 30,332,123

Advanced additional funds

15,568,741

48,564,543

131,118,766

Other interest income

9,509,307

17,756,044

$ 11,875,538

The Centurion Foundation [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Principal payments received on property loans

$ 7,300,000

Magnolia Heights [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Principal payments received on property loans

8,118,546

2,181,454

Partnership recognized loan fee

$ 20,000

SoLa Impact Opportunity Zone Fund [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Partnership recognized loan fee

$ 167,000

Sandoval Flats [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Property loan commitments

$ 29,800,000

Greens Property [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Principal payments received on property loans

850,000

Accrued interest redemption on notes receivable

1,600,000

Scharbauer Flats Apartments [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Principal payments received on property loans

10,773,236

Partnership recognized loan fee

$ 33,000

Loan Maturity Period

2024-01

Sandy Creek Apartments [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Property loan commitments

$ 7,800,000

Willow Place Apartments [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Principal payments received on property loans

18,875,606

Property loan commitments

$ 1,800,000

Osprey Village [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Principal payments received on property loans

14,998,296

Property loan commitments

4,600,000

Ohio Properties [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Amount received as payment in full for outstanding principal and interest on a property loan

$ 2,400,000

Accrued interest redemption on notes receivable

4,300,000

Other interest income

$ 1,700,000

Cross Creek Property [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Amount received as payment in full for outstanding principal and interest on a property loan

$ 11,400,000

Accrued interest redemption on notes receivable

1,700,000

Advanced additional funds

$ 7,700,000

Redemption proceeds received

13,000,000

Other interest income

$ 1,700,000

Property Loans [Member]

Property Loans Net Of Loan Loss Allowance [Line Items]

Accrued interest receivable

$ 354,000

$ 354,000

$ 1,700,000

Property Loans - Schedule of Pr

Property Loans - Schedule of Property Loans Paid Down or Redeemed (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property Loans Net Of Loan Loss Allowance [Line Items]
Principal Proceeds	$ 81,060,334	$ 101,613,050	$ 30,332,123
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
Avistar (February 2013 Portfolio) [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid	2024-05
Principal Proceeds	$ 201,972
Avistar (June 2013 Portfolio) [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid	2024-05
Principal Proceeds	$ 251,622
Greens Property [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid		2023-02
Principal Proceeds		$ 850,000
Scharbauer Flats [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid		2023-02
Principal Proceeds		$ 10,773,236
Centennial Crossings [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid		2023-03
Principal Proceeds		$ 6,692,344
SoLa Impact Opportunity Zone Fund [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid	2024-03	2023-05
Principal Proceeds	$ 500,000	$ 3,790,000
Magnolia Heights [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid	2024-09	2023-06
Principal Proceeds	$ 8,118,546	$ 2,181,454
Oasis at Twin Lakes [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid		2023-06
Principal Proceeds		$ 24,018,657
SoLa Impact Opportunity Zone Fund [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid	2024-10	2023-08
Principal Proceeds	$ 165,000	$ 1,165,000
Hilltop at Signal Hills [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid		2023-08
Principal Proceeds		$ 21,197,939
Centennial Crossings
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid		2023-09
Principal Proceeds		$ 17,557,656
Scharbauer Flats [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Month Repaid		2023-11
Principal Proceeds		$ 13,386,764

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Provision [Line Items]
Total income tax expense (benefit)	$ 32,447	$ 10,866	$ (51,194)
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense	30,012	11,228	(6,138)
Deferred income tax expense (benefit)	2,435	(362)	(45,056)
Total income tax expense (benefit)	$ 32,447	$ 10,866	$ (51,194)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Provision [Line Items]
Valuation allowance	$ 0	$ 0
Accrued interest or penalties	0	0
Uncertain tax positions	$ 0	0
Partnership tax returns subjected to examination	2021 2022 2023
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Net deferred tax assets	$ 664,000	$ 667,000

Partnership Income, Expenses _3

Partnership Income, Expenses and Distributions - Additional Information (Details)	Dec. 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%

Partnership Income, Expenses _4

Partnership Income, Expenses and Distributions - Schedule of Distributions Declared per Beneficial Unit Certificates (Details) - $ / shares		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash distributions	[1]	$ 1.478	$ 1.46	$ 1.68
[1] All cash distributions per BUC amounts above have been retroactively adjusted for the BUCs Distributions on a retroactive basis.

Partnership Income, Expenses _5

Partnership Income, Expenses and Distributions - Summary of Beneficial Unit Certificates Distributions Declared (Details) - Beneficial Unit Certificates [Member]		Mar. 13, 2024 $ / shares	Dec. 13, 2023 $ / shares	Sep. 13, 2023 $ / shares	Jun. 14, 2023 $ / shares	Dec. 19, 2022 $ / shares	Sep. 15, 2022 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Dividends Payable [Line Items]
BUCs Distribution								$ 0.68
O 2024 Q1 Dividends [Member]
Dividends Payable [Line Items]
BUCs Distribution		$ 0.07
Declaration Date		Mar. 13, 2024
Record Date		Mar. 28, 2024
Payment Date		Apr. 30, 2024
Payment Ratio	[1]	0.00417
O 2023 Q2 Dividends [Member]
Dividends Payable [Line Items]
BUCs Distribution					$ 0.07
Declaration Date					Jun. 14, 2023
Record Date					Jun. 30, 2023
Payment Date					Jul. 31, 2023
Payment Ratio	[1]				0.00448
O 2023 Q3 Dividends [Member]
Dividends Payable [Line Items]
BUCs Distribution				$ 0.07
Declaration Date				Sep. 13, 2023
Record Date				Sep. 29, 2023
Payment Date				Oct. 31, 2023
Payment Ratio	[1]			0.00418
O 2023 Q4 Dividends [Member]
Dividends Payable [Line Items]
BUCs Distribution			$ 0.07
Declaration Date			Dec. 13, 2023
Record Date			Dec. 29, 2023
Payment Date			Jan. 31, 2024
Payment Ratio	[1]		0.00415
O 2023 A Dividends [Member]
Dividends Payable [Line Items]
BUCs Distribution									$ 0.21
O 2022 Q3 Dividends [Member]
Dividends Payable [Line Items]
BUCs Distribution							$ 0.2
Declaration Date							Sep. 14, 2022
Record Date							Sep. 30, 2022
Payment Date							Oct. 31, 2022
Payment Ratio	[1]						0.01044
O 2022 Q4 Dividends [Member]
Dividends Payable [Line Items]
BUCs Distribution						$ 0.2
Declaration Date						Dec. 19, 2022
Record Date						Dec. 30, 2022
Payment Date						Jan. 31, 2023
Payment Ratio	[1]					0.0105
O 2022 A Dividends [Member]
Dividends Payable [Line Items]
BUCs Distribution										$ 0.4
[1] The ratio represents the number of BUCs distributed for each BUC outstanding as of the respective record dates. The ratio was determined based on the closing BUC price on the NYSE on the day prior to the respective declaration dates.

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Deferred financing costs, net	$ 653,510	$ 850,726
Derivative instruments at fair value	6,980,820	5,254,663
Taxable mortgage revenue bonds, at fair value	26,671,085	21,460,288
Taxable governmental issuer loans	14,157,672	13,573,000
Allowance for credit losses	(76,000)	(77,000)
Taxable governmental issuer loans, net	14,081,672	13,496,000
Bond purchase commitment, at fair value	0	197,788
Other assets	1,462,333	1,935,005
Total other assets	$ 49,849,420	$ 43,194,470

Other Assets - Additional Infor

Other Assets - Additional Information (Details) - USD ($)	1 Months Ended
	Jul. 31, 2023	Dec. 31, 2024
Other Assets [Line Items]
Principal Outstanding at Date of Redemption		$ 23,073,000
Ocotillo Springs - Series A-T [Member]
Other Assets [Line Items]
Principal Outstanding at Date of Redemption	$ 7,000,000
Taxable GILs [Member] | Hope of Avalon [Member]
Other Assets [Line Items]
Partnership recognized loan fee	$ 32,000
Loan maturity date	Feb. 01, 2024
Taxable MRBs and Taxable GILs [Member] | TOB Trust [Member]
Other Assets [Line Items]
Assets held in trust		$ 40,100,000

