Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2018

Commitments And Contingencies Disclosure [Abstract]

Summary of Bond Purchase Commitments

The following table represents the bond purchase commitments at June 30, 2018 and December 31, 2017:

Bond Purchase Commitments	Commitment Date	Maximum Committed Amounts for 2018		Rate			Closing Date (1)	Fair Value at June 30, 2018		Fair Value at December 31, 2017
Esperanza at Palo Alto	July 2015	$	-		5.80	%	Q2 2018	$	-	$	1,616,143
Village at Avalon	November 2015		16,400,000		5.80	%	Q4 2018		994,685		1,386,397
Total		$	16,400,000					$	994,685	$	3,002,540

⁽¹⁾ The closing date for Esperanza at Palo Alto is actual and the closing date for Village at Avalon is estimated.