Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Measurements [Abstract]

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

Assets measured at fair value on a recurring basis are summarized below:

	Fair Value Measurements at December 31, 2013
Description	Assets at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Mortgage Revenue Bonds	$	285,318,171	$	—	$	—	$	285,318,171
Public Housing Capital Fund Trusts	62,056,379		—		—		62,056,379
MBS Investments	37,845,661		—		37,845,661		—
Taxable Mortgage Bonds	4,075,953		—		—		4,075,953
Interest Rate Derivatives	888,120		—		—		888,120
Total Assets at Fair Value	$	390,184,284	$	—	$	37,845,661	$	352,338,623

	For Twelve Months Ended December 31, 2013
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Public Housing Capital Bond Trusts			Taxable Bonds			Interest Rate Derivatives			Total
Beginning Balance January 1, 2013	$	145,237,376		$	65,389,298		$	1,524,873		$	378,729		$	212,530,276
VIE deconsolidation	8,795,630			—			—			—			8,795,630
Total gains (losses) (realized/unrealized)
Included in earnings	—			—			—			(283,610		)	(283,610		)
Included in other comprehensive income	(18,011,590		)	(3,276,398		)	(231,920		)	—			(21,519,908		)
Ohio Properties' bonds after sale recognition	19,581,166			—			—			—			19,581,166
Greens Property's bonds after sale recognition	9,465,000			—			—			—			9,465,000
Purchases	148,624,000			—			2,918,000			—			151,542,000
Purchase interest rate derivative	—			—			—			793,001			793,001
Bond redemption	(16,052,849		)	—			—			—			(16,052,849		)
Bond foreclosure	(11,581,266		)	—			—			—			(11,581,266		)
Settlements	(739,296		)	(56,521		)	(135,000		)	—			(930,817		)
Ending Balance December 31, 2013	$	285,318,171		$	62,056,379		$	4,075,953		$	888,120		$	352,338,623
Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2013	$	—		$	—		$	—		$	(283,610	)	$	(283,610	)

	Fair Value Measurements at December 31, 2012
Description	Assets at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Mortgage Revenue Bonds	$	145,237,376	$	—	$	—	$	145,237,376
Public Housing Capital Fund Trusts	65,389,298		—		—		65,389,298
MBS Investments	32,121,412		—		32,121,412		—
Taxable Mortgage Bonds	1,524,873		—		—		1,524,873
Interest Rate Derivatives	378,729		—		—		378,729
Total Assets at Fair Value	$	244,651,688	$	—	$	32,121,412	$	212,530,276

	For Twelve Months Ended December 31, 2012
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Public Housing Capital Bond Trusts			Taxable Bonds			Interest Rate Derivatives			Total
Beginning Balance January 1, 2012	$	135,695,352		$	—		$	774,946		$	1,323,270		$	137,793,568
Total gains (losses) (realized/unrealized)
Included in earnings	—			—			—			(944,541		)	(944,541		)
Included in other comprehensive income	8,070,888			(568,335		)	(23,402		)	—			7,479,151
Purchases	32,660,864			65,985,893			934,000			—			99,580,757
Sale and restructuring of mortgage revenue bonds	(30,654,939		)	—			—			—			(30,654,939		)
Settlements	(534,789		)	(28,260		)	(160,671		)	—			(723,720		)
Ending Balance December 31, 2012	$	145,237,376		$	65,389,298		$	1,524,873		$	378,729		$	212,530,276
Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2012	—			$	—		$	—		$	(944,541	)	$	(944,541	)

	Fair Value Measurements at December 31, 2011
	Assets at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Mortgage Revenue Bonds	$	135,695,352	$	—	$	—	$	135,695,352
Taxable Bonds	774,946		—		—		774,946
Interest Rate Derivatives	1,323,270		—		—		1,323,270
Total Assets at Fair Value	$	137,793,568	$	—	$	—	$	137,793,568

	For Twelve Months Ended December 31, 2011
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Taxable Bonds			Interest Rate Derivatives			Total
Beginning Balance January 1, 2011	$	100,566,643		$	204,449		$	3,406,791		$	104,177,883
VIE deconsolidation	15,083,757			—			—			15,083,757
Total gains (losses) (realized/unrealized)
Included in earnings	—			—			(2,083,521		)	(2,083,521		)
Included in other comprehensive income	9,734,259			—			—			9,734,259
Purchases	20,117,500			46,242			—			20,163,742
Bond retirement	(9,526,619		)	800,000			—			(8,726,619		)
Settlements	(280,188		)	(275,745		)	—			(555,933		)
Ending Balance December 31, 2011	$	135,695,352		$	774,946		$	1,323,270		$	137,793,568
Total amount of gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2011	$	—		$	—		$	(2,083,521	)	$	(2,083,521	)

Fair Value, by Balance Sheet Grouping [Table Text Block]

Below represents the fair market value of the debt held on the balance sheet for December 31, 2013 and 2012, respectively.

	2013				2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Liabilities:
Debt financing	$	257,274,000	$	258,639,691	$	177,948,000	$	179,103,291
Mortgages payable	57,087,320		58,117,798		39,119,517		40,203,943