Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ 13,285,447	$ 13,009,489
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization expense	5,665,869	4,967,428
Non-cash gain (loss) on derivatives	1,955,694	766,105
Bond discount and premium amortization and accretion	244,925	(141,259)
Provision for loss on receivables	0	75,000
Gain on sale of bonds	0	(3,684,898)
Gain on the sale of an MF Property	(4,605,269)	0
Changes in operating assets and liabilities, net of effect of acquisitions
Increase (decrease) in interest receivable	(2,782,579)	(1,906,569)
(Increase) decrease in other assets	(1,133,317)	(1,111,332)
Increase (decrease) in accounts payable and accrued expenses	1,642,909	(1,035,286)
Net cash provided (used) by operating activities	14,273,679	10,938,678
Cash flows from investing activities:
Capital expenditures	(3,357,988)	(17,371,032)
Acquisition of tax-exempt mortgage revenue bonds	(137,805,000)	(107,770,827)
Proceeds from the sale/redemption of bonds	0	35,483,230
Purchase of rate derivative	(562,088)	(1,382,900)
Proceeds from sale of MF Property	16,196,510	0
Cash realized from the Bond exchange for the Suites on Paseo Property	514,094	0
Decrease in restricted cash	(106,709)	(475,208)
Net increase in notes receivable	(2,803,595)	(138,693)
Acquisition of taxable bonds	(500,000)	0
Principal payments received on taxable loans	71,979	0
Assets purchased - held for sale	(280,572)	0
Restricted cash - debt collateral released	1,010,000	1,999,973
Restricted cash - M24 and M31 TEBS financing facilities released	5,537,477	0
Restricted cash - 2014 TEBS financing facility	(4,815,000)	(6,252,000)
Principal payments received on taxable bonds	22,323,371	6,665,718
Net cash provided (used) by investing activities	(104,577,521)	(89,241,739)
Cash flows from financing activities:
Distributions paid	(23,661,252)	(22,560,474)
Principal borrowings on mortgages payable	0	(3,451,301)
Principal borrowing on line of credit	(167,557,507)	(79,112,000)
Proceeds from sale of beneficial unit certificates	269,805,000	168,795,000
Payments of Stock Issuance Costs	0	54,740,000
Principal payments on debt and mortgage financing	(8,213,146)	(2,824,041)
Repayments of Debt	61,764,261	0
Principal payments on line of credit	(55,339,000)	0
Net change in line of credit	0	18,322,562
Increase (decrease) in liabilities related to restricted cash	106,709	475,208
Debt financing costs	2,646,859	2,888,232
Net cash (used) provided by financing activities	74,258,206	131,496,722
Net increase (decrease) in cash and cash equivalents	(16,045,636)	53,193,661
Cash and cash equivalents at beginning of period, including discontinued operations	49,193,343	11,318,015
Cash and cash equivalents at end of period, including discontinued operations	33,147,707	64,511,676
Supplemental cash flow information:
Cash paid during the period for interest	9,707,113	6,043,660
Distributions declared but not paid	7,895,646	7,607,693
Supplemental disclosure of non cash activities:
Capital expenditures financed through payables	34,131	3,005,210
Long-term Purchase Commitment, Amount	$ 42,665,912	$ 0