Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2023

Financing Receivable, Allowance for Credit Loss [Line Items]

Summary of Changes in Partnership's Allowance for Credit Losses

The following table summarizes the changes in the Partnership’s allowance for credit losses for the three and nine months ended September 30, 2023:

	For the Three Months Ended September 30, 2023
	Governmental Issuer Loans			Taxable Governmental Issuer Loans			Property Loans			Unfunded Commitments			Total
Balance, beginning of period	$	1,837,000		$	95,000		$	2,235,000		$	958,000		$	5,125,000
Current provision for credit losses		(268,000	)		(9,000	)		(163,000	)		(122,000	)		(562,000	)
Balance, end of period	$	1,569,000		$	86,000		$	2,072,000		$	836,000		$	4,563,000

	For the Nine Months Ended September 30, 2023
	Governmental Issuer Loans			Taxable Governmental Issuer Loans		Property Loans			Unfunded Commitments			Total
Balance, beginning of period		-			-	$	495,000			-			495,000
Cumulative-effect adjustment upon adoption	$	2,145,000		$	79,000		2,108,000		$	1,617,000		$	5,949,000
Current provision for credit losses		(576,000	)		7,000		(531,000	)		(781,000	)		(1,881,000	)
Balance, end of period	$	1,569,000		$	86,000	$	2,072,000		$	836,000		$	4,563,000

Summary of Partnerships Carrying Value by Origination Year Grouped by Risk Rating

The following table summarizes the Partnership’s carrying value by origination year, grouped by risk rating as of September 30, 2023:

	September 30, 2023
	2023		2022		2021		2020		2019		Prior		Total
Governmental Issuer Loans
Performing	$	12,100,000	$	60,837,300	$	143,010,000	$	40,000,000	$	-	$	-	$	255,947,300
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-		-		-		-
Subtotal		12,100,000		60,837,300		143,010,000		40,000,000		-		-		255,947,300
Taxable Governmental Issuer Loans
Performing	$	-	$	3,000,000	$	10,573,000	$	-	$	-	$	-	$	13,573,000
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-		-		-		-
Subtotal		-		3,000,000		10,573,000		-		-		-		13,573,000
Property Loans
Performing	$	-	$	47,953,579	$	55,215,250	$	13,386,764		-	$	453,594	$	117,009,187
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-	$	495,000		-		495,000
Subtotal		-		47,953,579		55,215,250		13,386,764		495,000		453,594		117,504,187
Unfunded Commitments
Performing	$	7,830,000	$	110,200,000	$	23,870,050	$	-	$	-	$	-	$	141,900,050
Watch		-		-		-		-		-		-		-
Nonperforming		-		-		-		-		-		-		-
Subtotal		7,830,000		110,200,000		23,870,050		-		-		-		141,900,050
Total	$	19,930,000	$	221,990,879	$	232,668,300	$	53,386,764	$	495,000	$	453,594	$	528,924,537

MRB and taxable MRB investments [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Summary of Changes in Partnership's Allowance for Credit Losses

The following table summarizes the changes in the Partnership’s allowance for credit losses for the three and nine months ended September 30, 2023 and 2022:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2023			2022			2023			2022
Balance, beginning of period	$	9,944,579		$	10,013,392		$	9,978,891		$	9,175,482
Other additions (1)		-			-			-			860,533
Recovery of prior credit loss (2)		(17,344	)		(17,345	)		(51,656	)		(39,968	)
Balance, end of period (3)	$	9,927,235		$	9,996,047		$	9,927,235		$	9,996,047

(1)The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan.

(2)The Partnership compared the present value of cash flows expected to be collected to the amortized cost basis of the Live 929 Apartments Series 2022A MRB, which indicated a recovery of value. As the recovery was identified prior to the effective date of the CECL standard, the Partnership will accrete the recovery of prior credit loss into investment income over the term of the MRB.

(3)The allowance for credit losses as of September 30, 2023 and 2022 relate to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB.