Greystone Housing Impact Investors (GHI) 10-Q4 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2023 shares
Cover [Abstract]
Entity Registrant Name	GREYSTONE HOUSING IMPACT INVESTORS LP
Entity Central Index Key	0001059142
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Units Outstanding	22,728,299
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-41564
Entity Incorporation, State or Country Code	DE
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 Quarterly Report	true
Document Transition Report	false
Title of each class	Beneficial Unit Certificates representing assignments of limited partnership interests in Greystone Housing Impact Investors LP
Trading Symbol	GHI
Name of each exchange on which registered	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 52,105,214	$ 51,188,416
Restricted cash	36,212,909	41,448,840
Interest receivable, net	14,614,935	11,628,173
Mortgage revenue bonds held in trust, at fair value (Note 6)	848,532,258	763,208,945
Mortgage revenue bonds, at fair value (Note 6)	18,851,364	36,199,059
Governmental issuer loans:
Governmental issuer loans held in trust (Note 7)	317,607,738	300,230,435
Allowance for credit losses (Note 13)	(2,080,000)
Governmental issuer loans, net	315,527,738	300,230,435
Property loans:
Property loans outstanding principal	165,231,455	175,604,711	[1]
Allowance for credit losses (Note 13)	(2,450,000)	(495,000)
Property loans, net	162,781,455	175,109,711
Investments in unconsolidated entities (Note 9)	111,135,056	115,790,841
Real estate assets, net (Note 10)	35,672,782	36,550,478
Other assets (Note 12)	37,236,398	35,774,667
Total Assets	1,632,670,109	1,567,129,565
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 14)	23,407,989	21,733,506
Distribution payable	10,835,021	10,899,677
Secured lines of credit (Note 15)	6,500,000	55,500,000
Debt financing, net (Note 16)	1,143,735,172	1,058,903,952
Mortgages payable and other secured financing, net (Note 17)	1,690,000	1,690,000
Total Liabilities	1,186,168,182	1,148,727,135
Commitments and Contingencies (Note 19)
Redeemable Preferred Units, $102.5 million redemption value, 10.3 million issued and outstanding, net (Note 20)	102,429,876	94,446,913
Partnersʼ Capital:
General Partner (Note 1)	486,762	285,571
Beneficial Unit Certificates ("BUCs," Note 1)	343,585,289	323,669,946
Total Partnersʼ Capital	344,072,051	323,955,517
Total Liabilities and Partnersʼ Capital	$ 1,632,670,109	$ 1,567,129,565

[1] The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 %

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Redeemable preferred units redemption value	$ 102.5	$ 102.5
Redeemable preferred units, issued	10.3	10.3
Redeemable preferred units, outstanding	10.3	10.3

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Investment income	$ 19,302,685	$ 14,403,403
Property revenues	1,225,620	1,927,001
Other interest income	4,409,665	2,875,967
Total revenues	24,937,970	19,206,371
Expenses:
Real estate operating (exclusive of items shown below)	602,253	1,064,562
Provision for credit losses	(545,000)
Depreciation and amortization	404,981	683,662
Interest expense	17,971,498	3,937,131
General and administrative	5,072,587	3,681,838
Total expenses	23,506,319	9,367,193
Other Income:
Gain on sale of investments in unconsolidated entities	15,366,929	16,439,750
Income before income taxes	16,798,580	26,278,928
Income tax expense	7,358	14,910
Net income	16,791,222	26,264,018
Redeemable Preferred Unit distributions and accretion	(746,650)	(717,744)
Net income available to Partners	16,044,572	25,546,274
Net income available to Partners allocated to:
General Partner	2,479,058	2,737,044
Net income available to Partners and noncontrolling interest	$ 16,044,572	$ 25,546,274
BUC holders' interest in net income per BUC, basic	$ 0.60	$ 1.01
BUC holders' interest in net income per BUC, diluted	$ 0.60	$ 1.01
Weighted average number of BUCs outstanding, basic	22,538,928	22,480,077
Weighted average number of BUCs outstanding, diluted	22,538,928	22,480,077
Beneficial Unit Certificate Holders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 13,490,834	$ 22,729,198
Restricted Unitholders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 74,680	$ 80,032

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical)	3 Months Ended	15 Months Ended
	Sep. 30, 2021	Dec. 31, 2022
Income Statement [Abstract]
Beneficial unit certificates distribution ratio	0.01044	0.0105

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 16,791,222	$ 26,264,018
Unrealized gain (loss) on securities	20,397,542	(47,751,656)
Unrealized gain (loss) on bond purchase commitments	112,547	(819,081)
Comprehensive income (loss)	$ 37,301,311	$ 22,306,719

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($)	Total	Tier 2 [Member]	General Partner [Member]	General Partner [Member] Tier 2 [Member]	BUCs - Restricted and Unrestricted [Member]	BUCs - Restricted and Unrestricted [Member] Tier 2 [Member]	Number of BUCs - Restricted and Unrestricted [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2021	$ 372,412,027		$ 765,550		$ 371,646,477			$ 114,040,260
Partners' Capital Account, Units at Dec. 31, 2021							22,557,600
Distributions paid or accrued:
Distribution of (income) loss (Note 3)		$ (9,721,430)		$ (2,430,358)		$ (7,291,072)
Net income allocable to Partners	25,546,274		2,737,044		22,809,230
Restricted unit compensation expense	173,898		1,739		172,159
Unrealized gain (loss) on securities	(47,751,656)		(477,517)		(47,274,139)			(47,751,656)
Unrealized gain (loss) on bond purchase commitments	(819,081)		(8,191)		(810,890)			(819,081)
Balance at Mar. 31, 2022	339,840,032		588,267		339,251,765			65,469,523
Partners' Capital Account, Units at Mar. 31, 2022							22,557,600
Balance at Dec. 31, 2022	323,955,517		285,571		323,669,946			43,748,239
Cumulative effect of accounting change (Note 2)	(5,949,000)		(59,490)		(5,889,510)
Partners' Capital Account, Units at Dec. 31, 2022							22,626,363
Distributions paid or accrued:
Regular distribution	(1,175,563)		(11,756)		(1,163,807)
Distribution of (income) loss (Note 3)		$ (9,660,884)		$ (2,415,221)		$ (7,245,663)
Cash paid in lieu of fractional BUCs	(2,639)				(2,639)
Net income allocable to Partners	16,044,572		2,479,058		13,565,514
Restricted units awarded							102,087
Restricted unit compensation expense	349,959		3,500		346,459
Unrealized gain (loss) on securities	20,397,542		203,975		20,193,567			20,397,542
Unrealized gain (loss) on bond purchase commitments	112,547		1,125		111,422			112,547
Rounding of BUCs related to BUCs Distributions							(151)
Balance at Mar. 31, 2023	$ 344,072,051		$ 486,762		$ 343,585,289			$ 64,258,328
Partners' Capital Account, Units at Mar. 31, 2023							22,728,299

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical)	Mar. 31, 2023 $ / shares	Jan. 31, 2023	Oct. 31, 2022	Mar. 31, 2022 $ / shares
Regular distributions paid or accrued	$ 0.37			$ 0.323
Partnership distribution paid at ratio		0.0105
Beneficial Unit Certificates [Member]
Partnership distribution paid at ratio			0.01044

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 16,791,222	$ 26,264,018
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	404,981	683,662
Amortization of deferred financing costs	1,005,767	451,472
Gain on sale of investments in unconsolidated entities	(15,366,929)	(16,439,750)
Provision for credit losses	(545,000)
Recovery of prior credit loss	(16,967)	(5,279)
(Gain) loss on derivative financial instruments, net of cash paid	3,476,097	(2,394,986)
Restricted unit compensation expense	349,959	173,898
Bond premium, discount and origination fee amortization	(54,476)	(109,021)
Debt premium amortization	(10,145)	(10,148)
Deferred income tax expense & income tax payable/receivable	7,358	14,909
Change in preferred return receivable from unconsolidated entities, net	(1,934,065)	(191,505)
Changes in operating assets and liabilities
(Increase) decrease in interest receivable	(2,986,762)	2,231,487
Increase in other assets	(237,767)	(233,754)
Decrease in accounts payable, accrued expenses and other liabilities	(683,869)	(1,127,714)
Net cash provided by (used in) operating activities	199,404	9,307,289
Cash flows from investing activities:
Capital expenditures	(171,670)	(64,453)
Proceeds from sale of land held for development	441,714
Advances on mortgage revenue bonds	(60,622,813)	(69,365,000)
Advances on taxable mortgage revenue bonds	(1,805,000)	(6,325,000)
Advances on governmental issuer loans	(17,377,303)	(16,882,138)
Advances on taxable governmental issuer loans	(3,000,000)
Advances on property loans	(7,942,324)	(38,638,389)
Contributions to unconsolidated entities	(4,705,639)	(12,776,841)
Proceeds from sale of investments in unconsolidated entities	27,659,480	28,679,750
Return of investments in unconsolidated entities		842,855
Principal payments received on mortgage revenue bonds and contingent interest	13,303,739	79,635,980
Principal payments received on taxable mortgage revenue bonds	2,797	2,558
Principal payments received on property loans	18,315,580	3,250,980
Net cash used in investing activities	(35,901,439)	(31,639,698)
Cash flows from financing activities:
Distributions paid	(11,612,492)	(13,466,209)
Proceeds from debt financing	126,381,000	109,330,000
Principal payments on debt financing	(41,786,351)	(46,527,429)
Principal payments on mortgages payable		(141,268)
Principal borrowing on secured lines of credit	45,000,000
Principal payments on secured lines of credit	(94,000,000)	(15,515,000)
Decrease in security deposit liability related to restricted cash	(5,887)	(6,259)
Proceeds upon exchange of Redeemable Preferred Units	8,000,000
Debt financing and other deferred costs paid	(593,368)	(818,133)
Net cash provided by financing activities	31,382,902	32,855,702
Net increase (decrease) in cash, cash equivalents and restricted cash	(4,319,133)	10,523,293
Cash, cash equivalents and restricted cash at beginning of period	92,637,256	151,932,470
Cash, cash equivalents and restricted cash at end of period	88,318,123	162,455,763
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	12,869,770	5,470,198
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner	10,835,021	9,721,430
Distributions declared but not paid for Preferred Units	739,417	708,750
Exchange of Redeemable Preferred Units	7,000,000
Non-cash contribution to unconsolidated entity	997,062
Deferred financing costs financed through accounts payable	$ 58,000	$ 7,040

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 52,105,214	$ 118,330,462
Restricted cash	36,212,909	44,125,301
Total cash, cash equivalents and restricted cash	$ 88,318,123	$ 162,455,763

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Basis Of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation The Partnership was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act primarily 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 also makes noncontrolling equity investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily properties. The Partnership is entitled to distributions if, and when, cash is available for distribution either through operations, a refinance or a sale of the property. In addition, the Partnership may acquire and hold interests in multifamily, student and senior citizen residential properties (“MF Properties”) until the “highest and best use” can be determined by management. 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 outstanding Series A Preferred Units and Series A-1 Preferred Units are redeemable in the future (Note 20). The Partnership had not yet issued Series B Preferred Units as of March 31, 2023. The holders of the BUCs and Preferred Units are referred to herein collectively as “Unitholders." On December 5, 2022, America First Capital Associates Limited Partnership Two (the “General Partner” or “AFCA 2”), in its capacity as the general partner of the Partnership, and Greystone ILP, Inc. (the “Initial Limited Partner”), in its capacity as the initial limited partner of the Partnership, entered into the Greystone Housing Impact Investors LP Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”). Mortgage investments, as defined in the Partnership Agreement, consist 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 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 investments 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 investments 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. AFCA 2 is the sole general partner of the Partnership. Greystone Manager, the general partner of AFCA 2, an affiliate of Greystone & Co. II LLC (collectively with its affiliates, “Greystone”). 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	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes Greystone Housing Impact Investors LP, 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 provide equity for the development of multifamily properties • ATAX Freestone Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of multifamily properties; • ATAX Senior Housing Holdings I, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of seniors housing properties; • One wholly owned corporation (the "Greens Hold Co”), which owned 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. 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 estimated fair value. The net unrealized gains or losses on these investments are reflected on the Partnership’s condensed 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. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership reports interest receivables for MRBs and taxable MRBs separately from the reported fair value within “Interest receivable, net” on the condensed consolidated balance sheets. Investments in Government 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, which is net of unamortized loan origination costs, discounts, and allowance for credit losses. The Partnership evaluates its outstanding principal and interest receivable balances associated with its GILs for collectability. If collection of these balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. The Partnership reports interest receivables for GILs and taxable GILs separately from the amortized cost basis within “Interest receivable, net” on the condensed consolidated balance sheets. Property Loans The Partnership invests in property loans made to the owners of certain multifamily, student housing and skilled nursing properties. The property loans are considered held-for-investment and are reported at amortized cost, which is net of unamortized loan origination costs, discounts, and allowance for credit losses. Most 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 condensed consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. If collection of outstanding principal and interest receivable balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. 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 reports interest receivables for property loans separately from the amortized cost basis within “Interest receivable, net” on the condensed consolidated balance sheets. Allowance for Credit Losses On January 1, 2023, the Partnership adopted Accounting Standard Update (“ASU”) 2016-13, Financial Instruments-Credit Losses, and subsequent related amendments (“ASC 326”), which replaced the incurred loss methodology with an expected loss model known as the Current Expected Credit Loss (“CECL”) model. The CECL model establishes a single allowance framework for financial assets carried at amortized cost which reflects an estimate of credit losses over the remaining expected life of financial assets. The adoption of the ASU 2016-13 requires a cumulative-effect adjustment to Partners’ Capital upon adoption. Additionally, ASU 2016-13 requires enhanced disclosures, included additional disclosures regarding credit quality. The allowance for credit losses is presented as a valuation reserve to the corresponding assets on the Partnership’s condensed consolidated balance sheets. Expected credit losses related to non-cancelable unfunded commitments and financial guaranties are accounted for as separate liabilities and are included in “Accounts payable, accrued expenses and other liabilities” on the Partnership’s condensed consolidated balance sheets. Upon adoption on January 1, 2023, the Partnership recorded a cumulative effect of accounting change of approximately $ 5.9 million as a direct reduction to Partners’ Capital. Subsequent changes to the allowance for credit losses are recognized through “Provision for credit losses” on the Partnership’s condensed consolidated statements of operations. Held-to-Maturity Debt Securities, Held-for-Investment Loans and Related Unfunded Commitments The Partnership estimates allowances for credit losses for its GILs, taxable GILs, property loans and related non-cancelable funding commitments using a Weighted Average Remaining Maturity (“WARM”) method loss-rate model, combined with qualitative factors that are sensitive to changes in forecasted economic conditions. The Partnership applies qualitative factors related to risk factors and changes in current economic conditions that may not be adequately reflected in quantitatively derived results, or other relevant factors to ensure the allowance for credit losses reflects the Partnership’s best estimate of current expected credit losses. The WARM method pools assets sharing similar characteristics and utilizes a historical annual charge-off rate which is applied to the outstanding asset balances over the remaining weighted average life of the pool, adjusted for certain qualitative factors to estimate expected credit losses. The Partnership has minimal history with GILs, taxable GILs, and property loans to date and has had minimal historical credit losses to date. As such, the Partnership uses historical annual charge-off data for similar assets from publicly available loan data through the Federal Financial Institution Examination Council (“FFEIC”). The Partnership adjusts for current conditions and the impact of qualitative forecasts that are reasonable and supportable. The Partnership assesses qualitative adjustments related to, but not limited to, credit quality changes in the asset portfolio, general economic conditions, changes in the affordable multifamily real estate markets, changes in lending policies and underwriting, and underlying collateral values. The Partnership will elect to separately evaluate an asset if it no longer shares the same risk characteristics as the respective pool or the specific investment attributes do not lend to analysis with a model-based approach. For collateral-dependent assets when foreclosure is probable, the Partnership will apply a practical expedient to estimate current expected credit losses as the difference between the fair value of collateral and the amortized cost of the asset. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale, when a modification or restructuring takes place in which the Partnership grants a concession to a borrower or agrees to a discount in full or partial satisfaction of the asset, when the Partnership takes ownership and control of the underlying collateral in full satisfaction of the asset, or when significant collection efforts have ceased and it is highly likely that a loss has been realized. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its GILs, taxable GILs and property loans because uncollectable accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. Available-for-Sale Debt Securities The Partnership periodically determines if allowances of credit losses are needed for its MRBs and taxable MRBs under the applicable guidance for available-for-sale debt securities. The Partnership evaluates whether unrealized losses are considered impairments based on various factors including, but not necessarily limited to, the following: • The 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; • The likelihood of the borrower being able to make scheduled interest and principal payments; and • Failure of the borrower to make scheduled interest or principal payments. While the Partnership evaluates all available information, it focuses specifically on whether the estimated fair value of the security is below amortized cost. If the estimated fair value of an MRB 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 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 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 amortized cost basis of the MRB and records any provision for credit losses as an adjustment to the allowance for credit losses. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its MRBs and taxable MRBs because uncollectable accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. The recognition of an 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 on the Partnership's condensed consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur impairments or provisions for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. The Partnership periodically reviews any previously impaired MRBs for indications of a recovery of value. If a recovery of value is identified, the Partnership will report the recovery of prior credit losses through its allowance for credit losses as a provision for credit losses (recoveries). For MRB impairment recoveries identified prior to the adoption of the CECL model, the Partnership will accrete the recovery of prior credit losses into investment income over the remaining term of the MRB. Estimates and assumptions The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC rules and regulations, although the Partnership believes that the disclosures are adequate to make the information presented not misleading. The most significant estimates and assumptions include those used in determining: (i) the fair value of MRBs and taxable MRBs; (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for credit losses. The Partnership’s condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2022. These condensed consolidated financial statements and notes have been prepared consistently with the 2022 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of March 31, 2023, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated balance sheet as of December 31, 2022 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements. Risks and Uncertainties The Federal Reserve announced seven increases in short-term interest rates totaling 425 basis points during 2022 and additional increases totaling 50 basis points in February and March 2023. The Federal Reserve has signaled further future short-term interest rate increases may be needed to combat inflation in the broader economy. In addition, geopolitical conflicts continue to impact the general global economic environment. These factors have caused volatility in the fixed income markets, which has impacted the value of some of the Partnership’s investment assets, particularly those with fixed interest rates. In addition, increases in short-term interest rates will generally result in increases in the interest cost associated with the Partnership’s variable rate debt financing arrangements and for construction debt of properties underlying our investments in unconsolidated entities. The extent to which general economic, geopolitical, and financial conditions 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 current inflationary environment in the United States may increase operating expenses at properties securing the Partnership’s inve stments and general operations, which may reduce net operating results of the related properties and result in lower debt service coverage or higher than anticipated capitalized interest requirements for properties under construction. Such occurrences may negatively impact the value of the Partnership’s investments. Higher general and administrative expenses of the Partnership and real estate operating expenses of the MF Properties may adversely affect the Partnership’s operating results, including a reduction in net income. Furthe rmore, the potential for an economic recession either globally or locally in the U.S. or other economies could further impact the valuation of our investment assets, limit the Partnership’s ability to obtain additional debt financing from lenders, and limit opportunities for additional investments. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, which 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. In general, the allowance for credit losses is expected to increase when changing from an incurred loss to expected loss methodology. 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. ASU 2016-13 became effective for the Partnership on January 1, 2023 and was adopted through a cumulative-effect adjustment to Partners’ Capital as of that date. See the Allowance for Credit Losses accounting policy above and Note 13 for further details. 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, 2024. 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 an d does not currently expect the adoption of ASU 2020-04 to have a material impact on the Partnership's condensed consolidated financial statements.

Partnership Income, Expenses an

Partnership Income, Expenses and Cash Distributions	3 Months Ended
Partnership Income, Expenses and Cash Distributions	Mar. 31, 2023
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income, Expenses and Cash Distributions	3. Partnership Income, Expenses and 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. The holders of the Preferred Units are entitled to distributions at a fixed rate per annum prior to payment of distributions to other Unitholders. 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. 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.

Net Income per BUC

Net Income per BUC	3 Months Ended
Net Income per BUC	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income per BUC	4. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC in the Partnership's condensed consolidated statements of operations. The unvested RUAs issued under the Plan are considered participating securities and are potentially dilutive. There were no dilutive BUCs for the three months ended March 31, 2023 and 2022.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2023
Variable Interest Entities [Abstract]
Variable Interest Entities	5. Variable Interest Entities Consolidated Variable Interest Entities (“VIEs”) The Partnership has determined the Tender Option Bond (“TOB”), Term TOB and TEBS financings are VIEs where 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 senior securities related to the TOB, term TOB, and TEBS financings as secured debt financings on the Partnership's condensed consolidated balance sheets (Note 16). The investment assets securing the TOB, Term TOB and TEBS financings are reported as assets on the Partnership's condensed consolidated balance sheets (Notes 6, 7, 8 and 12). 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 property 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 became effective beginning in the fourth quarter of 2021. As the primary beneficiary, the Partnership reports the assets and liabilities of Vantage at San Marcos on a consolidated basis, which consist of a real estate asset investment (Note 10), mortgage payable (Note 17), and current liabilities associated with the construction costs of a market-rate multifamily property (Note 14). If certain events occur in the future, the Partnership’s option to redeem the investment will terminate and the VIE may be deconsolidated. Non-Consolidated VIEs The Partnership has variable interests in various VIEs in the form of MRBs, taxable MRBs, GILs, taxable GILs, 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 Partnership's condensed consolidated financial statements. The Partnership held variable interests in 31 and 35 non-consolidated VIEs as of March 31, 2023 and December 31, 2022, respectively. The following table summarizes the Partnership’s maximum exposure to loss associated with its variable interests as of March 31, 2023 and December 31, 2022: Maximum Exposure to Loss of March 31, 2023 December 31, 2022 Mortgage revenue bonds $ 77,127,750 $ 71,629,581 Taxable mortgage revenue bonds 4,038,780 3,044,829 Governmental issuer loans 244,527,738 300,230,435 Taxable governmental issuer loans 11,000,000 8,000,000 Property loans 128,173,126 169,002,497 Investments in unconsolidated entities 111,135,056 115,790,841 $ 576,002,450 $ 667,698,183 The Partnership’s maximum exposure to loss for non-consolidated VIEs associated with MRBs and taxable MRBs as of March 31, 2023 is equal to the Partnership’s cost adjusted for paydowns. The difference between the MRB carrying value in the Partnership's condensed consolidated balance sheets and the maximum exposure to loss is a function of the unrealized gains or losses. The Partnership has future MRB and taxable MRB funding commitments related to non-consolidated VIEs totaling $ 102.5 million and $ 25.9 million , respectively, as of March 31, 2023 (Note 19). The Partnership’s maximum exposure to loss for non-consolidated VIEs associated with GILs, taxable GILs, property loans and investments in unconsolidated entities as of March 31, 2023 is equal to the Partnership’s carrying value. The Partnership has future GIL, taxable GIL, property loan and investment in unconsolidated entities funding commitments related to non-consolidated VIEs totaling $ 87.5 million , $ 56.2 million , $ 49.1 million , and $ 32.9 million , respectively, as of March 31, 2023 (Note 19).

Mortgage Revenue Bonds

Mortgage Revenue Bonds	3 Months Ended
Mortgage Revenue Bonds	Mar. 31, 2023
Investments In Mortgage Revenue Bonds [Abstract]
Mortgage Revenue Bonds	6. Mortgage Revenue Bonds The Partnership’s MRBs provide construction and/or permanent financing for income-producing multifamily rental properties and a commercial property. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 16). The MRBs predominantly bear interest at fixed interest rates and require regular principal and interest payments on either a monthly or semi-annual basis. The Partnership had the following investments in MRBs as of March 31, 2023 and December 31, 2022: March 31, 2023 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Courtyard - Series A (4) CA $ 9,849,947 $ 1,087,127 $ - $ 10,937,074 Glenview Apartments - Series A (3) CA 4,357,607 371,120 - 4,728,727 Harmony Court Bakersfield - Series A (4) CA 3,591,428 347,292 - 3,938,720 Harmony Terrace - Series A (4) CA 6,649,226 761,012 - 7,410,238 Harden Ranch - Series A (2) CA 6,426,485 620,378 - 7,046,863 Las Palmas II - Series A (4) CA 1,629,277 173,217 - 1,802,494 Lutheran Gardens (7), (8) CA 10,352,000 - ( 30,868 ) 10,321,132 Montclair Apartments - Series A (3) CA 2,360,759 221,592 - 2,582,351 Montecito at Williams Ranch Apartments - Series A (6) CA 7,491,273 1,002,626 - 8,493,899 Montevista - Series A (6) CA 6,644,416 1,106,804 - 7,751,220 Ocotillo Springs - Series A (6), (9) CA 11,090,000 - ( 142,720 ) 10,947,280 Residency at Empire - Series BB-1 (6) CA 14,118,500 1,389,537 - 15,508,037 Residency at Empire - Series BB-2 (6) CA 4,000,000 430,868 - 4,430,868 Residency at the Entrepreneur - Series J-1 (6) CA 9,088,272 174,524 - 9,262,796 Residency at the Entrepreneur - Series J-2 (6) CA 7,500,000 218,996 - 7,718,996 Residency at the Entrepreneur - Series J-3 (6) CA 4,900,000 696,071 - 5,596,071 Residency at the Mayer - Series A (6) CA 29,565,978 - - 29,565,978 San Vicente - Series A (4) CA 3,359,484 323,116 - 3,682,600 Santa Fe Apartments - Series A (3) CA 2,859,971 243,572 - 3,103,543 Seasons at Simi Valley - Series A (4) CA 4,124,186 579,812 - 4,703,998 Seasons Lakewood - Series A (4) CA 7,082,871 810,644 - 7,893,515 Seasons San Juan Capistrano - Series A (4) CA 11,925,242 1,282,002 - 13,207,244 Summerhill - Series A (4) CA 6,184,380 271,726 - 6,456,106 Sycamore Walk - Series A (4) CA 3,417,200 242,738 - 3,659,938 The Village at Madera - Series A (4) CA 2,970,390 307,465 - 3,277,855 Tyler Park Townhomes - Series A (2) CA 5,595,802 261,392 - 5,857,194 Vineyard Gardens - Series A (6) CA 3,899,988 607,120 - 4,507,108 Westside Village Market - Series A (2) CA 3,656,848 318,591 - 3,975,439 Brookstone (1) IL 7,272,720 1,260,408 - 8,533,128 Copper Gate Apartments (2) IN 4,840,000 96,546 - 4,936,546 Renaissance - Series A (3) LA 10,547,250 1,087,763 - 11,635,013 Live 929 Apartments - Series 2022A (6) MD 58,163,081 2,955,764 - 61,118,845 Jackson Manor Apartments (6) MS 6,900,000 - - 6,900,000 Silver Moon - Series A (3) NM 7,538,527 1,047,812 - 8,586,339 Village at Avalon (5) NM 15,909,691 2,173,819 - 18,083,510 Columbia Gardens (4) SC 12,495,686 1,034,559 - 13,530,245 Companion at Thornhill Apartments (4) SC 10,750,304 786,529 - 11,536,833 The Ivy Apartments (6) SC 30,574,501 2,497,005 - 33,071,506 The Palms at Premier Park Apartments (2) SC 18,072,451 781,887 - 18,854,338 The Park at Sondrio - Series 2022A (6) SC 38,100,000 3,419,850 - 41,519,850 The Park at Vietti - Series 2022A (6) SC 26,985,000 2,585,218 - 29,570,218 Village at River's Edge (4) SC 9,629,238 619,396 - 10,248,634 Willow Run (4) SC 12,322,456 1,019,204 - 13,341,660 Windsor Shores Apartments - Series A (6) SC 21,545,000 1,947,217 - 23,492,217 Arbors at Hickory Ridge (2) TN 10,549,160 2,100,532 - 12,649,692 Avistar at Copperfield - Series A (6) TX 13,494,899 1,183,942 - 14,678,841 Avistar at the Crest - Series A (2) TX 8,863,735 1,120,331 - 9,984,066 Avistar at the Oaks - Series A (2) TX 7,171,072 846,035 - 8,017,107 Avistar at the Parkway - Series A (3) TX 12,390,934 1,023,277 - 13,414,211 Avistar at Wilcrest - Series A (6) TX 5,114,293 326,464 - 5,440,757 Avistar at Wood Hollow - Series A (6) TX 38,832,712 3,198,610 - 42,031,322 Avistar in 09 - Series A (2) TX 6,191,941 730,518 - 6,922,459 Avistar on the Boulevard - Series A (2) TX 15,100,333 1,542,244 - 16,642,577 Avistar on the Hills - Series A (2) TX 4,909,476 610,623 - 5,520,099 Bruton Apartments (4) TX 17,342,117 - - 17,342,117 Concord at Gulfgate - Series A (4) TX 18,352,583 2,049,948 - 20,402,531 Concord at Little York - Series A (4) TX 12,856,852 1,476,614 - 14,333,466 Concord at Williamcrest - Series A (4) TX 19,916,642 2,287,433 - 22,204,075 Crossing at 1415 - Series A (4) TX 7,149,233 717,470 - 7,866,703 Decatur Angle (4) TX 21,812,768 - - 21,812,768 Esperanza at Palo Alto (4) TX 18,875,771 2,614,493 - 21,490,264 Heights at 515 - Series A (4) TX 6,545,246 714,161 - 7,259,407 Heritage Square - Series A (3) TX 10,291,273 762,083 - 11,053,356 Oaks at Georgetown - Series A (4) TX 11,881,878 991,761 - 12,873,639 Runnymede (1) TX 9,535,000 - - 9,535,000 Southpark (1) TX 11,274,797 1,271,619 - 12,546,416 15 West Apartments (4) WA 9,434,170 1,751,049 - 11,185,219 Mortgage revenue bonds held in trust $ 784,224,320 $ 64,481,526 $ ( 173,588 ) $ 848,532,258 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (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) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for less than 12 months. (9) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for more than 12 months. March 31, 2023 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value CCBA Senior Garden Apartments CA $ 3,783,991 $ 173,162 $ - $ 3,957,153 Residency at Empire - Series BB-3 CA 55,000 815,481 - 870,481 Residency at the Entrepreneur - Series J-5 CA 1,000,000 - - 1,000,000 Solano Vista - Series A CA 2,626,469 417,917 - 3,044,386 Meadow Valley (1) MI 7,835,000 - ( 1,227,422 ) 6,607,578 Provision Center 2014-1 TN 930,270 - - 930,270 Avistar at the Crest - Series B TX 723,197 64,509 - 787,706 Avistar at the Oaks - Series B TX 529,739 42,391 - 572,130 Avistar at the Parkway - Series B TX 123,063 23,296 - 146,359 Avistar in 09 - Series B TX 436,987 34,969 - 471,956 Avistar on the Boulevard - Series B TX 429,726 33,619 - 463,345 Mortgage revenue bonds held by the Partnership $ 18,473,442 $ 1,605,344 $ ( 1,227,422 ) $ 18,851,364 (1) The Partnership has a remaining MRB funding commitment of $ 36.3 million as of March 31, 2023. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining $ 36.3 million funding commitment outstanding as of March 31, 2023 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for more than 12 months. December 31, 2022 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Courtyard - Series A (4) CA $ 9,874,603 $ 888,242 $ - $ 10,762,845 Glenview Apartments - Series A (3) CA 4,372,370 309,570 - 4,681,940 Harmony Court Bakersfield - Series A (4) CA 3,600,418 274,456 - 3,874,874 Harmony Terrace - Series A (4) CA 6,665,787 625,752 - 7,291,539 Harden Ranch - Series A (2) CA 6,449,455 581,466 - 7,030,921 Las Palmas II - Series A (4) CA 1,633,397 140,681 - 1,774,078 Lutheran Gardens (7) CA 10,352,000 127,107 - 10,479,107 Montclair Apartments - Series A (3) CA 2,368,757 199,617 - 2,568,374 Montecito at Williams Ranch Apartments - Series A (6) CA 7,507,111 834,292 - 8,341,403 Montevista - Series A (6) CA 6,656,219 902,690 - 7,558,909 Ocotillo Springs - Series A (6), (8) CA 11,090,000 - ( 331,311 ) 10,758,689 Residency at the Entrepreneur - Series J-1 (6) CA 9,088,496 122,815 - 9,211,311 Residency at the Entrepreneur - Series J-2 (6) CA 7,500,000 176,092 - 7,676,092 Residency at the Entrepreneur - Series J-3 (6) CA 3,900,000 726,834 - 4,626,834 Residency at the Mayer - Series A (6) CA 26,067,585 - - 26,067,585 San Vicente - Series A (4) CA 3,367,978 255,787 - 3,623,765 Santa Fe Apartments - Series A (3) CA 2,869,660 216,000 - 3,085,660 Seasons at Simi Valley - Series A (4) CA 4,137,438 522,910 - 4,660,348 Seasons Lakewood - Series A (4) CA 7,100,512 666,562 - 7,767,074 Seasons San Juan Capistrano - Series A (4) CA 11,954,944 1,038,904 - 12,993,848 Summerhill - Series A (4) CA 6,199,861 265,296 - 6,465,157 Sycamore Walk - Series A (4) CA 3,428,986 124,598 - 3,553,584 The Village at Madera - Series A (4) CA 2,977,825 247,354 - 3,225,179 Tyler Park Townhomes - Series A (2) CA 5,616,043 264,300 - 5,880,343 Vineyard Gardens - Series A (6) CA 3,908,104 514,719 - 4,422,823 Westside Village Market - Series A (2) CA 3,670,075 267,369 - 3,937,444 Brookstone (1) IL 7,286,052 1,286,871 - 8,572,923 Copper Gate Apartments (2) IN 4,840,000 117,014 - 4,957,014 Renaissance - Series A (3) LA 10,585,375 645,412 - 11,230,787 Live 929 Apartments - Series 2022A (6) MD 58,107,262 2,217,857 - 60,325,119 Jackson Manor Apartments (6) MS 6,900,000 - - 6,900,000 Greens Property - Series A (2) NC 7,599,000 597 - 7,599,597 Silver Moon - Series A (3) NM 7,557,312 863,401 - 8,420,713 Village at Avalon (5) NM 15,942,560 1,727,010 - 17,669,570 Columbia Gardens (4) SC 12,542,207 968,469 - 13,510,676 Companion at Thornhill Apartments (4) SC 10,786,181 709,979 - 11,496,160 The Palms at Premier Park Apartments (2) SC 18,137,042 808,555 - 18,945,597 The Park at Sondrio - Series 2022A (6) SC 38,100,000 - - 38,100,000 The Park at Vietti - Series 2022A (6) SC 26,985,000 - - 26,985,000 Village at River's Edge (4) SC 9,649,659 590,962 - 10,240,621 Willow Run (4) SC 12,368,964 953,988 - 13,322,952 Arbors at Hickory Ridge (2) TN 10,591,726 2,005,029 - 12,596,755 Avistar at Copperfield - Series A (6) TX 13,532,636 919,463 - 14,452,099 Avistar at the Crest - Series A (2) TX 8,896,378 975,504 - 9,871,882 Avistar at the Oaks - Series A (2) TX 7,196,674 717,701 - 7,914,375 Avistar at the Parkway - Series A (3) TX 12,429,842 950,930 - 13,380,772 Avistar at Wilcrest - Series A (6) TX 5,128,595 170,370 - 5,298,965 Avistar at Wood Hollow - Series A (6) TX 38,941,304 2,645,832 - 41,587,136 Avistar in 09 - Series A (2) TX 6,214,048 619,707 - 6,833,755 Avistar on the Boulevard - Series A (2) TX 15,155,942 1,290,551 - 16,446,493 Avistar on the Hills - Series A (2) TX 4,927,003 523,079 - 5,450,082 Bruton Apartments (4) TX 17,381,296 281,271 - 17,662,567 Concord at Gulfgate - Series A (4) TX 18,404,942 1,842,303 - 20,247,245 Concord at Little York - Series A (4) TX 12,893,533 1,249,523 - 14,143,056 Concord at Williamcrest - Series A (4) TX 19,973,464 1,935,645 - 21,909,109 Crossing at 1415 - Series A (4) TX 7,170,756 605,369 - 7,776,125 Decatur Angle (4) TX 21,866,672 77,837 - 21,944,509 Esperanza at Palo Alto (4) TX 18,916,082 2,209,462 - 21,125,544 Heights at 515 - Series A (4) TX 6,564,951 573,569 - 7,138,520 Heritage Square - Series A (3) TX 10,325,196 671,790 - 10,996,986 Oaks at Georgetown - Series A (4) TX 11,911,472 746,300 - 12,657,772 Runnymede (1) TX 9,535,000 45,577 - 9,580,577 Southpark (1) TX 11,257,062 1,352,726 - 12,609,788 15 West Apartments (4) WA 9,454,318 1,534,060 - 10,988,378 Mortgage revenue bonds held in trust $ 718,413,130 $ 45,127,126 $ ( 331,311 ) $ 763,208,945 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (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) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. December 31, 2022 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value CCBA Senior Garden Apartments CA $ 3,792,700 $ 42,672 $ - $ 3,835,372 Residency at Empire - Series BB-1 CA 14,118,500 - - 14,118,500 Residency at Empire - Series BB-2 CA 4,000,000 - - 4,000,000 Residency at Empire - Series BB-3 CA 55,000 - - 55,000 Solano Vista - Series A CA 2,631,168 297,861 - 2,929,029 Meadow Valley (1) MI 4,833,437 - ( 1,193,085 ) 3,640,352 Greens Property - Series B NC 915,039 122 - 915,161 Provision Center 2014-1 TN 4,294,939 - - 4,294,939 Avistar at the Crest - Series B TX 724,747 53,132 - 777,879 Avistar at the Oaks - Series B TX 530,829 33,406 - 564,235 Avistar at the Parkway - Series B TX 123,176 22,510 - 145,686 Avistar in 09 - Series B TX 437,886 27,557 - 465,443 Avistar on the Boulevard - Series B TX 430,647 26,816 - 457,463 Mortgage revenue bonds held by the Partnership $ 36,888,068 $ 504,076 $ ( 1,193,085 ) $ 36,199,059 (1) The Partnership has a remaining MRB funding commitment of $ 39.3 million as of December 31, 2022. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining $ 39.3 million funding commitment outstanding as of December 31, 2022 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. The Partnership has accrued interest receivable related to its MRBs of $ 5.1 million and $ 4.3 million as of March 31, 2023 and December 31, 2022, respectively, that is reported as interest receivable, net in the Partnership's condensed consolidated balance sheets. The Partnership has committed to provide funding for certain MRBs on a draw-down basis during construction and/or rehabilitation of the secured properties as of March 31, 2023. See Note 19 for additional information regarding the Partnership’s MRB funding commitments. See Note 23 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 in the Partnership's condensed 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. On January 1, 2023 , the Partnership adopted ASU 2016-13 which made certain changes to the determination of allowances for MRBs. See Note 13 for information regarding the Partnership’s allowance for credit losses. MRB Activity in the First Three Months of 2023 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the three months ended March 31, 2023: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funding Windsor Shores Apartments - Series A January Columbia, SC 176 2/1/2030 6.50 % $ 21,545,000 The Ivy Apartments January Greenville, SC 212 2/1/2030 6.50 % 30,500,000 Residency at the Entrepreneur J-5 - MRB (1) February Los Angeles, CA 200 4/1/2025 SOFR + 3.60 % (2) 1,000,000 $ 53,045,000 (1) The Partnership has committed to provide funding for the Series J-5 MRB totaling $ 5.0 million. See Note 19. (2) The interest rate is subject to an all-in floor of 3.87 %. Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2023: Property Name Month Property Location Units Original Interest Rate Principal Greens Property - Series A February 2023 Durham, NC 168 10/1/2047 6.50 % $ 7,579,000 Greens Property - Series B February 2023 Durham, NC 168 10/1/2047 12.00 % 914,040 $ 8,493,040 MRB Activity in the First Three Months of 2022 Restructurings: In January 2022, the Live 929 Apartments property completed a restructuring of the Partnership’s MRBs and property loan. The Partnership’s Live 929 Apartments – 2014 Series A and Live 929 Apartments – 2014 Series B MRBs were redeemed at par plus accrued interest. The following tables summarizes the terms of the MRBs upon redemption: Property Name Month Property Location Units Original Interest Rate Principal Live 929 Apartments - 2014 Series A January Baltimore, MD 575 7/1/2049 5.78 % $ 39,445,000 Live 929 Apartments - 2014 Series B January Baltimore, MD 575 7/1/2039 1.60 % 21,610,000 $ 61,055,000 Upon restructuring, the Partnership used the proceeds of the redeemed MRBs plus additional cash to acquire a new series of MRB secured by the Live 929 Apartments property, the Series 2022A MRB. The following tables summarizes the MRB that was acquired as part of the restructuring of the Live 929 Apartments MRBs: Property Name Month Property Location Units Maturity Date Interest Rate Principal Acquired Live 929 Apartments - Series 2022A January Baltimore, MD 575 1/1/2060 4.30 % $ 66,365,000 In addition, a portion of the Live 929 Apartments property loan was redeemed as part of the restructuring, with proceeds used to acquire the new Live 929 Apartments Series 2022A MRB. The Partnership also acquired a taxable MRB which is reported in Other Assets (Note 12). The redemption of the prior Live 929 Apartments – 2014 Series A and 2014 Series B MRBs and property loan and acquisition of the new Live 929 Apartments Series 2022A MRB were accounted for as a troubled debt restructuring. Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2022: Property Name Month Property Location Units Original Interest Rate Principal Ohio Properties - Series A March (1) 362 6/1/2050 7.00 % $ 13,544,000 Ohio Properties - Series B March (1) 362 6/1/2050 10.00 % 3,459,840 $ 17,003,840 (1) The Ohio Properties consist of Crescent Village, located in Cincinnati, Ohio, Willow Bend, located in Columbus (Hilliard), Ohio and Postwoods, located in Reynoldsburg, Ohio. Acquisitions: There were no MRBs acquired during the three months ended March 31, 2022.

