Greystone Housing Impact Investors (GHI) 10-K24 Feb 222021 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2021	Jun. 30, 2021
Cover [Abstract]
Entity Registrant Name	AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
Entity Central Index Key	0001059142
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Trading Symbol	ATAX
Title of each class	Beneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P.
Name of each exchange on which registered	NASDAQ
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	000-24843
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		$ 410,247,213
Documents Incorporated by Reference	None
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	238

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 68,285,501	$ 44,495,538
Restricted cash	83,646,969	78,495,048
Interest receivable, net	9,234,412	8,212,076
Mortgage revenue bonds held in trust, at fair value (Note 6)	750,934,848	768,468,644
Mortgage revenue bonds, at fair value (Note 6)	42,574,996	25,963,841
Governmental issuer loans (Note 7)	184,767,450	64,863,657
Real estate assets: (Note 8)
Land and improvements	7,411,079	4,875,265
Buildings and Improvements	72,998,475	72,316,152
Real estate assets before accumulated depreciation	80,409,554	77,191,417
Accumulated depreciation	(20,701,922)	(18,150,215)
Net real estate assets	59,707,632	59,041,202
Investments in unconsolidated entities (Note 9)	107,793,522	106,878,570
Property loans, net of loan loss allowance (Note 10)	68,101,268	12,920,719
Other assets (Note 12)	10,862,885	5,908,584
Total Assets	1,385,909,483	1,175,247,879
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 13)	13,664,212	9,949,565
Distribution payable	12,757,459	3,686,283
Unsecured lines of credit (Note 14)		7,475,000
Secured lines of credit (Note 15)	45,714,000
Debt financing, net (Note 16)	820,078,714	673,957,640
Mortgages payable and other secured financing, net (Note 17)	26,824,543	25,984,872
Total Liabilities	919,038,928	721,053,360
Commitments and Contingencies (Note 19)
Redeemable Series A Preferred Units, $94.5 million redemption value, 9.5 million issued and outstanding, net (Note 20)	94,458,528	94,422,477
Partnersʼ Capital:
General Partner (Note 1)	765,550	934,892
Beneficial Unit Certificates ("BUCs," Note 1)	371,646,477	358,837,150
Total Partnersʼ Capital	372,412,027	359,772,042
Total Liabilities and Partnersʼ Capital	$ 1,385,909,483	$ 1,175,247,879

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Redeemable preferred units redemption value	$ 94.5	$ 94.5
Redeemable preferred units, issued	9.5	9.5
Redeemable preferred units, outstanding	9.5	9.5

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Investment income	$ 57,736,968	$ 47,553,660
Property revenues	7,208,661	6,986,009
Contingent interest income	1,848,825	12,043
Other interest income	1,657,840	967,338
Other income		9,518
Total revenues	68,452,294	55,528,568
Expenses:
Real estate operating (exclusive of items shown below)	3,992,293	4,347,441
Provision for credit loss (Note 6)	1,856,893	7,318,590
Provision for loan loss (Note 10)	444,302	911,232
Impairment charge on real estate assets		25,200
Depreciation and amortization	2,732,922	2,810,073
Interest expense	21,943,885	21,215,888
General and administrative	14,824,668	13,027,349
Total expenses	45,794,963	49,655,773
Other Income:
Loss on sale of real estate asset	(14,800)
Gain on sale of securities		1,416,023
Gain on sale of investments in unconsolidated entities	15,520,749
Income before income taxes	38,163,280	7,288,818
Income tax expense	63,792	79,990
Net income	38,099,488	7,208,828
Redeemable Preferred Unit distributions and accretion	(2,871,051)	(2,871,051)
Net income available to Partners	35,228,437	4,337,777
Net income (loss) available to Partners allocated to:
General Partner	2,830,481	(32,666)
Net income available to Partners and noncontrolling interest	$ 35,228,437	$ 4,337,777
BUC holders' interest in net income per BUC, basic and diluted	$ 0.52	$ 0.07
Weighted average number of BUCs outstanding, basic	61,971,556	60,606,989
Weighted average number of BUCs outstanding, diluted	61,971,556	60,606,989
Beneficial Unit Certificate Holders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners	$ 32,258,667	$ 4,304,208
Restricted Unitholders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners	$ 139,289	$ 66,235

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
Consolidated Statements of Comprehensive Income - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 38,099,488	$ 7,208,828
Reversal of net unrealized gains on sale of securities		(1,408,804)
Reversal of net unrealized loss on securities to provision for credit loss		652,880
Unrealized gain (loss) on securities	(19,086,272)	33,609,375
Unrealized gain (loss) on bond purchase commitments	532,525	431,879
Comprehensive income	$ 19,545,741	$ 40,494,158

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, 2019	$ 341,938,263			$ 735,128		$ 341,203,135				$ 99,308,677
Partners' Capital Account, Units at Dec. 31, 2019									60,835,204
Distributions paid or accrued:
Regular distribution	(19,110,367)			(191,104)		(18,919,263)
Distribution of (income) loss (Note 3)		$ 445,719			$ 80,501		$ 365,218
Net income (loss) allocable to Partners	4,337,777			(32,666)		4,370,443
Repurchase of BUCs, Value	(2,106,673)					(2,106,673)
Repurchase of BUCs, Units									(290,000)
Restricted units awarded									290,000
Restricted unit compensation expense	1,017,938			10,179		1,007,759
Restricted units forfeited									(2,802)
BUCs surrendered to pay tax withholding on vested restricted units	(35,945)					(35,945)
BUCs surrendered to pay tax withholding on vested restricted units, Units									(8,728)
Unrealized gain (loss) on securities	33,609,375			336,094		33,273,281				33,609,375
Unrealized gain on bond purchase commitments	431,879			4,319		427,560				431,879
Reversal of net unrealized gains on sale of securities	(1,408,804)			(14,088)		(1,394,716)				(1,408,804)
Reversal of net unrealized loss on securities to provision for credit loss	652,880			6,529		646,351				652,880
Balance at Dec. 31, 2020	359,772,042			934,892		358,837,150				132,594,007
Partners' Capital Account, Units at Dec. 31, 2020									60,823,674
Distributions paid or accrued:
Regular distribution	(17,782,023)			(177,820)		(17,604,203)
Distribution of (income) loss (Note 3)		$ (10,596,968)	$ (6,507,605)		$ (2,649,242)		$ (7,947,726)	$ (6,507,605)
Net income (loss) allocable to Partners	35,228,437			2,830,481		32,397,956
Sale of BUCs, net of issuance costs, Value	31,239,495					31,239,495
Sale of BUCs, net of issuance costs, Units									5,462,500
Repurchase of BUCs, Value	(1,363,736)					(1,363,736)
Repurchase of BUCs, Units									(222,459)
Restricted units awarded									266,324
Restricted unit compensation expense	1,277,694			12,777		1,264,917
BUCs surrendered to pay tax withholding on vested restricted units	(301,562)					(301,562)
BUCs surrendered to pay tax withholding on vested restricted units, Units									(47,565)
Unrealized gain (loss) on securities	(19,086,272)			(190,863)		(18,895,409)				(19,086,272)
Unrealized gain on bond purchase commitments	532,525			5,325		527,200				532,525
Balance at Dec. 31, 2021	$ 372,412,027			$ 765,550		$ 371,646,477				$ 114,040,260
Partners' Capital Account, Units at Dec. 31, 2021									66,282,474

Consolidated Statements of Pa_2

Consolidated Statements of Partners' Capital (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Partners Capital [Abstract]
Regular distributions paid or accrued	$ 0.50	$ 0.305

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 38,099,488	$ 7,208,828
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	2,732,922	2,810,073
Amortization of deferred financing costs	1,209,837	1,450,398
Gain on sale of investments in unconsolidated entities	(15,520,749)
Gain on sale of investment in securities		(1,416,023)
Contingent interest realized on investing activities	(1,848,825)	(12,043)
Provision for credit loss	1,856,893	7,318,590
Provision for loan loss	444,302	911,232
Loss on sale of real estate assets, net	14,800
Impairment charge on real estate assets		25,200
Gain on derivatives, net of cash paid	(21,915)	(310,592)
Restricted unit compensation expense	1,277,694	1,017,938
Bond premium/discount amortization	(137,520)	(117,831)
Debt premium amortization	(40,565)	(40,484)
Deferred income tax expense (benefit) & income tax payable/receivable	(166,206)	9,564
Change in preferred return receivable from unconsolidated entities, net	4,657,928	(3,399,130)
Changes in operating assets and liabilities
Increase in interest receivable	(1,099,915)	(779,643)
(Increase) decrease in other assets	(349,949)	213,890
Increase in accounts payable and accrued expenses	2,831,931	951,530
Net cash provided by operating activities	33,940,151	15,841,497
Cash flows from investing activities:
Capital expenditures	(156,765)	(416,820)
Proceeds from sale of land held for development	110,000
Acquisition of and advances on mortgage revenue bonds	(69,672,500)	(9,513,450)
Acquisition of and advances on taxable mortgage revenue bonds	(2,000,000)
Advances on governmental issuer loans	(119,903,793)	(64,863,657)
Advances on taxable governmental issuer loans	(1,000,000)
Advances on property loans	(55,738,536)	(5,832,857)
Contributions to unconsolidated entities	(37,780,645)	(24,259,742)
Proceeds from sale of investment in an unconsolidated entity	45,281,550	7,762,166
Return of investments in unconsolidated entities	1,476,350
Principal payments received on mortgage revenue bonds and contingent interest	51,710,640	15,611,098
Principal payments received on taxable mortgage revenue bonds	9,675	8,846
Principal payments received on property loans and contingent interest	191,264	12,043
Net cash used in investing activities	(187,472,760)	(38,143,016)
Cash flows from financing activities:
Distributions paid	(28,650,420)	(25,421,349)
Repurchase of BUCs	(1,363,736)	(2,106,673)
Proceeds from the sale of BUCs	33,321,250
Payment of offering costs related to the sale of BUCs	(2,081,755)
Payment of tax withholding related to restricted unit awards	(301,562)	(35,945)
Proceeds from debt financing	181,394,000	285,438,000
Principal payments on debt financing	(34,955,800)	(147,692,836)
Principal payments on mortgages payable	(850,674)	(826,337)
Principal borrowing on unsecured lines of credit	15,172,445	10,492,728
Principal payments on unsecured lines of credit	(22,647,446)	(16,217,728)
Principal borrowing on secured lines of credit	70,714,000
Principal payments on secured lines of credit	(25,000,000)
Increase (decrease) in security deposit liability related to restricted cash	89,854	(100,558)
Debt financing and other deferred costs	(2,365,663)	(1,423,178)
Net cash provided by financing activities	182,474,493	102,106,124
Net increase in cash, cash equivalents and restricted cash	28,941,884	79,804,605
Cash, cash equivalents and restricted cash at beginning of period	122,990,586	43,185,981
Cash, cash equivalents and restricted cash at end of period	151,932,470	122,990,586
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	19,961,390	19,139,218
Cash paid during the period for income taxes	229,998	71,427
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner	12,757,459	3,686,283
Distributions declared but not paid for Series A Preferred Units	708,750	708,750
Investment in previously unconsolidated entity consolidated as land	970,615
Debt from previously unconsolidated entity consolidated as mortgage payable	1,690,000
Capital expenditures financed through accounts payable	686,287
Deferred financing costs financed through accounts payable	$ 131,678	37,322
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Proceeds from sale of PHC Certificates		$ 43,349,357

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 68,285,501	$ 44,495,538
Restricted cash	83,646,969	78,495,048
Total cash, cash equivalents and restricted cash	$ 151,932,470	$ 122,990,586

Basis of Presentation

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2021
Basis Of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation America First Multifamily Investors, L.P. (the “Partnership”) was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act for the purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds (“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 governmental issuer loans (“GILs”), which are similar to MRBs, to provide construction 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 may acquire real estate securing its MRBs, GILs, or property loans through foreclosure in the event of a default or through the receipt of a fee simple deed in lieu of foreclosure. In addition, the Partnership may acquire interests in multifamily, student and senior citizen residential properties (“MF Properties”) in order to position itself for future investments in MRBs that finance these properties or to operate the MF Properties until their “highest and best use” can be determined by management. The Partnership is governed by the First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as further amended (the “Partnership Agreement”). Mortgage investments, as defined in the Partnership Agreement, consistent 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 in 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 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 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 Partnership’s sole general partner is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”). The general partner of AFCA 2 is Greystone AF Manager LLC (“Greystone Manager”), an affiliate of Greystone & Co. II LLC (collectively with its affiliates, “Greystone”). The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partnership interests to investors (“BUC holders”). The Partnership has designated three series of non-cumulative, non-voting, non-convertible preferred units (collectively, the “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 Series A Preferred Units were previously issued pursuant to subscription agreements with five financial institutions and are redeemable in the future (Note 20). The Partnership has not yet issued Series A-1 Preferred Units or Series B Preferred Units. The holders of the BUCs and Preferred Units are referred to herein collectively as “Unitholders.” 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
Summary of Significant Accounting Policies	Dec. 31, 2021
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). 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 Tax-Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“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; • 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 has issued secured notes (“the Secured Notes”) to Mizuho Capital Markets LLC (“Mizuho”); • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to loan money or provide equity for the development of multifamily properties; • One wholly owned corporation (“the Greens Hold Co”), which owns 100 % of The 50/50 MF Property, a real estate asset, and certain property loans; and • Lindo Paseo LLC, a wholly owned limited liability company, which owns 100 % of the Suites on Paseo MF Property. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary. Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 consolidated 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 GILs; (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for loan losses. Risks and Uncertainties The business and economic uncertainty resulting from COVID-19 has made estimates and assumptions more difficult to calculate. The extent of the impact of COVID-19 on the Partnership’s future operational and financial performance will depend on certain developments, including the duration, variation and spread of the outbreak, the impact on the underlying borrowers of MRBs and GILs, tenants at the MF Properties and operations of the Partnership’s investments in unconsolidated entities. In addition, market volatility may cause fluctuations in the valuation of the Partnership’s MRBs, taxable MRBs, GILs, taxable GILs, property loans, MF Properties and investments in unconsolidated entities. The extent to which COVID-19 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 Partnership has noted slight, but not significant, declines in occupancy and operating results at multifamily properties securing its MRBs since the outbreak of COVID-19. The Partnership has observed a significant decline in operating results at the property securing the Provision Center 2014-1 MRB, a commercial property. The property securing the Live 929 Apartments MRBs, a student housing property, experienced significant declines during the first half of 2021 but has since recovered (see Note 6 for further discussion). The Partnership has evaluated the impacts of COVID-19 on its investments in MF Properties, properties related to its GILs, and investments in unconsolidated entities and noted no indications of impairment of such investments. Variable Interest Entities Under the accounting guidance for consolidation, the Partnership must evaluate 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 must 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 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 federally tax-exempt 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. 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 is required to maintain restricted cash collateral related to one secured line of credit (Note 15) and two total return swap transactions (Note 18). In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities (Note 16), resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. 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 their 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 of the financial obligation of the underlying collateral. See Note 24 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership periodically reviews its MRBs and taxable MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, but not necessarily limited to, the following: • The duration and 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; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make scheduled interest and principal payments; • Failure of the issuer to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If a MRB’s estimated fair value 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 other-than-temporary 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 other-than-temporary 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 MRB’s amortized cost basis. The recognition of other-than-temporary impairment, provision 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 to the Partnership’s consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. Investment in Governmental Issuer Loans and Taxable Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) and taxable GILs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investment in these instruments are classified as held-to-maturity debt securities and are reported at amortized cost. The Partnership periodically reviews its GILs and taxable GILs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, but not necessarily limited to, the following: • The duration and 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; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make scheduled interest and principal payments; • The failure of the borrower to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If the estimated fair value of a GIL or taxable GIL is below amortized cost, and the Partnership does not expect to recover its entire amortized cost, only the portion of the other-than-temporary 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. The recognition of other-than-temporary impairment, provision 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 to the Partnership’s consolidated financial statements. If the Partnership experiences deterioration in the value of its GILs or taxable GILs, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. 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. See Note 8 for information on recognized impairments of the real estate assets. Investments in Unconsolidated Entities The Partnership, through ATAX Vantage Holdings, LLC, makes initial investments in and is committed to make further investments in certain limited liability companies. ATAX Vantage Holdings, LLC holds limited membership interests in the limited liability companies. The investments are used to construct market-rate multifamily properties. The Partnership does not have a controlling interest in the limited liability companies and accounts for its limited membership interests using the equity method of accounting. 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 return on its investments in unconsolidated entities that is guaranteed by an unrelated third party, which is also an affiliate of the unconsolidated entities. The term of the third-party guarantee is from the initial investment through a date approximately five years after commencement of construction. The Partnership recognizes a return based upon the guarantee provided by the unrelated third-party, the guarantor’s financial ability to perform under the guarantee and the cash flows expected to be received from each property. These returns are reported within “Investment income” on the Partnership’s consolidated statements of operations. Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily student housing and skilled nursing properties. Most of the 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. 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 periodically evaluates property loans for potential impairment by estimating the fair value of the related property and comparing the fair value to the outstanding MRBs, GILs or other senior financing, plus the Partnership’s property loans. The Partnership also considers financing commitments, borrower equity commitments, guaranties by borrower affiliates, and construction progress when assessing property loans associated with GIL investments. The Partnership utilizes a discounted cash flow model that considers varying assumptions. The discounted cash flow analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the related property, after deducting the amortized cost basis of the MRB, GIL or other senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is recognized. The determination of the need for an allowance for loan loss is subject to considerable judgment. See Note 10 for additional information on the Partnership’s property loan loss allowances. Accounting for TOB, Term TOB, and TEBS Financing Arrangements The Partnership has evaluated the accounting guidance related to its TOB (“Tender Option Bond”), Term TOB, and TEBS financings 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 securitization trusts associated with the TOB, Term TOB, and TEBS financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts 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 (“LOC”) 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 because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. 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 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 the tax positions it takes in its consolidated financial statements under the accounting guidance for uncertain tax positions. As such, 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 the period’s 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 net operating losses (“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 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, 2021 and 2020, 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 and forbearance granted to the borrower of the Live 929 Apartments MRBs, both of which are further discussed in Note 6. 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 issuance costs are capitalized and amortized utilizing the effective interest method over the period to the stated maturity of the related MRBs. Bond issuance costs are reported as an adjustment to the carrying cost of the related MRB on the Partnership’s consolidated balance sheets. Investment Income from PHC Certificates Interest income on the PHC Certificates was recognized as it was earned. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at discounts to par value. The premiums and discounts were amortized using the effective yield method over the term of the related PHC Certificate and amortization was reported within “Investment income” on the Partnership’s consolidated statements of operations. Derivative Instruments and Hedging Activities The Partnership reports interest rate derivatives on its consolidated balance sheets at fair value. The Partnership’s derivative financial instruments are not designated as hedging instruments and changes in fair value are reported within “Interest expense” on the Partnership’s consolidated statements of operations. The Partnership is exposed to loss should a counterparty to its interest rate derivative agreements default. 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 Series A Preferred Units representing limited partnership interests in the Partnership to various financial institutions. The Series A 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 Series A Preferred Units have been netted against the carrying value of the Series A Preferred Units and are being amortized to the first redemption date. The Partnership will account for the Series A-1 Preferred Units and Series B Preferred Units in a manner consistent with the Series A Preferred Units if and when issued. Beneficial Unit Certificates (“BUCs”) 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. Restricted Unit Awards (“RUA” or “RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as 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 Greystone Manager’s Board of Managers for up to 3.0 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 Partnership accounts for forfeitures as they occur. 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, there are changes to vesting conditions or the awards no longer qualify for equity classification. 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. Lessee Leases The Partnership’s only material lessee lease is a ground lease at The 50/50 MF Property. The Partnership has elected the package of practical expedients in ASU 2016-11, elected not to apply ASC 842 to short-term leases and elected to combine lease and non-lease components when accounting for operating lease arrangements. The Partnership’s lessee ROU assets are reported within “Other assets” on the Partnership’s consolidated balance sheet (Note 12). The Partnership’s lessee operating lease liabilities are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheet (Note 13). See Note 13 for additional information on the Partnership’s ground lease. The Partnership used a discount rate of 6.6 % to calculate the ROU asset and lease liability related to the ground lease. The discount rate is based on the Partnership’s estimated incremental borrowing rate to borrow, on a fully collateralized basis, over a similar term for the amount of contractual lease payments. The incremental borrowing rate was estimated using market transactions adjusted for differences in the term and security. Lessor Leases The Partnership’s lessor leases consist of tenant leases related to real estate assets, specifically at the MF Properties. Tenant leases also contain terms for non-lease revenues related to operations at the MF Properties, such as parking and food service revenues. The Partnership has 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 are typically for terms of 12 months or less and do not include extension options. Lease revenue is recognized monthly and is reported within “Property revenues” on the Partnership’s consolidated statements of operations. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326).” ASU 2016-13 enhances the methodology of measuring expected credit losses for financial assets to include the use of reasonable and supportable forward-looking information to better estimate credit losses. ASU 2016-13 also includes changes to the impairment model for available-for-sale debt securities such as the Partnership’s MRBs and taxable MRBs. In November 2019, the FASB issued ASU 2019-10 which amended the mandatory effective dates of certain ASUs, including ASU 2016-13, based on an entity’s filing status. As a smaller reporting company, ASU 2016-13 is effective for the Partnership on January 1, 2023. The Partnership regularly assesses its assets that are within the scope of ASU 2016-13 and has determined that the GILs, taxable GIL, property loans, receivables reported within other assets, financial guarantees, financial commitments, and any interest receivable related to such assets, are within the scope of ASU 2016-13. Furthermore, the Partnership has begun developing data collection processes, assessment procedures and internal controls required to implement ASU 2016-13. The Partnership will continue to develop data collection processes, assessment procedures and internal controls that will be required when it does implement ASU 2016-13, and to evaluat

Partnership Income, Expenses an

Partnership Income, Expenses and Cash Distributions	12 Months Ended
Partnership Income, Expenses and Cash Distributions	Dec. 31, 2021
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income, Expenses and Cash Distributions	3. Partnership Income, Expenses and Cash 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. 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. The holders of the Preferred Units are entitled to distributions at a fixed rate per annum prior to payment of distributions to other Unitholders. 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. The distributions paid or accrued per BUC during the fiscal years ended December 31, 2021 and 2020 were as follows: For the Years Ended December 31, 2021 2020 Cash distributions $ 0.5000 $ 0.3050

Net Income per BUC

Net Income per BUC	12 Months Ended
Net Income per BUC	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income per BUC	4. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC on the Partnership’s consolidated statements of operations. The unvested RUAs issued under the Plan are considered participating securities. There were no dilutive BUCs for the years ended December 31, 2021 and 2020.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities	5. Variable Interest Entities Consolidated VIEs The Partnership has determined the TOB, Term TOB, and TEBS financings are VIEs and the Partnership is the primary beneficiary. 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, the risks that the entity was designed to create, and how each risk affects the VIE. The agreements related to the TOB, Term TOB, and TEBS financings stipulate the Partnership has the sole right to cause the trusts to sell the underlying assets. If the underlying assets were sold, the extent to which the VIEs will be exposed to gains or losses would result from decisions made by the Partnership. As the primary beneficiary, the Partnership reports the TOB, Term TOB, and TEBS financings on a consolidated basis. The Partnership reports the Floater Certificates related to the TOB financings, and the Class A Certificates related to the Term TOB and TEBS financings as secured debt financings on the Partnership’s consolidated balance sheets (Note 16). The MRBs, taxable MRBs, GILs, taxable GIL and property loans secured by the TOB, Term TOB, and TEBS financings are reported as assets on the Partnership’s consolidated balance sheets (Notes 6, 7, 10 and 12). In April 2020, the Partnership collapsed all Term A/B Trust financings with Deutsche Bank. The Term A/B Trusts were also consolidated VIEs similar to the TOB financings. The Partnership has determined its investment in Vantage at San Marcos is a VIE and the Partnership is the primary beneficiary. The Partnership may 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. If the Partnership were to redeem its investment, the underlying assets of the project would likely need to be sold. If the underlying assets were sold, the extent to which the VIE will be exposed to gains or losses would result from decisions made by the Partnership. The Partnership’s option to redeem its investment in Vantage at San Marcos was not effective until the fourth quarter of 2021. As the primary beneficiary, the Partnership reports Vantage at San Marcos on a consolidated basis, which consist of a real estate asset investment (Note 8), mortgage payable (Note 17), and current liabilities associated with the construction costs of a market-rate multifamily property (Note 13). If certain events occur in the future, the Partnership’s option to redeem the investment will terminate and the investment may be deconsolidated. During 2021, the Partnership consolidated Vantage at Hutto and Vantage at Fair Oaks because it could require the managing member of the VIEs to purchase the Partnership’s equity investments in the VIEs at a price equal to the Partnership’s carrying value. The Partnership’s right to require the managing members of the VIEs to purchase the Partnership’s equity investments at a price equal to the Partnership’s carrying values was terminated during 2021. As such, the Partnership is no longer the primary beneficiary of the VIEs and they are not reported on a consolidated basis as of December 31, 2021. Non-Consolidated VIEs The Partnership has variable interests in various entities in the form of MRBs, taxable MRBs, GILs, a taxable GIL, property loans and investments in unconsolidated entities. These variable interests do not allow the Partnership to direct the activities that most significantly impact the economic performance of such VIEs. As a result, the Partnership is not considered the primary beneficiary and does not consolidate the financial statements of these VIEs in the consolidated financial statements. The Partnership held variable interests in 30 and 21 non-consolidated VIEs as of December 31, 2021 and 2020, respectively. The following table summarizes the Partnership’s maximum exposure to loss associated with its variable interests as of December 31, 2021 and 2020: Maximum Exposure to Loss December 31, 2021 December 31, 2020 Mortgage revenue bonds $ 51,045,000 $ 20,763,500 Taxable mortgage revenue bonds 2,000,000 - Governmental issuer loans 184,767,450 64,863,657 Taxable governmental issuer loan 1,000,000 - Property loans 47,274,576 5,327,342 Investments in unconsolidated entities 107,793,522 106,878,570 $ 393,880,548 $ 197,833,069 The maximum exposure to loss for the MRBs and taxable MRB is equal to the cost adjusted for paydowns. The difference between an MRB’s carrying value in the consolidated balance sheets and the maximum exposure to loss is a function of the unrealized gains or losses on the MRB. The maximum exposure to loss for the GILs, taxable GIL, property loans and investments in unconsolidated entities is equal to the Partnership’s carrying value.

Mortgage Revenue Bonds

Mortgage Revenue Bonds	12 Months Ended
Mortgage Revenue Bonds	Dec. 31, 2021
Investments In Mortgage Revenue Bonds [Abstract]
Mortgage Revenue Bonds	6. Mortgage Revenue Bonds The Partnership owns MRBs that were issued by state and local governments, their agencies and authorities to finance the construction or rehabilitation of income-producing multifamily rental properties. The Partnership expects and believes the interest earned on the MRBs is excludable from gross income for federal income tax purposes. The MRBs do 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 the MRBs. The MRBs are non-recourse obligations of the respective property owners. Each MRB is secured by a mortgage on all real and personal property of the secured property. The sole source of the funds to pay principal and interest of an MRB is the net cash flow or the sale or refinancing proceeds from the secured property. The MRBs bear interest at a fixed rate, with the exception of Ocotillo Springs – Series A, Residency at the Mayer - Series A, and Live 929 Apartment – Series B MRBs. The following tables present information regarding the MRBs owned by the Partnership as of December 31, 2021 and 2020: December 31, 2021 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Courtyard - Series A (4) CA $ 9,970,209 $ 2,060,480 $ - $ 12,030,689 Glenview Apartments - Series A (3) CA 4,429,350 863,955 - 5,293,305 Harmony Court Bakersfield - Series A (4) CA 3,635,277 720,308 - 4,355,585 Harmony Terrace - Series A (4) CA 6,730,004 1,425,757 - 8,155,761 Harden Ranch - Series A (2) CA 6,538,111 1,285,747 - 7,823,858 Las Palmas II - Series A (4) CA 1,649,370 332,704 - 1,982,074 Montclair Apartments - Series A (3) CA 2,399,626 446,912 - 2,846,538 Montecito at Williams Ranch Apartments - Series A (6) CA 7,568,334 1,983,454 - 9,551,788 Montevista - Series A (6) CA 6,701,776 2,114,978 - 8,816,754 Ocotillo Springs - Series A (6) CA 15,000,000 271,172 - 15,271,172 Residency at the Mayer - Series A (6) CA 24,000,000 - - 24,000,000 San Vicente - Series A (4) CA 3,400,913 671,681 - 4,072,594 Santa Fe Apartments - Series A (3) CA 2,907,057 567,028 - 3,474,085 Seasons at Simi Valley - Series A (4) CA 4,188,582 1,011,623 - 5,200,205 Seasons Lakewood - Series A (4) CA 7,168,917 1,518,742 - 8,687,659 Seasons San Juan Capistrano - Series A (4) CA 12,070,116 2,557,065 - 14,627,181 Summerhill - Series A (4) CA 6,259,888 1,187,464 - 7,447,352 Sycamore Walk - Series A (4) CA 3,474,617 696,090 - 4,170,707 The Village at Madera - Series A (4) CA 3,006,656 621,367 - 3,628,023 Tyler Park Townhomes - Series A (2) CA 5,694,168 691,137 - 6,385,305 Vineyard Gardens - Series A (6) CA 3,939,476 987,782 - 4,927,258 Westside Village Market - Series A (2) CA 3,721,129 701,915 - 4,423,044 Brookstone (1) IL 7,334,161 1,903,086 - 9,237,247 Copper Gate Apartments (2) IN 4,900,000 433,436 - 5,333,436 Renaissance - Series A (3) LA 10,732,295 4,172,381 - 14,904,676 Live 929 Apartments - Series A (6) MD 36,169,147 573,155 - 36,742,302 Jackson Manor Apartments (6) MS 4,900,000 - - 4,900,000 Gateway Village (6) NC 2,600,000 90,861 - 2,690,861 Greens Property - Series A (2) NC 7,719,000 281,953 - 8,000,953 Lynnhaven Apartments (6) NC 3,450,000 115,328 - 3,565,328 Silver Moon - Series A (3) NM 7,629,704 1,868,323 - 9,498,027 Village at Avalon (5) NM 16,069,382 4,124,498 - 20,193,880 Ohio Properties - Series A (1) OH 13,580,000 - - 13,580,000 Bridle Ridge (1) SC 7,145,000 - - 7,145,000 Columbia Gardens (4) SC 12,725,440 2,003,599 - 14,729,039 Companion at Thornhill Apartments (4) SC 10,924,609 1,793,226 - 12,717,835 Cross Creek (1) SC 6,120,285 1,845,064 - 7,965,349 The Palms at Premier Park Apartments (2) SC 18,385,572 2,181,632 - 20,567,204 Village at River's Edge (4) SC 9,728,355 2,370,569 - 12,098,924 Willow Run (4) SC 12,549,146 1,974,479 - 14,523,625 Arbors at Hickory Ridge (2) TN 10,755,889 3,598,292 - 14,354,181 Avistar at Copperfield - Series A (6) TX 13,678,286 2,549,711 - 16,227,997 Avistar at the Crest - Series A (2) TX 9,022,172 1,926,825 - 10,948,997 Avistar at the Oaks - Series A (2) TX 7,295,334 1,578,333 - 8,873,667 Avistar at the Parkway - Series A (3) TX 12,579,783 2,353,247 - 14,933,030 Avistar at Wilcrest - Series A (6) TX 5,183,794 772,242 - 5,956,036 Avistar at Wood Hollow - Series A (6) TX 39,360,426 7,200,790 - 46,561,216 Avistar in 09 - Series A (2) TX 6,299,237 1,288,060 - 7,587,297 Avistar on the Boulevard - Series A (2) TX 15,370,243 3,165,575 - 18,535,818 Avistar on the Hills - Series A (2) TX 4,994,549 1,100,478 - 6,095,027 Bruton Apartments (4) TX 17,532,185 4,452,765 - 21,984,950 Concord at Gulfgate - Series A (4) TX 18,606,719 4,211,979 - 22,818,698 Concord at Little York - Series A (4) TX 13,034,887 3,055,517 - 16,090,404 Concord at Williamcrest - Series A (4) TX 20,192,436 4,651,973 - 24,844,409 Crossing at 1415 - Series A (4) TX 7,253,698 1,549,224 - 8,802,922 Decatur Angle (4) TX 22,074,594 4,731,759 - 26,806,353 Esperanza at Palo Alto (4) TX 19,071,622 5,317,911 - 24,389,533 Heights at 515 - Series A (4) TX 6,640,885 1,418,341 - 8,059,226 Heritage Square - Series A (3) TX 10,455,924 1,823,426 - 12,279,350 Oaks at Georgetown - Series A (4) TX 12,026,225 2,181,690 - 14,207,915 Runnymede (1) TX 9,675,000 99,489 - 9,774,489 Southpark (1) TX 11,365,100 1,542,509 - 12,907,609 15 West Apartments (4) WA 9,531,842 2,799,259 - 12,331,101 Mortgage revenue bonds held in trust $ 639,116,502 $ 111,818,346 $ - $ 750,934,848 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16 (5) MRB held by Morgan Stanley in a debt financing transaction, Note 16 (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16 December 31, 2021 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Lutheran Gardens CA $ 10,352,000 $ - $ - $ 10,352,000 Solano Vista - Series A CA 2,649,291 744,617 - 3,393,908 Live 929 Apartments - Series B MD 17,344,000 - - 17,344,000 Meadow Valley MI 100,000 - - 100,000 Greens Property - Series B NC 920,637 46,672 - 967,309 Ohio Properties - Series B OH 3,465,270 - - 3,465,270 Provision Center 2014-1 TN 4,300,000 - - 4,300,000 Avistar at the Crest - Series B TX 730,612 122,646 - 853,258 Avistar at the Oaks - Series B TX 534,953 86,437 - 621,390 Avistar at the Parkway - Series B TX 123,598 37,590 - 161,188 Avistar in 09 - Series B TX 441,288 71,303 - 512,591 Avistar on the Boulevard - Series B TX 434,132 69,950 - 504,082 Mortgage revenue bonds held by the Partnership $ 41,395,781 $ 1,179,215 $ - $ 42,574,996 December 31, 2020 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Courtyard - Series A (4) CA $ 10,061,161 $ 2,487,317 $ - $ 12,548,478 Glenview Apartments - Series A (3) CA 4,483,154 1,010,425 - 5,493,579 Harmony Court Bakersfield - Series A (4) CA 3,668,439 889,216 - 4,557,655 Harmony Terrace - Series A (4) CA 6,791,096 1,724,350 - 8,515,446 Harden Ranch - Series A (2) CA 6,621,823 1,606,690 - 8,228,513 Las Palmas II - Series A (4) CA 1,664,566 400,431 - 2,064,997 Montclair Apartments - Series A (3) CA 2,428,775 572,671 - 3,001,446 Montecito at Williams Ranch Apartments - Series A (6) CA 7,626,287 2,350,276 - 9,976,563 Montevista - Series A (6) CA 6,720,000 2,404,771 - 9,124,771 Ocotillo Springs - Series A (6) CA 2,023,500 215,633 - 2,239,133 San Vicente - Series A (4) CA 3,432,246 809,327 - 4,241,573 Santa Fe Apartments - Series A (3) CA 2,942,370 724,678 - 3,667,048 Seasons at Simi Valley - Series A (4) CA 4,236,876 1,180,122 - 5,416,998 Seasons Lakewood - Series A (4) CA 7,233,993 1,836,808 - 9,070,801 Seasons San Juan Capistrano - Series A (4) CA 12,179,682 2,973,846 - 15,153,528 Summerhill - Series A (4) CA 6,316,993 1,470,689 - 7,787,682 Sycamore Walk - Series A (4) CA 3,517,919 888,485 - 4,406,404 The Village at Madera - Series A (4) CA 3,034,084 735,450 - 3,769,534 Tyler Park Townhomes - Series A (2) CA 5,767,938 939,214 - 6,707,152 Vineyard Gardens - Series A (6) CA 3,969,173 1,226,058 - 5,195,231 Westside Village Market - Series A (2) CA 3,769,337 859,860 - 4,629,197 Brookstone (1) IL 7,374,252 2,201,663 - 9,575,915 Copper Gate Apartments (2) IN 4,955,000 641,581 - 5,596,581 Renaissance - Series A (3) LA 10,870,681 4,293,328 - 15,164,009 Live 929 Apartments - Series A (6) MD 36,234,756 - - 36,234,756 Woodlynn Village (1) MN 4,120,000 56,458 - 4,176,458 Gateway Village (6) NC 2,600,000 136,612 - 2,736,612 Greens Property - Series A (2) NC 7,829,000 663,781 - 8,492,781 Lynnhaven Apartments (6) NC 3,450,000 178,960 - 3,628,960 Silver Moon - Series A (3) NM 7,697,891 1,995,694 - 9,693,585 Village at Avalon (5) NM 16,189,074 4,879,623 - 21,068,697 Ohio Properties - Series A (1) OH 13,724,000 61,243 - 13,785,243 Bridle Ridge (1) SC 7,235,000 153,657 - 7,388,657 Columbia Gardens (4) SC 12,898,904 2,689,886 - 15,588,790 Companion at Thornhill Apartments (4) SC 11,055,254 2,208,446 - 13,263,700 Cross Creek (1) SC 6,136,261 2,277,289 - 8,413,550 Rosewood Townhomes - Series A (6) SC 9,259,206 578,247 - 9,837,453 South Pointe Apartments - Series A (6) SC 21,551,600 1,345,919 - 22,897,519 The Palms at Premier Park Apartments (2) SC 18,619,081 2,906,879 - 21,525,960 Village at River's Edge (4) SC 9,802,479 1,353,745 - 11,156,224 Willow Run (4) SC 12,720,560 2,650,995 - 15,371,555 Arbors at Hickory Ridge (2) TN 10,910,733 2,704,295 - 13,615,028 Avistar at Copperfield - Series A (6) TX 13,815,817 3,189,896 - 17,005,713 Avistar at the Crest - Series A (2) TX 9,140,656 2,376,580 - 11,517,236 Avistar at the Oaks - Series A (2) TX 7,388,262 1,854,785 - 9,243,047 Avistar at the Parkway - Series A (3) TX 12,721,014 2,790,208 - 15,511,222 Avistar at Wilcrest - Series A (6) TX 5,235,915 1,084,347 - 6,320,262 Avistar at Wood Hollow - Series A (6) TX 39,756,184 8,703,609 - 48,459,793 Avistar in 09 - Series A (2) TX 6,379,479 1,601,535 - 7,981,014 Avistar on the Boulevard - Series A (2) TX 15,572,093 3,779,139 - 19,351,232 Avistar on the Hills - Series A (2) TX 5,058,171 1,292,513 - 6,350,684 Bruton Apartments (4) TX 17,674,167 3,792,253 - 21,466,420 Concord at Gulfgate - Series A (4) TX 18,796,773 4,888,537 - 23,685,310 Concord at Little York - Series A (4) TX 13,168,029 3,543,909 - 16,711,938 Concord at Williamcrest - Series A (4) TX 20,398,687 5,397,326 - 25,796,013 Crossing at 1415 - Series A (4) TX 7,331,821 1,810,458 - 9,142,279 Decatur Angle (4) TX 22,270,729 5,600,721 - 27,871,450 Esperanza at Palo Alto (4) TX 19,218,417 5,955,488 - 25,173,905 Heights at 515 - Series A (4) TX 6,712,409 1,600,836 - 8,313,245 Heritage Square - Series A (3) TX 10,579,057 2,095,871 - 12,674,928 Oaks at Georgetown - Series A (4) TX 12,135,392 2,597,201 - 14,732,593 Runnymede (1) TX 9,805,000 105,634 - 9,910,634 Southpark (1) TX 11,462,172 1,917,286 - 13,379,458 15 West Apartments (4) WA 9,604,680 3,257,826 - 12,862,506 Mortgage revenue bonds held in trust $ 637,948,068 $ 130,520,576 $ - $ 768,468,644 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16 (5) MRB held by Morgan Stanley in a debt financing transaction, Note 16 (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16 December 31, 2020 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Solano Vista - Series A CA $ 2,665,000 $ 891,612 $ - $ 3,556,612 Greens Property - Series B NC 925,607 107,347 - 1,032,954 Arby Road Apartments - Series A NV 7,385,000 15,059 - 7,400,059 Ohio Properties - Series B OH 3,485,690 13,578 - 3,499,268 Rosewood Townhomes - Series B SC 469,781 2,549 - 472,330 South Pointe Apartments - Series B SC 1,099,487 5,967 - 1,105,454 Provision Center 2014-1 TN 6,161,954 - - 6,161,954 Avistar at the Crest - Series B TX 735,974 144,746 - 880,720 Avistar at the Oaks - Series B TX 538,723 100,668 - 639,391 Avistar at the Parkway - Series B TX 123,973 43,650 - 167,623 Avistar in 09 - Series B TX 444,398 83,042 - 527,440 Avistar on the Boulevard - Series B TX 437,318 82,718 - 520,036 Mortgage revenue bonds held by the Partnership $ 24,472,905 $ 1,490,936 $ - $ 25,963,841 See Note 24 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 on 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. During the year ended December 31, 2021, the Partnership recognized a provision for credit loss of $ 1.9 million related to the Provision Center 2014-1 MRB on the consolidated statements of operations. The borrower of the Provision Center 2014-1 MRB filed for Chapter 11 bankruptcy in December 2020 and has ceased making contractual principal and interest payments. The credit loss was driven primarily by operational and collateral information obtained during the bankruptcy process. During the year ended December 31, 2020, the Partnership recognized total provisions for credit loss of approximately $ 7.3 million, of which approximately $ 3.5 million related to the Live 929 Apartments - Series A MRB and approximately $ 3.9 million related to the Provision Center 2014-1 MRB on the consolidated statements of operations. See Note 2 for information considered in the Partnership’s evaluation of other-than-temporary impairment and provision for credit loss of the MRBs. The provision for credit loss related to the Live 929 Apartments – Series A MRB was due to operational results, the borrower’s continued covenant forbearance and declines in debt service coverage. The change in operating results at the Live 929 Apartments was primarily driven by the impact of COVID-19, which had a significant impact on the underlying student housing property. The provision for credit loss related to the Provision Center 2014-1 MRB was primarily driven by debt service shortfalls by the underlying commercial property, the borrower’s request for forbearance (prior to filing for bankruptcy protection), and the general creditworthiness of proton therapy centers in the United States, including the impacts on them from COVID-19. The Partnership has remaining commitments to provide additional funding of certain MRBs during construction or rehabilitation as of December 31, 2021. See Note 19 for further details regarding these remaining funding commitments. Activity in 2021: Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 31, 2021: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Acquired Jackson Manor Apartments (1) April Jackson, MS 60 5/1/2038 5.00 % $ 4,150,000 Residency at the Mayer - Series A (2) October Hollywood, CA 79 4/1/2039 SOFR + 3.60 % (3) 24,000,000 Meadow Valley (4) December Garfield Charter Township, MI 154 12/1/2029 6.25 % 100,000 Lutheran Gardens December Compton, CA 76 2/1/2025 4.90 % 10,352,000 Live 929 Apartments - Series B (5) December Baltimore, MD 575 7/1/2039 1.60 % (6) 21,680,000 $ 60,282,000 (1) The Partnership committed to provide total funding of the MRB up to $ 6.9 million during the acquisition and rehabilitation phase of the property on a draw-down 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. (2) 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 draw-down 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 . (3) The index is subject to a floor of 0.25 % . (4) The Partnership committed to provide total funding of the MRB up to $ 44.0 million during construction on a draw-down basis. (5) 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 . (6) 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. Redemptions: The following MRBs were redeemed at prices that approximated the Partnership's carrying value plus accrued interest during the year ended December 31, 2021: Property Name Month Property Location Units Original Interest Rate Principal Arby Road Apartments - Series A (1) March Las Vegas, NV 180 10/1/2027 5.35 % $ 1,600,000 Arby Road Apartments - Series A (1) March Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 Rosewood Townhomes - Series A July Goose Creek, SC 100 7/1/2055 5.75 % 9,259,206 Rosewood Townhomes - Series B July Goose Creek, SC 100 8/1/2055 12.00 % 469,781 South Pointe Apartments - Series A July Hanahan, SC 256 7/1/2055 5.75 % 21,551,600 South Pointe Apartments - Series B July Hanahan, SC 256 8/1/2055 12.00 % 1,099,487 Woodlynn Village November Maplewood, MN 59 11/1/2042 6.00 % 4,065,000 $ 43,830,074 (1) Both MRBs are part of the same series but had different interest rates and maturity dates. The Rosewood Townhomes – Series A and South Pointe Apartments – Series A MRBs were redeemed at 106 % of par value plus accrued interest in July 2021. The redemption premium of approximately $ 1.8 million is reported as “Contingent interest income” on the Partnership’s consolidated statements of operations. All other MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest. Activity in 2020: Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 31, 2020: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Acquired Arby Road Apartments - Series A (1) June Las Vegas, NV 180 10/1/2027 5.35 % $ 1,690,000 Arby Road Apartments - Series A (1) June Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 Ocotillo Springs - Series A (2) July Brawley, CA 75 8/1/2037 4.55 % (3) 2,023,500 $ 9,498,500 (1) Both MRBs are part of the same series but have different interest rates and maturity dates. (2) The Partnership has committed to provide total funding of the MRB up to $ 15.0 million during construction and lease-up 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 is approximately $ 3.5 million. (3) The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25 %, subject to a floor of 4.55 %, during construction of the project until stabilization. Upon stabilization, the MRB will convert to a fixed interest rate of 4.35 %. Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2020: Property Name Month Property Location Units Original Maturity Date Interest Rate Principal Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 Montevista - Series B August San Pablo, CA 82 7/1/2021 8.00 % $ 6,480,000 $ 9,583,000 The following table summarizes the changes in the Partnership’s allowance for credit losses for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Balance, beginning of period 7,319,000 - Provision for credit loss 1,857,000 7,319,000 Balance, end of period (1) $ 9,176,000 $ 7,319,000 (1) The allowance for credit losses as of December 31, 2021 and 2020 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments - Series A MRB. 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, 2021 December 31, 2020 Texas 41 % 43 % California 23 % 17 % South Carolina 11 % 17 % The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2021, and 2020: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2021 15 West Apartments - Series A (4) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,531,842 Arbors at Hickory Ridge (2) 2012 Memphis, TN 1/1/2049 6.25 % 10,701,537 Avistar at Copperfield - Series A (6) 2017 Houston, TX 5/1/2054 5.75 % 13,678,286 Avistar on the Boulevard - Series A (2) 2013 San Antonio, TX 3/1/2050 6.00 % 15,370,243 Avistar at the Crest - Series A (2) 2013 San Antonio, TX 3/1/2050 6.00 % 9,022,172 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,164,744 Avistar at the Oaks - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 7,295,334 Avistar in 09 - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 6,299,237 Avistar on the Hills - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 4,994,549 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 976,241 Avistar at the Parkway - Series A (3) 2015 San Antonio, TX 5/1/2052 6.00 % 12,579,783 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 123,598 Avistar at Wilcrest - Series A (6) 2017 Houston, TX 5/1/2054 5.75 % 5,183,794 Avistar at Wood Hollow - Series A (6) 2017 Austin, TX 5/1/2054 5.75 % 39,360,427 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,145,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,531,517 Bruton Apartments (4) 2014 Dallas, TX 8/1/2054 6.00 % 17,532,185 Columbia Gardens (4) 2015 Columbia, SC 12/1/2050 5.50 % 12,620,000 Companion at Thornhill Apartments (4) 2016 Lexington, SC 1/1/2052 5.80 % 10,924,609 Concord at Gulfgate - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 18,606,719 Concord at Little York - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 13,034,887 Concord at Williamcrest - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 20,192,436 Copper Gate Apartments (2) 2013 Lafayette, IN 12/1/2029 6.25 % 4,900,000 Courtyard - Series A (4) 2016 Fullerton, CA 12/1/2033 5.00 % 9,970,209 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 7,747,521 Crossing at 1415 - Series A (4) 2015 San Antonio, TX 12/1/2052 6.00 % 7,253,698 Decatur Angle (4) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,074,594 Esperanza at Palo Alto (4) 2018 San Antonio, TX 7/1/2058 5.80 % 19,071,622 Gateway Village (6) 2019 Durham, NC 4/1/2032 6.10 % 2,600,000 Glenview Apartments - Series A (3) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,429,350 Greens Property - Series A (2) 2012 Durham, NC 10/1/2047 6.50 % 7,719,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 920,637 Harden Ranch - Series A (2) 2014 Salinas, CA 3/1/2030 5.75 % 6,538,111 Harmony Court Bakersfield - Series A (4) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,635,277 Harmony Terrace - Series A (4) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,730,004 Heights at 515 - Series A (4) 2015 San Antonio, TX 12/1/2052 6.00 % 6,640,885 Heritage Square - Series A (3) 2014 Edinburg, TX 9/1/2051 6.00 % 10,455,924 Jackson Manor Apartments (6) 2021 Jackson, MS 5/1/2038 5.00 % 4,900,000 Las Palmas II - Series A (4) 2016 Coachella, CA 11/1/2033 5.00 % 1,649,370 Live 929 Apartments - Series A (6) 2014 Baltimore, MD 7/1/2049 5.78 % 39,465,000 Live 929 Apartments - Series B 2021 Baltimore, MD 7/1/2039 1.60 % 21,680,000 Lutheran Gardens 2021 Compton, CA 2/1/2025 4.90 % 10,352,000 Lynnhaven Apartments (6) 2019 Durham, NC 4/1/2032 6.10 % 3,450,000 Meadow Valley 2021 Garfield Charter Township, MI 12/1/2029 6.25 % 100,000 Montclair Apartments - Series A (3) 2014 Lemoore, CA 12/1/2031 5.75 % 2,399,626 Montecito at Williams Ranch Apartments - Series A (6) 2017 Salinas, CA 10/1/2034 5.50 % 7,568,334 Montevista - Series A (6) 2019 San Pablo, CA 7/1/2036 5.75 % 6,701,776 Oaks at Georgetown - Series A (4) 2016 Georgetown, TX 1/1/2034 5.00 % 12,026,225 Ocotillo Springs - Series A (6) 2020 Brawley, CA 8/1/2037 4.55 % 15,000,000 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,580,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,465,270 Provision Center 2014-1 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (3) 2015 Baton Rouge, LA 6/1/2050 6.00 % 10,732,295 Residency at the Mayer - Series A (6) 2021 Hollywood, CA 4/1/2039 3.85 % 24,000,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 9,675,000 San Vicente - Series A (4) 2016 Soledad, CA 11/1/2033 5.00 % 3,400,913 Santa Fe Apartments - Series A (3) 2014 Hesperia, CA 12/1/2031 5.75 % 2,907,057 Seasons at Simi Valley - Series A (4) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,188,582 Seasons Lakewood - Series A (4) 2016 Lakewood, CA 1/1/2034 5.00 % 7,168,917 Seasons San Juan Capistrano - Series A (4) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,070,116 Silver Moon - Series A (3) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,629,704 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,649,291 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 12,675,000 Summerhill - Series A (4) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,259,888 Sycamore Walk - Series A (4) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,474,617 The Palms at Premier Park Apartments (2) 2013 Columbia, SC 1/1/2050 6.25 % 18,385,572 Tyler Park Townhomes (2) 2013 Greenfield, CA 1/1/2030 5.75 % 5,694,168 The Village at Madera - Series A (4) 2016 Madera, CA 12/1/2033 5.00 % 3,006,656 Village at Avalon (5) 2018 Albuquerque, NM 1/1/2059 5.80 % 16,069,382 Village at River's Edge (4) 2017 Columbia, SC 6/1/2033 6.00 % 9,728,355 Vineyard Gardens - Series A (6) 2017 Oxnard, CA 1/1/2035 5.50 % 3,939,476 Westside Village Market (2) 2013 Shafter, CA 1/1/2030 5.75 % 3,721,129 Willow Run (4) 2015 Columbia, SC 12/1/2050 5.50 % 12,444,000 $ 697,713,691 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16 (5) MRB held by Morgan Stanley in a secured financing transaction, Note 16 (6) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, Note 16 Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2020 15 West Apartments - Series A (4) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,604,680 Arbors at Hickory Ridge (2) 2012 Memphis, TN 1/1/2049 6.25 % 10,848,178 Arby Road Apartments - Series A (7) 2020 Las Vegas, NV 10/1/2027 5.35 % 1,600,000 Arby Road Apartments - Series A (7) 2020 Las Vegas, NV 4/1/2041 5.50 % 5,785,000 Avistar at Copperfield - Series A (6) 2017 Houston, TX 5/1/2054 5.75 % 13,815,817 Avistar on the Boulevard - Series A (2) 2013 San Antonio, TX 3/1/2050 6.00 % 15,572,093 Avistar at the Crest - Series A (2) 2013 San Antonio, TX 3/1/2050 6.00 % 9,140,656 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,173,292 Avistar at the Oaks - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 7,388,262 Avistar in 09 - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 6,379,479 Avistar on the Hills - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 5,058,171 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 983,121 Avistar at the Parkway - Series A (3) 2015 San Antonio, TX 5/1/2052 6.00 % 12,721,014 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 123,973 Avistar at Wilcrest - Series A (6) 2017 Houston, TX 5/1/2054 5.75 % 5,235,915 Avistar at Wood Hollow - Series A (6) 2017 Austin, TX 5/1/2054 5.75 % 39,756,184 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,235,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,652,804 Bruton Apartments (4) 2014 Dallas, TX 8/1/2054 6.00 % 17,674,167 Columbia Gardens (4) 2015 Columbia, SC 12/1/2050 5.50 % 12,775,000 Companion at Thornhill Apartments (4) 2016 Lexington, SC 1/1/2052 5.80 % 11,055,254 Concord at Gulfgate - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 18,796,773 Concord at Little York - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 13,168,029 Concord at Williamcrest - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 20,398,687 Copper Gate Apartments (2) 2013 Lafayette, IN 12/1/2029 6.25 % 4,955,000 Courtyard - Series A (4) 2016 Fullerton, CA 12/1/2033 5.00 % 10,061,161 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 7,862,645 Crossing at 1415 - Series A (4) 2015 San Antonio, TX 12/1/2052 6.00 % 7,331,821 Decatur Angle (4) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,270,729 Esperanza at Palo Alto (4) 2018 San Antonio, TX 7/1/2058 5.80 % 19,218,417 Gateway Village (6) 2019 Durham, NC 4/1/2032 6.10 % 2,600,000 Glenview Apartments - Series A (3) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,483,154 Greens Property - Series A (2) 2012 Durham, NC 10/1/2047 6.50 % 7,829,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 925,607 Harden Ranch - Series A (2) 2014 Salinas, CA 3/1/2030 5.75 % 6,621,823 Harmony Court Bakersfield - Series A (4) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,668,439 Harmony Terrace - Series A (4) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,791,096 Heights at 515 - Series A (4) 2015 San Antonio, TX 12/1/2052 6.00 % 6,712,409 Heritage Square - Series A (3) 2014 Edinburg, TX 9/1/2051 6.00 % 10,579,057 Las Palmas II - Series A (4) 2016 Coachella, CA 11/1/2033 5.00 % 1,664,566 Live 929 Apartments - Series A (6) 2014 Baltimore, MD 7/1/2049 5.78 % 39,465,000 Lynnhaven Apartments (6) 2019 Durham, NC 4/1/2032 6.10 % 3,450,000 Montclair Apartments - Series A (3) 2014 Lemoore, CA 12/1/2031 5.75 % 2,428,775 Montecito at Williams Ranch Apartments - Series A (6) 2017 Salinas, CA 10/1/2034 5.50 % 7,626,287 Montevista - Series A (6) 2019 San Pablo, CA 7/1/2036 5.75 % 6,720,000 Oaks at Georgetown - Series A (4) 2016 Georgetown, TX 1/1/2034 5.00 % 12,135,392 Ocotillo Springs - Series A (6) 2020 Brawley, CA 8/1/2037 4.55 % 2,023,500 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,724,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,485,690 Provision Center 2014-1 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (3) 2015 Baton Rouge, LA 6/1/2050 6.00 % 10,870,681 Rosewood Townhomes - Series A (6) 2017 Goose Creek, SC 7/1/2055 5.75 % 9,259,206 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 469,781 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 9,805,000 San Vicente - Series A (4) 2016 Soledad, CA 11/1/2033 5.00 % 3,432,246 Santa Fe Apartments - Series A (3) 2014 Hesperia, CA 12/1/2031 5.75 % 2,942,370 Seasons at Simi Valley - Series A (4) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,236,876 Seasons Lakewood - Series A (4) 2016 Lakewood, CA 1/1/2034 5.00 % 7,233,993 Seasons San Juan Capistrano - Series A (4) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,179,682 Silver Moon - Series A (3) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,697,891 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 South Pointe Apartments - Series A (6) 2017 Hanahan, SC 7/1/2055 5.75 % 21,551,600 South Pointe Apartments - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,099,487 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 12,845,000 Summerhill - Series A (4) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,316,993 Sycamore Walk - Series A (4) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,517,919 The Palms at Premier Park Apartments (2) 2013 Columbia, SC 1/1/2050 6.25 % 18,619,081 Tyler Park Townhomes (2) 2013 Greenfield, CA 1/1/2030 5.75 % 5,767,938 The Village at Madera - Series A (4) 2016 Madera, CA 12/1/2033 5.00 % 3,034,084 Village at Avalon (5) 2018 Albuquerque, NM 1/1/2059 5.80 % 16,189,074 Village at River's Edge (4) 2017 Columbia, SC 6/1/2033 6.00 % 9,802,479 Vineyard Gardens - Series A (6) 2017 Oxnard, CA 1/1/2035 5.50 % 3,969,173 Westside Village Market (2) 2013 Shafter, CA 1/1/2030 5.75 % 3,769,337 Willow Run (4) 2015 Columbia, SC 12/1/2050 5.50 % 12,597,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,120,000 $ 6

