v3.26.1
Allowance for Credit Losses - Summary of Changes in Partnership's Allowance for Credit Losses (Details) - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]    
Balance, beginning of period $ 4,330,134 $ 3,230,000
Current provision for credit losses 8,981 [1] (172,000)
Recovery of prior credit loss (11,120) (16,967)
Balance, end of period 4,339,115 3,058,000
MRB and taxable MRB investments [Member]    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Balance, beginning of period 12,875,922 4,128,849
Current provision for credit losses [2] 2,086,858 0
Write-offs (6,620,142) 0
Recovery of prior credit loss [3] (11,120) (16,967)
Balance, end of period [4] 4,157,802 4,111,882
Governmental Issuer Loans [Member]    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Balance, beginning of period 609,000 1,038,000
Current provision for credit losses (45,000) [1] (97,000)
Balance, end of period 564,000 941,000
Taxable Governmental Issuer Loans [Member]    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Balance, beginning of period 244,000 76,000
Current provision for credit losses 19,000 [1] 65,000
Balance, end of period 225,000 141,000
Property Loans [Member]    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Balance, beginning of period 3,477,134 1,930,000
Current provision for credit losses 72,981 [1] (72,000)
Balance, end of period 3,550,115 1,858,000
Unfunded Commitments [Member]    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Balance, beginning of period 0 186,000
Current provision for credit losses (0) [1] (68,000)
Balance, end of period $ 0 $ 118,000
[1] The current provision for credit losses includes an asset-specific allowance of approximately $93,000 related to the Opportunity South Carolina property loan
[2] During the three months ended March 31, 2026, the Partnership recovered approximately $2.1 million of its previously recognized allowance for credit loss related to The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, and Windsor Shores Apartments MRB and taxable MRB, with the remaining allowance associated with the MRBs being written off upon closing of the deed in lieu of foreclosure transactions (Note 8).
[3] 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.
[4] The allowance for credit losses as of March 31, 2026 and 2025 was related to the Live 929 Apartments – 2022A MRB.