Governmental Issuer Loans

Governmental Issuer Loans	3 Months Ended
Governmental Issuer Loans	Mar. 31, 2023
Governmental Issuer Loans [Abstract]
Governmental Issuer Loans	7. Governmental Issuer Loans The Partnership invests in 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 affordable multifamily property. The GILs share first mortgage lien positions with property loans and/or taxable GILs owned by the Partnership (Notes 8 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 March 31, 2023 and December 31, 2022 (Note 16). At the closing of each GIL, Freddie Mac, through a servicer, has forward committed to purchase the GIL at maturity at par if the property has reached stabilization and other conditions are met. The Partnership had the following GIL investments as of March 31, 2023 and December 31, 2022: As of March 31, 2023 Property Name Month Property Units Maturity (1) Interest Rate (2) Current Interest Amortized Scharbauer Flats Apartments (3) June 2020 Midland, TX 300 7/1/2023 SIFMA + 3.10 % 7.07 % $ 40,000,000 Oasis at Twin Lakes (3) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 2.25 % 6.22 % 34,000,000 Centennial Crossings (3) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75 % 6.72 % 33,080,000 Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % 7.90 % 34,620,000 Hilltop at Signal Hills (3) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07 % 7.90 % 24,450,000 Hope on Avalon January 2021 Los Angeles, CA 88 8/1/2023 SIFMA + 3.75 % 7.72 % 23,390,000 Hope on Broadway January 2021 Los Angeles, CA 49 8/1/2023 SIFMA + 3.75 % 7.72 % 13,105,623 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 7.62 % 47,624,815 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 7.85 % 25,000,000 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 8.40 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 8,846,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 4,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 8,550,000 2,419 $ 317,607,738 (1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. As of December 31, 2022 Property Name Month Property Units Maturity (1) Variable Interest (2) Current Interest Amortized Scharbauer Flats Apartments (3) June 2020 Midland, TX 300 7/1/2023 SIFMA + 3.10 % 6.76 % $ 40,000,000 Oasis at Twin Lakes (3) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 2.25 % 5.91 % 34,000,000 Centennial Crossings (3) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75 % 6.41 % 33,080,000 Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % 7.37 % 34,620,000 Hilltop at Signal Hills (3) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07 % 7.37 % 24,450,000 Hope on Avalon January 2021 Los Angeles, CA 88 8/1/2023 SIFMA + 3.75 % 7.41 % 23,390,000 Hope on Broadway January 2021 Los Angeles, CA 49 8/1/2023 SIFMA + 3.75 % 7.41 % 12,105,623 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 6.88 % 39,893,040 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 7.11 % 17,354,472 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 7.66 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 7,846,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 4,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 8,550,000 2,419 $ 300,230,435 (1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. The Partnership has accrued interest receivable related to its GILs of $ 6.4 million and $ 3.8 million as of March 31, 2023 and December 31, 2022, respectively, that is reported as interest receivable, net in the Partnership's condensed consolidated balance sheets. Two entities that are affiliates of certain GIL borrowers have provided limited-to-full payment guaranties for GILs with total outstanding principal of $ 238.8 million and for property loans with total outstanding principal of $ 109.8 million (Note 8) as of March 31, 2023. The guaranties relate to the Partnership’s investments in Scharbauer Flats Apartments, Oasis at Twin Lakes, Centennial Crossings, Legacy Commons at Signal Hills, Hilltop at Signal Hills, Osprey Village, and Willow Place Apartments. The Partnership has remaining commitments to provide additional funding of certain GILs during construction and/or rehabilitation of the secured properties as of March 31, 2023. See Note 19 for further information regarding the Partnership’s remaining GIL funding commitments. On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. The Partnership’s allowance for credit losses associated with its GILs was approximately $ 2.1 million as of March 31, 2023. See Note 13 for information regarding the Partnership’s allowance for credit losses.

Property Loans

Property Loans	3 Months Ended
Property Loans	Mar. 31, 2023
Property Loans Net Of Loan Loss Allowance [Abstract]
Property Loans	. Property Loans The following tables summarize the Partnership’s property loans, net of asset-specific loan loss allowances, as of March 31, 2023 and December 31, 2022: March 31, 2023 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Centennial Crossings $ 17,557,656 $ - $ 17,557,656 9/1/2023 LIBOR + 2.50 % Hilltop at Signal Hills 20,458,137 - 20,458,137 8/1/2023 SOFR + 3.07 % Legacy Commons at Signal Hills 30,716,905 - 30,716,905 2/1/2024 SOFR + 3.07 % Magnolia Heights 10,300,000 - 10,300,000 7/1/2024 SOFR + 3.85 % Oasis at Twin Lakes 24,018,657 - 24,018,657 8/1/2023 LIBOR + 2.50 % Osprey Village 1,000,000 - 1,000,000 8/1/2024 SOFR + 3.07 % Scharbauer Flats Apartments 13,386,764 - 13,386,764 7/1/2023 LIBOR + 2.85 % Willow Place Apartments 2,679,427 - 2,679,427 10/1/2024 SOFR + 3.30 % Subtotal 120,117,546 - 120,117,546 Mezzanine Financing (2) SoLa Impact Opportunity Zone Fund $ 39,000,000 $ - $ 39,000,000 12/30/2024 7.875 % Subtotal 39,000,000 - 39,000,000 Other The 50/50 MF Property $ 5,165,315 $ - $ 5,165,315 3/11/2048 9.00 % 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 % Live 929 Apartments 495,000 ( 495,000 ) - 7/31/2049 8.00 % Subtotal 6,113,909 ( 495,000 ) 5,618,909 Total $ 165,231,455 $ ( 495,000 ) $ 164,736,455 (1) The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 %. (2) The property loan is held in trust in connection with a TOB trust financing (Note 16). December 31, 2022 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Centennial Crossings $ 24,250,000 $ - $ 24,250,000 9/1/2023 LIBOR + 2.50 % Hilltop at Signal Hills 19,718,334 - 19,718,334 8/1/2023 SOFR + 3.07 % Legacy Commons at Signal Hills 29,666,905 - 29,666,905 2/1/2024 SOFR + 3.0 7% Magnolia Heights 6,188,601 - 6,188,601 7/1/2024 SOFR + 3.85 % Oasis at Twin Lakes 24,018,657 - 24,018,657 8/1/2023 LIBOR + 2.50 % Osprey Village 1,000,000 - 1,000,000 8/1/2024 SOFR + 3.07 % Scharbauer Flats Apartments 24,160,000 - 24,160,000 7/1/2023 LIBOR + 2.85 % Willow Place Apartments 1,000,000 - 1,000,000 10/1/2024 SOFR + 3.30 % Subtotal 130,002,497 - 130,002,497 Mezzanine Financing SoLa Impact Opportunity Zone Fund $ 39,000,000 $ - $ 39,000,000 12/30/2024 7.875 % Subtotal 39,000,000 - 39,000,000 Other The 50/50 MF Property $ 4,803,620 $ - $ 4,803,620 3/11/2048 9.00 % 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 % Greens Property 850,000 - 850,000 9/1/2046 10.00 % Live 929 Apartments 495,000 ( 495,000 ) - 7/31/2049 8.00 % Subtotal 6,602,214 ( 495,000 ) 6,107,214 Total $ 175,604,711 $ ( 495,000 ) $ 175,109,711 (1) The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 % . The Partnership has accrued interest receivable related to its property loans of $ 2.6 million and $ 3.2 million as of March 31, 2023 and December 31, 2022, respectively, that is reported as interest receivable, net in the Partnership's condensed consolidated balance sheets. The Partnership has remaining commitments to provide additional funding of certain property loans during construction of the secured properties as of March 31, 2023. See Note 19 for further information regarding the Partnership’s remaining property loan funding commitments. On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. The Partnership allowances for credit losses associated with its property loans was approximately $ 2.5 million as of March 31, 2023. See Note 13 for information regarding the Partnership’s allowance for credit losses related to its property loans. Activity in the First Three Months of 2023 In February 2023, the Greens Property loan was repaid in full. The partnership received proceeds of approximately $ 2.4 million representing outstanding principal and accrued interest upon redemption. In February 2023, the Partnership received a principal paydown of approximately $ 10.8 million on the Scharbauer Flats property loan. In March 2023, the Partnership received a principal paydown of approximately $ 6.7 million on the Centennial Crossings property loan. Activity in the First Three Months of 2022 In January 2022, the Partnership received approximately $ 1.0 million of principal and interest due on the Live 929 Apartments property loan upon restructuring of the outstanding debt of Live 929 Apartments. The principal payment and related loan loss allowance were considered in the troubled debt restructuring of the Partnership’s investments in Live 929 Apartments discussed further in Note 6. In March 2022, the Ohio Properties property loans were repaid in full. The Partnership received approximately $ 2.4 million of principal and approximately $ 4.3 million of accrued interest upon redemption, of which $ 1.7 million was recognized as other interest income.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
Investments in Unconsolidated Entities	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	9. Investments in Unconsolidated Entities The Partnership has non-controlling investments in unconsolidated entities. The Partnership applies the equity method of accounting by initially recording these investments at cost, subsequently adjusted for accrued preferred returns, the Partnership’s share of earnings (losses) of the unconsolidated entities, cash contributions, and distributions. The carrying value of the equity investments represents the Partnership’s maximum exposure to loss. The Partnership is entitled to a preferred return on invested capital in each unconsolidated entity. The Partnership’s preferred return is reported as “Investment income” on the Partnership’s condensed consolidated statements of operations. An affiliate of the Vantage unconsolidated entities guarantees a preferred return on the Partnership’s Vantage investments through a date approximately five years after commencement of construction. The following table provides the details of the investments in unconsolidated entities as of March 31, 2023 and December 31, 2022: Property Name Location Units Construction Commencement Date Construction Completion Date Carrying Value as of March 31, 2023 Carrying Value as of December 31, 2022 Current Investments Vantage at Conroe Conroe, TX 288 April 2019 January 2021 10,424,625 10,424,625 Vantage at Tomball Tomball, TX 288 August 2020 April 2022 13,235,090 13,051,936 Vantage at Hutto Hutto, TX 288 December 2021 N/A 12,907,679 12,590,292 Vantage at Loveland Loveland, CO 288 April 2021 N/A 18,474,179 18,109,568 Vantage at Helotes Helotes, TX 288 May 2021 November 2022 14,311,487 14,029,032 Vantage at Fair Oaks Boerne, TX 288 September 2021 N/A 12,241,907 12,000,297 Vantage at McKinney Falls McKinney Falls, TX 288 December 2021 N/A 12,500,461 12,253,749 Freestone Greeley Greeley, CO 296 N/A N/A 4,867,201 4,775,708 Freestone Cresta Bella San Antonio, TX 296 February 2023 N/A 7,905,183 6,263,083 Valage Senior Living Carson Valley Minden, NV 88 (1) February 2023 N/A 4,267,244 - Subtotal 111,135,056 103,498,290 Previously Sold Investments Vantage at Stone Creek Omaha, NE 294 March 2018 April 2020 $ - $ 5,465,967 Vantage at Coventry Omaha, NE 294 September 2018 February 2021 - 6,826,584 Subtotal - 12,292,551 $ 111,135,056 $ 115,790,841 (1) Valage Senior Living Carson Valley is a seniors housing property with 88 units and 102 beds. The Partnership has remaining commitments to provide additional equity funding for certain unconsolidated entities as of March 31, 2023. See Note 19 for further information regarding the Partnership’s remaining equity funding commitments. Activity in the First Three Months of 2023 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the three months ended March 31, 2023: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain (loss) Vantage at Stone Creek Omaha, NE 294 January 2023 $ 14,689,244 $ 108,295 9,114,980 Vantage at Coventry Omaha, NE 294 January 2023 13,220,218 135,501 6,258,133 Vantage at Murfreesboro Murfreesboro, TN 288 (1) ( 6,185 ) - ( 6,184 ) $ 27,903,277 $ 243,796 $ 15,366,929 (1) In February 2023, the Partnership paid additional cash of approximately $ 6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the full amount in "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statements of operations. New Equity Commitments: In February 2023, the Partnership executed a $ 8.2 million equity commitment to fund the construction of Valage Senior Living Carson Valley. Activity in the First Three Months of 2022 Sales Activity: The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the three months ended March 31, 2022: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain on Sale Vantage at Murfreesboro Murfreesboro, TN 288 March 2022 $ 29,258,279 $ 657,937 $ 16,360,343 Vantage at Bulverde Bulverde, TX 288 (1) 75,000 - 75,000 Vantage at Germantown Germantown, TN 288 (2) 4,407 - 4,407 $ 29,337,686 $ 657,937 $ 16,439,750 (1) In March 2022, the Partnership received cash of approximately $ 75,000 associated with final settlements of the Vantage at Bulverde sale in August 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statements of operations. (2) In March 2022, the Partnership received cash of approximately $ 4,000 associated with final settlements of the Vantage at Germantown sale in March 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statements of operations Summarized Unconsolidated Entity Level Financial Data The following table provides combined summary financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Property Revenues $ 3,749,443 $ 6,681,291 Gain on sale of property $ 38,104,333 $ 38,171,003 Net income $ 37,742,938 $ 38,730,562

Real Estate Assets

Real Estate Assets	3 Months Ended
Real Estate Assets	Mar. 31, 2023
Real Estate [Abstract]
Real Estate Assets	. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2023 and December 31, 2022: Real Estate Assets as of March 31, 2023 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,244 $ 39,752,127 $ 42,951,371 Vantage at San Marcos San Marcos, TX (1) 2,660,615 1,003,857 3,664,472 Land held for development (2) 1,109,482 - 1,109,482 $ 47,725,325 Less accumulated depreciation ( 12,052,543 ) Real estate assets, net $ 35,672,782 (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 a parcel of land in Richland County, SC. Real Estate Assets as of December 31, 2022 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,244 $ 39,799,082 $ 42,998,326 Vantage at San Marcos San Marcos, TX (1) 2,660,615 1,003,857 3,664,472 Land held for development (2) 1,551,196 - 1,551,196 $ 48,213,994 Less accumulated depreciation ( 11,663,516 ) Real estate assets, net $ 36,550,478 (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. In January 2023, the Partnership sold the land held for development in Omaha, NE and received proceeds of $ 442,000 which is approximately the Partnership's carrying value. In December 2022, the Partnership sold 100 % of its ownership interest in The 50/50 MF Property to an unrelated non-profit organization. The Partnership received an unsecured property loan upon sale (Note 8) payable from future net cash flows of the property. The buyer assumed two mortgages payable associated with the property and the Partnership agreed to provide certain recourse support for the assumed mortgages. The remainder of the purchase price was funded by the issuance of a seller financing property loan to the Partnership in the amount of $ 4.8 million (Note 8). As a result of the sale, the Partnership deconsolidated The 50/50 MF Property assets and liabilities in its consolidated financial statements. The Partnership incurred costs of approximately $ 404,000 related to the sale which reduced the Partnership's gain on sale. The Partnership has deferred its entire gain on sale of approximately $ 6.6 million which is reported within accounts payable, accrued expenses and other liabilities on the condensed consolidated balance sheets. The Partnership will recognize the deferred gain upon collection of principal of the unsecured property loan (Note 14). Net loss, exclusive of the gains on sale, related to The 50/50 MF Property for the three months ended March 31, 2023, and 2022 is as follows: For the Three Months Ended March 31, 2023 2022 Net loss $ - $ 222,439

Income Tax Provision

Income Tax Provision	3 Months Ended
Income Tax Provision	Mar. 31, 2023
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 owned The 50/50 MF Property until December 2022, and also owns certain property loans. The following table summarizes income tax expense (benefit) for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Current income tax expense $ 8,340 $ 7,644 Deferred income tax expense (benefit) ( 982 ) 7,266 Total income tax expense $ 7,358 $ 14,910 The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable. There was no valuation allowance recorded as of March 31, 2023 and December 31, 2022.

Other Assets

Other Assets	3 Months Ended
Other Assets	Mar. 31, 2023
Other Assets [Abstract]
Other Assets	12. Other Assets The following table summarizes the Partnership's other assets as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Deferred financing costs, net $ 805,813 $ 964,266 Derivative instruments at fair value (Note 18) 5,284,329 7,530,438 Taxable mortgage revenue bonds, at fair value 18,146,540 16,531,896 Taxable governmental issuer loans: Taxable governmental issuer loans 11,000,000 8,000,000 Allowance for credit losses (Note 13) ( 89,000 ) - Taxable governmental issuer loans, net 10,911,000 8,000,000 Bond purchase commitments, at fair value (Note 19) 211,476 98,929 Other assets 1,877,240 2,649,138 Total other assets $ 37,236,398 $ 35,774,667 The Partnership has remaining commitments to provide additional funding of the taxable GILs and taxable MRBs during construction and/or rehabilitation of the secured properties as of March 31, 2023. See Note 19 for further information regarding the Partnership’s remaining taxable GIL and taxable MRB funding commitments. On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. See Note 13 for information regarding the Partnership’s allowance for credit losses related to its taxable GILs. See Note 23 for a description of the methodology and significant assumptions for determining the fair value of derivative instruments, taxable MRBs and bond purchase commitments. Unrealized gains or losses on derivative instruments are reported as “Interest expense” in the Partnership's condensed consolidated statements of operations. Unrealized gain or losses on taxable MRBs and bond purchase commitments are recorded in the Partnership's condensed 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. As of March 31, 2023, two taxable MRBs and four taxable GILs with a reported value totaling $ 20.0 million were held in trust in connection with TOB trust financings (Note 16). Activity in the First Three Months of 2023 The following table includes details of the taxable MRB acquired during the three months ended March 31, 2023: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funding Taxable MRBs Windsor Shores Apartments - Series B January 2023 Columbia, SC 176 2/1/2030 6.50 % $ 805,000 Activity in the First Three Months of 2022 The following table includes details of the taxable MRB acquired during the three months ended March 31, 2022: Property Name Date Committed Maturity Date Initial Principal Funding Total Commitment Taxable MRBs Live 929 Apartments - Series 2022B January 2022 1/1/2029 $ 3,625,000 $ 3,625,000

Allowance for Credit Losses

Allowance for Credit Losses	3 Months Ended
Allowance for Credit Losses	Mar. 31, 2023
Credit Loss [Abstract]
Allowance for Credit Losses	13. Allowance for Credit Losses On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. See Note 2 for further discussion of the Partnership’s Allowance for Credit Losses accounting policy. Held-to-Maturity Debt Securities, Held-for-Investment Loans and Related Unfunded Commitments The Partnership considers key credit quality indicators when estimating expected credit losses for assets recorded at amortized cost. Such assets primarily finance the construction or rehabilitation of affordable multifamily properties. The GILs are primarily repaid through a conversion to permanent financing pursuant to a forward commitment from Freddie Mac dependent on completion of construction and various other conditions that each property must meet. The property loans related to GILs are primarily to be repaid from future equity contributions by investors and other forward financing commitments provided by various parties. If Freddie Mac is not required to purchase the GIL and payment of the property loans from available sources is not made, the GIL and associated property loan will have defaulted, and the Partnership has the right to foreclose on the underlying property, the associated low income housing tax credits, and enforce the guaranty provisions against affiliates of the individual property borrower. Accordingly, the Partnership’s key credit quality indicators include, but are not limited to, construction status of the property, financial strength of borrowers and guarantors, adequacy of capitalized interest reserves, lease up and occupancy of the property, the status of other conversion conditions, and operating results of the underlying property. The property loans secured by other multifamily properties are repaid through property operations or future sales proceeds. As a result of the adoption of ASU 2016-13 effective date of January 1, 2023, there is a lack of comparability in both the allowance and provisions for credit losses for the periods presented. Results for reporting periods beginning after January 1, 2023 are presented using the CECL methodology, while comparative period information continues to be reported in accordance with the incurred loss methodology in effect for prior years. The following table summarizes the changes in the Partnership’s allowance for credit losses as of March 31, 2023: For the Three Months Ended March 31, 2023 Governmental Issuer Loans Taxable Governmental Issuer Loans Property Loans Unfunded Commitments Total Balance, beginning of period - - $ 495,000 - 495,000 Cumulative-effect adjustment upon adoption $ 2,145,000 $ 79,000 2,108,000 $ 1,617,000 $ 5,949,000 Current provision for expected credit losses ( 65,000 ) 10,000 ( 153,000 ) ( 337,000 ) ( 545,000 ) Balance, end of period $ 2,080,000 $ 89,000 $ 2,450,000 $ 1,280,000 $ 5,899,000 At adoption, on January 1, 2023, the Partnership recorded an allowance for credit losses of approximately $ 5.9 million as a reduction to Partners’ Capital, or approximately 0.85 % of the Partnerships carrying value of GILs, taxable GILs and property loans and total unfunded commitments. This amount does not include the Live 929 Apartments property loan that had a previous asset-specific allowance of $ 495,000 . The Partnership recorded a recovery of provision for credit losses of approximately $ 545,000 for the three months ended March 31, 2023, which caused a decrease in the allowance for credit losses by the same amount. The decrease for the three months ended March 31, 2023 is primarily due to a decrease in the weighted average life of the asset portfolio and updates of market data used as quantitative assumptions in the Partnership’s model to estimate the allowance for credit losses. Risk Ratings The Partnership evaluates all GILs, taxable GILs and property loans on a quarterly basis and assigns a risk rating based upon management’s assessment of the borrower’s ability to pay debt service and the likelihood of repayment through the GIL’s conversion to Freddie Mac financing and the property loan’s payment from future equity contribution commitments. The assessment is subjective and based on multiple factors, including but not limited to, construction status of the property, financial strength of borrowers and guarantors, adequacy of capitalized interest reserves, lease up and occupancy of the property, the status of other conversion conditions, and operating results of the underlying property. The credit risk analysis and rating assignment is performed quarterly in conjunction with the Partnership’s assessment of its allowance for credit losses. The Partnership uses the following definitions for its risk ratings: • Performing – The underlying property currently meets or exceeds management’s performance expectations and metrics. There are currently no material indicators that current debt service or repayment of the GILs and property loans is at risk. • Watch – The underlying property associated with the GILs and property loans currently has certain performance or other risk factors that require specific attention from management. The Partnership could experience loss if these factors are not resolved in a timely or satisfactory manner. The Partnership currently estimates that such factors will be adequately resolved and that current debt service and final repayment of the GILs and property loans is not at material risk. • Nonperforming – The underlying property associated with the GILs and property loans is not current on debt service payments and/or has material performance or other risk factors. The Partnership currently believes that full collection of debt service and final repayment is questionable and/or improbable. The following table summarizes the Partnership’s carrying value by origination year, grouped by risk rating as of March 31, 2023: March 31, 2023 2023 2022 2021 2020 2019 Prior Total Governmental Issuer Loans Performing $ - $ 42,337,300 $ 168,190,438 $ 107,080,000 $ - $ - $ 317,607,738 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 42,337,300 168,190,438 107,080,000 - - 317,607,738 Taxable Governmental Issuer Loans Performing $ - $ 3,000,000 $ 8,000,000 $ - $ - $ - $ 11,000,000 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 3,000,000 8,000,000 - - - 11,000,000 Property Loans Performing $ - $ 54,465,315 $ 54,854,469 $ 54,963,077 - $ 453,594 $ 164,736,455 Watch - - - - - - - Nonperforming - - - - $ 495,000 - 495,000 Subtotal - 54,465,315 54,854,469 54,963,077 495,000 453,594 165,231,455 Unfunded Commitments Performing $ - $ 128,700,000 $ 60,376,955 $ 3,685,523 $ - $ - $ 192,762,478 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 128,700,000 60,376,955 3,685,523 - - 192,762,478 Total $ - $ 228,502,615 $ 291,421,862 $ 165,728,600 $ 495,000 $ 453,594 $ 686,601,671 The Partnership evaluates its outstanding principal and interest receivable balances associated with its GILs and property loans for collectability. If collection of these balances is not probable, the loan is placed on non-accrual status and either an asset-specific allowance for credit loss will be recognized or the outstanding balance will be written off. There are no GILs, taxable GILs, or property loans that are currently past due on contractual debt service payments and the Partnership considered all GILs, taxable GILs and property loans to be performing as of March 31, 2023, except as noted below. The Partnership currently has two property loans on nonaccrual status. During the three months ended March 31, 2023 and 2022, the interest to be earned on the Live 929 Apartments property loan was in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of the property loan determined the collection of the interest accrued was not probable and the loan is considered to be nonperforming. The Live 929 Apartments property loan has outstanding principal of approximately $ 495,000 as of March 31, 2023 and December 31, 2022, which was fully reserved with an asset-specific allowance. In December 2022, the Partnership received a property loan in exchange for the sale of its 100 % interest in The 50/50 MF Property in the amount of $ 4.8 million. See Note 10 for further information on the property sale. The property loan is unsecured, will be repaid from net cash flows of the property, and is subordinate to the mortgage debt of the property which was assumed by the buyer as described in Note 10. The property loan is in non-accrual status as of March 31, 2023 because payments under the loan are not required immediately and are expected to be paid from future net cash flows of the property as previously described in Note 10. As such, the loan is considered to be performing. The property loan associated with the 50/50 MF Property had outstanding principal of approximately $ 5.2 million and $ 4.8 million as of March 31, 2023 and December 31, 2022, respectively. Available-for-Sale Debt Securities The Partnership will record an impairment for MRBs and taxable MRBs through allowance for credit losses for the portion of the difference between the estimated fair value and amortized cost that is related to expected credit losses. The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Balance, beginning of period $ 9,978,891 $ 9,175,482 Other additions (1) - 860,533 Recovery of prior credit loss (2) ( 16,967 ) ( 5,279 ) Balance, end of period (3) $ 9,961,924 $ 10,030,736 (1) The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. (2) The Partnership compared the present value of cash flows expected to be collected to the amortized cost basis of the Live 929 Apartments Series 2022A MRB, which indicated a recovery of value. As the recovery was identified prior to the effective date of the CECL standard, the Partnership will accrete the recovery of prior credit loss into investment income over the term of the MRB. (3) The allowance for credit losses as of March 31, 2023 and 2022 relate to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	3 Months Ended
Accounts Payable, Accrued Expenses and Other Liabilities	Mar. 31, 2023
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	14. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the Partnership's accounts payable, accrued expenses and other liabilities as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Accounts payable $ 1,150,496 $ 1,244,918 Accrued expenses 3,381,482 4,888,438 Accrued interest expense 7,886,085 7,186,021 Derivative instruments at fair value (Note 18) 1,229,988 - Deferred gain on sale of MF Property 6,596,622 6,596,622 Reserve for credit losses on unfunded commitments (Note 13) 1,280,000 - Other liabilities 1,883,316 1,817,507 Total accounts payable, accrued expenses and other liabilities $ 23,407,989 $ 21,733,506 On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. See Note 13 for information regarding the Partnership’s allowance for credit losses related to its unfunded commitments.

Secured Lines of Credit

Secured Lines of Credit	3 Months Ended
Secured Lines of Credit	Mar. 31, 2023
Secured Line Of Credit Facility [Member]
Line of Credit Facility [Line Items]
Secured Lines of Credit	15. Secured Lines of Credit The following tables summarize the Partnership's secured lines of credit ("LOC" or "LOCs") as of March 31, 2023 and December 31, 2022: Secured Lines of Credit Outstanding as of March 31, 2023 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 6,500,000 $ 40,000,000 June 2023 (1) Variable (2) Monthly 7.95 % Bankers Trust Acquisition LOC - 50,000,000 June 2024 (3) Variable (4) Monthly 7.16 % $ 6,500,000 $ 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, N.A. (“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 an all-in floor of 3.50 %. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available. (3) The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee. (4) The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”). Secured Lines of Credit Outstanding as of December 31, 2022 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 6,500,000 $ 40,000,000 June 2023 (1) Variable (2) Monthly 7.42 % Bankers Trust Acquisition LOC 49,000,000 50,000,000 June 2024 (3) Variable (4) Monthly 6.68 % $ 55,500,000 $ 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, N.A. (“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 an all-in floor of 3.50 %. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available. (3) The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee. (4) The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”). The Partnership has entered into a secured Credit Agreement (“Secured Credit Agreement”) of up to $ 40.0 million with BankUnited and Bankers Trust Company, and the sole lead arranger and administrative agent, BankUnited, for a general secured line of credit (the “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 Vantage investments, 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 March 31, 2023. 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 $ 5.0 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 March 31, 2023. In addition, the Partnership and Bankers Trust Company have entered into an amended and restated credit agreement for a secured non-operating line of credit (the “Acquisition LOC”) with a maximum commitment of up to $ 50.0 million. 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 Company. 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 Company 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 Partnership is subject to various affirmative and negative covenants related to the Acquisition LOC, with the principal covenant being that the Partnership’s Leverage Ratio (as defined by the Partnership) will not exceed a specific percentage. The Partnership was in compliance with all covenants as of March 31, 2023.

Debt Financing

Debt Financing	3 Months Ended
Debt Financing	Mar. 31, 2023
Debt Financing [Abstract]
Debt Financing	16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2023 and December 31, 2022: Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 67,656,041 $ 4,999 2024 Variable Yes 4.00 % 1.30 % 5.30 % M24 TEBS 7,477,070 4,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,383,793 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS (4) 211,391,291 5,000 2034 Fixed Yes N/A N/A 3.82 % Subtotal/Weighed Average Period End Rate 315,908,195 4.06 % Secured Notes $ 102,407,411 30,777,281 2025 Variable No N/A N/A 14.00 % (5) TOB Trust Securitizations Mizuho Capital Markets: Montevista - Series A $ 5,644,032 (6) 2023 Variable Yes 4.32 % 1.27 % 5.59 % Trust 2020-XF2908 (7) 27,786,395 (6) 2023 Variable No 5.07 % 0.90 % 5.97 % Hope on Avalon GIL 18,702,562 (6) 2023 Variable Yes 4.32 % 1.44 % 5.76 % Hope on Broadway GIL 9,675,605 (6) 2023 Variable Yes 4.32 % 1.44 % 5.76 % Ocotillo Springs - Series A 9,979,320 (6) 2023 Variable Yes 4.32 % 0.91 % 5.23 % Jackson Manor Apartments 5,865,000 (6) 2023 Variable Yes 4.27 % 1.29 % 5.56 % Trust 2021-XF2926 (8) 74,737,052 (6) 2024 Variable No 5.07 % 0.90 % 5.97 % Trust 2021-XF2939 (9) 8,179,631 (6) 2024 Variable No 5.07 % 1.17 % 6.24 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 4.27 % 0.91 % 5.18 % Oasis at Twin Lakes GIL 30,600,000 (6) 2024 Variable Yes 4.32 % 0.91 % 5.23 % Centennial Crossing GIL 29,772,000 (6) 2024 Variable Yes 4.32 % 0.91 % 5.23 % Residency at the Mayer - Series A 24,335,000 (6) 2024 Variable Yes 4.32 % 1.19 % 5.51 % SoLa Impact Opportunity Zone Fund 27,144,252 (6) 2024 Variable Yes 5.07 % 1.78 % 6.85 % Montecito at Williams Ranch - Series A 6,857,367 (6) 2025 Variable Yes 4.32 % 1.18 % 5.50 % Vineyard Gardens - Series A 3,592,923 (6) 2025 Variable Yes 4.32 % 1.17 % 5.49 % The Park at Sondrio - Series 2022A 30,363,440 (6) 2025 Variable Yes 4.27 % 1.43 % 5.70 % The Park at Vietti - Series 2022A 21,496,394 (6) 2025 Variable Yes 4.27 % 1.43 % 5.70 % Avistar at Copperfield - Series A 11,468,978 (6) 2025 Variable Yes 4.32 % 1.67 % 5.99 % Avistar at Wilcrest - Series A 4,338,976 (6) 2025 Variable Yes 4.27 % 1.67 % 5.94 % Residency at the Entrepreneur MRBs 17,120,000 (6) 2025 Variable Yes 4.32 % 1.45 % 5.77 % Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs 53,160,000 (6) 2025 Variable Yes 4.27 % 0.91 % 5.18 % Osprey Village GIL 39,275,000 (6) 2025 Variable Yes 4.27 % 1.19 % 5.46 % Residency at Empire MRBs 14,178,987 (6) 2026 Variable Yes 4.27 % 1.42 % 5.69 % The Ivy Apartments 24,296,594 (6) 2026 Variable Yes 4.32 % 1.44 % 5.76 % Windsor Shores Apartments 17,155,163 (6) 2026 Variable Yes 4.27 % 1.44 % 5.71 % Avistar at Wood Hollow - Series A 32,987,760 (6) 2027 Variable Yes 4.27 % 1.44 % 5.71 % Live 929 53,092,000 (6) 2027 Variable Yes 4.27 % 1.18 % 5.45 % Barclays Capital Inc.: Trust 2021-XF2953 (10) 57,296,689 - 2024 Variable No 4.88 % 1.27 % 6.15 % Poppy Grove I GIL 7,063,153 - 2024 Variable Yes 4.12 % 1.25 % 5.37 % Poppy Grove II GIL 3,619,153 - 2024 Variable Yes 4.12 % 1.25 % 5.37 % Poppy Grove III GIL 6,826,153 - 2024 Variable Yes 4.12 % 1.25 % 5.37 % Subtotal/Weighed Average Period End Rate 712,609,579 5.67 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,809,987 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,143,735,172 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. (4) 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. (5) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 8.75 % as of March 31, 2023. See Note 18 for further information on the total return swap. (6) The Partnership has restricted cash totaling approximately $ 103,000 related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (8) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon (9) The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. (10) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 75,570,121 $ 4,999 2024 Variable Yes 3.69 % 1.55 % 5.24 % M24 TEBS 7,489,619 204,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,549,954 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS (4) 211,914,923 5,000 2034 Fixed Yes N/A N/A 3.82 % Subtotal/Weighed Average Period End Rate 324,524,617 4.08 % Secured Notes $ 102,488,160 35,979,743 2025 Variable No N/A N/A 13.05 % (5) TOB Trust Securitizations Mizuho Capital Markets: Montevista - Series A $ 5,650,044 (6) 2023 Variable Yes 3.86 % 1.27 % 5.13 % Trust 2020-XF2908 (7) 43,472,232 (6) 2023 Variable No 4.57 % 0.89 % 5.46 % Hope on Avalon GIL 18,695,484 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Hope on Broadway GIL 9,670,809 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Ocotillo Springs - Series A 9,978,639 (6) 2023 Variable Yes 3.86 % 0.91 % 4.77 % Jackson Manor Apartments 5,859,141 (6) 2023 Variable Yes 3.88 % 1.29 % 5.17 % Trust 2021-XF2926 (8) 70,402,736 (6) 2024 Variable No 4.57 % 0.89 % 5.46 % Trust 2021-XF2939 (9) 7,341,558 (6) 2024 Variable No 4.57 % 1.16 % 5.73 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Oasis at Twin Lakes GIL 30,600,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Centennial Crossing GIL 29,772,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Residency at the Mayer - Series A 21,450,000 (6) 2024 Variable Yes 3.86 % 1.19 % 5.05 % Montecito at Williams Ranch - Series A 6,872,074 (6) 2025 Variable Yes 3.62 % 1.17 % 4.79 % Vineyard Gardens - Series A 3,592,692 (6) 2025 Variable Yes 3.67 % 1.17 % 4.84 % The Park at Sondrio - Series 2022A 30,354,275 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % The Park at Vietti - Series 2022A 21,489,569 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % Avistar at Copperfield - Series A 11,501,641 (6) 2025 Variable Yes 3.80 % 1.67 % 5.47 % Avistar at Wilcrest - Series A 4,350,640 (6) 2025 Variable Yes 3.88 % 1.67 % 5.55 % Residency at the Entrepreneur MRBs 16,513,817 (6) 2025 Variable No 4.57 % 1.18 % 5.75 % Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs 53,160,000 (6) 2025 Variable Yes 3.88 % 0.91 % 4.79 % Osprey Village GIL 32,905,000 (6) 2025 Variable Yes 3.88 % 1.19 % 5.07 % Avistar at Wood Hollow - Series A 33,092,580 (6) 2027 Variable Yes 3.88 % 1.44 % 5.32 % Live 929 53,092,000 (6) 2027 Variable Yes 3.88 % 1.18 % 5.06 % Barclays Capital Inc.: Trust 2021-XF2953 (10) 46,548,777 - 2023 Variable No 4.42 % 1.27 % 5.69 % Poppy Grove I GIL 6,258,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove II GIL 3,614,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove III GIL 6,821,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Subtotal/Weighed Average Period End Rate 619,060,166 5.19 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,831,009 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,058,903,952 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. (4) 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. (5) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 7.80 % as of December 31, 2022. See Note 18 for further information on the total return swap. (6) The Partnership has restricted cash totaling approximately $ 38,000 related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (8) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon (9) The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. (10) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. The TOB, Term TOB and TEBS financing arrangements are consolidated VIEs of 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 condensed consolidated financial statements. See information regarding the MRBs, GILs, property loans, taxable MRBs and taxable GILs securitized within the TOB, Term TOB and TEBS financings in Notes 6, 7, 8 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, the Partnership 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 shortfall on each TEBS financing is limited to the Partnership’s residual interest. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. The Partnership has entered into various TOB trust financings with Mizuho and Barclays secured by various investment assets. The TOB trusts and Secured Notes with Mizuho and the TOB trusts with Barclays are subject to respective master agreements that contain certain covenants and requirements. The TOB trust financings with Mizuho and Barclays require that the Partnership's residual interests in each TOB trust maintain a certain value in relation to total assets in each TOB trust. The Mizuho and Barclays master agreements also require the Partnership's partners' capital, as defined, to maintain a certain threshold and that the Partnership remain listed on the NYSE. The master agreement with Barclays also puts limits on the Partnership's Leverage Ratio (as defined by the Partnership). In addition, both Mizuho and Barclays master agreements specify that default(s) on the Partnership’s other senior debts above a specified dollar amount, in the aggregate, will constitute a default under the master agreement. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facilities would be triggered. The Partnership was in compliance with these covenants as of March 31, 2023. The Partnership is subject to mark-to-market collateral posting provision for positions under the ISDA master agreements with Mizuho and Barclays related to the TOB Trusts and Secured Notes. The amount of collateral posting required is dependent on the valuation of the securitized assets and interest rate swaps (Note 18) in relation to thresholds set by Mizuho and Barclays at the initiation of each transaction. There were no requirements to post collateral to Mizuho or Barclays as of March 31, 2023. As of March 31, 2023 and December 31, 2022, 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). As of March 31, 2023 and December 31, 2022, the restricted cash associated with the Secured Notes is collateral posted with Mizuho according to the terms the total return swap that has the Secured Notes as the reference security (Note 18). The Term TOB trust financing 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 remain 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 these covenants as of March 31, 2023. 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. Activity in the First Three Months of 2023 New Debt Financings: The following is a summary of the new TOB trust financings that were entered into during the three months ended March 31, 2023: TOB Trusts Securitization Initial TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Facility Fees Residency at Empire MRB $ 14,400,000 January 2026 Variable Yes 1.42 % Windsor Shores MRB 17,236,000 January 2026 Variable Yes 1.44 % SoLa Impact Opportunity Zone Fund 27,300,000 December 2024 Variable No 1.78 % The Ivy Apartments MRB 24,400,000 February 2026 Variable Yes 1.44 % Total TOB Trust Financings $ 83,336,000 Refinancing Activity: The Partnership executed three-month extensions of the maturity date of Barclays credit facility Trusts 2021-XF2953, 2022-XF3028, 2022-XF3029 and 2022-XF3030 in January 2023. There were no additional changes to terms or fees associated with the extensions. In February 2023, the Partnership made certain structural modifications to the TOB trust financing for Residency at the Entrepreneur MRBs. The only material changes associated with the modifications were the interest on senior securities changed from taxable to tax-exempt and the deleveraging of approximately $ 800,000 of debt financings. The structural modifications required cash settlement of the initial TOB trust financings and receipt of cash proceeds from the new TOB trust financings. The cash settlements and proceeds are reported on a gross basis in the cash flows from financing activities section of the consolidated statements of cash flows. Deferred financing costs of approximately $ 584,000 were written off in connection with the modifications. Activity in the First Three Months of 2022 New Debt Financings: The following is a summary of the TOB trust financings that were entered into during the three months ended March 31, 2022: TOB Trusts Securitization Initial TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Facility Fees Live 929 Series 2022A & 2022B MRBs $ 55,990,000 February 2024 Variable No 1.15 % Total TOB Trust Financings $ 55,990,000 Redemptions: The following is a summary of the TOB trust financings that were collapsed and all principal and interest were paid in full during the three months ended March 31, 2022: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments - 2014 Series A TOB Trust January 2022 $ 31,565,000 Future Maturities The Partnership’s contractual maturities of borrowings as of March 31, 2023 for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: Remainder of 2023 $ 82,256,903 2024 396,760,149 2025 293,084,108 2026 60,028,863 2027 88,279,325 Thereafter 225,691,694 Total 1,146,101,042 Unamortized deferred financing costs and debt premium ( 2,365,870 ) Total debt financing, net $ 1,143,735,172

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing	3 Months Ended
Mortgages Payable and Other Secured Financing	Mar. 31, 2023
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing	17. Mortgages Payable and Other Secured Financing The Partnership has entered into a mortgage payable. The following is a summary of the mortgage payable, net of deferred financing costs, as of March 31, 2023 and December 31, 2022: Property Mortgage Payables Outstanding Mortgage Outstanding Mortgage Year Stated Maturity Variable Period End Vantage at San Marcos--Mortgage (1) $ 1,690,000 $ 1,690,000 2020 November 2023 Variable 8.75 % (1) The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 5).