Governmental Issuer Loans

Governmental Issuer Loans	12 Months Ended
Governmental Issuer Loans	Dec. 31, 2021
Governmental Issuer Loans [Abstract]
Governmental Issuer Loans	7. Governmental Issuer Loans The Partnership owns 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. The 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 Residential Property. The GILs share first mortgage lien positions with property loans and/or taxable GILs also owned by the Partnership (Notes 10 and 12). 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. The Partnership has committed to provide total funding for certain GILs on a draw-down basis during construction. All GILs were held in trust in connection with TOB Trust financings as of December 31, 2021 and 2020 (Note 16). At the closing of each GIL, Freddie Mac, through a servicer, has forward committed to purchase the GIL at maturity if the property has reached stabilization and other conditions are met. The Partnership had the following GIL investments as of December 31, 2021 and 2020: As of December 31, 2021 Property Name Month Property Units Maturity (2) Variable Interest Current Interest Amortized Scharbauer Flats Apartments (1) June 2020 Midland, TX 300 1/1/2023 SIFMA + 3.10 % 3.20 % $ 40,000,000 Oasis at Twin Lakes (1) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 3.25 % (3),(4) 3.75 % 34,000,000 Centennial Crossings (1) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75 % (4) 3.25 % 33,080,000 Legacy Commons at Signal Hills (1) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % (4) 3.57 % 33,120,605 Hilltop at Signal Hills (1) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07 % (4) 3.57 % 21,550,584 Hope on Avalon January 2021 Los Angeles, CA 88 2/1/2023 SIFMA + 3.75 % (4) 4.60 % 9,981,200 Hope on Broadway January 2021 Los Angeles, CA 49 2/1/2023 SIFMA + 3.75 % (4) 4.60 % 3,691,245 Osprey Village (1) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % (4) 3.57 % 6,372,030 Willow Place Apartments (1) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % (4) 3.55 % 2,971,786 $ 184,767,450 (1) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 23). (2) The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee. (3) The variable rate decreases to SIFMA plus 2.25 % upon completion of construction. (4) The variable index interest rate component is subject to a floor. As of December 31, 2020 Property Name Month Property Location Units Maturity (2) Variable Interest Rate Current Interest Rate Amortized Scharbauer Flats Apartments (1) June 2020 Midland, TX 300 1/1/2023 SIFMA + 3.10 % 3.19 % $ 40,000,000 Oasis at Twin Lakes (1) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 3.25 % (3),(4) 3.75 % 14,403,000 Centennial Crossings (1) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75 % (4) 3.25 % 10,460,657 $ 64,863,657 (1) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 23). (2) The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon payment of a non-refundable extension fee. (3) The variable rate decreases to SIFMA plus 2.25 % upon completion of construction. (4) The variable index interest rate component is subject to a floor. The Partnership has remaining commitments to provide additional funding of certain GILs during construction of the secured properties as of December 31, 2021. See Note 19 for further details regarding these remaining funding commitments. Activity in 2021 Acquisitions: During 2021, the Partnership entered into multiple GIL commitments to provide construction financing for the underlying properties on a draw-down basis as summarized below. See the above tables and Note 19 for additional information associated with the GIL commitments. • $ 34.6 million commitment related to Legacy Commons at Signal Hills; • $ 24.5 million commitment related to Hilltop at Signal Hills; • $ 23.4 million commitment related to Hope on Avalon; • $ 12.1 million commitment related to Hope on Broadway; • $ 60.0 million commitment related to Osprey Village; and • $ 25.0 million commitment related to Willow Place Apartments. Activity in 2020 Acquisitions: During 2020, the Partnership entered into multiple GIL commitments to provide construction financing for the underlying properties on a draw-down basis as summarized below. See the above tables and Note 19 for additional information associated with the GIL commitments. • $ 40.0 million commitment related to Scharbauer Flats Apartments; • $ 34.0 million commitment related to Oasis at Twin Lakes; and • $ 33.1 million commitment related to Centennial Crossings.

Real Estate Assets

Real Estate Assets	12 Months Ended
Real Estate Assets	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Assets	8. Real Estate Assets The Partnership owns real estate assets, including MF Properties, either directly, through a wholly owned subsidiary or through a consolidated VIE, as described in Note 2. The financial statements of the MF Properties are consolidated with those of the Partnership. 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, 2021 and 2020: Real Estate Assets as of December 31, 2021 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,302,507 $ 42,501,775 The 50/50 MF Property Lincoln, NE 475 - 33,013,039 33,013,039 Vantage at San Marcos San Marcos, TX (1) 2,660,615 682,929 3,343,544 Land held for development (2) 1,551,196 - 1,551,196 $ 80,409,554 Less accumulated depreciation ( 20,701,922 ) Net real estate assets $ 59,707,632 (1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information. (2) Land held for development consists of land and development costs for parcels of land in Richland County, SC and Omaha, NE. Real Estate Assets as of December 31, 2020 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,375,298 $ 42,574,566 The 50/50 MF Property Lincoln, NE 475 - 32,940,854 32,940,854 Land held for development (1) 1,675,997 - 1,675,997 $ 77,191,417 Less accumulated depreciation ( 18,150,215 ) Net real estate assets $ 59,041,202 (1) Land held for development consists of land and development costs for parcels of land in Gardner, KS and Richland County, SC and Omaha, NE. In November 2021, the Partnership sold the land held for development in Gardner, KS and recognized a loss on the sale of $ 14,800 . In June 2020, the Partnership determined that the land held for development in Gardner, KS was impaired and recorded an impairment charge of $ 25,200 , which represented the difference between the Partnership’s carrying value and the estimated fair value of the land.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
Investments in Unconsolidated Entities	Dec. 31, 2021
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Entities	9. Investments in Unconsolidated Entities ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, has equity investment commitments and has made equity investments in unconsolidated entities. The carrying value of the equity investments represents the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in the unconsolidated entities. An affiliate of the unconsolidated entities guarantees ATAX Vantage Holdings, LLC’s return on its investments through a date approximately five years after commencement of construction. The return on these investments earned by the Partnership is reported as “Investment income” on the Partnership’s consolidated statements of operations. The following table provides the details of the investments in unconsolidated entities as of December 31, 2021 and 2020: Property Name Location Units Construction Commencement Date Construction Completion Date Carrying Value as of December 31, 2021 Carrying Value as of December 31, 2020 Vantage at Powdersville Powdersville, SC 288 November 2017 February 2020 - $ 12,295,801 Vantage at Stone Creek Omaha, NE 294 March 2018 April 2020 $ 6,143,099 7,840,500 Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 - 10,570,000 Vantage at Germantown Germantown, TN 288 June 2018 March 2020 - 12,425,000 Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 October 2020 12,240,000 14,640,000 Vantage at Coventry Omaha, NE 294 September 2018 February 2021 7,611,614 9,007,435 Vantage at Conroe Conroe, TX 288 April 2019 January 2021 11,164,625 10,406,895 Vantage at O'Connor San Antonio, TX 288 October 2019 June 2021 9,109,343 8,245,890 Vantage at Westover Hills San Antonio, TX 288 January 2020 July 2021 8,861,504 8,021,544 Vantage at Tomball Tomball, TX 288 August 2020 N/A 11,814,774 9,280,134 Vantage at Hutto Hutto, TX 288 December 2021 N/A 5,629,651 3,163,676 Vantage at San Marcos (1) San Marcos, TX 288 N/A N/A - 981,695 Vantage at Loveland Loveland, CO 288 April 2021 N/A 10,913,911 - Vantage at Helotes Helotes, TX 288 May 2021 N/A 11,350,686 - Vantage at Fair Oaks Boerne, TX 288 September 2021 N/A 6,424,306 - Vantage at McKinney Falls McKinney Falls, TX 288 December 2021 N/A 6,530,009 - $ 107,793,522 $ 106,878,570 (1) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). A development site has been identified for this property but construction has not commenced as of December 31, 2021. The Partnership has remaining commitments to provide additional equity funding for certain unconsolidated entities as of December 31, 2021. See Note 19 for further details regarding these remaining funding commitments. Activity in 2021 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during 2021: Property Name Location Units Month Sold Gross Proceeds Investment Income Gain on Sale Vantage at Germantown Germantown, TN 288 March 2021 $ 16,096,560 $ 862,454 $ 2,809,106 Vantage at Powdersville Powdersville, SC 288 May 2021 20,118,680 2,359,394 5,463,484 Vantage at Bulverde Bulverde, TX 288 August 2021 18,916,961 1,392,312 6,954,649 Vantage at Panama City Beach Panama City Beach, FL 288 (1) 293,510 - 293,510 $ 55,425,711 $ 4,614,160 $ 15,520,749 (1) In November 2021, the Partnership received cash of approximately $ 294,000 upon the resolution of gain contingencies related to the sale of Vantage at Panama City Beach in September 2019. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s consolidated statements of operations. New and Amended Equity Commitments: In April 2021, the Partnership executed a $ 16.3 million equity commitment to fund the construction of the Vantage at Loveland multifamily property. The Partnership may increase its equity commitment to $ 18.2 million based upon the occurrence of certain events. In May 2021, the Partnership executed a $ 12.6 million equity commitment to fund the construction of the Vantage at Helotes multifamily property. In June 2021, the Partnership executed a $ 1.1 million equity commitment to fund the purchase of land for future development of the Vantage at Fair Oaks multifamily property. In September 2021, the Partnership amended its equity commitment to $ 11.0 million to fund construction of the property. In December 2021, the Partnership executed a $ 11.4 million equity commitment to fund the construction of the Vantage at McKinney Falls multifamily property. In December 2021, the Partnership increased its total equity commitment related to the Vantage at Hutto multifamily property to $ 11.2 million. Activity in 2020 Sales Activity: In June 2020, Vantage at Waco sold substantially all assets to an unrelated third party and ceased operations. The Partnership has received cash of approximately $ 10.8 million as a result of the sale. The Partnership recognized approximately $ 1.5 million of “Investment income” on the Partnership’s consolidated statements of operations associated with the sale. New Equity Commitments: In January 2020, the Partnership executed a $ 7.3 million equity commitment to fund construction of the Vantage at Westover Hills multifamily property. In August 2020, the Partnership executed a $ 10.4 million equity commitment to fund construction of the Vantage at Tomball multifamily property. In November 2020, the Partnership executed a $ 10.5 million equity commitment to fund construction of the Vantage at Hutto multifamily property and a $ 9.9 million equity commitment to fund construction of the Vantage at San Marcos. The following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Property Revenues $ 24,501,799 $ 14,553,331 Gain on sale of property $ 42,792,935 $ 6,106,279 Net income (loss) $ 37,836,191 $ ( 1,674,527 )

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances	12 Months Ended
Property Loans, Net of Loan Loss Allowances	Dec. 31, 2021
Property Loans Net Of Loan Loss Allowance [Abstract]
Property Loans, Net of Loan Loss Allowances	10. Property Loans, Net of Loan Loss Allowances The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of December 31, 2021 and 2020: December 31, 2021 Outstanding Loan Loss Property Loan Principal, Maturity Date Interest Rate 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 % Centennial Crossings (1) (2) 11,354,386 - 11,354,386 9/1/2023 (3) LIBOR + 2.50 % (4) Cross Creek 11,101,887 ( 7,393,814 ) 3,708,073 12/1/2025 6.15 % Greens Property 850,000 - 850,000 9/1/2046 10.00 % Hilltop at Signal Hills (1) (2) 1,000,000 - 1,000,000 8/1/2023 (3) SOFR + 3.07 % (4) Legacy Commons at Signal Hills (1) (2) 2,604,230 - 2,604,230 2/1/2024 (3) SOFR + 3.07 % (4) Live 929 Apartments 1,355,534 ( 1,355,534 ) - 7/31/2049 8.00 % Magnolia Crossing 13,424,579 - 13,424,579 12/1/2022 SOFR + 6.50 % (5) Oasis at Twin Lakes (1) (2) 20,607,362 - 20,607,362 8/1/2023 (3) LIBOR + 2.50 % (4) Ohio Properties 2,390,446 - 2,390,446 12/1/2026 - 6/1/2050 10.00 % Osprey Village (1)(2) 1,000,000 - 1,000,000 8/1/2024 (3) SOFR + 3.07 % (4) Scharbauer Flats Apartments (1) (2) 9,708,598 - 9,708,598 1/1/2023 (3) LIBOR + 2.85 % Willow Place Apartments (1)(2) 1,000,000 - 1,000,000 10/1/2024 (3) SOFR + 3.30 % (5) Total $ 76,850,616 $ ( 8,749,348 ) $ 68,101,268 (1) The property loan is held in trust in connection with a TOB financings (Note 16). (2) The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan. (3) The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee. (4) The index is subject to a floor of 0.50 %. (5) The index is subject to a floor of 0.25 %. December 31, 2020 Outstanding Loan Loss Property Loan Principal, Maturity Date Interest Rate Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 3/1/2049 6.25 % 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 % Centennial Crossings (1) (2) 3,017,729 - 3,017,729 9/1/2023 (3) LIBOR + 2.50 % (4) Cross Creek 11,101,887 ( 7,393,814 ) 3,708,073 12/1/2025 6.15 % Greens Property 850,000 - 850,000 9/1/2046 10.00 % Live 929 Apartments 911,232 ( 911,232 ) - 7/31/2049 8.00 % Ohio Properties 2,390,446 - 2,390,446 12/1/2026 - 6/1/2050 10.00 % Scharbauer Flats Apartments (1) (2) 2,309,613 - 2,309,613 1/1/2023 (3) LIBOR + 2.85 % Total $ 21,225,765 $ ( 8,305,046 ) $ 12,920,719 (1) The property loan is held in trust in connection with a TOB financings (Note 16). (2) The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan. (3) The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee. (4) The index is subject to a floor of 0.50 %. During the years ended December 31, 2021 and 2020, the Partnership recognized a provision for loan loss and associated loan loss allowance of approximately $ 444,000 and $ 911,000 , respectively, related to the Live 929 Apartments property loan as the Partnership determined it was probable the outstanding balance will not be collectible. The interest to be earned on the Live 929 Apartments and Cross Creek property loans was in nonaccrual status for the years ended December 31, 2021 and 2020. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest accrued was not probable. In addition, interest to be earned on approximately $ 983,000 of property loan principal for the Ohio Properties was in nonaccrual status for the years ended December 31, 2021 and 2020 as, in management’s opinion, the interest was not considered collectible. The following table summarizes the changes in the Partnership’s loan loss allowance for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Balance, beginning of period $ 8,305,046 $ 7,393,814 Provision for loan loss 444,302 911,232 Balance, end of period $ 8,749,348 $ 8,305,046 The Partnership has remaining commitments to provide additional funding of certain property loans during construction of the secured property as of December 31, 2021. See Note 19 for further regarding these remaining funding commitments. Activity in 2021 Concurrent with the acquisition of GILs (Note 7), the Partnership committed to provide property loans for the construction of the underlying properties on a draw-down basis as summarized below. The property loans and associated GILs are on parity and share a first mortgage position on all real and personal property associated with the secured property. • $ 32.2 million commitment related to Legacy Commons at Signal Hills; • $ 21.2 million commitment related to Hilltop at Signal Hills; • $ 25.5 million commitment related to Osprey Village; and • $ 21.4 million related to Willow Place Apartments. In March 2021, the Partnership amended the secured property loan with Live 929 Apartments to increase the total available loan amount to $ 1.5 million from $ 1.0 million. The property loan is subordinate to the MRBs associated with the property. In August 2021, the Partnership received approximately $ 328,000 as payment in full for outstanding principal and interest on a note receivable due from Arbors at Hickory Ridge. In December 2021, the Partnership entered into an agreement to provide a taxable bridge loan in the amount of up to $ 14.5 million, secured by a first mortgage lien on Magnolia Crossing, an existing 65-unit skilled-nursing facility in Houston, Texas. Activity in 2020 Concurrent with the acquisition of GILs (Note 7), the Partnership committed to provide property loans for the construction of the underlying properties on a draw-down basis as summarized below. The property loans and associated GILs are on parity and share a first mortgage position on all real and personal property associated with the secured property. • $ 24.2 million commitment related to Scharbauer Flats Apartments; • $ 27.7 million commitment related to Oasis at Twin Lakes; and • $ 24.3 million commitment related to Centennial Crossings.

Income Tax Provision

Income Tax Provision	12 Months Ended
Income Tax Provision	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax Provision	11. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by the Greens Hold Co, which owns The 50/50 MF Property and certain property loans. The following table summarizes income tax expense (benefit) for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Current income tax expense $ 152,847 $ 185,910 Deferred income tax benefit ( 89,055 ) ( 105,920 ) Total income tax expense $ 63,792 $ 79,990 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 $ 621,000 and $ 532,000 as of December 31, 2021 and 2020, respectively. 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, 2021 and 2020. For the years ended December 31, 2021 and 2020, 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, 2021 and 2020. The Partnership files U.S. federal and state tax returns. The Partnership’s returns for years 2018 through 2020 remain subject to examination by the Internal Revenue Service.

Other Assets

Other Assets	12 Months Ended
Other Assets	Dec. 31, 2021
Other Assets [Abstract]
Other Assets	12. Other Assets The following table summarizes the Partnership’s other assets as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Deferred financing costs, net $ 1,349,097 $ 390,649 Fair value of derivative instruments (Note 18) 343,418 321,503 Taxable mortgage revenue bonds, at fair value 3,428,443 1,510,437 Taxable governmental issuer loan held in trust 1,000,000 - Bond purchase commitments, at fair value (Note 19) 964,404 431,879 Operating lease right-of-use assets, net 1,619,714 1,648,742 Other assets 2,157,809 1,605,374 Total other assets $ 10,862,885 $ 5,908,584 As of December 31, 2021 and 2020, the operating lease right-of-use assets consisted primarily of a ground lease at The 50/50 MF Property (Note 13). See Note 24 for a description of the methodology and significant assumptions for determining the fair value of the derivative instruments, taxable MRBs and bond purchase commitments. Unrealized gains or losses on derivative instruments are reported as “interest expense” on the Partnership’s consolidated statements of operations. Unrealized gains or losses on taxable MRBs and bond purchase commitments are recorded on 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. Concurrent with the acquisition of the Hope on Avalon GIL (Note 7), the Partnership entered into a taxable GIL to provide construction financing for the underlying property on a draw-down basis. The GIL and the taxable GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Concurrent with the acquisition of the Residency at the Mayer - Series A MRB (Note 6), the Partnership entered into a taxable MRB to provide construction financing for the underlying property on a draw-down basis. The MRB and the taxable MRB are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. The taxable GIL and taxable MRB are held in trust in connection with a TOB Trust financing (Note 16). The following table includes details of the taxable GIL and MRB, and the total funding commitment, that were entered into during the year ended December 31, 2021: Property Name Date Committed Maturity Date Initial Outstanding Balance Total Commitment Hope on Avalon January 2021 2/1/2023 (1) $ 1,000,000 $ 10,573,000 Residency at the Mayer Series A-T October 2021 4/1/2024 (2) $ 1,000,000 $ 12,500,000 (1) The borrower may elect to extend the maturity date six months upon meeting certain conditions, including payment of a non-refundable extension fee. (2) The borrower may elect to extend the maturity date six months if stabilization has not occurred, subject to the Partnership's approval. The following table includes details of the taxable MRB acquired during the year ended December 31, 2020: Property Name Date Committed Maturity Date Initial Outstanding Balance Total Commitment Ocotillo Springs - Series A-T July 2020 8/1/2022 (1) $ - (2) $ 7,000,000 (1) The borrower has the option to extend the maturity up to one year . (2) The Partnership had advanced zero and $ 1.0 million as of December 31, 2020 and 2021, respectively. The partnership has remaining commitments to provide additional funding of the taxable GIL and taxable MRBs during construction and/or rehabilitation of the secured properties as of December 31, 2021. See Note 19 for further regarding these remaining funding commitments.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	12 Months Ended
Accounts Payable, Accrued Expenses and Other Liabilities	Dec. 31, 2021
Payables And Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	13. 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, 2021 and 2020: December 31, 2021 December 31, 2020 Accounts payable $ 1,234,111 $ 94,674 Accrued expenses 4,102,381 2,755,010 Accrued interest expense 4,229,119 3,433,247 Operating lease liabilities 2,151,991 2,149,001 Other liabilities 1,946,610 1,517,633 Total accounts payable, accrued expenses and other liabilities $ 13,664,212 $ 9,949,565 The 50/50 MF Property has a ground lease with the University of Nebraska-Lincoln with an initial lease term expiring in March 2048 . The Partnership has an option to extend the lease for an additional five-year period, which has not been factored into the calculation of the ROU asset and lease liability. Annual lease payments are $ 100 per year. The Partnership is also required to make monthly payments, when cash is available at The 50/50 MF Property, to the University of Nebraska-Lincoln. Payment amounts are based on The 50/50 MF Property’s revenues, subject to an annual guaranteed minimum amount. As of December 31, 2021, the minimum aggregate annual payment due under the agreement is approximately $ 138,000 . The minimum aggregate annual payment increases 2 % annually until July 31, 2034 and increases 3 % annually thereafter. The 50/50 MF Property will be required to make additional payments under the agreement if its gross revenues exceed certain thresholds. The Partnership recognized expenses related to the ground lease of approximately $ 168,000 for the years ended December 31, 2021 and 2020, respectively, and are reported within “Real estate operating expenses” on the Partnership’s consolidated statements of operations. The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities as of December 31, 2021: 2022 $ 141,119 2023 143,561 2024 144,706 2025 147,598 2026 150,548 Thereafter 4,219,127 Total 4,946,659 Less: Amount representing interest ( 2,794,668 ) Total operating lease liabilities $ 2,151,991

Unsecured Lines of Credit

Unsecured Lines of Credit	12 Months Ended
Unsecured Lines of Credit	Dec. 31, 2021
Unsecured Lines of Credit	16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2021: Outstanding Debt Restricted Year Stated Maturities Reset Variable Rate Index Index Spread/ Period End TEBS Financings Fixed - M24 $ 35,551,762 $ 204,000 2010 May 2027 N/A N/A N/A N/A 3.05 % Variable - M31 (1) 76,964,051 4,999 2014 July 2024 Weekly SIFMA 0.13 % 1.32 % 1.45 % Fixed - M33 30,191,051 2,606 2015 September 2030 N/A N/A N/A N/A 3.24 % Fixed - M45 (2) 213,931,752 5,000 2018 July 2034 N/A N/A N/A N/A 3.82 % Secured Notes Variable - Notes 102,798,158 77,531,264 2020 September 2025 Monthly 3-month LIBOR 0.20 % 9.00 % 9.20 % (3) TOB & Term TOB Trusts Fixed - Term TOB (4) 12,915,190 - 2019 May 2024 N/A N/A N/A N/A 1.98 % Variable - TOB (5) 347,726,750 - 2019 - 2021 July 2022 - July 2024 Weekly SIFMA/OBFR 0.14 % - 0.30 % 0.89 % - 1.67 % 1.07 % - 1.97 % Total Debt Financings $ 820,078,714 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25 % for approximately $ 39.6 million of the Secured Notes and 1.00 % for approximately $ 63.5 million of the Secured Notes as of December 31, 2021. See Note 18 for further information on the total return swaps. (4) The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB Trust securitizations as of December 31, 2021: Outstanding Financing as of Financing Year Stated Maturity Reset Variable Rate Index Index Facility Fees Period End Variable - TOB Securitization Live 929 Apartments - Series A $ 31,564,286 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.66 % 1.89 % Montecito at Williams Ranch - Series A 6,919,404 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.17 % 1.40 % Vineyard Gardens - Series A 3,590,598 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.17 % 1.40 % Avistar at Copperfield - Series A 11,617,039 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Avistar at Wilcrest - Series A 4,392,032 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Avistar at Wood Hollow - Series A 33,446,044 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Gateway Village 2,177,527 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Lynnhaven 2,891,534 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Montevista - Series A 5,674,091 Mizuho 2020 December 2023 Weekly SIFMA 0.23 % 1.27 % 1.50 % Ocotillo Springs - Series A 13,482,312 Mizuho 2020 July 2022 Weekly SIFMA 0.23 % 0.89 % 1.12 % Trust 2020-XF2907 (1) 96,297,732 Mizuho 2020 September 2023 Weekly OBFR 0.18 % 0.89 % 1.07 % Trust 2020-XF2908 (2) 18,845,580 Mizuho 2020 September 2023 Weekly OBFR 0.18 % 0.89 % 1.07 % Hope on Avalon 7,931,925 Mizuho 2021 February 2023 Weekly SIFMA 0.23 % 1.42 % 1.65 % Hope on Broadway 2,919,748 Mizuho 2021 February 2023 Weekly SIFMA 0.23 % 1.42 % 1.65 % Jackson Manor 4,133,705 Mizuho 2021 April 2023 Weekly SIFMA 0.23 % 1.27 % 1.50 % Trust 2021-XF-2953 (3) 3,139,698 Barclays 2021 October 2022 Weekly OBFR 0.14 % 1.27 % 1.41 % Trust 2021-XF2926 (4) 71,519,933 Mizuho 2021 January 2024 Weekly OBFR 0.18 % 0.89 % 1.07 % Trust 2021-XF2939 (5) 27,183,562 Mizuho 2021 July 2024 Weekly OBFR 0.18 % 1.16 % 1.34 % Total TOB $ 347,726,750 1.35 % (1) The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs. (2) The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (3) The TOB Trust is securitized by the Willow Place GIL and property loan. (4) T he TOB Trust is securitized by the Legacy Commons at Signal Hills GIL and property loan, the Hilltop at Signal Hills GIL and property loan, Hope on Avalon taxable GIL, and the Oasis at Twin Lakes property loan. (5) The TOB trust is securitized by the Residency at the Mayer MRB and taxable MRB, the Ocotillo Springs taxable MRB, and the Osprey Village GIL and property loan. The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2020: Outstanding Debt Restricted Year Stated Maturities Reset Variable Rate Index Index Spread/ Period End TEBS Financings Fixed - M24 $ 39,825,019 $ 238,760 2010 May 2027 N/A N/A N/A N/A 3.05 % Variable - M31 (1) 78,272,018 4,999 2014 July 2024 Weekly SIFMA 0.12 % 1.34 % 1.46 % Fixed - M33 30,796,097 2,606 2015 September 2030 N/A N/A N/A N/A 3.24 % Fixed - M45 (2) 215,825,022 5,000 2018 July 2034 N/A N/A N/A N/A 3.82 % Secured Notes Variable - Notes 103,086,756 77,500,000 2020 September 2025 Monthly 3-month LIBOR 0.22 % 9.00 % 9.22 % (3) TOB & Term TOB Trusts Fixed - Term TOB (4) 13,001,530 - 2019 May 2022 N/A N/A N/A N/A 3.53 % Variable - TOB (5) 193,151,198 - 2019 - 2020 July 2022 - December 2023 Weekly SIFMA/OBFR 0.29 % - 0.39 % 0.89 % - 1.67 % 1.18 % - 2.06 % Total Debt Financings $ 673,957,640 (1) Facility fees have a variable component. (2) M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25 % for approximately $ 40.0 million of the Secured Notes and 1.00 % for approximately $ 63.5 million of the Secured Notes as of December 31, 2020. See Note 18 for further information on the total return swaps. (4) The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB, and Term TOB Trust securitizations as of December 31, 2020: Outstanding Financing as of Financing Year Stated Maturity Reset Variable Rate Index Index Facility Fees Period End Variable - TOB Securitization Live 929 Apartments - Series A $ 31,553,785 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.66 % 1.95 % Montecito at Williams Ranch - Series A 6,915,682 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Rosewood Townhomes - Series A 7,691,507 Mizuho 2019 July 2023 Weekly SIFMA 0.39 % 1.17 % 1.56 % South Pointe Apartments - Series A 17,976,559 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Vineyard Gardens - Series A 3,587,685 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Avistar at Copperfield - Series A 11,729,379 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Avistar at Wilcrest - Series A 4,433,372 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Avistar at Wood Hollow - Series A 33,776,383 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Gateway Village 2,173,253 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Lynnhaven 2,887,257 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Montevista - Series A 5,668,324 Mizuho 2020 December 2023 Weekly SIFMA 0.29 % 1.27 % 1.56 % Ocotillo Springs - Series A 1,765,167 Mizuho 2020 July 2022 Weekly SIFMA 0.29 % 0.89 % 1.18 % Trust 2020-XF2907 (1) 58,353,917 Mizuho 2020 September 2023 Weekly OBFR 0.33 % 0.89 % 1.22 % Trust 2020-XF2908 (2) 4,638,928 Mizuho 2020 September 2023 Weekly OBFR 0.33 % 0.89 % 1.22 % Total TOB $ 193,151,198 1.63 % (1) The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs. (2) The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. The TOB, Term TOB, and TEBS financing arrangements are consolidated VIE’s to the Partnership (Note 5). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, Term TOB, and TEBS financings on the Partnership’s consolidated financial statements. See information regarding the MRBs, GILs, property loans, taxable MRBs and taxable GIL securitized within the TOB, Term TOB, and TEBS financings in Notes, 6, 7, 10, 12 and 12, respectively. As the residual interest holder in the arrangements, 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, we 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 Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized assets. Tax Exempt Bond Securitization (“TEBS”) Financings The Partnership, through four wholly owned subsidiaries (collectively, the “Sponsors”), has sponsored four separate TEBS financings – the M24 TEBS financing, the M31 TEBS financing, the M33 TEBS financing, and the M45 TEBS financing (collectively, the “TEBS financings”). 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 Class A and Class B Freddie Mac Multifamily Variable Rate Certificates or Class A and Class B Freddie Mac Multifamily Fixed Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates 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 Sponsors or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets. As of December 31, 2021 and 2020, the Partnership posted restricted cash as contractually required under the terms of the four TEBS financings. In addition, the Partnership has entered into an interest rate cap agreement to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS financing (Note 18). Secured Notes Financing (“Secured Notes”) ATAX TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, has issued Secured Notes to Mizuho with an aggregate principal amount of $ 103.5 million. The Secured Notes are secured by the Partnership’s residual certificates associated with its four TEBS financings. The Secured Notes bear interest at a variable rate equal to the 3-month LIBOR plus 9.00 % , payable monthly. Interest due on the Secured Notes will be paid from receipts related to the TEBS financing residual certificates. Future receipts of principal related to the TEBS financing residual certificates will be used to pay down the principal of the Secured Notes. The Partnership has guaranteed the payment and performance of the responsibilities of ATAX TEBS Holdings, LLC under the Secured Notes. If ATAX TEBS Holdings, LLC defaults on its obligations under the Secured Notes and the Partnership does not cure the default, the Partnership’s TEBS financing residual certificates and their related rights to the underlying TEBS assets will be assigned to Mizuho. If this occurs, the Partnership will cease to be the primary beneficiary of the TEBS financing VIEs and such VIEs will no longer be consolidated in the Partnership’s consolidated financial statements. Concurrent with the issuance of the Notes, the Partnership entered into two total return swap transactions with Mizuho to reduce the net interest cost related to the Secured Notes (Note 18). Of the $ 103.5 million of proceeds from the Secured Notes, approximately $ 26.0 million was received in cash by the Partnership during 2020 and approximately $ 77.5 million was deposited with Mizuho as collateral for the total return swaps. The restricted cash associated with the Secured Notes is collateral posted with Mizuho according to the terms of two total return swaps that have the Secured Notes as the reference security (Note 18). The Partnership may also be required to post additional collateral if the value of TEBS financing residual certificates declines below a threshold under the total return swaps. TOB and Term TOB Trust Financings Mizuho Capital Markets and Barclays Bank PLC The Partnership has entered into various TOB Trust financings with Mizuho and Barclays secured by MRBs, GILs, and property loans. 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 (including liquidity fees for the M31 TEBS financing), as well as certain other rights to the securitized assets. The TOB Trusts and Secured Notes with Mizuho are subject to a 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 master agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remained listed on the NASDAQ. 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, 2021. The TOB Trust with Barclays is subject to a 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 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, and that the Partnership remained listed on the NASDAQ. 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, 2021. The Partnership may also be required to post collateral, typically in cash, related to the TOB Trusts with Mizuho and Barclays. The amount of collateral posting required is dependent on the valuation of the securitized assets in relation to thresholds set by Mizuho and Barclays. There was no requirement to post collateral for the TOB Trusts as of December 31, 2021 and 2020. Deutsche Bank The Partnership previously executed a Master Trust Agreement with Deutsche Bank that allowed the Partnership to execute multiple TOB, Term TOB and Term A/B Trust structures upon the approval and agreement of terms by Deutsche Bank. The Master Trust Agreement contained covenants with which the Partnership was required to comply. In April 2020, the Partnership terminated its Master Trust Agreement with Deutsche Bank and the Partnership is no longer subject to the debt covenants in the Master Trust Agreement. In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest were paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party. In April 2020, in conjunction with the termination of the Master Trust Agreement, the Partnership collapsed its Term TOB Trust and all Term A/B Trust financings with Deutsche Bank. All outstanding principal and interest related to the Term A/B Trust financings were paid off in full, and the Partnership paid a one-time fee of approximately $ 454,000 to terminate the trusts. Morgan Stanley Bank The Partnership has entered into a Term TOB Trust financing with Morgan Stanley Bank, N.A. (“Morgan Stanley”) secured by an MRB. Under the Term TOB Trust structure, the trustee issued Class A and Class B Certificates that represent beneficial interests in the securitized asset held by the Term TOB Trust. Morgan Stanley has purchased the Class A Certificates and the Partnership has retained the Class B Certificates of the Trust. The Class B Certificates grant the Partnership certain rights to the securitized asset. The Term TOB Trust with Morgan Stanley is subject to a Trust Agreement and other related agreements that contain covenants with which the Partnership or the underlying MRB are required to comply. The underlying property must maintain certain occupancy and debt service covenants. A termination event will occur if the Partnership’s net assets, as defined, decrease by 25 % in one quarter or 35 % over one year. The covenants also require the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remains listed on a nationally recognized stock exchange. If the underlying property or the Partnership, as applicable, is out of compliance with any of these covenants, a termination event of the financing facility would be triggered. The Partnership was in compliance with all covenants as of December 31, 2021. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: 2022 $ 23,169,689 2023 237,473,815 2024 199,878,152 2025 112,692,806 2026 4,227,863 Thereafter 245,329,018 Total 822,771,343 Unamortized deferred financing costs and debt premium ( 2,692,629 ) Total debt financing, net $ 820,078,714
Unsecured Lines of Credit [Member]
Unsecured Lines of Credit	14. Unsecured Lines of Credit The following table summarizes the Partnership’s unsecured lines of credit ("LOC") as of December 31, 2020: Unsecured Lines of Credit Outstanding as of December 31, 2020 Total Commitment Variable / Reset Period End Bankers Trust non-operating $ 7,475,000 $ 50,000,000 June 2022 Variable (1) Monthly 2.65 % Bankers Trust operating - 10,000,000 June 2022 Variable (1) Monthly 3.40 % Total unsecured lines of credit $ 7,475,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. In June 2021, the Partnership and Bankers Trust Company (“Bankers Trust”) agreed to terminate the $ 10.0 million unsecured operating LOC upon closing of a new $ 40.0 million secured LOC with BankUnited, N.A. (“BankUnited”) and Bankers Trust (Note 15). There was no outstanding principal or accrued interest outstanding as of the termination date. In August 2021, the Partnership and Bankers Trust agreed to terminate the $ 50.0 million unsecured non-operating LOC and replace it with a secured acquisition LOC (Note 15). There was no outstanding principal on the unsecured non-operating LOC as of the termination date.