Other Assets - Summary of Taxab

Other Assets - Summary of Taxable MRBs and Taxable GILs Acquired (Details)		12 Months Ended
		Dec. 31, 2024 USD ($) Unit	Dec. 31, 2023 USD ($)
Governmental Issuer Loans [Line Items]
Taxable MRB, Initial Principal Funding		$ 3,577,000
Taxable MRB, Total Commitment			$ 17,155,000
Principal Outstanding at Date of Redemption		$ 23,073,000
Governmental Issuer Loans [Member] | Natchitoches Thomas Apartments [member]
Governmental Issuer Loans [Line Items]
Taxable MRB, Month Acquired		2024-12
Taxable MRB, Property Location		Natchitoches, LA
Number of Loans | Unit		120
Maturity Date		Jul. 01, 2027
Taxable MRB, Interest Rate		7.92%
Taxable MRB, Initial Principal Funding		$ 1,000,000
Governmental Issuer Loans [Member] | Hope on Avalon [Member]
Governmental Issuer Loans [Line Items]
Taxable MRB, Month Acquired		2024-01
Taxable MRB, Property Location		Los Angeles, CA
Number of Loans | Unit		88
Maturity Date		Feb. 01, 2024
Taxable MRB, Interest Rate		3.55%
Principal Outstanding at Date of Redemption		$ 10,573,000
Mortgage Revenue Bonds [Member]
Governmental Issuer Loans [Line Items]
Principal Outstanding at Date of Redemption		$ 12,500,000
Mortgage Revenue Bonds [Member] | Windsor Shores Apartments - Series B [Member]
Governmental Issuer Loans [Line Items]
Taxable MRB, Month Acquired			2023-01
Maturity Date			Feb. 01, 2030
Taxable MRB, Initial Principal Funding			$ 805,000
Taxable MRB, Total Commitment			$ 805,000
Mortgage Revenue Bonds [Member] | Village at Hanford Square [Member] | Series H-T [Member]
Governmental Issuer Loans [Line Items]
Taxable MRB, Month Acquired			2023-05
Maturity Date			May 01, 2030
Taxable MRB, Initial Principal Funding			$ 1,000,000
Taxable MRB, Total Commitment			$ 10,400,000
Mortgage Revenue Bonds [Member] | 40rty on Colony [Member] | Series P-T [Member]
Governmental Issuer Loans [Line Items]
Taxable MRB, Month Acquired			2023-06
Maturity Date			Jun. 01, 2030
Taxable MRB, Initial Principal Funding			$ 1,100,000
Taxable MRB, Total Commitment			$ 5,950,000
Mortgage Revenue Bonds [Member] | Woodington Gardens Apartments Series A 2 [Member]
Governmental Issuer Loans [Line Items]
Taxable MRB, Month Acquired		2024-04
Taxable MRB, Property Location		Baltimore, MD
Number of Loans | Unit		197
Maturity Date		May 01, 2029
Taxable MRB, Interest Rate		7.80%
Taxable MRB, Initial Principal Funding		$ 2,577,000
Mortgage Revenue Bonds [Member] | Residency at the Mayer Series A-T [Member]
Governmental Issuer Loans [Line Items]
Taxable MRB, Month Acquired	[1]	2024-03
Taxable MRB, Property Location	[1]	Hollywood, CA
Number of Loans | Unit	[1]	79
Maturity Date	[1]	Oct. 01, 2024
Taxable MRB, Interest Rate	[1]	3.70%
Principal Outstanding at Date of Redemption	[1]	$ 11,500,000
Mortgage Revenue Bonds [Member] | Residency at the Mayer Series A-T 1 [Member]
Governmental Issuer Loans [Line Items]
Taxable MRB, Month Acquired		2024-09
Taxable MRB, Property Location		Hollywood, CA
Number of Loans | Unit		79
Maturity Date		Oct. 01, 2024
Taxable MRB, Interest Rate	[2]	3.70%
Principal Outstanding at Date of Redemption		$ 1,000,000
[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. The interest rate is subject to an all-in floor of 3.95 %.

Other Assets - Summary of Tax_2

Other Assets - Summary of Taxable MRB and GIL Acquired (Parenthetical) (Details) $ in Millions	Dec. 31, 2024 USD ($)
Governmental Issuer Loans [Line Items]
Floor rate	3.95%
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 ($)		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		$ 4,097,000		$ 495,000
Current provision for credit losses		(867,000)		(2,347,000)
Recovery of prior credit loss		(69,000)		(68,812)		$ (57,124)
Cumulative-effect adjustment upon adoption				5,949,000
Current provision for credit losses		(1,036,308)		(2,347,000)
Balance, end of period		3,230,000		4,097,000		495,000
MRB and taxable MRB investments [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		9,910,079	[1]	9,978,891	[1]	9,175,482
Other additions	[2]					860,533
Current provision for credit losses	[3]	(169,308)
Write-offs	[3]	(5,542,922)
Recovery of prior credit loss	[4]	(69,000)		(68,812)		(57,124)
Balance, end of period	[1]	4,128,849		9,910,079		9,978,891
Governmental Issuer Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		1,294,000		0
Current provision for credit losses		(256,000)		(851,000)
Cumulative-effect adjustment upon adoption				2,145,000
Balance, end of period		1,038,000		1,294,000		0
Taxable Governmental Issuer Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		77,000		0
Current provision for credit losses		(1,000)		(2,000)
Cumulative-effect adjustment upon adoption				79,000
Balance, end of period		76,000		77,000		0
Property Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		2,048,000		495,000
Current provision for credit losses		(118,000)		(555,000)
Cumulative-effect adjustment upon adoption				2,108,000
Balance, end of period		1,930,000		2,048,000		495,000
Unfunded Commitments [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		678,000		0
Current provision for credit losses		(492,000)		(939,000)
Cumulative-effect adjustment upon adoption				1,617,000
Balance, end of period		$ 186,000		$ 678,000		$ 0
[1] The allowance for credit losses as of December 31, 2024 was related to the Live 929 Apartments – Series 2022A MRB. The allowance for credit losses as of December 31, 2023 and 2022 was related to the Provision Center 2014-1 MRB and the Live 929 Apartments – Series 2022A MRB . The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership recovered approximately $ 169,000 of its previously recognized allowance for credit loss and the remainder of the allowance associated with the MRB was written off. 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.

Allowance for Credit Losses -_2

Allowance for Credit Losses - Summary of Changes in Partnership's Allowance for Credit Losses (Parenthetical) (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Recovery of prior credit loss			$ 69,000	$ 68,812	$ 57,124
MRB [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Recovery of prior credit loss	$ 169,000	$ 169,000

Allowance for Credit Losses - A

Allowance for Credit Losses - Additional Information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) Loan	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		$ (867,000)	$ (2,347,000)
Property loans outstanding principal		57,064,611	122,556,204
Property loans, net		56,569,611	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		7,100,000	6,000,000
Ownership interest sold	100%
Property loans, net	$ 4,800,000
The 50/50 MF Property [Member] | Interest Income Operating [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash interest from borrower		174,000
Property Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for credit losses		$ (118,000)	$ (555,000)
Number of loans on nonaccrual status | Loan		2

Allowance for Credit Losses -_3

Allowance for Credit Losses - Summary of Partnerships Carrying Value by Acquisition Year Grouped by Risk Rating (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 7,250,000	$ 27,868,254
2023	21,430,000	222,178,160
2022	194,126,911	232,668,300
2021	115,322,594
2020		495,000
Prior	495,000	453,594
Total	338,624,505	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	90,779,628	143,010,000
2021	115,322,594
Total	219,702,222	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	90,779,628	143,010,000
2021	115,322,594
Total	219,702,222	222,947,300
Taxable Governmental Issuer Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023		3,000,000
2022	13,157,672	10,573,000
Total	13,157,672	13,573,000
Taxable Governmental Issuer Loans [Member] | Performing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023		3,000,000
2022	13,157,672	10,573,000
Total	13,157,672	13,573,000
Property Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,250,000	7,358,876
2023	7,830,000	48,140,860
2022	40,489,611	66,107,874
2020		495,000
Prior	495,000	453,594
Total	56,064,611	122,556,204
Property Loans [Member] | Performing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,250,000	7,358,876
2023	7,830,000	48,140,860
2022	40,489,611	66,107,874
Prior	0	453,594
Total	55,569,611	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		104,700,000
2022	49,700,000	12,977,426
Total	49,700,000	124,586,804
Unfunded Commitments [Member] | Performing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024		6,909,378
2023		104,700,000
2022	49,700,000	12,977,426
Total	$ 49,700,000	$ 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 ($)	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 2,183,546	$ 1,518,267
Accrued expenses	5,076,445	4,104,945
Accrued interest expense	7,529,123	7,935,327
Deferred gain on sale of property	6,596,622	6,596,622
Reserve for credit losses on unfunded commitments (Note 10)	186,000	678,000
Derivative instruments at fair value	609,766	705,694
Other liabilities	1,299,266	1,419,233
Total accounts payable, accrued expenses and other liabilities	$ 23,480,768	$ 22,958,088

