Mortgages Payable (Tables)

12 Months Ended

Dec. 31, 2015

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

The Partnership had the following outstanding TOB trust financing arrangements, net of deferred financing costs as of December 31, 2015 and 2014:

TOB Trusts Securitization	Outstanding TOB Trust Financing at December 31, 2015		Year Acquired	Stated Maturity	Variable / Fixed	Reset Frequency	SIFMA Based Rate			Facility Fees			Year End Rate
PHC Certificates (1)	$	43,985,000	2012	June-16	Variable	Weekly		0.68	%		1.62	%		2.30	%
MBS Securities - 1		2,585,000	2012	April-16	Variable	Weekly		0.16	%		0.94	%		1.10	%
MBS Securities - 2		4,090,000	2012	April-16	Variable	Weekly		0.16	%		0.94	%		1.10	%
MBS Securities - 3		5,270,000	2012	April-16	Variable	Weekly		0.16	%		0.94	%		1.10	%
Decatur Angle		22,847,450	2014	October-16	Fixed	N/A	N/A			N/A				4.26	%
Live 929		37,935,981	2014	July-19	Fixed	N/A	N/A			N/A				4.39	%
Bruton Apartments		17,246,899	2014	July-17	Fixed	N/A	N/A			N/A				4.51	%
Pro Nova 2014-1		9,006,899	2014	July-17	Fixed	N/A	N/A			N/A				4.01	%
Pro Nova 2014-2		8,371,899	2014	July-17	Fixed	N/A	N/A			N/A				4.01	%
Concord at Gulfgate		14,936,685	2015	February-18	Fixed	N/A	N/A			N/A				2.76	%
Concord at Little York		11,231,685	2015	February-18	Fixed	N/A	N/A			N/A				2.76	%
Concord at Williamcrest		15,606,685	2015	February-18	Fixed	N/A	N/A			N/A				2.76	%
Columbia Gardens		11,699,209	2015	December-17	Fixed	N/A	N/A			N/A				2.76	%
Willow Run		11,698,732	2015	December-17	Fixed	N/A	N/A			N/A				2.76	%
Total TOB Trust    Financing\Effective Rate	$	216,512,124												3.26	%

⁽¹⁾Comprised of three TOB Trusts

TOB Trusts Securitization	Outstanding TOB Trust Financing at December 31, 2014		Year Acquired	Stated Maturity	Variable / Fixed	Reset Frequency	SIFMA Based Rate			Facility Fees			Year End Rate
PHC Certificates (1)	$	44,660,693	2012	June-15	Variable	Weekly		0.58	%		1.62	%		2.20	%
MBS Securities - 1		2,585,000	2012	April-15	Variable	Weekly		0.18	%		0.94	%		1.12	%
MBS Securities - 2		4,090,000	2012	April-15	Variable	Weekly		0.18	%		0.94	%		1.12	%
MBS Securities - 3		5,270,000	2012	April-15	Variable	Weekly		0.12	%		0.94	%		1.06	%
The Suites on Paseo		25,535,000	2013	June-15	Fixed	N/A	N/A			N/A				1.96	%
Decatur Angle		21,841,852	2014	October-16	Fixed	N/A	N/A			N/A				4.34	%
Live 929		34,942,917	2014	July-19	Fixed	N/A	N/A			N/A				4.47	%
Bruton Apartments		17,245,083	2014	July-17	Fixed	N/A	N/A			N/A				4.55	%
Pro Nova 2014-1		9,007,656	2014	July-17	Fixed	N/A	N/A			N/A				4.05	%
Pro Nova 2014-2		9,007,656	2014	July-17	Fixed	N/A	N/A			N/A				4.05	%
Total TOB Trust    Financing\Effective Rate	$	174,185,857												3.23	%

⁽¹⁾ Comprised of three TOB Trusts

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

The Partnership’s aggregate borrowings as of December 31, 2015 contractually mature over the next five years and thereafter as follows:

2016	$	81,807,600
2017		120,366,181
2018		43,614,419
2019		129,541,724
2020		81,101,364
Thereafter		-
Total	$	456,431,288

Mortgages payable

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

The following is a summary of the Mortgage Loans payable, net of deferred financing costs, on MF Properties:

MF Property Mortgage Payables	Outstanding Mortgage Payable at December 31, 2015		Year Acquired	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate			Facility Fees			Year End Rate
Arboretum	$	16,683,146	2011	March 2017	Fixed	N/A	N/A			N/A				3.75	%
Eagle Village (1)		8,037,133	2010	September 2018	Variable	Monthly		0.25	%		3.00	%		3.25	%
Residences of DeCordova		1,807,246	2012	June 2017	Fixed	N/A	N/A			N/A				4.75	%
Residences of Weatherford		5,820,623	2011	June 2017	Fixed	N/A	N/A			N/A				4.75	%
The 50/50 UNL Student Housing--    Mortgage (2)		25,363,647	2013	March 2020	Variable	Monthly		3.25	%	N/A				3.25	%
The 50/50 UNL Student Housing--TIF    Loan		4,035,780	2014	December 2019	Fixed	N/A	N/A			N/A				4.65	%
Woodland Park (1)		6,074,738	2013	August 2017	Variable	Monthly		0.19	%		2.75	%		2.94	%
Total Mortgage Payable\Effective    Rate	$	67,822,313												3.60	%
(1) Variable rate is based on LIBOR
(2) Variable rate is based on Wall Street Journal Prime Rate

MF Property Mortgage Payables	Outstanding Mortgage Payable at December 31, 2014		Year Acquired	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate			Facility Fees			Year End Rate
Arboretum	$	17,072,781	2011	March 2017	Fixed	N/A	N/A			N/A				3.75	%
Eagle Village (1)		8,223,550	2010	September 2015	Variable	Monthly		1.60	%		2.75	%		4.35	%
Residences of DeCordova		1,867,184	2012	June 2017	Fixed	N/A	N/A			N/A				4.75	%
Residences of Weatherford		6,023,016	2011	June 2017	Fixed	N/A	N/A			N/A				4.75	%
The 50/50 UNL Student Housing--    Mortgage (2)		25,330,864	2013	March 2020	Variable	Monthly		3.25	%	N/A				3.25	%
The 50/50 UNL Student Housing--TIF    Loan		3,963,588	2014	December 2019	Fixed	N/A	N/A			N/A				4.65	%
The Colonial		7,476,419	2013	February 2016	Fixed	N/A	N/A			N/A				3.55	%
Woodland Park (1)		6,074,738	2013	August 2017	Variable	Monthly		0.21	%		2.75	%		2.96	%
Total Mortgage Payable\Effective    Rate	$	76,032,140												3.72	%
(1) Variable rate is based on LIBOR
(2) Variable rate is based on Wall Street Journal Prime Rate

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

The Partnership’s mortgages payable as of December 31, 2015, contractually mature over the next five years and thereafter as follows:

2016	$	1,919,689
2017		31,535,642
2018		9,114,886
2019		5,104,650
2020		20,616,986
Thereafter		-
Total	$	68,291,853