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Transactions with Affiliates
12 Months Ended
Dec. 31, 2014
Transactions with Affiliates  
Transactions with Affiliates

 

Note O: Transactions with Affiliates

During 2013, the Company issued $1.5 million of promissory notes to affiliates of the Company's Philadelphia division for the development and sale of land and lots. These notes will be repaid once each lot and home is sold, and no later than within three years of their issuance. As of December 31, 2014 and 2013, the balances of the promissory notes from these affiliates were $129,000 and $1.3 million, respectively. Additionally, the Company leases office space from affiliates in its Philadelphia and Phoenix divisions at market terms.