Secured Lines of Credit - Summa

Secured Lines of Credit - Summary of Secured Lines of Credit (Details) - Secured Line Of Credit Facility [Member] - USD ($)	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023
Line of Credit Facility [Line Items]
Lines of credit	$ 68,852,000		$ 33,400,000
Total Commitment	100,000,000		90,000,000
General [Member]
Line of Credit Facility [Line Items]
Lines of credit	50,000,000		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	8.03%		8.85%
Acquisition [Member]
Line of Credit Facility [Line Items]
Lines of credit	$ 18,852,000		$ 16,900,000
Total Commitment	$ 50,000,000		$ 50,000,000
Commitment Maturity	2025-06	[5]	2024-06	[6]
Variable / Fixed	Variable	[7]	Variable	[8]
Reset Frequency	Monthly		Monthly
Line of credit facility, interest rate during period	7.02%		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 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 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 a one-year extension option subject to certain conditions and payment of a $ 25,000 extension fee. 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 Term SOFR. The variable rate is equal to 2.50 % plus a variable component based on the Term SOFR.

Secured Lines of Credit - Sum_2

Secured Lines of Credit - Summary of Secured Lines of Credit (Parenthetical) (Details) - Secured Line Of Credit Facility [Member]	12 Months Ended
	Dec. 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	1	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 Lines of Credit - Addit

Secured Lines of Credit - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Aug. 31, 2021	Jun. 30, 2021	Dec. 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 increases in the maximum commitment amount. The Partnership was in compliance with all covenants as of December 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	$ 50,000,000
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 ($)		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023
Debt Instrument [Line Items]
Debt financing, net		$ 1,093,273,157		$ 1,015,030,066
TEBS Financings [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 235,640,736		$ 305,262,391
Period End Rates		4.25%		4.46%
TEBS Financings [Member] | Variable - M31 [Member]
Debt Instrument [Line Items]
Debt financing, net	[1]			$ 66,621,825
Restricted Cash	[1]			$ 4,999
Stated Maturities	[1]			2024
Tax-Exempt Interest on Senior Securities	[1],[2]			Yes
Remarketing Senior Securities Rate	[1]			3.90%
Facility Fees	[1]			1.31%
Period End Rates	[1]			5.21%
TEBS Financings [Member] | Fixed - M33 [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 28,153,143		$ 28,870,624
Restricted Cash		$ 2,606		$ 2,606
Stated Maturities		2030		2030
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Period End Rates		3.24%		3.24%
TEBS Financings [Member] | Fixed - M45 [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 207,487,593		$ 209,769,942
Restricted Cash		$ 5,000		$ 5,000
Stated Maturities		2034		2034
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Period End Rates		4.39%		4.39%
2024 PFA Securitization Transaction [Member] | Fixed - Notes [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 72,928,607
Restricted Cash		$ 499,000
Stated Maturities		2039
Tax-Exempt Interest on Senior Securities	[3]	Yes
Period End Rates		4.90%
TEBS Residual Financing [Member] | Fixed - Notes [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 51,574,033		$ 60,322,317
Restricted Cash		$ 265,000
Stated Maturities		2034		2034
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Period End Rates		7.16%		7.16%
TOB Trusts Securitization [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 733,129,781		$ 636,705,380
Period End Rates		5.43%		5.87%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Montecito at Williams Ranch - Series A [Member]
Debt Instrument [Line Items]
Debt financing, net	[4]			$ 6,813,244
Stated Maturities				2025
Tax-Exempt Interest on Senior Securities	[2]			Yes
Remarketing Senior Securities Rate				4.24%
Facility Fees				1.18%
Period End Rates				5.42%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Montevista - Series A [Member]
Debt Instrument [Line Items]
Debt financing, net	[4]			$ 5,618,833
Stated Maturities				2025
Tax-Exempt Interest on Senior Securities	[2]			Yes
Remarketing Senior Securities Rate				4.24%
Facility Fees				1.28%
Period End Rates				5.52%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Vineyard Gardens - Series A [Member]
Debt Instrument [Line Items]
Debt financing, net	[4]			$ 3,593,615
Stated Maturities				2025
Tax-Exempt Interest on Senior Securities	[2]			Yes
Remarketing Senior Securities Rate				4.24%
Facility Fees				1.18%
Period End Rates				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, net		$ 30,439,932	[5]	$ 30,396,222	[4]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.43%		1.43%
Period End Rates		5.37%		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, net		$ 21,556,510	[5]	$ 21,522,158	[4]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.43%		1.43%
Period End Rates		5.37%		5.67%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Aventine Apartments [Member]
Debt Instrument [Line Items]
Debt financing, net	[5]	$ 7,560,184
Stated Maturities		2027
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[6]	3.94%
Facility Fees		1.44%
Period End Rates		5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Copperfield - Series A [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 11,232,828	[5]	$ 11,370,985	[4]
Stated Maturities		2027		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.68%		1.68%
Period End Rates		5.62%		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, net		$ 4,255,827	[5]	$ 4,303,984	[4]
Stated Maturities		2027		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.68%		1.68%
Period End Rates		5.62%		5.92%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Wood Hollow - Series A [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 32,254,020	[5]	$ 32,673,300	[4]
Stated Maturities		2027		2027
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.44%		1.44%
Period End Rates		5.38%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Live 929 [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 53,092,000	[5]	$ 53,092,000	[4]
Stated Maturities		2027		2027
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.18%		1.18%
Period End Rates		5.12%		5.42%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Woodington Gardens - Series A - 1 [Member]
Debt Instrument [Line Items]
Debt financing, net	[5]	$ 24,841,650
Stated Maturities		2027
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[6]	3.94%
Facility Fees		1.44%
Period End Rates		5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Trust 2024-XF3219 [Member
Debt Instrument [Line Items]
Debt financing, net	[5],[7]	$ 46,436,706
Stated Maturities	[7]	2027
Tax-Exempt Interest on Senior Securities	[3],[7]	No
Remarketing Senior Securities Rate	[6],[7]	4.60%
Facility Fees	[7]	1.79%
Period End Rates	[7]	6.39%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Trust 2021-XF2926 [Member]
Debt Instrument [Line Items]
Debt financing, net	[4],[8]			$ 38,496,952
Stated Maturities	[8]			2024
Tax-Exempt Interest on Senior Securities	[2],[8]			No
Remarketing Senior Securities Rate	[8]			5.59%
Facility Fees	[8]			0.90%
Period End Rates	[8]			6.49%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | SoLa Impact Opportunity Zone Fund [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 23,353,548	[5]	$ 23,741,122	[4]
Stated Maturities		2025		2024
Tax-Exempt Interest on Senior Securities		No	[3]	No	[2]
Remarketing Senior Securities Rate		4.60%	[6]	5.59%	[9]
Facility Fees		1.78%		1.78%
Period End Rates		6.38%		7.37%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Trust 2021-XF2939 [Member]
Debt Instrument [Line Items]
Debt financing, net	[4],[10]			$ 21,821,644
Stated Maturities	[10]			2025
Tax-Exempt Interest on Senior Securities	[2],[10]			No
Remarketing Senior Securities Rate	[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] | The Centurion Foundation [Member]
Debt Instrument [Line Items]
Debt financing, net	[5]	$ 5,051,557
Stated Maturities		2027
Tax-Exempt Interest on Senior Securities	[3]	No
Remarketing Senior Securities Rate	[6]	4.60%
Facility Fees		1.79%
Period End Rates		6.39%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at the Crest - Series A [Member]
Debt Instrument [Line Items]
Debt financing, net	[5]	$ 7,240,898
Stated Maturities		2027
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[6]	3.94%
Facility Fees		1.44%
Period End Rates		5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar on the Blvd - Series A [Member]
Debt Instrument [Line Items]
Debt financing, net	[5]	$ 12,060,628
Stated Maturities		2027
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[6]	3.94%
Facility Fees		1.44%
Period End Rates		5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar on the Hills - Series A [Member]
Debt Instrument [Line Items]
Debt financing, net	[5]	$ 4,001,672
Stated Maturities		2027
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[6]	3.94%
Facility Fees		1.44%
Period End Rates		5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at the Oaks - Series A [Member]
Debt Instrument [Line Items]
Debt financing, net	[5]	$ 5,858,331
Stated Maturities		2027
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[6]	3.94%
Facility Fees		1.44%
Period End Rates		5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar in 09 - Series A [Member[
Debt Instrument [Line Items]
Debt financing, net	[5]	$ 5,053,972
Stated Maturities		2027
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[6]	3.94%
Facility Fees		1.44%
Period End Rates		5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Entrepreneur MRBs [ Member ]
Debt Instrument [Line Items]
Debt financing, net		$ 34,060,000	[5]	$ 23,040,000	[4]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.45%		1.45%
Period End Rates		5.39%		5.69%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at Empire MRBs [Member]
Debt Instrument [Line Items]
Debt financing, net	[5]	$ 42,456,840
Stated Maturities		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[6]	3.94%
Facility Fees		1.42%
Period End Rates		5.36%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Ivy Apartments [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 24,364,083	[5]	$ 24,330,930	[4]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.44%		1.44%
Period End Rates		5.38%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Windsor Shores Apartments [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 17,209,991	[5]	$ 17,183,983	[4]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.44%		1.44%
Period End Rates		5.38%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Village at Hanford Square [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 7,777,224	[5]	$ 7,760,141	[4]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.44%		1.44%
Period End Rates		5.38%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Maryalice Circle Apartments [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 4,698,486	[5]	$ 4,682,351	[4]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.44%		1.44%
Period End Rates		5.38%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Meadow Valley [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 30,709,433	[5]	$ 15,438,915	[4]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.44%		1.44%
Period End Rates		5.38%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | 40rty on Colony [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 4,450,508	[5]	$ 4,440,847	[4]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.44%		1.44%
Period End Rates		5.38%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Sandy Creek Apartments GIL [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 9,640,533	[5]	$ 9,616,853	[4]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.44%		1.44%
Period End Rates		5.38%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency At Mayer MRBs [Member]
Debt Instrument [Line Items]
Debt financing, net	[5]	$ 33,806,861
Stated Maturities		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[6]	3.94%
Facility Fees		1.19%
Period End Rates		5.13%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Centennial Crossings GIL [Member]
Debt Instrument [Line Items]
Debt financing, net	[4]			$ 18,267,048
Stated Maturities				2026
Tax-Exempt Interest on Senior Securities	[2]			Yes
Remarketing Senior Securities Rate				4.24%
Facility Fees				1.42%
Period End Rates				5.66%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Legacy Commons at Signal Hills GIL [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 31,155,000	[5]	$ 31,155,000	[4]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		0.91%		0.91%
Period End Rates		4.85%		5.15%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Osprey Village GIL [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 49,475,000	[5]	$ 49,475,000	[4]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.19%		1.19%
Period End Rates		5.13%		5.43%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Mayer - Series A [Member]
Debt Instrument [Line Items]
Debt financing, net	[4]			$ 24,335,000
Stated Maturities				2026
Tax-Exempt Interest on Senior Securities	[2]			Yes
Remarketing Senior Securities Rate				4.24%
Facility Fees				1.19%
Period End Rates				5.43%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Safford [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 29,772,042	[5]	$ 5,911,780	[4]
Stated Maturities		2026		2026
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		3.94%	[6]	4.24%
Facility Fees		1.44%		1.44%
Period End Rates		5.38%		5.68%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Hope on Avalon GIL [Member]
Debt Instrument [Line Items]
Debt financing, net	[4]			$ 18,711,665
Stated Maturities				2024
Tax-Exempt Interest on Senior Securities	[2]			Yes
Remarketing Senior Securities Rate				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, net	[4]			$ 4,100,000
Stated Maturities				2024
Tax-Exempt Interest on Senior Securities	[2]			Yes
Remarketing Senior Securities Rate				4.24%
Facility Fees				1.29%
Period End Rates				5.53%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Trust 2021-XF-2953 [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 28,254,089	[11]	$ 69,694,599	[12]
Stated Maturities		2025	[11]	2024	[12]
Tax-Exempt Interest on Senior Securities		No	[3],[11]	No	[2],[12]
Remarketing Senior Securities Rate		4.45%	[6],[11]	5.48%	[12]
Facility Fees		1.27%	[11]	1.27%	[12]
Period End Rates		5.72%	[11]	6.75%	[12]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove I GIL [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 26,838,470		$ 15,872,163
Stated Maturities		2025		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		4.05%	[6]	4.40%
Facility Fees		1.25%		1.25%
Period End Rates		5.30%		5.65%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove II GIL [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 28,545,470		$ 13,235,163
Stated Maturities		2025		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		4.05%	[6]	4.40%
Facility Fees		1.25%		1.25%
Period End Rates		5.30%		5.65%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove III GIL [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 17,231,470		$ 7,628,163
Stated Maturities		2025		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		4.05%	[6]	4.40%
Facility Fees		1.25%		1.25%
Period End Rates		5.30%		5.65%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Village Point [Member]
Debt Instrument [Line Items]
Debt financing, net		$ 18,394,018		$ 18,381,720
Stated Maturities		2025		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[2]
Remarketing Senior Securities Rate		4.05%	[6]	4.43%
Facility Fees		1.61%		1.61%
Period End Rates		5.66%		6.04%
Term TOB Trust Securitization [Member] | Morgan Stanley Bank [Member] | Village at Avalon [Member]
Debt Instrument [Line Items]
Debt financing, net				$ 12,739,978
Stated Maturities				2024
Tax-Exempt Interest on Senior Securities	[2]			Yes
Period End Rates				1.98%
[1] Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing. 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 debt 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 Partnership has restricted cash totaling approximately $ 9.6 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. The Partnership has restricted cash totaling approximately $ 15.8 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. 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 four MRBs, eight taxable MRBs, and one property loan. The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. 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 Residency at the Mayer taxable MRB and Osprey Village property loan. The TOB trust is securitized by the Willow Place GIL & Supplemental GIL, 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	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Cash collateral	$ 15.8	$ 9.6