Secured Lines of Credit

Secured Lines of Credit	12 Months Ended
Secured Lines of Credit	Dec. 31, 2021
Secured Line Of Credit Facility [Member]
Line Of Credit Facility [Line Items]
Secured Lines of Credit	15. Secured Lines of Credit The following table summarizes the secured LOCs as of December 31, 2021: Secured Lines of Credit Outstanding as of December 31, 2021 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited general $ 6,500,000 $ 40,000,000 June 2023 (1) Variable (2) Monthly 3.50 % Bankers Trust acquisition 39,214,000 50,000,000 June 2023 Variable (3) Monthly 3.10 % $ 45,714,000 $ 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 LIBOR + 3.25 %, subject to a floor of 3.50 %. (3) The variable rate is equal to the greater of (i) the Prime Rate or (ii) 3.25 % per annum; plus or minus a margin varying from 0.35 % to ( 0.65 %) depending upon the ratio of the Partnership’s senior debt to market value of assets. In June 2021, the Partnership entered into a secured Credit Agreement (“Secured Credit Agreement”) of up to $ 40.0 million with BankUnited and Bankers Trust, and the sole lead arranger and administrative agent, BankUnited, for a general secured line of credit (“General LOC”). The aggregate available commitment cannot exceed a borrowing base calculation, that is equal to 40 % multiplied by the aggregate value of a pool of eligible encumbered assets. Eligible encumbered assets consist of (i) the net book value of the Suites on Paseo MF Property, and (ii) 100 % of the Partnership’s capital contributions to equity 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. The General LOC is secured by first priority security interests in the Partnership’s investments in unconsolidated entities, a mortgage and assignment of leases and rents of the Suites on Paseo MF Property, and a security interest in a bank account at BankUnited, in which the Partnership must maintain a balance of not less than $ 5.0 million. In addition, an affiliate of the Partnership, Greystone Select Incorporated (“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, 2021. 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 $ 5 million, maintain a minimum consolidated tangible net worth of $ 100.0 million, and to notify BankUnited if the Partnership’s consolidated net worth declines by (a) more than 20 % from the immediately preceding quarter, or (b) more than 35 % from the date at the end of two consecutive calendar quarters ending immediately thereafter. The Partnership was in compliance with all covenants as of December 31, 2021. In August 2021, the Partnership and Bankers Trust entered into an amended and restated credit agreement for a secured non-operating line of credit (“Acquisition LOC”) with a maximum commitment of up to $ 50.0 million. The Acquisition LOC replaces the Partnership’s previous unsecured non-operating line of credit (Note 14). The Acquisition LOC may be used to fund purchases 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 or mortgage-backed securities (collectively, the “financed assets”). 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. 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 , but in no event later than the maturity date by providing Bankers Trust 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. The Acquisition LOC documents contains a covenant, among others, that the Partnership’s ratio of the lender’s senior debt will not exceed a specified percentage of the market value of the Partnership’s assets, as defined in the Credit Agreement. The Partnership was in compliance with all covenants as of December 31, 2021.

Debt Financing

Debt Financing	12 Months Ended
Debt Financing	Dec. 31, 2021
Debt Financing [Abstract]
Debt Financing	16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2021: Outstanding Debt Restricted Year Stated Maturities Reset Variable Rate Index Index Spread/ Period End TEBS Financings Fixed - M24 $ 35,551,762 $ 204,000 2010 May 2027 N/A N/A N/A N/A 3.05 % Variable - M31 (1) 76,964,051 4,999 2014 July 2024 Weekly SIFMA 0.13 % 1.32 % 1.45 % Fixed - M33 30,191,051 2,606 2015 September 2030 N/A N/A N/A N/A 3.24 % Fixed - M45 (2) 213,931,752 5,000 2018 July 2034 N/A N/A N/A N/A 3.82 % Secured Notes Variable - Notes 102,798,158 77,531,264 2020 September 2025 Monthly 3-month LIBOR 0.20 % 9.00 % 9.20 % (3) TOB & Term TOB Trusts Fixed - Term TOB (4) 12,915,190 - 2019 May 2024 N/A N/A N/A N/A 1.98 % Variable - TOB (5) 347,726,750 - 2019 - 2021 July 2022 - July 2024 Weekly SIFMA/OBFR 0.14 % - 0.30 % 0.89 % - 1.67 % 1.07 % - 1.97 % Total Debt Financings $ 820,078,714 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25 % for approximately $ 39.6 million of the Secured Notes and 1.00 % for approximately $ 63.5 million of the Secured Notes as of December 31, 2021. See Note 18 for further information on the total return swaps. (4) The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB Trust securitizations as of December 31, 2021: Outstanding Financing as of Financing Year Stated Maturity Reset Variable Rate Index Index Facility Fees Period End Variable - TOB Securitization Live 929 Apartments - Series A $ 31,564,286 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.66 % 1.89 % Montecito at Williams Ranch - Series A 6,919,404 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.17 % 1.40 % Vineyard Gardens - Series A 3,590,598 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.17 % 1.40 % Avistar at Copperfield - Series A 11,617,039 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Avistar at Wilcrest - Series A 4,392,032 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Avistar at Wood Hollow - Series A 33,446,044 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Gateway Village 2,177,527 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Lynnhaven 2,891,534 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Montevista - Series A 5,674,091 Mizuho 2020 December 2023 Weekly SIFMA 0.23 % 1.27 % 1.50 % Ocotillo Springs - Series A 13,482,312 Mizuho 2020 July 2022 Weekly SIFMA 0.23 % 0.89 % 1.12 % Trust 2020-XF2907 (1) 96,297,732 Mizuho 2020 September 2023 Weekly OBFR 0.18 % 0.89 % 1.07 % Trust 2020-XF2908 (2) 18,845,580 Mizuho 2020 September 2023 Weekly OBFR 0.18 % 0.89 % 1.07 % Hope on Avalon 7,931,925 Mizuho 2021 February 2023 Weekly SIFMA 0.23 % 1.42 % 1.65 % Hope on Broadway 2,919,748 Mizuho 2021 February 2023 Weekly SIFMA 0.23 % 1.42 % 1.65 % Jackson Manor 4,133,705 Mizuho 2021 April 2023 Weekly SIFMA 0.23 % 1.27 % 1.50 % Trust 2021-XF-2953 (3) 3,139,698 Barclays 2021 October 2022 Weekly OBFR 0.14 % 1.27 % 1.41 % Trust 2021-XF2926 (4) 71,519,933 Mizuho 2021 January 2024 Weekly OBFR 0.18 % 0.89 % 1.07 % Trust 2021-XF2939 (5) 27,183,562 Mizuho 2021 July 2024 Weekly OBFR 0.18 % 1.16 % 1.34 % Total TOB $ 347,726,750 1.35 % (1) The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs. (2) The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (3) The TOB Trust is securitized by the Willow Place GIL and property loan. (4) T he TOB Trust is securitized by the Legacy Commons at Signal Hills GIL and property loan, the Hilltop at Signal Hills GIL and property loan, Hope on Avalon taxable GIL, and the Oasis at Twin Lakes property loan. (5) The TOB trust is securitized by the Residency at the Mayer MRB and taxable MRB, the Ocotillo Springs taxable MRB, and the Osprey Village GIL and property loan. The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2020: Outstanding Debt Restricted Year Stated Maturities Reset Variable Rate Index Index Spread/ Period End TEBS Financings Fixed - M24 $ 39,825,019 $ 238,760 2010 May 2027 N/A N/A N/A N/A 3.05 % Variable - M31 (1) 78,272,018 4,999 2014 July 2024 Weekly SIFMA 0.12 % 1.34 % 1.46 % Fixed - M33 30,796,097 2,606 2015 September 2030 N/A N/A N/A N/A 3.24 % Fixed - M45 (2) 215,825,022 5,000 2018 July 2034 N/A N/A N/A N/A 3.82 % Secured Notes Variable - Notes 103,086,756 77,500,000 2020 September 2025 Monthly 3-month LIBOR 0.22 % 9.00 % 9.22 % (3) TOB & Term TOB Trusts Fixed - Term TOB (4) 13,001,530 - 2019 May 2022 N/A N/A N/A N/A 3.53 % Variable - TOB (5) 193,151,198 - 2019 - 2020 July 2022 - December 2023 Weekly SIFMA/OBFR 0.29 % - 0.39 % 0.89 % - 1.67 % 1.18 % - 2.06 % Total Debt Financings $ 673,957,640 (1) Facility fees have a variable component. (2) M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25 % for approximately $ 40.0 million of the Secured Notes and 1.00 % for approximately $ 63.5 million of the Secured Notes as of December 31, 2020. See Note 18 for further information on the total return swaps. (4) The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB, and Term TOB Trust securitizations as of December 31, 2020: Outstanding Financing as of Financing Year Stated Maturity Reset Variable Rate Index Index Facility Fees Period End Variable - TOB Securitization Live 929 Apartments - Series A $ 31,553,785 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.66 % 1.95 % Montecito at Williams Ranch - Series A 6,915,682 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Rosewood Townhomes - Series A 7,691,507 Mizuho 2019 July 2023 Weekly SIFMA 0.39 % 1.17 % 1.56 % South Pointe Apartments - Series A 17,976,559 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Vineyard Gardens - Series A 3,587,685 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Avistar at Copperfield - Series A 11,729,379 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Avistar at Wilcrest - Series A 4,433,372 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Avistar at Wood Hollow - Series A 33,776,383 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Gateway Village 2,173,253 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Lynnhaven 2,887,257 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Montevista - Series A 5,668,324 Mizuho 2020 December 2023 Weekly SIFMA 0.29 % 1.27 % 1.56 % Ocotillo Springs - Series A 1,765,167 Mizuho 2020 July 2022 Weekly SIFMA 0.29 % 0.89 % 1.18 % Trust 2020-XF2907 (1) 58,353,917 Mizuho 2020 September 2023 Weekly OBFR 0.33 % 0.89 % 1.22 % Trust 2020-XF2908 (2) 4,638,928 Mizuho 2020 September 2023 Weekly OBFR 0.33 % 0.89 % 1.22 % Total TOB $ 193,151,198 1.63 % (1) The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs. (2) The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. The TOB, Term TOB, and TEBS financing arrangements are consolidated VIE’s to the Partnership (Note 5). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, Term TOB, and TEBS financings on the Partnership’s consolidated financial statements. See information regarding the MRBs, GILs, property loans, taxable MRBs and taxable GIL securitized within the TOB, Term TOB, and TEBS financings in Notes, 6, 7, 10, 12 and 12, respectively. As the residual interest holder in the arrangements, 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, we 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 Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized assets. Tax Exempt Bond Securitization (“TEBS”) Financings The Partnership, through four wholly owned subsidiaries (collectively, the “Sponsors”), has sponsored four separate TEBS financings – the M24 TEBS financing, the M31 TEBS financing, the M33 TEBS financing, and the M45 TEBS financing (collectively, the “TEBS financings”). 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 Class A and Class B Freddie Mac Multifamily Variable Rate Certificates or Class A and Class B Freddie Mac Multifamily Fixed Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates 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 Sponsors or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets. As of December 31, 2021 and 2020, the Partnership posted restricted cash as contractually required under the terms of the four TEBS financings. In addition, the Partnership has entered into an interest rate cap agreement to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS financing (Note 18). Secured Notes Financing (“Secured Notes”) ATAX TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, has issued Secured Notes to Mizuho with an aggregate principal amount of $ 103.5 million. The Secured Notes are secured by the Partnership’s residual certificates associated with its four TEBS financings. The Secured Notes bear interest at a variable rate equal to the 3-month LIBOR plus 9.00 % , payable monthly. Interest due on the Secured Notes will be paid from receipts related to the TEBS financing residual certificates. Future receipts of principal related to the TEBS financing residual certificates will be used to pay down the principal of the Secured Notes. The Partnership has guaranteed the payment and performance of the responsibilities of ATAX TEBS Holdings, LLC under the Secured Notes. If ATAX TEBS Holdings, LLC defaults on its obligations under the Secured Notes and the Partnership does not cure the default, the Partnership’s TEBS financing residual certificates and their related rights to the underlying TEBS assets will be assigned to Mizuho. If this occurs, the Partnership will cease to be the primary beneficiary of the TEBS financing VIEs and such VIEs will no longer be consolidated in the Partnership’s consolidated financial statements. Concurrent with the issuance of the Notes, the Partnership entered into two total return swap transactions with Mizuho to reduce the net interest cost related to the Secured Notes (Note 18). Of the $ 103.5 million of proceeds from the Secured Notes, approximately $ 26.0 million was received in cash by the Partnership during 2020 and approximately $ 77.5 million was deposited with Mizuho as collateral for the total return swaps. The restricted cash associated with the Secured Notes is collateral posted with Mizuho according to the terms of two total return swaps that have the Secured Notes as the reference security (Note 18). The Partnership may also be required to post additional collateral if the value of TEBS financing residual certificates declines below a threshold under the total return swaps. TOB and Term TOB Trust Financings Mizuho Capital Markets and Barclays Bank PLC The Partnership has entered into various TOB Trust financings with Mizuho and Barclays secured by MRBs, GILs, and property loans. 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 (including liquidity fees for the M31 TEBS financing), as well as certain other rights to the securitized assets. The TOB Trusts and Secured Notes with Mizuho are subject to a 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 master agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remained listed on the NASDAQ. 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, 2021. The TOB Trust with Barclays is subject to a 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 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, and that the Partnership remained listed on the NASDAQ. 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, 2021. The Partnership may also be required to post collateral, typically in cash, related to the TOB Trusts with Mizuho and Barclays. The amount of collateral posting required is dependent on the valuation of the securitized assets in relation to thresholds set by Mizuho and Barclays. There was no requirement to post collateral for the TOB Trusts as of December 31, 2021 and 2020. Deutsche Bank The Partnership previously executed a Master Trust Agreement with Deutsche Bank that allowed the Partnership to execute multiple TOB, Term TOB and Term A/B Trust structures upon the approval and agreement of terms by Deutsche Bank. The Master Trust Agreement contained covenants with which the Partnership was required to comply. In April 2020, the Partnership terminated its Master Trust Agreement with Deutsche Bank and the Partnership is no longer subject to the debt covenants in the Master Trust Agreement. In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest were paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party. In April 2020, in conjunction with the termination of the Master Trust Agreement, the Partnership collapsed its Term TOB Trust and all Term A/B Trust financings with Deutsche Bank. All outstanding principal and interest related to the Term A/B Trust financings were paid off in full, and the Partnership paid a one-time fee of approximately $ 454,000 to terminate the trusts. Morgan Stanley Bank The Partnership has entered into a Term TOB Trust financing with Morgan Stanley Bank, N.A. (“Morgan Stanley”) secured by an MRB. Under the Term TOB Trust structure, the trustee issued Class A and Class B Certificates that represent beneficial interests in the securitized asset held by the Term TOB Trust. Morgan Stanley has purchased the Class A Certificates and the Partnership has retained the Class B Certificates of the Trust. The Class B Certificates grant the Partnership certain rights to the securitized asset. The Term TOB Trust with Morgan Stanley is subject to a Trust Agreement and other related agreements that contain covenants with which the Partnership or the underlying MRB are required to comply. The underlying property must maintain certain occupancy and debt service covenants. A termination event will occur if the Partnership’s net assets, as defined, decrease by 25 % in one quarter or 35 % over one year. The covenants also require the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remains listed on a nationally recognized stock exchange. If the underlying property or the Partnership, as applicable, is out of compliance with any of these covenants, a termination event of the financing facility would be triggered. The Partnership was in compliance with all covenants as of December 31, 2021. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: 2022 $ 23,169,689 2023 237,473,815 2024 199,878,152 2025 112,692,806 2026 4,227,863 Thereafter 245,329,018 Total 822,771,343 Unamortized deferred financing costs and debt premium ( 2,692,629 ) Total debt financing, net $ 820,078,714

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing	12 Months Ended
Mortgages Payable and Other Secured Financing	Dec. 31, 2021
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing	17. Mortgages Payable and Other Secured Financing The Partnership has entered into mortgages payable and other secured financings collateralized by MF Properties. The following is a summary of the mortgages payable and other secured financing, net of deferred financing costs, as of December 31, 2021 and 2020: Property Mortgage Payables Outstanding Mortgage Outstanding Mortgage Year Stated Maturity Variable Period End The 50/50 MF Property--TIF Loan $ 2,174,453 $ 2,521,308 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 22,960,090 23,463,564 2020 April 2027 Fixed 4.35 % Vantage at San Marcos--Mortgage (1) 1,690,000 - 2020 February 2022 Variable 4.00 % Total Mortgage Payable\Weighted $ 26,824,543 $ 25,984,872 4.33 % (1) The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 5). In February 2020, the Partnership refinanced The 50/50 MF Property Mortgage loan with its existing lender. The Mortgage loan maturity date was extended seven years to April 2027 , and the interest rate decreased to a fixed interest rate of 4.35 %. In February 2020, the Partnership refinanced The 50/50 MF Property TIF loan with its existing lender. The TIF loan maturity date was extended by five years to March 2025 , and the interest rate decreased to 4.40 %. In November 2020, Vantage at San Marcos, a consolidated VIE (Note 5), entered into a mortgage payable arrangement to fund the purchase of a parcel of land for potential development of a market-rate multifamily property. Vantage at San Marcos became a consolidated VIE in the fourth quarter of 2021 and prior to such date was reported as an investment in an unconsolidated entity. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: 2022 $ 2,560,283 2023 909,278 2024 947,301 2025 1,747,032 2026 641,415 Thereafter 20,020,531 Total 26,825,840 Unamortized deferred financing costs ( 1,297 ) Total mortgages payable and other secured financings, net $ 26,824,543

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
Derivative Financial Instruments	Dec. 31, 2021
Interest Rate Derivatives [Abstract]
Derivative Financial Instruments	18. Derivative Financial Instruments The partnership is party to two total return swap transactions. The following table summarizes the terms of the Partnership’s total return swaps as of December 31, 2021 and 2020: Purchase Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of Sept 2020 39,607,744 Sept 2020 Sept 2025 4.25 % (1) 9.20 % (3) 3-month LIBOR Mizuho Capital Markets $ 77,061 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00 % (2) 9.20 % (3) 3-month LIBOR Mizuho Capital Markets 215,267 $ 292,328 (1) Variable rate equal to 3-month LIBOR + 3.75 %, subject to a floor of 4.25 %. (2) Variable rate equal to 3-month LIBOR + 0.50 %, subject to a floor of 1.00 %. (3) Variable rate equal to 3-month LIBOR + 9.00 %. Purchase Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of Sept 2020 39,970,485 Sept 2020 Sept 2025 4.25 % (1) 9.22 % (3) 3-month LIBOR Mizuho Capital Markets $ 77,995 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00 % (2) 9.22 % (3) 3-month LIBOR Mizuho Capital Markets 215,631 $ 293,626 (1) Variable rate equal to 3-month LIBOR + 3.75 %, subject to a floor of 4.25 %. (2) Variable rate equal to 3-month LIBOR + 0.50 %, subject to a floor of 1.00 %. (3) Variable rate equal to 3-month LIBOR + 9.00 %. Each of the total return swaps has the Partnership’s Secured Notes with Mizuho as the specified reference security (Note 16). The combined notional amount of the total return swaps is $ 103.1 million , which is the same as the principal balance of the Secured Notes. The rate received on each total return swap is equal to the interest rate on the Secured Notes such that they offset one another, resulting in a net interest cost equal to the rate paid on each total return swap. Under the total return swaps, the Partnership is liable for any decline in the value of the Secured Notes. If the fair value of the underlying Secured Notes is less than the outstanding principal balance, the Partnership is required to post additional cash collateral equal to the amount of the deficit. Such a deficit will also be reflected in the fair value of the total return swaps. The Partnership was required to initially fund cash collateral with Mizuho for each total return swap. The total return swap with a notional amount of $ 39.6 million , requires the Partnership to maintain cash collateral equal to 35 % of the notional amount, which was approximately $ 14.0 million as of December 31, 2021. The second total return swap with a notional amount of $ 63.5 million, requires the Partnership to maintain cash collateral equal to 100 % of the notional amount, which was approximately $ 63.5 million as of December 31, 2021. Through March 2022, the Partnership has the option to allocate notional amounts from the second total return swap to the first total return swap, in minimum increments of $ 10.0 million, and receive net cash proceeds of approximately 65 % of the reallocated notional amount. The second total return swap terminates in March 2022 and any remaining cash collateral will be used to pay down the principal balance of the Secured Notes. The Partnership is party to an interest rate cap agreement. The following tables summarize the Partnership’s interest rate cap agreements as of December 31, 2021 and 2020: Purchase Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of Aug 2019 76,544,336 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 51,090 $ 51,090 (1) See Notes 16 and 24 for additional details. Purchase Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of Aug 2019 77,979,924 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 27,877 $ 27,877 (1) See Notes 16 and 24 for additional details. The Partnership’s derivative financial instruments are not designated as hedging instruments and are recorded at fair value. Changes in fair value are included in current period earnings as “Interest expense” on the Partnership’s consolidated statements of operations. See Note 24 for a description of the methodology and significant assumptions for determining the fair value of the derivatives. The derivative financial instruments are presented within “Other assets” on the Partnership’s consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	19. 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 gains or losses on the Partnership’s consolidated statements of comprehensive income. The following table summarizes the Partnership’s bond purchase commitments as of December 31, 2021: Bond Purchase Commitments Commitment Date Maximum Rate Estimated Closing Fair Value as of CCBA Senior Garden Apartments July 2020 $ 3,807,000 4.50 % Q1 2022 $ 495,784 Anaheim & Walnut September 2021 3,900,000 4.85 % Q3 2024 468,620 $ 7,707,000 $ 964,404 Investment Commitments The Partnership has remaining 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 has outstanding commitments to contribute additional equity to unconsolidated entities. The following table summarizes the Partnership's total and remaining commitments as of December 31, 2021: Property Name Commitment Date Maturity Date Interest Rate Total Initial Commitment Remaining Commitment Mortgage Revenue Bonds Jackson Manor Apartments April 2021 May 2038 5.00 % $ 6,900,000 $ 2,000,000 Residency at the Mayer - Series A October 2021 April 2039 SOFR + 3.60 % (1) 29,500,000 5,500,000 Meadow Valley December 2021 December 2029 6.25 % 44,000,000 43,900,000 Subtotal 80,400,000 51,400,000 Taxable Mortgage Revenue Bonds Ocotillo Springs - Series A-T July 2020 August 2022 (2) LIBOR + 3.55 % (1) $ 7,000,000 $ 6,000,000 Residency at the Mayer Series A-T October 2021 April 2024 (2) SOFR + 3.70 % (1) 12,500,000 11,500,000 Subtotal 19,500,000 17,500,000 Governmental Issuer Loans Hilltop at Signal Hills January 2021 August 2023 (2) SOFR + 3.07 % (1) $ 24,450,000 $ 2,899,416 Legacy Commons at Signal Hills January 2021 February 2024 (2) SOFR + 3.07 % (1) 34,620,000 1,499,395 Hope on Avalon January 2021 February 2023 (2) SIFMA + 3.75 % (1) 23,390,000 13,408,800 Hope on Broadway January 2021 February 2023 (2) SIFMA + 3.75 % (1) 12,105,623 8,414,378 Osprey Village July 2021 August 2024 (2) SOFR + 3.07 % (1) 60,000,000 53,627,970 Willow Place Apartments September 2021 October 2024 (2) SOFR + 3.30 % (1) 25,000,000 22,028,214 Subtotal 179,565,623 101,878,173 Taxable Governmental Issuer Loans Hope on Avalon (Taxable) January 2021 February 2023 (2) SOFR + 3.55 % (1) 10,573,000 9,573,000 Subtotal 10,573,000 9,573,000 Property Loans Scharbauer Flats Apartments June 2020 January 2023 (2) LIBOR + 2.85 % $ 24,160,000 $ 14,451,402 Oasis at Twin Lakes July 2020 August 2023 (2) LIBOR + 2.50 % (1) 27,704,180 7,096,818 Centennial Crossings August 2020 September 2023 (2) LIBOR + 2.50 % (1) 24,250,000 12,895,614 Hilltop at Signal Hills January 2021 August 2023 (2) SOFR + 3.07 % (1) 21,197,939 20,197,939 Legacy Commons at Signal Hills January 2021 February 2024 (2) SOFR + 3.07 % (1) 32,233,972 29,629,742 Osprey Village July 2021 August 2024 (2) SOFR + 3.07 % (1) 25,500,000 24,500,000 Willow Place Apartments September 2021 October 2024 (2) SOFR + 3.30 % (1) 21,351,328 20,351,328 Magnolia Crossing (3) December 2021 December 2022 (2) SOFR + 6.50 % (1) 14,500,000 1,075,421 Subtotal 190,897,419 130,198,264 Equity Investments Vantage at Hutto (4) November 2020 N/A N/A $ 11,233,000 $ 5,991,269 Vantage at San Marcos (5) November 2020 N/A N/A 9,914,529 8,943,914 Vantage at Loveland April 2021 N/A N/A 16,329,000 5,883,811 Vantage at Helotes May 2021 N/A N/A 12,590,681 1,613,496 Vantage at Fair Oaks June 2021 N/A N/A 11,011,245 4,712,690 Vantage at McKinney Falls December 2021 N/A N/A 11,431,272 4,922,957 Subtotal 72,509,727 32,068,137 Bond Purchase Commitments CCBA Senior Garden Apartments July 2020 Q1 2022 (6) 4.50 % $ 3,807,000 $ 3,807,000 Anaheim & Walnut September 2021 Q3 2024 (6) 4.85 % 3,900,000 3,900,000 Subtotal 7,707,000 7,707,000 Total Commitments $ 561,152,769 $ 350,324,574 (1) The variable index interest rate component is subject to a floor. (2) The borrower may elect to extend the maturity date to 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 remaining loan commitment will be used to cover debt service over the twelve month term of the property loan. (4) The Partnership increased its equity commitment from $ 10.5 million to $ 11.2 million in December of 2021. (5) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). A development site has been identified for this project but construction had not commenced as of December 31, 2021. (6) This is the estimated closing date of the associated bond purchase commitment. Construction Loan Guarantees The Partnership entered into guaranty agreements for bridge loans related to certain investments in unconsolidated entities. The Partnership will only have to perform on the guarantees if a default by the borrower were to occur. The Partnership has not accrued any amount for these contingent liabilities because the likelihood of guarantee claims is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2021: Borrower Guarantee Maturity Maximum Balance Loan Partnership's Maximum Exposure Guarantee Vantage at Stone Creek 2023 $ 34,222,000 $ 34,222,000 $ 17,111,000 (1) Vantage at Coventry 2023 34,536,000 34,536,000 17,268,000 (1) Vantage at Murfreesboro 2022 (2) 30,500,000 30,500,000 15,250,000 (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, 2021. The Partnership has also provided indemnification to the lender for various costs including environmental non-compliance and remediation during the term. (2) The initial maturity is September 2022 , though the borrower may extend the maturity date for one 6-month period. Other Guarantees and Commitments The Partnership has entered into guarantee 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 guarantees because the likelihood of repurchase events is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2021: Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure Ohio Properties 2026 $ 2,661,066 Greens of Pine Glen, LP 2027 1,854,212

Redeemable Preferred Units

Redeemable Preferred Units	12 Months Ended
Redeemable Preferred Units	Dec. 31, 2021
Temporary Equity Disclosure [Abstract]
Redeemable Preferred Units	20. 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 Partnership previously issued Series A Preferred Units via a private placement to five financial institutions. The Partnership has not yet issued Series A-1 Preferred Units or 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. Upon the sixth anniversary of the closing of the sale or issuance of Series A Preferred Units or Series A-1 Preferred Units to a subscriber, and upon each anniversary thereafter, the Partnership and each holder have the right to redeem, in whole or in part, the Series A Preferred Units or Series A-1 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. Upon the eighth anniversary of the closing of the sale or issuance of Series B Preferred Units to a subscriber, and upon each anniversary thereafter, the Partnership and each holder have the right to redeem, in whole or in part, the Series B 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 Preferred Units, 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 Preferred Units and Series A-1 Preferred Units will rank: (a) senior to the Partnership’s BUCs and to any other class or series of Partnership interests or securities expressly designated as ranking junior to the Series A Preferred Units or Series A-1 Preferred Units; (b) junior to all of 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 Preferred Units or 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 Preferred Units and 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 of 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 following table summarizes the Series A Preferred Units outstanding as of December 31, 2021 and 2020: Month Issued Units Purchase Price Distribution Redemption Earliest Redemption March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2023 (1) May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2023 (1) September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding 9,450,000 $ 94,500,000 (1) The holder did not to provide a notice of its intent to redeem prior to the date 180 days before the first optional redemption date. Accordingly, the holder’s next optional redemption date is on the seventh anniversary of the sale of the Series A Preferred Units.

Issuances of Beneficial Unit Ce

Issuances of Beneficial Unit Certificates	12 Months Ended
Issuances of Beneficial Unit Certificates	Dec. 31, 2021
Issuances Of Beneficial Unit Certificates [Abstract]
Issuances of Beneficial Unit Certificates	21. Issuances of Beneficial Unit Certificates In December 2019, a “shelf” Registration Statement on Form S-3 was declared effective by the SEC and allows the Partnership to offer up to $ 225.0 million of BUCs for sale from time to time. This Registration Statement will expire in December 2022 . In September 2021, the Partnership completed an underwritten public offering of 5,462,500 BUCs. The offering resulted in net cash proceeds of approximately $ 31.2 million for the Partnership, after payment of underwriting discounts, commissions and offering expenses. In July 2021, the Partnership entered into a Capital on Demand TM Sales Agreement to offer and sell, from time to time at market prices on the date of sale, BUCs up to an aggregate offering price of $ 30.0 million via an "at the market offering." As of December 31, 2021, the Partnership had no t sold any BUCs under this program.

Restricted Unit Awards

Restricted Unit Awards	12 Months Ended
Restricted Unit Awards	Dec. 31, 2021
Restricted Unit Awards	22. Restricted Unit Awards The Partnership’s 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 of Greystone Manager for up to 3.0 million BUCs. RUAs have historically been granted with vesting conditions ranging from three months to up to three years . Unvested RUAs are entitled to receive distributions during the restriction period. The 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 Plan participant. In December 2020, the Board of Managers of Greystone Manager vested 50,000 of the Partnership’s previous CEO’s unvested restricted unit awards and all related compensation expense was recognized immediately. 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 $ 1.3 million and $ 1.0 million for the years ended December 31, 2021 and 2020, 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, 2021 and 2020: Restricted Units Weighted average Unvested as of January 1, 2020 - $ - Granted 290,000 4.98 Vested ( 154,386 ) 4.98 Forfeited ( 2,802 ) 4.98 Unvested as of December 31, 2020 132,812 $ 4.98 Granted 266,324 6.49 Vested ( 166,570 ) 5.89 Unvested as of December 31, 2021 232,566 $ 6.06 The unrecognized compensation expense related to unvested RUAs granted under the Plan was $ 863,000 as of December 31, 2021. 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 $ 1.5 million as of December 31, 2021.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
Transactions with Related Parties	Dec. 31, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties	23. Transactions with Related Parties The Partnership is managed by AFCA 2, which is controlled by AFCA 2’s general partner, Greystone Manager. The Board of Managers of Greystone Manager 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 represent amounts reimbursable to AFCA 2, the general partner of AFCA 2, or an affiliate for the years ended December 31, 2021 and 2020: 2021 2020 Reimbursable salaries and benefits $ 4,866,841 $ 4,625,222 Other expenses 50,712 57,424 Office expenses 250,785 257,641 Insurance 408,688 312,530 Professional fees and expenses 105,500 105,208 $ 5,682,526 $ 5,358,025 The Partnership incurs costs for services and makes contractual payments to AFCA 2, AFCA 2’s general partner, 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 reflected on the Partnership’s consolidated financial statements for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Partnership administrative fees paid to AFCA 2 (1) $ 4,046,000 $ 3,585,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 156,000 53,000 Referral fees paid to an affiliate (3) 224,750 - (1) AFCA 2 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 MRBs, GILs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. 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 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 equal 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 terms of the agreement end December 31, 2022, unless the parties mutually agree to extend the term. AFCA 2 receives fees from the borrowers of the Partnership’s MRBs, GILs, and certain property loans for services provided to the borrower and based on the occurrence of certain investment transactions. These fees were paid by the borrowers and are not reported on the Partnership’s consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s MRBs, GILs, and certain property loans and affiliates for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Non-Partnership property administrative fees received by AFCA 2 (1) $ 35,000 $ 36,000 Investment/mortgage placement fees earned by AFCA 2 (2) 7,311,000 2,277,000 (1) AFCA 2 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 AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs, GILs, property loans, and investments in unconsolidated entities. Greystone Servicing Company LLC, an affiliate of the Partnership, has forward committed to purchase seven of the Partnership’s GILs (Note 7), once certain conditions are met, at a price equal to the outstanding principal plus accrued interest. Greystone Servicing Company LLC is committed to then immediately sell the GILs to Freddie Mac pursuant to a financing commitment between Greystone Servicing Company LLC and Freddie Mac. Greystone Select, an affiliate of the Partnership, has provided a deficiency guaranty of the Partnership’s obligations under the Secured Credit Agreement (Note 15). In November 2021, Greystone Select replaced Greystone Select Holdings LLC as the deficiency guarantor via an amendment to the Secured Credit Agreement. 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 or Greystone Select Holdings LLC related to the deficiency guaranty agreement. The Partnership reported receivables due from unconsolidated entities of approximately $ 149,000 and $ 53,000 as of December 31, 2021 and 2020, 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 $ 417,000 and $ 344,000 as of December 31, 2021 and 2020, 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
Fair Value of Financial Instruments	Dec. 31, 2021
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments	24. 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 asset 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, 2021 and 2020, is based upon prices obtained from a third-party pricing service, 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 service 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 service by evaluating consistency with information from either the third-party pricing service 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 service 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, 2021 and 2020 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Mortgage revenue bonds 0.9 % - 19.1 % 1.4 % - 13.3 % 3.1 % 3.0 % Taxable mortgage revenue bonds 4.0 % - 8.1 % 7.1 % - 7.4 % 5.9 % 7.3 % Bond purchase commitments 3.2 % - 3.3 % 3.5 % 3.2 % 3.5 % (1) Weighted by the total principal outstanding of all the respective securities as of the reporting date . Derivative Financial Instruments The effect of the Partnership’s interest rate caps 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 inputs in the interest rate cap agreement valuation model include three-month LIBOR rates, unobservable adjustments to account for the SIFMA index, as well as any recent interest rate cap trades with similar terms. The effect of the Partnership’s total return swaps is to lower the net interest rate related to the Partnership’s Secured Notes equal to the notional amount of the derivative instruments. 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 of the interest rate cap agreements and total return swaps are based on models whose inputs are not observable and therefore the inputs are categorized as Level 3 assets or liabilities. Assets measured at fair value on a recurring basis as of December 31, 2021 are summarized as follows: Fair Value Measurements as of December 31, 2021 Description Assets at Quoted Prices in Significant Other Significant Assets Mortgage revenue bonds, held in trust $ 750,934,848 $ - $ - $ 750,934,848 Mortgage revenue bonds 42,574,996 - - 42,574,996 Bond purchase commitments (reported within other assets) 964,404 - - 964,404 Taxable mortgage revenue bonds (reported within other assets) 3,428,443 - - 3,428,443 Derivative financial instruments (reported within other assets) 343,418 - - 343,418 Total Assets at Fair Value, net $ 798,246,109 $ - $ - $ 798,246,109 The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2021: For the Years Ended December 31, 2021 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Taxable Derivative Total Beginning Balance January 1, 2021 $ 794,432,485 $ 431,879 $ 1,510,437 $ 321,503 $ 796,696,304 Total gains (losses) (realized/unrealized) Included in earnings (interest income and 137,520 - - 7,126,226 7,263,746 Included in earnings (provision for credit loss) ( 1,856,893 ) - - - ( 1,856,893 ) Included in other comprehensive income ( 19,013,953 ) 532,525 ( 72,319 ) - ( 18,553,747 ) Purchases 69,672,500 - 2,000,000 - 71,672,500 Settlements ( 49,861,815 ) - ( 9,675 ) ( 7,104,311 ) ( 56,975,801 ) Ending Balance December 31, 2021 $ 793,509,844 $ 964,404 $ 3,428,443 $ 343,418 $ 798,246,109 Total amount of gains (losses) for the $ ( 1,856,893 ) $ - $ - $ 23,214 $ ( 1,833,679 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 are summarized as follows: Fair Value Measurements as of December 31, 2020 Description Assets Quoted Prices in Significant Other Significant Assets Mortgage revenue bonds, held in trust $ 768,468,644 $ - $ - $ 768,468,644 Mortgage revenue bonds 25,963,841 - - 25,963,841 Bond purchase commitments (reported within other assets) 431,879 431,879 Taxable mortgage revenue bonds (reported within other assets) 1,510,437 - - 1,510,437 Derivative instruments (reported within other assets) 321,503 - - 321,503 Total Assets at Fair Value, net $ 796,696,304 $ - $ - $ 796,696,304 The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2020: For the Year Ended December 31, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Interest Rate Total Beginning Balance January 1, 2020 $ 773,597,465 $ - $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total gains (losses) (realized/unrealized) Included in earnings (interest income and 125,050 - ( 7,219 ) - 2,026,070 2,143,901 Included in earnings (impairment of ( 7,318,590 ) - - - - ( 7,318,590 ) Included in earnings (gain on sale of - - 1,416,023 - - 1,416,023 Included in other comprehensive (loss) 34,126,208 431,879 ( 1,408,804 ) 136,046 - 33,285,329 Purchases 9,513,450 - - - - 9,513,450 Sale of securities - - ( 43,349,357 ) - - ( 43,349,357 ) Settlements ( 15,611,098 ) - - ( 8,846 ) ( 1,715,478 ) ( 17,335,422 ) Ending Balance December 31, 2020 $ 794,432,485 $ 431,879 $ - $ 1,510,437 $ 321,503 $ 796,696,304 Total amount of gains (losses) for the $ ( 7,318,590 ) $ - $ - $ - $ 116,899 $ ( 7,201,691 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. Total gains and losses included in earnings for the derivative financial instruments are reported within “Interest expense” in the Partnership’s consolidated statements of operations. As of December 31, 2021 and 2020, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s GILs and taxable GIL, 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 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 and taxable GILs are categorized as Level 3 assets. The fair value of the GILs and taxable GIL approximated amortized cost as of December 31, 2021 and 2020. As of December 31, 2021 and 2020, 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, 2021 and 2020: December 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 820,078,714 854,428,834 $ 673,957,640 $ 709,760,933 Unsecured lines of credit - - 7,475,000 7,475,000 Secured lines of credit 45,714,000 45,714,000 - - Mortgages payable and other secured financing 26,824,543 26,825,840 25,984,872 25,986,514

Segments

Segments	12 Months Ended
Segments	Dec. 31, 2021
Segment Reporting [Abstract]
Segments	25. Segments Historically, the Partnership had four reportable segments: (1) Mortgage Revenue Bond Investments, (2) MF Properties, (3) Other Investments, and (4) Public Housing Capital Fund Trusts. However, effective as of December 1, 2021 we established a new reportable segment designated as Seniors and Skilled Nursing MRB Investments. In addition, as of December 1, 2021, we renamed our Mortgage Revenue Bond Investments segment as “Affordable Multifamily MRB Investments”, and our Other Investments segment was renamed to “Market-Rate Joint Venture Investments”. Therefore, as of December 31, 2021, we had five reportable segments: (1) Affordable Multifamily MRB Investments, (2) Seniors and Skilled Nursing MRB Investments, (3) MF Properties, (4) Market-Rate Joint Venture Investments, and (5) Public Housing Capital Fund Trusts. All activity in the Public Housing Capital Fund Trusts segment ceased with the sale of the Public Housing Capital Trust Fund investments in January 2020, as described further below. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. Affordable Multifamily MRB Investments Segment The Affordable Multifamily MRB Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related 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 property loans, net of loan loss allowances, are reported as such on the Partnership’s consolidated balance sheets. As of December 31, 2021, the Partnership reported 74 MRBs and 9 GILs. The multifamily residential properties securing the MRBs and GILs contain a total of 10,752 and 1,832 multifamily rental units, respectively. In addition, one MRB (Provision Center 2014-1) is collateralized by commercial real estate. All “General and administrative expenses” on the Partnership’s consolidated statements of operations are reported within this segment. Seniors and Skilled Nursing MRB Investments Segment The Seniors and Skilled Nursing MRB Investments segment consists of an MRB and a property loan that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties. Seniors housing consists of a combination of the independent living, assisted living and memory care units. The properties securing the MRB and property loan contain a total of 154 seniors housing units and 65 skilled nursing units, respectively. Market-Rate Joint Venture Investments Segment The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (Note 9) and property loans for the construction of market-rate multifamily properties (Note 10). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 5). MF Properties Segment The MF Properties segment consists primarily of multifamily and student housing residential properties held by the Partnership (Note 8). During the time the Partnership holds an interest in an MF Property, any excess cash flow will be available for distribution to the Partnership. As of December 31, 2021, the Partnership owned two MF Properties containing a total of 859 rental units. Income tax expense for the Greens Hold Co is reported within this segment. Public Housing Capital Fund Trusts Segment The Public Housing Capital Fund Trusts segment consisted of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates and the related TOB Trust financings. In January 2020, the Partnership sold the PHC Certificates to an unrelated party, and the related TOB Trust financings were collapsed and all principal and interest was paid in full. As a result, the Public Housing Capital Fund Trusts segment has had no activity after January 2020. The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Total revenues Affordable Multifamily MRB Investments $ 46,198,552 $ 41,877,394 Seniors and Skilled Nursing MRB Investments 77,979 - Market-Rate Joint Venture Investments 14,967,102 6,490,695 MF Properties 7,208,661 6,986,009 Public Housing Capital Fund Trusts - 174,470 Total revenues $ 68,452,294 $ 55,528,568 Interest expense Affordable Multifamily MRB Investments $ 20,382,143 $ 19,821,502 Seniors and Skilled Nursing MRB Investments - - Market-Rate Joint Venture Investments 428,018 - MF Properties 1,133,724 1,196,393 Public Housing Capital Fund Trusts - 197,993 Total interest expense $ 21,943,885 $ 21,215,888 Depreciation expense Affordable Multifamily MRB Investments $ 23,495 $ 15,913 Seniors and Skilled Nursing MRB Investments - - Market-Rate Joint Venture Investments - - MF Properties 2,709,427 2,794,160 Public Housing Capital Fund Trusts - - Total depreciation expense $ 2,732,922 $ 2,810,073 Net income (loss) Affordable Multifamily MRB Investments $ 8,619,813 $ 719,183 Seniors and Skilled Nursing MRB Investments 72,020 - Market-Rate Joint Venture Investments 30,055,826 6,488,217 MF Properties ( 648,171 ) ( 1,389,571 ) Public Housing Capital Fund Trusts - 1,390,999 Net income $ 38,099,488 $ 7,208,828 The following table details total assets for the Partnership’s reportable segments as of December 31, 2021 and 2021: December 31, 2021 December 31, 2020 Total assets Affordable Multifamily MRB Investments $ 1,304,626,248 $ 1,114,146,614 Seniors and Skilled Nursing MRB Investments 13,533,020 - Market-Rate Joint Venture Investments 112,052,513 106,931,182 MF Properties 66,501,994 67,988,190 Public Housing Capital Fund Trusts - - Consolidation/eliminations ( 110,804,292 ) ( 113,818,107 ) Total assets $ 1,385,909,483 $ 1,175,247,879

Summary of Unaudited Quarterly

Summary of Unaudited Quarterly Results of Operations	12 Months Ended
Summary of Unaudited Quarterly Results of Operations	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Summary of Unaudited Quarterly Results of Operations	26. Summary of Unaudited Quarterly Results of Operations 2021 March 31, June 30, September 30, December 31, Total revenues $ 14,387,488 $ 16,406,496 $ 17,681,901 $ 19,976,409 Other income - gains and losses, net 2,809,106 5,463,484 6,954,649 278,710 Income from continuing operations 6,992,854 10,264,680 12,988,384 7,853,570 Net income $ 6,992,854 $ 10,264,680 $ 12,988,384 $ 7,853,570 Income from continuing operations, per BUC $ 0.09 $ 0.13 $ 0.19 $ 0.11 Net income, basic and diluted, per BUC $ 0.09 $ 0.13 $ 0.19 $ 0.11 2020 March 31, June 30, September 30, December 31, Total revenues $ 13,736,135 $ 14,478,419 $ 13,839,947 $ 13,474,067 Other income - gains and losses, net 1,416,023 - - - Income (loss) from continuing operations 2,981,757 4,588,348 ( 1,160,017 ) 798,740 Net income (loss) $ 2,981,757 $ 4,588,348 $ ( 1,160,017 ) $ 798,740 Income (loss) from continuing operations, per BUC $ 0.04 $ 0.06 $ ( 0.03 ) $ 0.00 Net income (loss), basic and diluted, per BUC $ 0.04 $ 0.06 $ ( 0.03 ) $ 0.00

