Notes And Interest Receivable

9 Months Ended

Sep. 30, 2011

Notes And Interest Receivable [Abstract]

Notes And Interest Receivable

NOTE 3. NOTES AND INTEREST RECEIVABLE

A portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized by real estate or interests in real estate and personal guarantees of the borrower and, unless noted otherwise, are so secured. Management intends to service and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid at maturity. Our mortgage notes receivable consist of first, wraparound and junior mortgage loans (dollars in thousands):

Borrower	Maturity Date		Interest Rate			Amount			Security
Performing loans:
ABC Land & Development, Inc.(1)		10/15		10.00	%	$	272		Marina Landing (256 Unit Apartment Complex)
Garden Centura, L.P. (1)		N/A		7.00	%		3,967		Excess cash flow from partnership
Miscellaneous non-related party notes		Various		Various			389		Various secured interest
Miscellaneous related party notes (1)		Various		Various			393		Various secured interest
Ocean Beach Partners, L.P. (1)		12/11		7.00	%		3,279		Folsom Land (36 acres in Farmers Branch, TX)
Unified Housing Foundation, Inc. (Lakeshore Villas) (1)		12/27		5.25	%		2,000		Unsecured
Unified Housing Foundation, Inc. (Lakeshore Villas) (1)		12/27		5.25	%		6,363		Membership interest in Housing for Seniors of Humble, LLC
Unified Housing Foundation, Inc. (Cliffs of El Dorado) (1)		12/27		5.25	%		2,990		100% Interest in Unified Housing of McKinney, LLC
Unified Housing Foundation, Inc. (Echo Station) (1)		12/27		5.25	%		1,481		100% Interest in Unified Housing of Temple, LLC
Unified Housing Foundation, Inc. (Limestone Canyon) (1)		12/27		5.25	%		4,663		100% Interest in Unified Housing of Austin, LLC
Unified Housing Foundation, Inc. (Limestone Canyon) (1)		07/15		5.25	%		3,057		100% Interest in Unified Housing of Austin, LLC
Unified Housing Foundation, Inc. (Limestone Ranch) (1)		12/27		5.25	%		6,000		100% Interest in Unified Housing of Vista Ridge, LLC
Unified Housing Foundation, Inc. (Limestone Ranch) (1)		07/15		5.25	%		2,250		100% Interest in Unified Housing of Vista Ridge, LLC
Unified Housing Foundation, Inc. (Parkside Crossing) (1)		12/27		5.25	%		1,936		100% Interest in Unified Housing of Parkside Crossing, LLC
Unified Housing Foundation, Inc. (Sendero Ridge) (1)		12/27		5.25	%		4,812		100% Interest in Unified Housing of Sendero Ridge, LLC
Unified Housing Foundation, Inc. (Sendero Ridge) (1)		07/15		5.25	%		5,174		100% Interest in Unified Housing of Sendero Ridge, LLC
Unified Housing Foundation, Inc. (Timbers of Terrell) (1)		12/27		5.25	%		1,323		100% Interest in Unified Housing of Terrell, LLC
Unified Housing Foundation, Inc. (Tivoli) (1)		12/27		5.25	%		7,966		100% Interest in Unified Housing of Tivoli, LLC
Accrued interest							580
Total Performing						$	58,895
Non-Performing loans:
Dallas Fund XVII LP (2)		10/09		9.00	%	$	1,432		Assignment of partnership interest
Total Non-Performing						$	1,432
Allowance for estimated losses							(3,777	)
Total						$	56,550

⁽¹⁾ Related party notes

⁽²⁾ Note matured and an allowance for estimated losses at full value of note