Derivative Instruments

Derivative Instruments	3 Months Ended
Derivative Instruments	Mar. 31, 2023
Interest Rate Derivatives [Abstract]
Derivative Instruments	18. Derivative Instruments The Partnership’s derivative 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” in the Partnership's consolidated statements of operations. The value of the Partnership’s interest rate swaps are subject to mark-to-market collateral posting provisions in conjunction with the Partnership’s ISDA master agreement with Mizuho (Note 16). See Note 23 for a description of the methodology and significant assumptions for determining the fair value of the derivatives. The derivative instruments are presented within “Other assets” or “Accounts payable, accrued expenses and other liabilities”, as appropriate, in the Partnership's condensed consolidated balance sheets. Interest Rate Swap Agreements The Partnership has entered into multiple interest rate swap agreements to mitigate interest rate risk associated with variable rate TOB trust financings (Note 16). No fees were paid to Mizuho upon closing of the interest rate swaps. The following table summarizes the Partnership's interest rate swap agreements as of March 31, 2023 and December 31, 2022: Trade Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate Index Variable Debt (1) Counterparty Fair Value as of February 2022 55,990,000 2/9/2022 2/1/2024 1.40 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets $ 1,720,173 March 2022 47,850,000 3/3/2022 3/1/2027 1.65 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets 3,279,012 October 2022 34,436,088 (2) 4/1/2023 4/1/2025 3.92 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets ( 141,509 ) December 2022 10,880,000 (3) 1/1/2023 12/1/2029 3.27 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets ( 116,863 ) December 2022 45,500,000 1/3/2023 1/1/2030 3.47 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets ( 566,545 ) January 2023 12,065,200 1/19/2023 1/1/2030 3.35 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets ( 66,526 ) January 2023 8,027,600 2/1/2023 2/1/2030 3.29 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets ( 39,848 ) March 2023 3,785,000 (4) 4/1/2023 6/1/2029 3.37 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets ( 298,697 ) 218,533,888 $ 3,769,197 (1) See Notes 16 and 23 for additional details. (2) The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. (3) The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. (4) The notional amount increases according to a schedule up to a maximum notional amount of $ 21.6 million. Trade Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate Index Variable Debt (1) Counterparty Fair Value as of February 2022 55,990,000 2/9/2022 2/1/2024 1.40 % 4.09 % Compounded SOFR TOB Trusts Mizuho Capital Markets $ 2,205,130 March 2022 47,850,000 3/3/2022 3/1/2027 1.65 % 4.09 % Compounded SOFR TOB Trusts Mizuho Capital Markets 4,048,961 October 2022 34,436,088 (2) 4/1/2023 4/1/2025 3.92 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 131,427 December 2022 10,880,000 (3) 1/1/2023 12/1/2029 3.27 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 370,342 December 2022 45,500,000 1/3/2023 1/1/2030 3.47 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 443,339 194,656,088 $ 7,199,199 (1) See Notes 16 and 23 for additional details. (2) The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. (3) The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. Total Return Swap Agreements The following table summarizes the terms of the Partnership’s total return swaps as of March 31, 2023 and December 31, 2022: Trade Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of December 2022 102,590,936 December 2022 Sept 2025 8.75 % (1) 14.00 % (2) SOFR Mizuho Capital Markets $ 199,482 (1) Variable rate equal to SOFR + 4.00 %, subject to an all-in floor of 4.25 %. (2) Variable rate equal to SOFR + 9.25 % . Trade Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of December 2022 102,690,670 December 2022 Sept 2025 7.80 % (1) 13.05 % (2) SOFR Mizuho Capital Markets $ 239,612 (1) Variable rate equal to SOFR + 4.00 %, subject to an all-in floor of 4.25 %. (2) Variable rate equal to SOFR + 9.25 %. The total return swap has the Partnership’s Secured Notes with Mizuho as the specified reference security (Note 16), with the total return swap notional amount equal to the outstanding principal on the Secured Notes. The rate received on the 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 under the total return swap. Under the total return swap, the Partnership is liable for any decline in the value of the Secured Notes under the ISDA master agreement with Mizuho, when netted with the value of the Partnership's other positions with Mizuho. The Partnership was required to initially fund cash collateral with Mizuho for the total return swap. The total return swap with a notional amount of $ 102.6 million initially required the Partnership to maintain cash collateral equal to 35 % of the notional amount. In February 2023, the cash collateral requirement was reduced to 30 % of the notional amount. In December 2022, the Partnership amended certain terms associated with the remaining total return swap, including an update in the variable rate index from 3-month LIBOR to SOFR. There were no fees associated with the amendments. Interest Rate Cap Agreement The Partnership has entered into an interest rate cap agreement to mitigate our exposure to interest rate risk associated with a variable-rate debt financing facility. The following tables summarize the Partnership’s interest rate cap agreement as of March 31, 2023 and December 31, 2022: Purchase Date Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of August 2019 74,634,658 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 85,662 $ 85,662 (1) See Notes 16 and 23 for additional details. Purchase Date Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of August 2019 75,014,903 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 91,627 $ 91,627 (1) See Notes 16 and 23 for additional details.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
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 condensed 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 as gains or losses on the Partnership's condensed consolidated statements of comprehensive income (loss). The following table summarizes the Partnership’s bond purchase commitments as of March 31, 2023 and December 31, 2022: Bond Purchase Commitments Commitment Date Maximum Interest Estimated Closing Fair Value as of Fair Value as of Anaheim & Walnut September 2021 3,900,000 4.85 % Q3 2024 211,476 98,929 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’s remaining non-cancelable commitments for GILs, taxable GILs and property loans are subject to a reserve for credit losses, which was approximately $ 1.3 million as of March 31, 2023. See Note 13 for additional information on the reserve for credit losses on such commitments. The Partnership also has outstanding commitments to contribute additional equity to unconsolidated entities. The following table summarizes the Partnership's total and remaining commitments as of March 31, 2023: Property Name Commitment Date Maturity Date Interest Rate (1) Total Initial Commitment Remaining Commitment Mortgage Revenue Bonds Meadow Valley December 2021 December 2029 6.25 % 44,000,000 36,275,000 Residency at the Entrepreneur- Series J-3 April 2022 March 2040 6.00 % 26,080,000 21,180,000 Residency at the Entrepreneur- Series J-4 April 2022 March 2040 SOFR + 3.60 % (2) 16,420,000 16,420,000 Residency at the Entrepreneur- Series J-5 February 2023 April 2025 (3) SOFR + 3.60 % 5,000,000 4,000,000 Residency at Empire - Series BB-3 December 2022 December 2040 6.45 % (4) 14,000,000 13,945,000 Residency at Empire - Series BB-4 December 2022 December 2040 6.45 % (5) 47,000,000 47,000,000 Subtotal 152,500,000 138,820,000 Taxable Mortgage Revenue Bonds Residency at the Mayer Series A-T October 2021 April 2024 (3) SOFR + 3.70 % $ 12,500,000 $ 10,500,000 Residency at the Entrepreneur Series J-T April 2022 April 2025 (3) SOFR + 3.65 % 8,000,000 7,000,000 Residency at Empire - Series BB-T December 2022 December 2025 (3) 7.45 % 9,404,500 8,404,500 Subtotal 29,904,500 25,904,500 Governmental Issuer Loans Osprey Village July 2021 August 2024 (3) SOFR + 3.07 % 60,000,000 12,375,185 Poppy Grove I September 2022 April 2025 (3) 6.78 % 35,688,328 26,842,328 Poppy Grove II September 2022 April 2025 (3) 6.78 % 22,250,000 17,708,700 Poppy Grove III September 2022 April 2025 (3) 6.78 % 39,119,507 30,569,507 Subtotal 157,057,835 87,495,720 Taxable Governmental Issuer Loans Hope on Avalon January 2021 August 2023 SOFR + 3.55 % $ 10,573,000 $ 2,573,000 Poppy Grove I September 2022 April 2025 (3) 6.78 % 21,157,672 20,157,672 Poppy Grove II September 2022 April 2025 (3) 6.78 % 10,941,300 9,941,300 Poppy Grove III September 2022 April 2025 (3) 6.78 % 24,480,493 23,480,493 Subtotal 67,152,465 56,152,465 Property Loans Oasis at Twin Lakes July 2020 August 2023 (3) LIBOR + 2.50 % $ 27,704,180 $ 3,685,523 Hilltop at Signal Hills January 2021 August 2023 (3) SOFR + 3.07 % 21,197,939 739,802 Legacy Commons at Signal Hills January 2021 February 2024 (3) SOFR + 3.07 % 32,233,972 1,517,067 Osprey Village July 2021 August 2024 (3) SOFR + 3.07 % 25,500,000 24,500,000 Willow Place Apartments September 2021 October 2024 (3) SOFR + 3.30 % 21,351,328 18,671,901 Subtotal 127,987,419 49,114,293 Equity Investments Vantage at San Marcos (6), (7) November 2020 N/A N/A $ 9,914,529 $ 8,943,914 Freestone Greeley (7) October 2022 N/A N/A 16,035,710 11,325,008 Freestone Cresta Bella November 2022 N/A N/A 16,405,514 8,691,996 Valage Senior Living Carson Valley February 2023 N/A N/A 8,163,301 3,977,795 Subtotal 50,519,054 32,938,713 Bond Purchase Commitments Anaheim & Walnut September 2021 Q3 2024 (8) 4.85 % $ 3,900,000 $ 3,900,000 Subtotal 3,900,000 3,900,000 Total Commitments $ 589,021,273 $ 394,325,691 (1) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (2) Upon stabilization, the MRB will convert to a fixed rate of 8.0 % and become subordinate to the other senior MRBs. (3) The borrowers may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (4) Beginning December 2029 , the interest rate will change to the greater of (i) 3.25 % over the then 10-Year SOFR Swap rate, or (ii) 6.00 %. (5) Upon stabilization, the MRB will convert to a fixed rate of 10.0 % and become subordinate to the other senior MRBs of the borrower. (6) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). (7) A development site has been identified for this property but construction had not commenced as of March 31, 2023. (8) This is the estimated closing date of the associated bond purchase commitment. Other Guaranties and Commitments The Partnership has entered into guaranty 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 guaranties because the Partnership believes the likelihood of repurchase events is remote. The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of March 31, 2023: Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure Ohio Properties 2026 $ 2,310,609 Greens of Pine Glen, LP 2027 1,662,397 In December 2022, the Partnership sold 100 % of its ownership interest in The 50/50 MF Property to an unrelated non-profit organization. The buyer assumed two mortgages payable associated with the property and the Partnership agreed to provide certain recourse support for the assumed mortgages. The TIF Loan support is in the form of a payment guaranty. The Mortgage support is in the form of a forward loan purchase agreement upon maturity of the Mortgage. The reported value of the credit guaranties was approximately $ 358,000 and $ 363,000 as of March 31, 2023 and December 31, 2022, respectively, and are included within other liabilities in the Partnership's condensed consolidated financial statements. No additional contingent liability has been accrued because the likelihood of claims is remote. The following table summarizes the Partnership’s maximum exposure under these credit guaranties as of March 31, 2023: Borrower End of Guaranty Period Partnership's Maximum Exposure The 50/50 MF Property--TIF Loan 2025 $ 1,809,510 The 50/50 MF Property--Mortgage 2027 22,280,901

Redeemable Preferred Units

Redeemable Preferred Units	3 Months Ended
Redeemable Preferred Units	Mar. 31, 2023
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. In April 2022, October 2022, and February 2023 the Partnership issued Series A-1 Preferred Units in exchange for previously issued Series A Preferred Units. These Series A-1 Preferred Units were issued in a registered offering pursuant to a registration statement on Form S-4, which was declared effective by the Securities and Exchange Commission (the “Commission”) on July 6, 2021, and subsequently amended pursuant to a Post-Effective Amendment to the Form S-4, which was declared effective by the Commission on April 13, 2022. In February 2023, the Partnership issued new Series A-1 Preferred Units to a financial institution in a registered offering pursuant to a registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (the “Commission”) on September 9, 2021, and subsequently amended pursuant to a Post-Effective Amendment to the Form S-3, which was declared effective by the Commission on April 13, 2022. The Partnership had not issued any Series B Preferred Units as of March 31, 2023. 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, the Series B Preferred Units, 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 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 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 outstanding Preferred Units as of March 31, 2023 and December 31, 2022: March 31, 2023 Month Issued Units Purchase Price Distribution Redemption Earliest Redemption Series A Preferred Units March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2024 (1) March 2017 1,000,000 10,000,000 3.00 % 10.00 March 2024 (1) August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 (2) October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 (3) Total Series A Preferred Units 5,750,000 57,500,000 Series A-1 Preferred Units April 2022 2,000,000 $ 20,000,000 3.00 % 10.00 April 2028 October 2022 1,000,000 10,000,000 3.00 % 10.00 October 2028 February 2023 1,500,000 15,000,000 3.00 % 10.00 February 2028 Total Series A-1 Preferred Units 4,500,000 45,000,000 Redeemable Preferred Units 10,250,000 $ 102,500,000 (1) The holder did not provide a notice of its intent to redeem prior to the date 180 days before the most recent optional redemption date. Accordingly, the holder's next optional redemption date is on the next anniversary of the sale of the Series A Preferred Units. (2) In February 2023, the holder provided notice of its intent to redeem its Series A Preferred Units in August 2023. (3) In April 2023, the holder of $ 10.0 million of Series A Preferred Units provided notice of its intent to redeem its investment in October 2023. December 31, 2022 Month Issued Units Purchase Price Distribution Redemption Series A Preferred Units March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 December 2016 700,000 7,000,000 3.00 % 10.00 March 2017 1,000,000 10,000,000 3.00 % 10.00 August 2017 2,000,000 20,000,000 3.00 % 10.00 October 2017 1,750,000 17,500,000 3.00 % 10.00 Total Series A Preferred Units 6,450,000 64,500,000 Series A-1 Preferred Units April 2022 2,000,000 $ 20,000,000 3.00 % 10.00 October 2022 1,000,000 10,000,000 3.00 % 10.00 Total Series A-1 Preferred Units 3,000,000 30,000,000 Redeemable Preferred Units 9,450,000 $ 94,500,000

Restricted Unit Awards

Restricted Unit Awards	3 Months Ended
Restricted Unit Awards	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Restricted Unit Awards	21. 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 1.0 million BUCs. As of March 31, 2023, there were approximately 376,000 restricted units and other awards available for future issuance. RUAs have historically been granted with vesting conditions ranging from three months to up to three years . Unvested RUAs are typically 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. 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 $ 350,000 and $ 174,000 for the three months ended March 31, 2023 and 2022, respectively. Compensation expense is reported within “General and administrative expenses” in the Partnership's condensed consolidated statements of operations. The following table summarizes the RUA activity for the three months ended March 31, 2023 and for the year ended December 31, 2022: Restricted Units Weighted average Unvested as of January 1, 2022 77,523 $ 18.18 Granted 96,321 19.33 Vested ( 81,073 ) 18.26 Forfeited ( 5,437 ) 18.76 Unvested as of December 31, 2022 87,334 19.33 Granted 102,087 17.70 Unvested as of March 31, 2023 189,421 $ 18.45 The unrecognized compensation expense related to unvested RUAs granted under the Plan was approximately $ 2.5 million as of March 31, 2023. 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 $ 3.3 million as of March 31, 2023.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
Transactions with Related Parties	Mar. 31, 2023
Related Party Transactions [Abstract]
Transactions with Related Parties	22. Transactions with Related Parties 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 in the Partnership's condensed consolidated financial statements for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Partnership administrative fees paid to AFCA 2 (1) $ 1,578,000 $ 1,217,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 15,000 19,000 Referral fees paid to an affiliate (3) 76,250 - (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 investment assets 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 condensed 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 franchise 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 condensed 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 up 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 term of the agreement ends December 31, 2023, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond origination costs that are deferred and amortized as a yield adjustment to the related investment asset. AFCA 2 receives fees from the borrowers and sponsors of the Partnership’s investment assets for services provided to the borrower and based on the occurrence of certain investment transactions. These fees were paid by the borrowers or sponsors and are not reported in the Partnership’s condensed consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s affiliates for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Non-Partnership property administrative fees received by AFCA 2 (1) $ - $ 9,000 Investment/mortgage placement fees earned by AFCA 2 (2) 2,257,000 - (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, taxable MRBs, GILs, taxable GILs and property loans and investments in unconsolidated entities. Greystone Servicing Company LLC, an affiliate of the Partnership, has forward committed to purchase 11 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 related to the Partnership's General LOC (Note 15). 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 related to the deficiency guaranty agreement. Greystone Property Management Corporation, an affiliate of the Partnership, provides property management services to three MRB properties. These property management fees are paid by the respective property owners out of the revenues generated by the respective property prior to the payment of debt service on the Partnership's MRBs. The Partnership reported receivables due from unconsolidated entities of approximately $ 340,000 and $ 325,000 as of March 31, 2023 and December 31, 2022, respectively. These amounts are reported within “Other assets” in the Partnership's condensed consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $ 617,000 and $ 654,000 as of March 31, 2023 and December 31, 2022, respectively. These amounts are reported within “Accounts payable, accrued expenses and other liabilities” in the Partnership's condensed consolidated balance sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2023
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments	23. 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 assets 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 March 31, 2023 and December 31, 2022, is based upon prices obtained from third-party pricing services, 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 services 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 services by evaluating consistency with information from either the third-party pricing services 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 services 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 March 31, 2023 and December 31, 2022 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Mortgage revenue bonds (2) 2.3 % - 7.5 % 2.6 % - 20.3 % 4.5 % 5.1 % Taxable mortgage revenue bonds 6.3 % - 11.0 % 6.5 % - 11.4 % 8.1 % 7.6 % Bond purchase commitments 4.1 % 4.5 % 4.1 % 4.5 % (1) Weighted by the total principal outstanding of all the respective securities as of the reporting date . (2) Mortgage revenue bonds excludes the Provision Center 2014-1 MRB for figures as of March 31, 2023 as the proton therapy center securing the MRB was successfully sold out of bankruptcy in July 2022 and we received liquidation proceeds of $ 3.7 million in January 2023. The valuation as of March 31, 2023 is based on expected additional liquidation proceeds of approximately $ 930,000 at final liquidation. Derivative Instruments The effect of the Partnership’s interest rate swap agreements is to change a variable rate debt obligation to a fixed rate for that portion of the debt equal to the notional amount of the derivative agreement. The Partnership uses a third-party pricing service that incorporates commonly used market pricing methods to value the swap positions. The fair value is based on a model that considers observable indices and observable market trades for similar arrangements and therefore the interest rate swaps are categorized as Level 2 assets or liabilities. The effect of the Partnership’s interest rate cap 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 Partnership uses a third-party pricing service to value the cap positions. The inputs into the interest rate cap agreements 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 fair value is based on a model with inputs that are not observable and therefore the interest rate cap is categorized as a Level 3 asset. The effect of the Partnership’s total return swap is to lower the net interest rate related to the Partnership’s Secured Notes equal to the notional amount of the derivative agreement. The Partnership uses a third-party pricing service to value the total return swap position and 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 is based on a model with inputs that are not observable and therefore the total return swaps are categorized as Level 3 assets or liabilities. Assets measured at fair value on a recurring basis as of March 31, 2023 are summarized as follows: Fair Value Measurements as of March 31, 2023 Description Assets and Liabilities Quoted Prices in Significant Other Significant Assets and Liabilities Mortgage revenue bonds, held in trust $ 848,532,258 $ - $ - $ 848,532,258 Mortgage revenue bonds 18,851,364 - - 18,851,364 Bond purchase commitments (reported within other assets) 211,476 - - 211,476 Taxable mortgage revenue bonds (reported within other assets) 18,146,540 - - 18,146,540 Derivative instruments (reported within other assets) 5,284,329 - 4,999,184 285,145 Derivative swap liability (reported within other liabilities) ( 1,229,988 ) - ( 1,229,988 ) - Total Assets at Fair Value, net $ 889,795,979 $ - $ 3,769,196 $ 886,026,783 The following tables summarize the activity related to Level 3 assets for the three months ended March 31, 2023: For the Three Months Ended March 31, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Taxable Mortgage Derivative Total Beginning Balance January 1, 2023 $ 799,408,004 $ 98,929 $ 16,531,896 $ 331,240 $ 816,370,069 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 77,493 - ( 6,050 ) 1,317,385 1,388,828 Included in other comprehensive income 20,579,051 112,547 ( 181,509 ) - 20,510,089 Purchases 60,622,813 - 1,805,000 - 62,427,813 Settlements ( 13,303,739 ) - ( 2,797 ) ( 1,363,480 ) ( 14,670,016 ) Ending Balance March 31, 2023 $ 867,383,622 $ 211,476 $ 18,146,540 $ 285,145 $ 886,026,783 Total amount of gains (losses) for the $ 16,967 $ - $ - $ ( 6,024 ) $ 10,943 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. Assets measured at fair value on a recurring basis as of December 31, 2022 are summarized as follows: Fair Value Measurements as of December 31, 2022 Description Assets Quoted Prices in Significant Other Significant Assets Mortgage revenue bonds, held in trust $ 763,208,945 $ - $ - $ 763,208,945 Mortgage revenue bonds 36,199,059 - - 36,199,059 Bond purchase commitments (reported within other assets) 98,929 - - 98,929 Taxable mortgage revenue bonds (reported within other assets) 16,531,896 - - 16,531,896 Derivative instruments (reported within other assets) 7,530,438 - 7,199,198 331,240 Total Assets at Fair Value, net $ 823,569,267 $ - $ 7,199,198 $ 816,370,069 The following tables summarize the activity related to Level 3 assets and liabilities for the three months ended March 31, 2022: For the Three Months Ended March 31, 2022 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Commitments Taxable Mortgage Derivative Total Beginning Balance January 1, 2022 $ 793,509,844 $ 964,404 $ 3,428,443 $ 343,418 $ 798,246,109 Total gains (losses) (realized/unrealized) Included in earnings (interest income and 114,300 - - 1,874,738 1,989,038 Included in other comprehensive income ( 47,536,733 ) ( 819,081 ) ( 214,923 ) - ( 48,570,737 ) Purchases 69,365,000 - 6,325,000 - 75,690,000 Settlements ( 79,635,980 ) - ( 2,558 ) ( 1,820,498 ) ( 81,459,036 ) Other (2) ( 860,533 ) - - - ( 860,533 ) Ending Balance March 31, 2022 $ 734,955,898 $ 145,323 $ 9,535,962 $ 397,658 $ 745,034,841 Total amount of gains for the $ 5,279 $ - $ - $ 134,384 $ 139,663 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) The other line is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. Total gains and losses included in earnings for the derivative instruments are reported within “Interest expense” in the Partnership's condensed consolidated statements of operations. As of March 31, 2023 and December 31, 2022, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s GILs, taxable GILs, and construction financing property loans that share a first mortgage lien with the GILs, 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 and property loans 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, taxable GIL, and construction financing property loans are categorized as Level 3 assets. The estimated fair value of the GILs and taxable GILs was $ 322.3 million and $ 10.1 million as of March 31, 2023, respectively. The estimated fair value of the GILs and taxable GILs was $ 305.0 million and $ 6.8 million as of December 31, 2022, respectively. The fair value of the construction financing property loans approximated amortized cost as of March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 1,143,735,172 $ 1,147,075,811 $ 1,058,903,952 $ 1,059,674,409 Secured lines of credit 6,500,000 6,500,000 55,500,000 55,500,000 Mortgages payable and other secured financing 1,690,000 1,690,000 1,690,000 1,690,000

Segments

Segments	3 Months Ended
Segments	Mar. 31, 2023
Segment Reporting [Abstract]
Segments	24. Segments As of March 31, 2023, the Partnership had four reportable segments: (1) Affordable Multifamily MRB Investments, (2) Seniors and Skilled Nursing MRB Investments, (3) MF Properties, and (4) Market-Rate Joint Venture Investments. 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 in the Partnership's condensed consolidated balance sheets. As of March 31, 2023, the Partnership reported 77 MRBs and 13 GILs in this segment. As of March 31, 2023, the multifamily residential properties securing the MRBs and GILs contain a total of 11,042 and 2,419 multifamily rental units, respectively. In addition, one MRB (Provision Center 2014-1) was collateralized by commercial real estate prior to a sale of the underlying real estate in July 2022 (Note 6). All “General and administrative expenses” on the Partnership's condensed 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. The property loan was redeemed in September 2022. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of March 31, 2023, the property securing the MRB contains a total of 154 seniors housing units. Market-Rate Joint Venture Investments Segment The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC and ATAX Senior Housing Holdings I, LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors properties (Note 9). 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 a student housing residential property held by the Partnership (Note 10). 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 March 31, 2023, the Partnership owned one MF Property containing a total of 384 rental uni Income tax expense for the Greens Hold Co is reported within this segment. The following table details certain financial information for the Partnership’s reportable segments for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Total revenues Affordable Multifamily MRB Investments $ 21,437,933 $ 14,133,406 Seniors and Skilled Nursing MRB Investments 96,555 229,378 Market-Rate Joint Venture Investments 2,177,862 2,916,586 MF Properties 1,225,620 1,927,001 Total revenues $ 24,937,970 $ 19,206,371 Interest expense Affordable Multifamily MRB Investments $ 17,709,691 $ 3,472,044 Seniors and Skilled Nursing MRB Investments - - Market-Rate Joint Venture Investments 261,807 192,324 MF Properties - 272,763 Total interest expense $ 17,971,498 $ 3,937,131 Depreciation expense Affordable Multifamily MRB Investments $ 5,946 $ 5,962 Seniors and Skilled Nursing MRB Investments - - Market-Rate Joint Venture Investments - - MF Properties 399,035 677,700 Total depreciation expense $ 404,981 $ 683,662 Net income (loss) Affordable Multifamily MRB Investments $ ( 801,573 ) $ 6,965,555 Seniors and Skilled Nursing MRB Investments 96,555 228,753 Market-Rate Joint Venture Investments 17,279,267 19,162,043 MF Properties 216,973 ( 92,333 ) Net income $ 16,791,222 $ 26,264,018 The following table details total assets for the Partnership’s reportable segments as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Total assets Affordable Multifamily MRB Investments $ 1,568,370,129 $ 1,520,609,550 Seniors and Skilled Nursing MRB Investments 6,645,208 3,551,307 Market-Rate Joint Venture Investments 115,334,547 120,089,351 MF Properties 39,698,829 41,699,828 Consolidation/eliminations ( 97,378,604 ) ( 118,820,471 ) Total assets $ 1,632,670,109 $ 1,567,129,565

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	25. Subsequent Events In April 2023, the Partnership originated MRB investments for the construction, rehabilitation, and permanent financing of two affordable multifamily properties. The Partnership funded its investment with available cash. The following table summarizes the terms of the Partnership’s MRB investments: Property Name Month Property Location Units Maturity Date Interest Rate Principal Funded Handsel Morgan Village - MRB April Buford, GA 45 3/1/2041 6.75 % $ 2,150,000 Maryalice Circle - MRB April Buford, GA 98 3/1/2041 6.75 % 5,900,000 $ 8,050,000 In April 2023, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Variable Rate Index Received Variable Debt Counterparty April 2023 $ 4,508,000 5/1/2023 5/1/2033 3.490 % Compounded SOFR TOB Trusts Mizuho Capital Markets In April 2023, the Partnership received notice from a holder of Series A Preferred Units of its intent to redeem 1,000,000 of its Series A Preferred Units in the amount of $ 10.0 million. The redemption is scheduled to occur in October 2023 . In April 2023, the Partnership extended the Jackson Manor Apartments TOB trust financing maturity date from April 2023 to June 2023. There were no additional changes to terms or fees associated with the extension of the TOB trust financing.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Consolidation	Consolidation The “Partnership,” as used herein, includes Greystone Housing Impact Investors LP, 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 provide equity for the development of multifamily properties • ATAX Freestone Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of multifamily properties; • ATAX Senior Housing Holdings I, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of seniors housing properties; • One wholly owned corporation (the "Greens Hold Co”), which owned 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.
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 estimated fair value. The net unrealized gains or losses on these investments are reflected on the Partnership’s condensed 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. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership reports interest receivables for MRBs and taxable MRBs separately from the reported fair value within “Interest receivable, net” on the condensed consolidated balance sheets. Investments in Government 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, which is net of unamortized loan origination costs, discounts, and allowance for credit losses. The Partnership evaluates its outstanding principal and interest receivable balances associated with its GILs for collectability. If collection of these balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. The Partnership reports interest receivables for GILs and taxable GILs separately from the amortized cost basis within “Interest receivable, net” on the condensed consolidated balance sheets. Held-to-Maturity Debt Securities, Held-for-Investment Loans and Related Unfunded Commitments The Partnership estimates allowances for credit losses for its GILs, taxable GILs, property loans and related non-cancelable funding commitments using a Weighted Average Remaining Maturity (“WARM”) method loss-rate model, combined with qualitative factors that are sensitive to changes in forecasted economic conditions. The Partnership applies qualitative factors related to risk factors and changes in current economic conditions that may not be adequately reflected in quantitatively derived results, or other relevant factors to ensure the allowance for credit losses reflects the Partnership’s best estimate of current expected credit losses. The WARM method pools assets sharing similar characteristics and utilizes a historical annual charge-off rate which is applied to the outstanding asset balances over the remaining weighted average life of the pool, adjusted for certain qualitative factors to estimate expected credit losses. The Partnership has minimal history with GILs, taxable GILs, and property loans to date and has had minimal historical credit losses to date. As such, the Partnership uses historical annual charge-off data for similar assets from publicly available loan data through the Federal Financial Institution Examination Council (“FFEIC”). The Partnership adjusts for current conditions and the impact of qualitative forecasts that are reasonable and supportable. The Partnership assesses qualitative adjustments related to, but not limited to, credit quality changes in the asset portfolio, general economic conditions, changes in the affordable multifamily real estate markets, changes in lending policies and underwriting, and underlying collateral values. The Partnership will elect to separately evaluate an asset if it no longer shares the same risk characteristics as the respective pool or the specific investment attributes do not lend to analysis with a model-based approach. For collateral-dependent assets when foreclosure is probable, the Partnership will apply a practical expedient to estimate current expected credit losses as the difference between the fair value of collateral and the amortized cost of the asset. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale, when a modification or restructuring takes place in which the Partnership grants a concession to a borrower or agrees to a discount in full or partial satisfaction of the asset, when the Partnership takes ownership and control of the underlying collateral in full satisfaction of the asset, or when significant collection efforts have ceased and it is highly likely that a loss has been realized. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its GILs, taxable GILs and property loans because uncollectable accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. Available-for-Sale Debt Securities The Partnership periodically determines if allowances of credit losses are needed for its MRBs and taxable MRBs under the applicable guidance for available-for-sale debt securities. The Partnership evaluates whether unrealized losses are considered impairments based on various factors including, but not necessarily limited to, the following: • The 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; • The likelihood of the borrower being able to make scheduled interest and principal payments; and • Failure of the borrower to make scheduled interest or principal payments. While the Partnership evaluates all available information, it focuses specifically on whether the estimated fair value of the security is below amortized cost. If the estimated fair value of an MRB 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 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 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 amortized cost basis of the MRB and records any provision for credit losses as an adjustment to the allowance for credit losses. The Partnership has elected to not measure an allowance for credit losses on accrued interest receivables related to its MRBs and taxable MRBs because uncollectable accrued interest receivable is written off in a timely manner pursuant to policies for placing assets on non-accrual status. The recognition of an 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 on the Partnership's condensed consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur impairments or provisions for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. The Partnership periodically reviews any previously impaired MRBs for indications of a recovery of value. If a recovery of value is identified, the Partnership will report the recovery of prior credit losses through its allowance for credit losses as a provision for credit losses (recoveries). For MRB impairment recoveries identified prior to the adoption of the CECL model, the Partnership will accrete the recovery of prior credit losses into investment income over the remaining term of the MRB.
Property Loans	Property Loans The Partnership invests in property loans made to the owners of certain multifamily, student housing and skilled nursing properties. The property loans are considered held-for-investment and are reported at amortized cost, which is net of unamortized loan origination costs, discounts, and allowance for credit losses. Most 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 condensed consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. If collection of outstanding principal and interest receivable balances is not probable, the loan is placed on non-accrual status and either an allowance for credit loss will be recognized or the outstanding balance will be written off. 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 reports interest receivables for property loans separately from the amortized cost basis within “Interest receivable, net” on the condensed consolidated balance sheets.
Allowance for Credit Losses	Allowance for Credit Losses On January 1, 2023, the Partnership adopted Accounting Standard Update (“ASU”) 2016-13, Financial Instruments-Credit Losses, and subsequent related amendments (“ASC 326”), which replaced the incurred loss methodology with an expected loss model known as the Current Expected Credit Loss (“CECL”) model. The CECL model establishes a single allowance framework for financial assets carried at amortized cost which reflects an estimate of credit losses over the remaining expected life of financial assets. The adoption of the ASU 2016-13 requires a cumulative-effect adjustment to Partners’ Capital upon adoption. Additionally, ASU 2016-13 requires enhanced disclosures, included additional disclosures regarding credit quality. The allowance for credit losses is presented as a valuation reserve to the corresponding assets on the Partnership’s condensed consolidated balance sheets. Expected credit losses related to non-cancelable unfunded commitments and financial guaranties are accounted for as separate liabilities and are included in “Accounts payable, accrued expenses and other liabilities” on the Partnership’s condensed consolidated balance sheets. Upon adoption on January 1, 2023, the Partnership recorded a cumulative effect of accounting change of approximately $ 5.9 million as a direct reduction to Partners’ Capital. Subsequent changes to the allowance for credit losses are recognized through “Provision for credit losses” on the Partnership’s condensed consolidated statements of operations.
Estimates and Assumptions	Estimates and assumptions The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC rules and regulations, although the Partnership believes that the disclosures are adequate to make the information presented not misleading. The most significant estimates and assumptions include those used in determining: (i) the fair value of MRBs and taxable MRBs; (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for credit losses. The Partnership’s condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2022. These condensed consolidated financial statements and notes have been prepared consistently with the 2022 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of March 31, 2023, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated balance sheet as of December 31, 2022 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements.
Risks And Uncertainties	Risks and Uncertainties The Federal Reserve announced seven increases in short-term interest rates totaling 425 basis points during 2022 and additional increases totaling 50 basis points in February and March 2023. The Federal Reserve has signaled further future short-term interest rate increases may be needed to combat inflation in the broader economy. In addition, geopolitical conflicts continue to impact the general global economic environment. These factors have caused volatility in the fixed income markets, which has impacted the value of some of the Partnership’s investment assets, particularly those with fixed interest rates. In addition, increases in short-term interest rates will generally result in increases in the interest cost associated with the Partnership’s variable rate debt financing arrangements and for construction debt of properties underlying our investments in unconsolidated entities. The extent to which general economic, geopolitical, and financial conditions 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 current inflationary environment in the United States may increase operating expenses at properties securing the Partnership’s inve stments and general operations, which may reduce net operating results of the related properties and result in lower debt service coverage or higher than anticipated capitalized interest requirements for properties under construction. Such occurrences may negatively impact the value of the Partnership’s investments. Higher general and administrative expenses of the Partnership and real estate operating expenses of the MF Properties may adversely affect the Partnership’s operating results, including a reduction in net income. Furthe rmore, the potential for an economic recession either globally or locally in the U.S. or other economies could further impact the valuation of our investment assets, limit the Partnership’s ability to obtain additional debt financing from lenders, and limit opportunities for additional investments.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, which 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. In general, the allowance for credit losses is expected to increase when changing from an incurred loss to expected loss methodology. 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. ASU 2016-13 became effective for the Partnership on January 1, 2023 and was adopted through a cumulative-effect adjustment to Partners’ Capital as of that date. See the Allowance for Credit Losses accounting policy above and Note 13 for further details. 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, 2024. 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 an d does not currently expect the adoption of ASU 2020-04 to have a material impact on the Partnership's condensed consolidated financial statements.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: Maximum Exposure to Loss of March 31, 2023 December 31, 2022 Mortgage revenue bonds $ 77,127,750 $ 71,629,581 Taxable mortgage revenue bonds 4,038,780 3,044,829 Governmental issuer loans 244,527,738 300,230,435 Taxable governmental issuer loans 11,000,000 8,000,000 Property loans 128,173,126 169,002,497 Investments in unconsolidated entities 111,135,056 115,790,841 $ 576,002,450 $ 667,698,183