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	27. Subsequent Events In January 2022, the Partnership extended the maturity of the Trust 2021-XF-2953 Barclays credit facility from October 2022 to January 2023 . There were no additional changes to terms or fees associated with the extension. In January 2022, the Live 929 Apartments property completed a restructuring of MRBs and other outstanding debt. The Partnership’s Live 929 Apartments – Series A and Live 929 Apartments – Series B MRBs were redeemed at par plus accrued interest. Approximately $ 15.5 million of redemption proceeds were used to pay down the Acquisition LOC. The following tables summarizes the terms of MRBs upon redemption: Mortgage Revenue Bond Name Month Property Location Units Original Interest Rate Cost Adjusted for Paydowns and Allowances at Restructuring Date Live 929 Apartments - Series A January 2022 Baltimore, MD 575 7/1/2049 5.78 % $ 36,149,147 Live 929 Apartments - Series B January 2022 Baltimore, MD 575 7/1/2039 1.60 % (1) 17,344,000 $ 53,493,147 (1) 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 Federal corporate tax rate divided by 0.65 . The Partnership also received $ 1.0 million of principal and interest due on the Live 929 Apartments property loan. The property loan had a remaining principal balance of $ 495,000 after the restructuring transaction. Upon redemption of the Live 929 Apartments – Series A MRB, the following TOB Trust financing with Mizuho was collapsed and all interest and principal were paid in full: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments - Series A Variable TOB January 2022 $ 31,565,000 Upon restructuring, the Partnership acquired two new series of MRBs secured by the Live 929 Apartments property. The following tables summarizes the MRBs that were acquired as part of the restructuring of the Live 929 Apartments MRBs: Mortgage Revenue Bond Name Month Property Location Units Original Interest Rate Principal Acquired Live 929 Apartments - Series A January 2022 Baltimore, MD 575 1/1/2029 4.30 % $ 66,365,000 Live 929 Apartments - Series B (Taxable) January 2022 Baltimore, MD 575 1/1/2029 4.30 % $ 3,625,000 $ 69,990,000 In January 2022, the Partnership entered into a TOB Trust financing arrangement with Mizuho to securitize the Live 929 Apartments – Series A MRB and the Live 929 Apartments – Series B taxable MRB. The following table summarizes the initial terms of the TOB Trust financing: TOB Trusts Securitization Initial TOB Stated Maturity Reset OBFR Facility Fees Initial TOB Trust 2022-XF2967 $ 55,990,000 February 2024 Weekly 0.19 % 1.15 % 1.34 % In February 2022, the Partnership entered into an interest rate swap to mitigate interest rate risk for the variable rate TOB Trust 2022-XF2967 securitized by the Live 929 Apartments MRBs. The following table summarizes the terms of the interest rate swap: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Variable Rate Index Received Counterparty February 2022 $ 55,990,000 February 2022 February 2024 1.403 % SOFR Mizuho Capital Markets In February 2022, the maturity date of the Vantage at San Marcos mortgage payable was extended to May 2022. There were no additional changes to terms or fees associated with the extension.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Consolidation	Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). 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 Tax-Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“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; • 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 has issued secured notes (“the Secured Notes”) to Mizuho Capital Markets LLC (“Mizuho”); • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to loan money or provide equity for the development of multifamily properties; • One wholly owned corporation (“the Greens Hold Co”), which owns 100 % of The 50/50 MF Property, a real estate asset, and certain property loans; and • Lindo Paseo LLC, a wholly owned limited liability company, which owns 100 % of the Suites on Paseo MF Property. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary.
Use of Estimates in Preparation of Consolidated Financial Statements	Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 consolidated 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 GILs; (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for loan losses.
Risks and Uncertainties	Risks and Uncertainties The business and economic uncertainty resulting from COVID-19 has made estimates and assumptions more difficult to calculate. The extent of the impact of COVID-19 on the Partnership’s future operational and financial performance will depend on certain developments, including the duration, variation and spread of the outbreak, the impact on the underlying borrowers of MRBs and GILs, tenants at the MF Properties and operations of the Partnership’s investments in unconsolidated entities. In addition, market volatility may cause fluctuations in the valuation of the Partnership’s MRBs, taxable MRBs, GILs, taxable GILs, property loans, MF Properties and investments in unconsolidated entities. The extent to which COVID-19 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 Partnership has noted slight, but not significant, declines in occupancy and operating results at multifamily properties securing its MRBs since the outbreak of COVID-19. The Partnership has observed a significant decline in operating results at the property securing the Provision Center 2014-1 MRB, a commercial property. The property securing the Live 929 Apartments MRBs, a student housing property, experienced significant declines during the first half of 2021 but has since recovered (see Note 6 for further discussion). The Partnership has evaluated the impacts of COVID-19 on its investments in MF Properties, properties related to its GILs, and investments in unconsolidated entities and noted no indications of impairment of such investments.
Variable Interest Entities	Variable Interest Entities Under the accounting guidance for consolidation, the Partnership must evaluate 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 must 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 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. Accounting for TOB, Term TOB, and TEBS Financing Arrangements The Partnership has evaluated the accounting guidance related to its TOB (“Tender Option Bond”), Term TOB, and TEBS financings 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 securitization trusts associated with the TOB, Term TOB, and TEBS financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt 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. 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 is required to maintain restricted cash collateral related to one secured line of credit (Note 15) and two total return swap transactions (Note 18). In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities (Note 16), resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. 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 their 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 of the financial obligation of the underlying collateral. See Note 24 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership periodically reviews its MRBs and taxable MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, but not necessarily limited to, the following: • The duration and 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; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make scheduled interest and principal payments; • Failure of the issuer to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If a MRB’s estimated fair value 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 other-than-temporary 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 other-than-temporary 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 MRB’s amortized cost basis. The recognition of other-than-temporary impairment, provision 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 to the Partnership’s consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. Investment in Governmental Issuer Loans and Taxable Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) and taxable GILs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investment in these instruments are classified as held-to-maturity debt securities and are reported at amortized cost. The Partnership periodically reviews its GILs and taxable GILs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, but not necessarily limited to, the following: • The duration and 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; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make scheduled interest and principal payments; • The failure of the borrower to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If the estimated fair value of a GIL or taxable GIL is below amortized cost, and the Partnership does not expect to recover its entire amortized cost, only the portion of the other-than-temporary 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. The recognition of other-than-temporary impairment, provision 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 to the Partnership’s consolidated financial statements. If the Partnership experiences deterioration in the value of its GILs or taxable GILs, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. 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. See Note 8 for information on recognized impairments of the real estate assets. Investments in Unconsolidated Entities The Partnership, through ATAX Vantage Holdings, LLC, makes initial investments in and is committed to make further investments in certain limited liability companies. ATAX Vantage Holdings, LLC holds limited membership interests in the limited liability companies. The investments are used to construct market-rate multifamily properties. The Partnership does not have a controlling interest in the limited liability companies and accounts for its limited membership interests using the equity method of accounting. 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 return on its investments in unconsolidated entities that is guaranteed by an unrelated third party, which is also an affiliate of the unconsolidated entities. The term of the third-party guarantee is from the initial investment through a date approximately five years after commencement of construction. The Partnership recognizes a return based upon the guarantee provided by the unrelated third-party, the guarantor’s financial ability to perform under the guarantee and the cash flows expected to be received from each property. These returns are reported within “Investment income” on the Partnership’s consolidated statements of operations.
Property Loans, Net of Loan Loss Allowance	Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily student housing and skilled nursing properties. Most of the 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. 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 periodically evaluates property loans for potential impairment by estimating the fair value of the related property and comparing the fair value to the outstanding MRBs, GILs or other senior financing, plus the Partnership’s property loans. The Partnership also considers financing commitments, borrower equity commitments, guaranties by borrower affiliates, and construction progress when assessing property loans associated with GIL investments. The Partnership utilizes a discounted cash flow model that considers varying assumptions. The discounted cash flow analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the related property, after deducting the amortized cost basis of the MRB, GIL or other senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is recognized. The determination of the need for an allowance for loan loss is subject to considerable judgment. See Note 10 for additional information on the Partnership’s property loan loss allowances.
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 (“LOC”) 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 because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. 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 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 the tax positions it takes in its consolidated financial statements under the accounting guidance for uncertain tax positions. As such, 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 the period’s 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 net operating losses (“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 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, 2021 and 2020, 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 and forbearance granted to the borrower of the Live 929 Apartments MRBs, both of which are further discussed in Note 6. 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 issuance costs are capitalized and amortized utilizing the effective interest method over the period to the stated maturity of the related MRBs. Bond issuance costs are reported as an adjustment to the carrying cost of the related MRB on the Partnership’s consolidated balance sheets. Investment Income from PHC Certificates Interest income on the PHC Certificates was recognized as it was earned. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at discounts to par value. The premiums and discounts were amortized using the effective yield method over the term of the related PHC Certificate and amortization was reported within “Investment income” on the Partnership’s consolidated statements of operations.
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 financial instruments are not designated as hedging instruments and changes in fair value are reported within “Interest expense” on the Partnership’s consolidated statements of operations. The Partnership is exposed to loss should a counterparty to its interest rate derivative agreements default. 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 Series A Preferred Units representing limited partnership interests in the Partnership to various financial institutions. The Series A 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 Series A Preferred Units have been netted against the carrying value of the Series A Preferred Units and are being amortized to the first redemption date. The Partnership will account for the Series A-1 Preferred Units and Series B Preferred Units in a manner consistent with the Series A Preferred Units if and when issued.
Beneficial Unit Certificates ("BUCs")	Beneficial Unit Certificates (“BUCs”) 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.
Restricted Unit Awards ("RUA" or "RUAs")	Restricted Unit Awards (“RUA” or “RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as 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 Greystone Manager’s Board of Managers for up to 3.0 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 Partnership accounts for forfeitures as they occur. 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, there are changes to vesting conditions or the awards no longer qualify for equity classification.
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.
Lessee Leases	Lessee Leases The Partnership’s only material lessee lease is a ground lease at The 50/50 MF Property. The Partnership has elected the package of practical expedients in ASU 2016-11, elected not to apply ASC 842 to short-term leases and elected to combine lease and non-lease components when accounting for operating lease arrangements. The Partnership’s lessee ROU assets are reported within “Other assets” on the Partnership’s consolidated balance sheet (Note 12). The Partnership’s lessee operating lease liabilities are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheet (Note 13). See Note 13 for additional information on the Partnership’s ground lease. The Partnership used a discount rate of 6.6 % to calculate the ROU asset and lease liability related to the ground lease. The discount rate is based on the Partnership’s estimated incremental borrowing rate to borrow, on a fully collateralized basis, over a similar term for the amount of contractual lease payments. The incremental borrowing rate was estimated using market transactions adjusted for differences in the term and security.
Lessor Leases	Lessor Leases The Partnership’s lessor leases consist of tenant leases related to real estate assets, specifically at the MF Properties. Tenant leases also contain terms for non-lease revenues related to operations at the MF Properties, such as parking and food service revenues. The Partnership has 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 are typically for terms of 12 months or less and do not include extension options. Lease revenue is recognized monthly and is reported within “Property revenues” on the Partnership’s consolidated statements of operations.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326).” ASU 2016-13 enhances the methodology of measuring expected credit losses for financial assets to include the use of reasonable and supportable forward-looking information to better estimate credit losses. ASU 2016-13 also includes changes to the impairment model for available-for-sale debt securities such as the Partnership’s MRBs and taxable MRBs. In November 2019, the FASB issued ASU 2019-10 which amended the mandatory effective dates of certain ASUs, including ASU 2016-13, based on an entity’s filing status. As a smaller reporting company, ASU 2016-13 is effective for the Partnership on January 1, 2023. The Partnership regularly assesses its assets that are within the scope of ASU 2016-13 and has determined that the GILs, taxable GIL, property loans, receivables reported within other assets, financial guarantees, financial commitments, and any interest receivable related to such assets, are within the scope of ASU 2016-13. Furthermore, the Partnership has begun developing data collection processes, assessment procedures and internal controls required to implement ASU 2016-13. The Partnership will continue to develop data collection processes, assessment procedures and internal controls that will be required when it does implement ASU 2016-13, and to evaluate the impact to the consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited period meant to ease the potential burden in accounting for, or recognizing the effects of, reform to LIBOR and certain other reference rates. The standard is effective for all entities from March 12, 2020 through December 31, 2022. ASU 2020-04 is only applicable to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, and that were entered into or evaluated prior to January 1, 2023. The Partnership has evaluated its population of instruments indexed, either directly or indirectly, to LIBOR and is currently evaluating the impact that the adoption of ASU 2020-04 will have to the consolidated financial statements.

Partnership Income, Expenses _2

Partnership Income, Expenses and Cash Distributions (Tables)	12 Months Ended
	Dec. 31, 2021
Partnership Income Expenses And Cash Distributions [Abstract]
Schedule of Distributions Paid or Accrued per Beneficial Unit Certificates	The distributions paid or accrued per BUC during the fiscal years ended December 31, 2021 and 2020 were as follows: For the Years Ended December 31, 2021 2020 Cash distributions $ 0.5000 $ 0.3050

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
Variable Interest Entities (Tables)	Dec. 31, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure	The following table summarizes the Partnership’s maximum exposure to loss associated with its variable interests as of December 31, 2021 and 2020: Maximum Exposure to Loss December 31, 2021 December 31, 2020 Mortgage revenue bonds $ 51,045,000 $ 20,763,500 Taxable mortgage revenue bonds 2,000,000 - Governmental issuer loans 184,767,450 64,863,657 Taxable governmental issuer loan 1,000,000 - Property loans 47,274,576 5,327,342 Investments in unconsolidated entities 107,793,522 106,878,570 $ 393,880,548 $ 197,833,069

Mortgage Revenue Bonds (Tables)

Mortgage Revenue Bonds (Tables)	12 Months Ended
Mortgage Revenue Bonds (Tables)	Dec. 31, 2021
Investments In Mortgage Revenue Bonds [Abstract]
Information Regarding MRBs Owned	The following tables present information regarding the MRBs owned by the Partnership as of December 31, 2021 and 2020: December 31, 2021 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Courtyard - Series A (4) CA $ 9,970,209 $ 2,060,480 $ - $ 12,030,689 Glenview Apartments - Series A (3) CA 4,429,350 863,955 - 5,293,305 Harmony Court Bakersfield - Series A (4) CA 3,635,277 720,308 - 4,355,585 Harmony Terrace - Series A (4) CA 6,730,004 1,425,757 - 8,155,761 Harden Ranch - Series A (2) CA 6,538,111 1,285,747 - 7,823,858 Las Palmas II - Series A (4) CA 1,649,370 332,704 - 1,982,074 Montclair Apartments - Series A (3) CA 2,399,626 446,912 - 2,846,538 Montecito at Williams Ranch Apartments - Series A (6) CA 7,568,334 1,983,454 - 9,551,788 Montevista - Series A (6) CA 6,701,776 2,114,978 - 8,816,754 Ocotillo Springs - Series A (6) CA 15,000,000 271,172 - 15,271,172 Residency at the Mayer - Series A (6) CA 24,000,000 - - 24,000,000 San Vicente - Series A (4) CA 3,400,913 671,681 - 4,072,594 Santa Fe Apartments - Series A (3) CA 2,907,057 567,028 - 3,474,085 Seasons at Simi Valley - Series A (4) CA 4,188,582 1,011,623 - 5,200,205 Seasons Lakewood - Series A (4) CA 7,168,917 1,518,742 - 8,687,659 Seasons San Juan Capistrano - Series A (4) CA 12,070,116 2,557,065 - 14,627,181 Summerhill - Series A (4) CA 6,259,888 1,187,464 - 7,447,352 Sycamore Walk - Series A (4) CA 3,474,617 696,090 - 4,170,707 The Village at Madera - Series A (4) CA 3,006,656 621,367 - 3,628,023 Tyler Park Townhomes - Series A (2) CA 5,694,168 691,137 - 6,385,305 Vineyard Gardens - Series A (6) CA 3,939,476 987,782 - 4,927,258 Westside Village Market - Series A (2) CA 3,721,129 701,915 - 4,423,044 Brookstone (1) IL 7,334,161 1,903,086 - 9,237,247 Copper Gate Apartments (2) IN 4,900,000 433,436 - 5,333,436 Renaissance - Series A (3) LA 10,732,295 4,172,381 - 14,904,676 Live 929 Apartments - Series A (6) MD 36,169,147 573,155 - 36,742,302 Jackson Manor Apartments (6) MS 4,900,000 - - 4,900,000 Gateway Village (6) NC 2,600,000 90,861 - 2,690,861 Greens Property - Series A (2) NC 7,719,000 281,953 - 8,000,953 Lynnhaven Apartments (6) NC 3,450,000 115,328 - 3,565,328 Silver Moon - Series A (3) NM 7,629,704 1,868,323 - 9,498,027 Village at Avalon (5) NM 16,069,382 4,124,498 - 20,193,880 Ohio Properties - Series A (1) OH 13,580,000 - - 13,580,000 Bridle Ridge (1) SC 7,145,000 - - 7,145,000 Columbia Gardens (4) SC 12,725,440 2,003,599 - 14,729,039 Companion at Thornhill Apartments (4) SC 10,924,609 1,793,226 - 12,717,835 Cross Creek (1) SC 6,120,285 1,845,064 - 7,965,349 The Palms at Premier Park Apartments (2) SC 18,385,572 2,181,632 - 20,567,204 Village at River's Edge (4) SC 9,728,355 2,370,569 - 12,098,924 Willow Run (4) SC 12,549,146 1,974,479 - 14,523,625 Arbors at Hickory Ridge (2) TN 10,755,889 3,598,292 - 14,354,181 Avistar at Copperfield - Series A (6) TX 13,678,286 2,549,711 - 16,227,997 Avistar at the Crest - Series A (2) TX 9,022,172 1,926,825 - 10,948,997 Avistar at the Oaks - Series A (2) TX 7,295,334 1,578,333 - 8,873,667 Avistar at the Parkway - Series A (3) TX 12,579,783 2,353,247 - 14,933,030 Avistar at Wilcrest - Series A (6) TX 5,183,794 772,242 - 5,956,036 Avistar at Wood Hollow - Series A (6) TX 39,360,426 7,200,790 - 46,561,216 Avistar in 09 - Series A (2) TX 6,299,237 1,288,060 - 7,587,297 Avistar on the Boulevard - Series A (2) TX 15,370,243 3,165,575 - 18,535,818 Avistar on the Hills - Series A (2) TX 4,994,549 1,100,478 - 6,095,027 Bruton Apartments (4) TX 17,532,185 4,452,765 - 21,984,950 Concord at Gulfgate - Series A (4) TX 18,606,719 4,211,979 - 22,818,698 Concord at Little York - Series A (4) TX 13,034,887 3,055,517 - 16,090,404 Concord at Williamcrest - Series A (4) TX 20,192,436 4,651,973 - 24,844,409 Crossing at 1415 - Series A (4) TX 7,253,698 1,549,224 - 8,802,922 Decatur Angle (4) TX 22,074,594 4,731,759 - 26,806,353 Esperanza at Palo Alto (4) TX 19,071,622 5,317,911 - 24,389,533 Heights at 515 - Series A (4) TX 6,640,885 1,418,341 - 8,059,226 Heritage Square - Series A (3) TX 10,455,924 1,823,426 - 12,279,350 Oaks at Georgetown - Series A (4) TX 12,026,225 2,181,690 - 14,207,915 Runnymede (1) TX 9,675,000 99,489 - 9,774,489 Southpark (1) TX 11,365,100 1,542,509 - 12,907,609 15 West Apartments (4) WA 9,531,842 2,799,259 - 12,331,101 Mortgage revenue bonds held in trust $ 639,116,502 $ 111,818,346 $ - $ 750,934,848 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16 (5) MRB held by Morgan Stanley in a debt financing transaction, Note 16 (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16 December 31, 2021 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Lutheran Gardens CA $ 10,352,000 $ - $ - $ 10,352,000 Solano Vista - Series A CA 2,649,291 744,617 - 3,393,908 Live 929 Apartments - Series B MD 17,344,000 - - 17,344,000 Meadow Valley MI 100,000 - - 100,000 Greens Property - Series B NC 920,637 46,672 - 967,309 Ohio Properties - Series B OH 3,465,270 - - 3,465,270 Provision Center 2014-1 TN 4,300,000 - - 4,300,000 Avistar at the Crest - Series B TX 730,612 122,646 - 853,258 Avistar at the Oaks - Series B TX 534,953 86,437 - 621,390 Avistar at the Parkway - Series B TX 123,598 37,590 - 161,188 Avistar in 09 - Series B TX 441,288 71,303 - 512,591 Avistar on the Boulevard - Series B TX 434,132 69,950 - 504,082 Mortgage revenue bonds held by the Partnership $ 41,395,781 $ 1,179,215 $ - $ 42,574,996 December 31, 2020 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Courtyard - Series A (4) CA $ 10,061,161 $ 2,487,317 $ - $ 12,548,478 Glenview Apartments - Series A (3) CA 4,483,154 1,010,425 - 5,493,579 Harmony Court Bakersfield - Series A (4) CA 3,668,439 889,216 - 4,557,655 Harmony Terrace - Series A (4) CA 6,791,096 1,724,350 - 8,515,446 Harden Ranch - Series A (2) CA 6,621,823 1,606,690 - 8,228,513 Las Palmas II - Series A (4) CA 1,664,566 400,431 - 2,064,997 Montclair Apartments - Series A (3) CA 2,428,775 572,671 - 3,001,446 Montecito at Williams Ranch Apartments - Series A (6) CA 7,626,287 2,350,276 - 9,976,563 Montevista - Series A (6) CA 6,720,000 2,404,771 - 9,124,771 Ocotillo Springs - Series A (6) CA 2,023,500 215,633 - 2,239,133 San Vicente - Series A (4) CA 3,432,246 809,327 - 4,241,573 Santa Fe Apartments - Series A (3) CA 2,942,370 724,678 - 3,667,048 Seasons at Simi Valley - Series A (4) CA 4,236,876 1,180,122 - 5,416,998 Seasons Lakewood - Series A (4) CA 7,233,993 1,836,808 - 9,070,801 Seasons San Juan Capistrano - Series A (4) CA 12,179,682 2,973,846 - 15,153,528 Summerhill - Series A (4) CA 6,316,993 1,470,689 - 7,787,682 Sycamore Walk - Series A (4) CA 3,517,919 888,485 - 4,406,404 The Village at Madera - Series A (4) CA 3,034,084 735,450 - 3,769,534 Tyler Park Townhomes - Series A (2) CA 5,767,938 939,214 - 6,707,152 Vineyard Gardens - Series A (6) CA 3,969,173 1,226,058 - 5,195,231 Westside Village Market - Series A (2) CA 3,769,337 859,860 - 4,629,197 Brookstone (1) IL 7,374,252 2,201,663 - 9,575,915 Copper Gate Apartments (2) IN 4,955,000 641,581 - 5,596,581 Renaissance - Series A (3) LA 10,870,681 4,293,328 - 15,164,009 Live 929 Apartments - Series A (6) MD 36,234,756 - - 36,234,756 Woodlynn Village (1) MN 4,120,000 56,458 - 4,176,458 Gateway Village (6) NC 2,600,000 136,612 - 2,736,612 Greens Property - Series A (2) NC 7,829,000 663,781 - 8,492,781 Lynnhaven Apartments (6) NC 3,450,000 178,960 - 3,628,960 Silver Moon - Series A (3) NM 7,697,891 1,995,694 - 9,693,585 Village at Avalon (5) NM 16,189,074 4,879,623 - 21,068,697 Ohio Properties - Series A (1) OH 13,724,000 61,243 - 13,785,243 Bridle Ridge (1) SC 7,235,000 153,657 - 7,388,657 Columbia Gardens (4) SC 12,898,904 2,689,886 - 15,588,790 Companion at Thornhill Apartments (4) SC 11,055,254 2,208,446 - 13,263,700 Cross Creek (1) SC 6,136,261 2,277,289 - 8,413,550 Rosewood Townhomes - Series A (6) SC 9,259,206 578,247 - 9,837,453 South Pointe Apartments - Series A (6) SC 21,551,600 1,345,919 - 22,897,519 The Palms at Premier Park Apartments (2) SC 18,619,081 2,906,879 - 21,525,960 Village at River's Edge (4) SC 9,802,479 1,353,745 - 11,156,224 Willow Run (4) SC 12,720,560 2,650,995 - 15,371,555 Arbors at Hickory Ridge (2) TN 10,910,733 2,704,295 - 13,615,028 Avistar at Copperfield - Series A (6) TX 13,815,817 3,189,896 - 17,005,713 Avistar at the Crest - Series A (2) TX 9,140,656 2,376,580 - 11,517,236 Avistar at the Oaks - Series A (2) TX 7,388,262 1,854,785 - 9,243,047 Avistar at the Parkway - Series A (3) TX 12,721,014 2,790,208 - 15,511,222 Avistar at Wilcrest - Series A (6) TX 5,235,915 1,084,347 - 6,320,262 Avistar at Wood Hollow - Series A (6) TX 39,756,184 8,703,609 - 48,459,793 Avistar in 09 - Series A (2) TX 6,379,479 1,601,535 - 7,981,014 Avistar on the Boulevard - Series A (2) TX 15,572,093 3,779,139 - 19,351,232 Avistar on the Hills - Series A (2) TX 5,058,171 1,292,513 - 6,350,684 Bruton Apartments (4) TX 17,674,167 3,792,253 - 21,466,420 Concord at Gulfgate - Series A (4) TX 18,796,773 4,888,537 - 23,685,310 Concord at Little York - Series A (4) TX 13,168,029 3,543,909 - 16,711,938 Concord at Williamcrest - Series A (4) TX 20,398,687 5,397,326 - 25,796,013 Crossing at 1415 - Series A (4) TX 7,331,821 1,810,458 - 9,142,279 Decatur Angle (4) TX 22,270,729 5,600,721 - 27,871,450 Esperanza at Palo Alto (4) TX 19,218,417 5,955,488 - 25,173,905 Heights at 515 - Series A (4) TX 6,712,409 1,600,836 - 8,313,245 Heritage Square - Series A (3) TX 10,579,057 2,095,871 - 12,674,928 Oaks at Georgetown - Series A (4) TX 12,135,392 2,597,201 - 14,732,593 Runnymede (1) TX 9,805,000 105,634 - 9,910,634 Southpark (1) TX 11,462,172 1,917,286 - 13,379,458 15 West Apartments (4) WA 9,604,680 3,257,826 - 12,862,506 Mortgage revenue bonds held in trust $ 637,948,068 $ 130,520,576 $ - $ 768,468,644 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16 (5) MRB held by Morgan Stanley in a debt financing transaction, Note 16 (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16 December 31, 2020 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Solano Vista - Series A CA $ 2,665,000 $ 891,612 $ - $ 3,556,612 Greens Property - Series B NC 925,607 107,347 - 1,032,954 Arby Road Apartments - Series A NV 7,385,000 15,059 - 7,400,059 Ohio Properties - Series B OH 3,485,690 13,578 - 3,499,268 Rosewood Townhomes - Series B SC 469,781 2,549 - 472,330 South Pointe Apartments - Series B SC 1,099,487 5,967 - 1,105,454 Provision Center 2014-1 TN 6,161,954 - - 6,161,954 Avistar at the Crest - Series B TX 735,974 144,746 - 880,720 Avistar at the Oaks - Series B TX 538,723 100,668 - 639,391 Avistar at the Parkway - Series B TX 123,973 43,650 - 167,623 Avistar in 09 - Series B TX 444,398 83,042 - 527,440 Avistar on the Boulevard - Series B TX 437,318 82,718 - 520,036 Mortgage revenue bonds held by the Partnership $ 24,472,905 $ 1,490,936 $ - $ 25,963,841
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, 2021: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Acquired Jackson Manor Apartments (1) April Jackson, MS 60 5/1/2038 5.00 % $ 4,150,000 Residency at the Mayer - Series A (2) October Hollywood, CA 79 4/1/2039 SOFR + 3.60 % (3) 24,000,000 Meadow Valley (4) December Garfield Charter Township, MI 154 12/1/2029 6.25 % 100,000 Lutheran Gardens December Compton, CA 76 2/1/2025 4.90 % 10,352,000 Live 929 Apartments - Series B (5) December Baltimore, MD 575 7/1/2039 1.60 % (6) 21,680,000 $ 60,282,000 (1) The Partnership committed to provide total funding of the MRB up to $ 6.9 million during the acquisition and rehabilitation phase of the property on a draw-down 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. (2) 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 draw-down 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 . (3) The index is subject to a floor of 0.25 % . (4) The Partnership committed to provide total funding of the MRB up to $ 44.0 million during construction on a draw-down basis. (5) 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 . (6) 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. The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 31, 2020: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Acquired Arby Road Apartments - Series A (1) June Las Vegas, NV 180 10/1/2027 5.35 % $ 1,690,000 Arby Road Apartments - Series A (1) June Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 Ocotillo Springs - Series A (2) July Brawley, CA 75 8/1/2037 4.55 % (3) 2,023,500 $ 9,498,500 (1) Both MRBs are part of the same series but have different interest rates and maturity dates. (2) The Partnership has committed to provide total funding of the MRB up to $ 15.0 million during construction and lease-up 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 is approximately $ 3.5 million. (3) The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25 %, subject to a floor of 4.55 %, during construction of the project until stabilization. Upon stabilization, the MRB will convert to a fixed interest rate of 4.35 %.
Schedule of MRBs Redeemed	The following MRBs were redeemed at prices that approximated the Partnership's carrying value plus accrued interest during the year ended December 31, 2021: Property Name Month Property Location Units Original Interest Rate Principal Arby Road Apartments - Series A (1) March Las Vegas, NV 180 10/1/2027 5.35 % $ 1,600,000 Arby Road Apartments - Series A (1) March Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 Rosewood Townhomes - Series A July Goose Creek, SC 100 7/1/2055 5.75 % 9,259,206 Rosewood Townhomes - Series B July Goose Creek, SC 100 8/1/2055 12.00 % 469,781 South Pointe Apartments - Series A July Hanahan, SC 256 7/1/2055 5.75 % 21,551,600 South Pointe Apartments - Series B July Hanahan, SC 256 8/1/2055 12.00 % 1,099,487 Woodlynn Village November Maplewood, MN 59 11/1/2042 6.00 % 4,065,000 $ 43,830,074 (1) Both MRBs are part of the same series but had different interest rates and maturity dates. The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2020: Property Name Month Property Location Units Original Maturity Date Interest Rate Principal Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 Montevista - Series B August San Pablo, CA 82 7/1/2021 8.00 % $ 6,480,000 $ 9,583,000
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, 2021 and 2020: For the Years Ended December 31, 2021 2020 Balance, beginning of period 7,319,000 - Provision for credit loss 1,857,000 7,319,000 Balance, end of period (1) $ 9,176,000 $ 7,319,000 The allowance for credit losses as of December 31, 2021 and 2020 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments - Series A MRB.
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, 2021 December 31, 2020 Texas 41 % 43 % California 23 % 17 % South Carolina 11 % 17 %
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, 2021, and 2020: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2021 15 West Apartments - Series A (4) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,531,842 Arbors at Hickory Ridge (2) 2012 Memphis, TN 1/1/2049 6.25 % 10,701,537 Avistar at Copperfield - Series A (6) 2017 Houston, TX 5/1/2054 5.75 % 13,678,286 Avistar on the Boulevard - Series A (2) 2013 San Antonio, TX 3/1/2050 6.00 % 15,370,243 Avistar at the Crest - Series A (2) 2013 San Antonio, TX 3/1/2050 6.00 % 9,022,172 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,164,744 Avistar at the Oaks - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 7,295,334 Avistar in 09 - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 6,299,237 Avistar on the Hills - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 4,994,549 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 976,241 Avistar at the Parkway - Series A (3) 2015 San Antonio, TX 5/1/2052 6.00 % 12,579,783 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 123,598 Avistar at Wilcrest - Series A (6) 2017 Houston, TX 5/1/2054 5.75 % 5,183,794 Avistar at Wood Hollow - Series A (6) 2017 Austin, TX 5/1/2054 5.75 % 39,360,427 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,145,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,531,517 Bruton Apartments (4) 2014 Dallas, TX 8/1/2054 6.00 % 17,532,185 Columbia Gardens (4) 2015 Columbia, SC 12/1/2050 5.50 % 12,620,000 Companion at Thornhill Apartments (4) 2016 Lexington, SC 1/1/2052 5.80 % 10,924,609 Concord at Gulfgate - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 18,606,719 Concord at Little York - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 13,034,887 Concord at Williamcrest - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 20,192,436 Copper Gate Apartments (2) 2013 Lafayette, IN 12/1/2029 6.25 % 4,900,000 Courtyard - Series A (4) 2016 Fullerton, CA 12/1/2033 5.00 % 9,970,209 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 7,747,521 Crossing at 1415 - Series A (4) 2015 San Antonio, TX 12/1/2052 6.00 % 7,253,698 Decatur Angle (4) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,074,594 Esperanza at Palo Alto (4) 2018 San Antonio, TX 7/1/2058 5.80 % 19,071,622 Gateway Village (6) 2019 Durham, NC 4/1/2032 6.10 % 2,600,000 Glenview Apartments - Series A (3) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,429,350 Greens Property - Series A (2) 2012 Durham, NC 10/1/2047 6.50 % 7,719,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 920,637 Harden Ranch - Series A (2) 2014 Salinas, CA 3/1/2030 5.75 % 6,538,111 Harmony Court Bakersfield - Series A (4) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,635,277 Harmony Terrace - Series A (4) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,730,004 Heights at 515 - Series A (4) 2015 San Antonio, TX 12/1/2052 6.00 % 6,640,885 Heritage Square - Series A (3) 2014 Edinburg, TX 9/1/2051 6.00 % 10,455,924 Jackson Manor Apartments (6) 2021 Jackson, MS 5/1/2038 5.00 % 4,900,000 Las Palmas II - Series A (4) 2016 Coachella, CA 11/1/2033 5.00 % 1,649,370 Live 929 Apartments - Series A (6) 2014 Baltimore, MD 7/1/2049 5.78 % 39,465,000 Live 929 Apartments - Series B 2021 Baltimore, MD 7/1/2039 1.60 % 21,680,000 Lutheran Gardens 2021 Compton, CA 2/1/2025 4.90 % 10,352,000 Lynnhaven Apartments (6) 2019 Durham, NC 4/1/2032 6.10 % 3,450,000 Meadow Valley 2021 Garfield Charter Township, MI 12/1/2029 6.25 % 100,000 Montclair Apartments - Series A (3) 2014 Lemoore, CA 12/1/2031 5.75 % 2,399,626 Montecito at Williams Ranch Apartments - Series A (6) 2017 Salinas, CA 10/1/2034 5.50 % 7,568,334 Montevista - Series A (6) 2019 San Pablo, CA 7/1/2036 5.75 % 6,701,776 Oaks at Georgetown - Series A (4) 2016 Georgetown, TX 1/1/2034 5.00 % 12,026,225 Ocotillo Springs - Series A (6) 2020 Brawley, CA 8/1/2037 4.55 % 15,000,000 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,580,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,465,270 Provision Center 2014-1 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (3) 2015 Baton Rouge, LA 6/1/2050 6.00 % 10,732,295 Residency at the Mayer - Series A (6) 2021 Hollywood, CA 4/1/2039 3.85 % 24,000,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 9,675,000 San Vicente - Series A (4) 2016 Soledad, CA 11/1/2033 5.00 % 3,400,913 Santa Fe Apartments - Series A (3) 2014 Hesperia, CA 12/1/2031 5.75 % 2,907,057 Seasons at Simi Valley - Series A (4) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,188,582 Seasons Lakewood - Series A (4) 2016 Lakewood, CA 1/1/2034 5.00 % 7,168,917 Seasons San Juan Capistrano - Series A (4) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,070,116 Silver Moon - Series A (3) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,629,704 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,649,291 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 12,675,000 Summerhill - Series A (4) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,259,888 Sycamore Walk - Series A (4) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,474,617 The Palms at Premier Park Apartments (2) 2013 Columbia, SC 1/1/2050 6.25 % 18,385,572 Tyler Park Townhomes (2) 2013 Greenfield, CA 1/1/2030 5.75 % 5,694,168 The Village at Madera - Series A (4) 2016 Madera, CA 12/1/2033 5.00 % 3,006,656 Village at Avalon (5) 2018 Albuquerque, NM 1/1/2059 5.80 % 16,069,382 Village at River's Edge (4) 2017 Columbia, SC 6/1/2033 6.00 % 9,728,355 Vineyard Gardens - Series A (6) 2017 Oxnard, CA 1/1/2035 5.50 % 3,939,476 Westside Village Market (2) 2013 Shafter, CA 1/1/2030 5.75 % 3,721,129 Willow Run (4) 2015 Columbia, SC 12/1/2050 5.50 % 12,444,000 $ 697,713,691 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16 (5) MRB held by Morgan Stanley in a secured financing transaction, Note 16 (6) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, Note 16 Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2020 15 West Apartments - Series A (4) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,604,680 Arbors at Hickory Ridge (2) 2012 Memphis, TN 1/1/2049 6.25 % 10,848,178 Arby Road Apartments - Series A (7) 2020 Las Vegas, NV 10/1/2027 5.35 % 1,600,000 Arby Road Apartments - Series A (7) 2020 Las Vegas, NV 4/1/2041 5.50 % 5,785,000 Avistar at Copperfield - Series A (6) 2017 Houston, TX 5/1/2054 5.75 % 13,815,817 Avistar on the Boulevard - Series A (2) 2013 San Antonio, TX 3/1/2050 6.00 % 15,572,093 Avistar at the Crest - Series A (2) 2013 San Antonio, TX 3/1/2050 6.00 % 9,140,656 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,173,292 Avistar at the Oaks - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 7,388,262 Avistar in 09 - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 6,379,479 Avistar on the Hills - Series A (2) 2013 San Antonio, TX 8/1/2050 6.00 % 5,058,171 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 983,121 Avistar at the Parkway - Series A (3) 2015 San Antonio, TX 5/1/2052 6.00 % 12,721,014 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 123,973 Avistar at Wilcrest - Series A (6) 2017 Houston, TX 5/1/2054 5.75 % 5,235,915 Avistar at Wood Hollow - Series A (6) 2017 Austin, TX 5/1/2054 5.75 % 39,756,184 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,235,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,652,804 Bruton Apartments (4) 2014 Dallas, TX 8/1/2054 6.00 % 17,674,167 Columbia Gardens (4) 2015 Columbia, SC 12/1/2050 5.50 % 12,775,000 Companion at Thornhill Apartments (4) 2016 Lexington, SC 1/1/2052 5.80 % 11,055,254 Concord at Gulfgate - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 18,796,773 Concord at Little York - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 13,168,029 Concord at Williamcrest - Series A (4) 2015 Houston, TX 2/1/2032 6.00 % 20,398,687 Copper Gate Apartments (2) 2013 Lafayette, IN 12/1/2029 6.25 % 4,955,000 Courtyard - Series A (4) 2016 Fullerton, CA 12/1/2033 5.00 % 10,061,161 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 7,862,645 Crossing at 1415 - Series A (4) 2015 San Antonio, TX 12/1/2052 6.00 % 7,331,821 Decatur Angle (4) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,270,729 Esperanza at Palo Alto (4) 2018 San Antonio, TX 7/1/2058 5.80 % 19,218,417 Gateway Village (6) 2019 Durham, NC 4/1/2032 6.10 % 2,600,000 Glenview Apartments - Series A (3) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,483,154 Greens Property - Series A (2) 2012 Durham, NC 10/1/2047 6.50 % 7,829,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 925,607 Harden Ranch - Series A (2) 2014 Salinas, CA 3/1/2030 5.75 % 6,621,823 Harmony Court Bakersfield - Series A (4) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,668,439 Harmony Terrace - Series A (4) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,791,096 Heights at 515 - Series A (4) 2015 San Antonio, TX 12/1/2052 6.00 % 6,712,409 Heritage Square - Series A (3) 2014 Edinburg, TX 9/1/2051 6.00 % 10,579,057 Las Palmas II - Series A (4) 2016 Coachella, CA 11/1/2033 5.00 % 1,664,566 Live 929 Apartments - Series A (6) 2014 Baltimore, MD 7/1/2049 5.78 % 39,465,000 Lynnhaven Apartments (6) 2019 Durham, NC 4/1/2032 6.10 % 3,450,000 Montclair Apartments - Series A (3) 2014 Lemoore, CA 12/1/2031 5.75 % 2,428,775 Montecito at Williams Ranch Apartments - Series A (6) 2017 Salinas, CA 10/1/2034 5.50 % 7,626,287 Montevista - Series A (6) 2019 San Pablo, CA 7/1/2036 5.75 % 6,720,000 Oaks at Georgetown - Series A (4) 2016 Georgetown, TX 1/1/2034 5.00 % 12,135,392 Ocotillo Springs - Series A (6) 2020 Brawley, CA 8/1/2037 4.55 % 2,023,500 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,724,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,485,690 Provision Center 2014-1 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (3) 2015 Baton Rouge, LA 6/1/2050 6.00 % 10,870,681 Rosewood Townhomes - Series A (6) 2017 Goose Creek, SC 7/1/2055 5.75 % 9,259,206 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 469,781 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 9,805,000 San Vicente - Series A (4) 2016 Soledad, CA 11/1/2033 5.00 % 3,432,246 Santa Fe Apartments - Series A (3) 2014 Hesperia, CA 12/1/2031 5.75 % 2,942,370 Seasons at Simi Valley - Series A (4) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,236,876 Seasons Lakewood - Series A (4) 2016 Lakewood, CA 1/1/2034 5.00 % 7,233,993 Seasons San Juan Capistrano - Series A (4) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,179,682 Silver Moon - Series A (3) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,697,891 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 South Pointe Apartments - Series A (6) 2017 Hanahan, SC 7/1/2055 5.75 % 21,551,600 South Pointe Apartments - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,099,487 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 12,845,000 Summerhill - Series A (4) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,316,993 Sycamore Walk - Series A (4) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,517,919 The Palms at Premier Park Apartments (2) 2013 Columbia, SC 1/1/2050 6.25 % 18,619,081 Tyler Park Townhomes (2) 2013 Greenfield, CA 1/1/2030 5.75 % 5,767,938 The Village at Madera - Series A (4) 2016 Madera, CA 12/1/2033 5.00 % 3,034,084 Village at Avalon (5) 2018 Albuquerque, NM 1/1/2059 5.80 % 16,189,074 Village at River's Edge (4) 2017 Columbia, SC 6/1/2033 6.00 % 9,802,479 Vineyard Gardens - Series A (6) 2017 Oxnard, CA 1/1/2035 5.50 % 3,969,173 Westside Village Market (2) 2013 Shafter, CA 1/1/2030 5.75 % 3,769,337 Willow Run (4) 2015 Columbia, SC 12/1/2050 5.50 % 12,597,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,120,000 $ 673,567,008 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16 (5) MRB held by Morgan Stanley in a debt financing transaction, Note 16 (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16 (7) Both MRBs are part of the same series but have different interest rates and maturity dates

Governmental Issuer Loans (Tabl

Governmental Issuer Loans (Tables)	12 Months Ended
Governmental Issuer Loans (Tables)	Dec. 31, 2021
Governmental Issuer Loans [Abstract]
Summary of Partnership's GIL Investments	The Partnership had the following GIL investments as of December 31, 2021 and 2020: As of December 31, 2021 Property Name Month Property Units Maturity (2) Variable Interest Current Interest Amortized Scharbauer Flats Apartments (1) June 2020 Midland, TX 300 1/1/2023 SIFMA + 3.10 % 3.20 % $ 40,000,000 Oasis at Twin Lakes (1) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 3.25 % (3),(4) 3.75 % 34,000,000 Centennial Crossings (1) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75 % (4) 3.25 % 33,080,000 Legacy Commons at Signal Hills (1) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % (4) 3.57 % 33,120,605 Hilltop at Signal Hills (1) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07 % (4) 3.57 % 21,550,584 Hope on Avalon January 2021 Los Angeles, CA 88 2/1/2023 SIFMA + 3.75 % (4) 4.60 % 9,981,200 Hope on Broadway January 2021 Los Angeles, CA 49 2/1/2023 SIFMA + 3.75 % (4) 4.60 % 3,691,245 Osprey Village (1) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % (4) 3.57 % 6,372,030 Willow Place Apartments (1) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % (4) 3.55 % 2,971,786 $ 184,767,450 (1) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 23). (2) The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee. (3) The variable rate decreases to SIFMA plus 2.25 % upon completion of construction. (4) The variable index interest rate component is subject to a floor. As of December 31, 2020 Property Name Month Property Location Units Maturity (2) Variable Interest Rate Current Interest Rate Amortized Scharbauer Flats Apartments (1) June 2020 Midland, TX 300 1/1/2023 SIFMA + 3.10 % 3.19 % $ 40,000,000 Oasis at Twin Lakes (1) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 3.25 % (3),(4) 3.75 % 14,403,000 Centennial Crossings (1) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75 % (4) 3.25 % 10,460,657 $ 64,863,657 (1) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 23). (2) The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon payment of a non-refundable extension fee. (3) The variable rate decreases to SIFMA plus 2.25 % upon completion of construction. (4) The variable index interest rate component is subject to a floor.

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
Real Estate Assets (Tables)	Dec. 31, 2021
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, 2021 and 2020: Real Estate Assets as of December 31, 2021 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,302,507 $ 42,501,775 The 50/50 MF Property Lincoln, NE 475 - 33,013,039 33,013,039 Vantage at San Marcos San Marcos, TX (1) 2,660,615 682,929 3,343,544 Land held for development (2) 1,551,196 - 1,551,196 $ 80,409,554 Less accumulated depreciation ( 20,701,922 ) Net real estate assets $ 59,707,632 (1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information. (2) Land held for development consists of land and development costs for parcels of land in Richland County, SC and Omaha, NE. Real Estate Assets as of December 31, 2020 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,375,298 $ 42,574,566 The 50/50 MF Property Lincoln, NE 475 - 32,940,854 32,940,854 Land held for development (1) 1,675,997 - 1,675,997 $ 77,191,417 Less accumulated depreciation ( 18,150,215 ) Net real estate assets $ 59,041,202 (1) Land held for development consists of land and development costs for parcels of land in Gardner, KS and Richland County, SC and Omaha, NE.

