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Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)
1 Months Ended 12 Months Ended
Jan. 31, 2022
USD ($)
Unit
Dec. 31, 2022
USD ($)
Unit
Dec. 31, 2021
USD ($)
Unit
Schedule Of Available For Sale Securities [Line Items]      
Initial Principal Funded | $   $ 103,447,000 $ 60,282,000
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-1 [Member] | CA [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired   April  
Units   200  
Maturity Date   Mar. 31, 2040  
Interest Rate   6.00%  
Initial Principal Funded | $   $ 9,000,000  
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-2 [Member] | CA [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired   April  
Units   200  
Maturity Date   Mar. 31, 2040  
Interest Rate   6.00%  
Initial Principal Funded | $   $ 7,500,000  
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-3 [Member] | CA [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired [1]   April  
Units [1]   200  
Maturity Date [1]   Mar. 31, 2040  
Interest Rate [1]   6.00%  
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-4 [Member] | CA [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired [1]   April  
Units [1]   200  
Maturity Date [1]   Mar. 31, 2040  
Residency at the Entrepreneur [Member] | MRB and Taxable MRB Commitments [Member] | Series J-4 [Member] | CA [Member] | SOFR [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Interest Rate [1],[2]   3.60%  
CCBA Senior Garden Apartments [Member] | MRB and Taxable MRB Commitments [Member] | San Diego, CA [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired [3]   June  
Units [3]   45  
Maturity Date [3]   Jul. 01, 2037  
Interest Rate [3]   4.50%  
Initial Principal Funded | $ [3]   $ 3,807,000  
Park at Sondrio [Member] | MRB and Taxable MRB Commitments [Member] | Series 2022A [Member] | Greenville, SC [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired   December  
Units   271  
Maturity Date   Jan. 01, 2030  
Interest Rate   6.50%  
Initial Principal Funded | $   $ 38,100,000  
Park at Vietti [Member] | MRB and Taxable MRB Commitments [Member] | Series 2022A [Member] | Spartanburg, SC [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired   December  
Units   204  
Maturity Date   Jan. 01, 2030  
Interest Rate   6.50%  
Initial Principal Funded | $   $ 26,985,000  
Residency at Empire [Member] | MRB and Taxable MRB Commitments [Member] | Series BB-1 [Member] | Burbank, CA [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired   December  
Units   148  
Maturity Date   Dec. 01, 2040  
Interest Rate [4]   6.45%  
Initial Principal Funded | $   $ 14,000,000  
Residency at Empire [Member] | MRB and Taxable MRB Commitments [Member] | Series BB-2 [Member] | Burbank, CA [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired   December  
Units   148  
Maturity Date   Dec. 01, 2040  
Interest Rate [4]   6.45%  
Initial Principal Funded | $   $ 4,000,000  
Residency at Empire [Member] | MRB and Taxable MRB Commitments [Member] | Series BB-3 [Member] | Burbank, CA [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired [5]   December  
Units [5]   148  
Maturity Date [5]   Dec. 01, 2040  
Interest Rate [4],[5]   6.45%  
Initial Principal Funded | $ [5]   $ 55,000  
Residency at Empire [Member] | MRB and Taxable MRB Commitments [Member] | Series BB-4 [Member] | Burbank, CA [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired [5]   December  
Units [5]   148  
Maturity Date [5]   Dec. 01, 2040  
Interest Rate [5],[6]   6.45%  
Jackson Manor Apartments [Member] | Jackson, MS [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired [7]     April
Units [7]     60
Maturity Date [7]     May 01, 2038
Interest Rate [7]     5.00%
Initial Principal Funded | $ [7]     $ 4,150,000
Residency at the Mayer [Member] | Series A [Member] | Hollywood, CA [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired [8]     October
Units [8]     79
Maturity Date [8]     Apr. 01, 2039
Initial Principal Funded | $ [8]     $ 24,000,000
Residency at the Mayer [Member] | Series A [Member] | Hollywood, CA [Member] | SOFR [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Interest Rate [8],[9]     3.60%
Meadow Valley [Member] | Garfield Charter Township, MI [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired [10]     December
Units [10]     154
Maturity Date [10]     Dec. 01, 2029
Interest Rate [10]     6.25%
Initial Principal Funded | $ [10]     $ 100,000
Lutheran Gardens [Member] | Compton, CA [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired     December
Units     76
Maturity Date     Feb. 01, 2025
Interest Rate     4.90%
Initial Principal Funded | $     $ 10,352,000
Live 929 Apartments [Member] | Series B [Member] | Baltimore, MD [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired [11]     December
Units [11]     575
Maturity Date [11]     Jul. 01, 2039
Interest Rate [11],[12]     1.60%
Initial Principal Funded | $ [11]     $ 21,680,000
Live 929 Apartments [Member] | Series 2022A [Member] | Baltimore, MD [Member]      
Schedule Of Available For Sale Securities [Line Items]      
Month Acquired January    
Units 575    
Maturity Date Jan. 01, 2060    
Interest Rate 4.30%    
Initial Principal Funded | $ $ 66,365,000    
[1] The Partnership has committed to provide funding for the Series J-3 and Series J-4 MRBs of $26.1 million and $16.4 million, respectively. See Note 18.
[2] The interest rate is subject to an all-in floor of 3.87%. Upon stabilization, the Series J-4 MRB will become subordinate to the Series J-1, J-2 and J-3 MRBs and will convert to a fixed rate of 8.0%. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $1.5 million.
[3] The investment was previously reported as a bond purchase commitment that has converted to an MRB.
[4] In December 2029, the interest rate will reset to the greater of (i) 3.25% over the then 10-Year SOFR Swap rate, or (ii) 6.00%.
[5] The Partnership has committed to provide additional funding during construction for the Series BB-3 and Series BB-4 MRBs of $13.9 million and $47.0 million, respectively. See Note 18.
[6] Upon stabilization, the MRB will resize to an amount not to exceed $3.3 million and become subordinate to the other senior MRBs of the borrower. In December 2029, the interest rate will convert to a fixed rate of 10.0%.
[7] The Partnership has committed to provide total funding of the MRB up to $6.9 million during the acquisition and rehabilitation phase of the property on a drawdown basis. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $4.8 million.
[8] The Partnership committed to provide total funding of the MRB up to $29.5 million during the acquisition and rehabilitation phase of the property on a drawdown
basis. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $
18.1
million.
[9] The index is subject to a floor of 0.25%.
[10] The Partnership committed to provide total funding of the MRB up to $44.0 million during construction on a draw-down basis.
[11] The Partnership purchased the MRB at a discount to outstanding principal of $4.3 million. The purchase price of the bond was $17.3 million.
[12] The MRB has a variable interest rate equal to 69.5% of the sum of LIBOR plus 1.80% multiplied by a margin equal to one minus the maximum U.S. Federal
corporate tax rate divided by 0.65.