Mortgage Revenue Bonds (Tables)

Mortgage Revenue Bonds (Tables)	3 Months Ended
Mortgage Revenue Bonds (Tables)	Mar. 31, 2023
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of Investments in MRBs	The Partnership had the following investments in MRBs as of March 31, 2023 and December 31, 2022: March 31, 2023 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Courtyard - Series A (4) CA $ 9,849,947 $ 1,087,127 $ - $ 10,937,074 Glenview Apartments - Series A (3) CA 4,357,607 371,120 - 4,728,727 Harmony Court Bakersfield - Series A (4) CA 3,591,428 347,292 - 3,938,720 Harmony Terrace - Series A (4) CA 6,649,226 761,012 - 7,410,238 Harden Ranch - Series A (2) CA 6,426,485 620,378 - 7,046,863 Las Palmas II - Series A (4) CA 1,629,277 173,217 - 1,802,494 Lutheran Gardens (7), (8) CA 10,352,000 - ( 30,868 ) 10,321,132 Montclair Apartments - Series A (3) CA 2,360,759 221,592 - 2,582,351 Montecito at Williams Ranch Apartments - Series A (6) CA 7,491,273 1,002,626 - 8,493,899 Montevista - Series A (6) CA 6,644,416 1,106,804 - 7,751,220 Ocotillo Springs - Series A (6), (9) CA 11,090,000 - ( 142,720 ) 10,947,280 Residency at Empire - Series BB-1 (6) CA 14,118,500 1,389,537 - 15,508,037 Residency at Empire - Series BB-2 (6) CA 4,000,000 430,868 - 4,430,868 Residency at the Entrepreneur - Series J-1 (6) CA 9,088,272 174,524 - 9,262,796 Residency at the Entrepreneur - Series J-2 (6) CA 7,500,000 218,996 - 7,718,996 Residency at the Entrepreneur - Series J-3 (6) CA 4,900,000 696,071 - 5,596,071 Residency at the Mayer - Series A (6) CA 29,565,978 - - 29,565,978 San Vicente - Series A (4) CA 3,359,484 323,116 - 3,682,600 Santa Fe Apartments - Series A (3) CA 2,859,971 243,572 - 3,103,543 Seasons at Simi Valley - Series A (4) CA 4,124,186 579,812 - 4,703,998 Seasons Lakewood - Series A (4) CA 7,082,871 810,644 - 7,893,515 Seasons San Juan Capistrano - Series A (4) CA 11,925,242 1,282,002 - 13,207,244 Summerhill - Series A (4) CA 6,184,380 271,726 - 6,456,106 Sycamore Walk - Series A (4) CA 3,417,200 242,738 - 3,659,938 The Village at Madera - Series A (4) CA 2,970,390 307,465 - 3,277,855 Tyler Park Townhomes - Series A (2) CA 5,595,802 261,392 - 5,857,194 Vineyard Gardens - Series A (6) CA 3,899,988 607,120 - 4,507,108 Westside Village Market - Series A (2) CA 3,656,848 318,591 - 3,975,439 Brookstone (1) IL 7,272,720 1,260,408 - 8,533,128 Copper Gate Apartments (2) IN 4,840,000 96,546 - 4,936,546 Renaissance - Series A (3) LA 10,547,250 1,087,763 - 11,635,013 Live 929 Apartments - Series 2022A (6) MD 58,163,081 2,955,764 - 61,118,845 Jackson Manor Apartments (6) MS 6,900,000 - - 6,900,000 Silver Moon - Series A (3) NM 7,538,527 1,047,812 - 8,586,339 Village at Avalon (5) NM 15,909,691 2,173,819 - 18,083,510 Columbia Gardens (4) SC 12,495,686 1,034,559 - 13,530,245 Companion at Thornhill Apartments (4) SC 10,750,304 786,529 - 11,536,833 The Ivy Apartments (6) SC 30,574,501 2,497,005 - 33,071,506 The Palms at Premier Park Apartments (2) SC 18,072,451 781,887 - 18,854,338 The Park at Sondrio - Series 2022A (6) SC 38,100,000 3,419,850 - 41,519,850 The Park at Vietti - Series 2022A (6) SC 26,985,000 2,585,218 - 29,570,218 Village at River's Edge (4) SC 9,629,238 619,396 - 10,248,634 Willow Run (4) SC 12,322,456 1,019,204 - 13,341,660 Windsor Shores Apartments - Series A (6) SC 21,545,000 1,947,217 - 23,492,217 Arbors at Hickory Ridge (2) TN 10,549,160 2,100,532 - 12,649,692 Avistar at Copperfield - Series A (6) TX 13,494,899 1,183,942 - 14,678,841 Avistar at the Crest - Series A (2) TX 8,863,735 1,120,331 - 9,984,066 Avistar at the Oaks - Series A (2) TX 7,171,072 846,035 - 8,017,107 Avistar at the Parkway - Series A (3) TX 12,390,934 1,023,277 - 13,414,211 Avistar at Wilcrest - Series A (6) TX 5,114,293 326,464 - 5,440,757 Avistar at Wood Hollow - Series A (6) TX 38,832,712 3,198,610 - 42,031,322 Avistar in 09 - Series A (2) TX 6,191,941 730,518 - 6,922,459 Avistar on the Boulevard - Series A (2) TX 15,100,333 1,542,244 - 16,642,577 Avistar on the Hills - Series A (2) TX 4,909,476 610,623 - 5,520,099 Bruton Apartments (4) TX 17,342,117 - - 17,342,117 Concord at Gulfgate - Series A (4) TX 18,352,583 2,049,948 - 20,402,531 Concord at Little York - Series A (4) TX 12,856,852 1,476,614 - 14,333,466 Concord at Williamcrest - Series A (4) TX 19,916,642 2,287,433 - 22,204,075 Crossing at 1415 - Series A (4) TX 7,149,233 717,470 - 7,866,703 Decatur Angle (4) TX 21,812,768 - - 21,812,768 Esperanza at Palo Alto (4) TX 18,875,771 2,614,493 - 21,490,264 Heights at 515 - Series A (4) TX 6,545,246 714,161 - 7,259,407 Heritage Square - Series A (3) TX 10,291,273 762,083 - 11,053,356 Oaks at Georgetown - Series A (4) TX 11,881,878 991,761 - 12,873,639 Runnymede (1) TX 9,535,000 - - 9,535,000 Southpark (1) TX 11,274,797 1,271,619 - 12,546,416 15 West Apartments (4) WA 9,434,170 1,751,049 - 11,185,219 Mortgage revenue bonds held in trust $ 784,224,320 $ 64,481,526 $ ( 173,588 ) $ 848,532,258 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (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) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for less than 12 months. (9) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for more than 12 months. March 31, 2023 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value CCBA Senior Garden Apartments CA $ 3,783,991 $ 173,162 $ - $ 3,957,153 Residency at Empire - Series BB-3 CA 55,000 815,481 - 870,481 Residency at the Entrepreneur - Series J-5 CA 1,000,000 - - 1,000,000 Solano Vista - Series A CA 2,626,469 417,917 - 3,044,386 Meadow Valley (1) MI 7,835,000 - ( 1,227,422 ) 6,607,578 Provision Center 2014-1 TN 930,270 - - 930,270 Avistar at the Crest - Series B TX 723,197 64,509 - 787,706 Avistar at the Oaks - Series B TX 529,739 42,391 - 572,130 Avistar at the Parkway - Series B TX 123,063 23,296 - 146,359 Avistar in 09 - Series B TX 436,987 34,969 - 471,956 Avistar on the Boulevard - Series B TX 429,726 33,619 - 463,345 Mortgage revenue bonds held by the Partnership $ 18,473,442 $ 1,605,344 $ ( 1,227,422 ) $ 18,851,364 (1) The Partnership has a remaining MRB funding commitment of $ 36.3 million as of March 31, 2023. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining $ 36.3 million funding commitment outstanding as of March 31, 2023 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for more than 12 months. December 31, 2022 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Cumulative Cumulative Estimated Fair Value Courtyard - Series A (4) CA $ 9,874,603 $ 888,242 $ - $ 10,762,845 Glenview Apartments - Series A (3) CA 4,372,370 309,570 - 4,681,940 Harmony Court Bakersfield - Series A (4) CA 3,600,418 274,456 - 3,874,874 Harmony Terrace - Series A (4) CA 6,665,787 625,752 - 7,291,539 Harden Ranch - Series A (2) CA 6,449,455 581,466 - 7,030,921 Las Palmas II - Series A (4) CA 1,633,397 140,681 - 1,774,078 Lutheran Gardens (7) CA 10,352,000 127,107 - 10,479,107 Montclair Apartments - Series A (3) CA 2,368,757 199,617 - 2,568,374 Montecito at Williams Ranch Apartments - Series A (6) CA 7,507,111 834,292 - 8,341,403 Montevista - Series A (6) CA 6,656,219 902,690 - 7,558,909 Ocotillo Springs - Series A (6), (8) CA 11,090,000 - ( 331,311 ) 10,758,689 Residency at the Entrepreneur - Series J-1 (6) CA 9,088,496 122,815 - 9,211,311 Residency at the Entrepreneur - Series J-2 (6) CA 7,500,000 176,092 - 7,676,092 Residency at the Entrepreneur - Series J-3 (6) CA 3,900,000 726,834 - 4,626,834 Residency at the Mayer - Series A (6) CA 26,067,585 - - 26,067,585 San Vicente - Series A (4) CA 3,367,978 255,787 - 3,623,765 Santa Fe Apartments - Series A (3) CA 2,869,660 216,000 - 3,085,660 Seasons at Simi Valley - Series A (4) CA 4,137,438 522,910 - 4,660,348 Seasons Lakewood - Series A (4) CA 7,100,512 666,562 - 7,767,074 Seasons San Juan Capistrano - Series A (4) CA 11,954,944 1,038,904 - 12,993,848 Summerhill - Series A (4) CA 6,199,861 265,296 - 6,465,157 Sycamore Walk - Series A (4) CA 3,428,986 124,598 - 3,553,584 The Village at Madera - Series A (4) CA 2,977,825 247,354 - 3,225,179 Tyler Park Townhomes - Series A (2) CA 5,616,043 264,300 - 5,880,343 Vineyard Gardens - Series A (6) CA 3,908,104 514,719 - 4,422,823 Westside Village Market - Series A (2) CA 3,670,075 267,369 - 3,937,444 Brookstone (1) IL 7,286,052 1,286,871 - 8,572,923 Copper Gate Apartments (2) IN 4,840,000 117,014 - 4,957,014 Renaissance - Series A (3) LA 10,585,375 645,412 - 11,230,787 Live 929 Apartments - Series 2022A (6) MD 58,107,262 2,217,857 - 60,325,119 Jackson Manor Apartments (6) MS 6,900,000 - - 6,900,000 Greens Property - Series A (2) NC 7,599,000 597 - 7,599,597 Silver Moon - Series A (3) NM 7,557,312 863,401 - 8,420,713 Village at Avalon (5) NM 15,942,560 1,727,010 - 17,669,570 Columbia Gardens (4) SC 12,542,207 968,469 - 13,510,676 Companion at Thornhill Apartments (4) SC 10,786,181 709,979 - 11,496,160 The Palms at Premier Park Apartments (2) SC 18,137,042 808,555 - 18,945,597 The Park at Sondrio - Series 2022A (6) SC 38,100,000 - - 38,100,000 The Park at Vietti - Series 2022A (6) SC 26,985,000 - - 26,985,000 Village at River's Edge (4) SC 9,649,659 590,962 - 10,240,621 Willow Run (4) SC 12,368,964 953,988 - 13,322,952 Arbors at Hickory Ridge (2) TN 10,591,726 2,005,029 - 12,596,755 Avistar at Copperfield - Series A (6) TX 13,532,636 919,463 - 14,452,099 Avistar at the Crest - Series A (2) TX 8,896,378 975,504 - 9,871,882 Avistar at the Oaks - Series A (2) TX 7,196,674 717,701 - 7,914,375 Avistar at the Parkway - Series A (3) TX 12,429,842 950,930 - 13,380,772 Avistar at Wilcrest - Series A (6) TX 5,128,595 170,370 - 5,298,965 Avistar at Wood Hollow - Series A (6) TX 38,941,304 2,645,832 - 41,587,136 Avistar in 09 - Series A (2) TX 6,214,048 619,707 - 6,833,755 Avistar on the Boulevard - Series A (2) TX 15,155,942 1,290,551 - 16,446,493 Avistar on the Hills - Series A (2) TX 4,927,003 523,079 - 5,450,082 Bruton Apartments (4) TX 17,381,296 281,271 - 17,662,567 Concord at Gulfgate - Series A (4) TX 18,404,942 1,842,303 - 20,247,245 Concord at Little York - Series A (4) TX 12,893,533 1,249,523 - 14,143,056 Concord at Williamcrest - Series A (4) TX 19,973,464 1,935,645 - 21,909,109 Crossing at 1415 - Series A (4) TX 7,170,756 605,369 - 7,776,125 Decatur Angle (4) TX 21,866,672 77,837 - 21,944,509 Esperanza at Palo Alto (4) TX 18,916,082 2,209,462 - 21,125,544 Heights at 515 - Series A (4) TX 6,564,951 573,569 - 7,138,520 Heritage Square - Series A (3) TX 10,325,196 671,790 - 10,996,986 Oaks at Georgetown - Series A (4) TX 11,911,472 746,300 - 12,657,772 Runnymede (1) TX 9,535,000 45,577 - 9,580,577 Southpark (1) TX 11,257,062 1,352,726 - 12,609,788 15 West Apartments (4) WA 9,454,318 1,534,060 - 10,988,378 Mortgage revenue bonds held in trust $ 718,413,130 $ 45,127,126 $ ( 331,311 ) $ 763,208,945 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (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) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. December 31, 2022 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Cumulative Cumulative Estimated Fair Value CCBA Senior Garden Apartments CA $ 3,792,700 $ 42,672 $ - $ 3,835,372 Residency at Empire - Series BB-1 CA 14,118,500 - - 14,118,500 Residency at Empire - Series BB-2 CA 4,000,000 - - 4,000,000 Residency at Empire - Series BB-3 CA 55,000 - - 55,000 Solano Vista - Series A CA 2,631,168 297,861 - 2,929,029 Meadow Valley (1) MI 4,833,437 - ( 1,193,085 ) 3,640,352 Greens Property - Series B NC 915,039 122 - 915,161 Provision Center 2014-1 TN 4,294,939 - - 4,294,939 Avistar at the Crest - Series B TX 724,747 53,132 - 777,879 Avistar at the Oaks - Series B TX 530,829 33,406 - 564,235 Avistar at the Parkway - Series B TX 123,176 22,510 - 145,686 Avistar in 09 - Series B TX 437,886 27,557 - 465,443 Avistar on the Boulevard - Series B TX 430,647 26,816 - 457,463 Mortgage revenue bonds held by the Partnership $ 36,888,068 $ 504,076 $ ( 1,193,085 ) $ 36,199,059 (1) The Partnership has a remaining MRB funding commitment of $ 39.3 million as of December 31, 2022. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining $ 39.3 million funding commitment outstanding as of December 31, 2022 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss.
Schedule of MRBs Acquisitions	The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the three months ended March 31, 2023: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funding Windsor Shores Apartments - Series A January Columbia, SC 176 2/1/2030 6.50 % $ 21,545,000 The Ivy Apartments January Greenville, SC 212 2/1/2030 6.50 % 30,500,000 Residency at the Entrepreneur J-5 - MRB (1) February Los Angeles, CA 200 4/1/2025 SOFR + 3.60 % (2) 1,000,000 $ 53,045,000 (1) The Partnership has committed to provide funding for the Series J-5 MRB totaling $ 5.0 million. See Note 19. (2) The interest rate is subject to an all-in floor of 3.87 %. Restructurings: In January 2022, the Live 929 Apartments property completed a restructuring of the Partnership’s MRBs and property loan. The Partnership’s Live 929 Apartments – 2014 Series A and Live 929 Apartments – 2014 Series B MRBs were redeemed at par plus accrued interest. The following tables summarizes the terms of the MRBs upon redemption: Property Name Month Property Location Units Original Interest Rate Principal Live 929 Apartments - 2014 Series A January Baltimore, MD 575 7/1/2049 5.78 % $ 39,445,000 Live 929 Apartments - 2014 Series B January Baltimore, MD 575 7/1/2039 1.60 % 21,610,000 $ 61,055,000 Upon restructuring, the Partnership used the proceeds of the redeemed MRBs plus additional cash to acquire a new series of MRB secured by the Live 929 Apartments property, the Series 2022A MRB. The following tables summarizes the MRB that was acquired as part of the restructuring of the Live 929 Apartments MRBs: Property Name Month Property Location Units Maturity Date Interest Rate Principal Acquired Live 929 Apartments - Series 2022A January Baltimore, MD 575 1/1/2060 4.30 % $ 66,365,000
Schedule of MRB Redeemed	The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2023: Property Name Month Property Location Units Original Interest Rate Principal Greens Property - Series A February 2023 Durham, NC 168 10/1/2047 6.50 % $ 7,579,000 Greens Property - Series B February 2023 Durham, NC 168 10/1/2047 12.00 % 914,040 $ 8,493,040 The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2022: Property Name Month Property Location Units Original Interest Rate Principal Ohio Properties - Series A March (1) 362 6/1/2050 7.00 % $ 13,544,000 Ohio Properties - Series B March (1) 362 6/1/2050 10.00 % 3,459,840 $ 17,003,840 (1) The Ohio Properties consist of Crescent Village, located in Cincinnati, Ohio, Willow Bend, located in Columbus (Hilliard), Ohio and Postwoods, located in Reynoldsburg, Ohio.

Governmental Issuer Loans (Tabl

Governmental Issuer Loans (Tables)	3 Months Ended
Governmental Issuer Loans (Tables)	Mar. 31, 2023
Governmental Issuer Loans [Abstract]
Summary of Partnership's GIL Investments	The Partnership had the following GIL investments as of March 31, 2023 and December 31, 2022: As of March 31, 2023 Property Name Month Property Units Maturity (1) Interest Rate (2) Current Interest Amortized Scharbauer Flats Apartments (3) June 2020 Midland, TX 300 7/1/2023 SIFMA + 3.10 % 7.07 % $ 40,000,000 Oasis at Twin Lakes (3) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 2.25 % 6.22 % 34,000,000 Centennial Crossings (3) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75 % 6.72 % 33,080,000 Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % 7.90 % 34,620,000 Hilltop at Signal Hills (3) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07 % 7.90 % 24,450,000 Hope on Avalon January 2021 Los Angeles, CA 88 8/1/2023 SIFMA + 3.75 % 7.72 % 23,390,000 Hope on Broadway January 2021 Los Angeles, CA 49 8/1/2023 SIFMA + 3.75 % 7.72 % 13,105,623 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 7.62 % 47,624,815 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 7.85 % 25,000,000 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 8.40 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 8,846,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 4,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 8,550,000 2,419 $ 317,607,738 (1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. As of December 31, 2022 Property Name Month Property Units Maturity (1) Variable Interest (2) Current Interest Amortized Scharbauer Flats Apartments (3) June 2020 Midland, TX 300 7/1/2023 SIFMA + 3.10 % 6.76 % $ 40,000,000 Oasis at Twin Lakes (3) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 2.25 % 5.91 % 34,000,000 Centennial Crossings (3) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75 % 6.41 % 33,080,000 Legacy Commons at Signal Hills (3) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07 % 7.37 % 34,620,000 Hilltop at Signal Hills (3) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07 % 7.37 % 24,450,000 Hope on Avalon January 2021 Los Angeles, CA 88 8/1/2023 SIFMA + 3.75 % 7.41 % 23,390,000 Hope on Broadway January 2021 Los Angeles, CA 49 8/1/2023 SIFMA + 3.75 % 7.41 % 12,105,623 Osprey Village (3) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07 % 6.88 % 39,893,040 Willow Place Apartments (3) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30 % 7.11 % 17,354,472 Magnolia Heights (3) June 2022 Covington, GA 200 7/1/2024 SOFR + 3.85 % 7.66 % 20,400,000 Poppy Grove I (3), (4) September 2022 Elk Grove, CA 147 4/1/2025 6.78 % 6.78 % 7,846,000 Poppy Grove II (3), (4) September 2022 Elk Grove, CA 82 4/1/2025 6.78 % 6.78 % 4,541,300 Poppy Grove III (3), (4) September 2022 Elk Grove, CA 158 4/1/2025 6.78 % 6.78 % 8,550,000 2,419 $ 300,230,435 (1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively.

Property Loans (Tables)

Property Loans (Tables)	3 Months Ended
Property Loans (Tables)	Mar. 31, 2023
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 asset-specific loan loss allowances, as of March 31, 2023 and December 31, 2022: March 31, 2023 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Centennial Crossings $ 17,557,656 $ - $ 17,557,656 9/1/2023 LIBOR + 2.50 % Hilltop at Signal Hills 20,458,137 - 20,458,137 8/1/2023 SOFR + 3.07 % Legacy Commons at Signal Hills 30,716,905 - 30,716,905 2/1/2024 SOFR + 3.07 % Magnolia Heights 10,300,000 - 10,300,000 7/1/2024 SOFR + 3.85 % Oasis at Twin Lakes 24,018,657 - 24,018,657 8/1/2023 LIBOR + 2.50 % Osprey Village 1,000,000 - 1,000,000 8/1/2024 SOFR + 3.07 % Scharbauer Flats Apartments 13,386,764 - 13,386,764 7/1/2023 LIBOR + 2.85 % Willow Place Apartments 2,679,427 - 2,679,427 10/1/2024 SOFR + 3.30 % Subtotal 120,117,546 - 120,117,546 Mezzanine Financing (2) SoLa Impact Opportunity Zone Fund $ 39,000,000 $ - $ 39,000,000 12/30/2024 7.875 % Subtotal 39,000,000 - 39,000,000 Other The 50/50 MF Property $ 5,165,315 $ - $ 5,165,315 3/11/2048 9.00 % 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 % Live 929 Apartments 495,000 ( 495,000 ) - 7/31/2049 8.00 % Subtotal 6,113,909 ( 495,000 ) 5,618,909 Total $ 165,231,455 $ ( 495,000 ) $ 164,736,455 (1) The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 %. (2) The property loan is held in trust in connection with a TOB trust financing (Note 16). December 31, 2022 Outstanding Asset-Specific Allowance for Credit Losses Property Loan Principal, Maturity Date Interest Rate Senior Construction Financing (1) Centennial Crossings $ 24,250,000 $ - $ 24,250,000 9/1/2023 LIBOR + 2.50 % Hilltop at Signal Hills 19,718,334 - 19,718,334 8/1/2023 SOFR + 3.07 % Legacy Commons at Signal Hills 29,666,905 - 29,666,905 2/1/2024 SOFR + 3.0 7% Magnolia Heights 6,188,601 - 6,188,601 7/1/2024 SOFR + 3.85 % Oasis at Twin Lakes 24,018,657 - 24,018,657 8/1/2023 LIBOR + 2.50 % Osprey Village 1,000,000 - 1,000,000 8/1/2024 SOFR + 3.07 % Scharbauer Flats Apartments 24,160,000 - 24,160,000 7/1/2023 LIBOR + 2.85 % Willow Place Apartments 1,000,000 - 1,000,000 10/1/2024 SOFR + 3.30 % Subtotal 130,002,497 - 130,002,497 Mezzanine Financing SoLa Impact Opportunity Zone Fund $ 39,000,000 $ - $ 39,000,000 12/30/2024 7.875 % Subtotal 39,000,000 - 39,000,000 Other The 50/50 MF Property $ 4,803,620 $ - $ 4,803,620 3/11/2048 9.00 % 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 % Greens Property 850,000 - 850,000 9/1/2046 10.00 % Live 929 Apartments 495,000 ( 495,000 ) - 7/31/2049 8.00 % Subtotal 6,602,214 ( 495,000 ) 6,107,214 Total $ 175,604,711 $ ( 495,000 ) $ 175,109,711 (1) The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 % .
Summary of Changes in Partnership's Allowance for Credit Losses	The following table summarizes the changes in the Partnership’s allowance for credit losses as of March 31, 2023: For the Three Months Ended March 31, 2023 Governmental Issuer Loans Taxable Governmental Issuer Loans Property Loans Unfunded Commitments Total Balance, beginning of period - - $ 495,000 - 495,000 Cumulative-effect adjustment upon adoption $ 2,145,000 $ 79,000 2,108,000 $ 1,617,000 $ 5,949,000 Current provision for expected credit losses ( 65,000 ) 10,000 ( 153,000 ) ( 337,000 ) ( 545,000 ) Balance, end of period $ 2,080,000 $ 89,000 $ 2,450,000 $ 1,280,000 $ 5,899,000

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
Investments in Unconsolidated Entities (Tables)	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: Property Name Location Units Construction Commencement Date Construction Completion Date Carrying Value as of March 31, 2023 Carrying Value as of December 31, 2022 Current Investments Vantage at Conroe Conroe, TX 288 April 2019 January 2021 10,424,625 10,424,625 Vantage at Tomball Tomball, TX 288 August 2020 April 2022 13,235,090 13,051,936 Vantage at Hutto Hutto, TX 288 December 2021 N/A 12,907,679 12,590,292 Vantage at Loveland Loveland, CO 288 April 2021 N/A 18,474,179 18,109,568 Vantage at Helotes Helotes, TX 288 May 2021 November 2022 14,311,487 14,029,032 Vantage at Fair Oaks Boerne, TX 288 September 2021 N/A 12,241,907 12,000,297 Vantage at McKinney Falls McKinney Falls, TX 288 December 2021 N/A 12,500,461 12,253,749 Freestone Greeley Greeley, CO 296 N/A N/A 4,867,201 4,775,708 Freestone Cresta Bella San Antonio, TX 296 February 2023 N/A 7,905,183 6,263,083 Valage Senior Living Carson Valley Minden, NV 88 (1) February 2023 N/A 4,267,244 - Subtotal 111,135,056 103,498,290 Previously Sold Investments Vantage at Stone Creek Omaha, NE 294 March 2018 April 2020 $ - $ 5,465,967 Vantage at Coventry Omaha, NE 294 September 2018 February 2021 - 6,826,584 Subtotal - 12,292,551 $ 111,135,056 $ 115,790,841 (1) Valage Senior Living Carson Valley is a seniors housing property with 88 units and 102 beds.
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 the three months ended March 31, 2023: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain (loss) Vantage at Stone Creek Omaha, NE 294 January 2023 $ 14,689,244 $ 108,295 9,114,980 Vantage at Coventry Omaha, NE 294 January 2023 13,220,218 135,501 6,258,133 Vantage at Murfreesboro Murfreesboro, TN 288 (1) ( 6,185 ) - ( 6,184 ) $ 27,903,277 $ 243,796 $ 15,366,929 (1) In February 2023, the Partnership paid additional cash of approximately $ 6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the full amount in "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statements of operations. The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the three months ended March 31, 2022: Property Name Location Units Month Sold Gross Proceeds to the Partnership Investment Income Gain on Sale Vantage at Murfreesboro Murfreesboro, TN 288 March 2022 $ 29,258,279 $ 657,937 $ 16,360,343 Vantage at Bulverde Bulverde, TX 288 (1) 75,000 - 75,000 Vantage at Germantown Germantown, TN 288 (2) 4,407 - 4,407 $ 29,337,686 $ 657,937 $ 16,439,750 (1) In March 2022, the Partnership received cash of approximately $ 75,000 associated with final settlements of the Vantage at Bulverde sale in August 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statements of operations. (2) In March 2022, the Partnership received cash of approximately $ 4,000 associated with final settlements of the Vantage at Germantown sale in March 2021. The Partnership recognized the full amount as "Gain on sale of investment in an unconsolidated entity" on the Partnership’s condensed consolidated statements of operations
Summary of Partnership's Investments in Unconsolidated Entities	The following table provides combined summary financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Property Revenues $ 3,749,443 $ 6,681,291 Gain on sale of property $ 38,104,333 $ 38,171,003 Net income $ 37,742,938 $ 38,730,562

Real Estate Assets (Tables)

Real Estate Assets (Tables)	3 Months Ended
Real Estate Assets (Tables)	Mar. 31, 2023
Real Estate [Abstract]
Real Estate Assets Owned by Partnership	The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2023 and December 31, 2022: Real Estate Assets as of March 31, 2023 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,244 $ 39,752,127 $ 42,951,371 Vantage at San Marcos San Marcos, TX (1) 2,660,615 1,003,857 3,664,472 Land held for development (2) 1,109,482 - 1,109,482 $ 47,725,325 Less accumulated depreciation ( 12,052,543 ) Real estate assets, net $ 35,672,782 (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 a parcel of land in Richland County, SC. Real Estate Assets as of December 31, 2022 Property Name Location Number of Land and Land Buildings and Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,244 $ 39,799,082 $ 42,998,326 Vantage at San Marcos San Marcos, TX (1) 2,660,615 1,003,857 3,664,472 Land held for development (2) 1,551,196 - 1,551,196 $ 48,213,994 Less accumulated depreciation ( 11,663,516 ) Real estate assets, net $ 36,550,478 (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.
Schedule of Net Loss Exclusive of Gains on Sale of MF Property	Net loss, exclusive of the gains on sale, related to The 50/50 MF Property for the three months ended March 31, 2023, and 2022 is as follows: For the Three Months Ended March 31, 2023 2022 Net loss $ - $ 222,439

Income Tax Provision (Tables)

Income Tax Provision (Tables)	3 Months Ended
Income Tax Provision (Tables)	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	The following table summarizes income tax expense (benefit) for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Current income tax expense $ 8,340 $ 7,644 Deferred income tax expense (benefit) ( 982 ) 7,266 Total income tax expense $ 7,358 $ 14,910

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
Other Assets (Tables)	Mar. 31, 2023
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the Partnership's other assets as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Deferred financing costs, net $ 805,813 $ 964,266 Derivative instruments at fair value (Note 18) 5,284,329 7,530,438 Taxable mortgage revenue bonds, at fair value 18,146,540 16,531,896 Taxable governmental issuer loans: Taxable governmental issuer loans 11,000,000 8,000,000 Allowance for credit losses (Note 13) ( 89,000 ) - Taxable governmental issuer loans, net 10,911,000 8,000,000 Bond purchase commitments, at fair value (Note 19) 211,476 98,929 Other assets 1,877,240 2,649,138 Total other assets $ 37,236,398 $ 35,774,667
Summary of Taxable MRB Acquired	The following table includes details of the taxable MRB acquired during the three months ended March 31, 2023: Property Name Month Property Location Units Maturity Date Interest Rate Initial Principal Funding Taxable MRBs Windsor Shores Apartments - Series B January 2023 Columbia, SC 176 2/1/2030 6.50 % $ 805,000 The following table includes details of the taxable MRB acquired during the three months ended March 31, 2022: Property Name Date Committed Maturity Date Initial Principal Funding Total Commitment Taxable MRBs Live 929 Apartments - Series 2022B January 2022 1/1/2029 $ 3,625,000 $ 3,625,000

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
Allowance for Credit Losses (Tables)	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Summary of Changes in Partnership's Allowance for Credit Losses	The following table summarizes the changes in the Partnership’s allowance for credit losses as of March 31, 2023: For the Three Months Ended March 31, 2023 Governmental Issuer Loans Taxable Governmental Issuer Loans Property Loans Unfunded Commitments Total Balance, beginning of period - - $ 495,000 - 495,000 Cumulative-effect adjustment upon adoption $ 2,145,000 $ 79,000 2,108,000 $ 1,617,000 $ 5,949,000 Current provision for expected credit losses ( 65,000 ) 10,000 ( 153,000 ) ( 337,000 ) ( 545,000 ) Balance, end of period $ 2,080,000 $ 89,000 $ 2,450,000 $ 1,280,000 $ 5,899,000
Summary of Partnerships Carrying Value by Origination Year Grouped by Risk Rating	The following table summarizes the Partnership’s carrying value by origination year, grouped by risk rating as of March 31, 2023: March 31, 2023 2023 2022 2021 2020 2019 Prior Total Governmental Issuer Loans Performing $ - $ 42,337,300 $ 168,190,438 $ 107,080,000 $ - $ - $ 317,607,738 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 42,337,300 168,190,438 107,080,000 - - 317,607,738 Taxable Governmental Issuer Loans Performing $ - $ 3,000,000 $ 8,000,000 $ - $ - $ - $ 11,000,000 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 3,000,000 8,000,000 - - - 11,000,000 Property Loans Performing $ - $ 54,465,315 $ 54,854,469 $ 54,963,077 - $ 453,594 $ 164,736,455 Watch - - - - - - - Nonperforming - - - - $ 495,000 - 495,000 Subtotal - 54,465,315 54,854,469 54,963,077 495,000 453,594 165,231,455 Unfunded Commitments Performing $ - $ 128,700,000 $ 60,376,955 $ 3,685,523 $ - $ - $ 192,762,478 Watch - - - - - - - Nonperforming - - - - - - - Subtotal - 128,700,000 60,376,955 3,685,523 - - 192,762,478 Total $ - $ 228,502,615 $ 291,421,862 $ 165,728,600 $ 495,000 $ 453,594 $ 686,601,671
MRB and taxable MRB investments [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Summary of Changes in Partnership's Allowance for Credit Losses	The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Balance, beginning of period $ 9,978,891 $ 9,175,482 Other additions (1) - 860,533 Recovery of prior credit loss (2) ( 16,967 ) ( 5,279 ) Balance, end of period (3) $ 9,961,924 $ 10,030,736 (1) The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. (2) The Partnership compared the present value of cash flows expected to be collected to the amortized cost basis of the Live 929 Apartments Series 2022A MRB, which indicated a recovery of value. As the recovery was identified prior to the effective date of the CECL standard, the Partnership will accrete the recovery of prior credit loss into investment income over the term of the MRB. (3) The allowance for credit losses as of March 31, 2023 and 2022 relate to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB.

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Summary of Accounts Payable, Accrued Expenses and Other Liabilities	The following table summarizes the Partnership's accounts payable, accrued expenses and other liabilities as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Accounts payable $ 1,150,496 $ 1,244,918 Accrued expenses 3,381,482 4,888,438 Accrued interest expense 7,886,085 7,186,021 Derivative instruments at fair value (Note 18) 1,229,988 - Deferred gain on sale of MF Property 6,596,622 6,596,622 Reserve for credit losses on unfunded commitments (Note 13) 1,280,000 - Other liabilities 1,883,316 1,817,507 Total accounts payable, accrued expenses and other liabilities $ 23,407,989 $ 21,733,506

Secured Line of Credit (Tables)

Secured Line of Credit (Tables)	3 Months Ended
Secured Line of Credit (Tables)	Mar. 31, 2023
Secured Line Of Credit Facility [Member]
Line of Credit Facility [Line Items]
Summary of Lines of Credit	The following tables summarize the Partnership's secured lines of credit ("LOC" or "LOCs") as of March 31, 2023 and December 31, 2022: Secured Lines of Credit Outstanding as of March 31, 2023 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 6,500,000 $ 40,000,000 June 2023 (1) Variable (2) Monthly 7.95 % Bankers Trust Acquisition LOC - 50,000,000 June 2024 (3) Variable (4) Monthly 7.16 % $ 6,500,000 $ 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, N.A. (“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 an all-in floor of 3.50 %. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available. (3) The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee. (4) The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”). Secured Lines of Credit Outstanding as of December 31, 2022 Total Commitment Commitment Maturity Variable / Reset Period End BankUnited General LOC $ 6,500,000 $ 40,000,000 June 2023 (1) Variable (2) Monthly 7.42 % Bankers Trust Acquisition LOC 49,000,000 50,000,000 June 2024 (3) Variable (4) Monthly 6.68 % $ 55,500,000 $ 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, N.A. (“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 an all-in floor of 3.50 %. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available. (3) The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee. (4) The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”).

