Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Measurements [Abstract]

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

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

	Fair Value Measurements at March 31, 2013
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	$	206,859,175	$	—		$	—		$	206,859,175
Public Housing Capital Fund Trust Certificates	64,613,713		—			—			64,613,713
MBS Investments	34,115,328		—			34,115,328			—
Interest Rate Derivatives	274,071		—			—			274,071
Total Assets at Fair Value	$	305,862,287	$	—		$	34,115,328		$	271,746,959
	For Three Months Ended March 31, 2013
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Tax-exempt Mortgage Revenue Bonds		Public Housing Capital Fund Trust Certificates			Interest Rate Derivatives			Total
Beginning Balance January 1, 2013	$	145,237,376	$	65,389,298		$	378,729		$	211,005,403
Total gains (losses) (realized/unrealized)
Included in earnings	—		—			(104,658		)	(104,658		)
Included in other comprehensive income	3,628,875		(761,456		)	—			2,867,419
Ohio Properties tax-exempt mortgage revenue bonds	19,581,166		—			—			19,581,166
Purchases	38,400,000		—			—			38,400,000
Settlements	11,758		(14,129		)	—			(2,371		)
Ending Balance March 31, 2013	$	206,859,175	$	64,613,713		$	274,071		$	271,746,959
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 March 31, 2013	$	—				$	(104,658	)	$	(104,658	)

	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 Three Months Ended March 31, 2012
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Tax-exempt Mortgage Revenue Bonds		Public Housing Capital Fund Trust Certificates		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	—		—		(329,340)			(329,340)
Included in other comprehensive income	2,841,588		—		0			2,841,588
Settlements	39,238		—		—			39,238
Ending Balance March 31, 2012	$	138,576,178	$	—	$	993,930		$	139,570,108
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 March 31, 2012	$	—	$	—	$	(329,340	)	$	(329,340	)

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

Below represents the fair market value of the debt held on the balance sheet for March 31, 2013 and December 31, 2012, respectively.

	March 31, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Liabilities:
Debt financing	$	194,267,900	$	194,658,641	$	177,948,000	$	179,103,291
Mortgages payable	$	46,558,021	$	47,553,226	$	39,119,517	$	40,203,943