On February 23, 2016, at 1115 eastern standard time, a Cirrus Design Corp. SR22, N256CD, was substantially damaged during impact with terrain, after deployment of the Cirrus Airplane Parachute System, following a partial loss of engine power near the Palatka Municipal Airport (28J), Palatka, Florida. The private pilot received minor injuries. Visual meteorological conditions prevailed and an instrument flight rules flight plan was filed for the flight that departed from the Sanford-Lee County Airport (TTA), Sanford, North Carolina, about 0820. The flight was destined for the Leesburg International Airport (LEE), Leesburg, Florida. The personal flight was operated under the provisions of Title 14 Code of Federal Regulations Part 91.The pilot stated that while in cruise flight, at an altitude of 7,000 feet mean sea level (msl), he began a descent to a lower altitude in preparation for arrival at the destination airport. Just after the descent began, he retarded the throttle "slightly" and the "power dropped dramatically, perhaps to idle." The propeller continued to rotate but he was unsure of the exact engine rpm as he did not look at the tachometer. He requested and received vectors from air traffic control to the nearest airport and turned toward 28J. He then switched fuel tanks, adjusted the mixture, switched magnetos, and moved the throttle to full and back to idle again, all with no effect. When he determined that the airplane would not be able to reach the airport, he deployed the airframe parachute system about 1,000 feet msl. Examination of the airplane at the accident scene by a Federal Aviation Administration inspector revealed that the it came to rest in a residential area, 2.8 nautical miles southeast of 28J, between a backyard shed and a recreational vehicle trailer. The parachute was entangled in power lines. The propeller and the nosewheel sustained damage, and the left aileron had separated from the wing. The inspector also noted that both wing fuel tanks were about half-full of fuel. The airplane was recovered to a storage facility and examination of the engine did not reveal any preimpact mechanical malfunctions. With the engine still installed on the airframe, an engine test-run was performed. The engine started after two revolutions and ran continuously. After a brief warmup, the throttle was advanced to 1,700 rpm and a magneto check was performed, during which the rpm drop was about 100 rpm for each magneto. The throttle was advanced to full power momentarily, and the engine reached 2,500 rpm. The throttle was then retarded to idle and the engine speed dropped to about 800 rpm. The mixture control was then pulled to the idle/cut position and the engine ceased running. Data were download and plotted from an onboard engine monitor. Review of the data did not reveal any anomalies prior to or after the reduction in engine power and subsequent loss of engine power.