Notes Receivable

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Notes Receivable

3. Notes Receivable

The following table summarizes our notes receivables at March 31, 2023 and December 31, 2022:

	Carrying Value
Borrower / Project	March 31, 2023		December 31, 2022		Interest Rate			Maturity  Date
United Housing Foundation (Echo Station)	$	1,481	$	1,481		12.00	%	12/31/2032
United Housing Foundation (Lakeshore Villas)		2,000		2,000		12.00	%	12/31/2032
United Housing Foundation (Lakeshore Villas)		6,369		6,369		12.00	%	12/31/2032
United Housing Foundation (Timbers of Terrell)		1,323		1,323		12.00	%	12/31/2032
	$	11,173	$	11,173

The borrower is determined to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable. Principal and interest payments on the notes from Unified Housing Foundation, Inc. (“UHF”) are funded from surplus cash flow from operations, sale or refinancing of the underlying properties and are cross collateralized to the extent that any surplus cash available from any of the properties underlying the notes.