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Investments in Tax-Exempt Bonds (Tables)
 9 Months Ended
Sep. 30, 2013
Investments in Tax Exempt Bonds [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
 
 
September 30, 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)
 
$
11,577,528

 
$
270,693

 
$
—

 
$
11,848,221

Ashley Square (1)
 
5,224,000

 
—

 
—

 
5,224,000

Autumn Pines (2)
 
12,247,713

 
—

 
(196,097
)
 
12,051,616

Avistar on the Boulevard A Bond (2)
 
13,760,000

 
—

 
(1,308,163
)
 
12,451,837

Avistar at Chase Hill A Bond (2)
 
8,960,000

 
—

 
(962,394
)
 
7,997,606

Avistar at the Crest A Bond (2)
 
8,759,000

 
—

 
(1,300,361
)
 
7,458,639

Bella Vista (1)
 
6,545,000

 
—

 
(514,568
)
 
6,030,432

Bridle Ridge (1)
 
7,715,000

 
—

 
(455,108
)
 
7,259,892

Brookstone (1)
 
7,461,514

 
857,067

 
—

 
8,318,581

Cross Creek (1)
 
6,033,317

 
1,582,999

 
—

 
7,616,316

Greens Property (2)
 
9,404,291

 
—

 
(305,540
)
 
9,098,751

Lost Creek (1)
 
15,853,185

 
2,000,560

 
—

 
17,853,745

Ohio Properties A Bonds (1)
 
14,519,000

 
—

 
—

 
14,519,000

Runnymede (1)
 
10,565,000

 
—

 
(419,853
)
 
10,145,147

Southpark (1)
 
11,964,156

 
1,029,425

 
—

 
12,993,581

Woodlynn Village (1)
 
4,443,000

 
—

 
(396,227
)
 
4,046,773

Tax-exempt mortgage revenue bonds held in trust
 
$
155,031,704

 
$
5,740,744

 
$
(5,858,311
)
 
$
154,914,137

 
 
September 30, 2013
Description of Tax-Exempt Mortgage Revenue Bonds
 
Cost adjusted for pay-downs
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value
Avistar at Chase Hill B Bond
 
2,005,000

 
—

 
(158,696
)
 
1,846,304

Avistar at the Crest B Bond
 
1,700,000

 
—

 
(134,555
)
 
1,565,445

Avistar at the Oaks (f/k/a Dublin)
 
8,354,000

 
—

 
(829,866
)
 
7,524,134

Avistar in 09 (f/k/a Waterford)
 
7,192,000

 
—

 
(658,575
)
 
6,533,425

Avistar on the Boulevard B Bond
 
3,216,000

 
—

 
(254,546
)
 
2,961,454

Avistar on the Hills (f/k/a Kingswood)
 
5,389,000

 
—

 
(534,256
)
 
4,854,744

Ohio Properties B Bonds
 
3,585,980

 
116,702

 
—

 
3,702,682

Renaissance
 
6,725,000

 
108,776

 
—

 
6,833,776

Vantage at Harlingen
 
6,692,000

 
—

 
(210,196
)
 
6,481,804

Vantage at Judson
 
6,049,000

 
—

 
(191,025
)
 
5,857,975

Tax-exempt mortgage revenue bonds
 
$
50,907,980

 
$
225,478

 
$
(2,971,715
)
 
$
48,161,743

(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 September 30, 2013 is as follows:
Agency Rating of MBS (1)
 
Cost adjusted for amortization of premium
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value
"AAA"
 
$
23,182,932

 
$
—

 
$
(2,596,666
)
 
$
20,586,266

"AA"
 
21,109,784

 
—

 
(2,815,054
)
 
18,294,730

 
 
$
44,292,716

 
$
—

 
$
(5,411,720
)
 
$
38,880,996

(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.