Debt Financing (Tables)

6 Months Ended

Jun. 30, 2015

Debt Financing [Abstract]

Schedule of Debt [Table Text Block]

Tender Option Bond Financings

	June 30, 2015
Description of the Tender Option Bond Financings	Outstanding Debt Financing		Interest Rate		Stated Maturity
PHC Certificates-TOB Trust	$	43,985,000	2.30	%	December 2015
MBS - TOB Trust 1	2,585,000		1.16	%	October 2015
MBS - TOB Trust 2	4,090,000		1.16	%	October 2015
MBS - TOB Trust 5	5,270,000		1.16	%	October 2015
The Suites on Paseo - TOB Trust	15,000,000		4.05	%	November 2015
Decatur Angle - TOB Trust	21,850,000		4.34	%	October 2016
Live 929 - TOB Trust	34,940,000		4.47	%	July 2019
Bruton Apartments - TOB Trust	17,250,000		4.55	%	July 2017
Pro Nova 2014-1 - TOB Trust	9,010,000		4.05	%	July 2017
Pro Nova 2014-2 - TOB Trust	8,375,000		4.05	%	July 2017
Concord at Gulfgate - TOB Trust	11,940,000		2.80	%	February 2018
Concord at Little York - TOB Trust	8,735,000		2.80	%	February 2018
Concord at Williamcrest - TOB Trust	12,610,000		2.80	%	February 2018
Total TOB Debt Financing	$	195,640,000

	December 31, 2014
Description of the Tender Option Bond Financings	Outstanding Debt Financing		Interest Rate		Stated Maturity
PHC Certificates-TOB Trust	$	44,675,000	2.20	%	June 2015
MBS - TOB Trust 1	2,585,000		1.12	%	April 2015
MBS - TOB Trust 2	4,090,000		1.12	%	April 2015
MBS - TOB Trust 5	5,270,000		1.06	%	April 2015
The Suites on Paseo - TOB Trust	25,535,000		1.96	%	June 2015
TOB - Decatur Angle - TOB Trust	21,850,000		4.34	%	October 2016
Live 929 - TOB Trust	34,975,000		4.47	%	July 2019
Bruton Apartments - TOB Trust	17,250,000		4.55	%	July 2017
Pro Nova 2014-1 - TOB Trust	9,010,000		4.05	%	July 2017
Pro Nova 2014-2 - TOB Trust	9,010,000		4.05	%	July 2017
Total TOB Debt Financing	$	174,250,000

Schedule of Maturities of Long-term Debt [Table Text Block]

The Company’s aggregate borrowings on June 30, 2015 contractually mature over the next five years and thereafter as follows: 

2015	$	72,519,759
2016	24,561,861
2017	108,927,702
2018	34,484,657
2019	125,651,915
Thereafter	—
Total	$	366,145,894

The Company’s mortgages payable on June 30, 2015 contractually mature over the next five years and thereafter as follows:

2015	$	8,501,943
2016	1,097,066
2017	30,402,796
2018	4,592,269
2019	24,100,855
Thereafter	—
Total	$	68,694,929

Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]

The par value of the mortgage revenue bonds included in this financing facility on June 30, 2015 and December 31, 2014 are as follows:

Description of Mortgage Revenue Bonds	Outstanding Bond Par Amounts
	June 30, 2015		December 31, 2014		Financial Statement Presentation
Ashley Square	$	5,129,000	$	5,159,000	Mortgage revenue bond
Bella Vista	6,430,000		6,490,000		Mortgage revenue bond
Bent Tree	7,423,000		7,465,000		Assets held for sale
Bridle Ridge	7,625,000		7,655,000		Mortgage revenue bond
Brookstone	9,212,970		9,256,001		Mortgage revenue bond
Cross Creek	8,383,770		8,422,997		Mortgage revenue bond
Fairmont Oaks	7,218,000		7,266,000		Assets held for sale
Lake Forest	8,826,000		8,886,000		Mortgage revenue bond
Runnymede	10,395,000		10,440,000		Mortgage revenue bond
Southpark	13,680,000		13,680,000		Mortgage revenue bond
Woodlynn Village	4,371,000		4,390,000		Mortgage revenue bond
Ohio Series A Bond (1)	14,359,000		14,407,000		Mortgage revenue bond
Total	$	103,052,740	$	103,516,998

⁽¹⁾ Collateralized by Crescent Village, Postwoods, and Willow Bend

The par value of the mortgage revenue bonds included in the M31 TEBS financing facility on June 30, 2015 and December 31, 2014 are as follows:

Description of Mortgage Revenue Bonds	Outstanding Bond Par Amounts
	June 30, 2015		December 31, 2014		Financial Statement Presentation
Arbors at Hickory Ridge	$	11,450,000	$	11,450,000	Mortgage revenue bond
Avistar at Chase Hill A Bond	9,978,838		10,000,000		Mortgage revenue bond
Avistar at the Crest A Bond	9,679,473		9,700,000		Mortgage revenue bond
Avistar at the Oaks A Bond	7,800,000		7,800,000		Mortgage revenue bond
Avistar in 09 A Bond	6,735,000		6,735,000		Mortgage revenue bond
Avistar on the Boulevard A Bond	16,490,029		16,525,000		Mortgage revenue bond
Avistar on the Hills A Bond	5,389,000		5,389,000		Mortgage revenue bond
Copper Gate Apartments	5,220,000		5,220,000		Mortgage revenue bond
Greens Property A Bond	8,330,000		8,366,000		Mortgage revenue bond
Harden Ranch A Bond	6,960,000		6,960,000		Mortgage revenue bond
The Palms at Premier Park Apartments	20,084,554		20,152,000		Mortgage revenue bond
Tyler Park Apartments A Bond	6,075,000		6,075,000		Mortgage revenue bond
Westside Village A Bond	3,970,000		3,970,000		Mortgage revenue bond
Total	$	118,161,894	$	118,342,000

Effective July 1, 2015, the Partnership transferred the following mortgage revenue bonds to the 2015 Sponsor pursuant to the M33 TEBS financing described above:

	July 1, 2015
Description of Mortgage Revenue Bonds	Bond Par Amount		Financial Statement Presentation
Glenview Apartments A Bond	$	4,670,000	Mortgage revenue bond
Heritage Square A Bond	11,185,000		Mortgage revenue bond
Montclair Apartments A Bond	2,530,000		Mortgage revenue bond
Avistar at the Parkway A Bond	13,300,000		Mortgage revenue bond
Renaissance Gateway	11,491,928		Mortgage revenue bond
Santa Fe Apartments A Bond	3,065,000		Mortgage revenue bond
Silver Moon Lodge Apartments A Bond	8,000,000		Mortgage revenue bond
Vantage at Harlingen B Bond	24,575,000		Mortgage revenue bond
Vantage at Judson B Bond	26,540,000		Mortgage revenue bond
Total	$	105,356,928