Mortgages Payable (Tables)

12 Months Ended

Dec. 31, 2014

Mortgages Payable [Abstract]

Schedule of Debt [Table Text Block]

On June 29, 2013 the Partnership retired this debt facility.

Tender Option Bond Financings

Description of the Tender Option Bond Financings	Outstanding Debt Financing at December 31, 2014		Year Acquired	Stated Maturity	Year End Rates
PHC Certificates-TOB Trust	$	44,675,000	2012	June 2015	2.20	%
MBS - TOB Trust 1	2,585,000		2012	April 2015	1.12	%
MBS - TOB Trust 2	4,090,000		2012	April 2015	1.12	%
MBS - TOB Trust 5	5,270,000		2012	April 2015	1.06	%
The Suites on Paseo - TOB Trust	25,535,000		2013	June 2015	1.96	%
TOB - Decatur Angle - TOB Trust	21,850,000		2014	October 2016	4.34	%
Live 929 - TOB Trust	34,975,000		2014	July 2019	4.47	%
Bruton Apartments - TOB Trust	17,250,000		2014	July 2017	4.55	%
Pro Nova 2014-1 - TOB Trust	9,010,000		2014	July 2017	4.05	%
Pro Nova 2014-2 - TOB Trust	9,010,000		2014	July 2017	4.05	%
Total Debt Financing	$	174,250,000
Description of the Tender Option Bond Financings	Outstanding Debt Financing at December 31, 2013		Year Acquired	Stated Maturity	Year End Rates
PHC Certificates-TOB Trust	$	48,995,000	2012	June 2014	2.32	%
Autumn Pines-TOB Trust	9,770,000		2011	July 2014	1.96	%
MBS - TOB Trust 1	2,585,000		2012	April 2014	1.21	%
MBS - TOB Trust 2	4,090,000		2012	April 2014	1.29	%
MBS - TOB Trust 3	2,865,000		2012	April 2014	1.22	%
MBS - TOB Trust 4	5,960,000		2012	April 2014	1.23	%
MBS - TOB Trust 5	10,545,000		2012	April 2014	1.27	%
Greens of Pine Glen - TOB Trust	5,700,000		2013	June 2014	2.40	%
Arbors of Hickory Ridge - TOB Trust	7,000,000		2013	August 2014	2.40	%
MBS - TOB Trust 6	7,825,000		2013	August 2014	1.02	%
Avistar (February 2013 portfolio) - TOB Trust (2)	20,000,000		2013	June 2014	2.21	%
Avistar (June 2013 portfolio) - TOB Trust (1)	13,210,000		2013	October 2014	2.21	%
The Suites on Paseo - TOB Trust	25,750,000		2013	December 2014	1.96	%
Total Debt Financing	$	164,295,000

The following is a summary of the Mortgage Loans payable on MF Properties:

MF Property Mortgage Payables	Outstanding Mortgage Payable at December 31, 2014		Year Acquired	Stated Maturity	Effective Rate (1)
Arboretum	$	17,182,764	2011	March 2017	3.75	%
Eagle Village	8,224,671		2010	September 2015	4.35	%
Residences of DeCordova	1,881,998		2008	June 2017	4.75	%
Residences of Weatherford	6,043,673		2012	June 2017	4.75	%
The 50/50 - Mortgage	25,500,000		2013	March 2020	3.25	%
The 50/50 - TIF Loan	4,299,990		2014	December 2019	4.65	%
The Colonial	7,500,000		2013	February 2016	3.55	%
Woodland Park	6,074,738		2013	August 2017	2.96	%
Total Mortgage Payable	$	76,707,834
MF Property Mortgage Payables	Outstanding Mortgage Payable at December 31, 2013		Year Acquired	Stated Maturity	Effective Rate (1)
Arboretum	$	17,500,000	2011	March 2014	5.32	%
Eagle Village	8,828,435		2010	June 2014	4.04	%
Glynn Place	1,845,058		2008	May 2014	2.81	%
Residences of DeCordova	1,948,064		2012	February 2017	5.00	%
Residences of Weatherford	6,268,311		2011	July 2015	5.90	%
The 50/50	7,177,438		2013	March 2020	3.25	%
The Colonial	7,500,000		2013	March 2016	3.47	%
Woodland Park	6,020,014		2013	March 2014	2.97	%
Total Mortgage Payable	$	57,087,320

Schedule of Maturities of Long-term Debt [Table Text Block]

The Company’s aggregate borrowings as of December 31, 2014 contractually mature over the next five years and thereafter as follows:

2015	$	84,302,554
2016	24,561,861
2017	36,011,702
2018	2,300,657
2019	37,412,465
Thereafter	160,769,761
Total	$	345,359,000

The Company’s mortgages payable as of December 31, 2014, contractually mature over the next five years and thereafter as follows:

2015	$	9,137,766
2016	8,366,349
2017	31,032,366
2018	797,312
2019	3,795,004
Thereafter	23,579,037
Total	$	76,707,834