Debt Financing - Additional Inf

Debt Financing - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Security	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt financing, net | $	$ 1,093,273,157	$ 1,015,030,066
Interest Rate	7.125%
Senior affordable housing multifamily certificates and trustee expenses percentage	0.03%
Mizuho [Member]
Debt Instrument [Line Items]
Debt financing, net | $	$ 15,800,000	$ 9,600,000
2024 PFA Securitization Transaction [Member]
Debt Instrument [Line Items]
Number Of Available For Sale Securities | Security	14
Number of securities sold | Security	14
Interest Rate	4.10%
Partnership credit enhancement fee percentage per annum	0.80%

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Debt Financing (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Debt Financing [Abstract]
2025	$ 352,103,969
2026	203,721,434
2027	194,545,705
2028	5,948,361
2029	10,606,159
Thereafter	331,391,189
Total	1,098,316,817
Unamortized deferred financing costs and debt premium	(5,043,660)
Total debt financing, net	$ 1,093,273,157	$ 1,015,030,066

Mortgage Payable - Summary of P

Mortgage Payable - Summary of Partnerships' Mortgage Payable, Net of Deferred Financing Costs (Details) - Mortgages payable [Member] - Real Estate [Member] - Vantage at San Marcos [Member] - USD ($)		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Mortgage Loans On Real Estate [Line Items]
Outstanding Mortgage Payable, net	[1]	$ 1,664,347	$ 1,690,000
Year Acquired	[1]	2020
Stated Maturity	[1]	2025-11
Variable / Fixed	[1]	Variable
Period End Rates	[1]	8.25%
[1] The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 3)

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Initial Principal Funded	$ 56,050,000	$ 108,005,034
The Suites on Paseo MF Property [Member] | Secured Debt [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Debt principal amount			$ 25,000,000

