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4. INVESTMENT IN REAL ESTATE PARTNERSHIP	9 Months Ended
Sep. 30, 2014
Investment In Real Estate Partnership
INVESTMENT IN REAL ESTATE PARTNERSHIP	4. INVESTMENT IN REAL ESTATE PARTNERSHIP In September 2014, the Company, through a newly-formed wholly owned subsidiary (HMG Orlando LLC, a Delaware limited liability company), acquired a one-third equity membership interest in JY-TV Associates, LLC a Florida limited liability company (“JY-TV”) and entered into the Amended and Restated Operating Agreement of JY-TV (the “Agreement”). JY-TV was formed in 2014 for the sole purpose of purchasing and constructing up to two hundred fifty (250) unit rental apartments on approximately 9.5 acres in Orlando, Florida. The other two initial members of JY-TV are not related to the Company. As provided in the Agreement, the three members have each committed to fund approximately $1.8 million in equity in this project. As of September 30, 2014 the Company has funded $150,000 towards this commitment. JY-TV is in the process of obtaining construction financing of approximately $27 million and construction is expected to commence in 2015. This investment will be accounted for under the equity method.

4. INVESTMENT IN REAL ESTATE PARTNERSHIP

9 Months Ended

Sep. 30, 2014

Investment In Real Estate Partnership

4. INVESTMENT IN REAL ESTATE PARTNERSHIP

In September 2014, the Company, through a newly-formed wholly owned subsidiary (HMG Orlando LLC, a Delaware limited liability company), acquired a one-third equity membership interest in JY-TV Associates, LLC a Florida limited liability company (“JY-TV”) and entered into the Amended and Restated Operating Agreement of JY-TV (the “Agreement”). JY-TV was formed in 2014 for the sole purpose of purchasing and constructing up to two hundred fifty (250) unit rental apartments on approximately 9.5 acres in Orlando, Florida. The other two initial members of JY-TV are not related to the Company. As provided in the Agreement, the three members have each committed to fund approximately $1.8 million in equity in this project. As of September 30, 2014 the Company has funded $150,000 towards this commitment. JY-TV is in the process of obtaining construction financing of approximately $27 million and construction is expected to commence in 2015. This investment will be accounted for under the equity method.