Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2016

Commitments And Contingencies [Abstract]

Long-term Purchase Commitment [Table Text Block]

On March 31, 2016 and December 31, 2015 the forward bond purchase commitments outstanding and the related fair values are as follows:

Bond Purchase Commitments	Commitment Date	Maximum Committed Amounts for 2017 through 2018		Maximum Committed Amounts for 2016		Rate			Closing Date (1)	Fair Value at March 31, 2016		Fair Value at December 31, 2015
15 West Apartments	July-14	$	-	$	9,900,000		6.25	%	Q2 2016		1,101,821		945,009
Villas at Plano Gateway Apartments	December-14		-		20,000,000		6.00	%	Q3 2016		1,772,800		1,469,213
Palo Alto	July-15		19,540,000		-		5.80	%	Q3 2017		1,995,034		1,439,600
Village at Rivers Edge	May-15		11,000,000		-		6.00	%	Q2 2017		785,062		636,560
Village at Avalon	November-15		17,900,000		-		5.80	%	Q2 2018		1,567,456		1,143,978
Total		$	48,440,000	$	29,900,000					$	7,222,173	$	5,634,360
(1) The closing date is actual and estimated.