Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Assets and liabilities measured at fair value on a recurring basis at December 31, 2016 are summarized as follows:

	Fair Value Measurements at December 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, held in trust	$	590,194,179		$	-	$	-	$	590,194,179
Mortgage revenue bonds		90,016,872			-		-		90,016,872
Bond purchase commitments (reported within other assets)		2,399,449			-		-		2,399,449
PHC Certificates		57,158,068			-		-		57,158,068
Taxable bonds (reported within other assets)		4,084,599			-		-		4,084,599
Derivative contracts (reported within other assets)		383,604			-		-		383,604
Derivative swap liability		(1,339,283	)		-		-		(1,339,283	)
Total Assets and Liabilities at Fair Value, net	$	742,897,488		$	-	$	-	$	742,897,488

Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 are summarized as follows:

	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 held in trust	$	536,316,481		$	-	$	-	$	536,316,481
Mortgage revenue bonds		47,366,656			-		-		47,366,656
Bond purchase commitments (reported within other assets)		5,634,360			-		-		5,634,360
PHC Certificates		60,707,290			-		-		60,707,290
MBS Securities		14,775,309			-		14,775,309		-
Taxable bonds (reported within other assets)		4,824,060			-		-		4,824,060
Derivative contracts (reported within other assets)		344,177			-		-		344,177
Interest swap liability		(1,317,075	)		-		-		(1,317,075	)
Total Assets and Liabilities at Fair Value	$	668,651,258		$	-	$	14,775,309	$	653,875,949

Fair Value Assets Liabilities Measured On Recurring Basis Unobservable Input Reconciliation

The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2016:

	For Twelve Months Ended December 31, 2016
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds ⁽¹⁾			Bond Purchase Commitments			PHC Certificates			Taxable Bonds			Interest Rate Derivatives ⁽²⁾			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		175,769			-			(54,605	)		-			17,618			138,782
Included in other comprehensive (loss) income		(17,342,217	)		(3,234,911	)		(1,480,497	)		(188,299	)		-			(22,245,924	)
Purchases		130,620,000			-			-			-			-			130,620,000
Sale of securities		(9,295,000	)		-			-			-			(399	)		(9,295,399	)
Settlements		(7,630,638	)		-			(2,014,120	)		(551,162	)		-			(10,195,920	)
Ending Balance December 31, 2016	$	680,211,051		$	2,399,449		$	57,158,068		$	4,084,599		$	(955,679	)	$	742,897,488
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2016	$	-		$	-		$	-		$	-		$	17,618		$	17,618

⁽¹⁾ Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.
⁽²⁾ Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities.

The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2015:

	For Twelve Months Ended December 31, 2015
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds ⁽¹⁾			Bond Purchase Commitments			PHC Certificates			Taxable Bonds			Interest Rate Derivatives ⁽²⁾			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 (interest expense)		-			-			-			-			(1,802,655	)		(1,802,655	)
Included in other comprehensive income		9,370,264			(146,053	)		462,297			(138,682	)		-			9,547,826
Purchases		188,572,000			-			-			-			-			188,572,000
Mortgage revenue bond exchanged for MF Property		(41,580,919	)		-			-			-			-			(41,580,919	)
Purchase interest rate derivative		-			-			-			-			562,088			562,088
Settlements		(21,702,345	)		-			(1,018,130	)		346,177			-			(22,374,298	)
Ending Balance December 31, 2015	$	583,683,137		$	5,634,360		$	60,707,290		$	4,824,060		$	(972,898	)	$	653,875,949
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2015	$	-		$	-		$	-		$	-		$	(1,802,655	)	$	(1,802,655	)

⁽¹⁾ Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.
⁽²⁾ Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities.

The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2014:

	For Twelve Months Ended December 31, 2014
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds ⁽¹⁾			Bond Purchase Commitments			PHC Certificates			Taxable Bonds			Interest Rate Derivatives ⁽²⁾			Total
Beginning Balance January 1, 2014	$	285,318,171		$	(4,852,177	)	$	62,056,379		$	4,075,953		$	888,120		$	347,486,446
Total gains (losses) (realized/unrealized)
Included in earnings (interest expense)		-			-			-			-			(2,003,351	)		(2,003,351	)
Included in other comprehensive (loss) income		52,272,236			10,632,590			5,219,937			685,612			-			68,810,375
Purchases		142,794,827			-			-			-			-			142,794,827
Purchase interest rate derivative		-			-			-			-			1,382,900			1,382,900
Mortgage revenue bond and MBS Securities sales and redemption		(30,464,798	)		-			-			-			-			(30,464,798	)
Settlements		(896,299	)		-			(6,013,193	)		(145,000	)		-			(7,054,492	)
Ending Balance December 31, 2014	$	449,024,137		$	5,780,413		$	61,263,123		$	4,616,565		$	267,669		$	520,951,907
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2014	$	-		$	-		$	-		$	-		$	(2,003,351	)	$	(2,003,351	)

⁽¹⁾ Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.
⁽²⁾ Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities.

Fair Value, by Balance Sheet Grouping

This estimate of fair value is based on Level 3 inputs. The table below represents the fair value of the financial liabilities held on the Consolidated Balance Sheets at December 31, 2016 and 2015:

	December 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Liabilities:
Debt financing and LOCs	$	555,199,700	$	553,083,924	$	468,993,716	$	475,415,345
Mortgages payable and other secured financing	$	51,379,512	$	51,595,281	$	69,247,574	$	67,735,213