Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

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

	Fair Value Measurements at December 31, 2012
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
Tax-exempt Mortgage Revenue Bonds	$	145,237,376	$	—	$	—	$	145,237,376
Public Housing Capital Fund Trusts	65,389,298		—		—		65,389,298
MBS Investments	32,121,412		—		32,121,412		—
Interest Rate Derivatives	378,729		—		—		378,729
Total Assets at Fair Value	$	243,126,815	$	—	$	32,121,412	$	211,005,403

	For Twelve Months Ended December 31, 2012
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Tax-exempt Mortgage Revenue Bonds			Public Housing Capital Bond Trusts			Interest Rate Derivatives			Total
Beginning Balance January 1, 2012	$	135,695,352		$	—		$	1,323,270		$	137,018,622
Total gains (losses) (realized/unrealized)
Included in earnings	—			—			(944,541		)	(944,541		)
Included in other comprehensive income	8,070,888			(568,335		)	—			7,502,553
Purchases	32,660,864			65,985,893			—			98,646,757
Bond sales and restructuring	(30,654,939		)	—			—			(30,654,939		)
Settlements	(534,789		)	(28,260		)	—			(563,049		)
Ending Balance December 31, 2012	$	145,237,376		$	65,389,298		$	378,729		$	211,005,403
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, 2012	$	—		$	—		$	(944,541	)	$	(944,541	)

	Fair Value Measurements at December 31, 2011
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
Tax-exempt Mortgage Revenue Bonds	$	135,695,352	$	—		$	—		$	135,695,352
Interest Rate Derivatives	1,323,270		—			—			1,323,270
Total Assets at Fair Value	$	137,018,622	$	—		$	—		$	137,018,622
			For Twelve Months Ended December 31, 2011
			Fair Value Measurements Using Significant
			Unobservable Inputs (Level 3)
			Tax-exempt Mortgage Revenue Bonds			Interest Rate Derivatives			Total
Beginning Balance January 1, 2011			$	100,566,643		$	3,406,791		$	103,973,434
VIE deconsolidation			15,083,757			—			15,083,757
Total gains (losses) (realized/unrealized)
Included in earnings			—			(2,083,521		)	(2,083,521		)
Included in other comprehensive income			9,734,259			—			9,734,259
Purchases			20,117,500			—			20,117,500
Bond retirement			(9,526,619		)	—			(9,526,619		)
Settlements			(280,188		)	—			(280,188		)
Ending Balance December 31, 2011			$	135,695,352		$	1,323,270		$	137,018,622
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, 2011			$	—		$	(2,083,521	)	$	(2,083,521	)

	Fair Value Measurements at December 31, 2010
	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
Tax-exempt Mortgage Revenue Bonds	$	100,566,643	$	—		$	—	$	100,566,643
Interest Rate Derivatives	3,406,791		—			—		3,406,791
Total Assets at Fair Value	$	103,973,434	$	—		$	—	$	103,973,434
			For Twelve Months Ended December 31, 2010
			Fair Value Measurements Using Significant
			Unobservable Inputs (Level 3)
			Tax-exempt Mortgage Revenue Bonds			Interest Rate Derivatives		Total
Beginning Balance January 1, 2010			$	69,399,763		$	140,507	$	69,540,270
VIE deconsolidation			12,371,004			—		12,371,004
VIE consolidation			(9,539,000		)	—		(9,539,000		)
Total gains (realized/unrealized)
Included in earnings			—			571,684		571,684
Included in other comprehensive income			1,348,966			—		1,348,966
Purchases			28,104,843			2,694,600		30,799,443
Settlements			(1,118,933		)	—		(1,118,933		)
Ending Balance December 31, 2010			$	100,566,643		$	3,406,791	$	103,973,434
Total amount of gains 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, 2010			$	—		$	571,684	$	571,684

Fair Value, by Balance Sheet Grouping [Table Text Block]

Below represents the fair market value of the debt held on the balance sheet for December 31, 2012 and 2011, respectively.

	2012				2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Liabilities:
Debt financing	$	177,948,000	$	179,103,291	$	112,673,000	$	115,106,332
Mortgages payable	39,119,517		40,203,943		35,464,455		36,585,329