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Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2017
Commitments And Contingencies [Abstract]  
Long-term Purchase Commitment

The following table represents the bond purchase commitments at March 31, 2017 and December 31, 2016:

 

Bond Purchase Commitments

 

Commitment Date

 

Maximum

Committed

Amounts for

2017

 

 

Maximum

Committed

Amounts for

2018

 

 

Rate

 

 

Closing

Date (1)

 

Fair Value at

March 31, 2017

 

 

Fair Value at

December 31,2016

 

Villas at Plano Gateway Apartments

 

December 2014

 

$

-

 

 

$

-

 

 

 

6.00

%

 

N/A

 

$

-

 

 

$

838,200

 

Village at Rivers Edge

 

May 2015

 

 

11,000,000

 

 

 

-

 

 

 

6.00

%

 

Q2 2017

 

 

643,720

 

 

 

467,720

 

Palo Alto

 

July 2015

 

 

19,540,000

 

 

 

-

 

 

 

5.80

%

 

Q3 2017

 

 

1,116,320

 

 

 

627,429

 

Village at Avalon

 

November 2015

 

 

-

 

 

 

16,400,000

 

 

 

5.80

%

 

Q2 2018

 

 

860,353

 

 

 

466,100

 

Total

 

 

 

$

30,540,000

 

 

$

16,400,000

 

 

 

 

 

 

 

 

$

2,620,393

 

 

$

2,399,449

 

 

(1)

The closing dates are estimated.