MMA Capital (Trading Symbol(s) MMAC MMAC) 10-K 18 Mar 15 2014 FY Annual report Financial data

Document_And_Entity_Informatio

Document And Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Mar. 12, 2015	Jun. 30, 2014
Document Information [Line Items]
Entity Registrant Name	MMA CAPITAL MANAGEMENT, LLC
Entity Central Index Key	1003201
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Trading Symbol	MMAC
Entity Common Stock, Shares Outstanding		7,144,089
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$67,082,428

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS
Cash and cash equivalents	$29,619	$66,794
Restricted cash (includes $24,186 and $52,897 related to CFVs)	50,189	87,903
Bonds available-for-sale (includes $144,611 and $134,769 pledged as collateral and/or restricted)	222,899	195,332
Real estate held-for-use, net (includes zero and $15,644 pledged as collateral, and zero and $102,314 related to CFVs)	18,417	120,576
Real estate held-for-sale, net	10,145	24,090
Investment in preferred stock (pledged as collateral)	31,371	31,371
Other assets (includes $161 and $11,907 pledged as collateral and $11,128 and $23,664 related to CFVs)	77,848	44,960
Total assets	671,692	1,015,358
LIABILITIES AND EQUITY
Debt (includes $6,712 and $91,602 related to CFVs)	293,489	441,963
Accounts payable and accrued expenses	5,538	8,723
Other liabilities (includes $31,831 and $4,043 related to CFVs)	41,870	12,352
Total liabilities	350,494	476,499
Commitments and contingencies
Equity:
Noncontrolling interests in CFVs and IHS (net of $575 of subscriptions receivable)	229,714	473,513
Common shareholders' equity:
Common shares, no par value (7,162,221 and 7,855,919 shares issued and outstanding and 66,106 and 256,216 non-employee directors’ and employee deferred shares issued at December 31, 2014 and 2013, respectively)	35,032	28,687
Accumulated other comprehensive income	56,452	36,659
Total common shareholders' equity	91,484	65,346
Total equity	321,198	538,859
Total liabilities and equity	671,692	1,015,358
Consolidated Funds and Ventures [Member]
ASSETS
Restricted cash (includes $24,186 and $52,897 related to CFVs)	24,186	52,897
Investments in Lower Tier Property Partnerships related to CFVs	231,204	286,007
SAWHF investments related to CFVs	0	158,325
Real estate held-for-use, net (includes zero and $15,644 pledged as collateral, and zero and $102,314 related to CFVs)	0	102,314
Other assets (includes $161 and $11,907 pledged as collateral and $11,128 and $23,664 related to CFVs)	11,128	23,664
LIABILITIES AND EQUITY
Debt (includes $6,712 and $91,602 related to CFVs)	6,712	91,602
Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs	9,597	13,461
Other liabilities (includes $31,831 and $4,043 related to CFVs)	$31,831	$4,043

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Bonds available-for-sale, pledged as collateral (in dollars)	$144,611	$134,769
Real estate held-for-use, net, pledged as collateral (in dollars)	0	15,644
Other assets, pledged as collateral (in dollars)	161	11,907
Noncontrolling interests in consolidated funds and ventures, subscriptions receivable (in dollars)	$575	$575
Common shares, shares issued (in shares)	7,162,221	7,855,919
Common shares, shares outstanding (in shares)	7,162,221	7,855,919
Common shares, non-employee directors' and employee deferred shares (in shares)	66,106	256,216

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Interest income
Interest income	$17,607		$37,928
Interest expense
Interest expense	3,120	[1]	24,252	[1]
Net interest income	14,487	[1]	13,676	[1]
Non-interest revenue
Income on preferred stock investment	5,260		5,260
Other income	5,396		2,650
Total non-interest revenue	27,150		28,053
Total revenues, net of interest expense	41,637		41,729
Operating and other expenses
Interest expense	13,776	[2]	14,988	[2]
Salaries and benefits	12,708		12,318
General and administrative	3,447		4,699
Professional fees	5,372		8,492
Other expenses	3,482		8,047
Total operating and other expenses	129,220		101,116
Net gains on assets and derivatives	17,468		78,783
Net gains on extinguishment of liabilities	1,899		36,583
Net gains due to initial real estate consolidation and foreclosure	2,003		10,895
Net gains related to CFVs	14,439		36,625
Equity in income (losses) from funds and ventures	-25,992	[3]	-26,884	[3]
Net losses due to deconsolidation of CFVs	-23,867	[3]	0	[3]
Net (loss) income from continuing operations before income taxes	-100,845		71,785
Income tax benefit	45		1,304
Income from discontinued operations, net of tax	17,901		26,758
Net (loss) income	-82,899		99,847
Loss (income) allocable to noncontrolling interests:
Income allocable to noncontrolling interests	-100,366		-27,993
Net income to common shareholders	17,467		127,840
Basic income per common share:
(Loss) income from continuing operations (in dollars per share)	($0.08)		$12.16
Income from discontinued operations (in dollars per share)	$2.36		$3.02
Income per common share (in dollars per share)	$2.28		$15.18
Diluted income per common share:
(Loss) income from continuing operations (in dollars per share)	($0.08)		$11.87
Income from discontinued operations (in dollars per share)	$2.36		$2.92
Income per common share (in dollars per share)	$2.28		$14.79
Weighted-average common shares outstanding:
Basic (in shares)	7,647	[4]	8,424	[4]
Diluted (in shares)	7,647		8,718
Bonds [Member]
Interest income
Interest income	16,493		37,280
Interest expense
Interest expense	2,392	[1]	22,996	[1]
Loans [Member]
Interest income
Interest income	1,114		648
Non Bond [Member]
Interest expense
Interest expense	728	[1]	1,256	[1]
Consolidated Funds and Ventures [Member]
Non-interest revenue
Revenue from CFVs	16,494		20,143
Operating and other expenses
Expenses from CFVs	90,435		52,572
Net gains related to CFVs	15,227		31,795
Equity in income (losses) from funds and ventures	-32,730		-26,609
Net losses due to deconsolidation of CFVs	-23,867		0
Consolidated Funds and Ventures [Member] | Continuing Operations [Member]
Loss (income) allocable to noncontrolling interests:
Income allocable to noncontrolling interests	100,216		33,024
Consolidated Funds and Ventures [Member] | Discontinued Operations [Member]
Loss (income) allocable to noncontrolling interests:
Income allocable to noncontrolling interests	150		-1,317
Subsidiaries [Member]
Loss (income) allocable to noncontrolling interests:
Income allocable to noncontrolling interests	0		-3,714
Unconsolidated Funds and Ventures [Member]
Operating and other expenses
Equity in income (losses) from funds and ventures	$6,738		($275)
[1]	Represents interest expense related to debt that finances interest-bearing assets. See Note 6, “Debt.”
[2]	Represents interest expense related to debt that does not finance interest-bearing assets. See Note 6, “Debt.”
[3]	Majority of the activity was related to CFVs.
[4]	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Net income to common shareholders	$17,467	$127,840
Net loss allocable to noncontrolling interests	-100,366	-27,993
Net (loss) income	-82,899	99,847
Bond related changes:
Net unrealized gains (losses) arising during the period	19,584	-16,104
Reversal of net unrealized gains on sold/redeemed bonds	-11,303	-77,226
Reclassification of unrealized bond losses to operations due to impairment	113	2,072
Reinstatement of unrealized bond gains due to deconsolidation of Consolidated Lower Tier Property Partnerships	13,975	0
Reclassification of unrealized bond gains to operations due to consolidation and foreclosure	-2,003	-10,895
Net change in other comprehensive income due to bonds	20,366	-102,153
Income tax expense	-150	0
Foreign currency translation adjustment for SAWHF and IHS	-423	125
Other comprehensive income (loss) allocable to common shareholders	19,793	-102,028
Other comprehensive loss allocable to noncontrolling interests:
Foreign currency translation adjustment for SAWHF and IHS	-13,212	-26,552
Comprehensive income to common shareholders	37,260	25,812
Comprehensive loss to noncontrolling interests	-113,578	-54,545
Comprehensive loss	($76,318)	($28,733)

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)		Total	Common Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Parent [Member]	Preferred Stock [Member]	Noncontrolling Interest [Member]
In Thousands
Balance at Dec. 31, 2012		$711,725	($93,786)	$138,687	$44,901	$155,033	$511,791
Balance (in shares) at Dec. 31, 2012			8,502
Net income (loss)		99,847	127,840	0	127,840	3,714	-31,707
Other comprehensive income (loss)		-128,580	0	-102,028	-102,028	0	-26,552
Distributions		-4,345	0	0	0	-3,714	-631
Contributions		13,465	0	0	0	0	13,465
Common shares (restricted and deferred) issued under employee and non-employee director share plans		205	205	0	205	0	0
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)			29
Mark-to-market activity for liability classified awards previously classified as equity		-15	-15	0	-15	0	0
Net change due to consolidation		6,452	-695	0	-695	0	7,147
Employee and non-employee shares cancelled		0	0	0	0	0	0
Employee and non-employee shares cancelled (in shares)			-6
Common share repurchases		-2,682	-2,682	0	-2,682	0	0
Common share repurchases (in shares)			-413
Preferred share repurchases		-36,213	842	0	842	-37,055	0
Preferred shares transferred to TEB purchaser		-121,000	-3,022	0	-3,022	-117,978	0
Balance at Dec. 31, 2013		538,859	28,687	36,659	65,346	0	473,513
Balance (in shares) at Dec. 31, 2013			8,112
Net income (loss)		-82,899	17,467	0	17,467	0	-100,366
Other comprehensive income (loss)		6,581	0	19,793	19,793	0	-13,212
Distributions		-2,303	-375	0	-375	0	-1,928
Common shares (restricted and deferred) issued under employee and non-employee director share plans		197	197	0	197	0	0
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)			36
Mark-to-market activity for liability classified awards previously classified as equity		33	33	0	33	0	0
Net change due to consolidation	[1]	0	-2,849	0	-2,849	0	2,849
Net change due to deconsolidation	[2]	-131,142	0	0	0	0	-131,142
Common share repurchases		-8,128	-8,128	0	-8,128	0	0
Common share repurchases (in shares)			-920
Balance at Dec. 31, 2014		$321,198	$35,032	$56,452	$91,484	$0	$229,714
Balance (in shares) at Dec. 31, 2014			7,228
[1]	For more information see Note 12, “Equity.”
[2]	For more information see Note 16, “Consolidated Funds and Ventures.”

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	($82,899)		$99,847
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Net gains on real estate	-18,566		-19,577
Net gains related to CFVs	-14,439		-36,625
Net gains on assets and derivatives	-14,250		-79,584
Net gains due to initial real estate consolidation and foreclosure	-2,003		-10,895
Net gains on extinguishment of liabilities	-1,899		-36,583
Net losses due to deconsolidation	23,867	[1]	0	[1]
Net equity in losses from equity investments in partnerships	25,992	[1]	26,884	[1]
Provisions for credit losses and impairment	28,231	[1]	24,548	[1]
Expenses from CFVs due to liability reinstatement	37,530		0
Depreciation and other amortization	8,158	[1]	18,343	[1]
Subordinate debt effective yield amortization and interest accruals	7,157		7,902
Foreign currency loss	5,042	[1]	11,691	[1]
Stock-based compensation expense	1,844		1,823
Other	-4,960		-4,908
Net cash (used in)/provided by operating activities	-1,195		2,866
CASH FLOWS FROM INVESTING ACTIVITIES:
Advances on and purchases of bonds	-18,380		0
Principal payments and sales proceeds received on bonds and loans held for investment	19,642		16,981
Advances on and originations of loans held for investment	-22,550		-512
Investments in property partnerships and real estate	-38,492	[1]	-30,927	[1]
Proceeds from the sale of real estate and other investments	64,863		87,154
Net proceeds from the sale of a subsidiary company	0		19,151
Decrease (increase) in restricted cash and cash of CFVs	23,390		-22,832
Capital distributions received from investments in partnerships of CFVs	14,636		16,784
Net cash provided by investing activities	43,109		85,799
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing activity	10,100		116,494
Repayment of borrowings	-79,083		-157,323
Payment of debt issuance costs	-50		-1,202
Contribution from holders of noncontrolling interests	0		13,465
Distributions paid to holders of noncontrolling interests	-1,928		-631
Purchase of treasury stock	-8,128		-2,682
Distributions paid to perpetual preferred shareholders of a subsidiary company	0		-4,636
Redemption of perpetual preferred shares	0		-36,213
Net cash used in financing activities	-79,089		-72,728
Net (decrease) increase in cash and cash equivalents	-37,175		15,937
Cash and cash equivalents at beginning of period	66,794		50,857
Cash and cash equivalents at end of period	29,619		66,794
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	12,040		31,668
Income taxes paid	301		254
Non-cash investing and financing activities:
Unrealized gains (losses) included in other comprehensive income	6,581		-128,580
Debt and liabilities extinguished through sales and collections on bonds and loans	22,673		4,252
Decrease in common equity and increase in noncontrolling equity due to purchase of noncontrolling interest	-2,849		0
Decrease in common equity and increase in liabilities due to purchase of noncontrolling interest	-375		0
Increase in real estate assets due to foreclosure or initial consolidation of funds and ventures	11,058		43,943
Decrease in bond assets due to foreclosure or initial consolidation of funds and ventures	11,058		37,833
Increase in noncontrolling interest equity due to consolidation of funds and ventures	0		6,737
Net change in assets, liabilities and equity:
Net decrease in noncontrolling interests in CFVs	-131,142	[2]
Net increase in restricted cash	-23,390		22,832
Subsidiaries [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Decrease (increase) in restricted cash and cash of CFVs	0		14,672
Net change in assets, liabilities and equity:
Net decrease in interest receivable	0		4,612
Net decrease in interest payable	0		-1,052
Net (Increase) decrease in bonds available-for-sale	0		678,983
Net increase in restricted cash	0		-14,672
Increase related to new borrowing activities	0		169,601
Net decrease in perpetual preferred shares and related distribution	0		-122,669
Decrease related to borrowings transferred to purchaser	0		-695,652
Unconsolidated Affiliates [Member]
Net change in assets, liabilities and equity:
Net increase in investment in unconsolidated ventures	-3,597		0
Net increase in other assets	-639		0
Net decrease in assets related to CFVs	265,854		0
Net increase in other liabilities	632		0
Net decrease in liabilities related to CFVs	-74,194		0
Net decrease in noncontrolling interests in CFVs	-131,142		0
Net increase in accumulated other comprehensive income	13,975		0
Net (Increase) decrease in bonds available-for-sale	($47,022)		$0
[1]	Majority of the activity was related to CFVs.
[2]	For more information see Note 16, “Consolidated Funds and Ventures.”