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	12 Months Ended
Investments in Unconsolidated Entities (Tables)	Dec. 31, 2021
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, 2021 and 2020: Property Name Location Units Construction Commencement Date Construction Completion Date Carrying Value as of December 31, 2021 Carrying Value as of December 31, 2020 Vantage at Powdersville Powdersville, SC 288 November 2017 February 2020 - $ 12,295,801 Vantage at Stone Creek Omaha, NE 294 March 2018 April 2020 $ 6,143,099 7,840,500 Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 - 10,570,000 Vantage at Germantown Germantown, TN 288 June 2018 March 2020 - 12,425,000 Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 October 2020 12,240,000 14,640,000 Vantage at Coventry Omaha, NE 294 September 2018 February 2021 7,611,614 9,007,435 Vantage at Conroe Conroe, TX 288 April 2019 January 2021 11,164,625 10,406,895 Vantage at O'Connor San Antonio, TX 288 October 2019 June 2021 9,109,343 8,245,890 Vantage at Westover Hills San Antonio, TX 288 January 2020 July 2021 8,861,504 8,021,544 Vantage at Tomball Tomball, TX 288 August 2020 N/A 11,814,774 9,280,134 Vantage at Hutto Hutto, TX 288 December 2021 N/A 5,629,651 3,163,676 Vantage at San Marcos (1) San Marcos, TX 288 N/A N/A - 981,695 Vantage at Loveland Loveland, CO 288 April 2021 N/A 10,913,911 - Vantage at Helotes Helotes, TX 288 May 2021 N/A 11,350,686 - Vantage at Fair Oaks Boerne, TX 288 September 2021 N/A 6,424,306 - Vantage at McKinney Falls McKinney Falls, TX 288 December 2021 N/A 6,530,009 - $ 107,793,522 $ 106,878,570 (1) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). A development site has been identified for this property but construction has not commenced as of December 31, 2021.
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 2021: Property Name Location Units Month Sold Gross Proceeds Investment Income Gain on Sale Vantage at Germantown Germantown, TN 288 March 2021 $ 16,096,560 $ 862,454 $ 2,809,106 Vantage at Powdersville Powdersville, SC 288 May 2021 20,118,680 2,359,394 5,463,484 Vantage at Bulverde Bulverde, TX 288 August 2021 18,916,961 1,392,312 6,954,649 Vantage at Panama City Beach Panama City Beach, FL 288 (1) 293,510 - 293,510 $ 55,425,711 $ 4,614,160 $ 15,520,749 (1) In November 2021, the Partnership received cash of approximately $ 294,000 upon the resolution of gain contingencies related to the sale of Vantage at Panama City Beach in September 2019. 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 related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Property Revenues $ 24,501,799 $ 14,553,331 Gain on sale of property $ 42,792,935 $ 6,106,279 Net income (loss) $ 37,836,191 $ ( 1,674,527 )

Property Loans, Net of Loan L_2

Property Loans, Net of Loan Loss Allowances (Tables)	12 Months Ended
Property Loans, Net of Loan Loss Allowances (Tables)	Dec. 31, 2021
Property Loans Net Of Loan Loss Allowance [Abstract]
Summary of Partnership's Property Loans, Net of Loan Loss Allowances	The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of December 31, 2021 and 2020: December 31, 2021 Outstanding Loan Loss Property Loan Principal, Maturity Date Interest Rate 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 % Centennial Crossings (1) (2) 11,354,386 - 11,354,386 9/1/2023 (3) LIBOR + 2.50 % (4) Cross Creek 11,101,887 ( 7,393,814 ) 3,708,073 12/1/2025 6.15 % Greens Property 850,000 - 850,000 9/1/2046 10.00 % Hilltop at Signal Hills (1) (2) 1,000,000 - 1,000,000 8/1/2023 (3) SOFR + 3.07 % (4) Legacy Commons at Signal Hills (1) (2) 2,604,230 - 2,604,230 2/1/2024 (3) SOFR + 3.07 % (4) Live 929 Apartments 1,355,534 ( 1,355,534 ) - 7/31/2049 8.00 % Magnolia Crossing 13,424,579 - 13,424,579 12/1/2022 SOFR + 6.50 % (5) Oasis at Twin Lakes (1) (2) 20,607,362 - 20,607,362 8/1/2023 (3) LIBOR + 2.50 % (4) Ohio Properties 2,390,446 - 2,390,446 12/1/2026 - 6/1/2050 10.00 % Osprey Village (1)(2) 1,000,000 - 1,000,000 8/1/2024 (3) SOFR + 3.07 % (4) Scharbauer Flats Apartments (1) (2) 9,708,598 - 9,708,598 1/1/2023 (3) LIBOR + 2.85 % Willow Place Apartments (1)(2) 1,000,000 - 1,000,000 10/1/2024 (3) SOFR + 3.30 % (5) Total $ 76,850,616 $ ( 8,749,348 ) $ 68,101,268 (1) The property loan is held in trust in connection with a TOB financings (Note 16). (2) The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan. (3) The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee. (4) The index is subject to a floor of 0.50 %. (5) The index is subject to a floor of 0.25 %. December 31, 2020 Outstanding Loan Loss Property Loan Principal, Maturity Date Interest Rate Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 3/1/2049 6.25 % 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 % Centennial Crossings (1) (2) 3,017,729 - 3,017,729 9/1/2023 (3) LIBOR + 2.50 % (4) Cross Creek 11,101,887 ( 7,393,814 ) 3,708,073 12/1/2025 6.15 % Greens Property 850,000 - 850,000 9/1/2046 10.00 % Live 929 Apartments 911,232 ( 911,232 ) - 7/31/2049 8.00 % Ohio Properties 2,390,446 - 2,390,446 12/1/2026 - 6/1/2050 10.00 % Scharbauer Flats Apartments (1) (2) 2,309,613 - 2,309,613 1/1/2023 (3) LIBOR + 2.85 % Total $ 21,225,765 $ ( 8,305,046 ) $ 12,920,719 (1) The property loan is held in trust in connection with a TOB financings (Note 16). (2) The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan. (3) The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee. (4) The index is subject to a floor of 0.50 %.
Summary of Changes in Partnership's Allowance for Credit Losses	The following table summarizes the changes in the Partnership’s loan loss allowance for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Balance, beginning of period $ 8,305,046 $ 7,393,814 Provision for loan loss 444,302 911,232 Balance, end of period $ 8,749,348 $ 8,305,046

Income Tax Provision (Tables)

Income Tax Provision (Tables)	12 Months Ended
Income Tax Provision (Tables)	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	The following table summarizes income tax expense (benefit) for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Current income tax expense $ 152,847 $ 185,910 Deferred income tax benefit ( 89,055 ) ( 105,920 ) Total income tax expense $ 63,792 $ 79,990

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
Other Assets (Tables)	Dec. 31, 2021
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the Partnership’s other assets as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Deferred financing costs, net $ 1,349,097 $ 390,649 Fair value of derivative instruments (Note 18) 343,418 321,503 Taxable mortgage revenue bonds, at fair value 3,428,443 1,510,437 Taxable governmental issuer loan held in trust 1,000,000 - Bond purchase commitments, at fair value (Note 19) 964,404 431,879 Operating lease right-of-use assets, net 1,619,714 1,648,742 Other assets 2,157,809 1,605,374 Total other assets $ 10,862,885 $ 5,908,584
Summary of Taxable Governmental Issuer Loan and MRB, and Total Funding Commitment	The taxable GIL and taxable MRB are held in trust in connection with a TOB Trust financing (Note 16). The following table includes details of the taxable GIL and MRB, and the total funding commitment, that were entered into during the year ended December 31, 2021: Property Name Date Committed Maturity Date Initial Outstanding Balance Total Commitment Hope on Avalon January 2021 2/1/2023 (1) $ 1,000,000 $ 10,573,000 Residency at the Mayer Series A-T October 2021 4/1/2024 (2) $ 1,000,000 $ 12,500,000 (1) The borrower may elect to extend the maturity date six months upon meeting certain conditions, including payment of a non-refundable extension fee. (2) The borrower may elect to extend the maturity date six months if stabilization has not occurred, subject to the Partnership's approval.
Summary of Taxable MRB Acquired	The following table includes details of the taxable MRB acquired during the year ended December 31, 2020: Property Name Date Committed Maturity Date Initial Outstanding Balance Total Commitment Ocotillo Springs - Series A-T July 2020 8/1/2022 (1) $ - (2) $ 7,000,000 (1) The borrower has the option to extend the maturity up to one year . (2) The Partnership had advanced zero and $ 1.0 million as of December 31, 2020 and 2021, respectively.

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Payables And Accruals [Abstract]
Summary of Partnership's 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, 2021 and 2020: December 31, 2021 December 31, 2020 Accounts payable $ 1,234,111 $ 94,674 Accrued expenses 4,102,381 2,755,010 Accrued interest expense 4,229,119 3,433,247 Operating lease liabilities 2,151,991 2,149,001 Other liabilities 1,946,610 1,517,633 Total accounts payable, accrued expenses and other liabilities $ 13,664,212 $ 9,949,565
Summary of Future Contractual Payments for Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities	The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities as of December 31, 2021: 2022 $ 141,119 2023 143,561 2024 144,706 2025 147,598 2026 150,548 Thereafter 4,219,127 Total 4,946,659 Less: Amount representing interest ( 2,794,668 ) Total operating lease liabilities $ 2,151,991

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)	12 Months Ended
Unsecured Lines of Credit (Tables)	Dec. 31, 2021
Unsecured Lines of Credit [Member]
Summary of Lines of Credit	The following table summarizes the Partnership’s unsecured lines of credit ("LOC") as of December 31, 2020: Unsecured Lines of Credit Outstanding as of December 31, 2020 Total Commitment Variable / Reset Period End Bankers Trust non-operating $ 7,475,000 $ 50,000,000 June 2022 Variable (1) Monthly 2.65 % Bankers Trust operating - 10,000,000 June 2022 Variable (1) Monthly 3.40 % Total unsecured lines of credit $ 7,475,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin.

Secured Line of Credit (Tables)

Secured Line of Credit (Tables)	12 Months Ended
Secured Line of Credit (Tables)	Dec. 31, 2021
Secured Line Of Credit Facility [Member]
Line Of Credit Facility [Line Items]
Summary of Lines of Credit	The following table summarizes the secured LOCs as of December 31, 2021: Secured Lines of Credit Outstanding as of December 31, 2021 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited general $ 6,500,000 $ 40,000,000 June 2023 (1) Variable (2) Monthly 3.50 % Bankers Trust acquisition 39,214,000 50,000,000 June 2023 Variable (3) Monthly 3.10 % $ 45,714,000 $ 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 LIBOR + 3.25 %, subject to a floor of 3.50 %. (3) The variable rate is equal to the greater of (i) the Prime Rate or (ii) 3.25 % per annum; plus or minus a margin varying from 0.35 % to ( 0.65 %) depending upon the ratio of the Partnership’s senior debt to market value of assets.

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
Debt Financing (Tables)	Dec. 31, 2021
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, 2021: Outstanding Debt Restricted Year Stated Maturities Reset Variable Rate Index Index Spread/ Period End TEBS Financings Fixed - M24 $ 35,551,762 $ 204,000 2010 May 2027 N/A N/A N/A N/A 3.05 % Variable - M31 (1) 76,964,051 4,999 2014 July 2024 Weekly SIFMA 0.13 % 1.32 % 1.45 % Fixed - M33 30,191,051 2,606 2015 September 2030 N/A N/A N/A N/A 3.24 % Fixed - M45 (2) 213,931,752 5,000 2018 July 2034 N/A N/A N/A N/A 3.82 % Secured Notes Variable - Notes 102,798,158 77,531,264 2020 September 2025 Monthly 3-month LIBOR 0.20 % 9.00 % 9.20 % (3) TOB & Term TOB Trusts Fixed - Term TOB (4) 12,915,190 - 2019 May 2024 N/A N/A N/A N/A 1.98 % Variable - TOB (5) 347,726,750 - 2019 - 2021 July 2022 - July 2024 Weekly SIFMA/OBFR 0.14 % - 0.30 % 0.89 % - 1.67 % 1.07 % - 1.97 % Total Debt Financings $ 820,078,714 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25 % for approximately $ 39.6 million of the Secured Notes and 1.00 % for approximately $ 63.5 million of the Secured Notes as of December 31, 2021. See Note 18 for further information on the total return swaps. (4) The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB Trust securitizations as of December 31, 2021: Outstanding Financing as of Financing Year Stated Maturity Reset Variable Rate Index Index Facility Fees Period End Variable - TOB Securitization Live 929 Apartments - Series A $ 31,564,286 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.66 % 1.89 % Montecito at Williams Ranch - Series A 6,919,404 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.17 % 1.40 % Vineyard Gardens - Series A 3,590,598 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.17 % 1.40 % Avistar at Copperfield - Series A 11,617,039 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Avistar at Wilcrest - Series A 4,392,032 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Avistar at Wood Hollow - Series A 33,446,044 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Gateway Village 2,177,527 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Lynnhaven 2,891,534 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Montevista - Series A 5,674,091 Mizuho 2020 December 2023 Weekly SIFMA 0.23 % 1.27 % 1.50 % Ocotillo Springs - Series A 13,482,312 Mizuho 2020 July 2022 Weekly SIFMA 0.23 % 0.89 % 1.12 % Trust 2020-XF2907 (1) 96,297,732 Mizuho 2020 September 2023 Weekly OBFR 0.18 % 0.89 % 1.07 % Trust 2020-XF2908 (2) 18,845,580 Mizuho 2020 September 2023 Weekly OBFR 0.18 % 0.89 % 1.07 % Hope on Avalon 7,931,925 Mizuho 2021 February 2023 Weekly SIFMA 0.23 % 1.42 % 1.65 % Hope on Broadway 2,919,748 Mizuho 2021 February 2023 Weekly SIFMA 0.23 % 1.42 % 1.65 % Jackson Manor 4,133,705 Mizuho 2021 April 2023 Weekly SIFMA 0.23 % 1.27 % 1.50 % Trust 2021-XF-2953 (3) 3,139,698 Barclays 2021 October 2022 Weekly OBFR 0.14 % 1.27 % 1.41 % Trust 2021-XF2926 (4) 71,519,933 Mizuho 2021 January 2024 Weekly OBFR 0.18 % 0.89 % 1.07 % Trust 2021-XF2939 (5) 27,183,562 Mizuho 2021 July 2024 Weekly OBFR 0.18 % 1.16 % 1.34 % Total TOB $ 347,726,750 1.35 % (1) The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs. (2) The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (3) The TOB Trust is securitized by the Willow Place GIL and property loan. (4) T he TOB Trust is securitized by the Legacy Commons at Signal Hills GIL and property loan, the Hilltop at Signal Hills GIL and property loan, Hope on Avalon taxable GIL, and the Oasis at Twin Lakes property loan. (5) The TOB trust is securitized by the Residency at the Mayer MRB and taxable MRB, the Ocotillo Springs taxable MRB, and the Osprey Village GIL and property loan. The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2020: Outstanding Debt Restricted Year Stated Maturities Reset Variable Rate Index Index Spread/ Period End TEBS Financings Fixed - M24 $ 39,825,019 $ 238,760 2010 May 2027 N/A N/A N/A N/A 3.05 % Variable - M31 (1) 78,272,018 4,999 2014 July 2024 Weekly SIFMA 0.12 % 1.34 % 1.46 % Fixed - M33 30,796,097 2,606 2015 September 2030 N/A N/A N/A N/A 3.24 % Fixed - M45 (2) 215,825,022 5,000 2018 July 2034 N/A N/A N/A N/A 3.82 % Secured Notes Variable - Notes 103,086,756 77,500,000 2020 September 2025 Monthly 3-month LIBOR 0.22 % 9.00 % 9.22 % (3) TOB & Term TOB Trusts Fixed - Term TOB (4) 13,001,530 - 2019 May 2022 N/A N/A N/A N/A 3.53 % Variable - TOB (5) 193,151,198 - 2019 - 2020 July 2022 - December 2023 Weekly SIFMA/OBFR 0.29 % - 0.39 % 0.89 % - 1.67 % 1.18 % - 2.06 % Total Debt Financings $ 673,957,640 (1) Facility fees have a variable component. (2) M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25 % for approximately $ 40.0 million of the Secured Notes and 1.00 % for approximately $ 63.5 million of the Secured Notes as of December 31, 2020. See Note 18 for further information on the total return swaps. (4) The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB, and Term TOB Trust securitizations as of December 31, 2020: Outstanding Financing as of Financing Year Stated Maturity Reset Variable Rate Index Index Facility Fees Period End Variable - TOB Securitization Live 929 Apartments - Series A $ 31,553,785 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.66 % 1.95 % Montecito at Williams Ranch - Series A 6,915,682 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Rosewood Townhomes - Series A 7,691,507 Mizuho 2019 July 2023 Weekly SIFMA 0.39 % 1.17 % 1.56 % South Pointe Apartments - Series A 17,976,559 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Vineyard Gardens - Series A 3,587,685 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Avistar at Copperfield - Series A 11,729,379 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Avistar at Wilcrest - Series A 4,433,372 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Avistar at Wood Hollow - Series A 33,776,383 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Gateway Village 2,173,253 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Lynnhaven 2,887,257 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Montevista - Series A 5,668,324 Mizuho 2020 December 2023 Weekly SIFMA 0.29 % 1.27 % 1.56 % Ocotillo Springs - Series A 1,765,167 Mizuho 2020 July 2022 Weekly SIFMA 0.29 % 0.89 % 1.18 % Trust 2020-XF2907 (1) 58,353,917 Mizuho 2020 September 2023 Weekly OBFR 0.33 % 0.89 % 1.22 % Trust 2020-XF2908 (2) 4,638,928 Mizuho 2020 September 2023 Weekly OBFR 0.33 % 0.89 % 1.22 % Total TOB $ 193,151,198 1.63 % (1) The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs. (2) The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans.
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: 2022 $ 23,169,689 2023 237,473,815 2024 199,878,152 2025 112,692,806 2026 4,227,863 Thereafter 245,329,018 Total 822,771,343 Unamortized deferred financing costs and debt premium ( 2,692,629 ) Total debt financing, net $ 820,078,714

Mortgages Payable and Other S_2

Mortgages Payable and Other Secured Financing (Tables)	12 Months Ended
Mortgages Payable and Other Secured Financing (Tables)	Dec. 31, 2021
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2021: Outstanding Debt Restricted Year Stated Maturities Reset Variable Rate Index Index Spread/ Period End TEBS Financings Fixed - M24 $ 35,551,762 $ 204,000 2010 May 2027 N/A N/A N/A N/A 3.05 % Variable - M31 (1) 76,964,051 4,999 2014 July 2024 Weekly SIFMA 0.13 % 1.32 % 1.45 % Fixed - M33 30,191,051 2,606 2015 September 2030 N/A N/A N/A N/A 3.24 % Fixed - M45 (2) 213,931,752 5,000 2018 July 2034 N/A N/A N/A N/A 3.82 % Secured Notes Variable - Notes 102,798,158 77,531,264 2020 September 2025 Monthly 3-month LIBOR 0.20 % 9.00 % 9.20 % (3) TOB & Term TOB Trusts Fixed - Term TOB (4) 12,915,190 - 2019 May 2024 N/A N/A N/A N/A 1.98 % Variable - TOB (5) 347,726,750 - 2019 - 2021 July 2022 - July 2024 Weekly SIFMA/OBFR 0.14 % - 0.30 % 0.89 % - 1.67 % 1.07 % - 1.97 % Total Debt Financings $ 820,078,714 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25 % for approximately $ 39.6 million of the Secured Notes and 1.00 % for approximately $ 63.5 million of the Secured Notes as of December 31, 2021. See Note 18 for further information on the total return swaps. (4) The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB Trust securitizations as of December 31, 2021: Outstanding Financing as of Financing Year Stated Maturity Reset Variable Rate Index Index Facility Fees Period End Variable - TOB Securitization Live 929 Apartments - Series A $ 31,564,286 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.66 % 1.89 % Montecito at Williams Ranch - Series A 6,919,404 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.17 % 1.40 % Vineyard Gardens - Series A 3,590,598 Mizuho 2019 July 2023 Weekly SIFMA 0.23 % 1.17 % 1.40 % Avistar at Copperfield - Series A 11,617,039 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Avistar at Wilcrest - Series A 4,392,032 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Avistar at Wood Hollow - Series A 33,446,044 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Gateway Village 2,177,527 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Lynnhaven 2,891,534 Mizuho 2020 July 2023 Weekly SIFMA 0.30 % 1.67 % 1.97 % Montevista - Series A 5,674,091 Mizuho 2020 December 2023 Weekly SIFMA 0.23 % 1.27 % 1.50 % Ocotillo Springs - Series A 13,482,312 Mizuho 2020 July 2022 Weekly SIFMA 0.23 % 0.89 % 1.12 % Trust 2020-XF2907 (1) 96,297,732 Mizuho 2020 September 2023 Weekly OBFR 0.18 % 0.89 % 1.07 % Trust 2020-XF2908 (2) 18,845,580 Mizuho 2020 September 2023 Weekly OBFR 0.18 % 0.89 % 1.07 % Hope on Avalon 7,931,925 Mizuho 2021 February 2023 Weekly SIFMA 0.23 % 1.42 % 1.65 % Hope on Broadway 2,919,748 Mizuho 2021 February 2023 Weekly SIFMA 0.23 % 1.42 % 1.65 % Jackson Manor 4,133,705 Mizuho 2021 April 2023 Weekly SIFMA 0.23 % 1.27 % 1.50 % Trust 2021-XF-2953 (3) 3,139,698 Barclays 2021 October 2022 Weekly OBFR 0.14 % 1.27 % 1.41 % Trust 2021-XF2926 (4) 71,519,933 Mizuho 2021 January 2024 Weekly OBFR 0.18 % 0.89 % 1.07 % Trust 2021-XF2939 (5) 27,183,562 Mizuho 2021 July 2024 Weekly OBFR 0.18 % 1.16 % 1.34 % Total TOB $ 347,726,750 1.35 % (1) The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs. (2) The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (3) The TOB Trust is securitized by the Willow Place GIL and property loan. (4) T he TOB Trust is securitized by the Legacy Commons at Signal Hills GIL and property loan, the Hilltop at Signal Hills GIL and property loan, Hope on Avalon taxable GIL, and the Oasis at Twin Lakes property loan. (5) The TOB trust is securitized by the Residency at the Mayer MRB and taxable MRB, the Ocotillo Springs taxable MRB, and the Osprey Village GIL and property loan. The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2020: Outstanding Debt Restricted Year Stated Maturities Reset Variable Rate Index Index Spread/ Period End TEBS Financings Fixed - M24 $ 39,825,019 $ 238,760 2010 May 2027 N/A N/A N/A N/A 3.05 % Variable - M31 (1) 78,272,018 4,999 2014 July 2024 Weekly SIFMA 0.12 % 1.34 % 1.46 % Fixed - M33 30,796,097 2,606 2015 September 2030 N/A N/A N/A N/A 3.24 % Fixed - M45 (2) 215,825,022 5,000 2018 July 2034 N/A N/A N/A N/A 3.82 % Secured Notes Variable - Notes 103,086,756 77,500,000 2020 September 2025 Monthly 3-month LIBOR 0.22 % 9.00 % 9.22 % (3) TOB & Term TOB Trusts Fixed - Term TOB (4) 13,001,530 - 2019 May 2022 N/A N/A N/A N/A 3.53 % Variable - TOB (5) 193,151,198 - 2019 - 2020 July 2022 - December 2023 Weekly SIFMA/OBFR 0.29 % - 0.39 % 0.89 % - 1.67 % 1.18 % - 2.06 % Total Debt Financings $ 673,957,640 (1) Facility fees have a variable component. (2) M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25 % for approximately $ 40.0 million of the Secured Notes and 1.00 % for approximately $ 63.5 million of the Secured Notes as of December 31, 2020. See Note 18 for further information on the total return swaps. (4) The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB, and Term TOB Trust securitizations as of December 31, 2020: Outstanding Financing as of Financing Year Stated Maturity Reset Variable Rate Index Index Facility Fees Period End Variable - TOB Securitization Live 929 Apartments - Series A $ 31,553,785 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.66 % 1.95 % Montecito at Williams Ranch - Series A 6,915,682 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Rosewood Townhomes - Series A 7,691,507 Mizuho 2019 July 2023 Weekly SIFMA 0.39 % 1.17 % 1.56 % South Pointe Apartments - Series A 17,976,559 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Vineyard Gardens - Series A 3,587,685 Mizuho 2019 July 2023 Weekly SIFMA 0.29 % 1.17 % 1.46 % Avistar at Copperfield - Series A 11,729,379 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Avistar at Wilcrest - Series A 4,433,372 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Avistar at Wood Hollow - Series A 33,776,383 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Gateway Village 2,173,253 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Lynnhaven 2,887,257 Mizuho 2020 July 2023 Weekly SIFMA 0.39 % 1.67 % 2.06 % Montevista - Series A 5,668,324 Mizuho 2020 December 2023 Weekly SIFMA 0.29 % 1.27 % 1.56 % Ocotillo Springs - Series A 1,765,167 Mizuho 2020 July 2022 Weekly SIFMA 0.29 % 0.89 % 1.18 % Trust 2020-XF2907 (1) 58,353,917 Mizuho 2020 September 2023 Weekly OBFR 0.33 % 0.89 % 1.22 % Trust 2020-XF2908 (2) 4,638,928 Mizuho 2020 September 2023 Weekly OBFR 0.33 % 0.89 % 1.22 % Total TOB $ 193,151,198 1.63 % (1) The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs. (2) The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans.
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: 2022 $ 23,169,689 2023 237,473,815 2024 199,878,152 2025 112,692,806 2026 4,227,863 Thereafter 245,329,018 Total 822,771,343 Unamortized deferred financing costs and debt premium ( 2,692,629 ) Total debt financing, net $ 820,078,714
Mortgages payable [Member]
Schedule of Total Debt Financing	The following is a summary of the mortgages payable and other secured financing, net of deferred financing costs, as of December 31, 2021 and 2020: Property Mortgage Payables Outstanding Mortgage Outstanding Mortgage Year Stated Maturity Variable Period End The 50/50 MF Property--TIF Loan $ 2,174,453 $ 2,521,308 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 22,960,090 23,463,564 2020 April 2027 Fixed 4.35 % Vantage at San Marcos--Mortgage (1) 1,690,000 - 2020 February 2022 Variable 4.00 % Total Mortgage Payable\Weighted $ 26,824,543 $ 25,984,872 4.33 % (1) The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 5).
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: 2022 $ 2,560,283 2023 909,278 2024 947,301 2025 1,747,032 2026 641,415 Thereafter 20,020,531 Total 26,825,840 Unamortized deferred financing costs ( 1,297 ) Total mortgages payable and other secured financings, net $ 26,824,543

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
Derivative Financial Instruments (Tables)	Dec. 31, 2021
Total Return Swaps [Member]
Derivative [Line Items]
Summary of Partnership's Derivative Instruments	The following table summarizes the terms of the Partnership’s total return swaps as of December 31, 2021 and 2020: Purchase Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of Sept 2020 39,607,744 Sept 2020 Sept 2025 4.25 % (1) 9.20 % (3) 3-month LIBOR Mizuho Capital Markets $ 77,061 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00 % (2) 9.20 % (3) 3-month LIBOR Mizuho Capital Markets 215,267 $ 292,328 (1) Variable rate equal to 3-month LIBOR + 3.75 %, subject to a floor of 4.25 %. (2) Variable rate equal to 3-month LIBOR + 0.50 %, subject to a floor of 1.00 %. (3) Variable rate equal to 3-month LIBOR + 9.00 %. Purchase Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of Sept 2020 39,970,485 Sept 2020 Sept 2025 4.25 % (1) 9.22 % (3) 3-month LIBOR Mizuho Capital Markets $ 77,995 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00 % (2) 9.22 % (3) 3-month LIBOR Mizuho Capital Markets 215,631 $ 293,626 (1) Variable rate equal to 3-month LIBOR + 3.75 %, subject to a floor of 4.25 %. (2) Variable rate equal to 3-month LIBOR + 0.50 %, subject to a floor of 1.00 %. (3) Variable rate equal to 3-month LIBOR + 9.00 %.
Interest Rate Cap Agreements [Member]
Derivative [Line Items]
Summary of Partnership's Derivative Instruments	The following tables summarize the Partnership’s interest rate cap agreements as of December 31, 2021 and 2020: Purchase Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of Aug 2019 76,544,336 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 51,090 $ 51,090 (1) See Notes 16 and 24 for additional details. Purchase Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of Aug 2019 77,979,924 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 27,877 $ 27,877 (1) See Notes 16 and 24 for additional details.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2021
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, 2021: Bond Purchase Commitments Commitment Date Maximum Rate Estimated Closing Fair Value as of CCBA Senior Garden Apartments July 2020 $ 3,807,000 4.50 % Q1 2022 $ 495,784 Anaheim & Walnut September 2021 3,900,000 4.85 % Q3 2024 468,620 $ 7,707,000 $ 964,404
Summary of Partnership's Total and Remaining Commitments	The following table summarizes the Partnership's total and remaining commitments as of December 31, 2021: Property Name Commitment Date Maturity Date Interest Rate Total Initial Commitment Remaining Commitment Mortgage Revenue Bonds Jackson Manor Apartments April 2021 May 2038 5.00 % $ 6,900,000 $ 2,000,000 Residency at the Mayer - Series A October 2021 April 2039 SOFR + 3.60 % (1) 29,500,000 5,500,000 Meadow Valley December 2021 December 2029 6.25 % 44,000,000 43,900,000 Subtotal 80,400,000 51,400,000 Taxable Mortgage Revenue Bonds Ocotillo Springs - Series A-T July 2020 August 2022 (2) LIBOR + 3.55 % (1) $ 7,000,000 $ 6,000,000 Residency at the Mayer Series A-T October 2021 April 2024 (2) SOFR + 3.70 % (1) 12,500,000 11,500,000 Subtotal 19,500,000 17,500,000 Governmental Issuer Loans Hilltop at Signal Hills January 2021 August 2023 (2) SOFR + 3.07 % (1) $ 24,450,000 $ 2,899,416 Legacy Commons at Signal Hills January 2021 February 2024 (2) SOFR + 3.07 % (1) 34,620,000 1,499,395 Hope on Avalon January 2021 February 2023 (2) SIFMA + 3.75 % (1) 23,390,000 13,408,800 Hope on Broadway January 2021 February 2023 (2) SIFMA + 3.75 % (1) 12,105,623 8,414,378 Osprey Village July 2021 August 2024 (2) SOFR + 3.07 % (1) 60,000,000 53,627,970 Willow Place Apartments September 2021 October 2024 (2) SOFR + 3.30 % (1) 25,000,000 22,028,214 Subtotal 179,565,623 101,878,173 Taxable Governmental Issuer Loans Hope on Avalon (Taxable) January 2021 February 2023 (2) SOFR + 3.55 % (1) 10,573,000 9,573,000 Subtotal 10,573,000 9,573,000 Property Loans Scharbauer Flats Apartments June 2020 January 2023 (2) LIBOR + 2.85 % $ 24,160,000 $ 14,451,402 Oasis at Twin Lakes July 2020 August 2023 (2) LIBOR + 2.50 % (1) 27,704,180 7,096,818 Centennial Crossings August 2020 September 2023 (2) LIBOR + 2.50 % (1) 24,250,000 12,895,614 Hilltop at Signal Hills January 2021 August 2023 (2) SOFR + 3.07 % (1) 21,197,939 20,197,939 Legacy Commons at Signal Hills January 2021 February 2024 (2) SOFR + 3.07 % (1) 32,233,972 29,629,742 Osprey Village July 2021 August 2024 (2) SOFR + 3.07 % (1) 25,500,000 24,500,000 Willow Place Apartments September 2021 October 2024 (2) SOFR + 3.30 % (1) 21,351,328 20,351,328 Magnolia Crossing (3) December 2021 December 2022 (2) SOFR + 6.50 % (1) 14,500,000 1,075,421 Subtotal 190,897,419 130,198,264 Equity Investments Vantage at Hutto (4) November 2020 N/A N/A $ 11,233,000 $ 5,991,269 Vantage at San Marcos (5) November 2020 N/A N/A 9,914,529 8,943,914 Vantage at Loveland April 2021 N/A N/A 16,329,000 5,883,811 Vantage at Helotes May 2021 N/A N/A 12,590,681 1,613,496 Vantage at Fair Oaks June 2021 N/A N/A 11,011,245 4,712,690 Vantage at McKinney Falls December 2021 N/A N/A 11,431,272 4,922,957 Subtotal 72,509,727 32,068,137 Bond Purchase Commitments CCBA Senior Garden Apartments July 2020 Q1 2022 (6) 4.50 % $ 3,807,000 $ 3,807,000 Anaheim & Walnut September 2021 Q3 2024 (6) 4.85 % 3,900,000 3,900,000 Subtotal 7,707,000 7,707,000 Total Commitments $ 561,152,769 $ 350,324,574 (1) The variable index interest rate component is subject to a floor. (2) The borrower may elect to extend the maturity date to 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 remaining loan commitment will be used to cover debt service over the twelve month term of the property loan. (4) The Partnership increased its equity commitment from $ 10.5 million to $ 11.2 million in December of 2021. (5) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). A development site has been identified for this project but construction had not commenced as of December 31, 2021. (6) This is the estimated closing date of the associated bond purchase commitment.
Summary of Partnership's Maximum Exposure Under Guarantee Agreements	The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2021: Borrower Guarantee Maturity Maximum Balance Loan Partnership's Maximum Exposure Guarantee Vantage at Stone Creek 2023 $ 34,222,000 $ 34,222,000 $ 17,111,000 (1) Vantage at Coventry 2023 34,536,000 34,536,000 17,268,000 (1) Vantage at Murfreesboro 2022 (2) 30,500,000 30,500,000 15,250,000 (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, 2021. The Partnership has also provided indemnification to the lender for various costs including environmental non-compliance and remediation during the term. (2) The initial maturity is September 2022 , though the borrower may extend the maturity date for one 6-month period. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2021: Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure Ohio Properties 2026 $ 2,661,066 Greens of Pine Glen, LP 2027 1,854,212

Redeemable Preferred Units (Tab

Redeemable Preferred Units (Tables)	12 Months Ended
Redeemable Preferred Units (Tables)	Dec. 31, 2021
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Series A Preferred Units	The following table summarizes the Series A Preferred Units outstanding as of December 31, 2021 and 2020: Month Issued Units Purchase Price Distribution Redemption Earliest Redemption March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2023 (1) May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2023 (1) September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding 9,450,000 $ 94,500,000 (1) The holder did not to provide a notice of its intent to redeem prior to the date 180 days before the first optional redemption date. Accordingly, the holder’s next optional redemption date is on the seventh anniversary of the sale of the Series A Preferred Units.

Restricted Unit Awards (Tables)

Restricted Unit Awards (Tables)	12 Months Ended
Restricted Unit Awards (Tables)	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of RUA Activity	The following table summarizes the RUA activity for years ended December 31, 2021 and 2020: Restricted Units Weighted average Unvested as of January 1, 2020 - $ - Granted 290,000 4.98 Vested ( 154,386 ) 4.98 Forfeited ( 2,802 ) 4.98 Unvested as of December 31, 2020 132,812 $ 4.98 Granted 266,324 6.49 Vested ( 166,570 ) 5.89 Unvested as of December 31, 2021 232,566 $ 6.06

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
Transactions with Related Parties (Tables)	Dec. 31, 2021
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 represent amounts reimbursable to AFCA 2, the general partner of AFCA 2, or an affiliate for the years ended December 31, 2021 and 2020: 2021 2020 Reimbursable salaries and benefits $ 4,866,841 $ 4,625,222 Other expenses 50,712 57,424 Office expenses 250,785 257,641 Insurance 408,688 312,530 Professional fees and expenses 105,500 105,208 $ 5,682,526 $ 5,358,025
Summary of Transactions with Related Parties Reflected on the Partnership's Consolidated Financial Statements	The following table summarizes transactions with related parties that are reflected on the Partnership’s consolidated financial statements for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Partnership administrative fees paid to AFCA 2 (1) $ 4,046,000 $ 3,585,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 156,000 53,000 Referral fees paid to an affiliate (3) 224,750 - (1) AFCA 2 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 MRBs, GILs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. 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 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 equal 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 terms of the agreement end December 31, 2022, unless the parties mutually agree to extend the term.
Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates	The following table summarizes transactions between borrowers of the Partnership’s MRBs, GILs, and certain property loans and affiliates for the years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Non-Partnership property administrative fees received by AFCA 2 (1) $ 35,000 $ 36,000 Investment/mortgage placement fees earned by AFCA 2 (2) 7,311,000 2,277,000 (1) AFCA 2 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 AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs, GILs, property loans, and investments in unconsolidated entities.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
Fair Value of Financial Instruments (Tables)	Dec. 31, 2021
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, 2021 and 2020 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Mortgage revenue bonds 0.9 % - 19.1 % 1.4 % - 13.3 % 3.1 % 3.0 % Taxable mortgage revenue bonds 4.0 % - 8.1 % 7.1 % - 7.4 % 5.9 % 7.3 % Bond purchase commitments 3.2 % - 3.3 % 3.5 % 3.2 % 3.5 % (1) Weighted by the total principal outstanding of all the respective securities as of the reporting date .
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets measured at fair value on a recurring basis as of December 31, 2021 are summarized as follows: Fair Value Measurements as of December 31, 2021 Description Assets at Quoted Prices in Significant Other Significant Assets Mortgage revenue bonds, held in trust $ 750,934,848 $ - $ - $ 750,934,848 Mortgage revenue bonds 42,574,996 - - 42,574,996 Bond purchase commitments (reported within other assets) 964,404 - - 964,404 Taxable mortgage revenue bonds (reported within other assets) 3,428,443 - - 3,428,443 Derivative financial instruments (reported within other assets) 343,418 - - 343,418 Total Assets at Fair Value, net $ 798,246,109 $ - $ - $ 798,246,109 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 are summarized as follows: Fair Value Measurements as of December 31, 2020 Description Assets Quoted Prices in Significant Other Significant Assets Mortgage revenue bonds, held in trust $ 768,468,644 $ - $ - $ 768,468,644 Mortgage revenue bonds 25,963,841 - - 25,963,841 Bond purchase commitments (reported within other assets) 431,879 431,879 Taxable mortgage revenue bonds (reported within other assets) 1,510,437 - - 1,510,437 Derivative instruments (reported within other assets) 321,503 - - 321,503 Total Assets at Fair Value, net $ 796,696,304 $ - $ - $ 796,696,304
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, 2021: For the Years Ended December 31, 2021 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Taxable Derivative Total Beginning Balance January 1, 2021 $ 794,432,485 $ 431,879 $ 1,510,437 $ 321,503 $ 796,696,304 Total gains (losses) (realized/unrealized) Included in earnings (interest income and 137,520 - - 7,126,226 7,263,746 Included in earnings (provision for credit loss) ( 1,856,893 ) - - - ( 1,856,893 ) Included in other comprehensive income ( 19,013,953 ) 532,525 ( 72,319 ) - ( 18,553,747 ) Purchases 69,672,500 - 2,000,000 - 71,672,500 Settlements ( 49,861,815 ) - ( 9,675 ) ( 7,104,311 ) ( 56,975,801 ) Ending Balance December 31, 2021 $ 793,509,844 $ 964,404 $ 3,428,443 $ 343,418 $ 798,246,109 Total amount of gains (losses) for the $ ( 1,856,893 ) $ - $ - $ 23,214 $ ( 1,833,679 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2020: For the Year Ended December 31, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Interest Rate Total Beginning Balance January 1, 2020 $ 773,597,465 $ - $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total gains (losses) (realized/unrealized) Included in earnings (interest income and 125,050 - ( 7,219 ) - 2,026,070 2,143,901 Included in earnings (impairment of ( 7,318,590 ) - - - - ( 7,318,590 ) Included in earnings (gain on sale of - - 1,416,023 - - 1,416,023 Included in other comprehensive (loss) 34,126,208 431,879 ( 1,408,804 ) 136,046 - 33,285,329 Purchases 9,513,450 - - - - 9,513,450 Sale of securities - - ( 43,349,357 ) - - ( 43,349,357 ) Settlements ( 15,611,098 ) - - ( 8,846 ) ( 1,715,478 ) ( 17,335,422 ) Ending Balance December 31, 2020 $ 794,432,485 $ 431,879 $ - $ 1,510,437 $ 321,503 $ 796,696,304 Total amount of gains (losses) for the $ ( 7,318,590 ) $ - $ - $ - $ 116,899 $ ( 7,201,691 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership.
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, 2021 and 2020: December 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 820,078,714 854,428,834 $ 673,957,640 $ 709,760,933 Unsecured lines of credit - - 7,475,000 7,475,000 Secured lines of credit 45,714,000 45,714,000 - - Mortgages payable and other secured financing 26,824,543 26,825,840 25,984,872 25,986,514

Segments (Tables)

Segments (Tables)	12 Months Ended
Segments (Tables)	Dec. 31, 2021
Segment Reporting [Abstract]
Summary of Partnership Reportable Segment Information	The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Total revenues Affordable Multifamily MRB Investments $ 46,198,552 $ 41,877,394 Seniors and Skilled Nursing MRB Investments 77,979 - Market-Rate Joint Venture Investments 14,967,102 6,490,695 MF Properties 7,208,661 6,986,009 Public Housing Capital Fund Trusts - 174,470 Total revenues $ 68,452,294 $ 55,528,568 Interest expense Affordable Multifamily MRB Investments $ 20,382,143 $ 19,821,502 Seniors and Skilled Nursing MRB Investments - - Market-Rate Joint Venture Investments 428,018 - MF Properties 1,133,724 1,196,393 Public Housing Capital Fund Trusts - 197,993 Total interest expense $ 21,943,885 $ 21,215,888 Depreciation expense Affordable Multifamily MRB Investments $ 23,495 $ 15,913 Seniors and Skilled Nursing MRB Investments - - Market-Rate Joint Venture Investments - - MF Properties 2,709,427 2,794,160 Public Housing Capital Fund Trusts - - Total depreciation expense $ 2,732,922 $ 2,810,073 Net income (loss) Affordable Multifamily MRB Investments $ 8,619,813 $ 719,183 Seniors and Skilled Nursing MRB Investments 72,020 - Market-Rate Joint Venture Investments 30,055,826 6,488,217 MF Properties ( 648,171 ) ( 1,389,571 ) Public Housing Capital Fund Trusts - 1,390,999 Net income $ 38,099,488 $ 7,208,828 The following table details total assets for the Partnership’s reportable segments as of December 31, 2021 and 2021: December 31, 2021 December 31, 2020 Total assets Affordable Multifamily MRB Investments $ 1,304,626,248 $ 1,114,146,614 Seniors and Skilled Nursing MRB Investments 13,533,020 - Market-Rate Joint Venture Investments 112,052,513 106,931,182 MF Properties 66,501,994 67,988,190 Public Housing Capital Fund Trusts - - Consolidation/eliminations ( 110,804,292 ) ( 113,818,107 ) Total assets $ 1,385,909,483 $ 1,175,247,879

Summary of Unaudited Quarterl_2

Summary of Unaudited Quarterly Results of Operations (Tables)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	2021 March 31, June 30, September 30, December 31, Total revenues $ 14,387,488 $ 16,406,496 $ 17,681,901 $ 19,976,409 Other income - gains and losses, net 2,809,106 5,463,484 6,954,649 278,710 Income from continuing operations 6,992,854 10,264,680 12,988,384 7,853,570 Net income $ 6,992,854 $ 10,264,680 $ 12,988,384 $ 7,853,570 Income from continuing operations, per BUC $ 0.09 $ 0.13 $ 0.19 $ 0.11 Net income, basic and diluted, per BUC $ 0.09 $ 0.13 $ 0.19 $ 0.11 2020 March 31, June 30, September 30, December 31, Total revenues $ 13,736,135 $ 14,478,419 $ 13,839,947 $ 13,474,067 Other income - gains and losses, net 1,416,023 - - - Income (loss) from continuing operations 2,981,757 4,588,348 ( 1,160,017 ) 798,740 Net income (loss) $ 2,981,757 $ 4,588,348 $ ( 1,160,017 ) $ 798,740 Income (loss) from continuing operations, per BUC $ 0.04 $ 0.06 $ ( 0.03 ) $ 0.00 Net income (loss), basic and diluted, per BUC $ 0.04 $ 0.06 $ ( 0.03 ) $ 0.00

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
Subsequent Events (Tables)	Dec. 31, 2021
Subsequent Event [Line Items]
Schedule of Terms of MRBSs upon Redemption	The following tables summarizes the terms of MRBs upon redemption: Mortgage Revenue Bond Name Month Property Location Units Original Interest Rate Cost Adjusted for Paydowns and Allowances at Restructuring Date Live 929 Apartments - Series A January 2022 Baltimore, MD 575 7/1/2049 5.78 % $ 36,149,147 Live 929 Apartments - Series B January 2022 Baltimore, MD 575 7/1/2039 1.60 % (1) 17,344,000 $ 53,493,147 (1) 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 Federal corporate tax rate divided by 0.65 .
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, 2021: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Acquired Jackson Manor Apartments (1) April Jackson, MS 60 5/1/2038 5.00 % $ 4,150,000 Residency at the Mayer - Series A (2) October Hollywood, CA 79 4/1/2039 SOFR + 3.60 % (3) 24,000,000 Meadow Valley (4) December Garfield Charter Township, MI 154 12/1/2029 6.25 % 100,000 Lutheran Gardens December Compton, CA 76 2/1/2025 4.90 % 10,352,000 Live 929 Apartments - Series B (5) December Baltimore, MD 575 7/1/2039 1.60 % (6) 21,680,000 $ 60,282,000 (1) The Partnership committed to provide total funding of the MRB up to $ 6.9 million during the acquisition and rehabilitation phase of the property on a draw-down 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. (2) 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 draw-down 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 . (3) The index is subject to a floor of 0.25 % . (4) The Partnership committed to provide total funding of the MRB up to $ 44.0 million during construction on a draw-down basis. (5) 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 . (6) 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. The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 31, 2020: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Acquired Arby Road Apartments - Series A (1) June Las Vegas, NV 180 10/1/2027 5.35 % $ 1,690,000 Arby Road Apartments - Series A (1) June Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 Ocotillo Springs - Series A (2) July Brawley, CA 75 8/1/2037 4.55 % (3) 2,023,500 $ 9,498,500 (1) Both MRBs are part of the same series but have different interest rates and maturity dates. (2) The Partnership has committed to provide total funding of the MRB up to $ 15.0 million during construction and lease-up 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 is approximately $ 3.5 million. (3) The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25 %, subject to a floor of 4.55 %, during construction of the project until stabilization. Upon stabilization, the MRB will convert to a fixed interest rate of 4.35 %.
Schedule of MRBs Redeemed	The following MRBs were redeemed at prices that approximated the Partnership's carrying value plus accrued interest during the year ended December 31, 2021: Property Name Month Property Location Units Original Interest Rate Principal Arby Road Apartments - Series A (1) March Las Vegas, NV 180 10/1/2027 5.35 % $ 1,600,000 Arby Road Apartments - Series A (1) March Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 Rosewood Townhomes - Series A July Goose Creek, SC 100 7/1/2055 5.75 % 9,259,206 Rosewood Townhomes - Series B July Goose Creek, SC 100 8/1/2055 12.00 % 469,781 South Pointe Apartments - Series A July Hanahan, SC 256 7/1/2055 5.75 % 21,551,600 South Pointe Apartments - Series B July Hanahan, SC 256 8/1/2055 12.00 % 1,099,487 Woodlynn Village November Maplewood, MN 59 11/1/2042 6.00 % 4,065,000 $ 43,830,074 (1) Both MRBs are part of the same series but had different interest rates and maturity dates. The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2020: Property Name Month Property Location Units Original Maturity Date Interest Rate Principal Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 Montevista - Series B August San Pablo, CA 82 7/1/2021 8.00 % $ 6,480,000 $ 9,583,000
Summary of Initial Terms of TOB Trusts Financings	In January 2022, the Partnership entered into a TOB Trust financing arrangement with Mizuho to securitize the Live 929 Apartments – Series A MRB and the Live 929 Apartments – Series B taxable MRB. The following table summarizes the initial terms of the TOB Trust financing: TOB Trusts Securitization Initial TOB Stated Maturity Reset OBFR Facility Fees Initial TOB Trust 2022-XF2967 $ 55,990,000 February 2024 Weekly 0.19 % 1.15 % 1.34 %
Summary of TOB / TEBS Trust Financing Paydown Applied	Upon redemption of the Live 929 Apartments – Series A MRB, the following TOB Trust financing with Mizuho was collapsed and all interest and principal were paid in full: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments - Series A Variable TOB January 2022 $ 31,565,000
Live 929 Apartments [Member]
Subsequent Event [Line Items]
Schedule of MRBs Acquisitions	Upon restructuring, the Partnership acquired two new series of MRBs secured by the Live 929 Apartments property. The following tables summarizes the MRBs that were acquired as part of the restructuring of the Live 929 Apartments MRBs: Mortgage Revenue Bond Name Month Property Location Units Original Interest Rate Principal Acquired Live 929 Apartments - Series A January 2022 Baltimore, MD 575 1/1/2029 4.30 % $ 66,365,000 Live 929 Apartments - Series B (Taxable) January 2022 Baltimore, MD 575 1/1/2029 4.30 % $ 3,625,000 $ 69,990,000
Interest Rate Cap Agreements [Member]
Subsequent Event [Line Items]
Summary of Partnership's Derivative Instruments	The following tables summarize the Partnership’s interest rate cap agreements as of December 31, 2021 and 2020: Purchase Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of Aug 2019 76,544,336 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 51,090 $ 51,090 (1) See Notes 16 and 24 for additional details. Purchase Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of Aug 2019 77,979,924 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 27,877 $ 27,877 (1) See Notes 16 and 24 for additional details.
Interest Rate Cap Agreements [Member] \| Live 929 Apartments [Member]
Subsequent Event [Line Items]
Summary of Partnership's Derivative Instruments	In February 2022, the Partnership entered into an interest rate swap to mitigate interest rate risk for the variable rate TOB Trust 2022-XF2967 securitized by the Live 929 Apartments MRBs. The following table summarizes the terms of the interest rate swap: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Variable Rate Index Received Counterparty February 2022 $ 55,990,000 February 2022 February 2024 1.403 % SOFR Mizuho Capital Markets In February 2022, the maturity date of the Vantage at San Marcos mortgage payable was extended to May 2022. There were no additional changes to terms or fees associated with the extension.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	12 Months Ended
Basis of Presentation - Additional Information (Details)	Dec. 31, 2021RatingPreferredunit
Segment Reporting Information [Line Items]
Number of partnership preferred units \| Preferredunit	3
Tax-exempt and Other Investments
Segment Reporting Information [Line Items]
Assets percentage	25.00%
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)	12 Months Ended
	Dec. 31, 2021USD ($)Propertyshares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2019
Summary Of Significant Accounting Policies [Line Items]
Cash, FDIC Insured Amount	$ 250,000
Allowance for loan loss	8,749,348	$ 8,305,046	$ 7,393,814
Property Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for potential loss	0
Allowance for loan loss	$ 0
ATAX Vantage Holdings, LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Return on investment period	5 years
Minimum [Member] \| Restricted Unit Awards [Member] \| Greystone Manager [Member]
Summary Of Significant Accounting Policies [Line Items]
RUAs granted with vesting range	3 months
Maximum [Member] \| RUA and Other Awards [Member] \| Greystone Manager [Member]
Summary Of Significant Accounting Policies [Line Items]
Approved grant of restricted units and other awards to employees \| shares	3,000,000
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 \| shares	3,000,000
RUAs granted with vesting range	3 years
Real Estate Buildings [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	19 years
Real Estate Buildings [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	40 years
Capital Improvements [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	5 years
Capital Improvements [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset	15 years
The 5050 MF Property [Member] \| ASU 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Lessee operating lease discount rate				6.60%
Greens Hold Co [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties \| Property	1
Ownership interest percentage in MF property	100.00%
Lindo Paseo LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage in MF property	100.00%

