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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2016
Fair Value Measurements [Abstract]  
Fair Value Measurement, Recurring

Assets and liabilities measured at fair value on a recurring basis are summarized below:

 

 

 

Fair Value Measurements at March 31, 2016

 

Description

 

Assets and

Liabilities 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 and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage revenue bonds

 

$

596,376,368

 

 

$

-

 

 

$

-

 

 

$

596,376,368

 

Bond purchase commitments

 

 

7,222,173

 

 

 

-

 

 

 

-

 

 

 

7,222,173

 

PHC Certificates

 

 

60,505,340

 

 

 

-

 

 

 

-

 

 

 

60,505,340

 

Taxable bonds

 

 

4,938,104

 

 

 

-

 

 

 

-

 

 

 

4,938,104

 

Interest rate derivatives

 

 

(2,083,704

)

 

 

-

 

 

 

-

 

 

 

(2,083,704

)

Total Assets and Liabilities at Fair Value

 

$

666,958,281

 

 

$

-

 

 

$

-

 

 

$

666,958,281

 

 

 

 

For Three Months Ended March 31, 2016

 

 

 

Fair Value Measurements Using Significant

 

 

 

Unobservable Inputs (Level 3)

 

 

 

Mortgage

Revenue Bonds

 

 

Bond Purchase

Commitments

 

 

PHC Certificates

 

 

Taxable Bonds

 

 

Interest Rate

Derivatives

 

 

Total

 

Beginning Balance January 1, 2016

 

$

583,683,137

 

 

$

5,634,360

 

 

$

60,707,290

 

 

$

4,824,060

 

 

$

(972,898

)

 

$

653,875,949

 

Total gains (losses) (realized/unrealized)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,110,407

)

 

 

(1,110,407

)

Included in other comprehensive

   (loss) income

 

 

11,351,627

 

 

 

1,587,813

 

 

 

869,344

 

 

 

116,456

 

 

 

-

 

 

 

13,925,240

 

Purchases

 

 

11,500,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

11,500,000

 

Sale of securities

 

 

(9,747,125

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(399

)

 

 

(9,747,524

)

Settlements

 

 

(411,270

)

 

 

-

 

 

 

(1,071,294

)

 

 

(2,412

)

 

 

-

 

 

 

(1,484,976

)

Ending Balance March 31, 2016

 

$

596,376,369

 

 

$

7,222,173

 

 

$

60,505,340

 

 

$

4,938,104

 

 

$

(2,083,704

)

 

$

666,958,282

 

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, 2016

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(1,110,407

)

 

$

(1,110,407

)

 

 

 

Fair Value Measurements at December 31, 2015

 

Description

 

Assets and

Liabilities 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 and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage revenue bonds

 

$

583,683,137

 

 

$

-

 

 

$

-

 

 

$

583,683,137

 

Bond purchase commitments

 

 

5,634,360

 

 

 

-

 

 

 

-

 

 

 

5,634,360

 

PHC Certificates

 

 

60,707,290

 

 

 

-

 

 

 

-

 

 

 

60,707,290

 

MBS Securities

 

 

14,775,309

 

 

 

-

 

 

 

14,775,309

 

 

 

-

 

Taxable bonds

 

 

4,824,060

 

 

 

-

 

 

 

-

 

 

 

4,824,060

 

Interest rate derivatives

 

 

(972,898

)

 

 

-

 

 

 

-

 

 

 

(972,898

)

Total Assets and Liabilities at Fair Value

 

$

668,651,258

 

 

$

-

 

 

$

14,775,309

 

 

$

653,875,949

 

 

 

 

For Three Months Ended March 31, 2015

 

 

 

Fair Value Measurements Using Significant

 

 

 

Unobservable Inputs (Level 3)

 

 

 

Mortgage

Revenue Bonds

 

 

Bond Purchase Commitments

 

 

PHC 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

 

 

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

   earning 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, by Balance Sheet Grouping

The table below represents the fair value of the financial liabilities held on the Condensed Consolidated Balance Sheets for March 31, 2016 and December 31, 2015, respectively.

 

 

 

March 31, 2016

 

 

December 31, 2015

 

 

 

Carrying Amount

 

 

Fair Value

 

 

Carrying Amount

 

 

Fair Value

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt financing and unsecured LOCs

 

$

458,292,061

 

 

$

460,227,159

 

 

$

468,993,716

 

 

$

475,415,345

 

Mortgages payable and other secured financing

 

$

69,053,487

 

 

$

68,999,002

 

 

$

69,247,574

 

 

$

67,735,213