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Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2013
Variable Interest Entities [Abstract]  
Variable Interest Entity, Classification of Carrying Amount, Assets [Table Text Block]
The following table presents information regarding the carrying value and classification of the assets held by the Partnership as of March 31, 2013, which constitute a variable interest in Ashley Square and Cross Creek.
 
Balance Sheet Classification
 
 Carrying Value
 
 Maximum Exposure to Loss
Ashley Square Apartments
 
 
 
 
 
Tax Exempt Mortgage Revenue Bond
Bond Investment
 
$
5,583,342

 
$
5,248,000

Property Loan
Other Asset
 
1,298,000

 
6,671,364

 
 
 
$
6,881,342

 
$
11,919,364

Cross Creek Apartments
 
 
 
 
 
Tax Exempt Mortgage Revenue Bond
Bond Investment
 
$
8,167,064

 
$
6,014,381

Property Loans
Other Asset
 
3,448,615

 
3,448,615

 
 
 
$
11,615,679

 
$
9,462,996
Schedule of Condensed Income Statement [Table Text Block]
Condensed Consolidating Statements of Operations for the three months ended March 31, 2013 and 2012:

 
 Partnership For the Three Months Ended March 31, 2013
 
 Consolidated VIEs For the Three Months Ended March 31, 2013
 
 Consolidation - Elimination For the Three Months Ended March 31, 2013
 
 Total For the Three Months Ended March 31, 2013
Revenues:
 
 
 
 
 
 
 
Property revenues
$
2,519,738

 
$
1,213,069

 
$
—

 
$
3,732,807

Investment income
8,094,326

 
—

 
(377,709
)
 
7,716,617

Other interest income
1,244,985

 
—

 
—

 
1,244,985

Other income
250,000

 
—

 
—

 
250,000

Total revenues
12,109,049

 
1,213,069

 
(377,709
)
 
12,944,409

Expenses:
 
 
 
 
 
 
 
Real estate operating (exclusive of items shown below)
1,323,634

 
733,402

 
—

 
2,057,036

Provision for loss on receivables
238,175

 
—

 
—

 
238,175

Depreciation and amortization
1,238,459

 
353,736

 
(10,819
)
 
1,581,376

Interest
1,536,273

 
819,163

 
(819,163
)
 
1,536,273

General and administrative
970,491

 
—

 
—

 
970,491

Total expenses
5,307,032

 
1,906,301

 
(829,982
)
 
6,383,351

Income (loss) from continuing operations
6,802,017

 
(693,232
)
 
452,273

 
6,561,058

Income from discontinued operations (including gain on sale of MF Properties of $1,775,527 in 2013)
1,933,019

 
—

 
—

 
1,933,019

Net income (loss)
8,735,036

 
(693,232
)
 
452,273

 
8,494,077

Net income attributable to noncontrolling interest
172,651

 
—

 
—

 
172,651

Net income (loss) - America First Tax Exempt Investors, L. P.
$
8,562,385

 
$
(693,232
)
 
$
452,273

 
$
8,321,426


 
 Partnership For the Three Months Ended March 31, 2012
 
 Consolidated VIEs For the Three Months Ended March 31, 2012
 
 Consolidation - Elimination For the Three Months Ended March 31, 2012
 
 Total For the Three Months Ended March 31, 2012
Revenues:
 
 
 
 
 
 
 
Property revenues
$
1,765,491

 
$
1,194,909

 
$
—

 
$
2,960,400

Investment income
2,753,077

 
—

 
(381,673
)
 
2,371,404

Other interest income
39,345

 
—

 
—

 
39,345

Total revenues
4,557,913

 
1,194,909

 
(381,673
)
 
5,371,149

Expenses:
 
 
 
 
 
 
 
Real estate operating (exclusive of items shown below)
907,335

 
708,041

 
—

 
1,615,376

Provision for loss on receivables
238,175

 
—

 
—

 
238,175

Depreciation and amortization
718,713

 
355,986

 
(10,932
)
 
1,063,767

Interest
1,268,816

 
799,142

 
(799,142
)
 