Partnership Income, Expenses _3

Partnership Income, Expenses and Cash Distributions - Additional Information (Details)	Dec. 31, 2021
Tier 1 [Member] \| Limited Partner [Member]
Percent of regular allocations	99.00%
Tier 1 [Member] \| General Partner [Member]
Percent of regular allocations	1.00%
Tier 2 [Member] \| Limited Partner [Member]
Percent of special allocations	75.00%
Tier 2 [Member] \| General Partner [Member]
Percent of special allocations	25.00%
Tier 3 [Member] \| Limited Partner [Member]
Percent of special allocations	100.00%

Partnership Income, Expenses _4

Partnership Income, Expenses and Cash Distributions - Schedule of Distributions Paid or Accrued per Beneficial Unit Certificates (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Cash distributions	$ 0.5000	$ 0.3050

Net Income per BUC (Details)

Net Income per BUC (Details) - shares	12 Months Ended
Net Income per BUC (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Dilutive BUCs	0	0

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - Property	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entities [Abstract]
Number of Variable Interest Entities	30	21

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 393,880,548	$ 197,833,069
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	51,045,000	20,763,500
Taxable Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	2,000,000
Governmental Issuer Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	184,767,450	64,863,657
Taxable Governmental Issuer Loan [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	1,000,000
Property Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	47,274,576	5,327,342
Investments in Unconsolidated Entities [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 107,793,522	$ 106,878,570

Mortgage Revenue Bonds - Inform

Mortgage Revenue Bonds - Information Regarding MRBs Owned (Details) - USD ($)		Dec. 31, 2021	Dec. 31, 2020
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		$ 639,116,502	$ 637,948,068
Cumulative Unrealized Gain		111,818,346	130,520,576
Estimated Fair Value		750,934,848	768,468,644
Mortgage Revenue Bonds Held In Trust [Member] \| Courtyard [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	9,970,209	10,061,161
Cumulative Unrealized Gain	[1]	2,060,480	2,487,317
Estimated Fair Value	[1]	12,030,689	12,548,478
Mortgage Revenue Bonds Held In Trust [Member] \| Arbors at Hickory Ridge [Member] \| TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	10,755,889	10,910,733
Cumulative Unrealized Gain	[2]	3,598,292	2,704,295
Estimated Fair Value	[2]	14,354,181	13,615,028
Mortgage Revenue Bonds Held In Trust [Member] \| Harmony Court Bakersfield [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	3,635,277	3,668,439
Cumulative Unrealized Gain	[1]	720,308	889,216
Estimated Fair Value	[1]	4,355,585	4,557,655
Mortgage Revenue Bonds Held In Trust [Member] \| Harmony Terrace [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	6,730,004	6,791,096
Cumulative Unrealized Gain	[1]	1,425,757	1,724,350
Estimated Fair Value	[1]	8,155,761	8,515,446
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar at the Crest [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	9,022,172	9,140,656
Cumulative Unrealized Gain	[2]	1,926,825	2,376,580
Estimated Fair Value	[2]	10,948,997	11,517,236
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar at the Oaks [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	7,295,334	7,388,262
Cumulative Unrealized Gain	[2]	1,578,333	1,854,785
Estimated Fair Value	[2]	8,873,667	9,243,047
Mortgage Revenue Bonds Held In Trust [Member] \| Las Palmas II [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	1,649,370	1,664,566
Cumulative Unrealized Gain	[1]	332,704	400,431
Estimated Fair Value	[1]	1,982,074	2,064,997
Mortgage Revenue Bonds Held In Trust [Member] \| Seasons at Simi Valley [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	4,188,582	4,236,876
Cumulative Unrealized Gain	[1]	1,011,623	1,180,122
Estimated Fair Value	[1]	5,200,205	5,416,998
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar at the Parkway [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[3]	12,579,783	12,721,014
Cumulative Unrealized Gain	[3]	2,353,247	2,790,208
Estimated Fair Value	[3]	14,933,030	15,511,222
Mortgage Revenue Bonds Held In Trust [Member] \| Sycamore Walk [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	3,474,617	3,517,919
Cumulative Unrealized Gain	[1]	696,090	888,485
Estimated Fair Value	[1]	4,170,707	4,406,404
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar in 09 [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	6,299,237	6,379,479
Cumulative Unrealized Gain	[2]	1,288,060	1,601,535
Estimated Fair Value	[2]	7,587,297	7,981,014
Mortgage Revenue Bonds Held In Trust [Member] \| 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	[4]	7,568,334	7,626,287
Cumulative Unrealized Gain	[4]	1,983,454	2,350,276
Estimated Fair Value	[4]	9,551,788	9,976,563
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar on the Boulevard [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	15,370,243	15,572,093
Cumulative Unrealized Gain	[2]	3,165,575	3,779,139
Estimated Fair Value	[2]	18,535,818	19,351,232
Mortgage Revenue Bonds Held In Trust [Member] \| Montevista [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	6,701,776	6,720,000
Cumulative Unrealized Gain	[4]	2,114,978	2,404,771
Estimated Fair Value	[4]	8,816,754	9,124,771
Mortgage Revenue Bonds Held In Trust [Member] \| San Vicente [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	3,400,913	3,432,246
Cumulative Unrealized Gain	[1]	671,681	809,327
Estimated Fair Value	[1]	4,072,594	4,241,573
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar on the Hills [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	4,994,549	5,058,171
Cumulative Unrealized Gain	[2]	1,100,478	1,292,513
Estimated Fair Value	[2]	6,095,027	6,350,684
Mortgage Revenue Bonds Held In Trust [Member] \| Ocotillo Springs [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	15,000,000	2,023,500
Cumulative Unrealized Gain	[4]	271,172	215,633
Estimated Fair Value	[4]	15,271,172	2,239,133
Mortgage Revenue Bonds Held In Trust [Member] \| Residency at the Mayer [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	24,000,000
Estimated Fair Value	[4]	24,000,000
Mortgage Revenue Bonds Held In Trust [Member] \| Bridle Ridge [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[5]	7,145,000	7,235,000
Cumulative Unrealized Gain	[5]		153,657
Estimated Fair Value	[5]	7,145,000	7,388,657
Mortgage Revenue Bonds Held In Trust [Member] \| Seasons Lakewood [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	7,168,917	7,233,993
Cumulative Unrealized Gain	[1]	1,518,742	1,836,808
Estimated Fair Value	[1]	8,687,659	9,070,801
Mortgage Revenue Bonds Held In Trust [Member] \| Brookstone [Member] \| IL [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[5]	7,334,161	7,374,252
Cumulative Unrealized Gain	[5]	1,903,086	2,201,663
Estimated Fair Value	[5]	9,237,247	9,575,915
Mortgage Revenue Bonds Held In Trust [Member] \| Seasons San Juan Capistrano [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	12,070,116	12,179,682
Cumulative Unrealized Gain	[1]	2,557,065	2,973,846
Estimated Fair Value	[1]	14,627,181	15,153,528
Mortgage Revenue Bonds Held In Trust [Member] \| Bruton Apartments [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	17,532,185	17,674,167
Cumulative Unrealized Gain	[1]	4,452,765	3,792,253
Estimated Fair Value	[1]	21,984,950	21,466,420
Mortgage Revenue Bonds Held In Trust [Member] \| Summerhill [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	6,259,888	6,316,993
Cumulative Unrealized Gain	[1]	1,187,464	1,470,689
Estimated Fair Value	[1]	7,447,352	7,787,682
Mortgage Revenue Bonds Held In Trust [Member] \| Columbia Gardens [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	12,725,440	12,898,904
Cumulative Unrealized Gain	[1]	2,003,599	2,689,886
Estimated Fair Value	[1]	14,729,039	15,588,790
Mortgage Revenue Bonds Held In Trust [Member] \| Concord at Gulfgate [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	18,606,719	18,796,773
Cumulative Unrealized Gain	[1]	4,211,979	4,888,537
Estimated Fair Value	[1]	22,818,698	23,685,310
Mortgage Revenue Bonds Held In Trust [Member] \| The Village at Madera [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	3,006,656	3,034,084
Cumulative Unrealized Gain	[1]	621,367	735,450
Estimated Fair Value	[1]	3,628,023	3,769,534
Mortgage Revenue Bonds Held In Trust [Member] \| Concord at Little York [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	13,034,887	13,168,029
Cumulative Unrealized Gain	[1]	3,055,517	3,543,909
Estimated Fair Value	[1]	16,090,404	16,711,938
Mortgage Revenue Bonds Held In Trust [Member] \| Concord at Williamcrest [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	20,192,436	20,398,687
Cumulative Unrealized Gain	[1]	4,651,973	5,397,326
Estimated Fair Value	[1]	24,844,409	25,796,013
Mortgage Revenue Bonds Held In Trust [Member] \| Vineyard Gardens \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	3,939,476	3,969,173
Cumulative Unrealized Gain	[4]	987,782	1,226,058
Estimated Fair Value	[4]	4,927,258	5,195,231
Mortgage Revenue Bonds Held In Trust [Member] \| Copper Gate Apartments [Member] \| IN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	4,900,000	4,955,000
Cumulative Unrealized Gain	[2]	433,436	641,581
Estimated Fair Value	[2]	5,333,436	5,596,581
Mortgage Revenue Bonds Held In Trust [Member] \| Cross Creek [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[5]	6,120,285	6,136,261
Cumulative Unrealized Gain	[5]	1,845,064	2,277,289
Estimated Fair Value	[5]	7,965,349	8,413,550
Mortgage Revenue Bonds Held In Trust [Member] \| Decatur-Angle [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	22,074,594	22,270,729
Cumulative Unrealized Gain	[1]	4,731,759	5,600,721
Estimated Fair Value	[1]	26,806,353	27,871,450
Mortgage Revenue Bonds Held In Trust [Member] \| Glenview Apartments [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[3]	4,429,350	4,483,154
Cumulative Unrealized Gain	[3]	863,955	1,010,425
Estimated Fair Value	[3]	5,293,305	5,493,579
Mortgage Revenue Bonds Held In Trust [Member] \| Greens Property [Member] \| Series A [Member] \| NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	7,719,000	7,829,000
Cumulative Unrealized Gain	[2]	281,953	663,781
Estimated Fair Value	[2]	8,000,953	8,492,781
Mortgage Revenue Bonds Held In Trust [Member] \| Companion at Thornhill Apartments [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	10,924,609	11,055,254
Cumulative Unrealized Gain	[1]	1,793,226	2,208,446
Estimated Fair Value	[1]	12,717,835	13,263,700
Mortgage Revenue Bonds Held In Trust [Member] \| Harden Ranch [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	6,538,111	6,621,823
Cumulative Unrealized Gain	[2]	1,285,747	1,606,690
Estimated Fair Value	[2]	7,823,858	8,228,513
Mortgage Revenue Bonds Held In Trust [Member] \| Heritage Square [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[3]	10,455,924	10,579,057
Cumulative Unrealized Gain	[3]	1,823,426	2,095,871
Estimated Fair Value	[3]	12,279,350	12,674,928
Mortgage Revenue Bonds Held In Trust [Member] \| Live 929 Apartments [Member] \| MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]		36,234,756
Estimated Fair Value	[4]		36,234,756
Mortgage Revenue Bonds Held In Trust [Member] \| Live 929 Apartments [Member] \| Series A [Member] \| MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	36,169,147
Cumulative Unrealized Gain	[4]	573,155
Estimated Fair Value	[4]	36,742,302
Mortgage Revenue Bonds Held In Trust [Member] \| Jackson Manor Apartments [Member] \| MS [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	4,900,000
Estimated Fair Value	[4]	4,900,000
Mortgage Revenue Bonds Held In Trust [Member] \| Gateway Village [Member] \| NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	2,600,000	2,600,000
Cumulative Unrealized Gain	[4]	90,861	136,612
Estimated Fair Value	[4]	2,690,861	2,736,612
Mortgage Revenue Bonds Held In Trust [Member] \| Montclair Apartments [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[3]	2,399,626	2,428,775
Cumulative Unrealized Gain	[3]	446,912	572,671
Estimated Fair Value	[3]	2,846,538	3,001,446
Mortgage Revenue Bonds Held In Trust [Member] \| Lynnhaven Apartments [Member] \| NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	3,450,000	3,450,000
Cumulative Unrealized Gain	[4]	115,328	178,960
Estimated Fair Value	[4]	3,565,328	3,628,960
Mortgage Revenue Bonds Held In Trust [Member] \| Ohio Properties [Member] \| Series A [Member] \| OH [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[5]	13,580,000	13,724,000
Cumulative Unrealized Gain	[5]		61,243
Estimated Fair Value	[5]	13,580,000	13,785,243
Mortgage Revenue Bonds Held In Trust [Member] \| Renaissance [Member] \| Series A [Member] \| LA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[3]	10,732,295	10,870,681
Cumulative Unrealized Gain	[3]	4,172,381	4,293,328
Estimated Fair Value	[3]	14,904,676	15,164,009
Mortgage Revenue Bonds Held In Trust [Member] \| Village at Avalon [Member] \| Series A [Member] \| NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[6]	16,069,382	16,189,074
Cumulative Unrealized Gain	[6]	4,124,498	4,879,623
Estimated Fair Value	[6]	20,193,880	21,068,697
Mortgage Revenue Bonds Held In Trust [Member] \| Runnymede [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[5]	9,675,000	9,805,000
Cumulative Unrealized Gain	[5]	99,489	105,634
Estimated Fair Value	[5]	9,774,489	9,910,634
Mortgage Revenue Bonds Held In Trust [Member] \| Santa Fe Apartments [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[3]	2,907,057	2,942,370
Cumulative Unrealized Gain	[3]	567,028	724,678
Estimated Fair Value	[3]	3,474,085	3,667,048
Mortgage Revenue Bonds Held In Trust [Member] \| Village at River's Edge [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	9,728,355	9,802,479
Cumulative Unrealized Gain	[1]	2,370,569	1,353,745
Estimated Fair Value	[1]	12,098,924	11,156,224
Mortgage Revenue Bonds Held In Trust [Member] \| Silver Moon [Member] \| Series A [Member] \| NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[3]	7,629,704	7,697,891
Cumulative Unrealized Gain	[3]	1,868,323	1,995,694
Estimated Fair Value	[3]	9,498,027	9,693,585
Mortgage Revenue Bonds Held In Trust [Member] \| Southpark [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[5]	11,365,100	11,462,172
Cumulative Unrealized Gain	[5]	1,542,509	1,917,286
Estimated Fair Value	[5]	12,907,609	13,379,458
Mortgage Revenue Bonds Held In Trust [Member] \| The Palms at Premier Park [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	18,385,572	18,619,081
Cumulative Unrealized Gain	[2]	2,181,632	2,906,879
Estimated Fair Value	[2]	20,567,204	21,525,960
Mortgage Revenue Bonds Held In Trust [Member] \| Tyler Park Townhomes [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	5,694,168	5,767,938
Cumulative Unrealized Gain	[2]	691,137	939,214
Estimated Fair Value	[2]	6,385,305	6,707,152
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar at Copperfield [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	13,678,286	13,815,817
Cumulative Unrealized Gain	[4]	2,549,711	3,189,896
Estimated Fair Value	[4]	16,227,997	17,005,713
Mortgage Revenue Bonds Held In Trust [Member] \| Rosewood Townhomes [Member] \| Series A [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]		9,259,206
Cumulative Unrealized Gain	[4]		578,247
Estimated Fair Value	[4]		9,837,453
Mortgage Revenue Bonds Held In Trust [Member] \| Westside Village Market [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[2]	3,721,129	3,769,337
Cumulative Unrealized Gain	[2]	701,915	859,860
Estimated Fair Value	[2]	4,423,044	4,629,197
Mortgage Revenue Bonds Held In Trust [Member] \| South Pointe Apartments [Member] \| Series A [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]		21,551,600
Cumulative Unrealized Gain	[4]		1,345,919
Estimated Fair Value	[4]		22,897,519
Mortgage Revenue Bonds Held In Trust [Member] \| Willow Run [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	12,549,146	12,720,560
Cumulative Unrealized Gain	[1]	1,974,479	2,650,995
Estimated Fair Value	[1]	14,523,625	15,371,555
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar at Wilcrest [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	5,183,794	5,235,915
Cumulative Unrealized Gain	[4]	772,242	1,084,347
Estimated Fair Value	[4]	5,956,036	6,320,262
Mortgage Revenue Bonds Held In Trust [Member] \| Crossing at 1415 [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	7,253,698	7,331,821
Cumulative Unrealized Gain	[1]	1,549,224	1,810,458
Estimated Fair Value	[1]	8,802,922	9,142,279
Mortgage Revenue Bonds Held In Trust [Member] \| Woodlynn Village [Member] \| MN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[5]		4,120,000
Cumulative Unrealized Gain	[5]		56,458
Estimated Fair Value	[5]		4,176,458
Mortgage Revenue Bonds Held In Trust [Member] \| Avistar at Wood Hollow [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	39,360,426	39,756,184
Cumulative Unrealized Gain	[4]	7,200,790	8,703,609
Estimated Fair Value	[4]	46,561,216	48,459,793
Mortgage Revenue Bonds Held In Trust [Member] \| Heights at 515 [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	6,640,885	6,712,409
Cumulative Unrealized Gain	[1]	1,418,341	1,600,836
Estimated Fair Value	[1]	8,059,226	8,313,245
Mortgage Revenue Bonds Held In Trust [Member] \| 15 West Apartments [Member] \| WA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	9,531,842	9,604,680
Cumulative Unrealized Gain	[1]	2,799,259	3,257,826
Estimated Fair Value	[1]	12,331,101	12,862,506
Mortgage Revenue Bonds Held In Trust [Member] \| Esperanza at Palo Alto [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	19,071,622	19,218,417
Cumulative Unrealized Gain	[1]	5,317,911	5,955,488
Estimated Fair Value	[1]	24,389,533	25,173,905
Mortgage Revenue Bonds Held In Trust [Member] \| Oaks at Georgetown [Member] \| Series A [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	12,026,225	12,135,392
Cumulative Unrealized Gain	[1]	2,181,690	2,597,201
Estimated Fair Value	[1]	14,207,915	14,732,593
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		41,395,781	24,472,905
Cumulative Unrealized Gain		1,179,215	1,490,936
Estimated Fair Value		42,574,996	25,963,841
Mortgage Revenue Bonds [Member] \| Avistar at the Crest [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		730,612	735,974
Cumulative Unrealized Gain		122,646	144,746
Estimated Fair Value		853,258	880,720
Mortgage Revenue Bonds [Member] \| Avistar at the Oaks [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		534,953	538,723
Cumulative Unrealized Gain		86,437	100,668
Estimated Fair Value		621,390	639,391
Mortgage Revenue Bonds [Member] \| Avistar at the Parkway [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		123,598	123,973
Cumulative Unrealized Gain		37,590	43,650
Estimated Fair Value		161,188	167,623
Mortgage Revenue Bonds [Member] \| Avistar in 09 [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		441,288	444,398
Cumulative Unrealized Gain		71,303	83,042
Estimated Fair Value		512,591	527,440
Mortgage Revenue Bonds [Member] \| Avistar on the Boulevard [Member] \| Series B [Member] \| TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		434,132	437,318
Cumulative Unrealized Gain		69,950	82,718
Estimated Fair Value		504,082	520,036
Mortgage Revenue Bonds [Member] \| Greens Property [Member] \| Series B [Member] \| NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		920,637	925,607
Cumulative Unrealized Gain		46,672	107,347
Estimated Fair Value		967,309	1,032,954
Mortgage Revenue Bonds [Member] \| Live 929 Apartments [Member] \| Series B [Member] \| MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		17,344,000
Estimated Fair Value		17,344,000
Mortgage Revenue Bonds [Member] \| Ohio Properties [Member] \| Series B [Member] \| OH [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		3,465,270	3,485,690
Cumulative Unrealized Gain			13,578
Estimated Fair Value		3,465,270	3,499,268
Mortgage Revenue Bonds [Member] \| Rosewood Townhomes [Member] \| Series B [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances			469,781
Cumulative Unrealized Gain			2,549
Estimated Fair Value			472,330
Mortgage Revenue Bonds [Member] \| South Pointe Apartments [Member] \| Series B [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances			1,099,487
Cumulative Unrealized Gain			5,967
Estimated Fair Value			1,105,454
Mortgage Revenue Bonds [Member] \| Lutheran Gardens [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		10,352,000
Estimated Fair Value		10,352,000
Mortgage Revenue Bonds [Member] \| Meadow Valley [Member] \| Series A [Member] \| MI [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		100,000
Estimated Fair Value		100,000
Mortgage Revenue Bonds [Member] \| Solano Vista [Member] \| Series A [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		2,649,291	2,665,000
Cumulative Unrealized Gain		744,617	891,612
Estimated Fair Value		3,393,908	3,556,612
Mortgage Revenue Bonds [Member] \| Arby Road Apartments [Member] \| Series A [Member] \| NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances			7,385,000
Cumulative Unrealized Gain			15,059
Estimated Fair Value			7,400,059
Mortgage Revenue Bonds [Member] \| Provision Center 2014-1 [Member] \| TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		4,300,000	6,161,954
Estimated Fair Value		$ 4,300,000	$ 6,161,954

[1]	MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16
[2]	MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16
[3]	MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16
[4]	MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16
[5]	MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16
[6]	MRB held by Morgan Stanley in a debt financing transaction, Note 16

Mortgage Revenue Bonds - Additi

Mortgage Revenue Bonds - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Provisions for credit loss		$ 1,856,893	$ 7,318,590
Redemption of contingent interest income	$ 1,800,000
Live 929 Apartments [Member] \| Series A MRB [Member]
Schedule Of Available For Sale Securities [Line Items]
Provisions for credit loss			3,500,000
Provision Center 2014-1 [Member]
Schedule Of Available For Sale Securities [Line Items]
Provisions for credit loss		$ 1,900,000	$ 3,900,000
Rosewood Townhomes and South Pointe Apartments [Member] \| Series A MRB [Member]
Schedule Of Available For Sale Securities [Line Items]
Redemption price	106.00%

Mortgage Revenue Bonds - Schedu

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)		12 Months Ended
		Dec. 31, 2021USD ($)Unit	Dec. 31, 2020USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Principal Acquired		$ 60,282,000	$ 9,498,500
Jackson Manor Apartments [Member] \| Jackson, MS [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[1]	April
Units \| Unit	[1]	60
Maturity Date	[1]	May 1, 2038
Interest Rate	[1]	5.00%
Principal Acquired	[1]	$ 4,150,000
Residency at the Mayer [Member] \| Series A [Member] \| Hollywood, CA [Member] \| SOFR [Member]
Schedule Of Available For Sale Securities [Line Items]
Interest Rate	[2],[3]	3.60%
Residency at the Mayer [Member] \| Series A [Member] \| Hollywood, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[2]	October
Units \| Unit	[2]	79
Maturity Date	[2]	Apr. 1, 2039
Principal Acquired	[2]	$ 24,000,000
Meadow Valley [Member] \| Garfield Charter Township, MI [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[4]	December
Units \| Unit	[4]	154
Maturity Date	[4]	Dec. 1, 2029
Interest Rate	[4]	6.25%
Principal Acquired	[4]	$ 100,000
Lutheran Gardens [Member] \| Compton, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired		December
Units \| Unit		76
Maturity Date		Feb. 1, 2025
Interest Rate		4.90%
Principal Acquired		$ 10,352,000
Live929 Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date		Jul. 31, 2049	Jul. 31, 2049
Live929 Apartments [Member] \| Series B [Member] \| Baltimore, MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[5]	December
Units \| Unit	[5]	575
Maturity Date	[5]	Jul. 1, 2039
Interest Rate	[5],[6]	1.60%
Principal Acquired	[5]	$ 21,680,000
Arby Road Apartments [Member] \| Series A [Member] \| Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[7]		June
Units \| Unit	[7]		180
Maturity Date	[7]		Oct. 1, 2027
Interest Rate	[7]		5.35%
Principal Acquired	[7]		$ 1,690,000
Arby Road Apartments [Member] \| Series A [Member] \| Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[7]		June
Units \| Unit	[7]		180
Maturity Date	[7]		Apr. 1, 2041
Interest Rate	[7]		5.50%
Principal Acquired	[7]		$ 5,785,000
Ocotillo Springs [Member] \| Series A [Member] \| Brawley, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[8]		July
Units \| Unit	[8]		75
Maturity Date	[8]		Aug. 1, 2037
Interest Rate	[8],[9]		4.55%
Principal Acquired	[8]		$ 2,023,500

[1]	The Partnership committed to provide total funding of the MRB up to $ 6.9 million during the acquisition and rehabilitation phase of the property on a draw-down 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.
[2]	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 draw-down 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
[3]	The index is subject to a floor of 0.25 %
[4]	The Partnership committed to provide total funding of the MRB up to $ 44.0 million during construction on a draw-down basis.
[5]	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 .
[6]	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.
[7]	Both MRBs are part of the same series but have different interest rates and maturity dates.
[8]	The Partnership has committed to provide total funding of the MRB up to $ 15.0 million during construction and lease-up 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 is approximately $ 3.5 million.
[9]	The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25 %, subject to a floor of 4.55 %, during construction of the project until stabilization. Upon stabilization, the MRB will convert to a fixed interest rate of 4.35 %.

Mortgage Revenue Bonds - Sche_2

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Jackson Manor Apartments [Member] \| Jackson, MS [Member]
Schedule Of Available For Sale Securities [Line Items]
Commitment to provide maximum funding of MRB	$ 6,900,000
Maximum balance of the MRB after stabilization	4,800,000
Residency at the Mayer [Member] \| Hollywood, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Commitment to provide maximum funding of MRB	29,500,000
Maximum balance of the MRB after stabilization	18,100,000
Meadow Valley [Member] \| Garfield Charter Township, MI [Member]
Schedule Of Available For Sale Securities [Line Items]
Commitment to provide maximum funding of MRB	44,000,000
Live929 Apartments [Member] \| Baltimore, MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Discount on purchase of outstanding principal Mrb	4,300,000
Purchase price of bond	$ 17,300,000
Loan financing variable interest rate	69.50%
Variable Interest Rate	1.80%
SOFR [Member] \| Residency at the Mayer [Member] \| Hollywood, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Floor rate	0.25%
Mortgage Revenue Bonds [Member] \| Ocotillo Springs [Member] \| Brawley, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Maximum amount committed to fund		$ 15,000,000
Maximum balance of mortgage revenue bonds after stabilization		$ 3,500,000
Mortgage Revenue Bonds [Member] \| LIBOR [Member] \| Ocotillo Springs [Member] \| Brawley, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Variable Interest Rate		3.25%
Floor rate		4.55%
Fixed interest rate		4.35%

Mortgage Revenue Bonds - Sche_3

Mortgage Revenue Bonds - Schedule of MRBs Redeemed (Details)		12 Months Ended
		Dec. 31, 2021USD ($)Unit	Dec. 31, 2020USD ($)Unit
Arby Road Apartments [Member] \| Series A [Member] \| Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Units	[1]		180
Original Maturity Date	[1]		Oct. 1, 2027
Interest Rate	[1]		5.35%
Arby Road Apartments [Member] \| Series A [Member] \| Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Units	[1]		180
Original Maturity Date	[1]		Apr. 1, 2041
Interest Rate	[1]		5.50%
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption \| $		$ 43,830,074	$ 9,583,000
Mortgage Revenue Bonds [Member] \| Solano Vista [Member] \| Series B [Member] \| Vallejo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed			January
Units			96
Original Maturity Date			Jan. 1, 2021
Interest Rate			5.85%
Principal Outstanding at Date of Redemption \| $			$ 3,103,000
Mortgage Revenue Bonds [Member] \| Montevista [Member] \| Series B [Member] \| San Pablo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed			August
Units			82
Original Maturity Date			Jul. 1, 2021
Interest Rate			8.00%
Principal Outstanding at Date of Redemption \| $			$ 6,480,000
Mortgage Revenue Bonds [Member] \| Arby Road Apartments [Member] \| Series A [Member] \| Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	[2]	March
Units	[2]	180
Original Maturity Date	[2]	Oct. 1, 2027
Interest Rate	[2]	5.35%
Principal Outstanding at Date of Redemption \| $	[2]	$ 1,600,000
Mortgage Revenue Bonds [Member] \| Arby Road Apartments [Member] \| Series A [Member] \| Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	[2]	March
Units	[2]	180
Original Maturity Date	[2]	Apr. 1, 2041
Interest Rate	[2]	5.50%
Principal Outstanding at Date of Redemption \| $	[2]	$ 5,785,000
Mortgage Revenue Bonds [Member] \| Rosewood Townhomes [Member] \| Series A [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		July
Units		100
Original Maturity Date		Jul. 1, 2055
Interest Rate		5.75%
Principal Outstanding at Date of Redemption \| $		$ 9,259,206
Mortgage Revenue Bonds [Member] \| Rosewood Townhomes [Member] \| Series B [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		July
Units		100
Original Maturity Date		Aug. 1, 2055
Interest Rate		12.00%
Principal Outstanding at Date of Redemption \| $		$ 469,781
Mortgage Revenue Bonds [Member] \| South Pointe Apartments [Member] \| Series A [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		July
Units		256
Original Maturity Date		Jul. 1, 2055
Interest Rate		5.75%
Principal Outstanding at Date of Redemption \| $		$ 21,551,600
Mortgage Revenue Bonds [Member] \| South Pointe Apartments [Member] \| Series B [Member] \| SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		July
Units		256
Original Maturity Date		Aug. 1, 2055
Interest Rate		12.00%
Principal Outstanding at Date of Redemption \| $		$ 1,099,487
Mortgage Revenue Bonds [Member] \| Woodlynn Village [Member] \| Maplewood Minnesota [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		November
Units		59
Original Maturity Date		Nov. 1, 2042
Interest Rate		6.00%
Principal Outstanding at Date of Redemption \| $		$ 4,065,000

[1]	Both MRBs are part of the same series but have different interest rates and maturity dates.
[2]	Both MRBs are part of the same series but had different interest rates and maturity dates.

Mortgage Revenue Bonds - Summar

Mortgage Revenue Bonds - Summary of Changes in Partnership's Allowance for Credit Losses (Details) - Mortgage Revenue Bonds [Member] - USD ($)		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020
Allowance for Credit Loss [Abstract]
Balance, beginning of period		$ 7,319,000	[1]	$ 0
Provision for credit loss		1,857,000		7,319,000
Balance, end of period	[1]	$ 9,176,000		$ 7,319,000

[1]	The allowance for credit losses as of December 31, 2021 and 2020 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments - Series A MRB.

Mortgage Revenue Bonds - Sche_4

Mortgage Revenue Bonds - Schedule of Percentage of MRBs Principal Outstanding (Details)	Dec. 31, 2021	Dec. 31, 2020
TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location	41.00%	43.00%
CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location	23.00%	17.00%
SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location	11.00%	17.00%

Mortgage Revenue Bonds - Descri

Mortgage Revenue Bonds - Description of Certain Terms of Partnership's MRBs (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020
Summary Of Investment Holdings [Line Items]
Principal Outstanding		$ 697,713,691		$ 673,567,008
15 West Apartments [Member] \| Series A [Member] \| Vancouver Washington [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jul. 1, 2054		Jul. 1, 2054
Base Interest Rate	[1]	6.25%		6.25%
Principal Outstanding	[1]	$ 9,531,842		$ 9,604,680
Arbors at Hickory Ridge [Member] \| Memphis, Tennessee [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2012		2012
Maturity Date	[2]	Jan. 1, 2049		Jan. 1, 2049
Base Interest Rate	[2]	6.25%		6.25%
Principal Outstanding	[2]	$ 10,701,537		$ 10,848,178
Arby Road Apartments [Member] \| Series A [Member] \| Las Vegas, NV [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[3]			2020
Maturity Date	[3]			Oct. 1, 2027
Base Interest Rate	[3]			5.35%
Principal Outstanding	[3]			$ 1,600,000
Arby Road Apartments [Member] \| Series A [Member] \| Las Vegas, NV [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[4]			2020
Maturity Date	[4]			Apr. 1, 2041
Base Interest Rate	[4]			5.50%
Principal Outstanding	[4]			$ 5,785,000
Avistar at Copperfield [Member] \| Series A [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[5]	2017	[6]
Maturity Date		May 1, 2054	[5]	May 1, 2054	[6]
Base Interest Rate		5.75%	[5]	5.75%	[6]
Principal Outstanding		$ 13,678,286	[5]	$ 13,815,817	[6]
Avistar on the Boulevard [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2013		2013
Maturity Date	[2]	Mar. 1, 2050		Mar. 1, 2050
Base Interest Rate	[2]	6.00%		6.00%
Principal Outstanding	[2]	$ 15,370,243		$ 15,572,093
Avistar at the Crest [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2013		2013
Maturity Date	[2]	Mar. 1, 2050		Mar. 1, 2050
Base Interest Rate	[2]	6.00%		6.00%
Principal Outstanding	[2]	$ 9,022,172		$ 9,140,656
Avistar (February 2013 Acquisition) [Member] \| Series B [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013		2013
Maturity Date		Apr. 1, 2050		Apr. 1, 2050
Base Interest Rate		9.00%		9.00%
Principal Outstanding		$ 1,164,744		$ 1,173,292
Avistar at the Oaks [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2013		2013
Maturity Date	[2]	Aug. 1, 2050		Aug. 1, 2050
Base Interest Rate	[2]	6.00%		6.00%
Principal Outstanding	[2]	$ 7,295,334		$ 7,388,262
Avistar in 09 [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2013		2013
Maturity Date	[2]	Aug. 1, 2050		Aug. 1, 2050
Base Interest Rate	[2]	6.00%		6.00%
Principal Outstanding	[2]	$ 6,299,237		$ 6,379,479
Avistar on the Hills [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2013		2013
Maturity Date	[2]	Aug. 1, 2050		Aug. 1, 2050
Base Interest Rate	[2]	6.00%		6.00%
Principal Outstanding	[2]	$ 4,994,549		$ 5,058,171
Avistar (June 2013 Acquisition) [Member] \| Series B [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2013		2013
Maturity Date		Sep. 1, 2050		Sep. 1, 2050
Base Interest Rate		9.00%		9.00%
Principal Outstanding		$ 976,241		$ 983,121
Avistar at the Parkway [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2015		2015
Maturity Date	[7]	May 1, 2052		May 1, 2052
Base Interest Rate	[7]	6.00%		6.00%
Principal Outstanding	[7]	$ 12,579,783		$ 12,721,014
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. 1, 2052		Jun. 1, 2052
Base Interest Rate		12.00%		12.00%
Principal Outstanding		$ 123,598		$ 123,973
Avistar at Wilcrest [Member] \| Series A [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[5]	2017	[6]
Maturity Date		May 1, 2054	[5]	May 1, 2054	[6]
Base Interest Rate		5.75%	[5]	5.75%	[6]
Principal Outstanding		$ 5,183,794	[5]	$ 5,235,915	[6]
Avistar at Wood Hollow [Member] \| Series A [Member] \| Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[5]	2017	[6]
Maturity Date		May 1, 2054	[5]	May 1, 2054	[6]
Base Interest Rate		5.75%	[5]	5.75%	[6]
Principal Outstanding		$ 39,360,427	[5]	$ 39,756,184	[6]
Bridle Ridge [Member] \| Greer, SC [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[8]	2008		2008
Maturity Date	[8]	Jan. 1, 2043		Jan. 1, 2043
Base Interest Rate	[8]	6.00%		6.00%
Principal Outstanding	[8]	$ 7,145,000		$ 7,235,000
Brookstone [Member] \| Waukegan, Illinois [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[8]	2009		2009
Maturity Date	[8]	May 1, 2040		May 1, 2040
Base Interest Rate	[8]	5.45%		5.45%
Principal Outstanding	[8]	$ 8,531,517		$ 8,652,804
Bruton Apartments [Member] \| Dallas Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2014		2014
Maturity Date	[1]	Aug. 1, 2054		Aug. 1, 2054
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 17,532,185		$ 17,674,167
Columbia Gardens [Member] \| Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Dec. 1, 2050		Dec. 1, 2050
Base Interest Rate	[1]	5.50%		5.50%
Principal Outstanding	[1]	$ 12,620,000		$ 12,775,000
Companion at Thornhill Apartments [Member] \| Lexington, South Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jan. 1, 2052		Jan. 1, 2052
Base Interest Rate	[1]	5.80%		5.80%
Principal Outstanding	[1]	$ 10,924,609		$ 11,055,254
Concord at Gulfgate [Member] \| Series A [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Feb. 1, 2032		Feb. 1, 2032
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 18,606,719		$ 18,796,773
Concord at Little York [Member] \| Series A [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Feb. 1, 2032		Feb. 1, 2032
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 13,034,887		$ 13,168,029
Concord at Williamcrest [Member] \| Series A [Member] \| Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Feb. 1, 2032		Feb. 1, 2032
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 20,192,436		$ 20,398,687
Courtyard [Member] \| Series A [Member] \| Fullerton California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Dec. 1, 2033		Dec. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 9,970,209		$ 10,061,161
Cross Creek [Member] \| Beaufort, South Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[8]	2009		2009
Maturity Date	[8]	Mar. 1, 2049		Mar. 1, 2049
Base Interest Rate	[8]	6.15%		6.15%
Principal Outstanding	[8]	$ 7,747,521		$ 7,862,645
Decatur Angle [Member] \| Fort Worth, Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2014		2014
Maturity Date	[1]	Jan. 1, 2054		Jan. 1, 2054
Base Interest Rate	[1]	5.75%		5.75%
Principal Outstanding	[1]	$ 22,074,594		$ 22,270,729
Harden Ranch [Member] \| Series A [Member] \| Salinas California
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2014		2014
Maturity Date	[2]	Mar. 1, 2030		Mar. 1, 2030
Base Interest Rate	[2]	5.75%		5.75%
Principal Outstanding	[2]	$ 6,538,111		$ 6,621,823
Heritage Square [Member] \| Series A [Member] \| Edinburg Texas
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2014		2014
Maturity Date	[7]	Sep. 1, 2051		Sep. 1, 2051
Base Interest Rate	[7]	6.00%		6.00%
Principal Outstanding	[7]	$ 10,455,924		$ 10,579,057
Jackson Manor Apartments [Member] \| Jackson, MS [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[5]	2021
Maturity Date	[5]	May 1, 2038
Base Interest Rate	[5]	5.00%
Principal Outstanding	[5]	$ 4,900,000
Crossing at 1415 [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Dec. 1, 2052		Dec. 1, 2052
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 7,253,698		$ 7,331,821
Gateway Village [Member] \| Durham, North Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2019	[5]	2019	[6]
Maturity Date		Apr. 1, 2032	[5]	Apr. 1, 2032	[6]
Base Interest Rate		6.10%	[5]	6.10%	[6]
Principal Outstanding		$ 2,600,000	[5]	$ 2,600,000	[6]
Esperanza at Palo Alto [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2018		2018
Maturity Date	[1]	Jul. 1, 2058		Jul. 1, 2058
Base Interest Rate	[1]	5.80%		5.80%
Principal Outstanding	[1]	$ 19,071,622		$ 19,218,417
Glenview Apartments [Member] \| Series A [Member] \| Cameron California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2014		2014
Maturity Date	[7]	Dec. 1, 2031		Dec. 1, 2031
Base Interest Rate	[7]	5.75%		5.75%
Principal Outstanding	[7]	$ 4,429,350		$ 4,483,154
Greens Property [Member] \| Series A [Member] \| Durham, North Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2012		2012
Maturity Date	[2]	Oct. 1, 2047		Oct. 1, 2047
Base Interest Rate	[2]	6.50%		6.50%
Principal Outstanding	[2]	$ 7,719,000		$ 7,829,000
Greens Property [Member] \| Series B [Member] \| Durham, North Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2012		2012
Maturity Date		Oct. 1, 2047		Oct. 1, 2047
Base Interest Rate		12.00%		12.00%
Principal Outstanding		$ 920,637		$ 925,607
Harmony Court Bakersfield [Member] \| Series A [Member] \| Bakersfield, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Dec. 1, 2033		Dec. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 3,635,277		$ 3,668,439
Heights at 515 [Member] \| Series A [Member] \| San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Dec. 1, 2052		Dec. 1, 2052
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 6,640,885		$ 6,712,409
Harmony Terrace [Member] \| Series A [Member] \| Simi Valley, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jan. 1, 2034		Jan. 1, 2034
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 6,730,004		$ 6,791,096
Las Palmas II [Member] \| Series A [Member] \| Coachella, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Nov. 1, 2033		Nov. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 1,649,370		$ 1,664,566
Live 929 Apartments [Member] \| Series A [Member] \| Baltimore Maryland
Summary Of Investment Holdings [Line Items]
Year Acquired		2014	[5]	2014	[6]
Maturity Date		Jul. 1, 2049	[5]	Jul. 1, 2049	[6]
Base Interest Rate		5.78%	[5]	5.78%	[6]
Principal Outstanding		$ 39,465,000	[5]	$ 39,465,000	[6]
Live 929 Apartments [Member] \| Series B [Member] \| Baltimore Maryland
Summary Of Investment Holdings [Line Items]
Year Acquired		2021
Maturity Date		Jul. 1, 2039
Base Interest Rate		1.60%
Principal Outstanding		$ 21,680,000
Lutheran Gardens [Member] \| Series A [Member] \| Compton, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2021
Maturity Date		Feb. 1, 2025
Base Interest Rate		4.90%
Principal Outstanding		$ 10,352,000
Lynnhaven Apartments [Member] \| Durham, North Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2019	[5]	2019	[6]
Maturity Date		Apr. 1, 2032	[5]	Apr. 1, 2032	[6]
Base Interest Rate		6.10%	[5]	6.10%	[6]
Principal Outstanding		$ 3,450,000	[5]	$ 3,450,000	[6]
Meadow Valley [Member] \| Series A [Member] \| Garfield Charter Township, MI [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2021
Maturity Date		Dec. 1, 2029
Base Interest Rate		6.25%
Principal Outstanding		$ 100,000
Montclair Apartments [Member] \| Series A [Member] \| Lemoore California
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2014		2014
Maturity Date	[7]	Dec. 1, 2031		Dec. 1, 2031
Base Interest Rate	[7]	5.75%		5.75%
Principal Outstanding	[7]	$ 2,399,626		$ 2,428,775
Montecito at Williams Ranch Apartments [Member] \| Series A [Member] \| Salinas California
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[5]	2017	[6]
Maturity Date		Oct. 1, 2034	[5]	Oct. 1, 2034	[6]
Base Interest Rate		5.50%	[5]	5.50%	[6]
Principal Outstanding		$ 7,568,334	[5]	$ 7,626,287	[6]
Montevista [Member] \| Series A [Member] \| San Pablo, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2019	[5]	2019	[6]
Maturity Date		Jul. 1, 2036	[5]	Jul. 1, 2036	[6]
Base Interest Rate		5.75%	[5]	5.75%	[6]
Principal Outstanding		$ 6,701,776	[5]	$ 6,720,000	[6]
Oaks at Georgetown [Member] \| Series A [Member] \| Georgetown, Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jan. 1, 2034		Jan. 1, 2034
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 12,026,225		$ 12,135,392
Ocotillo Springs [Member] \| Series A [Member] \| Brawley, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2020	[5]	2020	[6]
Maturity Date		Aug. 1, 2037	[5]	Aug. 1, 2037	[6]
Base Interest Rate		4.55%	[5]	4.55%	[6]
Principal Outstanding		$ 15,000,000	[5]	$ 2,023,500	[6]
Ohio Properties [Member] \| Series A [Member] \| OH [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[8]	2010		2010
Maturity Date	[8]	Jun. 1, 2050		Jun. 1, 2050
Base Interest Rate	[8]	7.00%		7.00%
Principal Outstanding	[8]	$ 13,580,000		$ 13,724,000
Ohio Properties [Member] \| Series B [Member] \| OH [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2010		2010
Maturity Date		Jun. 1, 2050		Jun. 1, 2050
Base Interest Rate		10.00%		10.00%
Principal Outstanding		$ 3,465,270		$ 3,485,690
Provision Center 2014-1 [Member] \| Knoxville Tennessee
Summary Of Investment Holdings [Line Items]
Year Acquired		2014		2014
Maturity Date		May 1, 2034		May 1, 2034
Base Interest Rate		6.00%		6.00%
Principal Outstanding		$ 10,000,000		$ 10,000,000
Renaissance [Member] \| Series A [Member] \| Baton Rouge, Louisiana [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2015		2015
Maturity Date	[7]	Jun. 1, 2050		Jun. 1, 2050
Base Interest Rate	[7]	6.00%		6.00%
Principal Outstanding	[7]	$ 10,732,295		$ 10,870,681
Residency at the Mayer [Member] \| Series A [Member] \| Hollywood, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[5]	2021
Maturity Date	[5]	Apr. 1, 2039
Base Interest Rate	[5]	3.85%
Principal Outstanding	[5]	$ 24,000,000
Rosewood Townhomes [Member] \| Series A [Member] \| Goose Creek South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[6]			2017
Maturity Date	[6]			Jul. 1, 2055
Base Interest Rate	[6]			5.75%
Principal Outstanding	[6]			$ 9,259,206
Rosewood Townhomes [Member] \| Series B [Member] \| Goose Creek South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired				2017
Maturity Date				Aug. 1, 2055
Base Interest Rate				12.00%
Principal Outstanding				$ 469,781
Runnymede [Member] \| Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[8]	2007		2007
Maturity Date	[8]	Oct. 1, 2042		Oct. 1, 2042
Base Interest Rate	[8]	6.00%		6.00%
Principal Outstanding	[8]	$ 9,675,000		$ 9,805,000
San Vicente [Member] \| Series A [Member] \| Soledad, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Nov. 1, 2033		Nov. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 3,400,913		$ 3,432,246
Santa Fe Apartments [Member] \| Series A [Member] \| Hesperia California
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2014		2014
Maturity Date	[7]	Dec. 1, 2031		Dec. 1, 2031
Base Interest Rate	[7]	5.75%		5.75%
Principal Outstanding	[7]	$ 2,907,057		$ 2,942,370
Seasons at Simi Valley [Member] \| Series A [Member] \| Simi Valley, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Sep. 1, 2032		Sep. 1, 2032
Base Interest Rate	[1]	5.75%		5.75%
Principal Outstanding	[1]	$ 4,188,582		$ 4,236,876
Seasons Lakewood [Member] \| Series A [Member] \| Lakewood, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jan. 1, 2034		Jan. 1, 2034
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 7,168,917		$ 7,233,993
Seasons San Juan Capistrano [Member] \| Series A [Member] \| San Juan Capistrano California
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Jan. 1, 2034		Jan. 1, 2034
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 12,070,116		$ 12,179,682
Silver Moon [Member] \| Series A [Member] \| Albuquerque, NM [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[7]	2015		2015
Maturity Date	[7]	Aug. 1, 2055		Aug. 1, 2055
Base Interest Rate	[7]	6.00%		6.00%
Principal Outstanding	[7]	$ 7,629,704		$ 7,697,891
Solano Vista [Member] \| Series A [Member] \| Vallejo, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2018		2018
Maturity Date		Jan. 1, 2036		Jan. 1, 2036
Base Interest Rate		5.85%		5.85%
Principal Outstanding		$ 2,649,291		$ 2,665,000
South Pointe Apartments [Member] \| Series A [Member] \| Hanahan South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[6]			2017
Maturity Date	[6]			Jul. 1, 2055
Base Interest Rate	[6]			5.75%
Principal Outstanding	[6]			$ 21,551,600
South Pointe Apartments [Member] \| Series B [Member] \| Hanahan South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired				2017
Maturity Date				Aug. 1, 2055
Base Interest Rate				12.00%
Principal Outstanding				$ 1,099,487
Southpark [Member] \| Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[8]	2009		2009
Maturity Date	[8]	Dec. 1, 2049		Dec. 1, 2049
Base Interest Rate	[8]	6.13%		6.13%
Principal Outstanding	[8]	$ 12,675,000		$ 12,845,000
Summerhill [Member] \| Series A [Member] \| Bakersfield, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Dec. 1, 2033		Dec. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 6,259,888		$ 6,316,993
Sycamore Walk [Member] \| Series A [Member] \| Bakersfield, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Jan. 1, 2033		Jan. 1, 2033
Base Interest Rate	[1]	5.25%		5.25%
Principal Outstanding	[1]	$ 3,474,617		$ 3,517,919
The Palms at Premier Park Apartments \| Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2013		2013
Maturity Date	[2]	Jan. 1, 2050		Jan. 1, 2050
Base Interest Rate	[2]	6.25%		6.25%
Principal Outstanding	[2]	$ 18,385,572		$ 18,619,081
Tyler Park Townhomes [Member] \| Greenfield California
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2013		2013
Maturity Date	[2]	Jan. 1, 2030		Jan. 1, 2030
Base Interest Rate	[2]	5.75%		5.75%
Principal Outstanding	[2]	$ 5,694,168		$ 5,767,938
Village at Avalon [Member] \| Albuquerque, NM [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2018	[9]	2018	[10]
Maturity Date		Jan. 1, 2059	[9]	Jan. 1, 2059	[10]
Base Interest Rate		5.80%	[9]	5.80%	[10]
Principal Outstanding		$ 16,069,382	[9]	$ 16,189,074	[10]
The Village at Madera [Member] \| Series A [Member] \| Madera, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2016		2016
Maturity Date	[1]	Dec. 1, 2033		Dec. 1, 2033
Base Interest Rate	[1]	5.00%		5.00%
Principal Outstanding	[1]	$ 3,006,656		$ 3,034,084
Village at River's Edge [Member] \| Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2017		2017
Maturity Date	[1]	Jun. 1, 2033		Jun. 1, 2033
Base Interest Rate	[1]	6.00%		6.00%
Principal Outstanding	[1]	$ 9,728,355		$ 9,802,479
Vineyard Gardens \| Series A [Member] \| Oxnard, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired		2017	[5]	2017	[6]
Maturity Date		Jan. 1, 2035	[5]	Jan. 1, 2035	[6]
Base Interest Rate		5.50%	[5]	5.50%	[6]
Principal Outstanding		$ 3,939,476	[5]	$ 3,969,173	[6]
Westside Village Market [Member] \| Shafter California
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2013		2013
Maturity Date	[2]	Jan. 1, 2030		Jan. 1, 2030
Base Interest Rate	[2]	5.75%		5.75%
Principal Outstanding	[2]	$ 3,721,129		$ 3,769,337
Willow Run [Member] \| Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired	[1]	2015		2015
Maturity Date	[1]	Dec. 1, 2050		Dec. 1, 2050
Base Interest Rate	[1]	5.50%		5.50%
Principal Outstanding	[1]	$ 12,444,000		$ 12,597,000
Woodlynn Village [Member] \| Maplewood Minnesota
Summary Of Investment Holdings [Line Items]
Year Acquired	[8]			2008
Maturity Date	[8]			Nov. 1, 2042
Base Interest Rate	[8]			6.00%
Principal Outstanding	[8]			$ 4,120,000
Copper Gate Apartments [Member] \| Lafayette, Indiana [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired	[2]	2013		2013
Maturity Date	[2]	Dec. 1, 2029		Dec. 1, 2029
Base Interest Rate	[2]	6.25%		6.25%
Principal Outstanding	[2]	$ 4,900,000		$ 4,955,000

