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Mortgage-Backed Securities (Tables)
 3 Months Ended
Mar. 31, 2013
Mortgage-Backed Securities [Abstract]  
Marketable Securities [Table Text Block]
The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts:
 
 
Weighted Average Lives (Years)
 
Investment Rating
 
Weighted Average Interest Rate over Life
 
Principal Outstanding
Public Housing Capital Fund Trust Certificate I
 
12.75
 
AA-
 
5.330
%
 
$
26,406,558

Public Housing Capital Fund Trust Certificate II
 
12.3
 
AA-
 
4.240
%
 
17,959,713

Public Housing Capital Fund Trust Certificate III
 
13.3
 
BBB
 
5.410
%
 
20,898,432

Total Public Housing Capital Fund Trust Certificates
 
 
 
 
 
 
 
$
65,264,703

Description of certain terms of the Company's MBS is as follows:
 
Agency Rating of MBS
 
Principal Outstanding March 31, 2013
 
Weighted Average Maturity Date
 
Weighted Average Coupon Interest Rate
 
 
 
"AAA"
 
$
12,675,000

 
January 14, 2036
 
4.22
%
 
"AA"
 
20,990,000

 
January 18, 2036
 
4.00
%
 
 
 
$
33,665,000

 
 
 
 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
 
 
March 31, 2013
Description of Tax-Exempt Mortgage Revenue Bonds
 
Cost adjusted for pay-downs
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value
Arbors at Hickory Ridge (2)
 
$
11,580,166

 
$
1,226,315

 
$
—

 
$
12,806,481

Ashley Square (1)
 
5,248,000

 
335,342

 
—

 
5,583,342

Autumn Pines (2)
 
12,227,249

 
1,390,673

 
—

 
13,617,922

Bella Vista (1)
 
6,600,000

 
141,570

 
—

 
6,741,570

Bridle Ridge (1)
 
7,740,000

 
273,377

 
—

 
8,013,377

Brookstone (1)
 
7,456,317

 
1,655,477

 
—

 
9,111,794

Cross Creek (1)
 
6,014,381

 
2,152,683

 
—

 
8,167,064

Lost Creek (1)
 
16,018,015

 
3,835,262

 
—

 
19,853,277

Ohio Bonds A Bonds (1)
 
14,561,000

 
1,328,300

 
—

 
15,889,300

Runnymede (1)
 
10,605,000

 
851,157

 
—

 
11,456,157

Southpark (1)
 
11,924,697

 
2,767,047

 
—

 
14,691,744

Woodlynn Village (1)
 
4,460,000

 
—

 
(268
)
 
4,459,732

Tax-exempt mortgage revenue bonds held in trust
 
$
114,434,825

 
$
15,957,203

 
$
(268
)
 
$
130,391,760

 
 
 
 
 
 
 
 
 
 
 
March 31, 2013
Description of Tax-Exempt Mortgage Revenue Bonds
 
Cost adjusted for pay-downs
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value
Avistar on the Boulevard
 
$
16,976,000

 
190,396

 
—

 
$
17,166,396

Avistar at Chase Hill
 
10,965,000

 
121,539

 
—

 
11,086,539

Avistar at the Crest
 
10,459,000

 
—

 
(100,011
)
 
10,358,989

Iona Lakes
 
15,535,000

 
651,851

 
—

 
16,186,851

Ohio B Bonds
 
3,590,600

 
316,027

 
—

 
3,906,627

Vantage at Judson
 
6,049,000

 
131,747

 
—

 
6,180,747

Woodland Park
 
15,662,000

 
—

 
(4,080,734
)
 
11,581,266

Tax-exempt mortgage revenue bonds
 
$
79,236,600

 
$
1,411,560

 
$
(4,180,745
)
 
$
76,467,415

 
 
 
 
 
 
 
(1) Bonds owned by ATAX TEBS I, LLC, Note 10
(2) Bond held by Deutsche Bank in a secured financing transaction, Note 10
 
 
December 31, 2012
Description of Tax-Exempt Mortgage Revenue Bonds
 
Cost adjusted for pay-downs
 
Unrealized Gains
 
Unrealized Loss
 
Estimated Fair Value
Ashley Square (1)
 
$
5,260,000

 
$
246,981

 
$
—

 
$
5,506,981

Autumn Pines (2)
 
12,217,004

 
953,024

 
—

 
13,170,028

Bella Vista (1)
 
6,600,000

 
93,324

 
—

 
6,693,324

Bridle Ridge  (1)
 
7,765,000

 
108,632

 
—

 
7,873,632

Brookstone (1)
 
7,453,246

 
1,459,408

 
—

 
8,912,654

Cross Creek (1)
 
6,004,424

 
1,994,911

 
—

 
7,999,335

Lost Creek (1)
 
15,987,744

 
3,467,182

 
—

 
19,454,926

Runnymede (1)
 
10,605,000

 
491,330

 
—

 
11,096,330

Southpark  (1)
 
11,904,968

 
2,462,350

 
—

 
14,367,318

Woodlynn Village (1)
 
4,460,000

 
—

 
(446
)
 
4,459,554

Tax-exempt mortgage revenue bonds held in trust
 
$
88,257,386

 
$
11,277,142

 
$
(446
)
 
$
99,534,082

 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
Description of Tax-Exempt Mortgage Revenue Bonds
 
Cost adjusted for pay-downs
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value
Arbors at Hickory Ridge
 
$
11,581,485

 
$
610,785

 
$
—

 
$
12,192,270

Iona Lakes
 
15,535,000

 
554,910

 
—

 
16,089,910

Vantage at Judson
 
6,049,000

 
—

 
(847
)
 
6,048,153

Woodland Park
 
15,662,000

 
—

 
(4,289,039
)
 
11,372,961

Tax-exempt mortgage revenue bonds
 
$
48,827,485

 
$
1,165,695

 
$
(4,289,886
)
 
$
45,703,294


The carrying value of the Company's MBS as of March 31, 2013 is as follows:
Agency Rating of MBS (1)
 
Cost adjusted for amortization of premium
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value
"AAA"
 
$
13,121,934

 
$
—

 
$
(174,041
)
 
$
12,947,893

"AA"
 
21,509,965

 
—

 
(342,530
)
 
21,167,435

 
 
$
34,631,899

 
$
—

 
$
(516,571
)
 
$
34,115,328

(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.

The carrying value of the Company's MBS as of December 31, 2012 is as follows:
Agency Rating of MBS (1)
 
Cost adjusted for amortization of premium
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value
"AAA"
 
$
13,127,402

 
$
—

 
$
(129,613
)
 
$
12,997,789

"AA"
 
19,407,675

 
—

 
(284,052
)
 
19,123,623

 
 
$
32,535,077

 
$
—

 
$
(413,665
)
 
$
32,121,412

(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.