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Subsequent Events
12 Months Ended
Dec. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
ubsequent Events

In February 2013, the Partnership obtained a $7.5 million loan secured by the Maples on 97th property. This loan is with an unrelated third party and carries a fixed annual interest rate of 3.55%, maturing on February 10, 2016. Title to the Maples on 97th property also transferred to the Partnership from the EAT (a wholly-owned subsidiary of an unrelated title company) in February 2013.

In February 2013, the Company executed a new TOB under its credit facility with DB securitizing the Greens of Pine Glen tax-exempt mortgage revenue bond. The amount borrowed was $5.75 million with a variable interest rate tied to SIFMA and the facility matures in January 2014. The total cost of borrowing was approximately 2.6% at the time of closing.

On February 14, 2013, the Partnership acquired six tax-exempt bonds secured by three properties located in San Antonio, Texas. The bond purchases are as follows: a $13.8 million par value Series A and a $3.2 million par value Series B tax-exempt mortgage revenue bonds secured by the Huebner Oaks Apartments, a 344 unit multifamily apartment complex; an $8.9 million Series A and a $2 million Series B tax-exempt mortgage revenue bonds secured by the Las Colinas Apartments, a 232 unit multifamily apartment complex; and an $8.8 million Series A and $1.7 million Series B tax-exempt mortgage revenue bonds secured by Perrin Crest Apartments, a 200 unit multifamily apartment complex. The three Series A tax-exempt mortgage revenue bonds each carry an annual interest rate of 6.0% and mature on March 1, 2050. The three Series B tax-exempt mortgage revenue bonds each carry a cash interest rate of 9.0% and mature on April 1, 2050. The Partnership also acquired approximately $645,000 of taxable bonds which also carry a cash interest rate of 9.0% and mature on April 1, 2050.

On February 26, 2013, the Partnership obtained a $6.0 million loan secured by the Iona Lakes tax-exempt mortgage revenue bond. This loan carries a fixed interest rate of 5.0% and matures on February 25, 2014.