[1]	MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16
[2]	MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16
[3]	Both MRBs are part of the same series but had different interest rates and maturity dates.
[4]	Both MRBs are part of the same series but have different interest rates and maturity dates.
[5]	MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, Note 16
[6]	MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16
[7]	MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16
[8]	MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16
[9]	MRB held by Morgan Stanley in a secured financing transaction, Note 16
[10]	MRB held by Morgan Stanley in a debt financing transaction, Note 16

Governmental Issuer Loans - Sum

Governmental Issuer Loans - Summary of Partnership's GIL Investments (Details)		12 Months Ended
		Dec. 31, 2021USD ($)Unit		Dec. 31, 2020USD ($)Unit
SIFMA [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate		2.25%		2.25%
Scharbauer Flats Apartments [Member]
Governmental Issuer Loans [Line Items]
Maturity Date		Jan. 1, 2023	[1],[2],[3]	Jan. 1, 2023	[4],[5],[6]
Oasis at Twin Lakes [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	[1],[2],[3]	Aug. 1, 2023
Centennial Crossings [Member]
Governmental Issuer Loans [Line Items]
Maturity Date		Sep. 1, 2023	[1],[2],[3]	Sep. 1, 2023	[4],[5],[6]
Legacy Commons at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	[1],[2],[3]	Feb. 1, 2024
Legacy Commons at Signal Hills [Member] \| SOFR [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[2],[3],[7]	3.07%
Hilltop at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	[1],[2],[3]	Aug. 1, 2023
Hilltop at Signal Hills [Member] \| SOFR [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[2],[3],[7]	3.07%
Osprey Village [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	[1],[2],[3]	Aug. 1, 2024
Osprey Village [Member] \| SOFR [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[2],[3],[7]	3.07%
Willow Place Apartments [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	[1],[2],[3]	Oct. 1, 2024
Willow Place Apartments [Member] \| SOFR [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[2],[3],[8]	3.30%
Governmental Issuer Loans [Member] \| TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Amortized Cost		$ 184,767,450		$ 64,863,657
Governmental Issuer Loans [Member] \| Scharbauer Flats Apartments [Member] \| TOB Trust [Member] \| Midland, TX [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		June 2020	[9]	June 2020	[10]
Units \| Unit		300	[9]	300	[10]
Maturity Date		Jan. 1, 2023	[9],[11]	Jan. 1, 2023	[10],[12]
Current Interest Rate		3.20%	[9]	3.19%	[10]
Amortized Cost		$ 40,000,000	[9]	$ 40,000,000	[10]
Governmental Issuer Loans [Member] \| Scharbauer Flats Apartments [Member] \| TOB Trust [Member] \| SIFMA [Member] \| Midland, TX [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate		3.10%	[9]	3.10%	[10]
Governmental Issuer Loans [Member] \| Oasis at Twin Lakes [Member] \| TOB Trust [Member] \| Roseville, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		July 2020	[9]	July 2020	[10]
Units \| Unit		228	[9]	228	[10]
Maturity Date		Aug. 1, 2023	[9],[11]	Aug. 1, 2023	[10],[12]
Current Interest Rate		3.75%	[9]	3.75%	[10]
Amortized Cost		$ 34,000,000	[9]	$ 14,403,000	[10]
Governmental Issuer Loans [Member] \| Oasis at Twin Lakes [Member] \| TOB Trust [Member] \| SIFMA [Member] \| Roseville, MN [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate		3.25%	[9],[13],[14]	3.25%	[10],[15],[16]
Governmental Issuer Loans [Member] \| Centennial Crossings [Member] \| TOB Trust [Member] \| Centennial, CO [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		August 2020	[9]	August 2020	[10]
Units \| Unit		209	[9]	209	[10]
Maturity Date		Sep. 1, 2023	[9],[11]	Sep. 1, 2023	[10],[12]
Current Interest Rate		3.25%	[9]	3.25%	[10]
Amortized Cost		$ 33,080,000	[9]	$ 10,460,657	[10]
Governmental Issuer Loans [Member] \| Centennial Crossings [Member] \| TOB Trust [Member] \| SIFMA [Member] \| Centennial, CO [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate		2.75%	[9],[13]	2.75%	[10],[15]
Governmental Issuer Loans [Member] \| Legacy Commons at Signal Hills [Member] \| TOB Trust [Member] \| St Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	[9]	January 2021
Units \| Unit	[9]	247
Maturity Date	[9],[11]	Feb. 1, 2024
Current Interest Rate	[9]	3.57%
Amortized Cost	[9]	$ 33,120,605
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	[9],[13]	3.07%
Governmental Issuer Loans [Member] \| Hilltop at Signal Hills [Member] \| TOB Trust [Member] \| St Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	[9]	January 2021
Units \| Unit	[9]	146
Maturity Date	[9],[11]	Aug. 1, 2023
Current Interest Rate	[9]	3.57%
Amortized Cost	[9]	$ 21,550,584
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	[9],[13]	3.07%
Governmental Issuer Loans [Member] \| Hope on Avalon [Member] \| TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	[17]	Feb. 1, 2023
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	[11]	Feb. 1, 2023
Current Interest Rate		4.60%
Amortized Cost		$ 9,981,200
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	[13]	3.75%
Governmental Issuer Loans [Member] \| Hope on Broadway [Member] \| TOB Trust [Member] \| Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		January 2021
Units \| Unit		49
Maturity Date	[11]	Feb. 1, 2023
Current Interest Rate		4.60%
Amortized Cost		$ 3,691,245
Governmental Issuer Loans [Member] \| Hope on Broadway [Member] \| TOB Trust [Member] \| SIFMA [Member] \| Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[13]	3.75%
Governmental Issuer Loans [Member] \| Osprey Village [Member] \| TOB Trust [Member] \| Kissimmee, FL [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	[9]	July 2021
Units \| Unit	[9]	383
Maturity Date	[9],[11]	Aug. 1, 2024
Current Interest Rate	[9]	3.57%
Amortized Cost	[9]	$ 6,372,030
Governmental Issuer Loans [Member] \| Osprey Village [Member] \| TOB Trust [Member] \| SOFR [Member] \| Kissimmee, FL [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[9],[13]	3.07%
Governmental Issuer Loans [Member] \| Willow Place Apartments [Member] \| TOB Trust [Member] \| McDonough, GA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	[9]	September 2021
Units \| Unit	[9]	182
Maturity Date	[9],[11]	Oct. 1, 2024
Current Interest Rate	[9]	3.55%
Amortized Cost	[9]	$ 2,971,786
Governmental Issuer Loans [Member] \| Willow Place Apartments [Member] \| TOB Trust [Member] \| SOFR [Member] \| McDonough, GA [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[9],[13]	3.30%

[1]	The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.
[2]	The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan.
[3]	The property loan is held in trust in connection with a TOB financings (Note 16).
[4]	The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.
[5]	The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan.
[6]	The property loan is held in trust in connection with a TOB financings (Note 16).
[7]	The index is subject to a floor of 0.50 %.
[8]	The index is subject to a floor of 0.25 %.
[9]	The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 23).
[10]	The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 23).
[11]	The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.
[12]	The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon payment of a non-refundable extension fee.
[13]	The variable index interest rate component is subject to a floor.
[14]	The variable rate decreases to SIFMA plus 2.25 % upon completion of construction.
[15]	The variable index interest rate component is subject to a floor.
[16]	The variable rate decreases to SIFMA plus 2.25 % upon completion of construction.
[17]	The borrower may elect to extend the maturity date six months upon meeting certain conditions, including payment of a non-refundable extension fee.

Governmental Issuer Loans - S_2

Governmental Issuer Loans - Summary of Partnership's GIL Investments (Parenthetical) (Details)	Dec. 31, 2021	Dec. 31, 2020
SIFMA [Member]
Governmental Issuer Loans [Line Items]
Variable rate	2.25%	2.25%

Governmental Issuer Loans - Add

Governmental Issuer Loans - Additional Information (Details) - Governmental Issuer Loans [Member] - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Legacy Commons at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Loans commitment	$ 34.6
Hilltop at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Loans commitment	24.5
Hope on Avalon [Member]
Governmental Issuer Loans [Line Items]
Loans commitment	23.4
Hope on Broadway [Member]
Governmental Issuer Loans [Line Items]
Loans commitment	12.1
Osprey Village [Member]
Governmental Issuer Loans [Line Items]
Loans commitment	60
Willow Place Apartments [Member]
Governmental Issuer Loans [Line Items]
Loans commitment	$ 25
Scharbauer Flats Apartments [Member]
Governmental Issuer Loans [Line Items]
Loans commitment		$ 40
Oasis at Twin Lakes [Member]
Governmental Issuer Loans [Line Items]
Loans commitment		34
Centennial Crossings [Member]
Governmental Issuer Loans [Line Items]
Loans commitment		$ 33.1

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Assets Owned by Partnership (Details)		Dec. 31, 2021USD ($)Unit		Dec. 31, 2020USD ($)Unit
Real Estate [Line Items]
Land and Land Improvements		$ 7,411,079		$ 4,875,265
Buildings and Improvements		72,998,475		72,316,152
Carrying Value		80,409,554		77,191,417
Accumulated depreciation		(20,701,922)		(18,150,215)
Net real estate assets		$ 59,707,632		$ 59,041,202
Suites on Paseo [Member] \| San Diego, CA [Member]
Real Estate [Line Items]
Number of Units \| Unit		384		384
Land and Land Improvements		$ 3,199,268		$ 3,199,268
Buildings and Improvements		39,302,507		39,375,298
Carrying Value		$ 42,501,775		$ 42,574,566
The 50/50 Student Housing--UNL [Member] \| Lincoln, NE [Member]
Real Estate [Line Items]
Number of Units \| Unit		475		475
Buildings and Improvements		$ 33,013,039		$ 32,940,854
Carrying Value		$ 33,013,039		32,940,854
Vantage at San Marcos [Member] \| San Marcos TX [Member]
Real Estate [Line Items]
Number of Units \| Unit	[1]	288
Land and Land Improvements	[2]	$ 2,660,615
Buildings and Improvements	[2]	682,929
Carrying Value	[2]	3,343,544
Land Held for Development [Member]
Real Estate [Line Items]
Land and Land Improvements		1,551,196	[3]	1,675,997	[4]
Carrying Value		$ 1,551,196	[3]	$ 1,675,997	[4]

[1]	The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). A development site has been identified for this property but construction has not commenced as of December 31, 2021.
[2]	The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information.
[3]	Land held for development consists of land and development costs for parcels of land in Richland County, SC and Omaha, NE.
[4]	Land held for development consists of land and development costs for parcels of land in Gardner, KS and Richland County, SC and Omaha, NE.

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Nov. 30, 2021	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Loss recognized on sale of land held for development			$ (14,800)
Impairment charge on real estate assets				$ 25,200
Gardner, KS [Member]
Real Estate [Line Items]
Loss recognized on sale of land held for development	$ (14,800)
Impairment charge on real estate assets		$ 25,200

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Nov. 30, 2020	Aug. 31, 2020	Jan. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Cash received		$ 55,425,711
Investment Income on sale of properties		(14,800)
Vantage At Westover Hills [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction									$ 7,300,000
Vantage At Waco [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received	$ 10,800,000
Investment Income on sale of properties	$ 1,500,000
Vantage At Tomball [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction								$ 10,400,000
Vantage At Hutto [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction		11,200,000					$ 10,500,000
Vantage At San Marcos [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction							$ 9,900,000
Vantage at Loveland [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction						$ 16,300,000
Increase in equity commitment of fund construction upon certain events						$ 18,200,000
Vantage at Helotes [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction					$ 12,600,000
Vantage at Fair Oaks [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction			$ 11,000,000	$ 1,100,000
Vantage At McKinney Falls [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction		$ 11,400,000
ATAX Vantage Holdings, LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Return on investment period		5 years

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details)		12 Months Ended
		Dec. 31, 2021USD ($)Unit	Dec. 31, 2020USD ($)
Schedule Of Equity Method Investments [Line Items]
Carrying Value		$ 107,793,522	$ 106,878,570
Vantage At Powdersville [Member] \| Powdersville S C [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2017-11
Construction Completion Date		2020-02
Carrying Value			12,295,801
Vantage At Stone Creek [Member] \| Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		294
Construction Commencement Date		2018-03
Construction Completion Date		2020-04
Carrying Value		$ 6,143,099	7,840,500
Vantage At Bulverde [Member] \| Bulverde T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2018-03
Construction Completion Date		2019-08
Carrying Value			10,570,000
Vantage At Germantown [Member] \| Germantown, TN [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2018-06
Construction Completion Date		2020-03
Carrying Value			12,425,000
Vantage At Murfreesboro [Member] \| Murfreesboro, TN [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2018-09
Construction Completion Date		2020-10
Carrying Value		$ 12,240,000	14,640,000
Vantage At Coventry [Member] \| Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		294
Construction Commencement Date		2018-09
Construction Completion Date		2021-02
Carrying Value		$ 7,611,614	9,007,435
Vantage At Conroe [Member] \| Conroe T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2019-04
Construction Completion Date		2021-01
Carrying Value		$ 11,164,625	10,406,895
Vantage At Westover Hills [Member] \| San Antonio, TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2020-01
Construction Completion Date		2021-07
Carrying Value		$ 8,861,504	8,021,544
Vantage At O'Connor [Member] \| San Antonio, TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2019-10
Construction Completion Date		2021-06
Carrying Value		$ 9,109,343	8,245,890
Vantage At Tomball [Member] \| Tomball TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2020-08
Carrying Value		$ 11,814,774	9,280,134
Vantage At Hutto [Member] \| Hutto TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2021-12
Carrying Value		$ 5,629,651	3,163,676
Vantage At San Marcos [Member] \| San Marcos TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	[1]	288
Carrying Value	[1]		$ 981,695
Vantage At Loveland [Member] \| Loveland, CO [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2021-04
Carrying Value		$ 10,913,911
Vantage At Helotes [Member] \| Helotes, TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2021-05
Carrying Value		$ 11,350,686
Vantage at Fair Oaks [Member] \| Boerne, TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2021-09
Carrying Value		$ 6,424,306
Vantage At McKinney Falls [Member] \| McKinney Falls, TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Construction Commencement Date		2021-12
Carrying Value		$ 6,530,009

[1]	The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). A development site has been identified for this property but construction has not commenced as of December 31, 2021.

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Sales Information of Partnership Investment in Unconsolidated Entities (Details)	1 Months Ended	12 Months Ended
	Nov. 30, 2021USD ($)	Dec. 31, 2021USD ($)Unit
Schedule Of Equity Method Investments [Line Items]
Gross Proceeds		$ 55,425,711
Investment Income from sale of properties		4,614,160
Gain on Sale		$ 15,520,749
Vantage At Germantown [Member] \| Germantown T N [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Month Sold		2021-03
Gross Proceeds		$ 16,096,560
Investment Income from sale of properties		862,454
Gain on Sale		$ 2,809,106
Vantage At Powdersville [Member] \| Powdersville S C [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Month Sold		2021-05
Gross Proceeds		$ 20,118,680
Investment Income from sale of properties		2,359,394
Gain on Sale		$ 5,463,484
Vantage At Bulverde [Member] \| Bulverde T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Month Sold		2021-08
Gross Proceeds		$ 18,916,961
Investment Income from sale of properties		1,392,312
Gain on Sale		$ 6,954,649
Vantage At Panama City Beach [Member] \| Panama City Beach FL [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Gross Proceeds	$ 293,510	$ 293,510
Gain on Sale		$ 293,510

Investments in Unconsolidated_6

Investments in Unconsolidated Entities - Summary of Sales Information of Partnership Investment in Unconsolidated Entities (Parenthetical) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Cash received		$ 55,425,711
Vantage At Panama City Beach [Member] \| Panama City Beach FL [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received	$ 293,510	$ 293,510

Investments in Unconsolidated_7

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Property Revenues	$ 24,501,799	$ 14,553,331
Gain on sale of property	42,792,935	6,106,279
Net income (loss)	$ 37,836,191	$ (1,674,527)

Property Loans, Net of Loan L_3

Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 76,850,616		$ 21,225,765
Loan Loss Allowance		(8,749,348)		(8,305,046)		$ (7,393,814)
Property Loan Principal, net of allowance		$ 68,101,268		$ 12,920,719
Avistar (February 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Jun. 26, 2024		Jun. 26, 2024
Interest Rate		12.00%		12.00%
Property loan receivable, outstanding balance		$ 201,972		$ 201,972
Property Loan Principal, net of allowance		$ 201,972		$ 201,972
Avistar (June 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Jun. 26, 2024		Jun. 26, 2024
Interest Rate		12.00%		12.00%
Property loan receivable, outstanding balance		$ 251,622		$ 251,622
Property Loan Principal, net of allowance		$ 251,622		$ 251,622
Centennial Crossings [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Sep. 1, 2023	[1],[2],[3]	Sep. 1, 2023	[4],[5],[6]
Property loan receivable, outstanding balance		$ 11,354,386	[2],[3]	$ 3,017,729	[5],[6]
Property Loan Principal, net of allowance		$ 11,354,386	[2],[3]	$ 3,017,729	[5],[6]
Centennial Crossings [Member] \| LIBOR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate		2.50%	[2],[3],[7]	2.50%	[5],[6],[8]
Cross Creek [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Dec. 1, 2025		Dec. 1, 2025
Interest Rate		6.15%		6.15%
Property loan receivable, outstanding balance		$ 11,101,887		$ 11,101,887
Loan Loss Allowance		(7,393,814)		(7,393,814)
Property Loan Principal, net of allowance		$ 3,708,073		$ 3,708,073
Greens Property [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Sep. 1, 2046		Sep. 1, 2046
Interest Rate		10.00%		10.00%
Property loan receivable, outstanding balance		$ 850,000		$ 850,000
Property Loan Principal, net of allowance		$ 850,000		$ 850,000
Hilltop at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[1],[2],[3]	Aug. 1, 2023
Property loan receivable, outstanding balance	[2],[3]	$ 1,000,000
Property Loan Principal, net of allowance	[2],[3]	$ 1,000,000
Hilltop at Signal Hills [Member] \| SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2],[3],[7]	3.07%
Legacy Commons at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[1],[2],[3]	Feb. 1, 2024
Property loan receivable, outstanding balance	[2],[3]	$ 2,604,230
Property Loan Principal, net of allowance	[2],[3]	$ 2,604,230
Legacy Commons at Signal Hills [Member] \| SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2],[3],[7]	3.07%
Live 929 Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Jul. 31, 2049		Jul. 31, 2049
Interest Rate		8.00%		8.00%
Property loan receivable, outstanding balance		$ 1,355,534		$ 911,232
Loan Loss Allowance		$ (1,355,534)		$ (911,232)
Magnolia Crossing [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Dec. 1, 2022
Property loan receivable, outstanding balance		$ 13,424,579
Property Loan Principal, net of allowance		$ 13,424,579
Magnolia Crossing [Member] \| SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[9]	6.50%
Oasis at Twin Lakes [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[1],[2],[3]	Aug. 1, 2023
Property loan receivable, outstanding balance	[2],[3]	$ 20,607,362
Property Loan Principal, net of allowance	[2],[3]	$ 20,607,362
Oasis at Twin Lakes [Member] \| LIBOR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2],[3],[7]	2.50%
Ohio Properties [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate		10.00%		10.00%
Property loan receivable, outstanding balance		$ 2,390,446		$ 2,390,446
Property Loan Principal, net of allowance		$ 2,390,446		$ 2,390,446
Ohio Properties [Member] \| Minimum [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Dec. 1, 2026		Dec. 1, 2026
Ohio Properties [Member] \| Maximum [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Jun. 1, 2050		Jun. 1, 2050
Osprey Village [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[1],[2],[3]	Aug. 1, 2024
Property loan receivable, outstanding balance	[2],[3]	$ 1,000,000
Property Loan Principal, net of allowance	[2],[3]	$ 1,000,000
Osprey Village [Member] \| SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2],[3],[7]	3.07%
Scharbauer Flats Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date		Jan. 1, 2023	[1],[2],[3]	Jan. 1, 2023	[4],[5],[6]
Property loan receivable, outstanding balance		$ 9,708,598	[2],[3]	$ 2,309,613	[5],[6]
Property Loan Principal, net of allowance		$ 9,708,598	[2],[3]	$ 2,309,613	[5],[6]
Scharbauer Flats Apartments [Member] \| LIBOR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate		2.85%	[2],[3]	2.85%	[5],[6]
Willow Place Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[1],[2],[3]	Oct. 1, 2024
Property loan receivable, outstanding balance	[2],[3]	$ 1,000,000
Property Loan Principal, net of allowance	[2],[3]	$ 1,000,000
Willow Place Apartments [Member] \| SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2],[3],[9]	3.30%
Arbors at Hickory Ridge [Member]
Accounts Notes And Loans Receivable [Line Items]
Maturity Date				Mar. 1, 2049
Interest Rate				6.25%
Property loan receivable, outstanding balance				$ 191,264
Property Loan Principal, net of allowance				$ 191,264

[1]	The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.
[2]	The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan.
[3]	The property loan is held in trust in connection with a TOB financings (Note 16).
[4]	The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.
[5]	The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan.
[6]	The property loan is held in trust in connection with a TOB financings (Note 16).
[7]	The index is subject to a floor of 0.50 %.
[8]	The index is subject to a floor of 0.50 %.
[9]	The index is subject to a floor of 0.25 %.

Property Loans, Net of Loan L_4

Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Parenthetical) (Details)	Dec. 31, 2021	Dec. 31, 2020
LIBOR [Member]
Accounts Notes And Loans Receivable [Line Items]
Floor interest rate	0.50%	0.50%
SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Floor interest rate	0.50%
SOFR [Member] \| Magnolia Crossing [Member]
Accounts Notes And Loans Receivable [Line Items]
Floor interest rate	0.25%
SOFR [Member] \| Willow Place Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Floor interest rate	0.25%

Property Loans, Net of Loan L_5

Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Feb. 28, 2021
Property Loans Net Of Loan Loss Allowance [Line Items]
Provision for loans loss allowance		$ 444,302	$ 911,232
Live 929 Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Provision for loans loss allowance		444,000	911,000
Total property loan amount				$ 1,500,000	$ 1,000,000
Ohio Properties [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Interest earned on property loan principal		983,000	983,000
Legacy Commons at Signal Hills [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Property loan commitments		32,200,000
Hilltop at Signal Hills [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Property loan commitments		21,200,000
Osprey Village [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Property loan commitments		25,500,000
Willow Place Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Property loan commitments		21,400,000
Arbors at Hickory Ridge [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Amount received as payment in full for outstanding principal and interest on a note receivable	$ 328,000
Magnolia Crossing [Member] \| Maximum [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Taxable bridge loan amount		$ 14,500,000
Scharbauer Flats Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Property loan commitments			24,200,000
Oasis at Twin Lakes [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Property loan commitments			27,700,000
Centennial Crossings [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Property loan commitments			$ 24,300,000

Property Loans, Net of Loan L_6

Property Loans, Net of Loan Loss Allowances - Summary of Changes in Partnership's Loan Loss Allowance (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract]
Balance, beginning of year	$ 8,305,046	$ 7,393,814
Provision for loan loss	444,302	911,232
Balance, end of year	$ 8,749,348	$ 8,305,046

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Provision [Line Items]
Total income tax expense	$ 63,792	$ 79,990
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense	152,847	185,910
Deferred income tax benefit	(89,055)	(105,920)
Total income tax expense	$ 63,792	$ 79,990

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Provision [Line Items]
Valuation allowance	$ 0	$ 0
Accrued interest or penalties	0	0
Uncertain tax positions	$ 0	0
Earliest Tax Year [Member]
Income Tax Provision [Line Items]
Partnership tax returns subjected to examination	2018
Latest Tax Year [Member]
Income Tax Provision [Line Items]
Partnership tax returns subjected to examination	2020
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Net deferred tax assets	$ 621,000	$ 532,000

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Other Assets [Abstract]
Deferred financing costs, net	$ 1,349,097	$ 390,649
Fair value of derivative instruments (Note 18)	343,418	321,503
Taxable mortgage revenue bonds, at fair value	3,428,443	1,510,437
Taxable governmental issuer loan held in trust	1,000,000
Bond purchase commitments, at fair value (Note 19)	964,404	431,879
Operating lease right-of-use assets, net	$ 1,619,714	$ 1,648,742
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Other assets	$ 2,157,809	$ 1,605,374
Total other assets	$ 10,862,885	$ 5,908,584

Other Assets - Summary of Taxab

Other Assets - Summary of Taxable Governmental Issuer Loan and MRB, and Total Funding Commitment (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Governmental Issuer Loans [Member] \| Hope on Avalon [Member]
Governmental Issuer Loans [Line Items]
Taxable GIL, Total Commitment	$ 23,400,000
Governmental Issuer Loans [Member] \| Hope on Avalon [Member] \| TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Taxable GIL, Date Committed	2021-01
Maturity Date	Feb. 1, 2023	[1]
Taxable GIL, Initial Outstanding Balance	$ 1,000,000
Taxable GIL, Total Commitment	$ 10,573,000
Mortgage Revenue Bonds [Member] \| Residency at the Mayer [Member] \| TOB Trust [Member] \| Series A-T [Member]
Governmental Issuer Loans [Line Items]
Taxable MRB, Date Committed	2021-10
Maturity Date	Apr. 1, 2024	[2]
Taxable MRB, Initial Outstanding Balance	$ 1,000,000
Taxable MRB, Total Commitment	$ 12,500,000

[1]	The borrower may elect to extend the maturity date six months upon meeting certain conditions, including payment of a non-refundable extension fee.
[2]	The borrower may elect to extend the maturity date six months if stabilization has not occurred, subject to the Partnership's approval.

Other Assets - Summary of Tax_2

Other Assets - Summary of Taxable Governmental Issuer Loan and MRB, and Total Funding Commitment (Parenthetical) (Details) - TOB Trust [Member]	12 Months Ended
	Dec. 31, 2021
Governmental Issuer Loans [Member] \| Hope on Avalon [Member]
Governmental Issuer Loans [Line Items]
Tax exempt loan maturity periods	6 months
Mortgage Revenue Bonds [Member] \| Residency at the Mayer [Member] \| Series A-T [Member]
Governmental Issuer Loans [Line Items]
Tax exempt loan maturity periods	6 months

Other Assets - Summary of Tax_3

Other Assets - Summary of Taxable MRB Acquired (Details) - Mortgage Revenue Bonds [Member] - Ocotillo Springs [Member] - Series A-T [Member]	12 Months Ended
	Dec. 31, 2020USD ($)
Mortgage Loans On Real Estate [Line Items]
Date Committed	2020-07
Maturity Date	Aug. 1, 2022	[1]
Total Commitment	$ 7,000,000

[1]	The borrower has the option to extend the maturity up to one year .

Other Assets - Summary of Tax_4

Other Assets - Summary of Taxable MRB Acquired (Parenthetical) (Details) - Mortgage Revenue Bonds [Member] - Ocotillo Springs [Member] - Series A-T [Member] - USD ($)	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
Mortgage Loans On Real Estate [Line Items]
MRB Partnership Advances	$ 0	$ 1,000,000
Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Tax exempt loan maturity periods	1 year

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Partnership's Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accounts payable	$ 1,234,111	$ 94,674
Accrued expenses	4,102,381	2,755,010
Accrued interest expense	4,229,119	3,433,247
Operating lease liabilities	$ 2,151,991	$ 2,149,001
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total accounts payable, accrued expenses and other liabilities	Total accounts payable, accrued expenses and other liabilities
Other liabilities	$ 1,946,610	$ 1,517,633
Total accounts payable, accrued expenses and other liabilities	$ 13,664,212	$ 9,949,565

Accounts Payable, Accrued Exp_4

Accounts Payable, Accrued Expenses and Other Liabilities - Additional Information (Details) - The 50/50 Student Housing--UNL [Member] - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Initial lease term expiration period	2048-03
Lease agreement extend term	5 years
Annual lease payments	$ 100
Minimum annual payments due under lease agreement	$ 138,000
Annual increment percentage in lease rent	2.00%
Lease agreement annual renewable increase percentage after july 31,2034	3.00%
Expenses related to the agreement	$ 168,000	$ 168,000

Accounts Payable, Accrued Exp_5

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Future Contractual Payments for Partnership's Operating Leases and Reconciliation to Carrying Value of Operating Lease Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
2022	$ 141,119
2023	143,561
2024	144,706
2025	147,598
2026	150,548
Thereafter	4,219,127
Total	4,946,659
Less: Amount representing interest	(2,794,668)
Total operating lease liabilities	$ 2,151,991	$ 2,149,001

Unsecured Lines of Credit - Sum

Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Line Of Credit Facility [Line Items]
Lines of credit	$ 7,475,000
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit	7,475,000
Line of credit facility maximum borrowing capacity	60,000,000
Unsecured Lines of Credit [Member] \| 2.65% Interest Bearing Line of Credit [Member] \| Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit	7,475,000
Line of credit facility maximum borrowing capacity	$ 50,000,000
Commitment Maturity	2022-06
Variable / Fixed	Variable	[1]
Reset Frequency	Monthly
Line of credit facility, interest rate during period	2.65%
Unsecured Lines of Credit [Member] \| 3.40% Interest Bearing Line of Credit [Member] \| Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 10,000,000
Commitment Maturity	2022-06
Variable / Fixed	Variable	[1]
Reset Frequency	Monthly
Line of credit facility, interest rate during period	3.40%

[1]	The variable rate is indexed to LIBOR plus an applicable margin.

Unsecured Lines of Credit - Add

Unsecured Lines of Credit - Additional Information (Details) - USD ($)	Aug. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Outstanding principal		$ 0
BankUnited, N.A. and Bankers Trust Company [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity		40,000,000
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity			$ 60,000,000
Unsecured Lines of Credit [Member] \| Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Termination of operating LOC		$ 10,000,000
Unsecured Lines of Credit [Member] \| Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Outstanding principal	$ 0
Termination of non-operating LOC	$ 50,000,000

Secured Line of Credit - Summar

Secured Line of Credit - Summary of Secured Line of Credit (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Lines of credit			$ 7,475,000
Secured Line Of Credit Facility [Member]
Line Of Credit Facility [Line Items]
Lines of credit		$ 45,714,000
Total Commitment		90,000,000
Secured Line Of Credit Facility [Member] \| Bank United General [Member]
Line Of Credit Facility [Line Items]
Lines of credit		6,500,000
Total Commitment		$ 40,000,000
Commitment Maturity	[1]	2023-06
Variable / Fixed	[2]	Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		3.50%
Secured Line Of Credit Facility [Member] \| Bankers Trust Acquisition [Member]
Line Of Credit Facility [Line Items]
Lines of credit		$ 39,214,000
Total Commitment		$ 50,000,000
Commitment Maturity		2023-06
Variable / Fixed	[3]	Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		3.10%

[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 LIBOR + 3.25 %, subject to a floor of 3.50 %.
[3]	The variable rate is equal to the greater of (i) the Prime Rate or (ii) 3.25 % per annum; plus or minus a margin varying from 0.35 % to ( 0.65 %) depending upon the ratio of the Partnership’s senior debt to market value of assets.

Secured Line of Credit - Summ_2

Secured Line of Credit - Summary of Secured Line of Credit (Parenthetical) (Details) - Secured Line Of Credit Facility [Member]	12 Months Ended
	Dec. 31, 2021Extension
Bank United General [Member]
Line Of Credit Facility [Line Items]
Debt instrument number of extensions	2
Debt instrument extended maturity period	1 year
Payment of extension fee percentage	0.25%
Bank United General [Member] \| LIBOR [Member]
Line Of Credit Facility [Line Items]
Debt instrument variable rate	3.25%
Floor rate	3.50%
Bankers Trust Acquisition [Member]
Line Of Credit Facility [Line Items]
Debt instrument variable rate	3.25%
Bankers Trust Acquisition [Member] \| Minimum [Member]
Line Of Credit Facility [Line Items]
Debt instrument variable rate	0.35%
Bankers Trust Acquisition [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Debt instrument variable rate	(0.65%)

Secured Line of Credit - Additi

Secured Line of Credit - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Aug. 31, 2021	Jun. 30, 2021	Dec. 31, 2021
BankUnited, N.A. and Bankers Trust Company [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity		$ 40,000,000
Secured Line Of Credit Facility [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity			$ 90,000,000
Minimum liquidity		5,000,000
Minimum consolidated tangible net worth		$ 100,000,000
Percentage of minimum consolidated net worth decline from immediately preceding quarter		20.00%
Percentage of minimum consolidated net worth decline from date at the end of two consecutive calendar quarters ending immediately thereafter		35.00%
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 $5 million, maintain a minimum consolidated tangible net worth of $100.0 million, and to notify BankUnited if the Partnership’s consolidated net worth declines by (a) more than 20% from the immediately preceding quarter, or (b) more than 35% from the date at the end of two consecutive calendar quarters ending immediately thereafter. The Partnership was in compliance with all covenants as of December 31, 2021.
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		$ 40,000,000
Aggregate available commitment cannot exceed borrowing base calculation equal to multiplied by the aggregate value of pool of eligible encumbered assets percentage		40.00%
Percentage of partnership's capital contributions to equity investments		100.00%
Secured Line Of Credit Facility [Member] \| BankUnited, N.A [Member]
Line Of Credit Facility [Line Items]
Minimum amount required to maintain security interest in bank account		$ 5,000,000
Secured Line Of Credit Facility [Member] \| Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 50,000,000
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	5.00%
Required percentage of principal payment for second extension	10.00%
Required percentage of principal payment for third extension	20.00%

Debt Financing - Schedule of To

Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020
Debt Instrument [Line Items]
Debt financing	$ 820,078,714		$ 673,957,640
Period End Rates	4.33%
TEBS Financings [Member] \| Fixed - M24 [Member]
Debt Instrument [Line Items]
Debt financing	$ 35,551,762		39,825,019
Restricted Cash	$ 204,000		$ 238,760
Year Acquired	2010		2010
Stated Maturities	2027-05		2027-05
Reset Frequency	N/A		N/A
Variable Rate Index	N/A		N/A
Period End Rates	3.05%		3.05%
TEBS Financings [Member] \| Variable - M31 [Member]
Debt Instrument [Line Items]
Debt financing	$ 76,964,051	[1]	$ 78,272,018	[2]
Restricted Cash	$ 4,999	[1]	$ 4,999	[2]
Year Acquired	2014	[1]	2014	[2]
Stated Maturities	2024-07	[1]	2024-07	[2]
Reset Frequency	Weekly	[1]	Weekly	[2]
Variable Rate Index	SIFMA	[1]	SIFMA	[2]
Index Based Rates	0.13%	[1]	0.12%	[2]
Spread/ Facility Fees	1.32%	[1]	1.34%	[2]
Period End Rates	1.45%	[1]	1.46%	[2]
TEBS Financings [Member] \| Fixed - M33 [Member]
Debt Instrument [Line Items]
Debt financing	$ 30,191,051		$ 30,796,097
Restricted Cash	$ 2,606		$ 2,606
Year Acquired	2015		2015
Stated Maturities	2030-09		2030-09
Reset Frequency	N/A		N/A
Variable Rate Index	N/A		N/A
Period End Rates	3.24%		3.24%
TEBS Financings [Member] \| Fixed - M45 [Member]
Debt Instrument [Line Items]
Debt financing	$ 213,931,752	[3]	$ 215,825,022	[4]
Restricted Cash	$ 5,000	[3]	$ 5,000	[4]
Year Acquired	2018	[3]	2018	[4]
Stated Maturities	2034-07	[3]	2034-07	[4]
Reset Frequency	N/A	[3]	N/A	[4]
Variable Rate Index	N/A	[3]	N/A	[4]
Period End Rates	3.82%	[3]	3.82%	[4]
Secured Line Of Credit Facility [Member] \| Variable - Notes [Member]
Debt Instrument [Line Items]
Debt financing	$ 102,798,158		$ 103,086,756
Restricted Cash	$ 77,531,264		$ 77,500,000
Year Acquired	2020		2020
Stated Maturities	2025-09		2025-09
Reset Frequency	Monthly		Monthly
Variable Rate Index	3-month LIBOR		3-month LIBOR
Index Based Rates	0.20%		0.22%
Spread/ Facility Fees	9.00%		9.00%
Period End Rates	9.20%	[5]	9.22%	[6]
TOB & Term A/B Trusts Securitization [Member] \| Fixed - Term TOB [Member]
Debt Instrument [Line Items]
Debt financing	$ 12,915,190	[7]	$ 13,001,530	[8]
Year Acquired	2019	[7]	2019	[8]
Stated Maturities	2024-05	[7]	2022-05	[8]
Reset Frequency	N/A	[7]	N/A	[8]
Variable Rate Index	N/A	[7]	N/A	[8]
Period End Rates	1.98%	[7]	3.53%	[8]
TOB & Term A/B Trusts Securitization [Member] \| Variable - TOB [Member]
Debt Instrument [Line Items]
Debt financing	$ 347,726,750		$ 193,151,198
Reset Frequency	Weekly		Weekly
Variable Rate Index	SIFMA/OBFR		SIFMA/OBFR
Period End Rates	1.35%		1.63%
TOB & Term A/B Trusts Securitization [Member] \| Variable - TOB [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Year Acquired	2019		2019
Stated Maturities	2022-07		2022-07
Index Based Rates	0.14%		0.29%
Spread/ Facility Fees	0.89%		0.89%
Period End Rates	1.07%		1.18%
TOB & Term A/B Trusts Securitization [Member] \| Variable - TOB [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Year Acquired	2021		2020
Stated Maturities	2024-07		2023-12
Index Based Rates	0.30%		0.39%
Spread/ Facility Fees	1.67%		1.67%
Period End Rates	1.97%		2.06%

[1]	Facility fees have a variable component.
[2]	Facility fees have a variable component.
[3]	The M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac.
[4]	M45 TEBS has an initial interest rate of 3.82 % through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39 %. These rates are inclusive of credit enhancement fees payable to Freddie Mac.
[5]	The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25 % for approximately $ 39.6 million of the Secured Notes and 1.00 % for approximately $ 63.5 million of the Secured Notes as of December 31, 2021. See Note 18 for further information on the total return swaps.
[6]	The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25 % for approximately $ 40.0 million of the Secured Notes and 1.00 % for approximately $ 63.5 million of the Secured Notes as of December 31, 2020. See Note 18 for further information on the total return swaps.
[7]	The Term TOB Trust is securitized by the Village at Avalon MRB.
[8]	The Term TOB Trust is securitized by the Village at Avalon MRB.

