Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

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

	Fair Value Measurements at December 31, 2015
Description	Assets and Liabilities 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 and Liabilities
Mortgage revenue bonds	$	583,683,137		$	-	$	-	$	583,683,137
Bond purchase commitments		5,634,360			-		-		5,634,360
PHC Certificates		60,707,290			-		-		60,707,290
MBS Securities		14,775,309			-		14,775,309		-
Taxable bonds		4,824,060			-		-		4,824,060
Interest rate derivatives		(972,898	)		-		-		(972,898	)
Total Assets and Liabilities at Fair Value	$	668,651,258		$	-	$	14,775,309	$	653,875,949

	For Twelve Months Ended December 31, 2015
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitments			PHC Certificates			Taxable Bonds			Interest Rate Derivatives			Total
Beginning Balance January 1, 2015	$	449,024,137		$	5,780,413		$	61,263,123		$	4,616,565		$	267,669		$	520,951,907
Total gains (losses) (realized/unrealized)
Included in earnings		-			-			-			-			(1,802,655	)		(1,802,655	)
Included in other comprehensive (loss) income		9,370,264			(146,053	)		462,297			(138,682	)		-			9,547,826
Purchases		188,572,000			-			-			-			-			188,572,000
Purchase interest rate derivative		-			-			-			-			562,088			562,088
Mortgage revenue bond exchanged for MF Property		(41,580,919	)		-			-			-			-			(41,580,919	)
Settlements		(21,702,345	)		-			(1,018,130	)		346,177			-			(22,374,298	)
Ending Balance December 31, 2015	$	583,683,137		$	5,634,360		$	60,707,290		$	4,824,060		$	(972,898	)	$	653,875,949
Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2015	$	-		$	-		$	-		$	-		$	(1,802,655	)	$	(1,802,655	)

	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
PHC Certificates		61,263,123		-		-		61,263,123
MBS Securities		14,841,558		-		14,841,558		-
Taxable 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 Twelve Months Ended December 31, 2014
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitments			PHC 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 Securities 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 and Liabilities 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 and Liabilities
Mortgage Revenue Bonds	$	285,318,171		$	-	$	-	$	285,318,171
Bond Purchase Commitments		(4,852,177	)		-		-		(4,852,177	)
PHC Certificates		62,056,379			-		-		62,056,379
MBS Securities		37,845,661			-		37,845,661		-
Taxable Bonds		4,075,953			-		-		4,075,953
Interest Rate Derivatives		888,120			-		-		888,120
Total Assets and Liabilities at Fair Value	$	385,332,107		$	-	$	37,845,661	$	347,486,446

	For Twelve Months Ended December 31, 2013
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitments			PHC 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 Consolidation		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 bond 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	)

Below are the fair market value estimates of the debt held on the balance sheet for December 31, 2015 and 2014, respectively.