Derivative Instruments - Summar

Derivative Instruments - Summary of Unrealized and Realized Gains and Losses of Partnership's Derivative Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Realized (gains) losses on derivatives, net	$ (6,397,526)	$ (10,544,982)	$ (5,855,686)
Unrealized (gains) losses on derivatives, net	(2,097,900)	3,173,398	(7,239,736)
Net result from derivative transactions	(8,495,426)	(7,371,584)	(13,095,422)
Interest Rate Swaps [Member]
Derivative [Line Items]
Realized (gains) losses on derivatives, net	(6,412,028)	(6,043,273)	(140,171)
Unrealized (gains) losses on derivatives, net	(2,098,165)	3,082,035	(7,199,197)
Net result from derivative transactions	(8,510,193)	(2,961,238)	(7,339,368)
Interest Rate Cap [Member]
Derivative [Line Items]
Realized (gains) losses on derivatives, net	14,502
Unrealized (gains) losses on derivatives, net	265	91,363	(40,539)
Net result from derivative transactions	$ 14,767	91,363	(40,539)
Total Return Swaps [Member]
Derivative [Line Items]
Realized (gains) losses on derivatives, net		(4,501,709)	(5,715,515)
Net result from derivative transactions		$ (4,501,709)	$ (5,715,515)

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Partnership's Interest Rate Swap Agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative, Notional Amount		$ 406,643,955
Derivative, Fair Value Asset		5,254,663
Derivative, Fair Value Liability	$ (609,766)	(705,694)
Interest Rate Cap Agreements [Member] | SIFMA [Member]
Derivative [Line Items]
Derivative, Notional Amount		73,393,729
Derivative, Fair Value Asset		$ 265
Derivative, Weighted Average Remaining Maturity		8 months 1 day
Interest Rate Swaps [Member] | SOFR [Member]
Derivative [Line Items]
Derivative, Notional Amount	416,989,686	$ 333,250,226
Derivative, Fair Value Asset	6,980,820	5,254,398
Derivative, Fair Value Liability	$ (609,766)	$ (705,694)
Derivative, Weighted Average Remaining Maturity	2 years 8 months 4 days	3 years 5 months 23 days

Derivative Instruments - Summ_3

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

Derivative Instruments - Summ_4

Derivative Instruments - Summary of Average Notional Amount and Weighted Average Fixed Rate by Year (Details) - Interest Rate Swap [Member]	Dec. 31, 2024 USD ($)
Average Notional Amount [Abstract]
2025	$ 334,078,298
2026	300,528,466
2027	217,943,332
2028	155,697,132
2029	119,142,299
2030	19,392,800
2031	11,799,667
2032	9,583,000
2033	6,577,667
2034	$ 2,537,500
Weighted Average Fixed Rate Paid [Abstract]
2025	3.42%
2026	3.42%
2027	3.50%
2028	3.55%
2029	3.47%
2030	3.77%
2031	3.79%
2032	3.71%
2033	3.84%
2034	3.91%

Commitments and Contingencies -

Commitments and Contingencies - Summary of Partnership's Bond Purchase Commitments (Details) - Anaheim & Walnut (a/k/a Wellspring Apartments [Member] - Bond Purchase Commitment [Member] - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Bond Purchase Commitment [Line Items]
Commitment Date	2021-09
Interest Rate	4.85%
Closing Date	August 2024
Fair Value	$ 0	$ 197,788

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Partnership's Total and Remaining Commitments (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 381,597,335
Remaining Commitment as of December 31, 2024	171,447,584
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	134,000,000
Remaining Commitment as of December 31, 2024	$ 34,386,043
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	7.59%
Total Initial Commitment	$ 43,000,000
Remaining Commitment as of December 31, 2024	$ 5,651,043
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	6.25%
Total Initial Commitment	$ 44,000,000
Remaining Commitment as of December 31, 2024	$ 2,935,000
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	2025-04
Total Initial Commitment	$ 8,000,000
Remaining Commitment as of December 31, 2024	$ 4,600,000
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	3.65%
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	7.25%
Total Initial Commitment	$ 10,400,000
Remaining Commitment as of December 31, 2024	$ 1,400,000
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	6.45%
Total Initial Commitment	$ 47,000,000
Remaining Commitment as of December 31, 2024	$ 25,800,000
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] | The Residency At Empire [Member] | Series BB-T Mortgage [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-12
Maturity Date	2025-12
Interest Rate	7.45%
Total Initial Commitment	$ 9,404,500
Remaining Commitment as of December 31, 2024	$ 8,404,500
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	7.45%
Total Initial Commitment	$ 5,950,000
Remaining Commitment as of December 31, 2024	1,400,000
Taxable Mortgage Revenue Bonds [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	33,754,500
Remaining Commitment as of December 31, 2024	15,804,500
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	80,369,507
Remaining Commitment as of December 31, 2024	$ 18,778,207
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	2025-04
Interest Rate	6.78%
Total Initial Commitment	$ 22,250,000
Remaining Commitment as of December 31, 2024	$ 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	2025-04
Interest Rate	6.78%
Total Initial Commitment	$ 39,119,507
Remaining Commitment as of December 31, 2024	$ 5,569,507
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] | Natchitoches Thomas Apartments [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2024-12
Maturity Date	2027-07
Interest Rate	7.92%
Total Initial Commitment	$ 19,000,000
Remaining Commitment as of December 31, 2024	12,500,000
Taxable Governmental Issuer Loans [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	60,579,465
Remaining Commitment as of December 31, 2024	$ 46,421,793
Taxable Governmental Issuer Loans [Member] | Poppy Grove I [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-09
Maturity Date	2025-04
Interest Rate	6.78%
Total Initial Commitment	$ 21,157,672
Remaining Commitment as of December 31, 2024	$ 10,000,000
Taxable Governmental Issuer Loans [Member] | Poppy Grove II [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-09
Maturity Date	2025-04
Interest Rate	6.78%
Total Initial Commitment	$ 10,941,300
Remaining Commitment as of December 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	2025-04
Interest Rate	6.78%
Total Initial Commitment	$ 24,480,493
Remaining Commitment as of December 31, 2024	$ 23,480,493
Taxable Governmental Issuer Loans [Member] | Natchitoches Thomas Apartments [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2024-12
Maturity Date	2027-07
Interest Rate	7.92%
Total Initial Commitment	$ 4,000,000
Remaining Commitment as of December 31, 2024	3,000,000
Property Loans [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	29,846,000
Remaining Commitment as of December 31, 2024	$ 28,846,000
Property Loans [Member] | Sandoval Flats [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2024-11
Maturity Date	2027-12
Interest Rate	7.48%
Total Initial Commitment	$ 29,846,000
Remaining Commitment as of December 31, 2024	28,846,000
Joint Venture Investments [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	43,047,863
Remaining Commitment as of December 31, 2024	$ 27,211,041
Joint Venture Investments [Member] | Vantage At San Marcos [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2020-11
Total Initial Commitment	$ 9,914,529
Remaining Commitment as of December 31, 2024	$ 8,943,914
Joint Venture Investments [Member] | Freestone Greeley [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-10
Total Initial Commitment	$ 16,035,710
Remaining Commitment as of December 31, 2024	$ 10,562,345
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 December 31, 2024	$ 7,704,782

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Partnership's Total and Remaining Commitments (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Commitments And Other Guarantees [Line Items]
Total Commitments	$ 381,597,335
Joint Venture Investments [Member]
Commitments And Other Guarantees [Line Items]
Total Commitments	$ 43,047,863
The Residency At Empire [Member] | Series BB-4 [Member] | Mortgage Revenue Bonds [Member]
Commitments And Other Guarantees [Line Items]
Fixed interest rate	10%
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

Commitments and Contingencies_4

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Commitments And Other Guarantees [Line Items]
Reserve for credit losses	$ 495,000	$ 3,230,000	$ 4,097,000
Reported value of credit guaranties		319,000	343,000
Unfunded Commitments [Member]
Commitments And Other Guarantees [Line Items]
Reserve for credit losses	$ 0	$ 186,000	$ 678,000
Forward Loan Purchase Agreement [Member]
Commitments And Other Guarantees [Line Items]
Loan purchase agreement expiry year		2027
Loan purchase agreement maximum exposure		$ 21,300,000
Construction Loan		$ 183,200,000
Forward Loan Purchase Agreement [Member] | Maximum [Member]
Commitments And Other Guarantees [Line Items]
Maturity of construction loan		7 years
Forward Loan Purchase Agreement [Member] | Minimum [Member]
Commitments And Other Guarantees [Line Items]
Maturity of construction loan		5 years
Greens of Pine Glen [Member]
Commitments And Other Guarantees [Line Items]
Percentage of loss contingency, range of possible loss, maximum		75%
Loan purchase agreement expiry year		2027
Loan purchase agreement maximum exposure		$ 1,278,767
The 50/50 MF Property [Member]
Commitments And Other Guarantees [Line Items]
Ownership interest sold	100%