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
Debt Financing (Tables)	Mar. 31, 2023
Debt Financing [Abstract]
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2023 and December 31, 2022: Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 67,656,041 $ 4,999 2024 Variable Yes 4.00 % 1.30 % 5.30 % M24 TEBS 7,477,070 4,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,383,793 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS (4) 211,391,291 5,000 2034 Fixed Yes N/A N/A 3.82 % Subtotal/Weighed Average Period End Rate 315,908,195 4.06 % Secured Notes $ 102,407,411 30,777,281 2025 Variable No N/A N/A 14.00 % (5) TOB Trust Securitizations Mizuho Capital Markets: Montevista - Series A $ 5,644,032 (6) 2023 Variable Yes 4.32 % 1.27 % 5.59 % Trust 2020-XF2908 (7) 27,786,395 (6) 2023 Variable No 5.07 % 0.90 % 5.97 % Hope on Avalon GIL 18,702,562 (6) 2023 Variable Yes 4.32 % 1.44 % 5.76 % Hope on Broadway GIL 9,675,605 (6) 2023 Variable Yes 4.32 % 1.44 % 5.76 % Ocotillo Springs - Series A 9,979,320 (6) 2023 Variable Yes 4.32 % 0.91 % 5.23 % Jackson Manor Apartments 5,865,000 (6) 2023 Variable Yes 4.27 % 1.29 % 5.56 % Trust 2021-XF2926 (8) 74,737,052 (6) 2024 Variable No 5.07 % 0.90 % 5.97 % Trust 2021-XF2939 (9) 8,179,631 (6) 2024 Variable No 5.07 % 1.17 % 6.24 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 4.27 % 0.91 % 5.18 % Oasis at Twin Lakes GIL 30,600,000 (6) 2024 Variable Yes 4.32 % 0.91 % 5.23 % Centennial Crossing GIL 29,772,000 (6) 2024 Variable Yes 4.32 % 0.91 % 5.23 % Residency at the Mayer - Series A 24,335,000 (6) 2024 Variable Yes 4.32 % 1.19 % 5.51 % SoLa Impact Opportunity Zone Fund 27,144,252 (6) 2024 Variable Yes 5.07 % 1.78 % 6.85 % Montecito at Williams Ranch - Series A 6,857,367 (6) 2025 Variable Yes 4.32 % 1.18 % 5.50 % Vineyard Gardens - Series A 3,592,923 (6) 2025 Variable Yes 4.32 % 1.17 % 5.49 % The Park at Sondrio - Series 2022A 30,363,440 (6) 2025 Variable Yes 4.27 % 1.43 % 5.70 % The Park at Vietti - Series 2022A 21,496,394 (6) 2025 Variable Yes 4.27 % 1.43 % 5.70 % Avistar at Copperfield - Series A 11,468,978 (6) 2025 Variable Yes 4.32 % 1.67 % 5.99 % Avistar at Wilcrest - Series A 4,338,976 (6) 2025 Variable Yes 4.27 % 1.67 % 5.94 % Residency at the Entrepreneur MRBs 17,120,000 (6) 2025 Variable Yes 4.32 % 1.45 % 5.77 % Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs 53,160,000 (6) 2025 Variable Yes 4.27 % 0.91 % 5.18 % Osprey Village GIL 39,275,000 (6) 2025 Variable Yes 4.27 % 1.19 % 5.46 % Residency at Empire MRBs 14,178,987 (6) 2026 Variable Yes 4.27 % 1.42 % 5.69 % The Ivy Apartments 24,296,594 (6) 2026 Variable Yes 4.32 % 1.44 % 5.76 % Windsor Shores Apartments 17,155,163 (6) 2026 Variable Yes 4.27 % 1.44 % 5.71 % Avistar at Wood Hollow - Series A 32,987,760 (6) 2027 Variable Yes 4.27 % 1.44 % 5.71 % Live 929 53,092,000 (6) 2027 Variable Yes 4.27 % 1.18 % 5.45 % Barclays Capital Inc.: Trust 2021-XF2953 (10) 57,296,689 - 2024 Variable No 4.88 % 1.27 % 6.15 % Poppy Grove I GIL 7,063,153 - 2024 Variable Yes 4.12 % 1.25 % 5.37 % Poppy Grove II GIL 3,619,153 - 2024 Variable Yes 4.12 % 1.25 % 5.37 % Poppy Grove III GIL 6,826,153 - 2024 Variable Yes 4.12 % 1.25 % 5.37 % Subtotal/Weighed Average Period End Rate 712,609,579 5.67 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,809,987 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,143,735,172 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. (4) 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. (5) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 8.75 % as of March 31, 2023. See Note 18 for further information on the total return swap. (6) The Partnership has restricted cash totaling approximately $ 103,000 related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (8) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon (9) The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. (10) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 75,570,121 $ 4,999 2024 Variable Yes 3.69 % 1.55 % 5.24 % M24 TEBS 7,489,619 204,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,549,954 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS (4) 211,914,923 5,000 2034 Fixed Yes N/A N/A 3.82 % Subtotal/Weighed Average Period End Rate 324,524,617 4.08 % Secured Notes $ 102,488,160 35,979,743 2025 Variable No N/A N/A 13.05 % (5) TOB Trust Securitizations Mizuho Capital Markets: Montevista - Series A $ 5,650,044 (6) 2023 Variable Yes 3.86 % 1.27 % 5.13 % Trust 2020-XF2908 (7) 43,472,232 (6) 2023 Variable No 4.57 % 0.89 % 5.46 % Hope on Avalon GIL 18,695,484 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Hope on Broadway GIL 9,670,809 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Ocotillo Springs - Series A 9,978,639 (6) 2023 Variable Yes 3.86 % 0.91 % 4.77 % Jackson Manor Apartments 5,859,141 (6) 2023 Variable Yes 3.88 % 1.29 % 5.17 % Trust 2021-XF2926 (8) 70,402,736 (6) 2024 Variable No 4.57 % 0.89 % 5.46 % Trust 2021-XF2939 (9) 7,341,558 (6) 2024 Variable No 4.57 % 1.16 % 5.73 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Oasis at Twin Lakes GIL 30,600,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Centennial Crossing GIL 29,772,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Residency at the Mayer - Series A 21,450,000 (6) 2024 Variable Yes 3.86 % 1.19 % 5.05 % Montecito at Williams Ranch - Series A 6,872,074 (6) 2025 Variable Yes 3.62 % 1.17 % 4.79 % Vineyard Gardens - Series A 3,592,692 (6) 2025 Variable Yes 3.67 % 1.17 % 4.84 % The Park at Sondrio - Series 2022A 30,354,275 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % The Park at Vietti - Series 2022A 21,489,569 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % Avistar at Copperfield - Series A 11,501,641 (6) 2025 Variable Yes 3.80 % 1.67 % 5.47 % Avistar at Wilcrest - Series A 4,350,640 (6) 2025 Variable Yes 3.88 % 1.67 % 5.55 % Residency at the Entrepreneur MRBs 16,513,817 (6) 2025 Variable No 4.57 % 1.18 % 5.75 % Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs 53,160,000 (6) 2025 Variable Yes 3.88 % 0.91 % 4.79 % Osprey Village GIL 32,905,000 (6) 2025 Variable Yes 3.88 % 1.19 % 5.07 % Avistar at Wood Hollow - Series A 33,092,580 (6) 2027 Variable Yes 3.88 % 1.44 % 5.32 % Live 929 53,092,000 (6) 2027 Variable Yes 3.88 % 1.18 % 5.06 % Barclays Capital Inc.: Trust 2021-XF2953 (10) 46,548,777 - 2023 Variable No 4.42 % 1.27 % 5.69 % Poppy Grove I GIL 6,258,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove II GIL 3,614,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove III GIL 6,821,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Subtotal/Weighed Average Period End Rate 619,060,166 5.19 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,831,009 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,058,903,952 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. (4) 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. (5) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 7.80 % as of December 31, 2022. See Note 18 for further information on the total return swap. (6) The Partnership has restricted cash totaling approximately $ 38,000 related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (8) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon (9) The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. (10) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
Summary of TOB Trust Financings	The following is a summary of the new TOB trust financings that were entered into during the three months ended March 31, 2023: TOB Trusts Securitization Initial TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Facility Fees Residency at Empire MRB $ 14,400,000 January 2026 Variable Yes 1.42 % Windsor Shores MRB 17,236,000 January 2026 Variable Yes 1.44 % SoLa Impact Opportunity Zone Fund 27,300,000 December 2024 Variable No 1.78 % The Ivy Apartments MRB 24,400,000 February 2026 Variable Yes 1.44 % Total TOB Trust Financings $ 83,336,000 The following is a summary of the TOB trust financings that were entered into during the three months ended March 31, 2022: TOB Trusts Securitization Initial TOB Stated Maturity Interest Rate Type Tax-Exempt Interest on Senior Securities Facility Fees Live 929 Series 2022A & 2022B MRBs $ 55,990,000 February 2024 Variable No 1.15 % Total TOB Trust Financings $ 55,990,000
Summary of TOB Trust Financings Redeemed and Principal and Interest Paid in Full	The following is a summary of the TOB trust financings that were collapsed and all principal and interest were paid in full during the three months ended March 31, 2022: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments - 2014 Series A TOB Trust January 2022 $ 31,565,000
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings as of March 31, 2023 for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows: Remainder of 2023 $ 82,256,903 2024 396,760,149 2025 293,084,108 2026 60,028,863 2027 88,279,325 Thereafter 225,691,694 Total 1,146,101,042 Unamortized deferred financing costs and debt premium ( 2,365,870 ) Total debt financing, net $ 1,143,735,172

Mortgages Payable and Other S_2

Mortgages Payable and Other Secured Financing (Tables)	3 Months Ended
Mortgages Payable and Other Secured Financing (Tables)	Mar. 31, 2023
Debt Instrument [Line Items]
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2023 and December 31, 2022: Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 67,656,041 $ 4,999 2024 Variable Yes 4.00 % 1.30 % 5.30 % M24 TEBS 7,477,070 4,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,383,793 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS (4) 211,391,291 5,000 2034 Fixed Yes N/A N/A 3.82 % Subtotal/Weighed Average Period End Rate 315,908,195 4.06 % Secured Notes $ 102,407,411 30,777,281 2025 Variable No N/A N/A 14.00 % (5) TOB Trust Securitizations Mizuho Capital Markets: Montevista - Series A $ 5,644,032 (6) 2023 Variable Yes 4.32 % 1.27 % 5.59 % Trust 2020-XF2908 (7) 27,786,395 (6) 2023 Variable No 5.07 % 0.90 % 5.97 % Hope on Avalon GIL 18,702,562 (6) 2023 Variable Yes 4.32 % 1.44 % 5.76 % Hope on Broadway GIL 9,675,605 (6) 2023 Variable Yes 4.32 % 1.44 % 5.76 % Ocotillo Springs - Series A 9,979,320 (6) 2023 Variable Yes 4.32 % 0.91 % 5.23 % Jackson Manor Apartments 5,865,000 (6) 2023 Variable Yes 4.27 % 1.29 % 5.56 % Trust 2021-XF2926 (8) 74,737,052 (6) 2024 Variable No 5.07 % 0.90 % 5.97 % Trust 2021-XF2939 (9) 8,179,631 (6) 2024 Variable No 5.07 % 1.17 % 6.24 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 4.27 % 0.91 % 5.18 % Oasis at Twin Lakes GIL 30,600,000 (6) 2024 Variable Yes 4.32 % 0.91 % 5.23 % Centennial Crossing GIL 29,772,000 (6) 2024 Variable Yes 4.32 % 0.91 % 5.23 % Residency at the Mayer - Series A 24,335,000 (6) 2024 Variable Yes 4.32 % 1.19 % 5.51 % SoLa Impact Opportunity Zone Fund 27,144,252 (6) 2024 Variable Yes 5.07 % 1.78 % 6.85 % Montecito at Williams Ranch - Series A 6,857,367 (6) 2025 Variable Yes 4.32 % 1.18 % 5.50 % Vineyard Gardens - Series A 3,592,923 (6) 2025 Variable Yes 4.32 % 1.17 % 5.49 % The Park at Sondrio - Series 2022A 30,363,440 (6) 2025 Variable Yes 4.27 % 1.43 % 5.70 % The Park at Vietti - Series 2022A 21,496,394 (6) 2025 Variable Yes 4.27 % 1.43 % 5.70 % Avistar at Copperfield - Series A 11,468,978 (6) 2025 Variable Yes 4.32 % 1.67 % 5.99 % Avistar at Wilcrest - Series A 4,338,976 (6) 2025 Variable Yes 4.27 % 1.67 % 5.94 % Residency at the Entrepreneur MRBs 17,120,000 (6) 2025 Variable Yes 4.32 % 1.45 % 5.77 % Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs 53,160,000 (6) 2025 Variable Yes 4.27 % 0.91 % 5.18 % Osprey Village GIL 39,275,000 (6) 2025 Variable Yes 4.27 % 1.19 % 5.46 % Residency at Empire MRBs 14,178,987 (6) 2026 Variable Yes 4.27 % 1.42 % 5.69 % The Ivy Apartments 24,296,594 (6) 2026 Variable Yes 4.32 % 1.44 % 5.76 % Windsor Shores Apartments 17,155,163 (6) 2026 Variable Yes 4.27 % 1.44 % 5.71 % Avistar at Wood Hollow - Series A 32,987,760 (6) 2027 Variable Yes 4.27 % 1.44 % 5.71 % Live 929 53,092,000 (6) 2027 Variable Yes 4.27 % 1.18 % 5.45 % Barclays Capital Inc.: Trust 2021-XF2953 (10) 57,296,689 - 2024 Variable No 4.88 % 1.27 % 6.15 % Poppy Grove I GIL 7,063,153 - 2024 Variable Yes 4.12 % 1.25 % 5.37 % Poppy Grove II GIL 3,619,153 - 2024 Variable Yes 4.12 % 1.25 % 5.37 % Poppy Grove III GIL 6,826,153 - 2024 Variable Yes 4.12 % 1.25 % 5.37 % Subtotal/Weighed Average Period End Rate 712,609,579 5.67 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,809,987 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,143,735,172 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. (4) 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. (5) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 8.75 % as of March 31, 2023. See Note 18 for further information on the total return swap. (6) The Partnership has restricted cash totaling approximately $ 103,000 related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (8) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon (9) The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. (10) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. Outstanding Debt Financings Restricted Stated Interest Rate Type Tax-Exempt Interest on Senior Securities (1) Remarketing Senior (2) Facility Fees Period End TEBS Financings M31 TEBS (3) $ 75,570,121 $ 4,999 2024 Variable Yes 3.69 % 1.55 % 5.24 % M24 TEBS 7,489,619 204,000 2027 Fixed Yes N/A N/A 3.05 % M33 TEBS 29,549,954 2,606 2030 Fixed Yes N/A N/A 3.24 % M45 TEBS (4) 211,914,923 5,000 2034 Fixed Yes N/A N/A 3.82 % Subtotal/Weighed Average Period End Rate 324,524,617 4.08 % Secured Notes $ 102,488,160 35,979,743 2025 Variable No N/A N/A 13.05 % (5) TOB Trust Securitizations Mizuho Capital Markets: Montevista - Series A $ 5,650,044 (6) 2023 Variable Yes 3.86 % 1.27 % 5.13 % Trust 2020-XF2908 (7) 43,472,232 (6) 2023 Variable No 4.57 % 0.89 % 5.46 % Hope on Avalon GIL 18,695,484 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Hope on Broadway GIL 9,670,809 (6) 2023 Variable Yes 3.86 % 1.44 % 5.30 % Ocotillo Springs - Series A 9,978,639 (6) 2023 Variable Yes 3.86 % 0.91 % 4.77 % Jackson Manor Apartments 5,859,141 (6) 2023 Variable Yes 3.88 % 1.29 % 5.17 % Trust 2021-XF2926 (8) 70,402,736 (6) 2024 Variable No 4.57 % 0.89 % 5.46 % Trust 2021-XF2939 (9) 7,341,558 (6) 2024 Variable No 4.57 % 1.16 % 5.73 % Scharbauer Flats GIL 36,000,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Oasis at Twin Lakes GIL 30,600,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Centennial Crossing GIL 29,772,000 (6) 2024 Variable Yes 3.88 % 0.91 % 4.79 % Residency at the Mayer - Series A 21,450,000 (6) 2024 Variable Yes 3.86 % 1.19 % 5.05 % Montecito at Williams Ranch - Series A 6,872,074 (6) 2025 Variable Yes 3.62 % 1.17 % 4.79 % Vineyard Gardens - Series A 3,592,692 (6) 2025 Variable Yes 3.67 % 1.17 % 4.84 % The Park at Sondrio - Series 2022A 30,354,275 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % The Park at Vietti - Series 2022A 21,489,569 (6) 2025 Variable Yes 3.88 % 1.43 % 5.31 % Avistar at Copperfield - Series A 11,501,641 (6) 2025 Variable Yes 3.80 % 1.67 % 5.47 % Avistar at Wilcrest - Series A 4,350,640 (6) 2025 Variable Yes 3.88 % 1.67 % 5.55 % Residency at the Entrepreneur MRBs 16,513,817 (6) 2025 Variable No 4.57 % 1.18 % 5.75 % Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs 53,160,000 (6) 2025 Variable Yes 3.88 % 0.91 % 4.79 % Osprey Village GIL 32,905,000 (6) 2025 Variable Yes 3.88 % 1.19 % 5.07 % Avistar at Wood Hollow - Series A 33,092,580 (6) 2027 Variable Yes 3.88 % 1.44 % 5.32 % Live 929 53,092,000 (6) 2027 Variable Yes 3.88 % 1.18 % 5.06 % Barclays Capital Inc.: Trust 2021-XF2953 (10) 46,548,777 - 2023 Variable No 4.42 % 1.27 % 5.69 % Poppy Grove I GIL 6,258,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove II GIL 3,614,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Poppy Grove III GIL 6,821,486 - 2023 Variable Yes 3.81 % 1.25 % 5.06 % Subtotal/Weighed Average Period End Rate 619,060,166 5.19 % Term TOB Trust Securitizations Morgan Stanley: Village at Avalon $ 12,831,009 - 2024 Fixed Yes N/A N/A 1.98 % Total Debt Financings $ 1,058,903,952 (1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. (4) 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. (5) The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 7.80 % as of December 31, 2022. See Note 18 for further information on the total return swap. (6) The Partnership has restricted cash totaling approximately $ 38,000 related to its total net position with Mizuho Capital Markets. (7) The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. (8) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon (9) The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. (10) The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
Mortgages payable [Member]
Debt Instrument [Line Items]
Schedule of Total Debt Financing	The following is a summary of the mortgage payable, net of deferred financing costs, as of March 31, 2023 and December 31, 2022: Property Mortgage Payables Outstanding Mortgage Outstanding Mortgage Year Stated Maturity Variable Period End Vantage at San Marcos--Mortgage (1) $ 1,690,000 $ 1,690,000 2020 November 2023 Variable 8.75 %

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
Derivative Instruments (Tables)	Mar. 31, 2023
Interest Rate Swaption [Member]
Derivative [Line Items]
Summary of Partnership's Derivative Instruments	Trade Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate Index Variable Debt (1) Counterparty Fair Value as of February 2022 55,990,000 2/9/2022 2/1/2024 1.40 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets $ 1,720,173 March 2022 47,850,000 3/3/2022 3/1/2027 1.65 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets 3,279,012 October 2022 34,436,088 (2) 4/1/2023 4/1/2025 3.92 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets ( 141,509 ) December 2022 10,880,000 (3) 1/1/2023 12/1/2029 3.27 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets ( 116,863 ) December 2022 45,500,000 1/3/2023 1/1/2030 3.47 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets ( 566,545 ) January 2023 12,065,200 1/19/2023 1/1/2030 3.35 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets ( 66,526 ) January 2023 8,027,600 2/1/2023 2/1/2030 3.29 % 4.64 % Compounded SOFR TOB Trusts Mizuho Capital Markets ( 39,848 ) March 2023 3,785,000 (4) 4/1/2023 6/1/2029 3.37 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets ( 298,697 ) 218,533,888 $ 3,769,197 (1) See Notes 16 and 23 for additional details. (2) The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. (3) The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. (4) The notional amount increases according to a schedule up to a maximum notional amount of $ 21.6 million. Trade Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate Index Variable Debt (1) Counterparty Fair Value as of February 2022 55,990,000 2/9/2022 2/1/2024 1.40 % 4.09 % Compounded SOFR TOB Trusts Mizuho Capital Markets $ 2,205,130 March 2022 47,850,000 3/3/2022 3/1/2027 1.65 % 4.09 % Compounded SOFR TOB Trusts Mizuho Capital Markets 4,048,961 October 2022 34,436,088 (2) 4/1/2023 4/1/2025 3.92 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 131,427 December 2022 10,880,000 (3) 1/1/2023 12/1/2029 3.27 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 370,342 December 2022 45,500,000 1/3/2023 1/1/2030 3.47 % N/A Compounded SOFR TOB Trusts Mizuho Capital Markets 443,339 194,656,088 $ 7,199,199 (1) See Notes 16 and 23 for additional details. (2) The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. (3) The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million.
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 March 31, 2023 and December 31, 2022: Trade Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of December 2022 102,590,936 December 2022 Sept 2025 8.75 % (1) 14.00 % (2) SOFR Mizuho Capital Markets $ 199,482 (1) Variable rate equal to SOFR + 4.00 %, subject to an all-in floor of 4.25 %. (2) Variable rate equal to SOFR + 9.25 % . Trade Date Notional Effective Termination Date Period End Period End Variable Rate Counterparty Fair Value as of December 2022 102,690,670 December 2022 Sept 2025 7.80 % (1) 13.05 % (2) SOFR Mizuho Capital Markets $ 239,612 (1) Variable rate equal to SOFR + 4.00 %, subject to an all-in floor of 4.25 %. (2) Variable rate equal to SOFR + 9.25 %.
Interest Rate Cap Agreements [Member]
Derivative [Line Items]
Summary of Partnership's Derivative Instruments	Purchase Date Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of August 2019 74,634,658 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 85,662 $ 85,662 (1) See Notes 16 and 23 for additional details. Purchase Date Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of August 2019 75,014,903 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 91,627 $ 91,627 (1) See Notes 16 and 23 for additional details. In April 2023, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Variable Rate Index Received Variable Debt Counterparty April 2023 $ 4,508,000 5/1/2023 5/1/2033 3.490 % Compounded SOFR TOB Trusts Mizuho Capital Markets

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Partnership's Bond Purchase Commitments	The following table summarizes the Partnership’s bond purchase commitments as of March 31, 2023 and December 31, 2022: Bond Purchase Commitments Commitment Date Maximum Interest Estimated Closing Fair Value as of Fair Value as of Anaheim & Walnut September 2021 3,900,000 4.85 % Q3 2024 211,476 98,929
Summary of Partnership's Total and Remaining Commitments	The following table summarizes the Partnership's total and remaining commitments as of March 31, 2023: Property Name Commitment Date Maturity Date Interest Rate (1) Total Initial Commitment Remaining Commitment Mortgage Revenue Bonds Meadow Valley December 2021 December 2029 6.25 % 44,000,000 36,275,000 Residency at the Entrepreneur- Series J-3 April 2022 March 2040 6.00 % 26,080,000 21,180,000 Residency at the Entrepreneur- Series J-4 April 2022 March 2040 SOFR + 3.60 % (2) 16,420,000 16,420,000 Residency at the Entrepreneur- Series J-5 February 2023 April 2025 (3) SOFR + 3.60 % 5,000,000 4,000,000 Residency at Empire - Series BB-3 December 2022 December 2040 6.45 % (4) 14,000,000 13,945,000 Residency at Empire - Series BB-4 December 2022 December 2040 6.45 % (5) 47,000,000 47,000,000 Subtotal 152,500,000 138,820,000 Taxable Mortgage Revenue Bonds Residency at the Mayer Series A-T October 2021 April 2024 (3) SOFR + 3.70 % $ 12,500,000 $ 10,500,000 Residency at the Entrepreneur Series J-T April 2022 April 2025 (3) SOFR + 3.65 % 8,000,000 7,000,000 Residency at Empire - Series BB-T December 2022 December 2025 (3) 7.45 % 9,404,500 8,404,500 Subtotal 29,904,500 25,904,500 Governmental Issuer Loans Osprey Village July 2021 August 2024 (3) SOFR + 3.07 % 60,000,000 12,375,185 Poppy Grove I September 2022 April 2025 (3) 6.78 % 35,688,328 26,842,328 Poppy Grove II September 2022 April 2025 (3) 6.78 % 22,250,000 17,708,700 Poppy Grove III September 2022 April 2025 (3) 6.78 % 39,119,507 30,569,507 Subtotal 157,057,835 87,495,720 Taxable Governmental Issuer Loans Hope on Avalon January 2021 August 2023 SOFR + 3.55 % $ 10,573,000 $ 2,573,000 Poppy Grove I September 2022 April 2025 (3) 6.78 % 21,157,672 20,157,672 Poppy Grove II September 2022 April 2025 (3) 6.78 % 10,941,300 9,941,300 Poppy Grove III September 2022 April 2025 (3) 6.78 % 24,480,493 23,480,493 Subtotal 67,152,465 56,152,465 Property Loans Oasis at Twin Lakes July 2020 August 2023 (3) LIBOR + 2.50 % $ 27,704,180 $ 3,685,523 Hilltop at Signal Hills January 2021 August 2023 (3) SOFR + 3.07 % 21,197,939 739,802 Legacy Commons at Signal Hills January 2021 February 2024 (3) SOFR + 3.07 % 32,233,972 1,517,067 Osprey Village July 2021 August 2024 (3) SOFR + 3.07 % 25,500,000 24,500,000 Willow Place Apartments September 2021 October 2024 (3) SOFR + 3.30 % 21,351,328 18,671,901 Subtotal 127,987,419 49,114,293 Equity Investments Vantage at San Marcos (6), (7) November 2020 N/A N/A $ 9,914,529 $ 8,943,914 Freestone Greeley (7) October 2022 N/A N/A 16,035,710 11,325,008 Freestone Cresta Bella November 2022 N/A N/A 16,405,514 8,691,996 Valage Senior Living Carson Valley February 2023 N/A N/A 8,163,301 3,977,795 Subtotal 50,519,054 32,938,713 Bond Purchase Commitments Anaheim & Walnut September 2021 Q3 2024 (8) 4.85 % $ 3,900,000 $ 3,900,000 Subtotal 3,900,000 3,900,000 Total Commitments $ 589,021,273 $ 394,325,691 (1) The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. (2) Upon stabilization, the MRB will convert to a fixed rate of 8.0 % and become subordinate to the other senior MRBs. (3) The borrowers may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (4) Beginning December 2029 , the interest rate will change to the greater of (i) 3.25 % over the then 10-Year SOFR Swap rate, or (ii) 6.00 %. (5) Upon stabilization, the MRB will convert to a fixed rate of 10.0 % and become subordinate to the other senior MRBs of the borrower. (6) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). (7) A development site has been identified for this property but construction had not commenced as of March 31, 2023. (8) This is the estimated closing date of the associated bond purchase commitment.
Summary of Partnership's Maximum Exposure Under Guaranty Agreements	The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of March 31, 2023: Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure Ohio Properties 2026 $ 2,310,609 Greens of Pine Glen, LP 2027 1,662,397 Borrower End of Guaranty Period Partnership's Maximum Exposure The 50/50 MF Property--TIF Loan 2025 $ 1,809,510 The 50/50 MF Property--Mortgage 2027 22,280,901

Redeemable Preferred Units (Tab

Redeemable Preferred Units (Tables)	3 Months Ended
Redeemable Preferred Units (Tables)	Mar. 31, 2023
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Preferred Units	The following table summarizes the outstanding Preferred Units as of March 31, 2023 and December 31, 2022: March 31, 2023 Month Issued Units Purchase Price Distribution Redemption Earliest Redemption Series A Preferred Units March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2024 (1) March 2017 1,000,000 10,000,000 3.00 % 10.00 March 2024 (1) August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 (2) October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 (3) Total Series A Preferred Units 5,750,000 57,500,000 Series A-1 Preferred Units April 2022 2,000,000 $ 20,000,000 3.00 % 10.00 April 2028 October 2022 1,000,000 10,000,000 3.00 % 10.00 October 2028 February 2023 1,500,000 15,000,000 3.00 % 10.00 February 2028 Total Series A-1 Preferred Units 4,500,000 45,000,000 Redeemable Preferred Units 10,250,000 $ 102,500,000 (1) The holder did not provide a notice of its intent to redeem prior to the date 180 days before the most recent optional redemption date. Accordingly, the holder's next optional redemption date is on the next anniversary of the sale of the Series A Preferred Units. (2) In February 2023, the holder provided notice of its intent to redeem its Series A Preferred Units in August 2023. (3) In April 2023, the holder of $ 10.0 million of Series A Preferred Units provided notice of its intent to redeem its investment in October 2023. December 31, 2022 Month Issued Units Purchase Price Distribution Redemption Series A Preferred Units March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 December 2016 700,000 7,000,000 3.00 % 10.00 March 2017 1,000,000 10,000,000 3.00 % 10.00 August 2017 2,000,000 20,000,000 3.00 % 10.00 October 2017 1,750,000 17,500,000 3.00 % 10.00 Total Series A Preferred Units 6,450,000 64,500,000 Series A-1 Preferred Units April 2022 2,000,000 $ 20,000,000 3.00 % 10.00 October 2022 1,000,000 10,000,000 3.00 % 10.00 Total Series A-1 Preferred Units 3,000,000 30,000,000 Redeemable Preferred Units 9,450,000 $ 94,500,000

Restricted Unit Awards (Tables)

Restricted Unit Awards (Tables)	3 Months Ended
Restricted Unit Awards (Tables)	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of RUA Activity	The following table summarizes the RUA activity for the three months ended March 31, 2023 and for the year ended December 31, 2022: Restricted Units Weighted average Unvested as of January 1, 2022 77,523 $ 18.18 Granted 96,321 19.33 Vested ( 81,073 ) 18.26 Forfeited ( 5,437 ) 18.76 Unvested as of December 31, 2022 87,334 19.33 Granted 102,087 17.70 Unvested as of March 31, 2023 189,421 $ 18.45

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
Transactions with Related Parties (Tables)	Mar. 31, 2023
Related Party Transactions [Abstract]
Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements	The following table summarizes transactions with related parties that are reflected in the Partnership's condensed consolidated financial statements for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Partnership administrative fees paid to AFCA 2 (1) $ 1,578,000 $ 1,217,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 15,000 19,000 Referral fees paid to an affiliate (3) 76,250 - (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 investment assets 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 condensed 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 franchise 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 condensed 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 up 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 term of the agreement ends December 31, 2023, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond origination costs that are deferred and amortized as a yield adjustment to the related investment asset.
Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates	The following table summarizes transactions between borrowers of the Partnership’s affiliates for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Non-Partnership property administrative fees received by AFCA 2 (1) $ - $ 9,000 Investment/mortgage placement fees earned by AFCA 2 (2) 2,257,000 - (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, taxable MRBs, GILs, taxable GILs and property loans and investments in unconsolidated entities.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
Fair Value of Financial Instruments (Tables)	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Mortgage revenue bonds (2) 2.3 % - 7.5 % 2.6 % - 20.3 % 4.5 % 5.1 % Taxable mortgage revenue bonds 6.3 % - 11.0 % 6.5 % - 11.4 % 8.1 % 7.6 % Bond purchase commitments 4.1 % 4.5 % 4.1 % 4.5 % (1) Weighted by the total principal outstanding of all the respective securities as of the reporting date . (2) Mortgage revenue bonds excludes the Provision Center 2014-1 MRB for figures as of March 31, 2023 as the proton therapy center securing the MRB was successfully sold out of bankruptcy in July 2022 and we received liquidation proceeds of $ 3.7 million in January 2023. The valuation as of March 31, 2023 is based on expected additional liquidation proceeds of approximately $ 930,000 at final liquidation.
Summary of Assets Measured at Fair Value on Recurring Basis	Assets measured at fair value on a recurring basis as of March 31, 2023 are summarized as follows: Fair Value Measurements as of March 31, 2023 Description Assets and Liabilities Quoted Prices in Significant Other Significant Assets and Liabilities Mortgage revenue bonds, held in trust $ 848,532,258 $ - $ - $ 848,532,258 Mortgage revenue bonds 18,851,364 - - 18,851,364 Bond purchase commitments (reported within other assets) 211,476 - - 211,476 Taxable mortgage revenue bonds (reported within other assets) 18,146,540 - - 18,146,540 Derivative instruments (reported within other assets) 5,284,329 - 4,999,184 285,145 Derivative swap liability (reported within other liabilities) ( 1,229,988 ) - ( 1,229,988 ) - Total Assets at Fair Value, net $ 889,795,979 $ - $ 3,769,196 $ 886,026,783 Assets measured at fair value on a recurring basis as of December 31, 2022 are summarized as follows: Fair Value Measurements as of December 31, 2022 Description Assets Quoted Prices in Significant Other Significant Assets Mortgage revenue bonds, held in trust $ 763,208,945 $ - $ - $ 763,208,945 Mortgage revenue bonds 36,199,059 - - 36,199,059 Bond purchase commitments (reported within other assets) 98,929 - - 98,929 Taxable mortgage revenue bonds (reported within other assets) 16,531,896 - - 16,531,896 Derivative instruments (reported within other assets) 7,530,438 - 7,199,198 331,240 Total Assets at Fair Value, net $ 823,569,267 $ - $ 7,199,198 $ 816,370,069
Summary of Activity Related to Level 3 Assets and Liabilities	The following tables summarize the activity related to Level 3 assets for the three months ended March 31, 2023: For the Three Months Ended March 31, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Taxable Mortgage Derivative Total Beginning Balance January 1, 2023 $ 799,408,004 $ 98,929 $ 16,531,896 $ 331,240 $ 816,370,069 Total gains (losses) (realized/unrealized) Included in earnings ( interest income and 77,493 - ( 6,050 ) 1,317,385 1,388,828 Included in other comprehensive income 20,579,051 112,547 ( 181,509 ) - 20,510,089 Purchases 60,622,813 - 1,805,000 - 62,427,813 Settlements ( 13,303,739 ) - ( 2,797 ) ( 1,363,480 ) ( 14,670,016 ) Ending Balance March 31, 2023 $ 867,383,622 $ 211,476 $ 18,146,540 $ 285,145 $ 886,026,783 Total amount of gains (losses) for the $ 16,967 $ - $ - $ ( 6,024 ) $ 10,943 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. Assets measured at fair value on a recurring basis as of December 31, 2022 are summarized as follows: Fair Value Measurements as of December 31, 2022 Description Assets Quoted Prices in Significant Other Significant Assets Mortgage revenue bonds, held in trust $ 763,208,945 $ - $ - $ 763,208,945 Mortgage revenue bonds 36,199,059 - - 36,199,059 Bond purchase commitments (reported within other assets) 98,929 - - 98,929 Taxable mortgage revenue bonds (reported within other assets) 16,531,896 - - 16,531,896 Derivative instruments (reported within other assets) 7,530,438 - 7,199,198 331,240 Total Assets at Fair Value, net $ 823,569,267 $ - $ 7,199,198 $ 816,370,069 The following tables summarize the activity related to Level 3 assets and liabilities for the three months ended March 31, 2022: For the Three Months Ended March 31, 2022 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage (1) Bond Purchase Commitments Taxable Mortgage Derivative Total Beginning Balance January 1, 2022 $ 793,509,844 $ 964,404 $ 3,428,443 $ 343,418 $ 798,246,109 Total gains (losses) (realized/unrealized) Included in earnings (interest income and 114,300 - - 1,874,738 1,989,038 Included in other comprehensive income ( 47,536,733 ) ( 819,081 ) ( 214,923 ) - ( 48,570,737 ) Purchases 69,365,000 - 6,325,000 - 75,690,000 Settlements ( 79,635,980 ) - ( 2,558 ) ( 1,820,498 ) ( 81,459,036 ) Other (2) ( 860,533 ) - - - ( 860,533 ) Ending Balance March 31, 2022 $ 734,955,898 $ 145,323 $ 9,535,962 $ 397,658 $ 745,034,841 Total amount of gains for the $ 5,279 $ - $ - $ 134,384 $ 139,663 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) The other line is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan.
Summary of Fair Value of Partnership's Financial Liabilities	The table below summarizes the fair value of the Partnership’s financial liabilities as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 1,143,735,172 $ 1,147,075,811 $ 1,058,903,952 $ 1,059,674,409 Secured lines of credit 6,500,000 6,500,000 55,500,000 55,500,000 Mortgages payable and other secured financing 1,690,000 1,690,000 1,690,000 1,690,000

Segments (Tables)

Segments (Tables)	3 Months Ended
Segments (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Partnership Reportable Segment Information	The following table details certain financial information for the Partnership’s reportable segments for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Total revenues Affordable Multifamily MRB Investments $ 21,437,933 $ 14,133,406 Seniors and Skilled Nursing MRB Investments 96,555 229,378 Market-Rate Joint Venture Investments 2,177,862 2,916,586 MF Properties 1,225,620 1,927,001 Total revenues $ 24,937,970 $ 19,206,371 Interest expense Affordable Multifamily MRB Investments $ 17,709,691 $ 3,472,044 Seniors and Skilled Nursing MRB Investments - - Market-Rate Joint Venture Investments 261,807 192,324 MF Properties - 272,763 Total interest expense $ 17,971,498 $ 3,937,131 Depreciation expense Affordable Multifamily MRB Investments $ 5,946 $ 5,962 Seniors and Skilled Nursing MRB Investments - - Market-Rate Joint Venture Investments - - MF Properties 399,035 677,700 Total depreciation expense $ 404,981 $ 683,662 Net income (loss) Affordable Multifamily MRB Investments $ ( 801,573 ) $ 6,965,555 Seniors and Skilled Nursing MRB Investments 96,555 228,753 Market-Rate Joint Venture Investments 17,279,267 19,162,043 MF Properties 216,973 ( 92,333 ) Net income $ 16,791,222 $ 26,264,018 The following table details total assets for the Partnership’s reportable segments as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Total assets Affordable Multifamily MRB Investments $ 1,568,370,129 $ 1,520,609,550 Seniors and Skilled Nursing MRB Investments 6,645,208 3,551,307 Market-Rate Joint Venture Investments 115,334,547 120,089,351 MF Properties 39,698,829 41,699,828 Consolidation/eliminations ( 97,378,604 ) ( 118,820,471 ) Total assets $ 1,632,670,109 $ 1,567,129,565

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
Subsequent Events (Tables)	Mar. 31, 2023
Subsequent Event [Line Items]
Schedule of terms of partnership's MRB investments	The following table summarizes the terms of the Partnership’s MRB investments: Property Name Month Property Location Units Maturity Date Interest Rate Principal Funded Handsel Morgan Village - MRB April Buford, GA 45 3/1/2041 6.75 % $ 2,150,000 Maryalice Circle - MRB April Buford, GA 98 3/1/2041 6.75 % 5,900,000 $ 8,050,000
Interest Rate Cap Agreements [Member]
Subsequent Event [Line Items]
Summary of Partnership's Derivative Instruments	Purchase Date Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of August 2019 74,634,658 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 85,662 $ 85,662 (1) See Notes 16 and 23 for additional details. Purchase Date Notional Amount Maturity Effective (1) Index Variable Debt (1) Counterparty Fair Value as of August 2019 75,014,903 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 91,627 $ 91,627 (1) See Notes 16 and 23 for additional details. In April 2023, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Variable Rate Index Received Variable Debt Counterparty April 2023 $ 4,508,000 5/1/2023 5/1/2033 3.490 % Compounded SOFR TOB Trusts Mizuho Capital Markets

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	3 Months Ended
Basis of Presentation - Additional Information (Details)	Mar. 31, 2023 Preferredunit Rating
Segment Reporting Information [Line Items]
Number of partnership preferred units \| Preferredunit	3
Tax-exempt and Other Investments [Member]
Segment Reporting Information [Line Items]
Assets percentage	25%
Minimum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds	1
Maximum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds	4

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2023	Mar. 31, 2023 USD ($) Property $ / shares shares	Dec. 31, 2022 USD ($)	Jan. 31, 2023	Jan. 01, 2023 USD ($)	Oct. 31, 2022	Mar. 31, 2022 $ / shares
Summary Of Significant Accounting Policies [Line Items]
Partners capital		$ 344,072,051	$ 323,955,517
Supplemental distribution payable \| $ / shares		$ 0.37					$ 0.323
Partnership distribution paid at ratio				0.0105
Increase in short-term interest rates in basis points	0.50%	0.50%	4.25%
ASU 2016-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Partners capital					$ 5,900,000
Restricted Unit Awards [Member] \| Greystone Manager [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Approved grant of restricted units and other awards to employees \| shares		1
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%
Lindo Paseo LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage in MF property		100%
Beneficial Unit Certificates [Member]
Summary Of Significant Accounting Policies [Line Items]
Partnership distribution paid at ratio						0.01044

Partnership Income, Expenses _2

Partnership Income, Expenses and Cash Distributions - Additional Information (Details)	Mar. 31, 2023
Tier 1 [Member] \| Limited Partner [Member]
Percent of regular allocations	99%
Tier 1 [Member] \| General Partner [Member]
Percent of regular allocations	1%
Tier 2 [Member] \| Limited Partner [Member]
Percent of special allocations	75%
Tier 2 [Member] \| General Partner [Member]
Percent of special allocations	25%
Tier 3 [Member] \| Limited Partner [Member]
Percent of special allocations	100%

Net Income per BUC (Details)

Net Income per BUC (Details) - shares	3 Months Ended
Net Income per BUC (Details) - shares	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Dilutive BUCs	0	0

