Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 11,469,915	$ 13,537,517
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,863,205	3,931,630
Gain on sale of real estate assets	(7,152,512)	(12,442,929)
Gain on sale of securities		(8,097)
Non-cash loss on derivatives	302,769	1,641,796
Restricted unit compensation expense	609,733
Bond premium/discount amortization	(74,873)	(73,805)
Amortization of deferred financing costs	1,302,823	924,680
Deferred income tax expense	(365,000)	4,653,000
Change in preferred return receivable from unconsolidated entities	(1,343,013)	(90,876)
Changes in operating assets and liabilities, net of effect of acquisitions
Increase in interest receivable	585,695	(560,889)
(Increase) decrease in other assets	(40,101)	133,327
Decrease in accounts payable and accrued expenses	50,585	(377,158)
Net cash provided by operating activities	8,209,226	11,268,196
Cash flows from investing activities:
Capital expenditures	(175,193)	(362,841)
Proceeds from sale of MF Properties	13,750,000	30,200,000
Proceeds from sale of land held for development	3,000,000
Proceeds from sale of mortgage revenue bond		9,295,000
Proceeds from the sale of MBS Securities		14,997,069
Acquisition of mortgage revenue bonds	(59,585,000)	(11,500,000)
Contributions to unconsolidated entities	(8,017,189)	(3,372,339)
Restricted cash - debt collateral paid	(551,104)	(1,674,484)
Restricted cash - debt collateral released	623,383	935,022
Decrease in restricted cash	44,131	126,669
Principal payments received on taxable bonds	27,864
Cash paid for land held for development and deposits on potential purchases	(95,932)
Advances on property loans	(2,340,636)	(5,836,758)
Principal payments received on property loans	500,000	8,516
Net cash provided by (used in) investing activities	(50,379,395)	40,162,327
Cash flows from financing activities:
Distributions paid	(17,288,919)	(16,368,703)
Proceeds from the sale of redeemable Series A Preferred Units	16,131,000	23,869,000
Payment of offering costs related to the sale of redeemable Series A Preferred Units	(668)	(44,427)
Acquisition of interest rate derivatives	(496,800)
Repurchase of beneficial unit certificates	(1,466,222)
Payment of tax withholding related to restricted unit awards	(153,306)
Distribution to noncontrolling interest	(76,316)
Proceeds from debt financing	135,100,000
Principal payments on debt financing	(32,751,484)	(22,190,196)
Principal payments on mortgages payable	(658,271)	(17,295,585)
Principal borrowing on unsecured lines of credit	24,460,000	19,987,639
Principal payments on unsecured and secured lines of credit	(84,460,000)	(13,487,639)
Increase (decrease) in security deposit liability related to restricted cash	(92,951)	126,970
Debt financing and other deferred costs	(1,452,517)	(49,826)
Net cash provided by (used in) financing activities	36,793,546	(25,452,767)
Net increase (decrease) in cash and cash equivalents	(5,376,623)	25,977,756
Cash and cash equivalents at beginning of period	20,748,521	17,035,782
Cash and cash equivalents at end of period	15,371,898	43,013,538
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	10,670,383	7,519,155
Cash paid during the period for income taxes	3,007,000
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for beneficial unit certificates and general partner	7,623,425	9,684,865
Distributions declared but not paid for Series A Preferred Units	427,500	123,542
Land contributed as investment in an unconsolidated entity	3,091,023
Capital expenditures financed through accounts payable	54,320	16,646
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Principal payments received	437,000
Mortgage Revenue Bonds [Member]
Cash flows from investing activities:
Principal payments received	$ 2,003,281	$ 7,346,473