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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 6,992,854 $ 2,981,757
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 683,460 709,438
Gain on sale of investment in securities   (1,416,023)
Provision for credit loss   1,357,681
Gain on sale of investment in an unconsolidated entity (2,809,106)  
Contingent interest realized on investing activities   (12,043)
Gain on derivatives, net of cash paid (5,873) (25,201)
Restricted unit compensation expense 78,114 39,068
Bond premium/discount amortization (34,531) (27,923)
Debt premium amortization (10,136) (10,111)
Amortization of deferred financing costs 206,386 358,908
Deferred income tax expense & income tax payable/receivable 257 6,914
Change in preferred return receivable from unconsolidated entities, net 3,214,267 (1,391,572)
Changes in operating assets and liabilities    
Increase in interest receivable (584,560) (473,070)
Increase in other assets (288,363) (105,961)
Increase in accounts payable and accrued expenses 14,585 352,242
Net cash provided by operating activities 7,457,354 2,344,104
Cash flows from investing activities:    
Capital expenditures (25,023) (86,209)
Acquisition of mortgage revenue bonds (2,071,500)  
Advances on governmental issuer loans (39,067,599)  
Advances on taxable governmental issuer loans (1,000,000)  
Contributions to unconsolidated entities (1,425,562) (10,270,291)
Advances on property loans (3,000,000)  
Proceeds from sale of investment in an unconsolidated entity 13,234,106  
Principal payments received on taxable mortgage revenue bonds 2,337 2,138
Principal payments received on property loans and contingent interest   12,043
Net cash provided by (used in) investing activities (24,574,322) 37,477,567
Cash flows from financing activities:    
Distributions paid (4,395,033) (8,316,733)
Repurchase of BUCs   (2,106,673)
Proceeds from debt financing 39,594,000  
Principal payments on debt financing (1,317,897) (36,013,217)
Principal payments on mortgages payable (124,489) (120,958)
Principal borrowing on unsecured lines of credit 11,022,445  
Principal payments on unsecured lines of credit (18,497,445) (660,000)
(Increase) Decrease in security deposit liability related to restricted cash 34,147 (30,549)
Debt financing and other deferred costs (648,623) (720)
Net cash provided by (used in) financing activities 25,667,105 (47,248,850)
Net increase (decrease) in cash, cash equivalents and restricted cash 8,550,137 (7,427,179)
Cash, cash equivalents and restricted cash at beginning of period 122,990,586 43,185,981
Cash, cash equivalents and restricted cash at end of period 131,540,723 35,758,802
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 4,829,842 4,880,193
Cash paid during the period for income taxes   4,500
Supplemental disclosure of noncash investing and financing activities:    
Distributions declared but not paid for BUCs and General Partner 6,210,420 7,604,401
Distributions declared but not paid for Series A Preferred Units 708,750 708,750
Capital expenditures financed through accounts payable 1,309 3,959
Deferred financing costs financed through accounts payable 57,688 103,300
Public housing capital fund trusts [Member]    
Cash flows from investing activities:    
Proceeds from sale of PHC Certificates   43,349,357
Mortgage Revenue Bonds [Member]    
Cash flows from investing activities:    
Principal payments received $ 8,778,919 $ 4,470,529