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($) Property	Dec. 31, 2022 Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Variable Interest Entities \| Property	31	35
Investments in Unconsolidated Entities [Member] \| Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	$ 32.9
Mortgage Revenue Bonds [Member] \| Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	102.5
Taxable Mortgage Revenue Bonds [Member] \| Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	25.9
Governmental Issuer Loans [Member] \| Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	87.5
Taxable Governmental Issuer Loans [Member] \| Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	56.2
Property Loans [Member] \| Non-Consolidated VIEs [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum exposure to loss, funding commitments	$ 49.1

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 576,002,450	$ 667,698,183
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	77,127,750	71,629,581
Taxable Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	4,038,780	3,044,829
Governmental Issuer Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	244,527,738	300,230,435
Taxable Governmental Issuer Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	11,000,000	8,000,000
Property Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	128,173,126	169,002,497
Investments in Unconsolidated Entities [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 111,135,056	$ 115,790,841

Mortgage Revenue Bonds - Schedu

Mortgage Revenue Bonds - Schedule of Investments in MRBs (Details) - USD ($)		Mar. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		$ 784,224,320		$ 718,413,130
Cumulative Unrealized Gain		64,481,526		45,127,126
Cumulative Unrealized Loss		(173,588)		(331,311)
Estimated Fair Value		848,532,258		763,208,945
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		9,849,947	[1]	9,874,603	[2]
Cumulative Unrealized Gain		1,087,127	[1]	888,242	[2]
Estimated Fair Value		10,937,074	[1]	10,762,845	[2]
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		4,357,607	[3]	4,372,370	[4]
Cumulative Unrealized Gain		371,120	[3]	309,570	[4]
Estimated Fair Value		4,728,727	[3]	4,681,940	[4]
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		3,591,428	[1]	3,600,418	[2]
Cumulative Unrealized Gain		347,292	[1]	274,456	[2]
Estimated Fair Value		3,938,720	[1]	3,874,874	[2]
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		6,649,226	[1]	6,665,787	[2]
Cumulative Unrealized Gain		761,012	[1]	625,752	[2]
Estimated Fair Value		7,410,238	[1]	7,291,539	[2]
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		6,426,485	[5]	6,449,455	[6]
Cumulative Unrealized Gain		620,378	[5]	581,466	[6]
Estimated Fair Value		7,046,863	[5]	7,030,921	[6]
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		1,629,277	[1]	1,633,397	[2]
Cumulative Unrealized Gain		173,217	[1]	140,681	[2]
Estimated Fair Value		1,802,494	[1]	1,774,078	[2]
Mortgage Revenue Bonds Held In Trust [Member] \| Lutheran Gardens [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[7],[8]	10,352,000
Cumulative Unrealized Loss	[7],[8]	(30,868)
Estimated Fair Value	[7],[8]	10,321,132
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		2,360,759	[3]	2,368,757	[4]
Cumulative Unrealized Gain		221,592	[3]	199,617	[4]
Estimated Fair Value		2,582,351	[3]	2,568,374	[4]
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		7,491,273	[9]	7,507,111	[10]
Cumulative Unrealized Gain		1,002,626	[9]	834,292	[10]
Estimated Fair Value		8,493,899	[9]	8,341,403	[10]
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		6,644,416	[9]	6,656,219	[10]
Cumulative Unrealized Gain		1,106,804	[9]	902,690	[10]
Estimated Fair Value		7,751,220	[9]	7,558,909	[10]
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		11,090,000	[9],[11]	11,090,000	[10],[12]
Cumulative Unrealized Loss		(142,720)	[9],[11]	(331,311)	[10],[12]
Estimated Fair Value		10,947,280	[9],[11]	10,758,689	[10],[12]
Mortgage Revenue Bonds Held In Trust [Member] \| Residency at Empire - Series BB-1 [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[9]	14,118,500
Cumulative Unrealized Gain	[9]	1,389,537
Estimated Fair Value	[9]	15,508,037
Mortgage Revenue Bonds Held In Trust [Member] \| Residency at Empire - Series BB-2 [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[9]	4,000,000
Cumulative Unrealized Gain	[9]	430,868
Estimated Fair Value	[9]	4,430,868
Mortgage Revenue Bonds Held In Trust [Member] \| Residency at the Entrepreneur J -1 [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		9,088,272	[9]	9,088,496	[10]
Cumulative Unrealized Gain		174,524	[9]	122,815	[10]
Estimated Fair Value		9,262,796	[9]	9,211,311	[10]
Mortgage Revenue Bonds Held In Trust [Member] \| Residency at the Entrepreneur J -2 [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		7,500,000	[9]	7,500,000	[10]
Cumulative Unrealized Gain		218,996	[9]	176,092	[10]
Estimated Fair Value		7,718,996	[9]	7,676,092	[10]
Mortgage Revenue Bonds Held In Trust [Member] \| Residency at the Entrepreneur J -3 [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		4,900,000	[9]	3,900,000	[10]
Cumulative Unrealized Gain		696,071	[9]	726,834	[10]
Estimated Fair Value		5,596,071	[9]	4,626,834	[10]
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		29,565,978	[9]	26,067,585	[10]
Estimated Fair Value		29,565,978	[9]	26,067,585	[10]
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		3,359,484	[1]	3,367,978	[2]
Cumulative Unrealized Gain		323,116	[1]	255,787	[2]
Estimated Fair Value		3,682,600	[1]	3,623,765	[2]
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		2,859,971	[3]	2,869,660	[4]
Cumulative Unrealized Gain		243,572	[3]	216,000	[4]
Estimated Fair Value		3,103,543	[3]	3,085,660	[4]
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		4,124,186	[1]	4,137,438	[2]
Cumulative Unrealized Gain		579,812	[1]	522,910	[2]
Estimated Fair Value		4,703,998	[1]	4,660,348	[2]
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		7,082,871	[1]	7,100,512	[2]
Cumulative Unrealized Gain		810,644	[1]	666,562	[2]
Estimated Fair Value		7,893,515	[1]	7,767,074	[2]
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		11,925,242	[1]	11,954,944	[2]
Cumulative Unrealized Gain		1,282,002	[1]	1,038,904	[2]
Estimated Fair Value		13,207,244	[1]	12,993,848	[2]
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		6,184,380	[1]	6,199,861	[2]
Cumulative Unrealized Gain		271,726	[1]	265,296	[2]
Estimated Fair Value		6,456,106	[1]	6,465,157	[2]
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		3,417,200	[1]	3,428,986	[2]
Cumulative Unrealized Gain		242,738	[1]	124,598	[2]
Estimated Fair Value		3,659,938	[1]	3,553,584	[2]
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		2,970,390	[1]	2,977,825	[2]
Cumulative Unrealized Gain		307,465	[1]	247,354	[2]
Estimated Fair Value		3,277,855	[1]	3,225,179	[2]
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		5,595,802	[5]	5,616,043	[6]
Cumulative Unrealized Gain		261,392	[5]	264,300	[6]
Estimated Fair Value		5,857,194	[5]	5,880,343	[6]
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		3,899,988	[9]	3,908,104	[10]
Cumulative Unrealized Gain		607,120	[9]	514,719	[10]
Estimated Fair Value		4,507,108	[9]	4,422,823	[10]
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		3,656,848	[5]	3,670,075	[6]
Cumulative Unrealized Gain		318,591	[5]	267,369	[6]
Estimated Fair Value		3,975,439	[5]	3,937,444	[6]
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		7,272,720	[13]	7,286,052	[14]
Cumulative Unrealized Gain		1,260,408	[13]	1,286,871	[14]
Estimated Fair Value		8,533,128	[13]	8,572,923	[14]
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		4,840,000	[5]	4,840,000	[6]
Cumulative Unrealized Gain		96,546	[5]	117,014	[6]
Estimated Fair Value		4,936,546	[5]	4,957,014	[6]
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		10,547,250	[3]	10,585,375	[4]
Cumulative Unrealized Gain		1,087,763	[3]	645,412	[4]
Estimated Fair Value		11,635,013	[3]	11,230,787	[4]
Mortgage Revenue Bonds Held In Trust [Member] \| Live 929 Apartments [Member] \| Series 2022A [Member] \| MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		58,163,081	[9]	58,107,262	[10]
Cumulative Unrealized Gain		2,955,764	[9]	2,217,857	[10]
Estimated Fair Value		61,118,845	[9]	60,325,119	[10]
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		6,900,000	[9]	6,900,000	[10]
Estimated Fair Value		6,900,000	[9]	6,900,000	[10]
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	[6]			7,599,000
Cumulative Unrealized Gain	[6]			597
Estimated Fair Value	[6]			7,599,597
Mortgage Revenue Bonds Held In Trust [Member] \| Lynnhaven Apartments [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[15]			10,352,000
Cumulative Unrealized Gain	[15]			127,107
Estimated Fair Value	[15]			10,479,107
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		7,538,527	[3]	7,557,312	[4]
Cumulative Unrealized Gain		1,047,812	[3]	863,401	[4]
Estimated Fair Value		8,586,339	[3]	8,420,713	[4]
Mortgage Revenue Bonds Held In Trust [Member] \| Village at Avalon [Member] \| NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		15,909,691	[16]	15,942,560	[17]
Cumulative Unrealized Gain		2,173,819	[16]	1,727,010	[17]
Estimated Fair Value		18,083,510	[16]	17,669,570	[17]
Mortgage Revenue Bonds Held In Trust [Member] \| Columbia Gardens [Member] \| Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		12,495,686	[1]	12,542,207	[2]
Cumulative Unrealized Gain		1,034,559	[1]	968,469	[2]
Estimated Fair Value		13,530,245	[1]	13,510,676	[2]
Mortgage Revenue Bonds Held In Trust [Member] \| Companion at Thornhill Apartments [Member] \| Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		10,750,304	[1]	10,786,181	[2]
Cumulative Unrealized Gain		786,529	[1]	709,979	[2]
Estimated Fair Value		11,536,833	[1]	11,496,160	[2]
Mortgage Revenue Bonds Held In Trust [Member] \| The Ivy Apartments [Member] \| Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[9]	30,574,501
Cumulative Unrealized Gain	[9]	2,497,005
Estimated Fair Value	[9]	33,071,506
Mortgage Revenue Bonds Held In Trust [Member] \| The Palms at Premier Park Apartment [Member] \| Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		18,072,451	[5]	18,137,042	[6]
Cumulative Unrealized Gain		781,887	[5]	808,555	[6]
Estimated Fair Value		18,854,338	[5]	18,945,597	[6]
Mortgage Revenue Bonds Held In Trust [Member] \| The Park at Sondrio [Member] \| Series 2022A [Member] \| Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		38,100,000	[9]	38,100,000	[10]
Cumulative Unrealized Gain	[9]	3,419,850
Estimated Fair Value		41,519,850	[9]	38,100,000	[10]
Mortgage Revenue Bonds Held In Trust [Member] \| The Park at Vietti [Member] \| Series 2022A [Member] \| Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		26,985,000	[9]	26,985,000	[10]
Cumulative Unrealized Gain	[9]	2,585,218
Estimated Fair Value		29,570,218	[9]	26,985,000	[10]
Mortgage Revenue Bonds Held In Trust [Member] \| Village at River's Edge [Member] \| Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		9,629,238	[1]	9,649,659	[2]
Cumulative Unrealized Gain		619,396	[1]	590,962	[2]
Estimated Fair Value		10,248,634	[1]	10,240,621	[2]
Mortgage Revenue Bonds Held In Trust [Member] \| Willow Run [Member] \| Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		12,322,456	[1]	12,368,964	[2]
Cumulative Unrealized Gain		1,019,204	[1]	953,988	[2]
Estimated Fair Value		13,341,660	[1]	13,322,952	[2]
Mortgage Revenue Bonds Held In Trust [Member] \| Wiindsor Shores Apartments [Member] \| Series A [Member] \| Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[9]	21,545,000
Cumulative Unrealized Gain	[9]	1,947,217
Estimated Fair Value	[9]	23,492,217
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		10,549,160	[5]	10,591,726	[6]
Cumulative Unrealized Gain		2,100,532	[5]	2,005,029	[6]
Estimated Fair Value		12,649,692	[5]	12,596,755	[6]
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		13,494,899	[9]	13,532,636	[10]
Cumulative Unrealized Gain		1,183,942	[9]	919,463	[10]
Estimated Fair Value		14,678,841	[9]	14,452,099	[10]
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		8,863,735	[5]	8,896,378	[6]
Cumulative Unrealized Gain		1,120,331	[5]	975,504	[6]
Estimated Fair Value		9,984,066	[5]	9,871,882	[6]
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		7,171,072	[5]	7,196,674	[6]
Cumulative Unrealized Gain		846,035	[5]	717,701	[6]
Estimated Fair Value		8,017,107	[5]	7,914,375	[6]
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		12,390,934	[3]	12,429,842	[4]
Cumulative Unrealized Gain		1,023,277	[3]	950,930	[4]
Estimated Fair Value		13,414,211	[3]	13,380,772	[4]
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		5,114,293	[9]	5,128,595	[10]
Cumulative Unrealized Gain		326,464	[9]	170,370	[10]
Estimated Fair Value		5,440,757	[9]	5,298,965	[10]
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		38,832,712	[9]	38,941,304	[10]
Cumulative Unrealized Gain		3,198,610	[9]	2,645,832	[10]
Estimated Fair Value		42,031,322	[9]	41,587,136	[10]
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		6,191,941	[5]	6,214,048	[6]
Cumulative Unrealized Gain		730,518	[5]	619,707	[6]
Estimated Fair Value		6,922,459	[5]	6,833,755	[6]
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		15,100,333	[5]	15,155,942	[6]
Cumulative Unrealized Gain		1,542,244	[5]	1,290,551	[6]
Estimated Fair Value		16,642,577	[5]	16,446,493	[6]
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		4,909,476	[5]	4,927,003	[6]
Cumulative Unrealized Gain		610,623	[5]	523,079	[6]
Estimated Fair Value		5,520,099	[5]	5,450,082	[6]
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		17,342,117	[1]	17,381,296	[2]
Cumulative Unrealized Gain	[2]			281,271
Estimated Fair Value		17,342,117	[1]	17,662,567	[2]
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		18,352,583	[1]	18,404,942	[2]
Cumulative Unrealized Gain		2,049,948	[1]	1,842,303	[2]
Estimated Fair Value		20,402,531	[1]	20,247,245	[2]
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		12,856,852	[1]	12,893,533	[2]
Cumulative Unrealized Gain		1,476,614	[1]	1,249,523	[2]
Estimated Fair Value		14,333,466	[1]	14,143,056	[2]
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		19,916,642	[1]	19,973,464	[2]
Cumulative Unrealized Gain		2,287,433	[1]	1,935,645	[2]
Estimated Fair Value		22,204,075	[1]	21,909,109	[2]
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		7,149,233	[1]	7,170,756	[2]
Cumulative Unrealized Gain		717,470	[1]	605,369	[2]
Estimated Fair Value		7,866,703	[1]	7,776,125	[2]
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		21,812,768	[1]	21,866,672	[2]
Cumulative Unrealized Gain	[2]			77,837
Estimated Fair Value		21,812,768	[1]	21,944,509	[2]
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		18,875,771	[1]	18,916,082	[2]
Cumulative Unrealized Gain		2,614,493	[1]	2,209,462	[2]
Estimated Fair Value		21,490,264	[1]	21,125,544	[2]
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		6,545,246	[1]	6,564,951	[2]
Cumulative Unrealized Gain		714,161	[1]	573,569	[2]
Estimated Fair Value		7,259,407	[1]	7,138,520	[2]
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		10,291,273	[3]	10,325,196	[4]
Cumulative Unrealized Gain		762,083	[3]	671,790	[4]
Estimated Fair Value		11,053,356	[3]	10,996,986	[4]
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		11,881,878	[1]	11,911,472	[2]
Cumulative Unrealized Gain		991,761	[1]	746,300	[2]
Estimated Fair Value		12,873,639	[1]	12,657,772	[2]
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		9,535,000	[13]	9,535,000	[14]
Cumulative Unrealized Gain	[14]			45,577
Estimated Fair Value		9,535,000	[13]	9,580,577	[14]
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		11,274,797	[13]	11,257,062	[14]
Cumulative Unrealized Gain		1,271,619	[13]	1,352,726	[14]
Estimated Fair Value		12,546,416	[13]	12,609,788	[14]
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		9,434,170	[1]	9,454,318	[2]
Cumulative Unrealized Gain		1,751,049	[1]	1,534,060	[2]
Estimated Fair Value		11,185,219	[1]	10,988,378	[2]
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		18,473,442		36,888,068
Cumulative Unrealized Gain		1,605,344		504,076
Cumulative Unrealized Loss		(1,227,422)		(1,193,085)
Estimated Fair Value		18,851,364		36,199,059
Mortgage Revenue Bonds [Member] \| CCBA Senior Garden Apartments [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		3,783,991		3,792,700
Cumulative Unrealized Gain		173,162		42,672
Estimated Fair Value		3,957,153		3,835,372
Mortgage Revenue Bonds [Member] \| Residency at Empire - Series BB-1 [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances				14,118,500
Estimated Fair Value				14,118,500
Mortgage Revenue Bonds [Member] \| Residency at Empire - Series BB-2 [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances				4,000,000
Estimated Fair Value				4,000,000
Mortgage Revenue Bonds [Member] \| Residency at Empire - Series BB-3 [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		55,000		55,000
Cumulative Unrealized Gain		815,481
Estimated Fair Value		870,481		55,000
Mortgage Revenue Bonds [Member] \| Residency at the Entrepreneur - Series J-5 [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		1,000,000
Estimated Fair Value		1,000,000
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				915,039
Cumulative Unrealized Gain				122
Estimated Fair Value				915,161
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		930,270		4,294,939
Estimated Fair Value		930,270		4,294,939
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		723,197		724,747
Cumulative Unrealized Gain		64,509		53,132
Estimated Fair Value		787,706		777,879
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		529,739		530,829
Cumulative Unrealized Gain		42,391		33,406
Estimated Fair Value		572,130		564,235
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		123,063		123,176
Cumulative Unrealized Gain		23,296		22,510
Estimated Fair Value		146,359		145,686
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		436,987		437,886
Cumulative Unrealized Gain		34,969		27,557
Estimated Fair Value		471,956		465,443
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		429,726		430,647
Cumulative Unrealized Gain		33,619				$ 26,816
Estimated Fair Value		463,345		457,463
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		2,626,469		2,631,168
Cumulative Unrealized Gain		417,917		297,861
Estimated Fair Value		3,044,386		2,929,029
Mortgage Revenue Bonds [Member] \| Meadow Valley [Member] \| MI [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		7,835,000	[18]	4,833,437
Cumulative Unrealized Loss		(1,227,422)	[18]	(1,193,085)
Estimated Fair Value		$ (6,607,578)	[18]	$ 3,640,352

[1] MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for less than 12 months. MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16. MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16. As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for more than 12 months. As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. MRB held by Morgan Stanley in a debt financing transaction, Note 16. MRB held by Morgan Stanley in a debt financing transaction, Note 16. The Partnership has a remaining MRB funding commitment of $ 36.3 million as of March 31, 2023. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining $ 36.3 million funding commitment outstanding as of March 31, 2023 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for more than 12 months.

Mortgage Revenue Bonds - Sche_2

Mortgage Revenue Bonds - Schedule of Investments in MRBs (Parenthetical) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Remaining partnership commitment fund amount	$ 394,325,691
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Partnership funded amount	784,224,320	$ 718,413,130
Mortgage Revenue Bond [Member] \| Meadow Valley [Member]
Schedule Of Available For Sale Securities [Line Items]
Remaining partnership commitment fund amount	$ 36,300,000	$ 39,300,000

Mortgage Revenue Bonds - Additi

Mortgage Revenue Bonds - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
ASU 2016-13 [Member]
Schedule Of Available For Sale Securities [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2023
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Mortgage Revenue Bond [Member]
Schedule Of Available For Sale Securities [Line Items]
Accrued interest receivable	$ 5.1	$ 4.3

Mortgage Revenue Bonds - Sche_3

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)		1 Months Ended	3 Months Ended
		Jan. 31, 2022 USD ($) Unit	Mar. 31, 2023 USD ($) Unit
Schedule Of Available For Sale Securities [Line Items]
Principal Funded			$ 53,045,000
Committed to funding amount			$ 589,021,273
Residency at the Entrepreneur [Member] \| MRB and Taxable MRB Commitments [Member] \| Series J-5 [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[1]		February
Units \| Unit	[1]		200
Maturity Date	[1]		Apr. 01, 2025
Principal Funded	[1]		$ 1,000,000
Residency at the Entrepreneur [Member] \| MRB and Taxable MRB Commitments [Member] \| Series J-5 [Member] \| CA [Member] \| SOFR [Member]
Schedule Of Available For Sale Securities [Line Items]
Interest Rate	[1],[2]		3.60%
Live 929 Apartments [Member] \| Series 2022A [Member] \| Baltimore, MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired		January
Units \| Unit		575
Maturity Date		Jan. 01, 2060
Interest Rate		4.30%
Principal Funded		$ 66,365,000
Windsor Shores Apartments [Member] \| MRB and Taxable MRB Commitments [Member] \| Series A [Member] \| Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired			January
Units \| Unit			176
Maturity Date			Feb. 01, 2030
Interest Rate			6.50%
Principal Funded			$ 21,545,000
The Ivy Apartments [Member] \| MRB and Taxable MRB Commitments [Member] \| Goose Creek, SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired			January
Units \| Unit			212
Maturity Date			Feb. 01, 2030
Interest Rate			6.50%
Principal Funded			$ 30,500,000

[1] The Partnership has committed to provide funding for the Series J-5 MRB totaling $ 5.0 million. See Note 19. The interest rate is subject to an all-in floor of 3.87 %.

Mortgage Revenue Bonds - Sche_4

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Parenthetical) (Details)	Mar. 31, 2023 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Committed to funding amount	$ 589,021,273
Mortgage Revenue Bonds [Member] \| Residency at the Entrepreneur [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Floor rate	3.87%
Mortgage Revenue Bonds [Member] \| Series J-5 [Member] \| Residency at the Entrepreneur [Member] \| CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Commitment to provide maximum funding of taxable MRB	$ 5,000,000

Mortgage Revenue Bonds - Sche_5

Mortgage Revenue Bonds - Schedule of Terms of MRBSs upon Redemption (Details)	1 Months Ended	3 Months Ended
	Jan. 31, 2022 USD ($) Unit	Mar. 31, 2023 USD ($) Unit	Mar. 31, 2022 USD ($)
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption \| $	$ 61,055,000	$ 8,493,040	$ 17,003,840
Live 929 Apartments [Member] \| 2014 Series A [Member] \| Mortgage Revenue Bonds [Member] \| Baltimore, MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Restructured	January
Units \| Unit	575
Original Maturity Date	Jul. 01, 2049
Interest Rate	5.78%
Principal Outstanding at Date of Redemption \| $	$ 39,445,000
Live 929 Apartments [Member] \| 2014 Series B [Member] \| Mortgage Revenue Bonds [Member] \| Baltimore, MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Restructured	January
Units \| Unit	575
Original Maturity Date	Jul. 01, 2039
Interest Rate	1.60%
Principal Outstanding at Date of Redemption \| $	$ 21,610,000
Live 929 Apartments [Member] \| Series 2022A [Member] \| Baltimore, MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Units \| Unit	575
Original Maturity Date	Jan. 01, 2060
Interest Rate	4.30%
Greens Property [Member] \| Series A [Member] \| Mortgage Revenue Bonds [Member] \| Durham NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		February 2023
Units \| Unit		168
Original Maturity Date		Oct. 01, 2047
Interest Rate		6.50%
Principal Outstanding at Date of Redemption \| $		$ 7,579,000
Greens Property [Member] \| Series B [Member] \| Mortgage Revenue Bonds [Member] \| Durham NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		February 2023
Units \| Unit		168
Original Maturity Date		Oct. 01, 2047
Interest Rate		12%
Principal Outstanding at Date of Redemption \| $		$ 914,040

Mortgage Revenue Bonds - Sche_6

Mortgage Revenue Bonds - Schedule of MRB Redeemed (Details) - Mortgage Revenue Bonds [Member]		3 Months Ended
		Mar. 31, 2023 USD ($) Unit	Mar. 31, 2022 USD ($) Unit	Jan. 31, 2022 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption		$ 8,493,040	$ 17,003,840	$ 61,055,000
Ohio Properties [Member] \| Series A [Member] \| Crescent Village, Willow Bend and Postwoods [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	[1]		March
Units \| Unit	[1]		362
Original Maturity Date	[1]		Jun. 01, 2050
Interest Rate	[1]		7%
Principal Outstanding at Date of Redemption	[1]		$ 13,544,000
Ohio Properties [Member] \| Series B [Member] \| Crescent Village, Willow Bend and Postwoods [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	[1]		March
Units \| Unit	[1]		362
Original Maturity Date	[1]		Jun. 01, 2050
Interest Rate	[1]		10%
Principal Outstanding at Date of Redemption	[1]		$ 3,459,840
Greens Property [Member] \| Series A [Member] \| Durham NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		February 2023
Units \| Unit		168
Original Maturity Date		Oct. 01, 2047
Interest Rate		6.50%
Principal Outstanding at Date of Redemption		$ 7,579,000
Greens Property [Member] \| Series B [Member] \| Durham NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		February 2023
Units \| Unit		168
Original Maturity Date		Oct. 01, 2047
Interest Rate		12%
Principal Outstanding at Date of Redemption		$ 914,040

[1] The Ohio Properties consist of Crescent Village, located in Cincinnati, Ohio, Willow Bend, located in Columbus (Hilliard), Ohio and Postwoods, located in Reynoldsburg, Ohio.

Governmental Issuer Loans - Sum

Governmental Issuer Loans - Summary of Partnership's GIL Investments (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) Unit		Dec. 31, 2022 USD ($) Unit
Governmental Issuer Loans [Line Items]
Amortized Cost	$ 315,527,738		$ 300,230,435
Governmental Issuer Loans [Member] \| TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Units \| Unit	2,419		2,419
Amortized Cost	$ 317,607,738		$ 300,230,435
Governmental Issuer Loans [Member] \| Scharbauer Flats Apartments [Member] \| TOB Trust [Member] \| Midland, TX [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	June 2020	[1]	June 2020	[2]
Units \| Unit	300	[1]	300	[2]
Maturity Date	Jul. 01, 2023	[1],[3]	Jul. 01, 2023	[2],[4]
Current Interest Rate	7.07%	[1]	6.76%	[2]
Amortized Cost	$ 40,000,000	[1]	$ 40,000,000	[2]
Governmental Issuer Loans [Member] \| Scharbauer Flats Apartments [Member] \| TOB Trust [Member] \| SIFMA [Member] \| Midland, TX [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	3.10%	[1],[5]	3.10%	[2],[6]
Governmental Issuer Loans [Member] \| Oasis at Twin Lakes [Member] \| TOB Trust [Member] \| Roseville, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	July 2020	[1]	July 2020	[2]
Units \| Unit	228	[1]	228	[2]
Maturity Date	Aug. 01, 2023	[1],[3]	Aug. 01, 2023	[2],[4]
Current Interest Rate	6.22%	[1]	5.91%	[2]
Amortized Cost	$ 34,000,000	[1]	$ 34,000,000	[2]
Governmental Issuer Loans [Member] \| Oasis at Twin Lakes [Member] \| TOB Trust [Member] \| SIFMA [Member] \| Roseville, MN [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	2.25%	[1],[5]	2.25%	[2],[6]
Governmental Issuer Loans [Member] \| Centennial Crossings [Member] \| TOB Trust [Member] \| Centennial, CO [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	August 2020	[1]	August 2020	[2]
Units \| Unit	209	[1]	209	[2]
Maturity Date	Sep. 01, 2023	[1],[3]	Sep. 01, 2023	[2],[4]
Current Interest Rate	6.72%	[1]	6.41%	[2]
Amortized Cost	$ 33,080,000	[1]	$ 33,080,000	[2]
Governmental Issuer Loans [Member] \| Centennial Crossings [Member] \| TOB Trust [Member] \| SIFMA [Member] \| Centennial, CO [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	2.75%	[1],[5]	2.75%	[2],[6]
Governmental Issuer Loans [Member] \| Legacy Commons at Signal Hills [Member] \| TOB Trust [Member] \| St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	January 2021	[1]	January 2021	[2]
Units \| Unit	247	[1]	247	[2]
Maturity Date	Feb. 01, 2024	[1],[3]	Feb. 01, 2024	[2],[4]
Current Interest Rate	7.90%	[1]	7.37%	[2]
Amortized Cost	$ 34,620,000	[1]	$ 34,620,000	[2]
Governmental Issuer Loans [Member] \| Legacy Commons at Signal Hills [Member] \| TOB Trust [Member] \| SOFR [Member] \| St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	3.07%	[1],[5]	3.07%	[2],[6]
Governmental Issuer Loans [Member] \| Hilltop at Signal Hills [Member] \| TOB Trust [Member] \| St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	January 2021	[1]	January 2021	[2]
Units \| Unit	146	[1]	146	[2]
Maturity Date	Aug. 01, 2023	[1],[3]	Aug. 01, 2023	[2],[4]
Current Interest Rate	7.90%	[1]	7.37%	[2]
Amortized Cost	$ 24,450,000	[1]	$ 24,450,000	[2]
Governmental Issuer Loans [Member] \| Hilltop at Signal Hills [Member] \| TOB Trust [Member] \| SOFR [Member] \| St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	3.07%	[1],[5]	3.07%	[2],[6]
Governmental Issuer Loans [Member] \| Hope on Avalon [Member] \| TOB Trust [Member] \| Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	January 2021		January 2021
Units \| Unit	88		88
Maturity Date	Aug. 01, 2023	[3]	Aug. 01, 2023	[4]
Current Interest Rate	7.72%		7.41%
Amortized Cost	$ 23,390,000		$ 23,390,000
Governmental Issuer Loans [Member] \| Hope on Avalon [Member] \| TOB Trust [Member] \| SIFMA [Member] \| Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	3.75%	[5]	3.75%	[6]
Governmental Issuer Loans [Member] \| Hope on Broadway [Member] \| TOB Trust [Member] \| Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	January 2021		January 2021
Units \| Unit	49		49
Maturity Date	Aug. 01, 2023	[3]	Aug. 01, 2023	[4]
Current Interest Rate	7.72%		7.41%
Amortized Cost	$ 13,105,623		$ 12,105,623
Governmental Issuer Loans [Member] \| Hope on Broadway [Member] \| TOB Trust [Member] \| SIFMA [Member] \| Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	3.75%	[5]	3.75%	[6]
Governmental Issuer Loans [Member] \| Osprey Village [Member] \| TOB Trust [Member] \| Kissimmee FL [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	July 2021	[1]	July 2021	[2]
Units \| Unit	383	[1]	383	[2]
Maturity Date	Aug. 01, 2024	[1],[3]	Aug. 01, 2024	[2],[4]
Current Interest Rate	7.62%	[1]	6.88%	[2]
Amortized Cost	$ 47,624,815	[1]	$ 39,893,040	[2]
Governmental Issuer Loans [Member] \| Osprey Village [Member] \| TOB Trust [Member] \| SOFR [Member] \| Kissimmee FL [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	3.07%	[1],[5]	3.07%	[2],[6]
Governmental Issuer Loans [Member] \| Willow Place Apartments [Member] \| TOB Trust [Member] \| McDonough, GA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	September 2021	[1]	September 2021	[2]
Units \| Unit	182	[1]	182	[2]
Maturity Date	Oct. 01, 2024	[1],[3]	Oct. 01, 2024	[2],[4]
Current Interest Rate	7.85%	[1]	7.11%	[2]
Amortized Cost	$ 25,000,000	[1]	$ 17,354,472	[2]
Governmental Issuer Loans [Member] \| Willow Place Apartments [Member] \| TOB Trust [Member] \| SOFR [Member] \| McDonough, GA [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	3.30%	[1],[5]	3.30%	[2],[6]
Governmental Issuer Loans [Member] \| Magnolia Heights [Member] \| TOB Trust [Member] \| Covington, GA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	June 2022	[1]	June 2022	[2]
Units \| Unit	200	[1]	200	[2]
Maturity Date	Jul. 01, 2024	[1],[3]	Jul. 01, 2024	[2],[4]
Current Interest Rate	8.40%	[1]	7.66%	[2]
Amortized Cost	$ 20,400,000	[1]	$ 20,400,000	[2]
Governmental Issuer Loans [Member] \| Magnolia Heights [Member] \| TOB Trust [Member] \| SOFR [Member] \| Covington, GA [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	3.85%	[1],[5]	3.85%	[2],[6]
Governmental Issuer Loans [Member] \| Poppy Grove I [Member] \| TOB Trust [Member] \| Elk Grove, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	September 2022	[1],[7]	September 2022	[2],[8]
Units \| Unit	147	[1],[7]	147	[2],[8]
Maturity Date	Apr. 01, 2025	[1],[3],[7]	Apr. 01, 2025	[2],[4],[8]
Interest Rate	6.78%	[1],[5],[7]	6.78%	[2],[6],[8]
Current Interest Rate	6.78%	[1],[7]	6.78%	[2],[8]
Amortized Cost	$ 8,846,000	[1],[7]	$ 7,846,000	[2],[8]
Governmental Issuer Loans [Member] \| Poppy Grove II [Member] \| TOB Trust [Member] \| Elk Grove, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	September 2022	[1],[7]	September 2022	[2],[8]
Units \| Unit	82	[1],[7]	82	[2],[8]
Maturity Date	Apr. 01, 2025	[1],[3],[7]	Apr. 01, 2025	[2],[4],[8]
Interest Rate	6.78%	[1],[5],[7]	6.78%	[2],[6],[8]
Current Interest Rate	6.78%	[1],[7]	6.78%	[2],[8]
Amortized Cost	$ 4,541,300	[1],[7]	$ 4,541,300	[2],[8]
Governmental Issuer Loans [Member] \| Poppy Grove III [Member] \| TOB Trust [Member] \| Elk Grove, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	September 2022	[1],[7]	September 2022	[2],[8]
Units \| Unit	158	[1],[7]	158	[2],[8]
Maturity Date	Apr. 01, 2025	[1],[3],[7]	Apr. 01, 2025	[2],[4],[8]
Interest Rate	6.78%	[1],[5],[7]	6.78%	[2],[6],[8]
Current Interest Rate	6.78%	[1],[7]	6.78%	[2],[8]
Amortized Cost	$ 8,550,000	[1],[7]	$ 8,550,000	[2],[8]

[1] The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $ 3.8 million, $ 2.2 million, and $ 4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively.

Governmental Issuer Loans - S_2

Governmental Issuer Loans - Summary of Partnership's GIL Investments (Parenthetical) (Details) - Governmental Issuer Loans [Member] - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Floor Rate [Member] \| Minimum [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	0%	0%
Floor Rate [Member] \| Maximum [Member]
Governmental Issuer Loans [Line Items]
Interest Rate	0.85%	0.85%
Poppy Grove I [Member] \| Maximum [Member]
Governmental Issuer Loans [Line Items]
Partnership subordinate loan amount	$ 3.8	$ 3.8
Poppy Grove II [Member] \| Maximum [Member]
Governmental Issuer Loans [Line Items]
Partnership subordinate loan amount	2.2	2.2
Poppy Grove III [Member] \| Maximum [Member]
Governmental Issuer Loans [Line Items]
Partnership subordinate loan amount	$ 4.2	$ 4.2

Governmental Issuer Loans - Add

Governmental Issuer Loans - Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($) Entities Property	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($) Property
Governmental Issuer Loans [Line Items]
Number of Variable Interest Entities \| Property	31		35
Allowance for credit losses		$ 5.9
Governmental Issuer Loans [Member]
Governmental Issuer Loans [Line Items]
Accrued interest receivable	$ 6.4		$ 3.8
Number of Variable Interest Entities \| Entities	2
Outstanding principal	$ 238.8
Allowance for credit losses	2.1
Property Loans [Member]
Governmental Issuer Loans [Line Items]
Outstanding principal	$ 109.8

Property Loans - Summary of Par

Property Loans - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2023		Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 165,231,455		$ 175,604,711	[1]
Asset-Specific Allowance for Credit Losses		(495,000)		(495,000)	[1]
Property Loan Principal, net of allowance		164,736,455		175,109,711	[1]
The 50/50 MF Property [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		5,200,000		4,800,000
Property Loan Principal, net of allowance				4,800,000
Live 929 Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		495,000		495,000
Senior Construction Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		120,117,546	[2]	130,002,497	[1]
Property Loan Principal, net of allowance		120,117,546	[2]	130,002,497	[1]
Senior Construction Financing [Member] \| Centennial Crossings [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		17,557,656	[2]	24,250,000	[1]
Property Loan Principal, net of allowance		$ 17,557,656	[2]	$ 24,250,000	[1]
Maturity Date		Sep. 01, 2023	[2]	Sep. 01, 2023	[1]
Senior Construction Financing [Member] \| Centennial Crossings [Member] \| LIBOR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate		2.50%	[2]	2.50%	[1]
Senior Construction Financing [Member] \| Hilltop at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 20,458,137	[2]	$ 19,718,334	[1]
Property Loan Principal, net of allowance		$ 20,458,137	[2]	$ 19,718,334	[1]
Maturity Date		Aug. 01, 2023	[2]	Aug. 01, 2023	[1]
Senior Construction Financing [Member] \| Hilltop at Signal Hills [Member] \| SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate		3.07%	[2]	3.07%	[1]
Senior Construction Financing [Member] \| Legacy Commons at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 30,716,905	[2]	$ 29,666,905	[1]
Property Loan Principal, net of allowance		$ 30,716,905	[2]	$ 29,666,905	[1]
Maturity Date		Feb. 01, 2024	[2]	Feb. 01, 2024	[1]
Senior Construction Financing [Member] \| Legacy Commons at Signal Hills [Member] \| SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate		3.07%	[2]	3%	[1]
Senior Construction Financing [Member] \| Magnolia Heights [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[2]	$ 10,300,000
Property Loan Principal, net of allowance	[2]	$ 10,300,000
Maturity Date	[2]	Jul. 01, 2024
Senior Construction Financing [Member] \| Magnolia Heights [Member] \| SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[2]	3.85%
Senior Construction Financing [Member] \| Oasis at Twin Lakes [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 24,018,657	[2]	$ 24,018,657	[1]
Property Loan Principal, net of allowance		$ 24,018,657	[2]	$ 24,018,657	[1]
Maturity Date		Aug. 01, 2023	[2]	Aug. 01, 2023	[1]
Senior Construction Financing [Member] \| Oasis at Twin Lakes [Member] \| LIBOR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate		2.50%	[2]	2.50%	[1]
Senior Construction Financing [Member] \| Osprey Village [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 1,000,000	[2]	$ 1,000,000	[1]
Property Loan Principal, net of allowance		$ 1,000,000	[2]	$ 1,000,000	[1]
Maturity Date		Aug. 01, 2024	[2]	Aug. 01, 2024	[1]
Senior Construction Financing [Member] \| Osprey Village [Member] \| SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate		3.07%	[2]	3.07%	[1]
Senior Construction Financing [Member] \| Scharbauer Flats Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 13,386,764	[2]	$ 24,160,000	[1]
Property Loan Principal, net of allowance		$ 13,386,764	[2]	$ 24,160,000	[1]
Maturity Date		Jul. 01, 2023	[2]	Jul. 01, 2023	[1]
Senior Construction Financing [Member] \| Scharbauer Flats Apartments [Member] \| LIBOR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate		2.85%	[2]	2.85%	[1]
Senior Construction Financing [Member] \| Willow Place Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 2,679,427	[2]	$ 1,000,000	[1]
Property Loan Principal, net of allowance		$ 2,679,427	[2]	$ 1,000,000	[1]
Maturity Date		Oct. 01, 2024	[2]	Oct. 01, 2024	[1]
Senior Construction Financing [Member] \| Willow Place Apartments [Member] \| SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate		3.30%	[2]	3.30%	[1]
Senior Construction Financing [Member] \| Magnolia Crossing [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[1]			$ 6,188,601
Property Loan Principal, net of allowance	[1]			$ 6,188,601
Maturity Date	[1]			Jul. 01, 2024
Senior Construction Financing [Member] \| Magnolia Crossing [Member] \| SOFR [Member]
Accounts Notes And Loans Receivable [Line Items]
Interest Rate	[1]			3.85%
Mezzanine Financing [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 39,000,000	[3]	$ 39,000,000	[1]
Property Loan Principal, net of allowance		39,000,000	[3]	39,000,000	[1]
Mezzanine Financing [Member] \| So La Impact Opportunity Zone Fund [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		39,000,000	[3]	39,000,000	[1]
Property Loan Principal, net of allowance		$ 39,000,000	[3]	$ 39,000,000	[1]
Maturity Date		Dec. 30, 2024	[3]	Dec. 30, 2024	[1]
Interest Rate		7.875%	[3]	7.875%	[1]
Other [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 6,113,909		$ 6,602,214	[1]
Asset-Specific Allowance for Credit Losses		(495,000)		(495,000)	[1]
Property Loan Principal, net of allowance		5,618,909		6,107,214	[1]
Other [Member] \| The 50/50 MF Property [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		5,165,315		4,803,620	[1]
Property Loan Principal, net of allowance		$ 5,165,315		$ 4,803,620	[1]
Maturity Date		Mar. 11, 2048		Mar. 11, 2048	[1]
Interest Rate		9%		9%	[1]
Other [Member] \| Avistar (February 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 201,972		$ 201,972	[1]
Property Loan Principal, net of allowance		$ 201,972		$ 201,972	[1]
Maturity Date		Jun. 26, 2024		Jun. 26, 2024	[1]
Interest Rate		12%		12%	[1]
Other [Member] \| Avistar (June 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 251,622		$ 251,622	[1]
Property Loan Principal, net of allowance		$ 251,622		$ 251,622	[1]
Maturity Date		Jun. 26, 2024		Jun. 26, 2024	[1]
Interest Rate		12%		12%	[1]
Other [Member] \| Greens Property [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[1]			$ 850,000
Property Loan Principal, net of allowance	[1]			$ 850,000
Maturity Date	[1]			Sep. 01, 2046
Interest Rate	[1]			10%
Other [Member] \| Live 929 Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 495,000		$ 495,000	[1]
Asset-Specific Allowance for Credit Losses		$ (495,000)		$ (495,000)	[1]
Maturity Date		Jul. 31, 2049		Jul. 31, 2049	[1]
Interest Rate		8%		8%	[1]

[1] The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 % The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 %. The property loan is held in trust in connection with a TOB trust financing (Note 16).