Commitments and Contingencies_5

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guaranty Agreements (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Vantage at McKinney Falls [Member]
Long-term Purchase Commitment [Line Items]
Guarantee Maturity	2026
Maximum Balance Available on Loan	$ 35,850,000
Loan Balance as of December 31, 2024	35,850,000
Partnership's Maximum Exposure as of December 31, 2024	17,925,000
Ohio Properties [Member]
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of December 31, 2024	$ 1,609,695
End of Guaranty Period	2026
Greens of Pine Glen [Member]
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of December 31, 2024	$ 1,278,767
End of Guaranty Period	2027

Commitments and Contingencies_6

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guaranty Agreements (Parenthetical) (Details) - Vantage at McKinney Falls [Member] $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Commitments And Other Guarantees [Line Items]
Guarantee obligations loan balance percentage	50%
Construction loan guarantee percentage upon occurrence of fraud, borrower willful misconduct and bankruptcy	100%
Net worth to be maintained as per guaranty agreement	$ 100
Minimum [Member]
Commitments And Other Guarantees [Line Items]
Net worth to be maintained as per guaranty agreement	$ 5

Redeemable Preferred Units - Ad

Redeemable Preferred Units - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 27, 2024
Partnership issued preferred units	$ 77,500,000	$ 82,500,000
Series A Preferred Units [Member]
Distributions paid quarterly at annual fixed rate	3%
Partnership issued preferred units		27,500,000
Series A-1 Preferred Units [Member]
Distributions paid quarterly at annual fixed rate	3%
Partnership issued preferred units	$ 55,000,000	$ 55,000,000
Series B Preferred Units [Member]
Distributions paid quarterly at annual fixed rate	5.75%
Partners capital account redemptions			10,000,000
Partnership issued preferred units	$ 22,500,000
Series A Preferred Units or Series A-1 Preferred Units [Member]
Redemption Price per Unit	$ 10
Minimum threshold written notice period for redemption of temporary equity	180 days

Redeemable Preferred Units - Su

Redeemable Preferred Units - Summary of Issuances of Preferred Units (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Preferred Units outstanding	7,750,000	8,250,000
Purchase Price	$ 77,500,000	$ 82,500,000
Series A Preferred Units [Member]
Preferred Units outstanding		2,750,000
Purchase Price		$ 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
Purchase Price		$ 10,000,000
Distribution Rate		3%
Redemption Price per Unit		$ 10
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

Redeemable Preferred Unit - Sum

Redeemable Preferred Unit - Summary of Issuances of Preferred Units (Parenthetical) (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Redeemable preferred stock units	$ 77,406,144	$ 82,431,548

Issuances of Beneficial Unit _2

Issuances of Beneficial Unit Certificates - Additional Information (Details)		1 Months Ended	12 Months Ended
	Feb. 20, 2025 shares	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) BeneficialUnitCertificates	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)
Issuances of Beneficial Unit Certificates [Line Items]
Proceeds from the sale of BUCs			$ 1,532,484
Beneficial Unit Certificate Holders [Member]
Issuances of Beneficial Unit Certificates [Line Items]
Aggregate offering price				$ 25,000,000
Beneficial Unit Certificate Holders [Member] | Subsequent Event [Member]
Issuances of Beneficial Unit Certificates [Line Items]
Partners' capital account, units, sale of units | shares	0
At The Market Offering [Member]
Issuances of Beneficial Unit Certificates [Line Items]
Number of beneficial unit certificates sold | BeneficialUnitCertificates			92,802
At The Market Offering [Member] | Beneficial Unit Certificate Holders [Member]
Issuances of Beneficial Unit Certificates [Line Items]
Aggregate offering price					$ 50,000,000
Proceeds from the sale of BUCs			$ 1,500,000
At The Market Offering [Member] | BUCs - Restricted and Unrestricted [Member]
Issuances of Beneficial Unit Certificates [Line Items]
Partnership capital unit, amount authorized		$ 300,000,000
Registration statement expiration date		2025-12

Restricted Unit Awards - Additi

Restricted Unit Awards - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested RUAs granted	$ 865,000
Remaining compensation expense expected to be recognized over a weighted-average period	1 year 3 months 18 days
Intrinsic value of unvested RUAs	$ 1
General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 1.9	$ 2	$ 1.5
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
2015 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU available for future issuance	312,000
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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Units Awarded
Beginning Balance	95,600	87,334	77,523
Granted	109,581	105,274	96,321
Vested	(105,722)	(97,008)	(81,073)
Forfeited			(5,437)
Ending Balance	99,459	95,600	87,334
Weighted-average Grant-Date Fair Value
Beginning Balance	$ 18.18	$ 19.33	$ 18.18
Granted	16.62	17.65	19.33
Vested	17.7	18.64	18.26
Forfeited			18.76
Ending Balance	$ 16.96	$ 18.18	$ 19.33

Transactions with Related Par_3

Transactions with Related Parties - Summary of Amounts Reimbursable to AFCA 2, the General Partner of AFCA 2, or an Affiliate (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Amounts reimbursable to related party	$ 1,299,266	$ 1,419,233
General Partner [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	6,734,383	7,498,165	$ 6,827,048
General Partner [Member] | Reimbursable Salaries and Benefits [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	5,849,829	6,517,811	5,763,496
General Partner [Member] | Other Expenses [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	59,048	41,841	77,383
General Partner [Member] | Office Expenses [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	295,087	284,396	269,722
General Partner [Member] | Insurance [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	317,480	441,298	515,245
General Partner [Member] | Professional Fees and Expenses [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	155,000	155,846	181,821
General Partner [Member] | Consulting And Travel Expenses Member
Related Party Transaction [Line Items]
Amounts reimbursable to related party	$ 57,939	$ 56,973	$ 19,381

Transactions with Related Par_4

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Details) - USD ($)		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities	[1]	$ 97,000	$ 169,000	$ 328,000
Referral fees paid to an affiliate	[2]		214,000	241,000
Payment of service fees	[3]	7,000
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees	[4]	$ 6,210,000	$ 6,319,000	$ 5,200,000
[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 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, 2025, 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. Greystone Servicing, an affiliate of the Partnership, is the servicer for the 2024 PFA Securitization Bonds. The General Partner 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 the General Partner. 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 consolidated statements of operations.

Transactions with Related Par_5

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%	0.45%	0.45%
Percentage of referral fee to be received in original principal amount	0.25%	0.25%	0.25%

Transactions with Related Par_6

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - General Partner [Member] - USD ($)		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-partnership property administrative fee received	[1]			$ 26,000
Investment/mortgage placement fees earned	[2]	$ 2,860,000	$ 4,209,000	$ 5,487,000
[1] The General Partner received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45 % per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by the Genereal Partner during the periods specified. The General Partner received placement fees in connection with the acquisition of certain MRBs, taxable MRBs, GILs, taxable GILs and property loans and investments in unconsolidated entities.

