Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015
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
Mortgage Revenue Bonds	$	507,898,698		$	—	$	—	$	507,898,698
Bond Purchase Commitment	5,204,188			—		—		5,204,188
Public Housing Capital Fund Trust Certificates	60,272,941			—		—		60,272,941
Mortgage-Backed Securities	14,884,339			—		14,884,339		—
Taxable Mortgage Bonds	4,411,214			—		—		4,411,214
Interest Rate Derivatives	(642,704		)	—		—		(642,704		)
Total Assets at Fair Value	$	592,028,676		$	—	$	14,884,339	$	577,144,337

	For Three Months Ended March 31, 2015
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitment			Public Housing Capital Fund Trust Certificates			Taxable Bonds			Interest Rate Derivatives			Total
Beginning Balance January 1, 2015	$	449,024,137		$	5,780,413		$	61,263,123		$	4,616,565		$	267,669		$	520,951,907
Total gains (losses) (realized/unrealized)
Included in earnings	—			—			—			—			(899,873		)	(899,873		)
Included in other comprehensive income (loss)	74,600			(576,225		)	(976,532		)	(205,351		)	—			(1,683,508		)
Purchases	58,945,000			—			—			—			—			58,945,000
Refund of interest rate derivative cost	—			—			—			—			(10,500		)	(10,500		)
Settlements	(145,039		)	—			(13,650		)	—			—			(158,689		)
Ending Balance March 31, 2015	$	507,898,698		$	5,204,188		$	60,272,941		$	4,411,214		$	(642,704	)	$	577,144,337
Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2015	$	—		$	—		$	—		$	—		$	(899,873	)	$	(899,873	)

	Fair Value Measurements at December 31, 2014
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
Mortgage Revenue Bonds	$	449,024,137	$	—	$	—	$	449,024,137
Bond Purchase Commitment	5,780,413		—		—		5,780,413
Public Housing Capital Fund Trusts	61,263,123		—		—		61,263,123
Mortgage-Backed Securities	14,841,558		—		14,841,558		—
Taxable Mortgage Bonds	4,616,565		—		—		4,616,565
Interest Rate Derivatives	267,669		—		—		267,669
Total Assets at Fair Value	$	535,793,465	$	—	$	14,841,558	$	520,951,907

	For Three Months Ended March 31, 2014
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Public Housing Capital Fund Trust Certificates			Taxable Bonds		Interest Rate Derivatives			Total
Beginning Balance January 1, 2014	$	285,318,171		$	62,056,379		$	4,075,953	$	888,120		$	352,338,623
Total gains (losses) (realized/unrealized)
Included in earnings	—			—			—		(175,837		)	(175,837		)
Included in other comprehensive loss	14,073,020			1,657,859			223,004		—			15,953,883
Purchases	34,778,800			—			—		—			34,778,800
Purchase interest rate derivative	—			—			—		391,500			391,500
Mortgage revenue bond redemption	(17,636,138		)	—			—		—			(17,636,138		)
Settlements	(62,126		)	(1,643,698		)	—		—			(1,705,824		)
Ending Balance March 31, 2014	$	316,471,727		$	62,070,540		$	4,298,957	$	1,103,783		$	383,945,007
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, 2014	$	—		$	—		$	—	$	(175,837	)	$	(175,837	)

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

This estimate of fair value is based on Level 3 inputs. The table below represents the fair value of the debt held on the balance sheet for March 31, 2015 and December 31, 2014, respectively.

	March 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Liabilities:
Debt financing	$	379,307,493	$	380,751,539	$	345,359,000	$	346,813,909
Mortgages payable	$	76,445,451	$	75,876,463	$	76,707,845	$	76,134,465