Property Loans - Summary of P_2

Property Loans - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Parenthetical) (Details) - Senior Construction Financing [Member]	Mar. 31, 2023	Dec. 31, 2022
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Floor interest rate	0%	0%
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Floor interest rate	0.50%	0.50%

Property Loans - Additional Inf

Property Loans - Additional Information (Details) - USD ($)	1 Months Ended				3 Months Ended
Property Loans - Additional Information (Details) - USD ($)	Mar. 31, 2023	Feb. 28, 2023	Mar. 31, 2022	Jan. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jan. 01, 2023	Dec. 31, 2022
Property Loans Net Of Loan Loss Allowance [Line Items]
Allowance for credit losses							$ 5,900,000
Advanced additional funds					$ 7,942,324	$ 38,638,389
Other interest income					4,409,665	$ 2,875,967
Property Loans [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Allowance for credit losses	$ 2,500,000				2,500,000
Accrued interest receivable	2,600,000				$ 2,600,000			$ 3,200,000
Live 929 Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Allowance for credit losses							$ 495,000
Amount received as payment in full for outstanding principal and interest on a property loan				$ 1,000,000
Ohio Properties [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Amount received as payment in full for outstanding principal and interest on a property loan			$ 2,400,000
Accrued interest redemption on notes receivable			4,300,000
Other interest income			$ 1,700,000
Greens Property [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Amount received as payment in full for outstanding principal and interest on a property loan		$ 2,400,000
Scharbauer Flats Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Amount received as payment in full for outstanding principal and interest on a property loan		$ 10,800,000
Centennial Crossings [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Amount received as payment in full for outstanding principal and interest on a property loan	$ 6,700,000

Property Loans - Summary of Cha

Property Loans - Summary of Changes in Partnership's Loan Loss Allowance (Details)	Mar. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Balance, beginning of period	$ 495,000	[1]
Balance, end of period	$ 495,000

[1] The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 %

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details)		3 Months Ended
		Mar. 31, 2023 USD ($)	Mar. 31, 2023 Unit	Mar. 31, 2023 Bed	Dec. 31, 2022 USD ($)
Schedule Of Equity Method Investments [Line Items]
Carrying Value		$ 111,135,056			$ 115,790,841
Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Carrying Value		$ 111,135,056			103,498,290
Sold Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Carrying Value					12,292,551
Vantage At Stone Creek [Member] \| Omaha, NE [Member] \| Sold Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit			294
Month Commitment Executed		March 2018
Construction Completion Date		2020-04
Carrying Value					5,465,967
Vantage At Coventry [Member] \| Omaha, NE [Member] \| Sold Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit			294
Month Commitment Executed		September 2018
Construction Completion Date		2021-02
Carrying Value					6,826,584
Vantage At Conroe [Member] \| Conroe T X [Member] \| Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit			288
Month Commitment Executed		April 2019
Construction Completion Date		2021-01
Carrying Value		$ 10,424,625			10,424,625
Vantage At Tomball [Member] \| Tomball TX [Member] \| Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit			288
Month Commitment Executed		August 2020
Construction Completion Date		2022-04
Carrying Value		$ 13,235,090			13,051,936
Vantage At Hutto \| Hutto T X \| Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit			288
Month Commitment Executed		December 2021
Carrying Value		$ 12,907,679			12,590,292
Vantage at Loveland [Member] \| Loveland, CO [Member] \| Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit			288
Month Commitment Executed		April 2021
Carrying Value		$ 18,474,179			18,109,568
Vantage at Helotes [Member] \| Helotes, TX [Member] \| Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit			288
Month Commitment Executed		May 2021
Construction Completion Date		2022-11
Carrying Value		$ 14,311,487			14,029,032
Vantage at Fair Oaks [Member] \| Boerne, TX [Member] \| Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit			288
Month Commitment Executed		September 2021
Carrying Value		$ 12,241,907			12,000,297
Vantage at McKinney Falls [Member] \| McKinney Falls, TX [Member] \| Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit			288
Month Commitment Executed		December 2021
Carrying Value		$ 12,500,461			12,253,749
Freestone At Greeley [Member] \| Greeley, CO [Member] \| Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit			296
Carrying Value		$ 4,867,201			4,775,708
Freestone At Cresta Bella [Member] \| San Antonio, TX [Member] \| Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit			296
Month Commitment Executed		February 2023
Carrying Value		$ 7,905,183			$ 6,263,083
Valage Senior Living Carson Valley [Member] \| Minden, NV [Member]
Schedule Of Equity Method Investments [Line Items]
Units			88	102
Valage Senior Living Carson Valley [Member] \| Minden, NV [Member] \| Current Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	[1]		88
Month Commitment Executed	[1]	February 2023
Carrying Value	[1]	$ 4,267,244

[1] Valage Senior Living Carson Valley is a seniors housing property with 88 units and 102 beds.

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities - (Parenthetical) (Details) - Mar. 31, 2023	Unit	Bed
Valage Senior Living Carson Valley [Member] \| Minden, NV [Member]
Schedule of Equity Method Investments [Line Items]
Number of Units	88	102

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Sales Information of Partnership Investment in Unconsolidated Entities (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) Unit	Mar. 31, 2022 USD ($) Unit
Schedule Of Equity Method Investments [Line Items]
Gross Proceeds to the Partnership	$ 27,903,277	$ 29,337,686
Investment Income from sale of properties	243,796	657,937
Gain (loss) on Sale	$ 15,366,929	$ 16,439,750
Omaha, NE [Member] \| Vantage At Stone Creek [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	294
Month sold	2023-01
Gross Proceeds to the Partnership	$ 14,689,244
Investment Income from sale of properties	108,295
Gain (loss) on Sale	$ 9,114,980
Omaha, NE [Member] \| Vantage At Coventry [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	294
Month sold	2023-01
Gross Proceeds to the Partnership	$ 13,220,218
Investment Income from sale of properties	135,501
Gain (loss) on Sale	$ 6,258,133
Murfreesboro, TN [Member] \| Vantage At Murfreesboro [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit	288	288
Month sold		2022-03
Gross Proceeds to the Partnership	$ (6,185)	$ 29,258,279
Investment Income from sale of properties		657,937
Gain (loss) on Sale	$ (6,184)	$ 16,360,343
Bulverde, TX [Member] \| Vantage At Bulverde [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Gross Proceeds to the Partnership		$ 75,000
Gain (loss) on Sale		$ 75,000
Germantown, TN [Member] \| Vantage At Germantown [Member]
Schedule Of Equity Method Investments [Line Items]
Units \| Unit		288
Gross Proceeds to the Partnership		$ 4,407
Gain (loss) on Sale		$ 4,407

Investments in Unconsolidated_6

Investments in Unconsolidated Entities - Summary of Sales Information of Partnership Investments in Unconsolidated Entities - (Parenthetical) (Details) - USD ($)	1 Months Ended
	Feb. 28, 2023	Mar. 31, 2022
Bulverde, TX [Member] \| Vantage At Bulverde [Member]
Schedule of Equity Method Investments [Line Items]
Cash received		$ 75,000
Germantown, TN [Member] \| Vantage At Germantown [Member]
Schedule of Equity Method Investments [Line Items]
Cash received		$ 4,000
Murfreesboro, TN [Member] \| Vantage At Murfreesboro [Member]
Schedule of Equity Method Investments [Line Items]
Cash received	$ 6,200

Investments in Unconsolidated_7

Investments in Unconsolidated Entities - Additional Information (Details) $ in Millions	Feb. 28, 2023 USD ($)
Freestone at Greeley [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment	$ 8.2

Investments in Unconsolidated_8

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Property Revenues	$ 3,749,443	$ 6,681,291
Gain on sale of property	38,104,333	38,171,003
Net income	$ 37,742,938	$ 38,730,562

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Assets Owned by Partnership (Details)	Mar. 31, 2023 USD ($) Unit		Dec. 31, 2022 USD ($) Unit
Real Estate [Line Items]
Carrying Value	$ 47,725,325		$ 48,213,994
Accumulated depreciation	(12,052,543)		(11,663,516)
Net real estate assets	$ 35,672,782		$ 36,550,478
Suites on Paseo [Member] \| San Diego, CA [Member]
Real Estate [Line Items]
Number of Units \| Unit	384		384
Land and Land Improvements	$ 3,199,244		$ 3,199,244
Buildings and Improvements	39,752,127		39,799,082
Carrying Value	42,951,371		42,998,326
Vantage at San Marcos [Member] \| San Marcos TX [Member]
Real Estate [Line Items]
Land and Land Improvements	2,660,615	[1]	2,660,615	[2]
Buildings and Improvements	1,003,857	[1]	1,003,857	[2]
Carrying Value	3,664,472	[1]	3,664,472	[2]
Land Held for Development [Member]
Real Estate [Line Items]
Land and Land Improvements	1,109,482	[3]	1,551,196	[4]
Carrying Value	$ 1,109,482	[3]	$ 1,551,196	[4]

[1] The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information. The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information. Land held for development consists of land and development costs for a parcel of land in Richland County, SC. Land held for development consists of land and development costs for parcels of land in Richland County, SC and Omaha, NE. In January 2023, the Partnership sold the land held for development in Omaha, NE and received proceeds of $ 442,000 which is approximately the Partnership's carrying value. In December 2022, the Partnership sold 100 % of its ownership interest in The 50/50 MF Property to an unrelated non-profit organization. The Partnership received an unsecured property loan upon sale (Note 8) payable from future net cash flows of the property. The buyer assumed two mortgages payable associated with the property and the Partnership agreed to provide certain recourse support for the assumed mortgages. The remainder of the purchase price was funded by the issuance of a seller financing property loan to the Partnership in the amount of $ 4.8 million (Note 8). As a result of the sale, the Partnership deconsolidated The 50/50 MF Property assets and liabilities in its consolidated financial statements. The Partnership incurred costs of approximately $ 404,000 related to the sale which reduced the Partnership's gain on sale. The Partnership has deferred its entire gain on sale of approximately $ 6.6 million which is reported within accounts payable, accrued expenses and other liabilities on the condensed consolidated balance sheets. The Partnership will recognize the deferred gain upon collection of principal of the unsecured property loan (Note 14). Net loss, exclusive of the gains on sale, related to The 50/50 MF Property for the three months ended March 31, 2023, and 2022 is as follows: For the Three Months Ended March 31, 2023 2022 Net loss $ - $ 222,439

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details) - USD ($)	1 Months Ended
	Jan. 31, 2023	Dec. 31, 2022		Mar. 31, 2023
Real Estate [Line Items]
Property loans, net		$ 175,109,711	[1]	$ 164,736,455
Deferred gain on sale of property		$ 6,596,622		$ 6,596,622
The 50/50 MF Property [Member]
Real Estate [Line Items]
Ownership interest sold		100%
Property loans, net		$ 4,800,000
Deferred gain on sale of property		6,600,000
Costs related to sale which reduced Partnership's gain on sale		$ 404,000
Land Held for Development [Member] \| Omaha, NE [Member]
Real Estate [Line Items]
Proceed sale of real assets	$ 442,000

[1] The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 %

Real Estate Assets - Schedule o

Real Estate Assets - Schedule of Net loss, Exclusive of Gains on Sale (Details)	3 Months Ended
	Mar. 31, 2022 USD ($)
The 50/50 MF Property [Member]
Real Estate [Line Items]
Net loss	$ 222,439

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Provision [Line Items]
Total income tax expense	$ 7,358	$ 14,910
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense	8,340	7,644
Deferred income tax expense (benefit)	(982)	7,266
Total income tax expense	$ 7,358	$ 14,910

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Valuation allowance	$ 0	$ 0

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Other Assets [Abstract]
Deferred financing costs, net	$ 805,813	$ 964,266
Derivative instruments at fair value	5,284,329	7,530,438
Taxable mortgage revenue bonds, at fair value	18,146,540	16,531,896
Taxable governmental issuer loans	11,000,000	8,000,000
Allowance for credit losses	89,000
Taxable governmental issuer loans, net	10,911,000	8,000,000
Bond purchase commitments, at fair value	211,476	98,929
Other assets	1,877,240	2,649,138
Total other assets	$ 37,236,398	$ 35,774,667

Other Assets - Additional Infor

Other Assets - Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($) Security
TOB Trust [Member]
Other Assets [Line Items]
Number of securities held in trust	4
Taxable MRB [Member]
Other Assets [Line Items]
Number of securities held in trust	2
Taxable MRBs and Taxable GILs [Member] \| TOB Trust [Member]
Other Assets [Line Items]
Assets held in trust \| $	$ 20

Other Assets - Summary of Taxab

Other Assets - Summary of Taxable MRB Acquired (Details)	3 Months Ended
Other Assets - Summary of Taxable MRB Acquired (Details)	Mar. 31, 2023 USD ($) Unit	Dec. 31, 2022 Unit
Mortgage Revenue Bonds [Member] \| Windsor Shores Apartments - Series B [Member]
Governmental Issuer Loans [Line Items]
Taxable MRB, Month Acquired	2023-01
Taxable MRB, Property Location	Columbia, SC
Number of Loans	176
Maturity Date	Feb. 01, 2030
Taxable MRB, Interest Rate	6.50%
Taxable MRB, Initial Principal Funding \| $	$ 805,000
Governmental Issuer Loans [Member] \| TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Units	2,419	2,419

Other Assets - Summary of Tax_2

Other Assets - Summary of Taxable MBR acquired (Details) - Mortgage Revenue Bonds [Member] - Live 929 Apartments - Series 2022B [Member]	3 Months Ended
	Mar. 31, 2022 USD ($)
Governmental Issuer Loans [Line Items]
Date Committed	2022-01
Maturity Date	Jan. 01, 2029
Taxable MRB, Initial Principal Funding	$ 3,625,000
Taxable MRB, Total Commitment	$ 3,625,000

Allowance for Credit Losses - S

Allowance for Credit Losses - Summary of Changes in Partnership's Allowance for Credit Losses (Details) - USD ($)		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		$ 495,000
Recovery of prior credit loss		(16,967)	$ (5,279)
Cumulative-effect adjustment upon adoption		5,949,000
Current provision for expected credit losses		(545,000)
Balance, end of period		5,899,000
MRB and taxable MRB investments [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		9,978,891	9,175,482
Other additions	[1]		860,533
Recovery of prior credit loss	[2]	(16,967)	(5,279)
Balance, end of period	[3]	9,961,924	$ 10,030,736
Governmental Issuer Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Cumulative-effect adjustment upon adoption		2,145,000
Current provision for expected credit losses		(65,000)
Balance, end of period		2,080,000
Taxable Governmental Issuer Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Cumulative-effect adjustment upon adoption		79,000
Current provision for expected credit losses		10,000
Balance, end of period		89,000
Property Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance, beginning of period		495,000
Cumulative-effect adjustment upon adoption		2,108,000
Current provision for expected credit losses		(153,000)
Balance, end of period		2,450,000
Unfunded Commitments [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Cumulative-effect adjustment upon adoption		1,617,000
Current provision for expected credit losses		(337,000)
Balance, end of period		$ 1,280,000

[1] The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. The Partnership compared the present value of cash flows expected to be collected to the amortized cost basis of the Live 929 Apartments Series 2022A MRB, which indicated a recovery of value. As the recovery was identified prior to the effective date of the CECL standard, the Partnership will accrete the recovery of prior credit loss into investment income over the term of the MRB. The allowance for credit losses as of March 31, 2023 and 2022 relate to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB.

Allowance for Credit Losses - A

Allowance for Credit Losses - Additional Information (Details)	1 Months Ended		3 Months Ended
	Dec. 31, 2022 USD ($)		Mar. 31, 2023 USD ($) Loan	Jan. 01, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses				$ 5,900,000
Partnerships carrying percentage value				0.85%
Partners' capital account	$ 323,955,517		$ 344,072,051		$ 339,840,032	$ 372,412,027
property loan with carrying value	495,000	[1]	495,000
Provision for credit losses			(545,000)
Property loans outstanding principal	175,604,711	[1]	165,231,455
Property loans, net	175,109,711	[1]	164,736,455
Live 929 Apartments [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses				$ 495,000
Property loans outstanding principal	495,000		495,000
The 50/50 MF Property [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Property loans outstanding principal	$ 4,800,000		$ 5,200,000
Ownership interest sold	100%
Property loans, net	$ 4,800,000
Property Loans [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of loans on nonaccrual status \| Loan			2
Provision for credit losses			$ (153,000)

[1] The property loans are held in trust in connection with TOB trust financings (Note 16). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.50 %

Allowance for Credit Losses -_2

Allowance for Credit Losses - Summary of Partnerships Carrying Value by Origination Year Grouped by Risk Rating (Details)	Mar. 31, 2023 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2022	$ 228,502,615
2021	291,421,862
2020	165,728,600
2019	495,000
Prior	453,594
Total	686,601,671
Governmental Issuer Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2022	42,337,300
2021	168,190,438
2020	107,080,000
Total	317,607,738
Governmental Issuer Loans [Member] \| Performing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2022	42,337,300
2021	168,190,438
2020	107,080,000
Total	317,607,738
Taxable Governmental Issuer Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2022	3,000,000
2021	8,000,000
Total	11,000,000
Taxable Governmental Issuer Loans [Member] \| Performing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2022	3,000,000
2021	8,000,000
Total	11,000,000
Property Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2022	54,465,315
2021	54,854,469
2020	54,963,077
2019	495,000
Prior	453,594
Total	165,231,455
Property Loans [Member] \| Performing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2022	54,465,315
2021	54,854,469
2020	54,963,077
Prior	453,594
Total	164,736,455
Property Loans [Member] \| Nonperforming [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2019	495,000
Total	495,000
Unfunded Commitments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2022	128,700,000
2021	60,376,955
2020	3,685,523
Total	192,762,478
Unfunded Commitments [Member] \| Performing [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2022	128,700,000
2021	60,376,955
2020	3,685,523
Total	$ 192,762,478

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 1,150,496	$ 1,244,918
Accrued expenses	3,381,482	4,888,438
Accrued interest expense	7,886,085	7,186,021
Derivative instruments at fair value	1,229,988
Deferred gain on sale of property	6,596,622	6,596,622
Reserve for credit losses on unfunded commitments	1,280,000
Other liabilities	1,883,316	1,817,507
Total accounts payable, accrued expenses and other liabilities	$ 23,407,989	$ 21,733,506

Unsecured Lines of Credit - Sum

Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) $ in Millions	Aug. 31, 2021 USD ($)
Bankers Trust Non-operating [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 50

Unsecured Lines of Credit - Add

Unsecured Lines of Credit - Additional Information (Details) $ in Millions	Aug. 31, 2021 USD ($)
Bankers Trust Non-operating [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 50

Secured Line of Credit - Summar

Secured Line of Credit - Summary of Secured Line of Credit (Details) - Secured Line Of Credit Facility [Member] - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023		Dec. 31, 2022
Line of Credit Facility [Line Items]
Lines of credit	$ 6,500,000		$ 55,500,000
Total Commitment	90,000,000		90,000,000
Bank United General [Member]
Line of Credit Facility [Line Items]
Lines of credit	6,500,000		6,500,000
Total Commitment	$ 40,000,000		$ 40,000,000
Commitment Maturity	2023-06	[1]	2023-06	[2]
Variable / Fixed	Variable	[3]	Variable	[4]
Reset Frequency	Monthly		Monthly
Line of credit facility, interest rate during period	7.95%		7.42%
Bankers Trust Acquisition [Member]
Line of Credit Facility [Line Items]
Lines of credit			$ 49,000,000
Total Commitment	$ 50,000,000		$ 50,000,000
Commitment Maturity	2024-06	[5]	2024-06	[6]
Variable / Fixed	Variable	[7]	Variable	[8]
Reset Frequency	Monthly		Monthly
Line of credit facility, interest rate during period	7.16%		6.68%

[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, N.A. (“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. 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, N.A. (“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. The variable rate is equal to LIBOR + 3.25 %, subject to an all-in floor of 3.50 %. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available. The variable rate is equal to LIBOR + 3.25 %, subject to an all-in floor of 3.50 %. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available. The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee. The Partnership has two one-year extension options subject to certain conditions and payment of a $ 25,000 extension fee. The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”). The variable rate is equal to 2.50 % plus a variable component based on the 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”).

Secured Line of Credit - Summ_2

Secured Line of Credit - Summary of Secured Line of Credit (Parenthetical) (Details) - Secured Line Of Credit Facility [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) Extension	Dec. 31, 2022 USD ($) Extension
Bank United General [Member]
Line of Credit Facility [Line Items]
Debt instrument number of extensions	2	2
Debt instrument extended maturity period	1 year	1 year
Payment of extension fee percentage	0.25%	0.25%
Bank United General [Member] \| LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument variable rate	3.25%	3.25%
Floor rate	3.50%	3.50%
Bankers Trust Acquisition [Member]
Line of Credit Facility [Line Items]
Debt instrument number of extensions	2	2
Debt instrument extended maturity period	1 year	1 year
Payment of extension fee \| $	$ 25,000	$ 25,000
Bankers Trust Acquisition [Member] \| SOFR [Member]
Line of Credit Facility [Line Items]
Debt instrument variable rate	2.50%	2.50%

Secured Line of Credit - Additi

Secured Line of Credit - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended
	Aug. 31, 2021	Jun. 30, 2021	Mar. 31, 2023	Dec. 31, 2022
Bankers Trust Non-operating [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 50,000,000
Secured Line Of Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity			$ 90,000,000	$ 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%
Percentage of minimum consolidated net worth decline from date at the end of two consecutive calendar quarters ending immediately thereafter		35%
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 $5.0 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 March 31, 2023.
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%
Percentage of partnership's capital contributions to equity investments		100%
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]
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%
Required percentage of principal payment for second extension	10%
Required percentage of principal payment for third extension	20%

Debt Financing - Schedule of To

Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2023		Dec. 31, 2022
Debt Instrument [Line Items]
Debt financing		$ 1,143,735,172		$ 1,058,903,952
TEBS Financings [Member]
Debt Instrument [Line Items]
Debt financing		$ 315,908,195		$ 324,524,617
Period End Rates		4.06%		4.08%
TEBS Financings [Member] \| Variable - M31 [Member]
Debt Instrument [Line Items]
Debt financing		$ 67,656,041	[1]	$ 75,570,121	[2]
Restricted Cash		$ 4,999	[1]	$ 4,999	[2]
Stated Maturities		2024	[1]	2024	[2]
Tax-Exempt Interest on Senior Securities		Yes	[1],[3]	Yes	[2],[4]
Remarketing Senior Securities Rate		4%	[1],[5]	3.69%	[2],[6]
Spread/ Facility Fees		1.30%	[1]	1.55%	[2]
Period End Rates		5.30%	[1]	5.24%	[2]
TEBS Financings [Member] \| Fixed - M24 [Member]
Debt Instrument [Line Items]
Debt financing		$ 7,477,070		$ 7,489,619
Restricted Cash		$ 4,000		$ 204,000
Stated Maturities		2027		2027
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Period End Rates		3.05%		3.05%
TEBS Financings [Member] \| Fixed - M33 [Member]
Debt Instrument [Line Items]
Debt financing		$ 29,383,793		$ 29,549,954
Restricted Cash		$ 2,606		$ 2,606
Stated Maturities		2030		2030
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Period End Rates		3.24%		3.24%
TEBS Financings [Member] \| Fixed - M45 [Member]
Debt Instrument [Line Items]
Debt financing		$ 211,391,291	[7]	$ 211,914,923	[8]
Restricted Cash		$ 5,000	[7]	$ 5,000	[8]
Stated Maturities		2034	[7]	2034	[8]
Tax-Exempt Interest on Senior Securities		Yes	[3],[7]	Yes	[4],[8]
Period End Rates		3.82%	[7]	3.82%	[8]
Secured Line Of Credit Facility [Member] \| Variable - Notes [Member]
Debt Instrument [Line Items]
Debt financing		$ 102,407,411		$ 102,488,160
Restricted Cash		$ 30,777,281		$ 35,979,743
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		No	[3]	No	[4]
Period End Rates		14%	[9]	13.05%	[10]
TOB Trusts Securitization [Member]
Debt Instrument [Line Items]
Debt financing		$ 712,609,579		$ 619,060,166
Period End Rates		5.67%		5.19%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Montevista - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 5,644,032	[11]	$ 5,650,044	[12]
Stated Maturities		2023		2023
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.32%	[5]	3.86%	[6]
Spread/ Facility Fees		1.27%		1.27%
Period End Rates		5.59%		5.13%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Trust 2020-XF2908 [Member]
Debt Instrument [Line Items]
Debt financing		$ 27,786,395	[11],[13]	$ 43,472,232	[12],[14]
Stated Maturities		2023	[13]	2023	[14]
Tax-Exempt Interest on Senior Securities		No	[3],[13]	No	[4],[14]
Remarketing Senior Securities Rate		5.07%	[5],[13]	4.57%	[6],[14]
Spread/ Facility Fees		0.90%	[13]	0.89%	[14]
Period End Rates		5.97%	[13]	5.46%	[14]
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Hope on Avalon GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 18,702,562	[11]	$ 18,695,484	[12]
Stated Maturities		2023		2023
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.32%	[5]	3.86%	[6]
Spread/ Facility Fees		1.44%		1.44%
Period End Rates		5.76%		5.30%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Hope on Broadway GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 9,675,605	[11]	$ 9,670,809	[12]
Stated Maturities		2023		2023
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.32%	[5]	3.86%	[6]
Spread/ Facility Fees		1.44%		1.44%
Period End Rates		5.76%		5.30%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Ocotillo Springs Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 9,979,320	[11]	$ 9,978,639	[12]
Stated Maturities		2023		2023
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.32%	[5]	3.86%	[6]
Spread/ Facility Fees		0.91%		0.91%
Period End Rates		5.23%		4.77%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Jackson Manor Apartments [Member]
Debt Instrument [Line Items]
Debt financing		$ 5,865,000	[11]	$ 5,859,141	[12]
Stated Maturities		2023		2023
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.27%	[5]	3.88%	[6]
Spread/ Facility Fees		1.29%		1.29%
Period End Rates		5.56%		5.17%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Trust 2021-XF2926 [Member]
Debt Instrument [Line Items]
Debt financing		$ 74,737,052	[11],[15]	$ 70,402,736	[12],[16]
Stated Maturities		2024	[15]	2024	[16]
Tax-Exempt Interest on Senior Securities		No	[3],[15]	No	[4],[16]
Remarketing Senior Securities Rate		5.07%	[5],[15]	4.57%	[6],[16]
Spread/ Facility Fees		0.90%	[15]	0.89%	[16]
Period End Rates		5.97%	[15]	5.46%	[16]
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Trust 2021-XF2939 [Member]
Debt Instrument [Line Items]
Debt financing		$ 8,179,631	[11],[17]	$ 7,341,558	[12],[18]
Stated Maturities		2024	[17]	2024	[18]
Tax-Exempt Interest on Senior Securities		No	[3],[17]	No	[4],[18]
Remarketing Senior Securities Rate		5.07%	[5],[17]	4.57%	[6],[18]
Spread/ Facility Fees		1.17%	[17]	1.16%	[18]
Period End Rates		6.24%	[17]	5.73%	[18]
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Scharbauer Flats GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 36,000,000	[11]	$ 36,000,000	[12]
Stated Maturities		2024		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.27%	[5]	3.88%	[6]
Spread/ Facility Fees		0.91%		0.91%
Period End Rates		5.18%		4.79%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Oasis at Twin Lakes GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 30,600,000	[11]	$ 30,600,000	[12]
Stated Maturities		2024		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.32%	[5]	3.88%	[6]
Spread/ Facility Fees		0.91%		0.91%
Period End Rates		5.23%		4.79%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Centennial Crossings GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 29,772,000	[11]	$ 29,772,000	[12]
Stated Maturities		2024		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.32%	[5]	3.88%	[6]
Spread/ Facility Fees		0.91%		0.91%
Period End Rates		5.23%		4.79%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Residency at the Mayer - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 24,335,000	[11]	$ 21,450,000	[12]
Stated Maturities		2024		2024
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.32%	[5]	3.86%	[6]
Spread/ Facility Fees		1.19%		1.19%
Period End Rates		5.51%		5.05%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| SoLa Impact Opportunity Zone Fund [Member]
Debt Instrument [Line Items]
Debt financing	[11]	$ 27,144,252
Stated Maturities		2024
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[5]	5.07%
Spread/ Facility Fees		1.78%
Period End Rates		6.85%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Montecito at Williams Ranch - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 6,857,367	[11]	$ 6,872,074	[12]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.32%	[5]	3.62%	[6]
Spread/ Facility Fees		1.18%		1.17%
Period End Rates		5.50%		4.79%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Vineyard Gardens - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 3,592,923	[11]	$ 3,592,692	[12]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.32%	[5]	3.67%	[6]
Spread/ Facility Fees		1.17%		1.17%
Period End Rates		5.49%		4.84%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| The Park at Sondrio - Series 2022A [Member]
Debt Instrument [Line Items]
Debt financing		$ 30,363,440	[11]	$ 30,354,275	[12]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.27%	[5]	3.88%	[6]
Spread/ Facility Fees		1.43%		1.43%
Period End Rates		5.70%		5.31%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| The Park at Vietti - Series 2022A [Member]
Debt Instrument [Line Items]
Debt financing		$ 21,496,394	[11]	$ 21,489,569	[12]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.27%	[5]	3.88%	[6]
Spread/ Facility Fees		1.43%		1.43%
Period End Rates		5.70%		5.31%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Avistar at Copperfield - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 11,468,978	[11]	$ 11,501,641	[12]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.32%	[5]	3.80%	[6]
Spread/ Facility Fees		1.67%		1.67%
Period End Rates		5.99%		5.47%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Avistar at Wilcrest - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 4,338,976	[11]	$ 4,350,640	[12]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.27%	[5]	3.88%	[6]
Spread/ Facility Fees		1.67%		1.67%
Period End Rates		5.94%		5.55%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Residency at the Entrepreneur MRBs [ Member ]
Debt Instrument [Line Items]
Debt financing		$ 17,120,000	[11]	$ 16,513,817	[12]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	No	[4]
Remarketing Senior Securities Rate		4.32%	[5]	4.57%	[6]
Spread/ Facility Fees		1.45%		1.18%
Period End Rates		5.77%		5.75%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Legacy Commons at Signal Hills & Hilltop at Signal Hills GILs [Member]
Debt Instrument [Line Items]
Debt financing		$ 53,160,000	[11]	$ 53,160,000	[12]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.27%	[5]	3.88%	[6]
Spread/ Facility Fees		0.91%		0.91%
Period End Rates		5.18%		4.79%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Osprey Village GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 39,275,000	[11]	$ 32,905,000	[12]
Stated Maturities		2025		2025
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.27%	[5]	3.88%	[6]
Spread/ Facility Fees		1.19%		1.19%
Period End Rates		5.46%		5.07%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Residency at Empire MRBs [Member]
Debt Instrument [Line Items]
Debt financing	[11]	$ 14,178,987
Stated Maturities		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[5]	4.27%
Spread/ Facility Fees		1.42%
Period End Rates		5.69%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| The Ivy Apartments [Member]
Debt Instrument [Line Items]
Debt financing	[11]	$ 24,296,594
Stated Maturities		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[5]	4.32%
Spread/ Facility Fees		1.44%
Period End Rates		5.76%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Windsor Shores Apartments [Member]
Debt Instrument [Line Items]
Debt financing	[11]	$ 17,155,163
Stated Maturities		2026
Tax-Exempt Interest on Senior Securities	[3]	Yes
Remarketing Senior Securities Rate	[5]	4.27%
Spread/ Facility Fees		1.44%
Period End Rates		5.71%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Avistar at Wood Hollow - Series A [Member]
Debt Instrument [Line Items]
Debt financing		$ 32,987,760	[11]	$ 33,092,580	[12]
Stated Maturities		2027		2027
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.27%	[5]	3.88%	[6]
Spread/ Facility Fees		1.44%		1.44%
Period End Rates		5.71%		5.32%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Mizuho Capital Markets [Member] \| Live929 [Member]
Debt Instrument [Line Items]
Debt financing		$ 53,092,000	[11]	$ 53,092,000	[12]
Stated Maturities		2027		2027
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.27%	[5]	3.88%	[6]
Spread/ Facility Fees		1.18%		1.18%
Period End Rates		5.45%		5.06%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Barclays Capital Inc [Member] \| Trust 2021-XF2953 [Member]
Debt Instrument [Line Items]
Debt financing		$ 57,296,689	[19]	$ 46,548,777	[20]
Stated Maturities		2024	[19]	2023	[20]
Tax-Exempt Interest on Senior Securities		No	[3],[19]	No	[4],[20]
Remarketing Senior Securities Rate		4.88%	[5],[19]	4.42%	[6],[20]
Spread/ Facility Fees		1.27%	[19]	1.27%	[20]
Period End Rates		6.15%	[19]	5.69%	[20]
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Barclays Capital Inc [Member] \| Poppy Grove I GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 7,063,153		$ 6,258,486
Stated Maturities		2024		2023
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.12%	[5]	3.81%	[6]
Spread/ Facility Fees		1.25%		1.25%
Period End Rates		5.37%		5.06%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Barclays Capital Inc [Member] \| Poppy Grove II GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 3,619,153		$ 3,614,486
Stated Maturities		2024		2023
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.12%	[5]	3.81%	[6]
Spread/ Facility Fees		1.25%		1.25%
Period End Rates		5.37%		5.06%
TOB Trusts Securitization [Member] \| Variable - Notes [Member] \| Barclays Capital Inc [Member] \| Poppy Grove III GIL [Member]
Debt Instrument [Line Items]
Debt financing		$ 6,826,153		$ 6,821,486
Stated Maturities		2024		2023
Tax-Exempt Interest on Senior Securities		Yes	[3]	Yes	[4]
Remarketing Senior Securities Rate		4.12%	[5]	3.81%	[6]
Spread/ Facility Fees		1.25%		1.25%
Period End Rates		5.37%		5.06%
Term TOB Trust Securitization [Member] \| Morgan Stanley Bank [Member] \| Village at Avalon [Member]
Debt Instrument [Line Items]
Debt financing		$ 12,809,987		$ 12,831,009
Stated Maturities		2024		2024
Tax-Exempt Interest on Senior Securities	[4]			Yes
Variable Rate Index	[3]	Yes
Period End Rates		1.98%		1.98%

[1] Facility fees have a variable component. Facility fees have a variable component. The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. 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. 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. The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 8.75 % as of March 31, 2023. See Note 18 for further information on the total return swap. The Secured Notes have a stated rate of 9.25 % plus SOFR which resets monthly. The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 7.80 % as of December 31, 2022. See Note 18 for further information on the total return swap. The Partnership has restricted cash totaling approximately $ 103,000 related to its total net position with Mizuho Capital Markets. The Partnership has restricted cash totaling approximately $ 38,000 related to its total net position with Mizuho Capital Markets. The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. The TOB trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon The TOB trust is securitized by the Legacy Commons at Signal Hills property loan, Hilltop at Signal Hills property loan, Hope on Avalon The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. The TOB trust is securitized by the Residency at the Mayer taxable MRB, Ocotillo Springs taxable MRB, and Osprey Village property loan. The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. The TOB trust is securitized by the Willow Place GIL and property loan, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.

