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4. INVESTMENT IN REAL ESTATE PARTNERSHIP	3 Months Ended
Mar. 31, 2015
Investment In Real Estate Partnership
INVESTMENT IN REAL ESTATE PARTNERSHIP	4. INVESTMENT IN REAL ESTATE PARTNERSHIP As previously reported, 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 constructing up to two hundred fifty (250) unit rental apartments on approximately 9.5 acres in Orlando, Florida (“Project”). The other two initial members of JY-TV are not related to the Company. Total development costs for the Project are estimated at $34 million and the three members have each funded approximately $2.3 million in equity.As of March 31, 2015 the Company had funded $1,435,000 towards this commitment, and an additional $815,000 was funded in April 2015. In February 2015 JY-TV completed purchase of the 9.5 acres for approximately $3.4 million. JY-TV is in the process of obtaining construction financing of approximately $27 million and construction is expected to commence in 2015. This investment is accounted for under the equity method.

4. INVESTMENT IN REAL ESTATE PARTNERSHIP

3 Months Ended

Mar. 31, 2015

Investment In Real Estate Partnership

4. INVESTMENT IN REAL ESTATE PARTNERSHIP

As previously reported, 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 constructing up to two hundred fifty (250) unit rental apartments on approximately 9.5 acres in Orlando, Florida (“Project”). The other two initial members of JY-TV are not related to the Company. Total development costs for the Project are estimated at $34 million and the three members have each funded approximately $2.3 million in equity.As of March 31, 2015 the Company had funded $1,435,000 towards this commitment, and an additional $815,000 was funded in April 2015.

In February 2015 JY-TV completed purchase of the 9.5 acres for approximately $3.4 million. JY-TV is in the process of obtaining construction financing of approximately $27 million and construction is expected to commence in 2015. This investment is accounted for under the equity method.