DESCRIPTION_OF_THE_BUSINESS_AN

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Note 1—description of the business and BASIS OF PRESENTATION
	MMA Capital Management, LLC, the registrant, was organized in 1996 as a Delaware limited liability company.  When used in this report, the “Company,” “MMA,” “we,” “our,” or “us” may refer to the registrant, the registrant and its subsidiaries, or one or more of the registrant’s subsidiaries depending on the context of the disclosure.
	Description of the Business
	The Company uses its experience and expertise to partner with institutional capital to create attractive and impactful alternative investment opportunities, to manage them well and to report on them effectively. The Company operates through two reportable segments: United States (“US”) Operations (which for periods presented includes Corporate Operations) and International Operations. Beginning in 2015, the Company will separately evaluate the performance of its US Operations and its Corporate Operations and therefore will report performance through three reportable segments - US Operations, International Operations and Corporate Operations.
	US Operations
	Our US Operations consists of three business lines; Leveraged Bonds, Low-Income Housing Tax Credits (“LIHTCs”) and Other Investments and Obligations.
	The Leveraged Bonds business line finances affordable housing and infrastructure in the US. This business line manages the vast majority of the Company’s bonds and bond related investments (“bonds”) and associated financings. The bond portfolio is comprised primarily of multifamily tax-exempt bonds, but also includes community development district (“CDD”) bonds and other real estate related bond investments.
	Our LIHTC business consists primarily of secured loan receivables from Morrison Grove Management, LLC (“MGM”) and an option to purchase MGM beginning in 2019. We obtained these assets as a result of selling substantially all of our LIHTC asset management operations to MGM and as a result of loaning cash to MGM on October 8, 2014. See Note 5, “Other Assets” for more information.
	The Other Investments and Obligations business line includes legacy assets and serves as our research and development unit for new business opportunities in the US, which has resulted in the creation of an energy capital business that operates as MMA Energy Capital, LLC.
	Currently, the US Operations reportable segment also includes our Corporate Operations which is responsible for accounting, reporting, compliance and planning which are fundamental to our success as a global fund manager and publicly traded company in the United States.
	International Operations
	We manage our International Operations through a 96% owned subsidiary, International Housing Solutions (“IHS”), where our strategy is to raise, invest in, and manage private real estate funds.  IHS currently manages three funds: the South Africa Workforce Housing Fund (“SAWHF”), which is a multi-investor fund and is fully invested; IHS Residential Partners I, which is a single-investor fund targeted at the emerging middle class in South Africa; and IHS Fund II, which is a multi-investor fund targeting investments in green affordable housing in South Africa and Sub-Saharan Africa.
	Use of Estimates
	The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative financial instruments, guarantee obligations, and certain assets and liabilities of consolidated funds and ventures (“CFVs”). Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates.
	Basis of Presentation and Significant Accounting Policies
	The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity are accounted for using the equity method of accounting.
	Consolidated Funds and Ventures
	We have equity investments in partnerships and other entities that primarily hold or develop real estate. In most cases our legal interest in these entities is minimal; however, we apply ASC No. 810 “Consolidation” in order to determine if we need to consolidate any of these entities. There is considerable judgment in assessing whether to consolidate an entity under these accounting principles. Some of the criteria we are required to consider include:
		·	The determination as to whether an entity is a variable interest entity (“VIE”).
		·	If the entity is considered a VIE, then the determination of whether we are the primary beneficiary of the VIE is needed and requires us to make judgments regarding: (1) our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) our obligation to absorb losses of the VIE that could potentially be significant to the VIE or our right to receive benefits from the VIE that could potentially be significant to the VIE. These assessments require a significant analysis of all of the variable interests in an entity, any related party considerations and other features that make such an analysis difficult and highly judgmental.
	If the entity is required to be consolidated, then upon initial consolidation, we record the assets, liabilities and noncontrolling interests at fair value. Substantially all of our consolidated entities are investment entities that own real estate or real estate related investments and, as such, we make judgments related to the forecasted cash flows to be generated from the investments such as rental revenue and operating expenses, vacancy, replacement reserves and tax benefits (if any). In addition, we must make judgments about discount rates and capitalization rates.
	The balances and activity designated as CFVs are for funds and ventures for which the Company has minimal to no ownership interests, but the Company has consolidated them due to the Company being the primary beneficiary or because the Company has not been able to achieve sale accounting. Because the Company has minimal to no ownership interests in these CFVs, the vast majority of the balances and activity relate to a noncontrolling interest holder.
	As of December 31, 2014 the only CFVs remaining were 11 guaranteed LIHTC Funds. The Company sold its general partner (“GP”) interest in the 11 guaranteed Funds through the sale of substantially all of its LIHTC asset management operations to MGM; however, because the Company retained its yield guarantee to the investors in the 11 guaranteed LIHTC funds, the Company was unable to achieve sale accounting. All other CFVs were deconsolidated as of December 31, 2014 and are explained further below.
	Account balances related to CFVs on our consolidated balance sheets at either December 31, 2014 or December 31, 2013 include the following.
		·	Cash, cash equivalents and restricted cash
	Cash, cash equivalents and restricted cash of CFVs are considered restricted cash to the Company.
		·	LIHTC Funds
	Investment in Lower Tier Property Partnerships
	At December 31, 2014, the Company consolidated 11 LIHTC Funds. The LIHTC Funds have limited partner equity investments in affordable housing property partnerships, which are the entities that own the affordable housing properties (“Lower Tier Property Partnership” or “LTPP”). The GPs of these LTPPs are considered the primary beneficiaries; therefore, the LIHTC Funds do not consolidate these LTTPs. These LTTPs are accounted for under the equity method and classified as “Investments in Lower Tier Property Partnerships related to CFVs” on the consolidated balance sheets.
	Under the equity method, the LIHTC Funds’ equity investment in the LTTPs are recorded at cost and are subsequently adjusted to recognize the LIHTC Funds’ allocable share of the earnings or losses from the LTTPs and the amortization of any investment basis differences after the date of acquisition. On a quarterly basis, the Company assesses the appropriateness of the carrying amount of its equity method investments to ensure the investment amount is not other-than-temporarily impaired. The Company estimates the future gross (undiscounted) tax benefits and cash flows associated with the investments to determine if the investments’ carrying amounts are recoverable. These tax benefits and cash flows include future tax credits and tax benefits from net operating losses and any annual cash flow and residual value of the properties. If the investment balance is greater than the aggregate estimated future tax benefits and cash flows, then the investment is deemed to be impaired, with an impairment charge taken for the difference between the carrying value and the estimated future tax benefits and cash flows for each investment.
	For investments accounted for under the equity method of accounting, the Company classifies distributions received on such investments as cash flows from operating activities when cumulative equity in earnings is greater than or equal to cumulative cash distributions. The Company classifies distributions as cash flows from investing activities when cumulative equity in earnings is less than cumulative cash distributions.
	Unfunded Equity Commitments
	The LIHTC Funds have entered into partnership agreements as the limited partners of LTPPs that require future contribution of capital. The Company recognizes a liability when it is probable that the equity commitment will be funded in the future. These unfunded equity contributions are classified as “Investments in Lower Tier Property Partnerships related to CFVs” and “Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs,” respectively.
		·	SAWHF
	SAWHF Investments
	These investments are private real estate investments made by the SAWHF in housing development projects in South Africa. These investments are carried at fair value with changes in fair value reported through “Net gains related to CFVs” on the consolidated statements of operations.
	Derivative Financial Assets
	The SAWHF holds foreign currency derivative contracts that are carried at fair value. The SAWHF has not designated its derivatives as hedging instruments for accounting purposes. As a result, changes in the fair value of these derivatives were recorded through current period earnings in “Net gains related to CFVs” on the consolidated statements of operations. The fair value of these derivatives was reflected in our balance sheet as “Other assets.”
	At December 31, 2014, the Company no longer consolidates the SAWHF because it is no longer deemed to be the primary beneficiary.
		·	A Non-profit Entity and its Consolidated LTPPs
	Real Estate Owned (“REO”)
	This non-profit entity consolidates certain LTPPs because it is deemed to be the primary beneficiary (“Consolidated LTPPs”).  The Company does not have an equity interest in the Consolidated LTPPs or the non-profit entity. Generally, the assets held by these Consolidated LTPPs are affordable multifamily housing properties financed with tax credit equity and/or tax-exempt bonds.
	At December 31, 2014, the Company no longer consolidates the non-profit entity and its Consolidated LTPPs.
	Cash and Cash Equivalents
	Cash and cash equivalents comprised of short-term marketable securities with original maturities of three months or less, all of which are readily convertible to cash.
	Restricted Cash
	Restricted cash represents cash and cash equivalents restricted as to withdrawal or usage. The Company may be required to pledge cash collateral in connection with secured borrowings, derivative obligations or other liabilities.
	Bonds
	Bonds available-for-sale includes mortgage revenue bonds and other municipal bonds. We account for investments in bonds as available-for-sale debt securities under the provisions of ASC No. 320, “Investments – Debt and Equity Securities.” Accordingly, these investments in bonds are carried at fair value with changes in fair value (excluding other-than-temporary impairments) recognized in other comprehensive income. We evaluate bonds in an unrealized loss position as of the end of each quarter for other-than-temporary impairment (“OTTI”).  An unrealized loss exists when the fair value of an individual bond is less than its amortized cost basis.  We recognize OTTI in earnings if one of the following conditions exists: (a) we have the intent to sell the bond; (b) it is more likely than not that we will be required to sell prior to recovery of the bond’s amortized cost basis; or (c) we do not expect to recover the amortized cost basis of the bond.  If we do not intend to sell the bond and we believe it is not more likely than not that we will be required to sell prior to recovery of the bond’s amortized basis, then we recognize only the credit component of the OTTI in earnings and the amounts attributable to other factors are recognized, net of tax, in “Accumulated other comprehensive income” (“AOCI”).  The credit component represents the amount by which the present value of cash flows expected to be collected discounted at the bond’s original effective rate is less than the bond’s amortized cost basis.
	For our bonds in an unrealized loss position at December 31, 2014 and 2013, we have asserted that we have no intent to sell and that we believe it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis.  Therefore, during 2014, only the credit component of unrealized losses considered to be other-than-temporary is recognized through earnings with the remaining amount recognized in AOCI.  During the fourth quarter of 2013, only the credit component of unrealized losses considered to be other-than-temporary is recognized through earnings with the remaining amount recognized in AOCI.  Between fourth quarter of 2007 and third quarter of 2013, we recognized all unrealized losses through earnings because we deemed it more likely than not that we would be required to sell prior to the recovery of the bond’s amortized cost basis.
	Realized gains and losses on sales of these investments are measured using the specific identification method and are recognized in earnings at the time of disposition. For most of our performing bonds, we estimate fair value using a discounted cash flow methodology; specifically, the Company discounts contractual principal and interest payments, adjusted for expected prepayments. The discount rate for each bond is based on expected investor yield requirements adjusted for bond attributes such as the expected term of the bond, debt service coverage ratio, geographic location and bond size.  If observable market quotes are available, we will estimate the fair value based on such quoted prices. For non-performing bonds (i.e., defaulted bonds as well as certain non-defaulted bonds that we deem at risk of default in the near term), we estimate the fair value by discounting the property’s expected cash flows and residual proceeds using estimated discount and capitalization rates, less estimated selling costs. However, to the extent available, the Company may estimate fair value based on a sale agreement, a letter of intent to purchase, an appraisal or other indications of fair value as available. There are significant judgments and estimates associated with forecasting the estimated cash flows related to the bonds or the underlying collateral for non-performing bonds, including macroeconomic conditions, interest rates, local and regional real estate market conditions and individual property performance. In addition, the determination of the discount rates applied to these cash flow forecasts involves significant judgments as to current credit spreads and investor return expectations. The bonds reflected on the Consolidated Balance Sheets at December 31, 2014 were priced at approximately 90% of the portfolio’s unpaid principal balance (“UPB”).
	The Company recognizes interest income over the contractual terms of the bonds using the effective interest method, including the effects of premiums and discounts, as well as deferred fees and costs. Contingent interest on participating bonds is recognized when the contingencies are resolved. Bonds are placed on non-accrual status when any portion of principal or interest is 90 days past due or the date after which collectability of principal or interest is not reasonably assured. The Company applies interest payments received on non-accrual bonds first to accrued interest and then as interest income. Bonds return to accrual status when principal and interest payments become current and future payments are anticipated to be fully collectible. Proceeds from the sale or repayment of bonds greater or less than their amortized cost (which would include any previously recorded impairment charges) are recorded as realized gains or losses and any previously unrealized gains included in accumulated other comprehensive income are reversed.
	Investment in Preferred Stock
	The Company accounts for the investment in preferred stock using the historical cost approach and tests for impairment at each balance sheet date.  An impairment loss is recognized if the carrying amount of the preferred stock is not considered recoverable and exceeds its fair value.
	Real Estate Owned
	The Company’s REO properties are generally obtained when a delinquent borrower chooses to transfer a mortgaged property to us in lieu of going through a foreclosure process.
	The Company classifies REO as either held-for-use or held-for-sale on the consolidated balance sheet. The Company records REO as held-for-use initially at fair value and then evaluates for impairment. An impairment loss is recognized if the carrying amount is not recoverable and exceeds fair value. The carrying amount is not considered recoverable if it exceeds the sum of the undiscounted cash flows that result from the use of the asset. The Company records REO held-for-sale at the lower of its fair value less cost to sell or its carrying value.
	Derivative Financial Instruments
	The Company recognizes all derivatives on the consolidated balance sheets and records these instruments at their fair values. The Company has not designated any of its derivative investments as hedging instruments for accounting purposes. As a result, changes in the fair value of derivatives are recorded through current period earnings in “Net gains on assets and derivatives” on the consolidated statements of operations. Derivative assets are reported through “Other assets” and derivative liabilities are reported through “Other liabilities.”
	Stock-Based Compensation
	The Company accounts for its employee stock-based compensation plans using the liability method of accounting. Compensation expense is based on the fair value of the instrument as of the reporting date, adjusted to reflect the vesting schedule. Subsequent compensation expense is determined by changes in the fair value of the instrument at subsequent reporting dates, continuing through the settlement date. The Company accounts for its director stock-based compensation plans using the equity method of accounting.  Compensation expense is based on the fair value of the instrument at the grant date.
	Income (Loss) per Common Share
	Basic income (loss) per share is computed by dividing net income (loss) to common shareholders by the weighted-average number of common shares issued and outstanding during the period (this includes director and employee deferred and vested shares).  The numerator used to calculate diluted income (loss) per share includes net income (loss) to common shareholders adjusted to remove the difference in income or loss associated with reporting the dilutive employee share awards classified as liabilities as opposed to equity awards. The denominator used to calculate diluted income (loss) per share includes the weighted-average number of common shares issued and outstanding during the period adjusted to add in common stock equivalents associated with unvested share awards as well as in the money option awards unless they are contingent upon a certain share price that has not yet been achieved.
	Income Taxes
We are a limited liability company that elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining LIHTC Funds, are conducted by entities included in our consolidated corporate federal income tax return. At December 31, 2014, the Company had deferred tax assets of $211.8 million comprised primarily of federal NOLs of $146.4 million (tax-effected) that are available to offset $418.2 million of future income and will begin to expire in 2027.
ASC No. 740, “Income Taxes,” establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and deferred tax assets and liabilities for future tax consequences of events that have been recognized in an entity's financial statements or tax returns. Significant judgment is required in determining and evaluating income tax positions, including assessing the relative merits and risks of various tax treatments considering statutory, judicial and regulatory guidance available regarding the tax position. We establish additional provisions for income taxes when there are certain tax positions that could be challenged and it is more likely than not these positions will not be sustained upon review by taxing authorities. Judgment is also required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns as well as the recoverability of our deferred tax assets. In assessing our ability to realize the benefit of our deferred tax assets we consider information such as forecasted earnings, future taxable income and tax planning strategies in measuring the required valuation allowance.
Reclassification
The Company made reclassifications to discontinued operations on its previously issued 2013 consolidated statements of operations as a result of certain discontinued operations occurring during the first quarter of 2014, prior to the Company’s election to early adopt ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)(“ASU 2014-08”), on April 30, 2014, which changes the requirements for reporting discontinued operations. Consequently, individually significant properties that were classified as held-for-sale subsequent to April 30, 2014 were not reclassified to discontinued operations in the consolidated financial statements. See Note 4, “Real Estate” and Note 15, “Discontinued Operations” for more information.
New Accounting Guidance
Accounting for Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries
On January 1, 2014, the Company adopted ASU No. 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This guidance amends and clarifies accounting for foreign currency matters specifically related to the accounting treatment for cumulative translation adjustments (“CTAs”) under certain circumstances. As a result of adopting this guidance, there was no impact on our consolidated financial statements.
Accounting for Discontinued Operations
On April 30, 2014, the Company adopted ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This guidance provides an amendment to the accounting guidance related to criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The adoption of this amendment caused the Company’s real estate classified as held-for-sale subsequent to April 30, 2014 to be reported through continuing operations whereas before the adoption of ASU No. 2014-08 this real estate would have been reported through discontinued operations.

