Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Measurements [Abstract]

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

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

	Fair Value Measurements at June 30, 2014
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	$	356,313,066	$	—	$	—	$	356,313,066
Bond Purchase Commitment	334,367		—		—		334,367
Public Housing Capital Fund Trust Certificates	64,997,717		—		—		64,997,717
MBS Investments	37,878,708		—		37,878,708		—
Taxable Bonds	4,370,023		—		—		4,370,023
Interest Rate Derivatives	669,712		—		—		669,712
Total Assets at Fair Value	$	464,563,593	$	—	$	37,878,708	$	426,684,885

	For Three Months Ended June 30, 2014
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitment			Public Housing Capital Fund Trust Certificates			Taxable Bonds			Interest Rate Derivatives			Total
Beginning Balance April 1, 2014	$	316,471,727		$	(1,362,940	)	$	62,070,540		$	4,298,957		$	1,103,783		$	382,582,067
Total gains (losses) (realized/unrealized)
Included in earnings	—			—			—			—			(434,071		)	(434,071		)
Included in other comprehensive income	10,960,638			1,697,307			3,138,575			146,066			—			15,942,586
Purchases	41,876,327			—			—			—			—			41,876,327
Mortgage revenue bond and MBS sales and redemption	(12,828,660		)	—			—			—			—			(12,828,660		)
Settlements	(166,967		)	—			(211,397		)	(75,000		)	—			(453,364		)
Ending Balance June 30, 2014	$	356,313,065		$	334,367		$	64,997,718		$	4,370,023		$	669,712		$	426,684,885
Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of June 30, 2014	$	—		$	—		$	—		$	—		$	(434,071	)	$	(434,071	)

	For Six Months Ended June 30, 2014
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitment			Public Housing Capital Fund Trust Certificates			Taxable Bonds			Interest Rate Derivatives			Total
Beginning Balance January 1, 2014	$	285,318,171		$	(4,852,177	)	$	62,056,379		$	4,075,953		$	888,120		$	347,486,446
Total gains (losses) (realized/unrealized)
Included in earnings	—			—			—			—			(609,908		)	(609,908		)
Included in other comprehensive loss	25,033,658			5,186,544			4,796,434			369,070			—			35,385,706
Purchases	76,655,127			—			—			—			—			76,655,127
Purchase interest rate derivative	—			—			—			—			391,500			391,500
Mortgage revenue bond and MBS sales and redemption	(30,464,798		)	—			—			—			—			(30,464,798		)
Settlements	(229,093		)	—			(1,855,095		)	(75,000		)	—			(2,159,188		)
Ending Balance June 30, 2014	$	356,313,065		$	334,367		$	64,997,718		$	4,370,023		$	669,712		$	426,684,885
Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of June 30, 2014	$	—		$	—		$	—		$	—		$	(609,908	)	$	(609,908	)

	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
Bond Purchase Commitment	(4,852,177		)	—		—		(4,852,177		)
Public Housing Capital Fund Trusts	62,056,379			—		—		62,056,379
MBS Investments	37,845,661			—		37,845,661		—
Taxable Bonds	4,075,953			—				4,075,953
Interest Rate Derivatives	888,120			—		—		888,120
Total Assets at Fair Value	$	385,332,107		$	—	$	37,845,661	$	347,486,446

	For Three Months Ended June 30, 2013
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Public Housing Capital Fund Trust Certificates			Taxable Bonds			Interest Rate Derivatives		Total
Beginning Balance April 1, 2013	$	206,859,175		$	64,613,713		$	2,364,981.85		$	274,071	$	274,111,941
Total gains (losses) (realized/unrealized)
Included in earnings	—			—			—			240,904		240,904
Included in other comprehensive loss	(3,484,499		)	(1,840,314		)	(42,404		)	—		(5,367,217		)
Purchases	23,810,000			—			831,000			—		24,641,000
Mortgage revenue bond redemption	(16,052,849		)	—			—			—		(16,052,849		)
Mortgage revenue bond foreclosure	(11,581,266		)	—			—			—		(11,581,266		)
Settlements	(434,968		)	(14,131		)	(70,000		)	—		(519,099		)
Ending Balance June 30, 2013	$	199,115,593		$	62,759,268		$	3,083,578		$	514,975	$	265,473,414
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 June 30, 2013	$	—		$	—		$	—		$	240,904	$	240,904

	For Six Months Ended June 30, 2013
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	mortgage Revenue Bonds			Public Housing Capital Fund Trust Certificates			Taxable Bonds			Interest Rate Derivatives		Total
Beginning Balance January 1, 2013	$	145,237,376		$	65,389,298		$	1,524,873.14		$	378,729	$	212,530,276
Total gains (losses) (realized/unrealized)
Included in earnings	—			—			—			136,246		136,246
Included in other comprehensive income (loss)	144,376			(2,601,770		)	(6,295.18		)	—		(2,463,689		)
Purchases	62,210,000			—			1,635,000			—		63,845,000
Mortgage revenue bond redemption	(16,052,849		)	—			—			—		(16,052,849		)
Mortgage revenue bond foreclosure	(11,581,266		)	—			—			—		(11,581,266		)
Settlements	(423,210		)	(28,260		)	(70,000		)	—		(521,470		)
Ending Balance June 30, 2013	$	199,115,593		$	62,759,268		$	3,083,578		$	514,975	$	265,473,414
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 June 30, 2013	$	—		$	—		$	—		$	136,246	$	136,246

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

This estimate of fair value is based on Level 3 inputs. The table below represents the fair value of the debt held on the balance sheet for June 30, 2014 and December 31, 2013, respectively.

	June 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Liabilities:
Debt financing	$	244,468,000	$	244,283,717	$	257,274,000	$	258,639,691
Mortgages payable	$	69,547,725	$	68,886,229	$	57,087,320	$	58,117,798