Debt Financing - Schedule of _2

Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt financing	$ 1,143,735,172	$ 1,058,903,952
Cash collateral	$ 103,000	$ 38,000
Secured Line Of Credit Facility [Member] \| SOFR [Member]
Debt Instrument [Line Items]
Interest Rate	9.25%	9.25%
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 Swap One [Member] \| Secured Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Effective net interest rate	8.75%	7.80%

Debt Financing - Additional Inf

Debt Financing - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
Debt Financing - Additional Information (Details) - USD ($)	Feb. 28, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Termination occur percentage decrease by partners net assets in one quarter		25%
Termination occur percentage decrease by partners net assets in over one year		35%
Deleveraging of debt financings	$ 800,000
Deferred financing costs written off	$ 584,000

Debt Financing - Summary of TOB

Debt Financing - Summary of TOB Trust Financings (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Debt financing	$ 1,143,735,172		$ 1,058,903,952
TOB Trust [Member]
Debt Instrument [Line Items]
Debt financing	83,336,000	$ 55,990,000
TOB Trust [Member] \| Residency at Empire [Member] \| MRB [Member]
Debt Instrument [Line Items]
Debt financing	$ 14,400,000
Stated Maturity	2026-01
Interest Rate Type	Variable
Tax-Exempt Interest on Senior Securities	Yes
Facility Fees	1.42%
TOB Trust [Member] \| Windsor Shores [Member] \| MRB [Member]
Debt Instrument [Line Items]
Debt financing	$ 17,236,000
Stated Maturity	2026-01
Interest Rate Type	Variable
Tax-Exempt Interest on Senior Securities	Yes
Facility Fees	1.44%
TOB Trust [Member] \| SoLa Impact Opportunity Zone Fund [Member] \| MRB [Member]
Debt Instrument [Line Items]
Debt financing	$ 27,300,000
Stated Maturity	2024-12
Interest Rate Type	Variable
Tax-Exempt Interest on Senior Securities	No
Facility Fees	1.78%
TOB Trust [Member] \| The Ivy Apartments [Member] \| MRB [Member]
Debt Instrument [Line Items]
Debt financing	$ 24,400,000
Stated Maturity	2026-02
Interest Rate Type	Variable
Tax-Exempt Interest on Senior Securities	Yes
Facility Fees	1.44%
TOB Trust [Member] \| Live 929 Series 2022A & 2022B [Member] \| MRB [Member]
Debt Instrument [Line Items]
Debt financing		$ 55,990,000
Stated Maturity		2024-02
Interest Rate Type		Variable
Tax-Exempt Interest on Senior Securities		No
Facility Fees		1.15%

Debt Financing - Summary of T_2

Debt Financing - Summary of TOB Trust Financings Redeemed and Principal and Interest Paid in Full (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument Redemption [Line Items]
Month	2022-01
TOB Trust [Member] \| Live 929 Apartments - Series 2014 A [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied		$ 31,565,000

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Financing [Abstract]
Remainder of 2023	$ 82,256,903
2024	396,760,149
2025	293,084,108
2026	60,028,863
2027	88,279,325
Thereafter	225,691,694
Total	1,146,101,042
Unamortized deferred financing costs and debt premium	(2,365,870)
Total debt financing, net	$ 1,143,735,172	$ 1,058,903,952

Mortgage Payable and Other Secu

Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable, Net of Deferred Financing Costs (Details) - Mortgages payable [Member] - Real Estate [Member] - Vantage at San Marcos [Member] - USD ($)		3 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Mortgage Loans On Real Estate [Line Items]
Outstanding Mortgage Payable, net	[1]	$ 1,690,000	$ 1,690,000
Year Acquired	[1]	2020
Stated Maturity	[1]	2023-11
Variable / Fixed	[1]	Variable
Period End Rate	[1]	8.75%

[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 - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Mortgage Loans On Real Estate [Line Items]
Total mortgages payable and other secured financings, net	$ 1,690,000	$ 1,690,000

Derivative Instruments - Summar

Derivative Instruments - Summary of Terms of Partnership's Interest Rate Swap (Details) - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2023		Dec. 31, 2022
Derivative [Line Items]
Derivative, Notional Amount		$ 218,533,888		$ 194,656,088
Derivative Liability, Fair Value, Gross Asset		$ 3,769,197		$ 7,199,199
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, Trade Date		2022-02		2022-02
Derivative, Notional Amount		$ 55,990,000		$ 55,990,000
Derivative, Effective Date		Feb. 09, 2022		Feb. 09, 2022
Derivative, Termination Date		Feb. 01, 2024		Feb. 01, 2024
Derivative, Fixed Rate Paid		1.40%		1.40%
Derivative, Period End Variable Rate Received		4.64%		4.09%
Derivative, Variable Rate Index		Compounded SOFR		Compounded SOFR
Derivative, Variable Debt Financing Hedged		TOB Trusts	[1]	TOB Trusts	[2]
Derivative Liability, Fair Value, Gross Asset		$ 1,720,173		$ 2,205,130
Mizuho Capital Markets 2 [Member]
Derivative [Line Items]
Derivative, Trade Date		2022-03		2022-03
Derivative, Notional Amount		$ 47,850,000		$ 47,850,000
Derivative, Effective Date		Mar. 03, 2022		Mar. 03, 2022
Derivative, Termination Date		Mar. 01, 2027		Mar. 01, 2027
Derivative, Fixed Rate Paid		1.65%		1.65%
Derivative, Period End Variable Rate Received		4.64%		4.09%
Derivative, Variable Rate Index		Compounded SOFR		Compounded SOFR
Derivative, Variable Debt Financing Hedged		TOB Trusts	[1]	TOB Trusts	[2]
Derivative Liability, Fair Value, Gross Asset		$ 3,279,012		$ 4,048,961
Mizuho Capital Markets 3 [Member]
Derivative [Line Items]
Derivative, Trade Date		2022-10		2022-10
Derivative, Notional Amount		$ 34,436,088	[3]	$ 34,436,088	[4]
Derivative, Effective Date		Apr. 01, 2023		Apr. 01, 2023
Derivative, Termination Date		Apr. 01, 2025		Apr. 01, 2025
Derivative, Fixed Rate Paid		3.92%		3.92%
Derivative, Variable Rate Index		Compounded SOFR		Compounded SOFR
Derivative, Variable Debt Financing Hedged		TOB Trusts	[1]	TOB Trusts	[2]
Derivative Liability, Fair Value, Gross Asset		$ (141,509)		$ 131,427
Mizuho Capital Markets 4 [Member]
Derivative [Line Items]
Derivative, Trade Date		2022-12		2022-12
Derivative, Notional Amount		$ 10,880,000	[5]	$ 10,880,000	[6]
Derivative, Effective Date		Jan. 01, 2023		Jan. 01, 2023
Derivative, Termination Date		Dec. 01, 2029		Dec. 01, 2029
Derivative, Fixed Rate Paid		3.27%		3.27%
Derivative, Period End Variable Rate Received		4.64%
Derivative, Variable Rate Index		Compounded SOFR		Compounded SOFR
Derivative, Variable Debt Financing Hedged		TOB Trusts	[1]	TOB Trusts	[2]
Derivative Liability, Fair Value, Gross Asset		$ (116,863)		$ 370,342
Mizuho Capital Markets 5 [Member]
Derivative [Line Items]
Derivative, Trade Date		2022-12		2022-12
Derivative, Notional Amount		$ 45,500,000		$ 45,500,000
Derivative, Effective Date		Jan. 03, 2023		Jan. 03, 2023
Derivative, Termination Date		Jan. 01, 2030		Jan. 01, 2030
Derivative, Fixed Rate Paid		3.47%		3.47%
Derivative, Period End Variable Rate Received		4.64%
Derivative, Variable Rate Index		Compounded SOFR		Compounded SOFR
Derivative, Variable Debt Financing Hedged		TOB Trusts	[1]	TOB Trusts	[2]
Derivative Liability, Fair Value, Gross Asset		$ (566,545)		$ 443,339
Mizuho Capital Markets 6 [Member]
Derivative [Line Items]
Derivative, Trade Date		2023-01
Derivative, Notional Amount		$ 12,065,200
Derivative, Effective Date		Jan. 19, 2023
Derivative, Termination Date		Jan. 01, 2030
Derivative, Fixed Rate Paid		3.35%
Derivative, Period End Variable Rate Received		4.64%
Derivative, Variable Rate Index		Compounded SOFR
Derivative, Variable Debt Financing Hedged	[1]	TOB Trusts
Derivative Liability, Fair Value, Gross Asset		$ (66,526)
Mizuho Capital Markets 7 [Member]
Derivative [Line Items]
Derivative, Trade Date		2023-01
Derivative, Notional Amount		$ 8,027,600
Derivative, Effective Date		Feb. 01, 2023
Derivative, Termination Date		Feb. 01, 2030
Derivative, Fixed Rate Paid		3.29%
Derivative, Period End Variable Rate Received		4.64%
Derivative, Variable Rate Index		Compounded SOFR
Derivative, Variable Debt Financing Hedged	[1]	TOB Trusts
Derivative Liability, Fair Value, Gross Asset		$ (39,848)
Mizuho Capital Markets 8 [Member]
Derivative [Line Items]
Derivative, Trade Date		2023-03
Derivative, Notional Amount	[7]	$ 3,785,000
Derivative, Effective Date		Apr. 01, 2023
Derivative, Termination Date		Jun. 01, 2029
Derivative, Fixed Rate Paid		3.37%
Derivative, Variable Rate Index		Compounded SOFR
Derivative, Variable Debt Financing Hedged	[1]	TOB Trusts
Derivative Liability, Fair Value, Gross Asset		$ (298,697)

[1] See Notes 16 and 23 for additional details. See Notes 16 and 23 for additional details. The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 21.6 million.

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Terms of Partnership's Interest Rate Swap (Parenthetical) (Details) - USD ($)	Mar. 31, 2023		Dec. 31, 2022
Derivative [Line Items]
Derivative, Notional Amount	$ 218,533,888		$ 194,656,088
Mizuho Capital Markets 3 [Member]
Derivative [Line Items]
Derivative, Notional Amount	34,436,088	[1]	34,436,088	[2]
Mizuho Capital Markets 4 [Member]
Derivative [Line Items]
Derivative, Notional Amount	10,880,000	[3]	10,880,000	[4]
Mizuho Capital Markets 7 [Member]
Derivative [Line Items]
Derivative, Notional Amount	8,027,600
Maximum [Member] \| Mizuho Capital Markets 3 [Member]
Derivative [Line Items]
Derivative, Notional Amount	99,600,000		99,600,000
Maximum [Member] \| Mizuho Capital Markets 4 [Member]
Derivative [Line Items]
Derivative, Notional Amount	47,800,000		$ 47,800,000
Maximum [Member] \| Mizuho Capital Markets 7 [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 21,600,000

[1] The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million.

Derivative Instruments - Summ_3

Derivative Instruments - Summary of Terms of Partnership's Total Return Swaps (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023		Dec. 31, 2022
Derivative [Line Items]
Derivative, Notional Amount	$ 218,533,888		$ 194,656,088
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, Trade Date	2022-02		2022-02
Derivative, Notional Amount	$ 55,990,000		$ 55,990,000
Derivative, Period End Variable Rate Received	4.64%		4.09%
Derivative, Variable Rate Index	Compounded SOFR		Compounded SOFR
Mizuho Capital Markets 2 [Member]
Derivative [Line Items]
Derivative, Trade Date	2022-03		2022-03
Derivative, Notional Amount	$ 47,850,000		$ 47,850,000
Derivative, Period End Variable Rate Received	4.64%		4.09%
Derivative, Variable Rate Index	Compounded SOFR		Compounded SOFR
Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative, Trade Date	2022-12		2022-12
Derivative, Notional Amount	$ 102,590,936		$ 102,690,670
Derivative, Effective Date	2022-12		2022-12
Derivative, Termination Date	2025-09		2025-09
Derivative, Period End Variable Rate Paid	8.75%	[1]	7.80%	[2]
Derivative, Period End Variable Rate Received	14%	[3]	13.05%	[4]
Derivative, Variable Rate Index	SOFR		SOFR
Derivative, Fair Value Liability	$ 199,482		$ 239,612

[1] Variable rate equal to SOFR + 4.00 %, subject to an all-in floor of 4.25 %. Variable rate equal to SOFR + 4.00 %, subject to an all-in floor of 4.25 %. Variable rate equal to SOFR + 9.25 % Variable rate equal to SOFR + 9.25 %.

Derivative Instruments - Summ_4

Derivative Instruments - Summary of Terms of Partnership's Total Return Swaps (Parenthetical) (Details)	Mar. 31, 2023	Dec. 31, 2022
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	4%	4%
Derivative, floor interest rate	4.25%	4.25%
Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	9.25%	9.25%

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2023	Mar. 31, 2023		Dec. 31, 2022
Derivative [Line Items]
Derivative notional amount		$ 218,533,888		$ 194,656,088
Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative notional amount		102,590,936		102,690,670
Mizuho Capital Markets 3 [Member]
Derivative [Line Items]
Derivative notional amount		34,436,088	[1]	34,436,088	[2]
Mizuho Capital Markets 3 [Member] \| Maximum [Member]
Derivative [Line Items]
Derivative notional amount		99,600,000		99,600,000
Mizuho Capital Markets 4 [Member]
Derivative [Line Items]
Derivative notional amount		10,880,000	[3]	10,880,000	[4]
Mizuho Capital Markets 4 [Member] \| Maximum [Member]
Derivative [Line Items]
Derivative notional amount		47,800,000		$ 47,800,000
Mizuho Capital Markets 7 [Member]
Derivative [Line Items]
Derivative notional amount		8,027,600
Mizuho Capital Markets 7 [Member] \| Maximum [Member]
Derivative [Line Items]
Derivative notional amount		21,600,000
Total Return Swap One [Member] \| Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative notional amount		$ 102,600,000
Required cash collateral percentage		35%
Required cash collateral reduced percentage	30%

[1] The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 99.6 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million. The notional amount increases according to a schedule up to a maximum notional amount of $ 47.8 million.

Derivative Instruments - Summ_5

Derivative Instruments - Summary of Partnership's Interest Rate Cap Agreements (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023		Dec. 31, 2022
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability)	$ 85,662		$ 91,627
Barclays Bank PLC [Member]
Derivative [Line Items]
Derivative, Purchase Date	2019-08		2019-08
Derivative, Notional Amount	$ 74,634,658		$ 75,014,903
Derivative, Maturity Date	2024-08		2024-08
Derivative, Effective Capped Rate	4.50%	[1]	4.50%	[2]
Derivative, Index	SIFMA		SIFMA
Derivative, Variable Debt Financing Hedged	M31 TEBS	[1]	M31 TEBS	[2]
Derivative, Fair Value - Asset (Liability)	$ 85,662		$ 91,627

[1] See Notes 16 and 23 for additional details. See Notes 16 and 23 for additional details.

Commitments and Contingencies -

Commitments and Contingencies - Summary of Partnership's Bond Purchase Commitments (Details) - Anaheim & Walnut [Member] - Bond Purchase Commitment [Member] - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Bond Purchase Commitment [Line Items]
Commitment Date	2021-09
Maximum Committed Amounts Remaining	$ 3,900,000
Interest Rate	4.85%
Estimated Closing Date	Q3 2024
Fair Value	$ 211,476	$ 98,929

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Partnership's Total and Remaining Commitments (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 589,021,273
Remaining Commitment as of March 31, 2023	$ 394,325,691
The Residency at Empire [Member] \| Series BB-3 [Member]
Commitments And Other Guarantees [Line Items]
Maturity Date	2029-12
Interest Rate	6%
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 152,500,000
Remaining Commitment as of March 31, 2023	$ 138,820,000
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]
Total Initial Commitment	$ 12,500,000
Remaining Commitment as of March 31, 2023	$ 10,500,000
Mortgage Revenue Bonds and 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]
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency at the Entrepreneur [Member] \| Series J-3 [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-04
Maturity Date	2040-03
Interest Rate	6%	[2]
Total Initial Commitment	$ 26,080,000
Remaining Commitment as of March 31, 2023	$ 21,180,000
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency at the Entrepreneur [Member] \| Series J-4 [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-04
Maturity Date	2040-03
Total Initial Commitment	$ 16,420,000
Remaining Commitment as of March 31, 2023	$ 16,420,000
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency at the Entrepreneur [Member] \| Series J-4 [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.60%	[2],[3]
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency at the Entrepreneur [Member] \| Series J-5 [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2023-02
Maturity Date	2025-04	[1]
Total Initial Commitment	$ 5,000,000
Remaining Commitment as of March 31, 2023	$ 4,000,000
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency at the Entrepreneur [Member] \| Series J-5 [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.60%	[2]
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency at the Entrepreneur [Member] \| Series J-T [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-04
Maturity Date	2025-04	[1]
Total Initial Commitment	$ 8,000,000
Remaining Commitment as of March 31, 2023	$ 7,000,000
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency at the Entrepreneur [Member] \| Series J-T [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.65%	[2]
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency at Empire [Member] \| Series BB-3 [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-12
Maturity Date	2040-12
Interest Rate	6.45%	[2],[4]
Total Initial Commitment	$ 14,000,000
Remaining Commitment as of March 31, 2023	$ 13,945,000
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency at Empire [Member] \| Series BB-4 [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-12
Maturity Date	2040-12
Interest Rate	6.45%	[2],[5]
Total Initial Commitment	$ 47,000,000
Remaining Commitment as of March 31, 2023	$ 47,000,000
Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds [Member] \| The Residency at Empire [Member] \| Series BB-T [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-12
Maturity Date	2025-12	[1]
Interest Rate	7.45%	[2]
Total Initial Commitment	$ 9,404,500
Remaining Commitment as of March 31, 2023	$ 8,404,500
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
Interest Rate	6.25%	[2]
Total Initial Commitment	$ 44,000,000
Remaining Commitment as of March 31, 2023	36,275,000
Taxable Mortgage Revenue Bonds [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	29,904,500
Remaining Commitment as of March 31, 2023	25,904,500
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	157,057,835
Remaining Commitment as of March 31, 2023	$ 87,495,720
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	2023-08
Total Initial Commitment	$ 10,573,000
Remaining Commitment as of March 31, 2023	$ 2,573,000
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Hope on Avalon [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.55%	[2]
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 Commitment as of March 31, 2023	$ 12,375,185
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Osprey Village [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.07%	[2]
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Poppy Grove I [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-09
Maturity Date	2025-04	[1]
Interest Rate	6.78%	[2]
Total Initial Commitment	$ 35,688,328
Remaining Commitment as of March 31, 2023	$ 26,842,328
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Poppy Grove II [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-09
Maturity Date	2025-04	[1]
Interest Rate	6.78%	[2]
Total Initial Commitment	$ 22,250,000
Remaining Commitment as of March 31, 2023	$ 17,708,700
Governmental Issuer Loans and Taxable Governmental Issuer Loans [Member] \| Poppy Grove III [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-09
Maturity Date	2025-04	[1]
Interest Rate	6.78%	[2]
Total Initial Commitment	$ 39,119,507
Remaining Commitment as of March 31, 2023	30,569,507
Taxable Governmental Issuer Loans [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	67,152,465
Remaining Commitment as of March 31, 2023	$ 56,152,465
Taxable Governmental Issuer Loans [Member] \| Poppy Grove I [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-09
Maturity Date	2025-04	[1]
Interest Rate	6.78%	[2]
Total Initial Commitment	$ 21,157,672
Remaining Commitment as of March 31, 2023	$ 20,157,672
Taxable Governmental Issuer Loans [Member] \| Poppy Grove II [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-09
Maturity Date	2025-04	[1]
Interest Rate	6.78%	[2]
Total Initial Commitment	$ 10,941,300
Remaining Commitment as of March 31, 2023	$ 9,941,300
Taxable Governmental Issuer Loans [Member] \| Poppy Grove III [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-09
Maturity Date	2025-04	[1]
Interest Rate	6.78%	[2]
Total Initial Commitment	$ 24,480,493
Remaining Commitment as of March 31, 2023	23,480,493
Property Loans [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	127,987,419
Remaining Commitment as of March 31, 2023	$ 49,114,293
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 Commitment as of March 31, 2023	$ 739,802
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 Commitment as of March 31, 2023	$ 1,517,067
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 Commitment as of March 31, 2023	$ 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 Commitment as of March 31, 2023	$ 18,671,901
Property Loans [Member] \| Willow Place Apartments [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.30%	[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 Commitment as of March 31, 2023	$ 3,685,523
Property Loans [Member] \| Oasis at Twin Lakes [Member] \| LIBOR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	2.50%	[2]
Joint Venture Investments [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	$ 50,519,054
Remaining Commitment as of March 31, 2023	$ 32,938,713
Joint Venture Investments [Member] \| Vantage at San Marcos [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2020-11	[6],[7]
Total Initial Commitment	$ 9,914,529	[6],[7]
Remaining Commitment as of March 31, 2023	$ 8,943,914	[6],[7]
Joint Venture Investments [Member] \| Freestone Greeley [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-10	[6]
Total Initial Commitment	$ 16,035,710	[6]
Remaining Commitment as of March 31, 2023	$ 11,325,008	[6]
Joint Venture Investments [Member] \| Freestone Cresta Bella [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2022-11
Total Initial Commitment	$ 16,405,514
Remaining Commitment as of March 31, 2023	$ 8,691,996
Joint Venture Investments [Member] \| Valage Senior Living Carson Valley [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2023-02
Total Initial Commitment	$ 8,163,301
Remaining Commitment as of March 31, 2023	3,977,795
Bond Purchase Commitment [Member]
Commitments And Other Guarantees [Line Items]
Total Initial Commitment	3,900,000
Remaining Commitment as of March 31, 2023	$ 3,900,000
Bond Purchase Commitment [Member] \| Anaheim & Walnut [Member]
Commitments And Other Guarantees [Line Items]
Commitment Date	2021-09
Maturity Date	Q3 2024	[8]
Interest Rate	4.85%	[2]
Total Initial Commitment	$ 3,900,000
Remaining Commitment as of March 31, 2023	$ 3,900,000

[1] The borrowers may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. The variable index interest rate components are typically subject to floors that range from 0 % to 0.85 %. Upon stabilization, the MRB will convert to a fixed rate of 8.0 % and become subordinate to the other senior MRBs. Beginning December 2029 , the interest rate will change to the greater of (i) 3.25 % over the then 10-Year SOFR Swap rate, or (ii) 6.00 %. Upon stabilization, the MRB will convert to a fixed rate of 10.0 % and become subordinate to the other senior MRBs of the borrower. A development site has been identified for this property but construction had not commenced as of March 31, 2023. The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 5). 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)	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2022
The Residency at the Entrepreneur [Member] \| Series J-4 [Member] \| Mortgage Revenue Bonds [Member]
Commitments And Other Guarantees [Line Items]
Fixed interest rate		8%
The Residency at Empire [Member] \| Series BB-4 [Member] \| Mortgage Revenue Bonds [Member]
Commitments And Other Guarantees [Line Items]
Fixed interest rate	10%
The Residency at Empire [Member] \| Series BB Three Mortgage [Member]
Commitments And Other Guarantees [Line Items]
Maturity Date	2029-12
Interest Rate	6%
Minimum [Member]
Commitments And Other Guarantees [Line Items]
Extended maturity period	6 months
Minimum [Member] \| Floor Rate [Member]
Commitments And Other Guarantees [Line Items]
Variable Interest Rate	0%
Maximum [Member]
Commitments And Other Guarantees [Line Items]
Extended maturity period	12 months
Maximum [Member] \| SOFR [Member]
Commitments And Other Guarantees [Line Items]
Interest Rate	3.25%
Interest rate period	10 years
Maximum [Member] \| Floor Rate [Member]
Commitments And Other Guarantees [Line Items]
Variable Interest Rate	0.85%

Commitments and Contingencies_4

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended
	Dec. 31, 2022	Mar. 31, 2023
Commitments And Other Guarantees [Line Items]
Reserve for credit losses	$ 495,000	$ 5,899,000
Reported value of credit guaranties	$ 363,000	$ 358,000
Greens of Pine Glen [Member]
Commitments And Other Guarantees [Line Items]
Percentage of loss contingency, range of possible loss, maximum		75%
The 50/50 MF Property [Member]
Commitments And Other Guarantees [Line Items]
Ownership interest sold	100%
Unfunded Commitments [Member]
Commitments And Other Guarantees [Line Items]
Reserve for credit losses		$ 1,280,000

Commitments and Contingencies_5

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guaranty Agreements (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
The 50/50 MF Property--TIF Loan [Member]
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of September 30, 2022	$ 1,809,510
End of Guaranty Period	2025
The 50/50 MF Property--Mortgage [Member]
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of September 30, 2022	$ 22,280,901
End of Guaranty Period	2027
Ohio Properties [Member]
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of September 30, 2022	$ 2,310,609
End of Guaranty Period	2026
Greens of Pine Glen [Member]
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of September 30, 2022	$ 1,662,397
End of Guaranty Period	2027

Redeemable Preferred Units - Ad

Redeemable Preferred Units - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares
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 Preferred Units (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Preferred Units outstanding		10,250,000	9,450,000
Purchase Price		$ 102,500,000	$ 94,500,000
Series A Preferred Units [Member]
Preferred Units outstanding		5,750,000	6,450,000
Purchase Price		$ 57,500,000	$ 64,500,000
Series A-1 Preferred Units [Member]
Preferred Units outstanding		4,500,000	3,000,000
Purchase Price		$ 45,000,000	$ 30,000,000
Series A Preferred Units issued on March 2016 [Member]
Preferred Units outstanding		1,000,000	1,000,000
Purchase Price		$ 10,000,000	$ 10,000,000
Distribution Rate		3%	3%
Redemption Price per Unit		$ 10	$ 10
Earliest Redemption Date	[1]	2024-03
Series A Preferred Units issued on December 2016 [Member]
Preferred Units outstanding			700,000
Purchase Price			$ 7,000,000
Distribution Rate			3%
Redemption Price per Unit			$ 10
Series A Preferred Units issued on March 2017 [Member]
Preferred Units outstanding		1,000,000	1,000,000
Purchase Price		$ 10,000,000	$ 10,000,000
Distribution Rate		3%	3%
Redemption Price per Unit		$ 10	$ 10
Earliest Redemption Date	[1]	2024-03
Series A Preferred Units issued on August 2017 [Member]
Preferred Units outstanding		2,000,000	2,000,000
Purchase Price		$ 20,000,000	$ 20,000,000
Distribution Rate		3%	3%
Redemption Price per Unit		$ 10	$ 10
Earliest Redemption Date	[2]	2023-08
Series A Preferred Units issued on October 2017 [Member]
Preferred Units outstanding		1,750,000	1,750,000
Purchase Price		$ 17,500,000	$ 17,500,000
Distribution Rate		3%	3%
Redemption Price per Unit		$ 10	$ 10
Earliest Redemption Date	[3]	2023-10
Series A-1 Preferred Units issued on April 2022 [Member]
Preferred Units outstanding		2,000,000	2,000,000
Purchase Price		$ 20,000,000	$ 20,000,000
Distribution Rate		3%	3%
Redemption Price per Unit		$ 10	$ 10
Earliest Redemption Date		2028-04
Series A-1 Preferred Units issued on October 2022 [Member]
Preferred Units outstanding		1,000,000	1,000,000
Purchase Price		$ 10,000,000	$ 10,000,000
Distribution Rate		3%	3%
Redemption Price per Unit		$ 10	$ 10
Earliest Redemption Date		2028-10
Series A-1 Preferred Units issued on February 2023 [Member]
Preferred Units outstanding		1,500,000
Purchase Price		$ 15,000,000
Distribution Rate		3%
Redemption Price per Unit		$ 10
Earliest Redemption Date		2028-02

[1] The holder did not provide a notice of its intent to redeem prior to the date 180 days before the most recent optional redemption date. Accordingly, the holder's next optional redemption date is on the next anniversary of the sale of the Series A Preferred Units. In February 2023, the holder provided notice of its intent to redeem its Series A Preferred Units in August 2023. In April 2023, the holder of $ 10.0 million of Series A Preferred Units provided notice of its intent to redeem its investment in October 2023.

Redeemable Preferred Units - _2

Redeemable Preferred Units - Summary of Issuances of Preferred Units (Parenthetical) (Details) - USD ($)	Apr. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Redeemable preferred stock units		$ 102,429,876	$ 94,446,913
Series A Preferred Units [Member] \| Subsequent Event [Member]
Redeemable preferred stock units	$ 10,000,000

Restricted Unit Awards - Additi

Restricted Unit Awards - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU available for future issuance	376,000
Unrecognized compensation expense related to nonvested RUAs granted	$ 2,500,000
Remaining compensation expense expected to be recognized over a weighted-average period	1 year 3 months 18 days
Intrinsic value of unvested RUAs	$ 3,300,000
General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 350,000	$ 174,000
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	1,000,000
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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Restricted Units Awarded
Beginning Balance	87,334	77,523
Granted	102,087	96,321
Vested		(81,073)
Forfeited		(5,437)
Ending Balance	189,421	87,334
Weighted-average Grant-Date Fair Value
Beginning Balance	$ 19.33	$ 18.18
Granted	17.70	19.33
Vested		18.26
Forfeited		18.76
Ending Balance	$ 18.45	$ 19.33

Transactions with Related Par_3

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Details) - USD ($)		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities	[1]	$ 15,000	$ 19,000
Referral fees paid to an affiliate	[2]	76,250
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees	[3]	$ 1,578,000	$ 1,217,000

[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 franchise 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 condensed consolidated statements of operations. The Partnership has an agreement with an affiliate of Greystone, in which the Greystone affiliate is entitled to receive a referral fee up 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 term of the agreement ends December 31, 2023, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond origination costs that are deferred and amortized as a yield adjustment to the related investment asset. 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 investment assets 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 condensed consolidated statements of operations.

Transactions with Related Par_4

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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_5

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - General Partner [Member] - USD ($)		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Non-partnership property administrative fee received	[1]		$ 9,000
Investment/mortgage placement fees earned	[2]	$ 2,257,000

[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. AFCA 2 received placement fees in connection with the acquisition of certain MRBs, taxable MRBs, GILs, taxable GILs and property loans and investments in unconsolidated entities.

Transactions with Related Par_6

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%	0.45%

Transactions with Related Par_7

Transactions with Related Parties - Additional Information (Details) - USD ($)		3 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Fee paid	[1]	$ 76,250
Receivables due from unconsolidated entities		340,000	$ 325,000
Outstanding liabilities due to related parties		617,000	$ 654,000
Greystone Select [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 up 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 term of the agreement ends December 31, 2023, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond origination costs that are deferred and amortized as a yield adjustment to the related investment asset.

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)		Mar. 31, 2023	Dec. 31, 2022
Taxable Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[1]	8.10%	7.60%
Taxable Mortgage Revenue Bonds [Member] \| Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		6.30%	6.50%
Taxable Mortgage Revenue Bonds [Member] \| Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		11%	11.40%
Bond Purchase Commitment [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		4.10%	4.50%
Weighted Average Effective Yields	[1]	4.10%	4.50%
Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[1],[2]	4.50%	5.10%
Mortgage Revenue Bonds [Member] \| Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields	[2]	2.30%	2.60%
Mortgage Revenue Bonds [Member] \| Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields	[2]	7.50%	20.30%

[1] Weighted by the total principal outstanding of all the respective securities as of the reporting date Mortgage revenue bonds excludes the Provision Center 2014-1 MRB for figures as of March 31, 2023 as the proton therapy center securing the MRB was successfully sold out of bankruptcy in July 2022 and we received liquidation proceeds of $ 3.7 million in January 2023. The valuation as of March 31, 2023 is based on expected additional liquidation proceeds of approximately $ 930,000 at final liquidation.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments (Parenthetical) (Details) - USD ($)	1 Months Ended
	Mar. 31, 2023	Jan. 31, 2023
Fair Value Measurements [Abstract]
Proceeds from liquidation		$ 3,700,000
Additional proceeds from final liquidation	$ 930,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Total Assets at Fair Value, net	$ 889,795,979	$ 823,569,267
Fair Value Inputs Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Total Assets at Fair Value, net	3,769,196	7,199,198
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Total Assets at Fair Value, net	886,026,783	816,370,069
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	848,532,258	763,208,945
Mortgage Revenue Bonds Held In Trust [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	848,532,258	763,208,945
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	18,851,364	36,199,059
Mortgage Revenue Bonds [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	18,851,364	36,199,059
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	211,476	98,929
Bond Purchase Commitment [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	211,476	98,929
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	18,146,540	16,531,896
Taxable Mortgage Revenue Bonds [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	18,146,540	16,531,896
Derivative Instruments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	5,284,329	7,530,438
Derivative Instruments (Reported within Other Assets) [Member] \| Fair Value Inputs Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	4,999,184	7,199,198
Derivative Instruments (Reported within Other Assets) [Member] \| Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	285,145	$ 331,240
Derivative Swap Liability (reported within other liabilities)
Schedule of Available-for-sale Securities [Line Items]
Liabilities at Fair Value	(1,229,988)
Derivative Swap Liability (reported within other liabilities) \| Fair Value Inputs Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Liabilities at Fair Value	$ (1,229,988)

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Summary of Activity Related to Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($)		3 Months Ended
		Mar. 31, 2023		Mar. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		$ 816,370,069		$ 798,246,109
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		$ 1,388,828		$ 1,989,038
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest Income (Expense), Net		Interest Income (Expense), Net
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest Income (Expense), Net		Interest Income (Expense), Net
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]		OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax		OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax
Total gain (losses) included in other comprehensive (loss) income		$ 20,510,089		$ (48,570,737)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		62,427,813		75,690,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(14,670,016)		(81,459,036)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Other	[1]			(860,533)
Assets at Fair Value, ending balance		886,026,783		745,034,841
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held		10,943		139,663
Interest Rate Derivative Instruments [Member]
Schedule of Available-for-sale Securities [Line Items]
Derivative Assets (Liabilities) at Fair Value, beginning balance		331,240		343,418
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		1,317,385		1,874,738
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements		(1,363,480)		(1,820,498)
Derivative Assets (Liabilities) at Fair Value, ending balance		285,145		397,658
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held		(6,024)		134,384
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		98,929		964,404
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		112,547		(819,081)
Assets at Fair Value, ending balance		211,476		145,323
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		16,531,896		3,428,443
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(6,050)
Total gain (losses) included in other comprehensive (loss) income		(181,509)		(214,923)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		1,805,000		6,325,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(2,797)		(2,558)
Assets at Fair Value, ending balance		18,146,540		9,535,962
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		799,408,004	[2]	793,509,844	[3]
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		77,493	[2]	114,300	[3]
Total gain (losses) included in other comprehensive (loss) income		20,579,051	[2]	(47,536,733)	[3]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		60,622,813	[2]	69,365,000	[3]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(13,303,739)	[2]	(79,635,980)	[3]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Other	[1],[3]			(860,533)
Assets at Fair Value, ending balance		867,383,622	[2]	734,955,898	[3]
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held		$ 16,967	[2]	$ 5,279	[3]

[1] The other line is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 576,002,450	$ 667,698,183
Fair Value, Inputs, Level 3 [Member] \| Governmental Issuer Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 322,300,000	$ 305,000,000	$ 10,100,000	$ 6,800,000

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt financing	$ 1,143,735,172	$ 1,058,903,952
Secured lines of credit	6,500,000	55,500,000
Mortgages payable and other secured financing	1,690,000	1,690,000
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	1,147,075,811	1,059,674,409
Secured lines of credit	6,500,000	55,500,000
Mortgages payable and other secured financing	$ 1,690,000	$ 1,690,000

Segments - Additional Informati

Segments - Additional Information (Details)	3 Months Ended
Segments - Additional Information (Details)	Mar. 31, 2023 Property Security Unit Segment
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	77
Number of available for sale securities in tax-exempt loan \| Security	13
MF Properties Segment [Member]
Segment Reporting Information [Line Items]
Number of Real Estate Properties \| Property	1
Number of rental units under MF properties segment	384
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	11,042
Number of rental units financed by tax-exempt loan	2,419
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
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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Total revenues
Total revenues	$ 24,937,970	$ 19,206,371
Interest expense
Interest expense	17,971,498	3,937,131
Depreciation expense
Depreciation expense	404,981	683,662
Net income (loss)
Net income (loss)	16,791,222	26,264,018
Total assets
Total assets	1,632,670,109		$ 1,567,129,565
Operating Segments [Member] \| Affordable Multifamily MRB Investments [Member]
Total revenues
Total revenues	21,437,933	14,133,406
Interest expense
Interest expense	17,709,691	3,472,044
Depreciation expense
Depreciation expense	5,946	5,962
Net income (loss)
Net income (loss)	(801,573)	6,965,555
Total assets
Total assets	1,568,370,129		1,520,609,550
Operating Segments [Member] \| Seniors and Skilled Nursing MRB Investments [Member]
Total revenues
Total revenues	96,555	229,378
Net income (loss)
Net income (loss)	96,555	228,753
Total assets
Total assets	6,645,208		3,551,307
Operating Segments [Member] \| Market-Rate Joint Venture Investments [Member]
Total revenues
Total revenues	2,177,862	2,916,586
Interest expense
Interest expense	261,807	192,324
Net income (loss)
Net income (loss)	17,279,267	19,162,043
Total assets
Total assets	115,334,547		120,089,351
Operating Segments [Member] \| MF Properties [Member]
Total revenues
Total revenues	1,225,620	1,927,001
Interest expense
Interest expense		272,763
Depreciation expense
Depreciation expense	399,035	677,700
Net income (loss)
Net income (loss)	216,973	$ (92,333)
Total assets
Total assets	39,698,829		41,699,828
Consolidation, Eliminations [Member]
Total assets
Total assets	$ (97,378,604)		$ (118,820,471)

Subsequent Events - Schedule of

Subsequent Events - Schedule of Terms of partnership's MRB Investments (Details)	1 Months Ended
	Apr. 30, 2023 USD ($) Unit	Mar. 31, 2023 USD ($)
Subsequent Event [Line Items]
Principal Funded		$ 53,045,000
Subsequent Event [Member] \| Mortgage Revenue Bonds [Member]
Subsequent Event [Line Items]
Principal Funded	$ 8,050,000
Subsequent Event [Member] \| Buford, GA [Member] \| Mortgage Revenue Bonds [Member] \| Handsel Morgan Village [Member]
Subsequent Event [Line Items]
Month Acquired	April
Units \| Unit	45
Maturity Date	Mar. 01, 2041
Interest Rate	6.75%
Principal Funded	$ 2,150,000
Subsequent Event [Member] \| Buford, GA [Member] \| Mortgage Revenue Bonds [Member] \| Maryalice Circle [Member]
Subsequent Event [Line Items]
Month Acquired	April
Units \| Unit	98
Maturity Date	Mar. 01, 2041
Interest Rate	6.75%
Principal Funded	$ 5,900,000

Subsequent Events - Summary of

Subsequent Events - Summary of Terms of Interest Rate Swap Agreement (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2023	Mar. 31, 2023		Dec. 31, 2022
Subsequent Event [Line Items]
Derivative, Notional Amount		$ 218,533,888		$ 194,656,088
Mizuho Capital Markets 1 [Member]
Subsequent Event [Line Items]
Derivative, Notional Amount		$ 55,990,000		$ 55,990,000
Derivative, Effective Date		Feb. 09, 2022		Feb. 09, 2022
Derivative, Termination Date		Feb. 01, 2024		Feb. 01, 2024
Derivative, Fixed Rate Paid		1.40%		1.40%
Derivative, Variable Debt Financing Hedged		TOB Trusts	[1]	TOB Trusts	[2]
Mizuho Capital Markets [Member]
Subsequent Event [Line Items]
Derivative, Notional Amount		$ 102,590,936		$ 102,690,670
Subsequent Event [Member] \| Mizuho Capital Markets [Member]
Subsequent Event [Line Items]
Derivative, Purchase Date	2023-04
Derivative, Notional Amount	$ 4,508,000
Derivative, Effective Date	May 01, 2023
Derivative, Termination Date	May 01, 2033
Derivative, Fixed Rate Paid	3.49%
Derivative, Variable Rate Index Received	Compounded SOFR
Derivative, Variable Debt Financing Hedged	TOB Trusts

[1] See Notes 16 and 23 for additional details. See Notes 16 and 23 for additional details.

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Series A Preferred Units outstanding		10,250,000	9,450,000
Series A Preferred Units [Member]
Subsequent Event [Line Items]
Series A Preferred Units outstanding		5,750,000	6,450,000
Subsequent Event [Member] \| Series A Preferred Units [Member]
Subsequent Event [Line Items]
Series A Preferred Units outstanding	1,000,000
Redemption amount	$ 10
Redemption date	2023-10