Transactions with Related Par_7

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%	0.45%	0.45%

Transactions with Related Par_8

Transactions with Related Parties - Additional Information (Details) - USD ($)		1 Months Ended					12 Months Ended
		Sep. 30, 2024	Nov. 30, 2023	Sep. 30, 2023	Aug. 31, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Fee paid	[1]							$ 214,000	$ 241,000
Outstanding liabilities due to related parties							$ 1,299,266	1,419,233
Related Party [Member]
Related Party Transaction [Line Items]
Receivables due from unconsolidated entities							98,000	169,000
Related Party [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member]
Related Party Transaction [Line Items]
Outstanding liabilities due to related parties							1,182,000	$ 588,000
Oasis at Twin Lakes GIL [Member]
Related Party Transaction [Line Items]
Amount paid to purchase including principal and accrued interest						$ 34,100,000
Hilltop at Signal Hills GIL [Member]
Related Party Transaction [Line Items]
Amount paid to purchase including principal and accrued interest					$ 24,500,000
Centennial Crossings GIL [Member]
Related Party Transaction [Line Items]
Amount paid to purchase including principal and accrued interest				$ 33,100,000
Scharbauer Flats Apartments GIL [Member]
Related Party Transaction [Line Items]
Amount paid to purchase including principal and accrued interest			$ 40,000,000
Magnolia Heights GIL [Member]
Related Party Transaction [Line Items]
Amount paid to purchase including principal and accrued interest		$ 20,500,000
Greystone Bridge Lending Fund Manager LLC [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, 2025, 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 - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Sandoval Flats [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unrealized gains (losses) from property loan held for sale	$ 0
Governmental Issuer Loans [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	226,700,000	$ 225,700,000
Taxable Governmental Issuer Loan [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 13,900,000	$ 12,100,000

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 (Details)		Dec. 31, 2024	Dec. 31, 2023
Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[1]	5.50%	4.80%	[2]
Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		3.70%	2.30%	[2]
Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		8.40%	7.70%	[2]
Taxable Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[1]	8.70%	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		7.10%	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			4.10%
Weighted Average Effective Yields	[1]		4.10%
[1] Weighted by the total principal outstanding of all the respective securities as of the reporting date. Mortgage revenue bonds excludes the Provision Center 2014-1 MRB as the bankruptcy process was nearly complete.

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Total Assets at Fair Value, net	$ 1,059,525,935	$ 956,882,340
Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Total Assets at Fair Value, net	6,371,054	4,548,704
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Total Assets at Fair Value, net	1,053,154,881	952,333,636
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	1,026,483,796	930,675,295
Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	1,026,483,796	930,675,295
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value		197,788
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value		197,788
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	26,671,085	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	26,671,085	21,460,288
Derivative Instruments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	6,980,820	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	6,980,820	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		265
Derivative Swap Liability (Reported within Other Liabilities) [Member]
Schedule of Available-for-sale Securities [Line Items]
Liabilities at Fair Value	(609,766)	(705,694)
Derivative Swap Liability (Reported within Other Liabilities) [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Liabilities at Fair Value	$ (609,766)	$ (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 ($)		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		$ 952,333,636	$ 816,370,069	$ 798,246,109
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		1,297,789	$ 4,691,229	$ 7,694,218
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)		169,308
Total gain (losses) Included in earnings (gain on sale of securities)		$ 2,220,254
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest Income (Expense), Operating	Interest Income (Expense), Operating	Interest Income (Expense), Operating
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest Income (Expense), Operating	Interest Income (Expense), Operating	Interest Income (Expense), Operating
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		$ (29,680,599)	$ 15,856,660	$ (70,292,021)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases and advances		277,194,135	154,455,097	196,396,044
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales		(108,841,836)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements and redemptions		(41,537,806)	(39,039,419)	(114,813,748)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Other	[1]			(860,533)
Assets at Fair Value, ending balance		1,053,154,881	952,333,636	816,370,069
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		238,043	(22,609)	97,662
Interest Rate Derivative Instruments [Member]
Schedule of Available-for-sale Securities [Line Items]
Derivative Assets (Liabilities) at Fair Value, beginning balance		265	331,240	343,418
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(265)	4,410,346	5,756,111
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements and redemptions		0	(4,741,321)	(5,768,289)
Derivative Assets (Liabilities) at Fair Value, ending balance		0	265	331,240
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		(265)	(91,421)	40,538
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		197,788	98,929	964,404
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		(197,788)	98,859	(865,475)
Assets at Fair Value, ending balance		0	197,788	98,929
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	3,428,443
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(15,267)	(24,198)	(20,028)
Total gain (losses) included in other comprehensive (loss) income		211,725	(1,355,710)	(535,793)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases and advances		17,527,000	13,319,875	13,669,857
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements and redemptions		(12,512,661)	(7,011,575)	(10,583)
Assets at Fair Value, ending balance		26,671,085	21,460,288	16,531,896
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		930,675,295	799,408,004	793,509,844
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		1,313,321	305,081	1,958,135
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)		169,308
Total gain (losses) Included in earnings (gain on sale of securities)		2,220,254
Total gain (losses) included in other comprehensive (loss) income		(29,694,536)	17,113,511	(68,890,753)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases and advances		259,667,135	141,135,222	182,726,187
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales		(108,841,836)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements and redemptions		(29,025,145)	(27,286,523)	(109,034,876)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Other	[1]			(860,533)
Assets at Fair Value, ending balance		1,026,483,796	930,675,295	799,408,004
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		$ 238,308	$ 68,812	$ 57,124
[1] The other line is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan (Notes 4 and 6).

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($)	Dec. 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	$ 1,093,273,157	$ 1,015,030,066
Secured lines of credit	68,852,000	33,400,000
Mortgages payable	1,664,347	1,690,000
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt financing	1,093,729,911	1,019,218,351
Secured lines of credit	68,852,000	33,400,000
Mortgages payable	$ 1,664,347	$ 1,690,000

Net Income per BUC (Details)

Net Income per BUC (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Dilutive BUCs	0	0	0

Segments - Additional Informati

Segments - Additional Information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) Unit Property Security Bed Segment	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment		4
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description		The Partnership’s chief operating decision maker is the Chief Executive Officer, who uses net income (loss) to monitor segment performance against budgeted results and to allocate resources
Segment reporting, expense information used by CODM, description		The Partnership’s chief operating decision maker is the Chief Executive Officer, who uses net income (loss) to monitor segment performance against budgeted results and to allocate resources. The chief operating decision maker uses this analysis to prioritize investments and guide strategic decisions by segment to ensure alignment with the Partnership’s overall objectives.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]		srt:ChiefExecutiveOfficerMember
Property loans, net | $		$ 56,569,611	$ 122,061,204
Seniors and Skilled Nursing Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of rental units financed by mortgage revenue bonds | Bed		294
Residential Properties [Member] | Affordable Multifamily Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of rental units financed by mortgage revenue bonds | Unit		10,918
Number of rental units financed by tax-exempt loan | Unit		1,459
Mortgage Revenue Bonds [Member] | Affordable Multifamily Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities | Security		84
Mortgage Revenue Bonds [Member] | Seniors and Skilled Nursing Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of Real Estate Properties | Property		2
Governmental Issuer Loans [Member] | Affordable Multifamily Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities | Security		9
The 50/50 MF Property [Member]
Segment Reporting Information [Line Items]
Ownership interest sold	100%
Property loans, net | $	$ 4,800,000

