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Transactions with Affiliates
9 Months Ended
Sep. 30, 2014
Transactions with Affiliates  
Transactions with Affiliates

Note 21.  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. At September 30, 2014 and December 31, 2013, the balances of the promissory notes from these affiliates totaled $126,000 and $1.3 million, respectively. Additionally, the Company leases office space from affiliates in its Philadelphia and Phoenix divisions at market terms.