BONDS_AVAILABLEFORSALE

BONDS AVAILABLE-FOR-SALE	12 Months Ended
	Dec. 31, 2014
Available-For-Sale Securities [Abstract]
Available-for-sale Securities Disclosure [Text Block]	Note 2—BONDs available-for-sale
	Bonds Available-for-Sale
	The Company has two types of bonds in its portfolio; Mortgage revenue bonds and Other bonds.
	Mortgage revenue bonds are issued by state and local governments or their agencies or authorities to finance multifamily rental housing; typically however, the only source of recourse on these bonds is the collateral, which is either a first mortgage or a subordinate mortgage on the underlying properties. The Company’s rights under the mortgage revenue bonds are defined by the contractual terms of the underlying mortgage loans, which are pledged to the bond issuer and assigned to a trustee for the benefit of bondholders to secure the payment of debt service (any combination of interest and/or principal as set forth in the trust indenture) on the bonds.
	At December 31, 2014, the Company’s subordinate bonds had an aggregate UPB of $40.5 million ($30.0 million fair value). The payment of debt service on our subordinate bonds occurs only after payment of senior obligations that have priority to the cash flow of the underlying collateral.
	Other bonds consists primarily of municipal bonds issued by community development districts or other municipal issuers to finance the development of community infrastructure supporting single-family housing and mixed-use and commercial developments such as storm water management systems, roads and utilities. In some cases these bonds are secured by specific payments or assessments pledged by the issuers or incremental tax revenue generated by the underlying properties.
	The following table summarizes the Company’s bonds and related unrealized losses and unrealized gains at December 31, 2014 and 2013, respectively.
			December 31, 2014
	(in thousands)		UPB		Amortized		Gross		Gross		Fair
					Cost (1)		Unrealized		Unrealized		Value
							Gains		Losses  (2), (3)
	Mortgage revenue bonds		$	192,068	$	126,897	$	41,145	$	-858	$	167,184
	Other bonds			57,056		38,768		16,947		-		55,715
	Total		$	249,124	$	165,665	$	58,092	$	-858	$	222,899
			December 31, 2013
	(in thousands)		UPB		Amortized		Gross		Gross		Fair
					Cost  (1)		Unrealized		Unrealized		Value
							Gains		Losses  (4), (5)
	Mortgage revenue bonds		$	143,617	$	103,194	$	19,245	$	-1,085	$	121,354
	Other bonds			79,970		55,270		19,540		-832		73,978
	Total		$	223,587	$	158,464	$	38,785	$	-1,917	$	195,332
		-1	Represents the UPB, net of discounts, deferred costs and fees as well as impairments recognized in earnings.
		-2	At December 31, 2014, $0.6 million represents the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired and $0.3 million represents unrealized losses that were not considered other-than-temporarily impaired.
		-3	Represents bonds in a gross unrealized loss position for less than 12 consecutive months that had a fair value of $1.8 million at December 31, 2014, as well as bonds in a gross unrealized loss position for more than 12 consecutive months that had a fair value of $6.0 at December 31, 2014.
		-4	At December 31, 2013, the majority of this amount represents unrealized losses that were not considered other-than-temporarily impaired; however, this amount also includes the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired.
		-5	These bonds had been in a gross unrealized loss position for less than 12 consecutive months and had a fair value of $40.1 million at December 31, 2013 ($16.2 million for mortgage revenue bonds and $23.9 million for other bonds).
	As of December 31, 2014, there were no bonds eliminated because of consolidation accounting. At December 31, 2013, the Company had bonds with an UPB of $68.0 million ($50.3 million fair value) that were eliminated due to consolidation of the real estate partnerships where the real estate served as collateral for the Company’s bonds and thus is not included in the table above. See Note 9, “Fair Value Measurements” which describes the factors contributing to the $27.6 million increase in the Company’s reported bond fair value.
	Maturity
	Principal payments on bonds are based on amortization tables set forth in the bond documents. If no principal amortization is required during the bond term, the outstanding principal balance is required to be paid in a lump sum payment at maturity or at such earlier time as may be provided under the bond documents. At December 31, 2014, seven bonds (amortized cost of $16.7 million and fair value of $24.3 million) were non-amortizing with principal due in full between February 2030 and August 2048. The remaining bonds are amortizing with stated maturity dates between September 2017 and June 2056.
	Bonds with Lockouts, Prepayment Premiums or Penalties
	Substantially all of the Company’s bonds include provisions that allow the borrowers to prepay the bonds at a premium or at par after a specified date that is prior to the stated maturity date.  The following table provides the amount of bonds that were prepayable without restriction, premium or penalty at December 31, 2014, as well as the year in which the remaining portfolio becomes prepayable without restriction, premium or penalty at each period presented.
	(in thousands)		Amortized Cost		Fair Value
	2014		$	28,657	$	44,997
	2015			-		-
	2016			10,111		13,687
	2017			-		-
	2018			7,402		8,246
	Thereafter			119,171		155,636
	Bonds that may not be prepaid			324		333
	Total		$	165,665	$	222,899
	Non-Accrual Bonds
	The carrying value of bonds on non-accrual was $43.6 million and $77.7 million at December 31, 2014 and 2013, respectively.  During the period in which these bonds were on non-accrual, the Company recognized interest income on a cash basis of $1.3 million and $3.7 million for the years ended December 31, 2014 and 2013, respectively. Interest income not recognized during the period in which these bonds were on non-accrual was $4.2 million and $4.8 million for the years ended December 31, 2014 and 2013, respectively.
	Bond Aging Analysis
	The following table provides the fair value of bonds available-for-sale that were current with respect to principal and interest payments, as well as those that were past due with respect to either principal or interest payments at December 31, 2014 and 2013.
	(in thousands)		December 31,		December 31,
			2014		2013
	Total current		$	179,315	$	117,666
	30-59 days past due			-		-
	60-89 days past due			-		-
	90 days or greater			43,584		77,666
	Total		$	222,899	$	195,332
	Bond Sales and Redemptions
	The Company recorded cash proceeds on sales and redemptions of bonds of $17.1 million and $11.5 million for the years ended December 31, 2014 and 2013, respectively.
	Provided in the table below are net impairment on bonds recognized in earnings through “Other expenses,” on bonds still in the Company’s portfolio at each period end and realized gains recognized on bonds at the time of sale or redemption reported through “Net gains on assets and derivatives.”
			For the year ended
			December 31,
	(in thousands)		2014		2013
	Net impairment recognized on bonds held at each period-end		$	-113	$	-1,531
	Net impairment recognized on bonds sold/redeemed during each period			-		-541
	Gains recognized at time of sale or redemption			12,293		77,230
	Total net gains on bonds		$	12,180	$	75,158

INVESTMENTS_IN_PREFERRED_STOCK

INVESTMENTS IN PREFERRED STOCK	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Preferred Stock [Text Block]	Note 3—INVESTMENTS IN PREFERRED STOCK
	These investments are prepayable at any time and are comprised of preferred stock investments in a private national mortgage lender and servicer specializing in affordable and market rate multifamily housing, senior housing and healthcare. At December 31, 2014, the carrying value of the preferred stock investments was $31.4 million and the UPB and estimated fair value was $36.6 million with a weighted average pay rate of 14.4%. The Company accounts for the preferred stock using the historical cost approach and tests for impairment at each balance sheet date. An impairment loss is recognized if the carrying amount of the preferred stock is not deemed recoverable. The Company did not have impairments on the preferred stock for the years ended December 31, 2014 and 2013.

REAL_ESTATE

REAL ESTATE	12 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	Note 4—REAL ESTATE
	The following table summarizes the Company’s real estate at December 31, 2014 and 2013.
	(in thousands)		December 31,		December 31,
			2014		2013
	Real estate held-for-use
	Real estate held-for-use (1)		$	18,417	$	18,262
	Real estate held-for-use related to CFVs (2)			-		102,314
	Total real estate held-for-use		$	18,417	$	120,576
	Real estate held-for-sale
	Real estate held-for-sale (3)		$	10,145	$	24,090
		-1	MMA’s real estate held-for-use was comprised of two investments in undeveloped land with a combined carrying value of $6.2 million and an affordable multifamily property with a carrying value of $12.2 million at December 31, 2014.
	MMA’s real estate held-for-use was comprised of four investments in undeveloped land with a combined carrying value of $7.9 million (one with a carrying basis of $0.5 million was sold for $1.0 million during the first quarter of 2014 and one with a carrying basis of $1.3 million was sold for $2.2 million during the fourth quarter of 2014) and an affordable multifamily property with a carrying value of $10.4 million at December 31, 2013.
		-2	As of December 31, 2014, the Company no longer consolidates the funds and ventures holding this real estate. For more information see Note 16, “Consolidated Funds and Ventures.”
		-3	MMA’s real estate held-for-sale was comprised of one affordable multifamily property at December 31, 2014. MMA’s real estate held-for-sale at December 31, 2013 was comprised of two affordable multifamily properties both of which were sold during 2014 along with their associated assets and obligations for $35.8 million and resulted in a gain on sale of real estate of $14.0 million that was reported through discontinued operations.

OTHER_ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets Disclosure [Text Block]	Note 5—OTHER ASSETS
	The following table summarizes other assets at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	Other assets:
	Investments in real estate partnerships		$	22,529	$	6,270
	Investments in IHS-managed Funds and Ventures			5,689		1,194
	Loan receivable held-for-investment			22,392		1,200
	Solar facilities (includes other assets such as cash and other receivables)			3,093		5,344
	Debt issuance costs, net			2,946		3,579
	Derivative assets			2,726		-
	Accrued interest and dividends receivable			2,672		2,129
	Asset management fees receivable			2,454		6
	Other assets			2,219		1,574
	Other assets held by CFVs (1)			11,128		23,664
	Total other assets		$	77,848	$	44,960
		-1	For more information see Note 16, “Consolidated Funds and Ventures.”
	Investment in Real Estate Partnerships
	At December 31, 2014, $16.1 million of the reported balance represents the Company’s interest in a real estate venture that was formed during the fourth quarter of 2014. The Company accounts for this investment as an equity investment and does not consolidate the real estate venture because it is not deemed to be the primary beneficiary. The Company made an initial contribution of $8.8 million (representing 80% of the real estate venture’s initial capital). The Company has rights to a preferred return on its capital contribution, as well as rights to share in excess cash flows of the real estate venture. During the fourth quarter of 2014, the real estate venture acquired mixed-use real estate and accounted for the acquisition as a business combination, which resulted in a bargain purchase gain of $18.3 million because the fair value of the identifiable net assets of the acquisition ($28.8 million) exceeded the real estate venture’s purchase price ($10.5 million). As a result, the Company recognized $7.3 million gain through “Equity in income (losses) from unconsolidated funds and ventures” which represented its share of the net operating gains of the real estate venture for the fourth quarter of 2014 including the Company’s share of the real estate venture’s bargain purchase gain.
	At December 31, 2014, the majority of the remaining balance ($6.3 million) represents a 33% interest in a partnership that was formed to take a deed-in-lieu of foreclosure on land that was collateral for a loan held by the Company. The Company accounts for its interest as an equity investment and does not consolidate the partnership because the Company is not deemed to be the primary beneficiary.
	The following table displays the total assets and liabilities held by the real estate partnerships in which the Company held an equity investment at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	Investment in a real estate partnership:
	Total assets (primarily real estate)		$	83,021	$	18,810
	Total liabilities			34,856		-
	The following table displays the net income (loss) for the years ended December 31, 2014 and 2013, for the real estate partnerships:
			For the year ended December 31,
	(in thousands)		2014		2013
	Net income (loss)		$	16,833	$	-800
	Investments in IHS-managed Funds and Ventures
	At December 31, 2014, the Company held equity co-investments ranging from 2% to 5% in three IHS-managed funds and ventures ( SAWHF, IHS Residential Partners I and IHS Fund II). IHS provides asset management services to each of these investment vehicles in return for asset management fees. For each investment vehicle, IHS also has rights to investment returns on its equity co-investment as well as carried interest which is contingent upon the residual values of the assets held by each investment vehicle.
	The Company accounts for its interest in IHS Residential Partners I and IHS Fund II as equity investments because the Company is not deemed to be the primary beneficiary. At December 31, 2014, the carrying basis of the Company’s investment in IHS Residential Partners I was $2.1 million and is reflected in the table above. At December 31, 2014, the Company had no equity investment basis in IHS Fund II because no capital had been called as of year-end.
	During the fourth quarter of 2014, the SAWHF amended its partnership agreements, resulting in IHS no longer being deemed the primary beneficiary. Therefore, during the fourth quarter, the Company deconsolidated the SAWHF and reinstated its equity investment of $3.6 million (reflected in the table above) having no impact to common shareholders’ equity.
	The following table displays the total assets and liabilities held by the three and two IHS-managed funds and ventures in which the Company held an equity investment at December 31, 2014 and 2013, respectively:
	(in thousands)		December 31,		December 31,
			2014		2013
	Total assets		$	276,007	$	67,629
	Total liabilities			104,863		44,538
	The following table displays the net income (loss) for the years ended December 31, 2014 and 2013, for the Investments in IHS-managed funds and ventures:
			For the year ended December 31,
	(in thousands)		2014		2013
	Net income (loss)		$	6,589	$	-765
	Loans Held for Investment
	The following table summarizes loans held for investment at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	Cost basis		$	40,163	$	18,220
	Allowance for loan losses			-17,771		-17,020
	Loans held for investment, net		$	22,392	$	1,200
	At December 31, 2014 and 2013, loans held for investment had an UPB of $40.9 million and $18.8 million as well as deferred fees and other basis adjustments of $0.7 million and $0.6 million, respectively. At December 31, 2014 and 2013, loans that were specifically impaired had an UPB of $18.4 million and $17.4 million, respectively and were not accruing interest.
	At December 31, 2014 and 2013 there were no loans still accruing interest that were 90 days or more past due in either principal or interest.
	During the second quarter of 2014, the Company entered into a loan agreement with a real estate partnership whereby the Company loaned the partnership $6.9 million at a rate of 5% per annum. The partnership used the majority of its loan proceeds to fully redeem its mortgage debt that the Company held in the form of bonds.
	During the third quarter of 2014, the Company entered into a loan agreement with a real estate partnership whereby the Company loaned the partnership $1.1 million and purchased mortgage debt (in the form of a bond) for $5.3 million from the real estate partnership at par. At closing, it was determined that the loan was not fully recoverable resulting in $0.8 million loan loss impairment. There were no other changes to allowance for loan losses during 2014.
	During the fourth quarter of 2014, the Company made two loans to MGM, one of which provided financing for the sale of substantially all of our LIHTC asset management operations to MGM for $15.9 million and the other of which provided cash of $14.4 million to MGM. These assets were comprised of a $17.3 million bridge loan (“Bridge Loan”) and a $13.0 million term loan (“Term Loan”), and an option contract (“Option”) that gives the Company the option to acquire MGM for $12.0 million, beginning on October 1, 2019 and ending on September 30, 2024, subject to various acceleration and price adjustments.
	The Bridge Loan is designated held for investment, has an interest rate of 10% and amortizes based on MGM’s excess cash flow. It initially had a term maturity date of December 31, 2014; however, the maturity date was extended to March 31, 2015 with a 1% ($0.2 million) extension fee capitalized into the Term Loan. The Bridge Loan has eight remaining quarters that it can be extended for quarterly extension fees of 1%. If the Bridge Loan is not refinanced by March 31, 2017, then the Company has the right to accelerate the Option exercise date subject to an adjusted Option price. The Term Loan, designated held for sale, is non-amortizing, has a maturity date of September 30, 2024 and has an annual interest rate of 12% of which 8% is to be paid quarterly and 4% is payable at the loan’s maturity.
	At the transaction date, the Company recorded a loan investment of $14.4 million for the amount of cash provided to MGM. The Company did not record a loan investment for the sales price of $15.9 million. The Company has a legal loan receivable for the sales price; however, because the Company retained its yield guarantee to the investors in the 11 guaranteed LIHTC funds, the Company was unable to achieve sale accounting. Not achieving sale accounting means the Company will continue to consolidate the 11 guaranteed LIHTC funds and will not recognize book basis in the seller financing. Not recognizing book basis in the seller financing means that the book gain of $15.2 million (which represents the difference between the sales price of $15.9 million and the book basis of assets sold) will not be recognized. Cash collected on the seller financing will be treated as deferred gain and may receive gain recognition in the future if certain conditions are met. The Option does not meet the definition of a derivative and thus has no recorded book basis.
	At December 31, 2014, the Company’s reported Bridge Loan basis of $14.2 million and Term Loan basis of $0.2 million (included within other assets in the table above) and related interest income of $0.3 million was recognized during the fourth quarter of 2014. At December 31, 2014, the Company had off-balance sheet loans receivable related to the seller financing of $15.9 million. Interest collected during the fourth quarter of 2014 on the seller financing was $0.3 million and was recorded as a deferred gain.
	Unfunded Loan Commitments
	Unfunded loan commitments are agreements to fund construction or renovation of properties securing certain loans. There were no unfunded loan commitments at December 31, 2014.
	Solar Facilities
	At December 31, 2014, the Company owned five solar facilities. These facilities generate energy that is sold under long-term power contracts to the owner or lessee of the properties on which the projects are built. The useful life of these solar facilities is generally twenty years. During the third quarter of 2014, the counterparty on a long-term purchase power agreement associated with a solar facility that had a carrying value of $1.5 million terminated the agreement and purchased the facility from the Company for a termination fee of $1.5 million. The Company also recorded depreciation of $0.3 million during 2014 as a reduction to the carrying value of the remaining solar facilities.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 6—DEBT
	The table below summarizes outstanding debt balances and the associated weighted-average interest rate based on amounts due within one year or after one year at December 31, 2014 and 2013:
	(dollars in thousands)		December 31,		Weighted-Average				December 31,			Weighted-Average
			2014		Effective Interest				2013			Effective Interest
					Rate at							Rate at
					December 31, 2014							December 31, 2013
	Asset Related Debt (1)
	Notes payable and other debt – bond related (2)
	Due within one year		$	786		1.4	%		$	21,261			1.8	%
	Due after one year			86,539		1.4				111,705			3.2
	Notes payable and other debt – non-bond related
	Due within one year			1,772		9.8				1,667			9.1
	Due after one year			4,355		10				6,613			9.9
	Total asset related debt		$	93,452		2			$	141,246			3.4
	Other Debt (1)
	Subordinate debentures (3)
	Due within one year		$	16,246		7			$	757			8.1
	Due after one year			134,530		7.2				143,664			7.2
	Notes payable and other debt
	Due within one year			37,912		4.4				4,521			9.6
	Due after one year			4,637		2.8				60,173			5.2
	Total other debt		$	193,325		6.5			$	209,115			6.7
	Total asset related debt and other debt		$	286,777		5			$	350,361			5.3
	Debt related to CFVs (4)
	Due within one year		$	6,712		5.3			$	14			6
	Due after one year			-		-				91,588			4.3
	Total debt related to CFVs		$	6,712		5.3			$	91,602			4.3
	Total debt		$	293,489		5			$	441,963			5.1
		-1	Asset related debt is debt which finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the consolidated statements of operations. Other debt is debt that does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the consolidated statements of operations.
		-2	Included in notes payable and other debt were unamortized discounts of $1.6 million at December 31, 2013. This debt was extinguished during the second quarter of 2014.
		-3	Included in the subordinate debt balance were $10.1 million and $3.0 million of net premiums and effective interest rate payable (i.e., the difference between the current pay rate and the effective interest rate) at December 31, 2014 and 2013, respectively.
		-4	As of December 31, 2014, the Company no longer consolidates the funds and ventures that were the obligors on the debt outlined above as of December 31, 2013. The debt of $6.7 million as of December 31, 2014 is related to one of the LIHTC Funds consolidated by the Company that was reinstated during the fourth quarter of 2014 because the related mortgage note receivable was assigned from MMA to a third party.
	Covenant Compliance and Debt Maturities
	The following table summarizes principal payment commitments across all debt agreements at December 31, 2014:
	(in thousands)		Asset Related Debt		CFVs			Total Debt
			and Other Debt		Related Debt
	2015		$	56,716	$	6,712		$	63,428
	2016			15,534		-			15,534
	2017			17,131		-			17,131
	2018			50,776		-			50,776
	2019			11,509		-			11,509
	Thereafter			125,023		-			125,023
	Net premium			10,088		-			10,088
	Total		$	286,777	$	6,712		$	293,489
	Included in the 2015 principal payments for asset related debt and other debt is $1.3 million of debt that has come due and remains payable; however, the Company has a forbearance agreement with the lender such that it is not pursuing any remedies. The forbearance agreement expires June 30, 2016. The Company is not in default under any of its other debt arrangements.
	Asset Related Debt
	Notes Payable and Other Debt – Bond Related
	At December 31, 2014, this debt was comprised of total return swap (“TRS”) financing agreements on bonds available-for-sale.
	Interest expense on notes payable and other debt – bond related totaled $2.4 million and $5.1 million for the years ended December 31, 2014 and 2013, respectively.
	Other Debt
	Subordinate Debt
	The table below provides a summary of the key terms of the subordinate debt issued by MMA Financial Inc. (“MFI”) and MMA Financial Holdings, Inc. (“MFH”) and held by third parties at December 31, 2014:
	(dollars in thousands)
	Issuer		Principal		Net Premium			Carrying Value			Interim Principal Payments		Maturity Date		Coupon Interest Rate
	MFI		$	28,714	$	-		$	28,714		Amortizing		December 2027 and December 2033		8.00%
	MFH			33,286		3,260			36,546		$4,689 due		30-Mar-35		0.75% to March 2015, then
											Apr-15				3-month LIBOR plus 3.3% (1)
	MFH			30,116		2,755			32,871		$4,242 due		30-Apr-35		0.75% to April 2015, then
											May-15				3-month LIBOR plus 3.3% (1)
	MFH			17,219		1,461			18,680		$2,305 due		30-Jul-35		0.75% to April 2015, then
											May-15				3-month LIBOR plus 3.3% (1)
	MFH			31,308		2,657			33,965		$4,191 due		30-Jul-35		0.75% to April 2015, then
											May-15				3-month LIBOR plus 3.3% (1)
			$	140,643	$	10,133		$	150,776
	-1	The pay rate on this debt is currently 75 bps; however, we recognize interest expense on an effective yield basis, which was approximately 6.9% at December 31, 2014. See the first table within this note, which provides weighted-average effective rate information for all of our debt.
Interest expense on the subordinate debt totaled $10.3 million and $10.7 million for the years ended December 31, 2014 and 2013, respectively.
Notes Payable and Other Debt
At December 31, 2014, this debt includes $36.6 million of TRS financing agreements on the Company’s preferred stock investment. The debt is non-amortizing, matures on March 31, 2015 and bears an interest rate of 3-month London Interbank Offered Rate (“LIBOR”) plus 400 bps (4.3% at December 31, 2014), which resets quarterly.
Interest expense on notes payable and other debt totaled $3.5 million and $4.3 million for the years ended December 31, 2014 and 2013, respectively.