Debt Financing - Schedule of _2

Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details)		12 Months Ended
		Dec. 31, 2021USD ($)Swap		Dec. 31, 2020USD ($)Swap
Debt Instrument [Line Items]
Effective net interest rate		4.33%
Debt financing		$ 820,078,714		$ 673,957,640
Secured Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Number of return swap transactions \| Swap		2
Fixed - M45 [Member] \| Interest Rate Through July 31, 2023 [Member]
Debt Instrument [Line Items]
Interest rate		3.82%		3.82%
Fixed - M45 [Member] \| Interest Rate from August 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate		4.39%		4.39%
Total Return Swaps [Member] \| Secured Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Number of return swap transactions \| Swap		2		2
Total Return Swap One [Member] \| Secured Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Effective net interest rate		4.25%		4.25%
Debt financing		$ 39,600,000		$ 40,000,000
Total Return Swap Two [Member] \| Secured Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.00%		1.00%
Debt financing		$ 63,500,000		$ 63,500,000
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.35%		1.63%
Debt financing		$ 347,726,750		$ 193,151,198
Reset Frequency		Weekly		Weekly
Variable Rate Index		SIFMA/OBFR		SIFMA/OBFR
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Live 929 Apartments [Member] \| Mizuho Capital Markets [Member] \| Series A [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.89%		1.95%
Debt financing		$ 31,564,286		$ 31,553,785
Year Acquired		2019		2019
Stated Maturities		2023-07		2023-07
Reset Frequency		Weekly		Weekly
Variable Rate Index		SIFMA		SIFMA
Index Based Rates		0.23%		0.29%
Spread/ Facility Fees		1.66%		1.66%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Montecito at Williams Ranch - Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.40%		1.46%
Debt financing		$ 6,919,404		$ 6,915,682
Year Acquired		2019		2019
Stated Maturities		2023-07		2023-07
Reset Frequency		Weekly		Weekly
Variable Rate Index		SIFMA		SIFMA
Index Based Rates		0.23%		0.29%
Spread/ Facility Fees		1.17%		1.17%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Rosewood Townhomes - Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate				1.56%
Debt financing				$ 7,691,507
Year Acquired				2019
Stated Maturities				2023-07
Reset Frequency				Weekly
Variable Rate Index				SIFMA
Index Based Rates				0.39%
Spread/ Facility Fees				1.17%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| South Pointe Apartments - Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate				1.46%
Debt financing				$ 17,976,559
Year Acquired				2019
Stated Maturities				2023-07
Reset Frequency				Weekly
Variable Rate Index				SIFMA
Index Based Rates				0.29%
Spread/ Facility Fees				1.17%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Vineyard Gardens - Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.40%		1.46%
Debt financing		$ 3,590,598		$ 3,587,685
Year Acquired		2019		2019
Stated Maturities		2023-07		2023-07
Reset Frequency		Weekly		Weekly
Variable Rate Index		SIFMA		SIFMA
Index Based Rates		0.23%		0.29%
Spread/ Facility Fees		1.17%		1.17%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Avistar at Copperfield - Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.97%		2.06%
Debt financing		$ 11,617,039		$ 11,729,379
Year Acquired		2020		2020
Stated Maturities		2023-07		2023-07
Reset Frequency		Weekly		Weekly
Variable Rate Index		SIFMA		SIFMA
Index Based Rates		0.30%		0.39%
Spread/ Facility Fees		1.67%		1.67%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Avistar at Wilcrest - Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.97%		2.06%
Debt financing		$ 4,392,032		$ 4,433,372
Year Acquired		2020		2020
Stated Maturities		2023-07		2023-07
Reset Frequency		Weekly		Weekly
Variable Rate Index		SIFMA		SIFMA
Index Based Rates		0.30%		0.39%
Spread/ Facility Fees		1.67%		1.67%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Avistar at Wood Hollow - Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.97%		2.06%
Debt financing		$ 33,446,044		$ 33,776,383
Year Acquired		2020		2020
Stated Maturities		2023-07		2023-07
Reset Frequency		Weekly		Weekly
Variable Rate Index		SIFMA		SIFMA
Index Based Rates		0.30%		0.39%
Spread/ Facility Fees		1.67%		1.67%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Gateway Village [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.97%		2.06%
Debt financing		$ 2,177,527		$ 2,173,253
Year Acquired		2020		2020
Stated Maturities		2023-07		2023-07
Reset Frequency		Weekly		Weekly
Variable Rate Index		SIFMA		SIFMA
Index Based Rates		0.30%		0.39%
Spread/ Facility Fees		1.67%		1.67%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Lynnhaven [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.97%		2.06%
Debt financing		$ 2,891,534		$ 2,887,257
Year Acquired		2020		2020
Stated Maturities		2023-07		2023-07
Reset Frequency		Weekly		Weekly
Variable Rate Index		SIFMA		SIFMA
Index Based Rates		0.30%		0.39%
Spread/ Facility Fees		1.67%		1.67%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Montevista - Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.50%		1.56%
Debt financing		$ 5,674,091		$ 5,668,324
Year Acquired		2020		2020
Stated Maturities		2023-12		2023-12
Reset Frequency		Weekly		Weekly
Variable Rate Index		SIFMA		SIFMA
Index Based Rates		0.23%		0.29%
Spread/ Facility Fees		1.27%		1.27%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Ocotillo Springs Series A [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.12%		1.18%
Debt financing		$ 13,482,312		$ 1,765,167
Year Acquired		2020		2020
Stated Maturities		2022-07		2022-07
Reset Frequency		Weekly		Weekly
Variable Rate Index		SIFMA		SIFMA
Index Based Rates		0.23%		0.29%
Spread/ Facility Fees		0.89%		0.89%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Trust 2020-XF2907 [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.07%	[1]	1.22%	[2]
Debt financing		$ 96,297,732	[1]	$ 58,353,917	[2]
Year Acquired		2020	[1]	2020	[2]
Stated Maturities		2023-09	[1]	2023-09	[2]
Reset Frequency		Weekly	[1]	Weekly	[2]
Variable Rate Index		OBFR	[1]	OBFR	[2]
Index Based Rates		0.18%	[1]	0.33%	[2]
Spread/ Facility Fees		0.89%	[1]	0.89%	[2]
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Trust 2020-XF2908 [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.07%	[3]	1.22%	[4]
Debt financing		$ 18,845,580	[3]	$ 4,638,928	[4]
Year Acquired		2020	[3]	2020	[4]
Stated Maturities		2023-09	[3]	2023-09	[4]
Reset Frequency		Weekly	[3]	Weekly	[4]
Variable Rate Index		OBFR	[3]	OBFR	[4]
Index Based Rates		0.18%	[3]	0.33%	[4]
Spread/ Facility Fees		0.89%	[3]	0.89%	[4]
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Hope On Avalon [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.65%
Debt financing		$ 7,931,925
Year Acquired		2021
Stated Maturities		2023-02
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Index Based Rates		0.23%
Spread/ Facility Fees		1.42%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Hope On Broadway [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.65%
Debt financing		$ 2,919,748
Year Acquired		2021
Stated Maturities		2023-02
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Index Based Rates		0.23%
Spread/ Facility Fees		1.42%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Jackson Manor [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate		1.50%
Debt financing		$ 4,133,705
Year Acquired		2021
Stated Maturities		2023-04
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Index Based Rates		0.23%
Spread/ Facility Fees		1.27%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Trust 2021-XF-2953 [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate	[5]	1.41%
Debt financing	[5]	$ 3,139,698
Year Acquired	[5]	2021
Stated Maturities	[5]	2022-10
Reset Frequency	[5]	Weekly
Variable Rate Index	[5]	OBFR
Index Based Rates	[5]	0.14%
Spread/ Facility Fees	[5]	1.27%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Trust 2021-XF2926 [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate	[6]	1.07%
Debt financing	[6]	$ 71,519,933
Year Acquired	[6]	2021
Stated Maturities	[6]	2024-01
Reset Frequency	[6]	Weekly
Variable Rate Index	[6]	OBFR
Index Based Rates	[6]	0.18%
Spread/ Facility Fees	[6]	0.89%
Variable - TOB [Member] \| TOB & Term A/B Trusts Securitization [Member] \| Trust 2021-XF2939 [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Effective net interest rate	[7]	1.34%
Debt financing	[7]	$ 27,183,562
Year Acquired	[7]	2021
Stated Maturities	[7]	2024-07
Reset Frequency	[7]	Weekly
Variable Rate Index	[7]	OBFR
Index Based Rates	[7]	0.18%
Spread/ Facility Fees	[7]	1.16%

[1]	The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs.
[2]	The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs.
[3]	The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans.
[4]	The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans.
[5]	The TOB Trust is securitized by the Willow Place GIL and property loan.
[6]	T he TOB Trust is securitized by the Legacy Commons at Signal Hills GIL and property loan, the Hilltop at Signal Hills GIL and property loan, Hope on Avalon taxable GIL, and the Oasis at Twin Lakes property loan.
[7]	The TOB trust is securitized by the Residency at the Mayer MRB and taxable MRB, the Ocotillo Springs taxable MRB, and the Osprey Village GIL and property loan.

Debt Financing - Additional Inf

Debt Financing - Additional Information (Details)	12 Months Ended
Debt Financing - Additional Information (Details)	Dec. 31, 2021USD ($)Swap	Dec. 31, 2020USD ($)	Apr. 30, 2020USD ($)
Debt Instrument [Line Items]
Debt financing, net (Note 16)	$ 820,078,714	$ 673,957,640
Termination occur percentage decrease by partners net assets in one quarter	25.00%
Termination occur percentage decrease by partners net assets in over one year	35.00%
Secured Notes [Member]
Debt Instrument [Line Items]
Number of return swap transactions \| Swap	2
Term A/B Trust [Member] \| Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt instrument, one-time fee			$ 454,000
Variable - Notes [Member] \| Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing, net (Note 16)		103,500,000
Proceeds from secured notes		103,500,000
Restricted Cash		$ 77,500,000
Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Variable Rate Index	equal to the 3-month LIBOR plus 9.00%
Variable interest rate		9.00%
Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Partnership Interest [Member]
Debt Instrument [Line Items]
Cash received by partnership		$ 26,000,000
Variable - Notes [Member] \| Secured Notes [Member]
Debt Instrument [Line Items]
Debt financing, net (Note 16)	$ 102,798,158	$ 103,086,756
Variable Rate Index	3-month LIBOR	3-month LIBOR
Variable interest rate	9.00%	9.00%
Restricted Cash	$ 77,531,264	$ 77,500,000

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Financing [Abstract]
2022	$ 23,169,689
2023	237,473,815
2024	199,878,152
2025	112,692,806
2026	4,227,863
Thereafter	245,329,018
Total	822,771,343
Unamortized deferred financing costs and debt premium	(2,692,629)
Total debt financing, net	$ 820,078,714	$ 673,957,640

Mortgage Payable and Other Secu

Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Mortgage Loans On Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 26,824,543	$ 25,984,872
Period End Rates		4.33%
Tax Increment Financing [Member] \| Real Estate [Member] \| The 50/50 Student Housing--UNL [Member]
Mortgage Loans On Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 2,174,453	2,521,308
Year Acquired		2020
Stated Maturity		2025-03
Variable / Fixed		Fixed
Period End Rates		4.40%
Mortgages payable [Member] \| Real Estate [Member] \| The 50/50 Student Housing--UNL [Member]
Mortgage Loans On Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 22,960,090	$ 23,463,564
Year Acquired		2020
Stated Maturity		2027-04
Variable / Fixed		Fixed
Period End Rates		4.35%
Mortgages payable [Member] \| Real Estate [Member] \| Vantage at San Marcos [Member]
Mortgage Loans On Real Estate [Line Items]
Outstanding Mortgage Payable, net	[1]	$ 1,690,000
Year Acquired	[1]	2020
Stated Maturity	[1]	2022-02
Variable / Fixed	[1]	Variable
Period End Rates	[1]	4.00%

[1]	The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 5).

Mortgage Payable and Other Se_2

Mortgage Payable and Other Secured Financing - Additional Information (Details) - Real Estate [Member] - The 50/50 Student Housing--UNL [Member]	1 Months Ended
	Feb. 29, 2020
Tax Increment Financing [Member]
Mortgage Loans On Real Estate [Line Items]
Debt instrument extended maturity period	5 years
Maturity date	2025-03
Debt instrument, interest rate, decrease to fixed rate.	4.40%
Mortgages payable [Member]
Mortgage Loans On Real Estate [Line Items]
Debt instrument extended maturity period	7 years
Maturity date	2027-04
Debt instrument, interest rate, decrease to fixed rate.	4.35%

Mortgage Payable and Other Se_3

Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Mortgage Loans On Real Estate [Line Items]
Total mortgages payable and other secured financings, net	$ 26,824,543	$ 25,984,872
Mortgages Payable and Other Secured Financing [Member]
Mortgage Loans On Real Estate [Line Items]
2022	2,560,283
2023	909,278
2024	947,301
2025	1,747,032
2026	641,415
Thereafter	20,020,531
Total	26,825,840
Unamortized deferred financing costs	(1,297)
Total mortgages payable and other secured financings, net	$ 26,824,543

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative notional amount		$ 103,100,000
Scenario Forecast [Member] \| Mizuho Capital Markets [Member]
Derivative [Line Items]
Minimum increments of notional amount between swaps	$ 10,000,000
Percentage of net cash proceeds of reallocated notional amount	65.00%
Total Return Swap One [Member] \| Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative notional amount		$ 39,600,000
Required cash collateral percentage		35.00%
Amount of obligation to return cash collateral under swap arrangement		$ 14,000,000
Total Return Swap Two [Member] \| Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative notional amount		$ 63,500,000
Required cash collateral percentage		100.00%
Amount of obligation to return cash collateral under swap arrangement		$ 63,500,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative, Notional Amount		$ 103,100,000
Derivative, Fair Value Liability		$ 292,328	$ 293,626
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2020-09	2020-09
Derivative, Notional Amount		$ 39,607,744	$ 39,970,485
Derivative, Effective Date		2020-09	2020-09
Derivative, Termination Date		2025-09	2025-09
Derivative, Period End Variable Rate Paid	[1]	4.25%	4.25%
Derivative, Period End Variable Rate Received	[2]	9.20%	9.22%
Derivative, Variable Rate Index		3-month LIBOR	3-month LIBOR
Derivative, Fair Value Liability		$ 77,061	$ 77,995
Mizuho Capital Markets 2 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2020-09	2020-09
Derivative, Notional Amount		$ 63,500,000	$ 63,500,000
Derivative, Effective Date		2020-09	2020-09
Derivative, Termination Date		2022-03	2022-03
Derivative, Period End Variable Rate Paid	[3]	1.00%	1.00%
Derivative, Period End Variable Rate Received	[2]	9.20%	9.22%
Derivative, Variable Rate Index		3-month LIBOR	3-month LIBOR
Derivative, Fair Value Liability		$ 215,267	$ 215,631

[1]	Variable rate equal to 3-month LIBOR + 3.75 %, subject to a floor of 4.25 %.
[2]	Variable rate equal to 3-month LIBOR + 9.00 %.
[3]	Variable rate equal to 3-month LIBOR + 0.50 %, subject to a floor of 1.00 %.

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Parenthetical) (Details)	Dec. 31, 2021	Dec. 31, 2020
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	3.75%	3.75%
Derivative, floor interest rate	4.25%	4.25%
Mizuho Capital Markets 2 [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	0.50%	0.50%
Derivative, floor interest rate	1.00%	1.00%
Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	9.00%	9.00%

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Partnership's Interest Rate Cap Agreements (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability)		$ 51,090	$ 27,877
Barclays Bank PLC [Member]
Derivative [Line Items]
Derivative, Purchase Date		2019-08	2019-08
Derivative, Notional Amount		$ 76,544,336	$ 77,979,924
Derivative, Maturity Date		2024-08	2024-08
Derivative, Effective Capped Rate	[1]	4.50%	4.50%
Derivative, Index		SIFMA	SIFMA
Derivative, Variable Debt Financing Hedged	[1]	M31 TEBS	M31 TEBS
Derivative, Fair Value - Asset (Liability)		$ 51,090	$ 27,877

[1]	See Notes 16 and 24 for additional details.

Commitments and Contingencies -

Commitments and Contingencies - Summary of Partnership's Bond Purchase Commitments (Details) - Bond Purchase Commitment [Member]	12 Months Ended
	Dec. 31, 2021USD ($)
Bond Purchase Commitment [Line Items]
Maximum Committed Amounts Remaining	$ 7,707,000
Fair Value as of December 31, 2021	$ 964,404
CCBA Senior Garden Apartments [Member]
Bond Purchase Commitment [Line Items]
Commitment Date	2020-07
Maximum Committed Amounts Remaining	$ 3,807,000
Rate	4.50%
Estimated Closing Date	Q1 2022
Fair Value as of December 31, 2021	$ 495,784
Anaheim & Walnut [Member]
Bond Purchase Commitment [Line Items]
Commitment Date	2021-09
Maximum Committed Amounts Remaining	$ 3,900,000
Rate	4.85%
Estimated Closing Date	Q3 2024
Fair Value as of December 31, 2021	$ 468,620

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Partnership's Total and Remaining Commitments (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 561,152,769
Remaining Commitments as of December 31, 2021	350,324,574
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	80,400,000
Remaining Commitments as of December 31, 2021	$ 51,400,000
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| Ocotillo Springs [Member] \| Series A T Mortgage [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2020-07
Maturity Date	2022-08	[1]
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| Jackson Manor Apartments [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-04
Maturity Date	2038-05
Total Initial Commitment	$ 6,900,000
Remaining Commitments as of December 31, 2021	$ 2,000,000
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency At Mayer [Member] \| Series A [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-10
Maturity Date	2039-04
Total Initial Commitment	$ 29,500,000
Remaining Commitments as of December 31, 2021	$ 5,500,000
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency At Mayer [Member] \| Series A T Mortgage [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-10
Maturity Date	2024-04	[1]
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
Total Initial Commitment	$ 44,000,000
Remaining Commitments as of December 31, 2021	$ 43,900,000
Mortgage Revenue Bonds [Member] \| Jackson Manor Apartments [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	5.00%
Mortgage Revenue Bonds [Member] \| The Residency At Mayer [Member] \| Series A [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.60%	[2]
Mortgage Revenue Bonds [Member] \| Meadow Valley [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	6.25%
Taxable Mortgage Revenue Bonds [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 19,500,000
Remaining Commitments as of December 31, 2021	17,500,000
Taxable Mortgage Revenue Bonds [Member] \| Ocotillo Springs [Member] \| Series A T Mortgage [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	7,000,000
Remaining Commitments as of December 31, 2021	$ 6,000,000
Taxable Mortgage Revenue Bonds [Member] \| Ocotillo Springs [Member] \| Series A T Mortgage [Member] \| LIBOR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.55%	[2]
Taxable Mortgage Revenue Bonds [Member] \| The Residency At Mayer [Member] \| Series A T Mortgage [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 12,500,000
Remaining Commitments as of December 31, 2021	$ 11,500,000
Taxable Mortgage Revenue Bonds [Member] \| The Residency At Mayer [Member] \| Series A T Mortgage [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.70%	[2]
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 179,565,623
Remaining Commitments as of December 31, 2021	$ 101,878,173
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Hilltop at Signal Hills [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-01
Maturity Date	2023-08	[1]
Total Initial Commitment	$ 24,450,000
Remaining Commitments as of December 31, 2021	$ 2,899,416
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Legacy Commons at Signal Hills [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-01
Maturity Date	2024-02	[1]
Total Initial Commitment	$ 34,620,000
Remaining Commitments as of December 31, 2021	$ 1,499,395
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Hope on Avalon [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-01
Maturity Date	2023-02	[1]
Total Initial Commitment	$ 23,390,000
Remaining Commitments as of December 31, 2021	$ 13,408,800
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Hope on Avalon (Taxable) [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-01
Maturity Date	2023-02	[1]
Total Initial Commitment	$ 10,573,000
Remaining Commitments as of December 31, 2021	$ 9,573,000
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Hope on Broadway [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-01
Maturity Date	2023-02	[1]
Total Initial Commitment	$ 12,105,623
Remaining Commitments as of December 31, 2021	$ 8,414,378
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Osprey Village [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-07
Maturity Date	2024-08	[1]
Total Initial Commitment	$ 60,000,000
Remaining Commitments as of December 31, 2021	$ 53,627,970
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Willow Place Apartments [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-09
Maturity Date	2024-10	[1]
Total Initial Commitment	$ 25,000,000
Remaining Commitments as of December 31, 2021	$ 22,028,214
Governmental Issuer Loans [Member] \| Hilltop at Signal Hills [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.07%	[2]
Governmental Issuer Loans [Member] \| Legacy Commons at Signal Hills [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.07%	[2]
Governmental Issuer Loans [Member] \| Hope on Avalon [Member] \| SIFMA [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.75%	[2]
Governmental Issuer Loans [Member] \| Hope on Broadway [Member] \| SIFMA [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.75%	[2]
Governmental Issuer Loans [Member] \| Osprey Village [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.07%	[2]
Governmental Issuer Loans [Member] \| Willow Place Apartments [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.30%	[2]
Taxable Governmental Issuer Loans [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 10,573,000
Remaining Commitments as of December 31, 2021	$ 9,573,000
Taxable Governmental Issuer Loans [Member] \| Hope on Avalon (Taxable) [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.55%	[2]
Property Loans [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 190,897,419
Remaining Commitments as of December 31, 2021	$ 130,198,264
Property Loans [Member] \| Hilltop at Signal Hills [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-01
Maturity Date	2023-08	[1]
Total Initial Commitment	$ 21,197,939
Remaining Commitments as of December 31, 2021	$ 20,197,939
Property Loans [Member] \| Hilltop at Signal Hills [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.07%	[2]
Property Loans [Member] \| Legacy Commons at Signal Hills [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-01
Maturity Date	2024-02	[1]
Total Initial Commitment	$ 32,233,972
Remaining Commitments as of December 31, 2021	$ 29,629,742
Property Loans [Member] \| Legacy Commons at Signal Hills [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.07%	[2]
Property Loans [Member] \| Osprey Village [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-07
Maturity Date	2024-08	[1]
Total Initial Commitment	$ 25,500,000
Remaining Commitments as of December 31, 2021	$ 24,500,000
Property Loans [Member] \| Osprey Village [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.07%	[2]
Property Loans [Member] \| Willow Place Apartments [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-09
Maturity Date	2024-10	[1]
Total Initial Commitment	$ 21,351,328
Remaining Commitments as of December 31, 2021	$ 20,351,328
Property Loans [Member] \| Willow Place Apartments [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.30%	[2]
Property Loans [Member] \| Scharbauer Flats Apartments [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2020-06
Maturity Date	2023-01	[1]
Total Initial Commitment	$ 24,160,000
Remaining Commitments as of December 31, 2021	$ 14,451,402
Property Loans [Member] \| Scharbauer Flats Apartments [Member] \| LIBOR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	2.85%	[2]
Property Loans [Member] \| Oasis at Twin Lakes [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2020-07
Maturity Date	2023-08	[1]
Total Initial Commitment	$ 27,704,180
Remaining Commitments as of December 31, 2021	$ 7,096,818
Property Loans [Member] \| Oasis at Twin Lakes [Member] \| LIBOR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	2.50%	[2]
Property Loans [Member] \| Centennial Crossings [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2020-08
Maturity Date	2023-09	[1]
Total Initial Commitment	$ 24,250,000
Remaining Commitments as of December 31, 2021	$ 12,895,614
Property Loans [Member] \| Centennial Crossings [Member] \| LIBOR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	2.50%	[2]
Property Loans [Member] \| Magnolia Crossing [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-12	[3]
Maturity Date	2022-12	[1],[3]
Total Initial Commitment	$ 14,500,000	[3]
Remaining Commitments as of December 31, 2021	$ 1,075,421	[3]
Property Loans [Member] \| Magnolia Crossing [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	6.50%	[2],[3]
Joint Venture Investments [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 72,509,727
Remaining Commitments as of December 31, 2021	$ 32,068,137
Joint Venture Investments [Member] \| Vantage At Hutto [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2020-11	[4]
Total Initial Commitment	$ 11,233,000	[4]
Remaining Commitments as of December 31, 2021	$ 5,991,269	[4]
Joint Venture Investments [Member] \| Vantage At San Marcos [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2020-11	[5]
Total Initial Commitment	$ 9,914,529	[5]
Remaining Commitments as of December 31, 2021	$ 8,943,914	[5]
Joint Venture Investments [Member] \| Vantage At Loveland [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-04
Total Initial Commitment	$ 16,329,000
Remaining Commitments as of December 31, 2021	$ 5,883,811
Joint Venture Investments [Member] \| Vantage At Helotes [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-05
Total Initial Commitment	$ 12,590,681
Remaining Commitments as of December 31, 2021	$ 1,613,496
Joint Venture Investments [Member] \| Vantage at Fair Oaks [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-06
Total Initial Commitment	$ 11,011,245
Remaining Commitments as of December 31, 2021	$ 4,712,690
Joint Venture Investments [Member] \| Vantage At McKinney Falls [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-12
Total Initial Commitment	$ 11,431,272
Remaining Commitments as of December 31, 2021	4,922,957
Bond Purchase Commitment [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	7,707,000
Remaining Commitments as of December 31, 2021	$ 7,707,000
Bond Purchase Commitment [Member] \| CCBA Senior Garden Apartments [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2020-07
Maturity Date	Q1 2022	[6]
Interest Rate	4.50%
Total Initial Commitment	$ 3,807,000
Remaining Commitments as of December 31, 2021	$ 3,807,000
Bond Purchase Commitment [Member] \| Anaheim & Walnut [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-09
Maturity Date	Q3 2024	[6]
Interest Rate	4.85%
Total Initial Commitment	$ 3,900,000
Remaining Commitments as of December 31, 2021	$ 3,900,000

[1]	The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee.
[2]	The variable index interest rate component is subject to a floor.
[3]	The remaining loan commitment will be used to cover debt service over the twelve month term of the property loan.
[4]	The Partnership increased its equity commitment from $ 10.5 million to $ 11.2 million in December of 2021.
[5]	The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). A development site has been identified for this project but construction had not commenced as of December 31, 2021.
[6]	This is the estimated closing date of the associated bond purchase commitment.

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Partnership's Total and Remaining Commitments (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Minimum [Member]
Commitments And Other Guarantees [Line Items]
Extended maturity period	6 months
Minimum [Member] \| Vantage At Hutto [Member]
Commitments And Other Guarantees [Line Items]
Total capital Contributions	$ 10.5
Maximum [Member]
Commitments And Other Guarantees [Line Items]
Extended maturity period	12 months
Maximum [Member] \| Vantage At Hutto [Member]
Commitments And Other Guarantees [Line Items]
Total capital Contributions	$ 11.2

Commitments and Contingencies_4

Commitments and Contingencies - Additional Information (Details)	Dec. 31, 2021
Greens of Pine Glen [Member]
Commitments And Other Guarantees [Line Items]
Percentage of loss contingency, range of possible loss, maximum	75.00%

Commitments and Contingencies_5

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Vantage At Stone Creek [Member]
Long-term Purchase Commitment [Line Items]
Guarantee Maturity	2023	[1]
Maximum Balance Available on Loan	$ 34,222,000	[1]
Loan Balance as of December 31, 2021	34,222,000	[1]
Partnership's Maximum Exposure as of December 31, 2021	$ 17,111,000	[1]
Vantage At Coventry [Member]
Long-term Purchase Commitment [Line Items]
Guarantee Maturity	2023	[1]
Maximum Balance Available on Loan	$ 34,536,000	[1]
Loan Balance as of December 31, 2021	34,536,000	[1]
Partnership's Maximum Exposure as of December 31, 2021	$ 17,268,000	[1]
Vantage At Murfreesboro [Member]
Long-term Purchase Commitment [Line Items]
Guarantee Maturity	2022	[1],[2]
Maximum Balance Available on Loan	$ 30,500,000	[1]
Loan Balance as of December 31, 2021	30,500,000	[1]
Partnership's Maximum Exposure as of December 31, 2021	15,250,000	[1]
Ohio Properties [Member]
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of December 31, 2021	$ 2,661,066
End of Guaranty Period	2026
Greens of Pine Glen [Member]
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of December 31, 2021	$ 1,854,212
End of Guaranty Period	2027

[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, 2021. The Partnership has also provided indemnification to the lender for various costs including environmental non-compliance and remediation during the term.
[2]	The initial maturity is September 2022 , though the borrower may extend the maturity date for one 6-month period.

Commitments and Contingencies_6

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Vantage At Stone Creek [Member]
Commitments And Other Guarantees [Line Items]
Guarantee obligations loan balance percentage	50.00%
Construction loan guarantee percentage upon occurrence of fraud, borrower willful misconduct and bankruptcy	100.00%
Vantage At Stone Creek [Member] \| Maximum [Member]
Commitments And Other Guarantees [Line Items]
Liquid assets to be maintained as per guaranty agreement	$ 5
Vantage At Coventry [Member]
Commitments And Other Guarantees [Line Items]
Guarantee obligations loan balance percentage	50.00%
Construction loan guarantee percentage upon occurrence of fraud, borrower willful misconduct and bankruptcy	100.00%
Vantage At Coventry [Member] \| Maximum [Member]
Commitments And Other Guarantees [Line Items]
Liquid assets to be maintained as per guaranty agreement	$ 5
Vantage At Murfreesboro [Member]
Commitments And Other Guarantees [Line Items]
Guarantee obligations loan balance percentage	50.00%
Construction loan guarantee percentage upon occurrence of fraud, borrower willful misconduct and bankruptcy	100.00%
Guarantees initial maturity	2022-09
Guarantees extended maturity period	6 months
Vantage At Murfreesboro [Member] \| Maximum [Member]
Commitments And Other Guarantees [Line Items]
Liquid assets to be maintained as per guaranty agreement	$ 5

Redeemable Preferred Units - Ad

Redeemable Preferred Units - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Oct. 31, 2017	Aug. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016	Mar. 31, 2016
Redemption Price per Unit		$ 10	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10
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
Series B Preferred Units
Redemption Price per Unit	$ 10

Redeemable Preferred Units - Su

Redeemable Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($)	1 Months Ended									12 Months Ended
	Oct. 31, 2017	Aug. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016		Mar. 31, 2016		Dec. 31, 2021	Dec. 31, 2020
Temporary Equity Disclosure [Abstract]
Series A Preferred Units outstanding	1,750,000	2,000,000	1,613,100	700,000	1,000,000	1,386,900		1,000,000		9,450,000	9,450,000
Purchase Price	$ 17,500,000	$ 20,000,000	$ 16,131,000	$ 7,000,000	$ 10,000,000	$ 13,869,000		$ 10,000,000		$ 94,500,000	$ 94,500,000
Distribution Rate	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%		3.00%
Redemption Price per Unit	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10		$ 10
Earliest Redemption Date	2023-10	2023-08	2023-03	2022-12	2022-09	2023-05	[1]	2023-03	[1]

[1]	The holder did not to provide a notice of its intent to redeem prior to the date 180 days before the first optional redemption date. Accordingly, the holder’s next optional redemption date is on the seventh anniversary of the sale of the Series A Preferred Units.

Issuances of Beneficial Unit _2

Issuances of Beneficial Unit Certificates - Additional Information (Details)	1 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)BeneficialUnitCertificates	Jul. 31, 2021USD ($)
Issuances of Beneficial Unit Certificates [Line Items]
Proceeds from the sale of BUCs			$ 33,321,250
At The Market Offering [Member]
Issuances of Beneficial Unit Certificates [Line Items]
Number of beneficial unit certificates sold \| BeneficialUnitCertificates			0
At The Market Offering [Member] \| BUCs - Restricted and Unrestricted [Member]
Issuances of Beneficial Unit Certificates [Line Items]
Partnership capital unit, amount authorized		$ 225,000,000
Registration statement expiration date		2022-12
At The Market Offering [Member] \| Beneficial Unit Certificate Holders [Member]
Issuances of Beneficial Unit Certificates [Line Items]
Aggregate offering price				$ 30,000,000
Underwritten Public Offering [Member] \| Beneficial Unit Certificate Holders [Member]
Issuances of Beneficial Unit Certificates [Line Items]
Partners' capital account, units, sale of units \| shares	5,462,500
Proceeds from the sale of BUCs	$ 31,200,000

Restricted Unit Awards - Additi

Restricted Unit Awards - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested unvested restricted units awards		166,570	154,386
Unrecognized compensation expense related to unvested RUAs granted		$ 863,000
Remaining compensation expense expected to be recognized over a weighted-average period		1 year 3 months 18 days
Intrinsic value of unvested RUAs		$ 1,500,000
General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense		$ 1,300,000	$ 1,000,000
Greystone Manager [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested unvested restricted units awards	50,000
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		3,000,000
RUAs granted with vesting range		3 years
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, 2021	Dec. 31, 2020
Restricted Units Awarded
Beginning Balance	132,812
Granted	266,324	290,000
Vested	(166,570)	(154,386)
Forfeited		(2,802)
Ending Balance	232,566	132,812
Weighted-average Grant-Date Fair Value
Beginning Balance	$ 4.98
Granted	6.49	$ 4.98
Vested	5.89	4.98
Forfeited		4.98
Ending Balance	$ 6.06	$ 4.98

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, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Amounts reimbursable to related party	$ 417,000	$ 344,000
General Partner [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	5,682,526	5,358,025
General Partner [Member] \| Reimbursable Salaries and Benefits [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	4,866,841	4,625,222
General Partner [Member] \| Other Expenses [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	50,712	57,424
General Partner [Member] \| Office Expenses [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	250,785	257,641
General Partner [Member] \| Insurance [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	408,688	312,530
General Partner [Member] \| Professional Fees and Expenses [Member]
Related Party Transaction [Line Items]
Amounts reimbursable to related party	$ 105,500	$ 105,208

Transactions with Related Par_4

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected on the Partnership's Consolidated Financial Statements (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities	[1]	$ 156,000	$ 53,000
Referral fees paid to an affiliate	[2]	224,750
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees	[3]	$ 4,046,000	$ 3,585,000

[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 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.
[2]	The Partnership has an agreement with an affiliate of Greystone, in which the Greystone affiliate is entitled to receive a referral fee equal 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 terms of the agreement end December 31, 2022, unless the parties mutually agree to extend the term.
[3]	AFCA 2 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 MRBs, GILs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. 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 on the Partnership's Consolidated Financial Statements (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%	0.45%
Percentage of referral fee to be received in original principal amount	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, 2021	Dec. 31, 2020
Non-partnership property administrative fee received	[1]	$ 35,000	$ 36,000
Investment/mortgage placement fees earned	[2]	$ 7,311,000	$ 2,277,000

[1]	AFCA 2 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 AFCA 2 during the periods specified.
[2]	AFCA 2 received placement fees in connection with the acquisition of certain MRBs, GILs, 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, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%	0.45%

Transactions with Related Par_8

Transactions with Related Parties - Additional Information (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Fee paid	[1]	$ 224,750
Receivables due from unconsolidated entities		149,000	$ 53,000
Outstanding liabilities due to related parties		417,000	$ 344,000
Greystone Select [Member]
Related Party Transaction [Line Items]
Fee paid		0
Greystone Select Holdings 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 equal 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 terms of the agreement end December 31, 2022, unless the parties mutually agree to extend the term.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments (Details)		Dec. 31, 2021	Dec. 31, 2020
Taxable Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[1]	5.90%	7.30%
Taxable Mortgage Revenue Bonds [Member] \| Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		4.00%	7.10%
Taxable Mortgage Revenue Bonds [Member] \| Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		8.10%	7.40%
Bond Purchase Commitment [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		3.50%
Weighted Average Effective Yields	[1]	3.20%	3.50%
Bond Purchase Commitment [Member] \| Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		3.20%
Bond Purchase Commitment [Member] \| Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		3.30%
Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[1]	3.10%	3.00%
Mortgage Revenue Bonds [Member] \| Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		0.90%	1.40%
Mortgage Revenue Bonds [Member] \| Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		19.10%	13.30%

[1]	Weighted by the total principal outstanding of all the respective securities as of the reporting date .

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 798,246,109	$ 796,696,304
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	798,246,109	796,696,304	$ 818,340,970
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	964,404	431,879
Bond Purchase Commitment [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	964,404	431,879
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	3,428,443	1,510,437
Taxable Mortgage Revenue Bonds [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	3,428,443	1,510,437	1,383,237
Derivative Financial Instruments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	343,418	321,503
Derivative Financial Instruments (Reported within Other Assets) [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	343,418	321,503
Public housing capital fund trusts [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			$ 43,349,357
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	750,934,848	768,468,644
Mortgage Revenue Bonds Held In Trust [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	750,934,848	768,468,644
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	42,574,996	25,963,841
Mortgage Revenue Bonds [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 42,574,996	$ 25,963,841

Fair Value of Financial Instr_5

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, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		$ 796,696,304	$ 818,340,970
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		7,263,746	2,143,901
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)			(7,318,590)
'Total gain (losses) Included in earnings (provision for credit loss)		(1,856,893)
Total gain (losses) Included in earnings (gain on sale of securities)			1,416,023
Total gain (losses) included in other comprehensive (loss) income		(18,553,747)	33,285,329
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		71,672,500	9,513,450
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities			(43,349,357)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(56,975,801)	(17,335,422)
Assets at Fair Value, ending balance		798,246,109	796,696,304
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held		(1,833,679)	(7,201,691)
Interest Rate Derivative Financial Instruments [Member]
Schedule of Available-for-sale Securities [Line Items]
Derivative Assets (Liabilities) at Fair Value, beginning balance		321,503	10,911
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		7,126,226	2,026,070
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements		(7,104,311)	(1,715,478)
Derivative Assets (Liabilities) at Fair Value, beginning balance		343,418	321,503
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held		23,214	116,899
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		431,879
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		532,525	431,879
Assets at Fair Value, ending balance		964,404	431,879
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance			43,349,357
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)			(7,219)
Total gain (losses) Included in earnings (gain on sale of securities)			1,416,023
Total gain (losses) included in other comprehensive (loss) income			(1,408,804)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities			(43,349,357)
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		1,510,437	1,383,237
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		(72,319)	136,046
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		2,000,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(9,675)	(8,846)
Assets at Fair Value, ending balance		3,428,443	1,510,437
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance	[1]	794,432,485	773,597,465
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)	[1]	137,520	125,050
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)	[1]		(7,318,590)
'Total gain (losses) Included in earnings (provision for credit loss)	[1]	(1,856,893)
Total gain (losses) included in other comprehensive (loss) income	[1]	(19,013,953)	34,126,208
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	69,672,500	9,513,450
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	(49,861,815)	(15,611,098)
Assets at Fair Value, ending balance	[1]	793,509,844	794,432,485
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held	[1]	$ (1,856,893)	$ (7,318,590)

[1]	Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership.

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Mortgages payable and other secured financing	$ 26,824,543	$ 25,984,872
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt financing	820,078,714	673,957,640
Mortgages payable and other secured financing	26,824,543	25,984,872
Carrying (Reported) Amount, Fair Value Disclosure [Member] \| Unsecured Lines of Credit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Secured and Unsecured lines of credit		7,475,000
Carrying (Reported) Amount, Fair Value Disclosure [Member] \| Secured Line Of Credit Facility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Secured and Unsecured lines of credit	45,714,000
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	854,428,834	709,760,933
Mortgages payable and other secured financing	26,825,840	25,986,514
Estimate of Fair Value, Fair Value Disclosure [Member] \| Unsecured Lines of Credit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Secured and Unsecured lines of credit		$ 7,475,000
Estimate of Fair Value, Fair Value Disclosure [Member] \| Secured Line Of Credit Facility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Secured and Unsecured lines of credit	$ 45,714,000

Segments - Additional Informati

Segments - Additional Information (Details)	12 Months Ended
Segments - Additional Information (Details)	Dec. 31, 2021UnitSecuritySegmentProperty
Segment Reporting Information [Line Items]
Number of Reportable Segments \| Segment	4
Affordable Multifamily Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities \| Security	74
Number of available for sale securities in tax-exempt loan \| Security	9
MF Properties Segment [Member]
Segment Reporting Information [Line Items]
Number of Real Estate Properties \| Property	2
Number of rental units under MF properties segment	859
Residential Properties [Member] \| Affordable Multifamily Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of rental units financed by mortgage revenue bonds	10,752
Number of rental units financed by tax-exempt loan	1,832
Residential Properties [Member] \| Seniors and Skilled Nursing Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of rental units financed by mortgage revenue bonds	154
Number of rental units financed by tax-exempt loan	65
Commercial Real Estate [Member] \| Affordable Multifamily Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of collateralized securities \| Security	1

Segments - Summary of Partnersh

Segments - Summary of Partnership Reportable Segment Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Total revenues
Total revenues	$ 19,976,409	$ 17,681,901	$ 16,406,496	$ 14,387,488	$ 13,474,067	$ 13,839,947	$ 14,478,419	$ 13,736,135	$ 68,452,294	$ 55,528,568
Interest expense
Interest expense									21,943,885	21,215,888
Depreciation expense
Depreciation expense									2,732,922	2,810,073
Net income (loss)
Net income (loss)									38,099,488	7,208,828
Total assets
Total assets	1,385,909,483				1,175,247,879				1,385,909,483	1,175,247,879
Operating Segments [Member] \| Affordable Multifamily MRB Investments [Member]
Total revenues
Total revenues									46,198,552	41,877,394
Interest expense
Interest expense									20,382,143	19,821,502
Depreciation expense
Depreciation expense									23,495	15,913
Net income (loss)
Net income (loss)									8,619,813	719,183
Total assets
Total assets	1,304,626,248				1,114,146,614				1,304,626,248	1,114,146,614
Operating Segments [Member] \| Seniors and Skilled Nursing MRB Investments [Member]
Total revenues
Total revenues									77,979
Net income (loss)
Net income (loss)									72,020
Total assets
Total assets	13,533,020								13,533,020
Operating Segments [Member] \| Market-Rate Joint Venture Investments [Member]
Total revenues
Total revenues									14,967,102	6,490,695
Interest expense
Interest expense									428,018
Net income (loss)
Net income (loss)									30,055,826	6,488,217
Total assets
Total assets	112,052,513				106,931,182				112,052,513	106,931,182
Operating Segments [Member] \| MF Properties [Member]
Total revenues
Total revenues									7,208,661	6,986,009
Interest expense
Interest expense									1,133,724	1,196,393
Depreciation expense
Depreciation expense									2,709,427	2,794,160
Net income (loss)
Net income (loss)									(648,171)	(1,389,571)
Total assets
Total assets	66,501,994				67,988,190				66,501,994	67,988,190
Operating Segments [Member] \| Public Housing Capital Fund Trusts [Member]
Total revenues
Total revenues										174,470
Interest expense
Interest expense										197,993
Net income (loss)
Net income (loss)										1,390,999
Consolidation, Eliminations [Member]
Total assets
Total assets	$ (110,804,292)				$ (113,818,107)				$ (110,804,292)	$ (113,818,107)

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, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 19,976,409	$ 17,681,901	$ 16,406,496	$ 14,387,488	$ 13,474,067	$ 13,839,947	$ 14,478,419	$ 13,736,135	$ 68,452,294	$ 55,528,568
Other income - gains and losses, net	278,710	6,954,649	5,463,484	2,809,106				1,416,023
Income (loss) from continuing operations	7,853,570	12,988,384	10,264,680	6,992,854	798,740	(1,160,017)	4,588,348	2,981,757
Net income (loss)	$ 7,853,570	$ 12,988,384	$ 10,264,680	$ 6,992,854	$ 798,740	$ (1,160,017)	$ 4,588,348	$ 2,981,757
Income (loss) from continuing operations, per BUC	$ 0.11	$ 0.19	$ 0.13	$ 0.09	$ 0	$ (0.03)	$ 0.06	$ 0.04
Net income (loss), basic and diluted, per BUC	$ 0.11	$ 0.19	$ 0.13	$ 0.09	$ 0	$ (0.03)	$ 0.06	$ 0.04	$ 0.52	$ 0.07

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2021
Barclays Credit Facility [Member] \| Trust 2021-XF-2953 [Member]
Subsequent Event [Line Items]
Stated maturities		2022-10
Subsequent Event [Member]
Subsequent Event [Line Items]
Remaining principal balance of property loan	$ 495,000
Subsequent Event [Member] \| Live 929 Apartments [Member]
Subsequent Event [Line Items]
Redemption proceeds used to pay down Acquisition LOC	15,500,000
Cash received by partnership	$ 1,000,000
Subsequent Event [Member] \| Barclays Credit Facility [Member] \| Trust 2021-XF-2953 [Member]
Subsequent Event [Line Items]
Stated maturities	2023-01

Subsequent Events - Schedule of

Subsequent Events - Schedule of Terms of MRBs Upon Redemption (Details)		1 Months Ended	12 Months Ended
		Jan. 31, 2022USD ($)Unit	Dec. 31, 2021USD ($)Unit	Dec. 31, 2020USD ($)
Live929 Apartments [Member]
Subsequent Event [Line Items]
Original Maturity Date			Jul. 31, 2049	Jul. 31, 2049
Live929 Apartments [Member] \| Baltimore, MD [Member] \| Series B [Member]
Subsequent Event [Line Items]
Units \| Unit	[1]		575
Original Maturity Date	[1]		Jul. 1, 2039
Interest Rate	[1],[2]		1.60%
Mortgage Revenue Bonds [Member]
Subsequent Event [Line Items]
Cost Adjusted for Paydowns and Allowances at Restructuring Date \| $			$ 41,395,781	$ 24,472,905
Subsequent Event [Member] \| Live929 Apartments [Member] \| Baltimore, MD [Member] \| Series A [Member]
Subsequent Event [Line Items]
Month Restructured		January 2022
Units \| Unit		575
Original Maturity Date		Jan. 1, 2029
Interest Rate		4.30%
Subsequent Event [Member] \| Mortgage Revenue Bonds [Member]
Subsequent Event [Line Items]
Cost Adjusted for Paydowns and Allowances at Restructuring Date \| $		$ 53,493,147
Subsequent Event [Member] \| Mortgage Revenue Bonds [Member] \| Live929 Apartments [Member] \| Baltimore, MD [Member] \| Series A [Member]
Subsequent Event [Line Items]
Month Restructured		January 2022
Units \| Unit		575
Original Maturity Date		Jul. 1, 2049
Interest Rate		5.78%
Cost Adjusted for Paydowns and Allowances at Restructuring Date \| $		$ 36,149,147
Subsequent Event [Member] \| Mortgage Revenue Bonds [Member] \| Live929 Apartments [Member] \| Baltimore, MD [Member] \| Series B [Member]
Subsequent Event [Line Items]
Month Restructured		January 2022
Units \| Unit		575
Original Maturity Date		Jul. 1, 2039
Interest Rate	[3]	1.60%
Cost Adjusted for Paydowns and Allowances at Restructuring Date \| $		$ 17,344,000

[1]	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 .
[2]	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.
[3]	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 Federal corporate tax rate divided by 0.65 .

Subsequent Events - Schedule _2

Subsequent Events - Schedule of Terms of MRBs Upon Redemption (Parenthetical) (Details) - Live 929 Apartments [Member] - Baltimore, MD [Member]	Jan. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Variable Interest Rate		1.80%
Subsequent Event [Member] \| Series B [Member] \| Mortgage Revenue Bonds [Member]
Subsequent Event [Line Items]
Variable Interest Rate	69.50%
Subsequent Event [Member] \| LIBOR [Member] \| Series B [Member] \| Mortgage Revenue Bonds [Member]
Subsequent Event [Line Items]
Variable Interest Rate	1.80%

Subsequent Events - Summary of

Subsequent Events - Summary of TOB / TEBS Trust Financing Paydown Applied (Details)	1 Months Ended
	Jan. 31, 2022USD ($)
Subsequent Event [Member] \| Variable - TOB [Member] \| Live929 Apartments [Member] \| Series A [Member] \| Mortgage Revenue Bonds [Member]
Subsequent Event [Line Items]
Paydown Applied	$ 31,565,000

Subsequent Events - Summary o_2

Subsequent Events - Summary of MRBs Acquisitions upon Restructuring (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2022USD ($)Unit	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Principal Acquired		$ 60,282,000	$ 9,498,500
Live 929 Apartments [Member]
Subsequent Event [Line Items]
Original Maturity Date		Jul. 31, 2049	Jul. 31, 2049
Live 929 Apartments [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Principal Acquired	$ 69,990,000
Live 929 Apartments [Member] \| Series A [Member] \| Baltimore, MD [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Month Restructured	January 2022
Units \| Unit	575
Original Maturity Date	Jan. 1, 2029
Interest Rate	4.30%
Principal Acquired	$ 66,365,000
Live 929 Apartments [Member] \| Series A [Member] \| Baltimore, MD [Member] \| Mortgage Revenue Bonds [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Month Restructured	January 2022
Units \| Unit	575
Original Maturity Date	Jul. 1, 2049
Interest Rate	5.78%
Live 929 Apartments [Member] \| Series B (Taxable) [Member] \| Baltimore, MD [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Month Restructured	January 2022
Units \| Unit	575
Original Maturity Date	Jan. 1, 2029
Interest Rate	4.30%
Principal Acquired	$ 3,625,000

Subsequent Events - Summary o_3

Subsequent Events - Summary of Initial Terms of TOB Trusts Financings (Details) - USD ($)	1 Months Ended
	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Debt financing		$ 820,078,714	$ 673,957,640
Subsequent Event [Member] \| TOB Trust [Member] \| Mizuho Capital Markets [Member] \| Trust 2022-XF2967
Subsequent Event [Line Items]
Debt financing	$ 55,990,000
Stated Maturity	2024-02
Reset Frequency	Weekly
Debt instrument variable rate	0.19%
Spread/ Facility Fees	1.15%
Interest rate	1.34%

Subsequent Events - Summary o_4

Subsequent Events - Summary of Terms of Partnership's Interest Rate Swap (Details) - USD ($)	1 Months Ended
	Feb. 24, 2022	Feb. 22, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Derivative, Notional Amount			$ 103,100,000
Subsequent Event [Member] \| TOB Trust [Member] \| Trust 2022-XF2967 \| Mizuho Capital Markets [Member]
Subsequent Event [Line Items]
Derivative, Purchase Date	2022-02
Derivative, Notional Amount		$ 55,990,000
Derivative, Effective Date	2022-02
Derivative, Termination Date	2024-02
Derivative, Fixed Rate Paid	1.403%
Derivative, Variable Rate Index Received	SOFR