Segments - Summary of Partnersh

Segments - Summary of Partnership Reportable Segment Information (Details) - USD ($)		3 Months Ended												12 Months Ended
		Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Investment income														$ 80,976,706	$ 82,266,198	$ 61,342,533
Other interest income														9,509,307	17,756,044	11,875,538
Property revenues															4,567,506	7,855,506
Other income														785,386	310,916
Total revenues		$ 22,586,024	$ 24,345,550	$ 21,969,171	$ 22,370,654	$ 25,184,617	$ 26,474,136	$ 28,303,941	$ 24,937,970	$ 22,029,835	$ 22,604,404	$ 17,232,967	$ 19,206,371	91,271,399	104,900,664	81,073,577
Expenses:
Real estate operating (exclusive of items shown below)															2,663,868	4,738,160
Provision for credit losses (Note 10)														(1,036,308)	(2,347,000)
Depreciation and amortization														23,867	1,537,448	2,717,415
Interest expense														60,032,007	69,066,763	43,559,873
Net result from derivative transactions (Note 15)														(8,495,426)	(7,371,584)	(13,095,422)
General and administrative														19,652,622	20,399,489	17,447,864
Total expenses														70,176,762	83,948,984	55,367,890
Other income:
Gain on sale of real estate assets														63,739	10,363,363
Gain on sale of mortgage revenue bond														2,220,254
Gain on sale of investments in unconsolidated entities														117,844	22,725,398	39,805,285
Earnings (losses) from investments in unconsolidated entities														(2,140,694)	(17,879)
Income before income taxes														21,355,780	54,022,562	65,510,972
Income tax expense (benefit)														32,447	10,866	(51,194)
Net income														21,323,333	54,011,696	65,562,166
Total assets
Total assets	[1]	1,579,700,160				1,513,400,702								1,579,700,160	1,513,400,702
Operating Segments [Member] | Affordable Multifamily Investments [Member]
Revenues:
Investment income														72,865,558	70,393,234	52,153,336
Other interest income														8,941,994	17,756,044	11,221,213
Other income														785,386	310,916
Total revenues														82,592,938	88,460,194	63,374,549
Expenses:
Provision for credit losses (Note 10)														(1,254,308)	(2,347,000)
Depreciation and amortization														23,867	23,846	23,846
Interest expense														54,566,925	66,112,891	41,640,137
Net result from derivative transactions (Note 15)														(7,202,354)	(7,305,867)	(13,095,422)
General and administrative														19,652,622	20,399,489	17,447,864
Total expenses														65,786,752	76,883,359	46,016,425
Other income:
Gain on sale of mortgage revenue bond														2,220,254
Income before income taxes														19,026,440	11,576,835	17,358,124
Income tax expense (benefit)														0
Net income														19,026,440	11,576,835	17,358,124
Total assets
Total assets		1,428,627,104				1,413,596,701								1,428,627,104	1,413,596,701
Operating Segments [Member] | Seniors and Skilled Nursing Investments [Member]
Revenues:
Investment income														3,442,560	1,710,657	58,711
Other interest income														393,313		654,325
Total revenues														3,835,873	1,710,657	713,036
Expenses:
Provision for credit losses (Note 10)														218,000
Interest expense														2,464,899	998,618	5,750
Net result from derivative transactions (Note 15)														(1,293,072)	(89,844)
Total expenses														1,389,827	908,774	5,750
Other income:
Income before income taxes														2,446,046	801,883	707,286
Net income														2,446,046	801,883	707,286
Total assets
Total assets		70,163,422				43,532,926								70,163,422	43,532,926
Operating Segments [Member] | Market-Rate Joint Venture Investments [Member]
Revenues:
Investment income														4,668,588	10,162,307	9,130,486
Total revenues														4,668,588	10,162,307	9,130,486
Expenses:
Interest expense														3,000,183	1,337,402	870,497
Total expenses														3,000,183	1,337,402	870,497
Other income:
Gain on sale of investments in unconsolidated entities														117,844	22,725,398	39,805,285
Earnings (losses) from investments in unconsolidated entities														(2,140,694)	(17,879)
Income before income taxes														(354,445)	31,532,424	48,065,274
Net income														(354,445)	31,532,424	48,065,274
Total assets
Total assets		183,508,429				140,791,041								183,508,429	140,791,041
Operating Segments [Member] | MF Properties [Member]
Revenues:
Other interest income														174,000
Property revenues															4,567,506	7,855,506
Total revenues														174,000	4,567,506	7,855,506
Expenses:
Real estate operating (exclusive of items shown below)															2,663,868	4,738,160
Depreciation and amortization															1,513,602	2,693,569
Interest expense															617,852	1,043,489
Net result from derivative transactions (Note 15)															24,127
Total expenses															4,819,449	8,475,218
Other income:
Gain on sale of real estate assets														63,739	10,363,363
Income before income taxes														237,739	10,111,420	(619,712)
Income tax expense (benefit)														32,447	10,866	(51,194)
Net income														205,292	10,100,554	$ (568,518)
Total assets
Total assets		7,782,906				7,034,690								7,782,906	7,034,690
Consolidation, Eliminations [Member]
Total assets
Total assets		$ (110,381,701)				$ (91,554,656)								$ (110,381,701)	$ (91,554,656)
[1] The consolidated balance sheets include assets of consolidated VIEs that can only be used to settle obligations of these VIEs that totaled $ 1,332,121,374 and $ 1,247,819,817 as of December 31, 2024 and 2023, respectively. The consolidated balance sheets include liabilities of the consolidated VIEs for which creditors do not have recourse to the general credit of the Partnership that totaled $ 370,876,249 and $ 374,992,803 as of December 31, 2024 and 2023, respectively. See Note 3 - Variable Interest Entities for further detail.

Summary of Unaudited Quarterl_3

Summary of Unaudited Quarterly Results of Operations - Summary of Unaudited Quarterly Results of Operations (Details) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 22,586,024	$ 24,345,550	$ 21,969,171	$ 22,370,654	$ 25,184,617	$ 26,474,136	$ 28,303,941	$ 24,937,970	$ 22,029,835	$ 22,604,404	$ 17,232,967	$ 19,206,371	$ 91,271,399	$ 104,900,664	$ 81,073,577
Other income - gains and loss, net	(46,511)	(704,096)	1,068,595	(56,845)	10,363,363	32,385	7,326,084	15,366,929	141,253	10,580,781	12,643,501	16,439,750
Income from continuing operations	10,132,523	(4,635,707)	5,178,136	10,648,381	6,203,924	9,729,378	21,287,172	16,791,222	3,174,874	18,516,593	17,606,681	26,264,018
Net income (loss)	$ 10,132,523	$ (4,635,707)	$ 5,178,136	$ 10,648,381	$ 6,203,924	$ 9,729,378	$ 21,287,172	$ 16,791,222	$ 3,174,874	$ 18,516,593	$ 17,606,681	$ 26,264,018
Income from continuing operations, per BUC (Basic)	$ 0.39	$ (0.23)	$ 0.19	$ 0.42	$ 0.24	$ 0.39	$ 0.84	$ 0.59	$ 0.09	$ 0.77	$ 0.73	$ 0.99
Income from continuing operations, per BUC (diluted)	0.39	(0.23)	0.19	0.42	0.24	0.39	0.84	0.59	0.09	0.77	0.73	0.99
Net income, basic, per BUC	0.39	(0.23)	0.19	0.42	0.24	0.39	0.84	0.59	0.09	0.77	0.73	0.99	$ 0.76	$ 2.06	$ 2.58
Net income, diluted, per BUC	$ 0.39	$ (0.23)	$ 0.19	$ 0.42	$ 0.24	$ 0.39	$ 0.84	$ 0.59	$ 0.09	$ 0.77	$ 0.73	$ 0.99	$ 0.76	$ 2.06	$ 2.58

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended	12 Months Ended
	Feb. 28, 2025	Jan. 31, 2025	Feb. 29, 2024	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Principal Funded					$ 56,050,000	$ 108,005,034
Governmental Issuer Loans [Member]
Subsequent Event [Line Items]
Outstanding principal					$ 128,900,000
Poppy Grove I GIL [Member] | Governmental Issuer Loans [Member]
Subsequent Event [Line Items]
Principal Funded			$ 5,200,000
Acquisition proceeds			$ 5,200,000
Scenario Forecast [Member] | Legacy Commons at Signal Hills GIL [Member]
Subsequent Event [Line Items]
Partnership maturity extended date	August 1, 2025
Scenario Forecast [Member] | Vantage At Tomball [Member]
Subsequent Event [Line Items]
Gain loss recognized on sale of third party property				$ 0
Forward Purchase Commitments [Member] | Scenario Forecast [Member] | Freddie Mac [Member]
Subsequent Event [Line Items]
Maturity date	Oct. 01, 2025
TOB Trust [Member] | Poppy Grove I, Poppy Grove II, and Poppy Grove III [Member] | Governmental Issuer Loans [Member]
Subsequent Event [Line Items]
Maturity Date					Apr. 01, 2025
TOB Trust [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Partnership maturity extended date	January 2028
TOB Trust [Member] | Scenario Forecast [Member] | Poppy Grove I, Poppy Grove II, and Poppy Grove III [Member] | Governmental Issuer Loans [Member]
Subsequent Event [Line Items]
Maturity Date	Oct. 01, 2025
Subsequent Event [Member] | Vantage At Tomball [Member]
Subsequent Event [Line Items]
Cash received by partnership		$ 14,200,000
Subsequent Event [Member] | TOB Trust [Member] | Willow Place Apartments GIL [Member]
Subsequent Event [Line Items]
Principal Proceeds		17,700,000
Outstanding principal		20,700,000
Subsequent Event [Member] | TOB Trust [Member] | Supplemental GIL [Member]
Subsequent Event [Line Items]
Principal Proceeds		17,700,000
Outstanding principal		1,500,000
Subsequent Event [Member] | TOB Trust [Member] | Osprey Village GIL [Member]
Subsequent Event [Line Items]
Principal Proceeds		49,500,000
Outstanding principal		60,000,000
Subsequent Event [Member] | TOB Trust [Member] | Sandy Creek Apartments G I L [Member]
Subsequent Event [Line Items]
Partial principal repayment		7,200,000
Principal Proceeds		$ 5,800,000