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Note 7—DERIVATIVE FINANCIAL INSTRUMENTS
	The following table summarizes the Company’s derivative assets and liabilities fair value balances at December 31, 2014 and 2013.
			Fair Value
			December 31, 2014				December 31, 2013
	(in thousands)		Assets		Liabilities		Assets		Liabilities
	Total return swaps		$	2,539	$	35	$	-	$	-
	Interest rate cap			187		-		-		-
	Interest rate swap			-		718		-		626
	Total derivative financial instruments		$	2,726	$	753	$	-	$	626
	The following table summarizes the derivative notional amounts at December 31, 2014 and 2013.
			Notional
	(in thousands)		December 31,		December 31,
			2014		2013
	Total return swaps		$	90,184	$	-
	Interest rate cap			45,000		-
	Interest rate swap			7,749		7,820
	Total derivative financial instruments		$	142,933	$	7,820
	The following table summarizes derivative activity for the years ended December 31, 2014 and 2013.
			Realized/Unrealized Gains (Losses) for
			the year ended December 31,
	(in thousands)		2014		2013
	Total return swaps (1)		$	5,147	$	-
	Interest rate cap			-605		-
	Interest rate swaps (2)			-399		-196
	Other			-		214
	Total		$	4,143	$	18
		-1	The cash paid and received on TRSs designated as derivatives is settled on a net basis and recorded through “Net gains on assets and derivatives.” Net cash received was $2.6 million for the year ended December 31, 2014.
		-2	The cash paid and received on interest rate swaps are settled on a net basis and recorded through “Net gains on assets and derivatives.” Net cash paid was $0.3 million and $0.8 million for the years ended December 31, 2014 and 2013, respectively.
	TRSs
	As of December 31, 2014, the Company had 10 bond related TRS agreements. Under the terms of the TRS agreements, the counterparty is required to pay the Company an amount equal to the interest payments received on the underlying bonds (notional amount of $88.9 million with a weighted average pay rate of 5.9% at December 31, 2014). The Company is required to pay the counterparty a rate of Securities Industry and Financial Markets Association (“SIFMA”) 7-day municipal swap index plus a spread. As of December 31, 2014, the weighted average spread was 138 bps resulting in a weighted average pay rate of 1.4%.
	Interest rate cap
	On January 2, 2014, the Company paid $0.8 million for an interest rate cap that terminates on January 2, 2019 to protect against rising interest rates associated with certain TRS agreements. The notional amount on the interest rate cap was $45.0 million at December 31, 2014 and protects us on $45.0 million of our floating rate debt in the event SIFMA rises to 250 bps or higher.
	Interest rate swap
	At December 31, 2014 and 2013, the Company had one interest rate swap contract. Under the terms of the agreement, the counterparty is required to pay the Company SIFMA plus 250 bps (pay rate of 2.5% at December 31, 2014) and the Company is required to pay the counterparty a fixed interest rate of 6.5%.

FINANCIAL_INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2014
Investments, All Other Investments [Abstract]
Financial Instruments Disclosure [Text Block]	Note 8—Financial Instruments
	The following table provides information about financial assets and liabilities not carried at fair value on the consolidated balance sheets. This table excludes non-financial assets and liabilities.
	The fair value estimates are made at a discrete point in time based on relevant market information and information about the financial instruments. A description of how the Company estimates fair values is provided below. These estimates are subjective in nature, involve uncertainties and significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
	As required by generally accepted accounting principles (“GAAP”), assets and liabilities are classified into levels based on the lowest level of input that is significant to the fair value measurement. The determination of which level an asset or liability gets classified into is based on the following fair value hierarchy:
		⋅	Level 1: Quoted prices in active markets for identical instruments.
		⋅	Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs or significant value drivers are observable in active markets.
		⋅	Level 3: Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.
			December 31, 2014
			Carrying		Fair Value
	(in thousands)		Amount		Level 1		Level 2		Level 3
	Assets:
	Investments in preferred stock		$	31,371	$	-	$	-	$	36,613
	Loans receivable			22,564		-		-		21,689
	Liabilities:
	Notes payable and other debt, bond related			87,325		-		-		87,325
	Notes payable and other debt, non-bond related			48,676		-		-		44,085
	Notes payable and other debt related to CFVs			6,712		-		-		-
	Subordinate debt issued by MFH			122,062		-		-		44,718
	Subordinate debt issued by MFI			28,714		-		-		28,714
			December 31, 2013
			Carrying		Fair Value
	(in thousands)		Amount		Level 1		Level 2		Level 3
	Assets:
	Investments in preferred stock		$	31,371	$	-	$	-	$	36,613
	Loans receivable			1,200		-		-		271
	Liabilities:
	Notes payable and other debt, bond related			132,966		-		-		131,321
	Notes payable and other debt, non-bond related			72,974		-		-		65,253
	Notes payable and other debt related to CFVs			91,602		-		50,338		40,178
	Subordinate debt issued by MFH			114,950		-		-		42,869
	Subordinate debt issued by MFI			29,471		-		-		29,471
	Investment in preferred stock –The Company estimates fair value by using the terms and conditions of the preferred stock as compared to other, best available market benchmarks.
	Loans receivable –The Company estimates fair value by discounting the expected cash flows using current market yields for similar loans. Loans receivable are recorded through “Other assets.”
	Notes payable and other debt – The Company estimates fair value by discounting contractual cash flows using a market rate of interest or by estimating the fair value of the collateral supporting the debt arrangement, taking into account credit risk.
	Subordinate debt – The Company estimates the fair value of the subordinate debt issued by MFI by using best available market benchmarks, taking into account credit risk. The fair value of the subordinate debt issued by MFH was estimated using an internal valuation model, taking into consideration credit risk. There can be no assurance that the Company could repurchase the remaining subordinated debt issued by MFH at the estimated fair value reflected in the table above or that the debt would trade at that price.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 9—FAIR VALUE MEASUREMENTS
	Recurring Valuations
	The following tables present assets and liabilities that are measured at fair value on a recurring basis at December 31, 2014 and 2013.
						Fair Value Measurement Levels
	(in thousands)		December 31,			Level 1			Level 2		Level 3
			2014
	Assets:
	Bonds available-for-sale		$	222,899		$	-		$	-	$	222,899
	Derivative assets			2,726			-			187		2,539
	Liabilities:
	Derivative liabilities		$	753		$	-		$	-	$	753
						Fair Value Measurement Levels
	(in thousands)		December 31,			Level 1			Level 2		Level 3
			2013
	Assets:
	Bonds available-for-sale		$	195,332		$	-		$	-	$	195,332
	Liabilities:
	Derivative liabilities		$	626		$	-		$	-	$	626
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the year ended December 31, 2014.
	(in thousands)		Bonds			Derivative			Derivative
			Available			Assets			Liabilities
			-for-sale
	Balance, January 1, 2014		$	195,332		$	-		$	-626
	Net (losses) gains included in earnings			-6,021			2,539			-127
	Net change in other comprehensive income (1)			8,394			-			-
	Impact from purchases			18,380			-			-
	Impact from sales/ redemptions			-19,270			-			-
	Impact from deconsolidation			47,022			-			-
	Bonds eliminated due to real estate foreclosure			-11,058			-			-
	Impact from settlements			-9,880			-			-
	Balance, December 31, 2014		$	222,899		$	2,539		$	-753
		-1	This amount includes $19.6 million of unrealized net holding gains arising during the period, plus $0.1 million of unrealized bond losses reclassified into operations, partially offset by the reversal of $11.3 million of unrealized bond gains related to bonds that were redeemed.
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized losses recognized at derivative settlement for the year ended December 31, 2014.
	(in thousands)		Net gains on			Equity in losses			Net gains on
			bonds (1)			from LTPPs			derivatives (2)
	Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2014		$	-113		$	-5,908		$	2,412
	Additional realized gains recognized			12,293			-			2,336
	Total gains (losses) reported in earnings		$	12,180		$	-5,908		$	4,748
		-1	Amounts are reflected through “Other expenses” and “Net gains on assets and derivatives” on the consolidated statements of operations.
		-2	Amounts are reflected through “Net gains on assets and derivatives” on the consolidated statements of operations.
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the year ended December 31, 2013.
	(in thousands)		Bonds				Derivative
			Available-for-				Liabilities
			sale
	Balance, January 1, 2013		$	969,394			$	-1,067
	Net (losses) gains included in earnings			-5,224				295
	Net change in other comprehensive income (1)			-91,258	-2			-
	Impact from sales/redemptions			-613,285	-2			-
	Bonds eliminated due to real estate consolidation and foreclosure			-55,275				-
	Impact from settlements			-9,020				146
	Balance, December 31, 2013		$	195,332			$	-626
		-1	This amount includes the reversal of $77.2 million of unrealized gains related to bonds that were redeemed plus $16.1 million of unrealized net holding losses arising during the period, offset by $2.1 million of unrealized bond losses reclassified into operations.
		-2	The majority of this activity was related to the sale of the Company’s common shares in MuniMae TE Bond Subsidiary, LLC during the third quarter of 2013.
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond redemption and derivative settlement for the year ended December 31, 2013.
	(in thousands)		Net gains on			Equity in losses			Net losses on
			bonds (1)			from LTPPs			derivatives (2)
	Change in unrealized (losses) related to assets and liabilities held at January 1, 2013, but settled during 2013		$	-541		$	-		$	-
	Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2013			-1,531			-3,152			295
	Additional realized gains (losses) recognized			77,230			-			-307
	Total gains (losses) reported in earnings		$	75,158		$	-3,152		$	-12
		-1	Amounts are reflected through “Other expenses” and “Net gains on assets and derivatives” on the consolidated statements of operations.
		-2	Amounts are reflected through “Net gains on assets and derivatives” on the consolidated statements of operations.
	The following methods or assumptions were used to estimate the fair value of these recurring financial instruments:
	Bonds Available-for-sale – If a bond is performing and payment of full principal and interest is not deemed at risk, then the Company estimates fair value using a discounted cash flow methodology; specifically, the Company discounts contractual principal and interest payments, adjusted for expected prepayments. The discount rate is based on expected investor yield requirements adjusted for bond attributes such as the expected term of the bond, debt service coverage ratio, geographic location and bond size.  The weighted average discount rate for the performing bond portfolio was 6.3% and 6.5% at December 31, 2014 and 2013, respectively. If observable market quotes are available, the Company will estimate the fair value based on such quoted prices.
For non-performing bonds and certain performing bonds where payment of full principal and interest is deemed at risk, the Company estimates fair value by discounting the property’s expected cash flows and residual proceeds using estimated market discount and capitalization rates, less estimated selling costs. The weighted average discount rate was 7.8% and 8.1% at December 31, 2014 and 2013, respectively, for the bonds remaining in our portfolio at December 31, 2014. The weighted average capitalization rate was 6.8% at December 31, 2014 and 2013, for the bonds remaining in our portfolio at December 31, 2014. However, to the extent available, the Company may estimate fair value based on a sale agreement, a letter of intent to purchase, an appraisal or other indications of fair value.
The discount rates and capitalization rates as discussed above are significant inputs to bond valuations and are unobservable in the market. To the extent discount rates and capitalization rates were to increase (decrease) in isolation the corresponding estimated bond values would decrease (increase).
Derivative Financial Instruments – The Company estimates fair value, taking into consideration credit risk, based on internal models and based on third party models using either a Level 2 or a Level 3 approach depending on the nature of the derivative contract.
Non-recurring Valuations
At December 31, 2014, the Company had no assets that were measured at fair value on a non-recurring basis. At December 31, 2013, the Company held loans that were measured at fair value using a Level 3 Fair Value measurement on a non-recurring basis; however, these loans were de minimis.

GUARANTEES_AND_COLLATERAL

GUARANTEES AND COLLATERAL	12 Months Ended
	Dec. 31, 2014
Guarantees And Collateral [Abstract]
Guarantees And Collateral [Text Block]	Note 10—GUARANTEES AND COLLATERAL
	Guarantees
	Guarantee obligations are recorded through “Other liabilities.”
	The following table summarizes guarantees, by type, at December 31, 2014 and 2013:
			December 31, 2014				December 31, 2013
	(in thousands)		Maximum		Carrying		Maximum		Carrying
			Exposure		Amount		Exposure		Amount
	Indemnification contracts		$	13,209	$	864	$	20,224	$	1,198
	Through the indemnification contracts outlined in the table above, the Company guarantees the investor yields on certain third party LIHTC Funds and property performance on certain third party LTPPs. The Company made no cash payments related to these indemnification agreements for the year ended December 31, 2014 and 2013. The carrying amount represents the amount of unamortized fees received related to these guarantees with no additional amounts recognized as management does not believe it is probable that the Company will have to make payments under these indemnifications.
	The Company’s maximum exposure under its indemnification contracts represents the maximum loss the Company could incur under its guarantee agreements and is not indicative of the likelihood of the expected loss under the guarantee.  The Company also has guarantees associated with certain LIHTC Funds that are consolidated on the Company’s balance sheet. See Note 16, “Consolidated Funds and Ventures” for information on these guarantees.
	Collateral and restricted assets
	The following table summarizes assets that are either pledged or restricted for the Company’s use at December 31, 2014 and 2013. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s consolidated balance sheets.
			December 31, 2014
	(in thousands)		Restricted		Bonds		Real Estate		Investment		Other Assets		Total
			Cash		Available-		Held-for-Use		in Preferred				Assets
					for-sale				stock				Pledged
	Debt and derivatives – total return swaps		$	11,010	$	144,611	$	-	$	31,371	$	-	$	186,992
	Other (1)			14,993		-		-		-		161		15,154
	CFVs (2)			24,186		-		-		-		11,128		35,314
	Total		$	50,189	$	144,611	$	-	$	31,371	$	11,289	$	237,460
			December 31, 2013
	(in thousands)		Restricted		Bonds		Real Estate		Investment		Other		Total
			Cash		Available-		Held-for-		in Preferred		Assets		Assets
					for-sale		Use		stock				Pledged
	Debt – notes payable		$	-	$	-	$	15,644	$	-	$	11,613	$	27,257
	Debt – total return swap financing			20,006		105,511		-		31,371		-		156,888
	Other (1)			15,000		29,258		-		-		294		44,552
	CFVs (2)			52,897		-		102,314		-		23,664		178,875
	Total		$	87,903	$	134,769	$	117,958	$	31,371	$	35,571	$	407,572
		-1	The Company pledges collateral in connection with various guarantees that it has provided.
		-2	These are assets held by CFVs. At December 31, 2013, the real estate serves as collateral to the Company’s bonds eliminated in consolidation. At December 31, 2014, all of the assets related to the SAWHF and the Consolidated LTPPs have been removed because those entities were no longer consolidated as of December 31, 2014. For more information see Note 16, “Consolidated Funds and Ventures.”