1,268,816

General and administrative
650,579

 
—

 
—

 
650,579

Total expenses
3,783,618

 
1,863,169

 
(810,074
)
 
4,836,713

Income (loss) from continuing operations
774,295

 
(668,260
)
 
428,401

 
534,436

Income from discontinued operations
235,148

 
—

 
—

 
235,148

Net income (loss)
1,009,443

 
(668,260
)
 
428,401

 
769,584

Net income attributable to noncontrolling interest
139,152

 
—

 
—

 
139,152

Net income (loss) - America First Tax Exempt Investors, L. P.
$
870,291

 
$
(668,260
)
 
$
428,401

 
$
630,432

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



The table below shows the pro forma condensed consolidated results of operations of the Company as if Maples on 97th had been acquired at the beginning of the periods presented:
 
For Three Months Ended March 31, 2013
 
For Three Months Ended March 31, 2012
 
 
 
 
Revenues
$
13,394,714

 
$
5,785,809

Net income
8,355,688

 
650,547

Net income allocated to unitholders
8,084,553

 
881,502

Unitholders' interest in net income per unit (basic and diluted)
$
0.19

 
$
0.03
Schedule of Condensed Balance Sheet [Table Text Block]
Condensed Consolidating Balance Sheets as of March 31, 2013 and December 31, 2012:
 
 
 
 Partnership as of March 31, 2013
 
 Consolidated VIEs as of March 31, 2013
 
 Consolidation - Elimination as of March 31, 2013
 
 Total as of March 31, 2013
Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
13,312,928

 
$
23,384

 
$
—

 
$
13,336,312

Restricted cash
 
3,690,160

 
905,489

 
—

 
4,595,649

Interest receivable
 
16,837,415

 
—

 
(5,985,517
)
 
10,851,898

Tax-exempt mortgage revenue bonds held in trust, at fair value
 
155,347,034

 
—

 
(24,955,274
)
 
130,391,760

Tax-exempt mortgage revenue bonds, at fair value
 
76,467,415

 
—

 
—

 
76,467,415

Public housing capital fund trusts, at fair value
 
64,613,713

 
—

 
—

 
64,613,713

Mortgage-backed securities, at fair value
 
34,115,328

 
—

 
—

 
34,115,328

Real estate assets:
 
 
 
 
 
 
 
 
Land
 
7,971,254

 
3,250,044

 
—

 
11,221,298

Buildings and improvements
 
64,014,909

 
31,989,818

 
—

 
96,004,727

Real estate assets before accumulated depreciation
 
71,986,163

 
35,239,862

 
—

 
107,226,025

Accumulated depreciation
 
(6,450,506
)
 
(14,068,730
)
 
—

 
(20,519,236
)
Net real estate assets
 
65,535,657

 
21,171,132

 
—

 
86,706,789

Other assets
 
19,850,322

 
735,448

 
(9,581,391
)
 
11,004,379

Assets of discontinued operations
 
9,963,239

 
—

 
—

 
9,963,239

Total Assets
 
$
459,733,211

 
$
22,835,453

 
$
(40,522,182
)
 
$
442,046,482

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other liabilities
 
$
4,558,345

 
$
27,214,033

 
$
(26,326,512
)
 
$
5,445,866

Distribution payable
 
5,400,621

 
—

 
—

 
5,400,621

Debt financing
 
194,267,900

 
—

 
—

 
194,267,900

Mortgages payable
 
46,558,021

 
24,092,000

 
(24,092,000
)
 
46,558,021

Liabilities of discontinued operations
 
115,668

 
—

 
—

 
115,668

Total Liabilities
 
250,900,555

 
51,306,033

 
(50,418,512
)
 
251,788,076

Partners' Capital
 
 
 
 
 
 
 
 
General Partner
 
69,728

 
—

 
—

 
69,728

Beneficial Unit Certificate holders
 
207,549,504

 
—

 
6,702,517

 
214,252,021

Unallocated deficit of Consolidated VIEs
 
—

 
(28,470,580
)
 
3,193,813

 
(25,276,767
)
Total Partners' Capital
 
207,619,232

 
(28,470,580
)
 
