Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

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



	Fair Value Measurements at December 31, 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	$	449,024,137	$	—	$	—	$	449,024,137
Bond Purchase Commitments	5,780,413		—		—		5,780,413
Public Housing Capital Fund Trusts	61,263,123		—		—		61,263,123
MBS Investments	14,841,558		—		14,841,558		—
Taxable Mortgage Bonds	4,616,565		—		—		4,616,565
Interest Rate Derivatives	267,669		—		—		267,669
Total Assets at Fair Value	$	535,793,465	$	—	$	14,841,558	$	520,951,907



	For the Year Ended December 31, 2014
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Mortgage Revenue Bond Purchase Commitments			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	—			—			—			—			(2,003,351		)	(2,003,351		)
Included in other comprehensive income	52,272,236			10,632,590			5,219,937			685,612			—			68,810,375
Purchases	142,794,827			—			—			—			—			142,794,827
Purchase interest rate derivative	—			—			—			—			1,382,900			1,382,900
Mortgage revenue bond and MBS sales and redemption	(30,464,798		)	—			—			—			—			(30,464,798		)
Settlements	(896,299		)	—			(6,013,193		)	(145,000		)	—			(7,054,492		)
Ending Balance December 31, 2014	$	449,024,137		$	5,780,413		$	61,263,123		$	4,616,565		$	267,669		$	520,951,907
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, 2014	$	—		$	—		$	—		$	—		$	(2,003,351	)	$	(2,003,351	)



	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 Commitments	(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 Mortgage 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 the Year Ended December 31, 2013
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Mortgage Revenue Bond Purchase Commitments			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		$	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		)	(4,852,177		)	(3,276,398		)	(231,920		)	—			(26,372,085		)
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		$	(4,852,177	)	$	62,056,379		$	4,075,953		$	888,120		$	347,486,446
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 the Year 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	)

Below represents the fair market value of the debt held on the balance sheet for December 31, 2014 and 2013, respectively.