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 11—Commitments and Contingencies
	Operating Leases
	During the third quarter of 2014, IHS entered into a new operating lease. As of December 31, 2014, the Company had three non-cancelable operating leases that expire between 2016 and 2018. These leases require the Company to pay property taxes, maintenance and other costs. The Company recognized net rental expense of $0.5 million and $0.6 million for the years ended December 31, 2014 and 2013, respectively. At December 31, 2014, the Company had $0.7 million of minimum future rental commitments of which $0.4 were 2015 commitments.
	Litigation
	From time to time, the Company and its subsidiaries are named as defendants in various litigation matters arising in the ordinary course of business. These proceedings may include claims for substantial or indeterminate compensatory or punitive damages, or for injunctive or declaratory relief.
	The Company establishes reserves for litigation matters when those matters present loss contingencies that are probable and can be reasonably estimated. Once established, reserves may be adjusted when new information is obtained.
	It is the opinion of the Company’s management that adequate provisions have been made for losses with respect to litigation matters and other claims that existed at December 31, 2014. Management believes the ultimate resolution of these matters is not likely to have a material effect on its financial position, results of operations or cash flows. Assessment of the potential outcomes of these matters involves significant judgment and is subject to change, based on future developments, which could result in significant changes.
	Shareholder Matters
	The Company is a defendant in a purported class action lawsuit and two derivative suits originally filed in 2008.  The plaintiffs in the class action lawsuit claim to represent a class of investors in the Company’s shares who allegedly were injured by misstatements in press releases and SEC filings between May 3, 2004, and January 28, 2008.  The plaintiffs sought unspecified damages for themselves and the shareholders of the class they purported to represent.  In the derivative suits, the plaintiffs claimed, among other things, that the Company was injured because its directors and certain named officers did not fulfill duties regarding the accuracy of its financial disclosures.  Both the class action and the derivative cases were brought in the United States District Court for the District of Maryland. The Company filed a motion to dismiss the class action and in June 2012, the Court issued a ruling dismissing all of the counts alleging any knowing or intentional wrongdoing by the Company or its affiliates, directors and officers. The plaintiffs appealed the Court’s ruling and on March 7, 2014, the United States Court of Appeals for the Fourth Circuit unanimously affirmed the lower Court’s ruling. As a result of these rulings, the only counts remaining in the class action relate to the Company’s dividend reinvestment plan and the plaintiffs in the derivative cases have voluntarily dismissed their case outright. The Company expects to settle the remaining counts at an amount between $0.4 million and $0.9 million and had a contingent obligation of $0.5 million recorded at December 31, 2014.  The parties have reached an agreement in principle in the foregoing range, but there are numerous steps to be taken before the settlement can be considered final and binding. Assuming the agreement becomes final and binding, the resulting settlement amount is expected to be covered fully by insurance.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 12—EQUITY
	Common Share Information
	The following table provides a summary of net income to common shareholders as well as information pertaining to weighted average shares used in the per share calculations as presented on the consolidated statements of operations for the years ended December 31, 2014 and 2013.
			For the year ended
			December 31,
	(in thousands)		2014		2013
	Net (loss) income from continuing operations (1)		$	-584	$	102,399
	Net income from discontinued operations			18,051		25,441
	Net income to common shareholders		$	17,467	$	127,840
	Basic weighted-average shares (2)			7,647		8,424
	Common stock equivalents (3) (4) (5)			-		294
	Diluted weighted-average shares			7,647		8,718
		-1	For purposes of calculating diluted income per share on the Company’s Consolidated Statements of Operations, net income from operations for the year ended 2013 was adjusted to exclude the impact associated with certain options and deferred shares accounted for as liability awards as opposed to equity awards. During the year ended 2013, the Company excluded $1.1 million of compensation expense associated with these awards. As discussed in note 3 below, the Company’s stock options and unvested deferred shares were anti-dilutive for the year ended 2014. Included in this analysis was the compensation expense associated with the liability awards of $1.3 million for year ended 2014.
		-2	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.
		-3	At December 31, 2014, 410,000 stock options were in the money and had a dilutive share impact of 291,805.  In addition, 41,667 unvested employee deferred shares had a dilutive share impact of 20,834 for the year ended December 31, 2014. For the year ended December 31, 2014, the Company had a net loss from continuing operations and thus, any incremental shares would be anti-dilutive.
		-4	At December 31, 2013, 425,625 stock options were in the money and had a dilutive share impact of 275,532. In addition, 52,083 unvested employee deferred shares had a dilutive share impact of 18,322 for the year ended December 31, 2013.
		-5	For the years ended December 31, 2014 and 2013, the average number of options excluded from the calculations of diluted earnings per share was 60,211 and 83,508, because of their anti-dilutive effect (i.e. these stock options were not in the money).
	Common Shares
	Effective September 29, 2014, the Company executed a one-for-five reverse stock split to shareholders. All share and per share information has been adjusted to reflect the reverse stock split.
	As of December 31, 2014, our Board authorized a stock repurchase program of up to 1.75 million shares. At its March 2015 meeting, the Board authorized the repurchase of an additional 300,000 shares. Further, the Board amended the maximum price at which management is authorized to purchase shares based on an assessment of the economic benefit of such purchases to the Company. Effective at the filing of this Report and until modified by further action by the Board, that price is $12.51 per share.
	During the year ended December 31, 2014, the Company repurchased 919,756 shares at an average price of $8.83. As of December 31, 2014, the Company had repurchased 1.3 million shares at an average price of $8.10 under its stock repurchase program since the plan’s inception. Between January 1, 2015 and March 12, 2015, the Company repurchased 19,432 shares at an average price of $9.31 under its stock repurchase program leaving  697,551 shares to be purchased under the existing program, inclusive of the increase to the program authorized at the March 2015 Board meeting.
	Noncontrolling Interests
	A significant component of equity is comprised of outside investor interests in CFVs. The Company reported the following noncontrolling interests within equity in entities that the Company did not wholly own at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	Noncontrolling interests in:
	CFVs:
	LIHTC Funds		$	230,111	$	328,236
	SAWHF			-		130,839
	Consolidated Lower Tier Property Partnerships			-		16,086
	IHS			-397		-1,648
	Total		$	229,714	$	473,513
	LIHTC Funds
	As of December 31, 2013, the noncontrolling interest holders were comprised of the limited partners (with equity interests of approximately 99%) in 11 LIHTC Funds. As of December 31, 2014, the noncontrolling interest holders were comprised of the limited partners as well as the GP in the 11 LIHTC Funds. As discussed in Note 5, “Other Assets”, the Company sold its GP interest in these 11 LIHTC Funds to MGM during the fourth quarter of 2014. However, because the Company retained its yield guarantee to the investors in these funds, the Company was unable to achieve sale accounting and thus it was unable to derecognize these funds. See Note 16, “Consolidated Funds and Ventures” for more information.
	The decline in the noncontrolling interest balance was primarily a result of a $54.8 million reduction in the LIHTC Funds’ investment balance due to net operating losses and impairment charges that were recognized during 2014.  The noncontrolling interest balance also declined by $28.2 million during the fourth quarter of 2014 as a result of the Company reinstating the LIHTC Funds’ legally accrued, but unpaid asset management fees which were due to MGM from the Funds as a result of the sale.
	SAWHF
	As of December 31, 2013, the noncontrolling interest holders were comprised of limited partners (with equity interests of 97.3%) in the SAWHF. The Company holds a 2.7% interest in the SAWHF; however, during the fourth quarter of 2014, the SAWHF amended its partnership agreement to provide for a dissolution right upon a simple majority vote of non-IHS affiliated limited partners such that the presumption of control by IHS was overcome, resulting in IHS no longer being deemed the primary beneficiary. Therefore, as of December 31, 2014, the SAWHF was deconsolidated and thus the SAWHF’s assets, obligations and third party equity were removed from the Company’s balance sheet.
	Consolidated LTPPs
	As of December 31, 2013, the noncontrolling interest holders were comprised of the limited partners and the GP of the partnerships. As of December 31, 2014, these partnerships were deconsolidated and thus the partnerships’ assets, obligations and equity were removed from the Company’s balance sheet. Prior to the fourth quarter of 2014, the Company consolidated these partnerships because it consolidated a non-profit that held the GP interest in partnerships. However, as a result of the Company’s sale of substantially all of its LIHTC asset management operations to MGM during the fourth quarter of 2014 as well as other considerations, the Company concluded that from an accounting standpoint it no longer controlled the non-profit and thus the non-profit and its Consolidated LTPPs were removed from the Company’s balance sheet.
	IHS
	At December 31, 2014 and 2013, 3.7% and 16.9%, respectively, of IHS was held by third parties.
	During the second quarter of 2014, the Company purchased an additional 13.2% interest in IHS for $1.6 million that was recorded as a distribution of noncontrolling equity. As a result of this purchase, the Company transferred the deficit equity balance of $2.8 million associated with these shares (including the $1.6 million distribution) out of noncontrolling equity and into common equity (reported within “Net change due to consolidation” on the Consolidated Statements of Equity). The purchase and the transfer caused noncontrolling equity to increase by $1.2 million, common shareholders’ equity to decline by $2.8 million and total equity to decline by the cash paid of $1.6 million
	Accumulated Other Comprehensive Income Allocable to Common Shareholders
	The following table summarizes the net change in accumulated other comprehensive income allocable to common shareholders for the year ended December 31, 2014.
	(in thousands)		Bonds		Income Tax		Foreign		Accumulated
			Available-for-		Expense		Currency		Other
			Sale				Translation		Comprehensive
									Income
	Balance, January 1, 2014		$	36,868	$	-	$	-209	$	36,659
	Unrealized net holding gains (losses) arising during period			19,584		-150		-343		19,091
	Reversal of unrealized gains on redeemed bonds			-11,303		-		-		-11,303
	Reclassification of unrealized losses to operations due to impairment			113		-		-		113
	Reclassification of unrealized gains due to deconsolidation of Consolidated Lower Tier Property Partnerships			13,975		-		-		13,975
	Reclassification of unrealized gains to operations due to foreclosure			-2,003		-		-		-2,003
	Other (1)			-		-		-80		-80
	Net change in other comprehensive income			20,366		-150		-423		19,793
	Balance, December 31, 2014		$	57,234	$	-150	$	-632	$	56,452
		-1	Transfer of unrealized loss from noncontrolling interest due to IHS share purchase.
	The following table summarizes the net change in accumulated other comprehensive income allocable to the common shareholders for the year ended December 31, 2013.
	(in thousands)		Bonds Available-		Foreign		Accumulated
			for-Sale		Currency		Other
					Translation		Comprehensive
							Income
	Balance, January 1, 2013		$	139,021	$	-334	$	138,687
Unrealized net holding (losses) gains arising during period			-16,104		125		-15,979
Reversal of unrealized gains on sold/redeemed bonds			-77,226		-		-77,226
Reclassification of unrealized losses to operations due to impairment			2,072		-		2,072
Reclassification of unrealized gains to operations due to consolidation of funds and ventures			-10,895		-		-10,895
Net change in other comprehensive income			-102,153		125		-102,028
Balance, December 31, 2013		$	36,868	$	-209	$	36,659

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 13—STOCK-BASED COMPENSATION
	The Company has stock-based compensation plans (“Plans”) for Non-employee Directors (“Non-employee Directors’ Stock-Based Compensation Plan”) and stock-based incentive compensation plans for employees (“Employees’ Stock-Based Compensation Plan”). All share and per share information have been adjusted to reflect the one-for-five reverse stock split to shareholders on September 29, 2014.
	Total compensation expense recorded for these Plans was as follows for the years ended December 31, 2014 and 2013:
			For the year ended December 31,
	(in thousands)		2014			2013
	Employees’ Stock-Based Compensation Plan		$	1,725		$	1,686
	Non-employee Directors’ Stock-Based Compensation Plan			237			275
	Total		$	1,962		$	1,961
	Employees’ Stock-Based Compensation Plan
	As of December 31, 2014, there were approximately 374,187 share awards available to be issued under Employees’ Stock-Based Compensation Plans. While each existing Employees’ Stock-Based Compensation Plan has been approved by the Company’s Board of Directors, not all of the Plans have been approved by the Company’s shareholders; the non-shareholder approved Plans are currently restricted to the issuance of stock options. As a result, of the 374,187 shares available under the plans, only 10,047 are available to be issued in the form of either stock options or shares; all remaining share awards must be issued in the form of stock options.
	Employee Common Stock Options
	The Company measures the fair value of options granted with solely time-based vesting and options granted with a specific stock price that have vested because the performance condition has been achieved, using a lattice model for purposes of recognizing compensation expense.  The Company believes the lattice model provides a better estimate of the fair value of time-based options as, according to FASB’s Accounting Standards Codification Topic 718, “the design of a lattice model more fully reflects the substantive characteristics of a particular employee share option.” The Company measures the fair value of unvested options granted with specific stock price targets using a Monte Carlo simulation for purposes of recognizing compensation expense.  Because the options granted with stock price targets contain a “market condition” under FASB’s Accounting Standards Codification Topic 718, a Monte Carlo simulation is used to simulate future stock price movements for the Company.  The Company believes a Monte Carlo simulation provides a better estimate of the fair value of performance-based options as the model’s flexibility allows for the fair value to account for the vesting provisions as well as the different probabilities of stock price outcomes.
	The following table summarizes option activity under the Employees’ Stock-Based Compensation Plans:
	(in thousands, except per option data)		Number of			Weighted-			Weighted-			Aggregate		Period End
			Options			average			average			Intrinsic		Liability (2)
						Exercise			Remaining			Value (1)
						Price per			Contractual Life
						Option			per Option
									(in years)
	Outstanding at January 1, 2013 (1)			469		$	18.04			7.8		$	58	$	355
	Forfeited/Expired in 2013			-53			132.5
	Outstanding at December 31, 2013 (1)			416			3.52			7.3			1,644		1,785
	Forfeited/Expired in 2014			-
	Outstanding at December 31, 2014 (1)			416			3.52			6.3			3,196		3,281
	Number of options that were exercisable at:
	31-Dec-13			287			4.29			6.9
	31-Dec-14			325			4			6.1
		-1	Intrinsic value is based on outstanding options.
		-2	Only options that were amortized based on a vesting schedule have a liability balance. These options were 412,100; 378,173; and 297,269 at December 31, 2014, December 31, 2013 and January 1, 2013, respectively.
	The value of employee options increased by $1.5 million in 2014 and was recognized as additional compensation expense.
	Employee Deferred Shares
	The following table summarizes the deferred shares granted to employees. The grants outstanding at December 31, 2014, have both time and price vesting requirements. A portion of the shares vest over the next 15 months and a portion of the shares vest if over a thirty day period, the average price requirement of $10.00 per share and $12.50 per share is met, respectively.
	(in thousands, except  per share data)		Deferred Share		Weighted-			Period End
			Grants		average Grant			Liability
					Date Share
					Price
	Balance, January 1, 2014		58		$	16.44		$	218
	Granted in 2014		-
	Issued in 2014		16			47.41			336
	Balance, December 31, 2014		74
	The Company recognized $0.2 million of additional compensation expense related to employee deferred shares during 2014 mainly driven by the increase in MMA’s share price and amortization of the 2013 grants.
	Non-employee Directors’ Stock-Based Compensation Plan
	The Non-employee Directors’ Stock-based Compensation Plans authorize a total of 1,130,000 shares for issuance, of which 438,012 were available to be issued at December 31, 2014. The Non-employee Directors’ Stock-based Compensation Plans provide for grants of non-qualified common stock options, common shares, restricted shares and deferred shares.
	At December 31, 2013 there were 15,625 director options that were vested and outstanding with a weighted average strike price of $1.80 and an aggregate intrinsic value of $58,984.  All of these options were exercised on March 25, 2014 leaving no outstanding director options as of December 31, 2014.
	Directors are paid $50,000 per year for their services; 50% of their compensation is paid in cash and 50% is paid in share based grants. The table below summarizes the director compensation, including cash, options that vested as well as the common shares and deferred shares granted to the directors for services rendered for the years ended December 31, 2014 and 2013. The directors are fully vested in the deferred shares at the grant date.
	(in dollars)		Cash			Common		Deferred		Weighted-			Options	Directors’ Fees
						Shares		Shares		average Grant			Vested	Expense
						Granted		Granted		Date Share Price
	31-Dec-14		$	118,750		8,462		5,904		$	8.27		–	$	237,500
	31-Dec-13			137,500		2,068		16,680			5.94		15,625		275,000

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 14—Income taxes
	The Company is a limited liability company that has elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining LIHTC Funds, are conducted by entities included in our consolidated corporate federal income tax return. The Company has significant NOLs that we expect will be sufficient to offset federal taxable income and gains for the foreseeable future; however we currently maintain a valuation allowance against our entire deferred tax asset, in accordance with accounting literature.
	The following table summarizes the components of the income tax benefit for the years ended December 31, 2014 and 2013:
		For the year ended December 31,
	(in thousands)	2014		2013
	Federal income tax benefit:
	Current	$	-	$	-
	Deferred		250		-
	State income tax (expense) benefit:
	Current		-242		1,304
	Deferred		37		-
	Income tax benefit	$	45	$	1,304
	The following table reflects the effective income tax reconciliation for the years ended December 31, 2014 and 2013:
		For the year ended
		December 31,
	(in thousands)	2014		2013
	(Loss) income from continuing operations before income taxes	$	-100,845	$	71,785
	Income tax benefit (expense) benefit at federal statutory rate (35%)		35,296		-25,125
	Permanent differences:
	Impact on taxes from entities not subject to tax		-41,280		16,069
	State income taxes, net of federal tax effect		-2,308		703
	Foreign losses		-1,086		-1,226
	Impact from other comprehensive income		2,044		9,799
	Tax-exempt interest, net		1,140		277
	Other		281		1,522
	Net decrease (increase) in the valuation allowance		5,958		-715
	Income tax benefit	$	45	$	1,304
	The following table summarizes the deferred tax assets and deferred tax liabilities, net of valuation allowance at December 31, 2014 and 2013:
	(in thousands)	December 31,		December 31,
		2014		2013
	Deferred tax assets:
	Net operating loss, tax credits and other tax carryforwards	$	176,506	$	172,063
	Guarantee fees		4,817		5,429
	Asset management fees		8,211		12,532
	Cancellation of subordinated debt		5,230		5,464
	Basis of loans and bonds		14,838		21,718
	Other		2,198		6,631
	Total deferred tax assets		211,800		223,837
	Less: valuation allowance		-211,800		-223,837
	Total deferred tax assets, net	$	-	$	-
	The following table summarizes the change in the valuation allowance for the years ended December 31, 2014 and 2013:
		For the year ended December 31,
	(in thousands)	2014		2013
	Balance, January 1	$	223,837	$	230,414
	Net reductions due to discontinued operations		-6,079		-7,292
	Net (reductions) increase due to continuing operations		-5,958		715
	Balance, December 31	$	211,800	$	223,837
	At December 31, 2014 and 2013, the Company determined that it was more likely than not that the deferred tax assets would not be fully realized and therefore, the Company continued to record a deferred tax asset valuation allowance of $211.8 million and $223.8 million, respectively.  The Company considered information such as forecasted earnings, future taxable income and tax planning strategies in measuring the required valuation allowance.  The Company will continue to assess whether the deferred tax assets are realizable and will adjust the valuation allowance as needed.
	For tax years ending December 31, 2014 and 2013, the Company had state income taxes receivable (net of current taxes payable) of $0.3 million and $0.2 million, respectively, reported through “Other assets.” During 2013, the Company received $2.1 million in state tax refunds.
	At December 31, 2014 and 2013, the Company had pre-tax federal NOLs of $418.2 million and $405.9 million, respectively, which are available to reduce future federal income taxes and begin to expire in 2027.
	Significant judgment is required in determining and evaluating income tax positions. The Company establishes additional provisions for income taxes when there are certain tax positions that could be challenged and that may not be supportable upon review by taxing authorities. At December 31, 2014 and 2013, the Company had a liability for unrecognized tax benefits, including potential interest and penalties should the Company’s tax position not be sustained by the applicable reviewing authority. This liability is reported in “Other liabilities” in the consolidated balance sheets. A reconciliation of the beginning and ending amount for unrecognized tax benefits is as follows:
		For the year ended December 31,
	(in thousands)	2014		2013
	Balance, January 1,	$	1,142	$	2,626
	Net increases (reductions) for tax positions of prior years		42		-1,614
	Net increases due to tax positions that only affect timing		282		130
	Balance, December 31,	$	1,466	$	1,142
	Of the uncertain tax position presented above, $0.8 million and $0.7 million would have an impact on the effective tax rate for the periods ended December 31, 2014 and 2013, respectively in the event an unfavorable settlement occurs with the respective tax authorities. This amount includes the accrued liability for interest and penalties of $0.3 for the years ended December 31, 2014 and 2013. The changes to tax positions that only affect timing are comprised of temporary differences that, if recognized, would increase the amount of the NOLs carryforwards and would be subject to a full valuation allowance.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 15—discontinued operations
	The table below reflects the activity related to the Company’s discontinued operations.  The revenues, expenses and all other statement of operations activity in discontinued operations, including the gains and losses on dispositions, have been classified as “Income from discontinued operations, net of tax” and “Net losses (income) allocable to noncontrolling interests in CFVs and IHS – related to discontinued operations” on the consolidated statements of operations.  This is consistent with the accounting guidance prior to the Company’s early adoption of ASU 2014-08 as of April 30, 2014.
		For the year ended
		December 31,
	(in thousands)	2014		2013
	Sublease income	$	-	$	492
	Income from CFVs (primarily rental income)		279		13,115
	Income from REO operations		1,148		2,235
	Rent expense		-		-492
	Expenses from CFVs (primarily operating expenses)		-243		-12,064
	Expenses from REO operations		-1,112		-1,517
	Other income		333		459
	Other expense		-70		-548
	Net gain on property acquisition		-		320
	Income tax expense		-137		-
	Net income before disposal activity		198		2,000
	Disposal:
	Net gains related to REO		17,683		19,257
	Net gains related to CFVs		20		5,501
	Net income from discontinued operations		17,901		26,758
	Loss (income) from discontinued operations allocable to noncontrolling interests		150		-1,317
	Net income to common shareholders from discontinued operations	$	18,051	$	25,441

CONSOLIDATED_FUNDS_AND_VENTURE

CONSOLIDATED FUNDS AND VENTURES	12 Months Ended
	Dec. 31, 2014
Consolidated Funds and Ventures [Abstract]
Consolidated Funds and Ventures [Text Block]	Note 16—CONSOLIDATED FUNDS AND VENTURES
	The total assets, by type of consolidated fund or venture, at December 31, 2014 and 2013 are summarized as follows:
	(in thousands)		December 31,		December 31,
			2014		2013
	LIHTC Funds		$	266,518	$	329,033
	SAWHF			-		184,649
	Consolidated Lower Tier Property Partnerships			-		107,362
	Non-profit Entity			-		2,163
	Total assets of CFVs		$	266,518	$	623,207
	The following provides a detailed description of the nature of these entities.
	LIHTC Funds
	The Company guarantees the investor yield for each of these 11 LIHTC Funds. At December 31, 2014 and 2013, the Company’s maximum exposure under these guarantees was estimated to be approximately $558.9 million and $614.4 million, respectively; however, the Company does not anticipate any losses under these guarantees.
	As discussed in Note 5, “Other Asset,” the Company sold its GP interests in these 11 LIHTC Funds during the fourth quarter of 2014. However, because the Company retained its yield guarantee to the investors in these funds, the Company was unable to achieve sale accounting and thus it was unable to derecognize these funds.
	The LIHTC Funds’ primary assets are their investments in LTPPs, which are the owners of the affordable housing properties (see Investments in LTPPs in the Asset Summary below). The LIHTC Funds account for these investments using the equity method of accounting.
	SAWHF
	IHS is the GP of the SAWHF, which is an investment fund formed to invest directly or indirectly in affordable for-sale and rental housing primarily in South Africa (see SAWHF investments in the Asset Summary below). The SAWHF had $109.0 million in equity commitments from investors, of which $104.1 million had been funded at December 31, 2014. As a 2.7% limited partner of the SAWHF, the Company’s portion of this equity commitment is $2.9 million. At December 31, 2014, the Company had funded all of this equity commitment. The SAWHF also has an agreement with Overseas Private Investment Corporation (“OPIC”), an agency of the US, to provide loan financing not to exceed $80.0 million, of which $49.1 million has been funded at December 31, 2014.
	As previously discussed in Note 12, “Equity,” as of December 31, 2014, the Company no longer consolidates the SAWHF. As a result, the Company reinstated its equity investment of $3.6 million that had previously been eliminated in consolidation having no impact to common shareholders’ equity. See Note 5, “Other Assets” for more information.
	Consolidated LTPPs and Non-profit Entity
	As a result of the Company’s sale of substantially all of its LIHTC asset management operations to MGM during the fourth quarter of 2014 as well as other considerations, the Company concluded that from an accounting standpoint it no longer controlled the non-profit and thus the non-profit and its Consolidated LTPPs were removed from the Company’s balance sheet.
	Asset Summary:
	The following section provides more information related to the assets of the CFVs at December 31, 2014 and 2013.
	(in thousands)		December 31,		December 31,
			2014		2013
	Cash, cash equivalents and restricted cash		$	24,186	$	52,897
	Investments in Lower Tier Property Partnerships			231,204		286,007
	SAWHF investments			-		158,325
	Real estate held-for-use, net			-		102,314
	Other assets			11,128		23,664
	Total assets of CFVs		$	266,518	$	623,207
	Substantially all of the assets of the CFVs are restricted for use by the specific owner entity and are not available for the Company’s general use.
	LIHTC Funds’ Investments in LTPPs
	The LTPPs of the LIHTC Funds are considered variable interest entities; although in most cases it is the third party GP who is the primary beneficiary. Therefore, substantially all of the LIHTC Funds’ investments in LTPPs are accounted for under the equity method. The following table provides the LIHTC Funds’ investment balances in the unconsolidated LTPPs, as well as the assets and liabilities of the LTPPs at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	LIHTC Funds’ investment in Lower Tier Property Partnerships		$	231,204	$	286,007
	Total assets of Lower Tier Property Partnerships (1)		$	1,273,903	$	1,324,704
	Total liabilities of Lower Tier Property Partnerships (1)			1,035,695		1,038,983
		-1	The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt.
	The Company’s maximum exposure to loss from the LIHTC Funds and the underlying LTPPs relate to the guarantee exposure associated with the LIHTC Funds discussed above and the Company’s bonds that represent the primary mortgage debt obligation owed by certain LTPPs of the LIHTC Funds. The fair value of the Company’s reported bonds secured by properties owned by the LTPPs at December 31, 2014 and 2013, was $118.9 million and $64.9 million, respectively. As discussed above, as of October 8, 2014, the Company no longer consolidates the non-profit and its partnerships and as a result the Company reinstated $47.0 million of bonds (based on fair value).
	SAWHF Investments
	The SAWHF was organized under South African law in a similar manner to US investment companies and therefore follows accounting guidance specific to investment companies that requires fair value accounting for investments. The Company calculates such fair value based on estimates because there are no readily available market values. In establishing fair values of its investments, the Company considers financial conditions and operating results, local market conditions, market values of comparable companies and real estate, the stage of each investment, and other factors as appropriate, including obtaining appraisals from independent third-party appraisers.
	As required by GAAP, assets and liabilities are classified into levels based on the lowest level of input that is significant to the fair value measurement. See Note 9, “Fair Value Measurements” for more information. The SAWHF investments are carried at their fair value of $158.3 million at December 31, 2013 and are considered Level 3 valuations.
	As previously discussed, as of December 31, 2014, the Company no longer consolidates the SAWHF investments.
	The following table presents the activity for the SAWHF investments at fair value on a recurring basis using Level 3 inputs for the years ended December 31, 2014 and 2013:
			For the year ended
			December 31,
	(in thousands)		2014		2013
	Balance, January 1		$	158,325	$	161,433
	Net gains included in earnings related to CFVs			12,312		22,530
	Net foreign currency translation losses included in other comprehensive income attributable to CFVs			-16,571		-34,143
	Impact from purchases			21,405		23,852
	Impact from sales and distributions			-12,885		-15,347
	Impact from deconsolidation			-162,586		-
	Balance, December 31		$	-	$	158,325
	Consolidated LTPPs’ Real estate held-for-use, net
	The real estate held-for-use by Consolidated LTPPs was comprised of the following at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	Building, furniture and fixtures		$	-	$	108,424
	Accumulated depreciation			-		-17,997
	Land			-		11,887
	Total		$	-	$	102,314
	The Consolidated LTPPs own the real estate held-for-use (affordable multifamily properties). Depreciation expense was $4.9 million for the year ended December 31, 2014, of which $0.1 million was recorded in discontinued operations. Depreciation expense was $8.3 million for the year ended December 31, 2013, of which $2.3 million was recorded in discontinued operations. Buildings are depreciated over a period of 40 years. Furniture and fixtures are depreciated over a period of six to seven years. The Company did not recognize any impairment losses for the year ended December 31, 2014 and December 31, 2013.
	The Company does not have an equity interest in the Consolidated LTPPs. However, the Company provided debt financing to the Consolidated LTPPs. In consolidation, because the Company consolidated the LTPPs, the real estate held by the Consolidated LTPPs was reflected on the Company’s balance sheet. During consolidation, the Company’s bonds were eliminated against the related mortgage debt obligations of the Consolidated LTPPs. As discussed above, as of October 8, 2014, the Company no longer consolidates these partnerships and as a result the Company reinstated $47.0 million of bonds (based on fair value) and recorded a $0.7 million net unrealized loss in order to reflect these bonds at fair value.
Liability Summary:
The following section provides more information related to the liabilities of the CFVs at December 31, 2014 and 2013.
(in thousands)		December 31,		December 31,
		2014		2013
Liabilities of CFVs:
Debt (1)		$	6,712	$	91,602
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships			9,597		13,461
Other liabilities (2)			31,831		4,043
Total liabilities of CFVs		$	48,140	$	109,106
	-1	The debt of $6.7 million as of December 31, 2014, is an obligation of one of the LIHTC Funds consolidated by the Company. This debt was reinstated during the fourth quarter because the related note receivable was assigned from MMA to a third party. This also caused expenses of consolidated funds and ventures to increase because this obligation had never been recognized as an obligation of the funds in consolidation. At December 31, 2014, this debt had a face amount equal to its carrying value, a weighted average effective interest rate of 5.3%, and was due on demand.
	-2	Other liabilities of $31.8 million as of December 31, 2014 are related to LIHTC Funds. Other liabilities of $30.8 million were reinstated during the fourth quarter as a result of our sale of substantially all of our LIHTC business operation to MGM. These liabilities are primarily related to legally accrued, but unpaid asset management fees assigned from MMA to MGM. This also caused expenses of consolidated funds and ventures to increase because this debt had never been recognized as an obligation of the funds in consolidation. The asset management fee payable had never been recorded in consolidation because prior to fourth quarter 2014, MMA as GP did not record the corresponding receivable because of collection uncertainty.
Income Statement Summary
The following section provides more information related to the income statement of the CFVs for the years ended December 31, 2014 and 2013.
		For the year ended
		December 31,
(in thousands)		2014		2013
Revenue:
Rental and other income from real estate		$	10,210	$	11,740
Interest and other income			6,284		8,403
Total revenue from CFVs			16,494		20,143
Expenses:
Depreciation and amortization			7,012		8,165
Interest expense			3,087		3,263
Other operating expenses			48,328		8,825
Foreign currency loss			5,030		10,534
Asset impairments			26,978		21,785
Total expenses from CFVs			90,435		52,572
Net gains (losses) related to CFVs:
Investment gains			13,121		23,201
Derivative gains			2,244		8,594
Net loss due to deconsolidation of CFVs			-23,867		-
Net loss on sale of properties			-138		-
Equity in losses from Lower Tier Property Partnerships of CFVs			-32,730		-26,609
Net loss			-115,311		-27,243
Net losses allocable to noncontrolling interests in CFVs (1)			100,140		32,334
Net (loss) income allocable to the common shareholders related to CFVs		$	-15,171	$	5,091
	-1	Net losses allocable to noncontrolling interests in CFVs do not include net losses allocable to noncontrolling interests in IHS because the Company’s equity interest in IHS is substantial.
The details of Net income allocable to the common shareholders related to CFVs for the years ended December 31, 2014 and 2013 are as follows:
		For the year ended
		December 31,
(in thousands)		2014		2013
Asset management fees		$	4,103	$	4,556
Interest income			1,526		2,149
Guarantee fees			1,324		1,324
Equity in losses from Lower Tier Property Partnerships			-5,912		-3,157
Equity in income from SAWHF			343		684
Other expense			-1,105		-465
Net loss due to deconsolidation of CFVs			-15,450		-
Net (loss) income allocable to the common shareholders related to CFVs		$	-15,171	$	5,091

SEGMENT_INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 17—segment Information
	The Company operates through two reportable segments: US Operations (which for periods presented includes Corporate Operations) and International Operations. Beginning in 2015, the Company will separately evaluate the performance of its US Operations and its Corporate Operations and therefore will report performance through three reportable segments - US Operations, International Operations and Corporate Operations.
	US Operations
	Our US Operations consists of three business lines; Leveraged Bonds, LIHTCs and Other Investments and Obligations.
	International Operations
	Outside of the US, we are in the business of raising, investing in and asset managing private real estate funds that invest in affordable for-sale and rental housing for Sub Saharan Africa, primarily in South Africa. The Company’s International Operations take place through a subsidiary, IHS.
	The following tables reflect the results of the reportable segments for the years ended December 31, 2014 and 2013. The segment results include fees received from CFVs as well as net losses or net income allocated to equity investments in certain CFVs. As outlined on the tables, there are four columns, two of which reflect the performance of the reportable segments and two that are titled CFVs and Income Allocations that are needed in order to reconcile the results for the reportable segments to the Company’s Consolidated Statement of Operations.
			For the year ended December 31, 2014
	(in thousands)		US				International		CFVs			Income			MMA
			Operations				Operations					Allocation			Consolidated
												Reclasses
	Total interest income		$	19,080			$	53	$	-		$	-1,526	-1	$	17,607
	Total interest expense			-3,120				-		-			-			-3,120
	Net interest income			15,960				53		-			-1,526			14,487
	Total fee and other income			10,529				5,554		-			-5,427	-2		10,656
	Revenue from CFVs			-				-		16,494			-			16,494
	Total non-interest revenue			10,529				5,554		16,494			-5,427			27,150
	Total revenues, net of interest expense			26,489				5,607		16,494			-6,953			41,637
	Operating and other expenses:
	Interest expense			-13,632				-144		-			-			-13,776
	Operating expenses			-15,378				-6,149		-			-			-21,527
	Other expenses			-4,393				-194		-			1,105	-3		-3,482
	Expenses from CFVs			-				-		-81,176			-9,259	-5		-90,435
	Total operating and other expenses			-33,403				-6,487		-81,176			-8,154			-129,220
	Net gains on assets, derivatives and extinguishment of liabilities			19,367				-		-			-			19,367
	Net gains due to real estate consolidation and foreclosure			2,003				-		-			-			2,003
	Net loss due to deconsolidation of CFVs			-15,450				-		-23,867			15,450			-23,867
	Net gains related to CFVs			-				-		15,227			-			15,227
	Equity in income from unconsolidated funds and ventures			6,500				238		-			-			6,738
	Equity in (losses) income from Lower Tier Property Partnerships of CFVs			-5,912	-6			343		-26,818	-6		-343	-4		-32,730
	Losses from continuing operations before income taxes			-406				-299		-100,140			-			-100,845
	Income tax benefit			45				-		-			-			45
	Income (loss) from discontinued operations, net of tax			18,051				-		-150			-			17,901
	Net income (loss)			17,690				-299		-100,290			-			-82,899
	Loss allocable to noncontrolling interests:
	Net losses allocable to noncontrolling interests in CFVs:
	Related to continuing operations			-				76		100,140			-			100,216
	Related to discontinued operations			-				-		150			-			150
	Net income (loss) to common shareholders		$	17,690			$	-223	$	-		$	-		$	17,467
	(1) Represents interest on bonds that the Company recognized through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $1.5 million is reflected in total interest income for the US Operations.
		-2	This amount includes $2.5 million of asset management fees recognized by IHS through an income allocation (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.5 million is reflected in total fee and other income for the International Operations. This amount also includes $1.6 million of asset management fees and $1.3 million of guarantee fees both related to the Company’s LIHTC Funds, both of which were recognized during 2014 through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
		-3	Represents net expenses recognized by the Company through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses are reflected as additional other expenses for the US Operations.
		-4	Represents the Company’s share of its equity interest in the SAWHF (i.e., 2.7% of the SAWHF’s 2014 net income) that is recognized through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million is reflected as equity in income of unconsolidated ventures for the International Operations.
		-5	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above, total $9.3 million of net income to the Company that is then reflected as an overall net expense to the CFVs.
		-6	Represents equity in losses from the LTPPs that the Company recognized as an allocation (see Note 16, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the LTPPs in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $5.9 million of losses in US Operations and reduced the CFVs losses by the same amount.
			For the year ended December 31, 2013
	(in thousands)		US				International		CFVs			Income			MMA
			Operations				Operations					Allocation			Consolidated
												Reclasses
	Total interest income		$	40,041			$	36	$	-		$	-2,149	-1	$	37,928
	Total interest expense			-24,252				-		-			-			-24,252
	Net interest income			15,789				36		-			-2,149			13,676
	Total fee and other income			10,672				3,118		-			-5,880	-2		7,910
	Revenue from CFVs			-				-		20,143			-			20,143
	Total non-interest revenue			10,672				3,118		20,143			-5,880			28,053
	Total revenues, net of interest expense			26,461				3,154		20,143			-8,029			41,729
	Operating and other expenses:
	Interest expense			-14,850				-138		-			-			-14,988
	Operating expenses			-19,229				-6,280		-			-			-25,509
	Other expenses			-6,640				-1,872		-			465	-3		-8,047
	Expenses from CFVs			-				-		-60,820			8,248	-5		-52,572
	Total operating and other expenses			-40,719				-8,290		-60,820			8,713			-101,116
	Net gains on assets, derivatives and extinguishment of liabilities			115,350				16		-			-			115,366
	Net gains due to real estate consolidation and foreclosure			10,895				-		-			-			10,895
Net gains related to CFVs			-				-		31,795			-			31,795
Equity in (losses) income from unconsolidated funds and ventures			-966				691		-						-275
Equity in (losses) income from Lower Tier Property Partnerships in CFVs			-3,157	-6			684		-23,452	-6		-684	-4		-26,609
Income (loss) from continuing operations before income taxes			107,864				-3,745		-32,334			-			71,785
Income tax benefit			1,304				-		-			-			1,304
Income from discontinued operations, net of tax			25,441				-		1,317			-			26,758
Net income (loss)			134,609				-3,745		-31,017			-			99,847
(Income) loss allocable to noncontrolling interests:
Income allocable to perpetual preferred shareholders of a subsidiary company			-3,714				-		-			-			-3,714
Net losses (income) allocable to noncontrolling interests in CFVs:
Related to continuing operations			-				690		32,334			-			33,024
Related to discontinued operations			-				-		-1,317			-			-1,317
Net income (loss) to common shareholders		$	130,895			$	-3,055	$	-		$	-		$	127,840
(1) Represents interest on bonds that the Company recognized through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.1 million is reflected in total interest income for the US Operations.
	-2	This amount includes $2.8 million of asset management fees recognized by IHS through an income allocation (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.8 million is reflected in total fee and other income for the International Operations. This amount also includes $1.8 million of asset management fees and $1.3 million of guarantee fees both related to the Company’s LIHTC Funds, both of which were recognized during the year of 2013 through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
	-3	Represents net expenses recognized by the Company through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses are reflected as additional other expenses for the US Operations.
	-4	Represents the Company’s share of its equity interest in the SAWHF (i.e., 2.7% of the SAWHF’s 2013 net income) that is recognized through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected as equity in income of unconsolidated ventures for the International Operations.
	-5	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above, total $8.2 million of net income to the Company that is then reflected as an overall net expense to the CFVs.
	-6	Represents equity in losses from the LTPPs that the Company recognized as an allocation (see Note 16, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the LTPPs in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $3.2 million of losses in US Operations and reduced the CFVs losses by the same amount.
The total assets by segment at December 31, 2014 and 2013 are presented in the table below:
(in thousands)		December 31,			December 31,
		2014			2013
ASSETS
US Operations		$	394,922		$	443,664
International Operations			10,641			6,681
Total segment assets			405,563			450,345
Bonds eliminated in consolidation			-			-47,745
Net unrealized mark-to-market gains not recorded in consolidation			-			-2,543
Other adjustments			-389			-7,906
Assets of CFVs			266,518			623,207
Total MMA consolidated assets		$	671,692		$	1,015,358

DESCRIPTION_OF_THE_BUSINESS_AN1

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates
	The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative financial instruments, guarantee obligations, and certain assets and liabilities of consolidated funds and ventures (“CFVs”). Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates.
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Significant Accounting Policies
	The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity are accounted for using the equity method of accounting.
Consolidated Funds And Ventures [Policy Text Block]	Consolidated Funds and Ventures
	We have equity investments in partnerships and other entities that primarily hold or develop real estate. In most cases our legal interest in these entities is minimal; however, we apply ASC No. 810 “Consolidation” in order to determine if we need to consolidate any of these entities. There is considerable judgment in assessing whether to consolidate an entity under these accounting principles. Some of the criteria we are required to consider include:
		·	The determination as to whether an entity is a variable interest entity (“VIE”).
		·	If the entity is considered a VIE, then the determination of whether we are the primary beneficiary of the VIE is needed and requires us to make judgments regarding: (1) our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) our obligation to absorb losses of the VIE that could potentially be significant to the VIE or our right to receive benefits from the VIE that could potentially be significant to the VIE. These assessments require a significant analysis of all of the variable interests in an entity, any related party considerations and other features that make such an analysis difficult and highly judgmental.
	If the entity is required to be consolidated, then upon initial consolidation, we record the assets, liabilities and noncontrolling interests at fair value. Substantially all of our consolidated entities are investment entities that own real estate or real estate related investments and, as such, we make judgments related to the forecasted cash flows to be generated from the investments such as rental revenue and operating expenses, vacancy, replacement reserves and tax benefits (if any). In addition, we must make judgments about discount rates and capitalization rates.
	The balances and activity designated as CFVs are for funds and ventures for which the Company has minimal to no ownership interests, but the Company has consolidated them due to the Company being the primary beneficiary or because the Company has not been able to achieve sale accounting. Because the Company has minimal to no ownership interests in these CFVs, the vast majority of the balances and activity relate to a noncontrolling interest holder.
	As of December 31, 2014 the only CFVs remaining were 11 guaranteed LIHTC Funds. The Company sold its general partner (“GP”) interest in the 11 guaranteed Funds through the sale of substantially all of its LIHTC asset management operations to MGM; however, because the Company retained its yield guarantee to the investors in the 11 guaranteed LIHTC funds, the Company was unable to achieve sale accounting. All other CFVs were deconsolidated as of December 31, 2014 and are explained further below.
	Account balances related to CFVs on our consolidated balance sheets at either December 31, 2014 or December 31, 2013 include the following.
		·	Cash, cash equivalents and restricted cash
	Cash, cash equivalents and restricted cash of CFVs are considered restricted cash to the Company.
		·	LIHTC Funds
	Investment in Lower Tier Property Partnerships
	At December 31, 2014, the Company consolidated 11 LIHTC Funds. The LIHTC Funds have limited partner equity investments in affordable housing property partnerships, which are the entities that own the affordable housing properties (“Lower Tier Property Partnership” or “LTPP”). The GPs of these LTPPs are considered the primary beneficiaries; therefore, the LIHTC Funds do not consolidate these LTTPs. These LTTPs are accounted for under the equity method and classified as “Investments in Lower Tier Property Partnerships related to CFVs” on the consolidated balance sheets.
	Under the equity method, the LIHTC Funds’ equity investment in the LTTPs are recorded at cost and are subsequently adjusted to recognize the LIHTC Funds’ allocable share of the earnings or losses from the LTTPs and the amortization of any investment basis differences after the date of acquisition. On a quarterly basis, the Company assesses the appropriateness of the carrying amount of its equity method investments to ensure the investment amount is not other-than-temporarily impaired. The Company estimates the future gross (undiscounted) tax benefits and cash flows associated with the investments to determine if the investments’ carrying amounts are recoverable. These tax benefits and cash flows include future tax credits and tax benefits from net operating losses and any annual cash flow and residual value of the properties. If the investment balance is greater than the aggregate estimated future tax benefits and cash flows, then the investment is deemed to be impaired, with an impairment charge taken for the difference between the carrying value and the estimated future tax benefits and cash flows for each investment.
	For investments accounted for under the equity method of accounting, the Company classifies distributions received on such investments as cash flows from operating activities when cumulative equity in earnings is greater than or equal to cumulative cash distributions. The Company classifies distributions as cash flows from investing activities when cumulative equity in earnings is less than cumulative cash distributions.
	Unfunded Equity Commitments
	The LIHTC Funds have entered into partnership agreements as the limited partners of LTPPs that require future contribution of capital. The Company recognizes a liability when it is probable that the equity commitment will be funded in the future. These unfunded equity contributions are classified as “Investments in Lower Tier Property Partnerships related to CFVs” and “Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs,” respectively.
		·	SAWHF
	SAWHF Investments
	These investments are private real estate investments made by the SAWHF in housing development projects in South Africa. These investments are carried at fair value with changes in fair value reported through “Net gains related to CFVs” on the consolidated statements of operations.
	Derivative Financial Assets
	The SAWHF holds foreign currency derivative contracts that are carried at fair value. The SAWHF has not designated its derivatives as hedging instruments for accounting purposes. As a result, changes in the fair value of these derivatives were recorded through current period earnings in “Net gains related to CFVs” on the consolidated statements of operations. The fair value of these derivatives was reflected in our balance sheet as “Other assets.”
	At December 31, 2014, the Company no longer consolidates the SAWHF because it is no longer deemed to be the primary beneficiary.
		·	A Non-profit Entity and its Consolidated LTPPs
	Real Estate Owned (“REO”)
	This non-profit entity consolidates certain LTPPs because it is deemed to be the primary beneficiary (“Consolidated LTPPs”).  The Company does not have an equity interest in the Consolidated LTPPs or the non-profit entity. Generally, the assets held by these Consolidated LTPPs are affordable multifamily housing properties financed with tax credit equity and/or tax-exempt bonds.
	At December 31, 2014, the Company no longer consolidates the non-profit entity and its Consolidated LTPPs.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents
	Cash and cash equivalents comprised of short-term marketable securities with original maturities of three months or less, all of which are readily convertible to cash.
Restricted Cash And Cash Equivalents [Policy Text Block]	Restricted Cash
	Restricted cash represents cash and cash equivalents restricted as to withdrawal or usage. The Company may be required to pledge cash collateral in connection with secured borrowings, derivative obligations or other liabilities.
Bonds [Policy Text Block]	Bonds
	Bonds available-for-sale includes mortgage revenue bonds and other municipal bonds. We account for investments in bonds as available-for-sale debt securities under the provisions of ASC No. 320, “Investments – Debt and Equity Securities.” Accordingly, these investments in bonds are carried at fair value with changes in fair value (excluding other-than-temporary impairments) recognized in other comprehensive income. We evaluate bonds in an unrealized loss position as of the end of each quarter for other-than-temporary impairment (“OTTI”).  An unrealized loss exists when the fair value of an individual bond is less than its amortized cost basis.  We recognize OTTI in earnings if one of the following conditions exists: (a) we have the intent to sell the bond; (b) it is more likely than not that we will be required to sell prior to recovery of the bond’s amortized cost basis; or (c) we do not expect to recover the amortized cost basis of the bond.  If we do not intend to sell the bond and we believe it is not more likely than not that we will be required to sell prior to recovery of the bond’s amortized basis, then we recognize only the credit component of the OTTI in earnings and the amounts attributable to other factors are recognized, net of tax, in “Accumulated other comprehensive income” (“AOCI”).  The credit component represents the amount by which the present value of cash flows expected to be collected discounted at the bond’s original effective rate is less than the bond’s amortized cost basis.
	For our bonds in an unrealized loss position at December 31, 2014 and 2013, we have asserted that we have no intent to sell and that we believe it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis.  Therefore, during 2014, only the credit component of unrealized losses considered to be other-than-temporary is recognized through earnings with the remaining amount recognized in AOCI.  During the fourth quarter of 2013, only the credit component of unrealized losses considered to be other-than-temporary is recognized through earnings with the remaining amount recognized in AOCI.  Between fourth quarter of 2007 and third quarter of 2013, we recognized all unrealized losses through earnings because we deemed it more likely than not that we would be required to sell prior to the recovery of the bond’s amortized cost basis.
	Realized gains and losses on sales of these investments are measured using the specific identification method and are recognized in earnings at the time of disposition. For most of our performing bonds, we estimate fair value using a discounted cash flow methodology; specifically, the Company discounts contractual principal and interest payments, adjusted for expected prepayments. The discount rate for each bond is based on expected investor yield requirements adjusted for bond attributes such as the expected term of the bond, debt service coverage ratio, geographic location and bond size.  If observable market quotes are available, we will estimate the fair value based on such quoted prices. For non-performing bonds (i.e., defaulted bonds as well as certain non-defaulted bonds that we deem at risk of default in the near term), we estimate the fair value by discounting the property’s expected cash flows and residual proceeds using estimated discount and capitalization rates, less estimated selling costs. However, to the extent available, the Company may estimate fair value based on a sale agreement, a letter of intent to purchase, an appraisal or other indications of fair value as available. There are significant judgments and estimates associated with forecasting the estimated cash flows related to the bonds or the underlying collateral for non-performing bonds, including macroeconomic conditions, interest rates, local and regional real estate market conditions and individual property performance. In addition, the determination of the discount rates applied to these cash flow forecasts involves significant judgments as to current credit spreads and investor return expectations. The bonds reflected on the Consolidated Balance Sheets at December 31, 2014 were priced at approximately 90% of the portfolio’s unpaid principal balance (“UPB”).
	The Company recognizes interest income over the contractual terms of the bonds using the effective interest method, including the effects of premiums and discounts, as well as deferred fees and costs. Contingent interest on participating bonds is recognized when the contingencies are resolved. Bonds are placed on non-accrual status when any portion of principal or interest is 90 days past due or the date after which collectability of principal or interest is not reasonably assured. The Company applies interest payments received on non-accrual bonds first to accrued interest and then as interest income. Bonds return to accrual status when principal and interest payments become current and future payments are anticipated to be fully collectible. Proceeds from the sale or repayment of bonds greater or less than their amortized cost (which would include any previously recorded impairment charges) are recorded as realized gains or losses and any previously unrealized gains included in accumulated other comprehensive income are reversed.
Investment In Preferred Stock [Policy Text Block]	Investment in Preferred Stock
	The Company accounts for the investment in preferred stock using the historical cost approach and tests for impairment at each balance sheet date.  An impairment loss is recognized if the carrying amount of the preferred stock is not considered recoverable and exceeds its fair value.
Real Estate, Policy [Policy Text Block]	Real Estate Owned
	The Company’s REO properties are generally obtained when a delinquent borrower chooses to transfer a mortgaged property to us in lieu of going through a foreclosure process.
	The Company classifies REO as either held-for-use or held-for-sale on the consolidated balance sheet. The Company records REO as held-for-use initially at fair value and then evaluates for impairment. An impairment loss is recognized if the carrying amount is not recoverable and exceeds fair value. The carrying amount is not considered recoverable if it exceeds the sum of the undiscounted cash flows that result from the use of the asset. The Company records REO held-for-sale at the lower of its fair value less cost to sell or its carrying value.
Derivatives, Reporting of Derivative Activity [Policy Text Block]	Derivative Financial Instruments
	The Company recognizes all derivatives on the consolidated balance sheets and records these instruments at their fair values. The Company has not designated any of its derivative investments as hedging instruments for accounting purposes. As a result, changes in the fair value of derivatives are recorded through current period earnings in “Net gains on assets and derivatives” on the consolidated statements of operations. Derivative assets are reported through “Other assets” and derivative liabilities are reported through “Other liabilities.”
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block]	Stock-Based Compensation
	The Company accounts for its employee stock-based compensation plans using the liability method of accounting. Compensation expense is based on the fair value of the instrument as of the reporting date, adjusted to reflect the vesting schedule. Subsequent compensation expense is determined by changes in the fair value of the instrument at subsequent reporting dates, continuing through the settlement date. The Company accounts for its director stock-based compensation plans using the equity method of accounting.  Compensation expense is based on the fair value of the instrument at the grant date.
Earnings Per Share, Policy [Policy Text Block]	Income (Loss) per Common Share
	Basic income (loss) per share is computed by dividing net income (loss) to common shareholders by the weighted-average number of common shares issued and outstanding during the period (this includes director and employee deferred and vested shares).  The numerator used to calculate diluted income (loss) per share includes net income (loss) to common shareholders adjusted to remove the difference in income or loss associated with reporting the dilutive employee share awards classified as liabilities as opposed to equity awards. The denominator used to calculate diluted income (loss) per share includes the weighted-average number of common shares issued and outstanding during the period adjusted to add in common stock equivalents associated with unvested share awards as well as in the money option awards unless they are contingent upon a certain share price that has not yet been achieved.
Income Tax, Policy [Policy Text Block]	Income Taxes
	We are a limited liability company that elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining LIHTC Funds, are conducted by entities included in our consolidated corporate federal income tax return. At December 31, 2014, the Company had deferred tax assets of $211.8 million comprised primarily of federal NOLs of $146.4 million (tax-effected) that are available to offset $418.2 million of future income and will begin to expire in 2027.
	ASC No. 740, “Income Taxes,” establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and deferred tax assets and liabilities for future tax consequences of events that have been recognized in an entity's financial statements or tax returns. Significant judgment is required in determining and evaluating income tax positions, including assessing the relative merits and risks of various tax treatments considering statutory, judicial and regulatory guidance available regarding the tax position. We establish additional provisions for income taxes when there are certain tax positions that could be challenged and it is more likely than not these positions will not be sustained upon review by taxing authorities. Judgment is also required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns as well as the recoverability of our deferred tax assets. In assessing our ability to realize the benefit of our deferred tax assets we consider information such as forecasted earnings, future taxable income and tax planning strategies in measuring the required valuation allowance.
Reclassification, Policy [Policy Text Block]	Reclassification
	The Company made reclassifications to discontinued operations on its previously issued 2013 consolidated statements of operations as a result of certain discontinued operations occurring during the first quarter of 2014, prior to the Company’s election to early adopt ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)(“ASU 2014-08”), on April 30, 2014, which changes the requirements for reporting discontinued operations. Consequently, individually significant properties that were classified as held-for-sale subsequent to April 30, 2014 were not reclassified to discontinued operations in the consolidated financial statements. See Note 4, “Real Estate” and Note 15, “Discontinued Operations” for more information.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Guidance
	Accounting for Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries
	On January 1, 2014, the Company adopted ASU No. 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This guidance amends and clarifies accounting for foreign currency matters specifically related to the accounting treatment for cumulative translation adjustments (“CTAs”) under certain circumstances. As a result of adopting this guidance, there was no impact on our consolidated financial statements.
	Accounting for Discontinued Operations
	On April 30, 2014, the Company adopted ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This guidance provides an amendment to the accounting guidance related to criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The adoption of this amendment caused the Company’s real estate classified as held-for-sale subsequent to April 30, 2014 to be reported through continuing operations whereas before the adoption of ASU No. 2014-08 this real estate would have been reported through discontinued operations.