9,896,330

 
189,044,982

Noncontrolling interest
 
1,213,424

 
—

 
—

 
1,213,424

Total Capital
 
208,832,656

 
(28,470,580
)
 
9,896,330

 
190,258,406

Total Liabilities and Partners' Capital
 
$
459,733,211

 
$
22,835,453

 
$
(40,522,182
)
 
$
442,046,482

 

 
 
 Partnership as of December 31, 2012
 
 Consolidated VIEs as of December 31, 2012
 
 Consolidation -Elimination as of December 31, 2012
 
 Total as of December 31, 2012
Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
30,123,447

 
$
49,326

 
$
—

 
$
30,172,773

Restricted cash
 
4,538,071

 
933,451

 
—

 
5,471,522

Interest receivable
 
14,131,063

 
—

 
(5,657,703
)
 
8,473,360

Tax-exempt mortgage revenue bonds held in trust, at fair value
 
124,149,600

 
—

 
(24,615,518
)
 
99,534,082

Tax-exempt mortgage revenue bonds, at fair value
 
45,703,294

 
—

 
—

 
45,703,294

Public housing capital fund trusts, at fair value
 
65,389,298

 
—

 
—

 
65,389,298

Mortgage-backed securities, at fair value
 
32,121,412

 
—

 
—

 
32,121,412

Real estate assets:
 
 
 
 
 
 
 
 
Land
 
6,798,407

 
4,404,469

 
—

 
11,202,876

Buildings and improvements
 
55,776,753

 
37,838,726

 
—

 
93,615,479

Real estate assets before accumulated depreciation
 
62,575,160

 
42,243,195

 
—

 
104,818,355

Accumulated depreciation
 
(5,458,961
)
 
(13,871,102
)
 
—

 
(19,330,063
)
Net real estate assets
 
57,116,199

 
28,372,093

 
—

 
85,488,292

Other assets
 
22,923,356

 
852,321

 
(15,559,382
)
 
8,216,295

Assets of discontinued operations
 
32,580,427

 
—

 
—

 
32,580,427

Total Assets
 
$
428,776,167

 
$
30,207,191

 
$
(45,832,603
)
 
$
413,150,755

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other liabilities
 
$
2,330,852

 
$
28,529,405

 
$
(25,846,310
)
 
$
5,013,947

Distribution payable
 
5,566,908

 
—

 
—

 
5,566,908

Debt financing
 
177,948,000

 
—

 
—

 
177,948,000

Mortgages payable
 
39,119,507

 
24,158,000

 
(24,158,000
)
 
39,119,507

Liabilities of discontinued operations
 
1,531,462

 
—

 
—

 
1,531,462

Total Liabilities
 
226,496,729

 
52,687,405

 
(50,004,310
)
 
229,179,824

Partners' Capital
 
 
 
 
 
 
 
 
General Partner
 
(430,087
)
 
—

 
—

 
(430,087
)
Beneficial Unit Certificate holders
 
200,655,786

 
—

 
6,727,301

 
207,383,087

Unallocated deficit of Consolidated VIEs
 
—

 
(22,480,214
)
 
(2,555,594
)
 
(25,035,808
)
Total Partners' Capital
 
200,225,699

 
(22,480,214
)
 
4,171,707

 
181,917,192

Noncontrolling interest
 
2,053,739

 
—

 
—

 
2,053,739

Total Capital
 
202,279,438

 
(22,480,214
)
 
4,171,707

 
183,970,931

Total Liabilities and Partners' Capital
 
$
428,776,167

 
$
30,207,191

 
$
(45,832,603
)
 
$
413,150,755

The Maples on 97th property acquisition is disclosed pursuant to the accounting guidance on business combinations. A condensed balance sheet at the date of acquisition is included below.
 
 
Maples on 97th 8/29/2012 (Date of Acquisition)
Other current assets
 
$
44,534

In-place lease assets
 
428,865

Real estate assets
 
5,071,135

Total Assets
 
$
5,544,534

Accounts payable, accrued expenses and other
 
$
69,120

Net assets
 
5,475,414

Total liabilities and net assets
 
$
5,544,534