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Condensed Consolidated Statements of Cash Flows (USD $)
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income (loss) $ 15,951,429 $ 3,546,516
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:    
Depreciation and amortization expense 5,014,542 4,618,505
Provision for loss on receivables 241,698 214,525
Non-cash gain (loss) on derivatives 304,085 1,055,311
Bond discount and premium amortization and accretion (249,476) (315,580)
Gain on sale of bonds 0 (667,821)
Gain on the sale of the Ohio Properties (3,177,183) (1,277,976)
Contingent Interest Income (6,497,160) 0
Realized loss on taxable property loan (4,557,741) 0
Changes in operating assets and liabilities, net of effect of acquisitions    
Increase (decrease) in interest receivable (3,431,931) (2,834,210)
(Increase) decrease in other assets (1,288,680) (842,388)
Increase (decrease) in accounts payable and accrued expenses (753,912) (115,370)
Net cash provided (used) by operating activities 10,671,153 3,381,512
Cash flows from investing activities:    
Capital expenditures (6,903,635) (4,750,312)
Acquisition of tax-exempt mortgage revenue bonds (72,752,000) (10,165,287)
Proceeds from sale of MF Property 22,610,000 8,325,000
Investment in the Ohio Properties' bonds (27,778,000) 0
Cash received from taxable loans receivable - Ohio Properties 4,064,089 0
Proceeds from the sale/redemption of bonds 21,935,343 16,829,960
Acquisition of mortgage-backed securities (12,629,888) 0
Acquisition of public housing capital trusts 0 65,985,913
Purchase of rate derivative 793,000 0
Deposit on MF Property (100,000) 0
Acquisition of partnerships, net of cash acquired (2,918,000) 0
Decrease in restricted cash 68,418 160,820
Restricted cash - debt collateral released (4,500,000) 7,895,236
Acquisition of partnerships, net of cash acquired 0 (5,500,000)
Change in restricted cash - Greens Property sale 2,546,363 0
Principal payments received on taxable bonds 1,776,418 666,458
Net cash provided (used) by investing activities (75,373,892) (52,524,038)
Cash flows from financing activities:    
Distributions paid (16,838,315) (13,277,259)
Proceeds from debt financing 42,530,000 48,995,000
Principal borrowings on mortgages payable 15,300,343 3,769,044
Principal borrowing on line of credit 16,015,900 0
Proceeds from sale of beneficial unit certificates 0 59,948,265
Net change in line of credit (8,565,900) 0
Principal payments on debt and mortgage financing (1,740,179) (14,690,798)
Decrease in liabilities related to restricted cash (68,418) (160,820)
Debt financing costs (355,585) (116,542)
Proceeds from Noncontrolling Interests 0 4,037
Net cash (used) provided by financing activities 46,277,846 84,470,927
Net increase (decrease) in cash and cash equivalents (18,424,893) 35,328,401
Cash and cash equivalents at beginning of period, including discontinued operations 30,331,500 20,213,413
Cash and cash equivalents at end of period, including discontinued operations 11,906,607 55,541,814
Cash paid during the period for interest 4,657,186 3,086,659
Distributions declared but not paid 5,400,622 5,705,283
Capital expenditures financed through payables 1,110,092 58,304
Deconsolidation of the Ohio Properties - noncontrolling interest 2,326,984 0
Taxable loans receivable - Ohio Properties 2,086,236 0
Foreclosure of the Woodland Park bond $ 15,662,000 $ 0