Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Summary of Terms of TOB Trust Financing Upon Deposit of MRB

In April 2022, the Partnership deposited the Lutheran Gardens MRB into an existing TOB trust financing arrangement with Barclays for additional debt financing proceeds. The following table summarizes the terms of the TOB trust financing upon deposit of the MRB:

TOB Trusts Securitization	TOB Trust Financing		Stated Maturity	Reset Frequency	OBFR Based Rates	Facility Fees	Interest Rate
TOB Trust 2021-XF2953	$	8,280,000	April 2023	Weekly	0.59%	1.27%	1.86%

Schedule of MRB Redeemed at Price Equal to Partnership's Carrying Value Plus Accrued Interest

In May 2022, the following MRB was redeemed at a price equal to the Partnership’s carrying value plus accrued interest:

Property Name	Month Redeemed	Property Location	Units	Original Maturity Date	Interest Rate	Principal Outstanding at Date of Redemption
Bridle Ridge	May 2022	Greer, SC	152	1/1/2043	6.00%	$	7,100,000

Summary of Terms of MRB and Taxable MRB Commitments

In April 2022, the Partnership committed to fund an MRB and a taxable MRB for the construction and permanent financing of an affordable multifamily property. The Partnership funded its initial investment with available cash. The following table summarizes the terms of the Partnership’s MRB and taxable MRB commitments:

Commitment	Month Acquired	Property Location	Units	Maturity Date	Interest Rate	Initial Funding		Maximum Remaining Commitment
The Residency at the Entrepreneur - Series J-1	April 2022	Los Angeles, CA	200	3/31/2040	6.00%	$	9,000,000	$	-
The Residency at the Entrepreneur - Series J-2	April 2022	Los Angeles, CA	200	3/31/2040	6.00%		7,500,000		-
The Residency at the Entrepreneur - Series J-3	April 2022	Los Angeles, CA	200	3/31/2040	6.00%		-		26,080,000
The Residency at the Entrepreneur - Series J-4 (1)	April 2022	Los Angeles, CA	200	3/31/2040	SOFR + 3.60% (2)		-		16,420,000
The Residency at the Entrepreneur - Series J-T	April 2022	Los Angeles, CA	200	4/1/2025 (3)	SOFR + 3.65% (4)		1,000,000		12,000,000
						$	17,500,000	$	54,500,000

(1)Upon stabilization, the Series J-4 MRB will become subordinate to the Series J-1, J-2 and J-3 MRBs.

(2)The interest rate is subject to an all-in floor of 3.87%. Upon stabilization, Series J-4 MRB will convert to a fixed rate of 8.0%.

(3)The borrower has the option to extend the maturity up to six months upon meeting certain conditions, including payment of a non-refundable extension fee.

(4)The interest rate is subject to an all-in floor of 3.92%.