BONDS_AVAILABLEFORSALE_Tables

BONDS AVAILABLE-FOR-SALE (Tables)	12 Months Ended
	Dec. 31, 2014
Available-For-Sale Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	The following table summarizes the Company’s bonds and related unrealized losses and unrealized gains at December 31, 2014 and 2013, respectively.
			December 31, 2014
	(in thousands)		UPB		Amortized		Gross		Gross		Fair
					Cost (1)		Unrealized		Unrealized		Value
							Gains		Losses  (2), (3)
	Mortgage revenue bonds		$	192,068	$	126,897	$	41,145	$	-858	$	167,184
	Other bonds			57,056		38,768		16,947		-		55,715
	Total		$	249,124	$	165,665	$	58,092	$	-858	$	222,899
			December 31, 2013
	(in thousands)		UPB		Amortized		Gross		Gross		Fair
					Cost  (1)		Unrealized		Unrealized		Value
							Gains		Losses  (4), (5)
	Mortgage revenue bonds		$	143,617	$	103,194	$	19,245	$	-1,085	$	121,354
	Other bonds			79,970		55,270		19,540		-832		73,978
	Total		$	223,587	$	158,464	$	38,785	$	-1,917	$	195,332
		-1	Represents the UPB, net of discounts, deferred costs and fees as well as impairments recognized in earnings.
		-2	At December 31, 2014, $0.6 million represents the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired and $0.3 million represents unrealized losses that were not considered other-than-temporarily impaired.
		-3	Represents bonds in a gross unrealized loss position for less than 12 consecutive months that had a fair value of $1.8 million at December 31, 2014, as well as bonds in a gross unrealized loss position for more than 12 consecutive months that had a fair value of $6.0 at December 31, 2014.
		-4	At December 31, 2013, the majority of this amount represents unrealized losses that were not considered other-than-temporarily impaired; however, this amount also includes the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired.
		-5	These bonds had been in a gross unrealized loss position for less than 12 consecutive months and had a fair value of $40.1 million at December 31, 2013 ($16.2 million for mortgage revenue bonds and $23.9 million for other bonds).
Bonds Prepayable Without Restriction or Penalty [Table Text Block]	The following table provides the amount of bonds that were prepayable without restriction, premium or penalty at December 31, 2014, as well as the year in which the remaining portfolio becomes prepayable without restriction, premium or penalty at each period presented.
	(in thousands)		Amortized Cost		Fair Value
	2014		$	28,657	$	44,997
	2015			-		-
	2016			10,111		13,687
	2017			-		-
	2018			7,402		8,246
	Thereafter			119,171		155,636
	Bonds that may not be prepaid			324		333
	Total		$	165,665	$	222,899
Past Due Analysis of Available-for-sale Securities Bonds, Current [Table Text Block]	The following table provides the fair value of bonds available-for-sale that were current with respect to principal and interest payments, as well as those that were past due with respect to either principal or interest payments at December 31, 2014 and 2013.
	(in thousands)		December 31,		December 31,
			2014		2013
	Total current		$	179,315	$	117,666
	30-59 days past due			-		-
	60-89 days past due			-		-
	90 days or greater			43,584		77,666
	Total		$	222,899	$	195,332
Gain (Loss) on Investments [Table Text Block]	Provided in the table below are net impairment on bonds recognized in earnings through “Other expenses,” on bonds still in the Company’s portfolio at each period end and realized gains recognized on bonds at the time of sale or redemption reported through “Net gains on assets and derivatives.”
			For the year ended
			December 31,
	(in thousands)		2014		2013
	Net impairment recognized on bonds held at each period-end		$	-113	$	-1,531
	Net impairment recognized on bonds sold/redeemed during each period			-		-541
	Gains recognized at time of sale or redemption			12,293		77,230
	Total net gains on bonds		$	12,180	$	75,158

REAL_ESTATE_Tables

REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
Schedule Of Real Estate Investments [Table Text Block]	The following table summarizes the Company’s real estate at December 31, 2014 and 2013.
	(in thousands)		December 31,		December 31,
			2014		2013
	Real estate held-for-use
	Real estate held-for-use (1)		$	18,417	$	18,262
	Real estate held-for-use related to CFVs (2)			-		102,314
	Total real estate held-for-use		$	18,417	$	120,576
	Real estate held-for-sale
	Real estate held-for-sale (3)		$	10,145	$	24,090
		-1	MMA’s real estate held-for-use was comprised of two investments in undeveloped land with a combined carrying value of $6.2 million and an affordable multifamily property with a carrying value of $12.2 million at December 31, 2014.
	MMA’s real estate held-for-use was comprised of four investments in undeveloped land with a combined carrying value of $7.9 million (one with a carrying basis of $0.5 million was sold for $1.0 million during the first quarter of 2014 and one with a carrying basis of $1.3 million was sold for $2.2 million during the fourth quarter of 2014) and an affordable multifamily property with a carrying value of $10.4 million at December 31, 2013.
		-2	As of December 31, 2014, the Company no longer consolidates the funds and ventures holding this real estate. For more information see Note 16, “Consolidated Funds and Ventures.”
		-3	MMA’s real estate held-for-sale was comprised of one affordable multifamily property at December 31, 2014. MMA’s real estate held-for-sale at December 31, 2013 was comprised of two affordable multifamily properties both of which were sold during 2014 along with their associated assets and obligations for $35.8 million and resulted in a gain on sale of real estate of $14.0 million that was reported through discontinued operations.

OTHER_ASSETS_Tables

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2014
Schedule of Other Assets [Table Text Block]	The following table summarizes other assets at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	Other assets:
	Investments in real estate partnerships		$	22,529	$	6,270
	Investments in IHS-managed Funds and Ventures			5,689		1,194
	Loan receivable held-for-investment			22,392		1,200
	Solar facilities (includes other assets such as cash and other receivables)			3,093		5,344
	Debt issuance costs, net			2,946		3,579
	Derivative assets			2,726		-
	Accrued interest and dividends receivable			2,672		2,129
	Asset management fees receivable			2,454		6
	Other assets			2,219		1,574
	Other assets held by CFVs (1)			11,128		23,664
	Total other assets		$	77,848	$	44,960
		-1	For more information see Note 16, “Consolidated Funds and Ventures.”
Equity Method Investments [Table Text Block]	The following table displays the total assets and liabilities held by the real estate partnerships in which the Company held an equity investment at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	Investment in a real estate partnership:
	Total assets (primarily real estate)		$	83,021	$	18,810
	Total liabilities			34,856		-
Schedule of Income Loss in Earnings of Unconsolidated Venture [Table Text Block]	The following table displays the net income (loss) for the years ended December 31, 2014 and 2013, for the real estate partnerships:
			For the year ended December 31,
	(in thousands)		2014		2013
	Net income (loss)		$	16,833	$	-800
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The following table summarizes loans held for investment at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	Cost basis		$	40,163	$	18,220
	Allowance for loan losses			-17,771		-17,020
	Loans held for investment, net		$	22,392	$	1,200
IHS Funds and Ventures [Member]
Equity Method Investments [Table Text Block]	The following table displays the total assets and liabilities held by the three and two IHS-managed funds and ventures in which the Company held an equity investment at December 31, 2014 and 2013, respectively:
	(in thousands)		December 31,		December 31,
			2014		2013
	Total assets		$	276,007	$	67,629
	Total liabilities			104,863		44,538
Schedule Of Income Loss From Equity Method Investments [Table Text Block]	The following table displays the net income (loss) for the years ended December 31, 2014 and 2013, for the Investments in IHS-managed funds and ventures:
			For the year ended December 31,
	(in thousands)		2014		2013
	Net income (loss)		$	6,589	$	-765

DEBT_Tables

DEBT (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	The table below summarizes outstanding debt balances and the associated weighted-average interest rate based on amounts due within one year or after one year at December 31, 2014 and 2013:
	(dollars in thousands)		December 31,		Weighted-Average				December 31,			Weighted-Average
			2014		Effective Interest				2013			Effective Interest
					Rate at							Rate at
					December 31, 2014							December 31, 2013
	Asset Related Debt (1)
	Notes payable and other debt – bond related (2)
	Due within one year		$	786		1.4	%		$	21,261			1.8	%
	Due after one year			86,539		1.4				111,705			3.2
	Notes payable and other debt – non-bond related
	Due within one year			1,772		9.8				1,667			9.1
	Due after one year			4,355		10				6,613			9.9
	Total asset related debt		$	93,452		2			$	141,246			3.4
	Other Debt (1)
	Subordinate debentures (3)
	Due within one year		$	16,246		7			$	757			8.1
	Due after one year			134,530		7.2				143,664			7.2
	Notes payable and other debt
	Due within one year			37,912		4.4				4,521			9.6
	Due after one year			4,637		2.8				60,173			5.2
	Total other debt		$	193,325		6.5			$	209,115			6.7
	Total asset related debt and other debt		$	286,777		5			$	350,361			5.3
	Debt related to CFVs (4)
	Due within one year		$	6,712		5.3			$	14			6
	Due after one year			-		-				91,588			4.3
	Total debt related to CFVs		$	6,712		5.3			$	91,602			4.3
	Total debt		$	293,489		5			$	441,963			5.1
		-1	Asset related debt is debt which finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the consolidated statements of operations. Other debt is debt that does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the consolidated statements of operations.
		-2	Included in notes payable and other debt were unamortized discounts of $1.6 million at December 31, 2013. This debt was extinguished during the second quarter of 2014.
		-3	Included in the subordinate debt balance were $10.1 million and $3.0 million of net premiums and effective interest rate payable (i.e., the difference between the current pay rate and the effective interest rate) at December 31, 2014 and 2013, respectively.
		-4	As of December 31, 2014, the Company no longer consolidates the funds and ventures that were the obligors on the debt outlined above as of December 31, 2013. The debt of $6.7 million as of December 31, 2014 is related to one of the LIHTC Funds consolidated by the Company that was reinstated during the fourth quarter of 2014 because the related mortgage note receivable was assigned from MMA to a third party.
Schedule of Maturities of Long-term Debt [Table Text Block]	The following table summarizes principal payment commitments across all debt agreements at December 31, 2014:
	(in thousands)		Asset Related Debt		CFVs			Total Debt
			and Other Debt		Related Debt
	2015		$	56,716	$	6,712		$	63,428
	2016			15,534		-			15,534
	2017			17,131		-			17,131
	2018			50,776		-			50,776
	2019			11,509		-			11,509
	Thereafter			125,023		-			125,023
	Net premium			10,088		-			10,088
	Total		$	286,777	$	6,712		$	293,489
Schedule of Subordinate Debt [Table Text Block]	The table below provides a summary of the key terms of the subordinate debt issued by MMA Financial Inc. (“MFI”) and MMA Financial Holdings, Inc. (“MFH”) and held by third parties at December 31, 2014:
	(dollars in thousands)
	Issuer		Principal		Net Premium			Carrying Value			Interim Principal Payments		Maturity Date		Coupon Interest Rate
	MFI		$	28,714	$	-		$	28,714		Amortizing		December 2027 and December 2033		8.00%
	MFH			33,286		3,260			36,546		$4,689 due		30-Mar-35		0.75% to March 2015, then
											Apr-15				3-month LIBOR plus 3.3% (1)
	MFH			30,116		2,755			32,871		$4,242 due		30-Apr-35		0.75% to April 2015, then
											May-15				3-month LIBOR plus 3.3% (1)
	MFH			17,219		1,461			18,680		$2,305 due		30-Jul-35		0.75% to April 2015, then
											May-15				3-month LIBOR plus 3.3% (1)
	MFH			31,308		2,657			33,965		$4,191 due		30-Jul-35		0.75% to April 2015, then
											May-15				3-month LIBOR plus 3.3% (1)
			$	140,643	$	10,133		$	150,776
		-1	The pay rate on this debt is currently 75 bps; however, we recognize interest expense on an effective yield basis, which was approximately 6.9% at December 31, 2014. See the first table within this note, which provides weighted-average effective rate information for all of our debt.

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following table summarizes the Company’s derivative assets and liabilities fair value balances at December 31, 2014 and 2013.
			Fair Value
			December 31, 2014				December 31, 2013
	(in thousands)		Assets		Liabilities		Assets		Liabilities
	Total return swaps		$	2,539	$	35	$	-	$	-
	Interest rate cap			187		-		-		-
	Interest rate swap			-		718		-		626
	Total derivative financial instruments		$	2,726	$	753	$	-	$	626
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	The following table summarizes the derivative notional amounts at December 31, 2014 and 2013.
			Notional
	(in thousands)		December 31,		December 31,
			2014		2013
	Total return swaps		$	90,184	$	-
	Interest rate cap			45,000		-
	Interest rate swap			7,749		7,820
	Total derivative financial instruments		$	142,933	$	7,820
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block]	The following table summarizes derivative activity for the years ended December 31, 2014 and 2013.
			Realized/Unrealized Gains (Losses) for
			the year ended December 31,
	(in thousands)		2014		2013
	Total return swaps (1)		$	5,147	$	-
	Interest rate cap			-605		-
	Interest rate swaps (2)			-399		-196
	Other			-		214
	Total		$	4,143	$	18
		-1	The cash paid and received on TRSs designated as derivatives is settled on a net basis and recorded through “Net gains on assets and derivatives.” Net cash received was $2.6 million for the year ended December 31, 2014.
		-2	The cash paid and received on interest rate swaps are settled on a net basis and recorded through “Net gains on assets and derivatives.” Net cash paid was $0.3 million and $0.8 million for the years ended December 31, 2014 and 2013, respectively.

FINANCIAL_INSTRUMENTS_Tables

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
Investments, All Other Investments [Abstract]
Fair Value, by Balance Sheet Grouping [Table Text Block]		December 31, 2014
		Carrying		Fair Value
	(in thousands)	Amount		Level 1		Level 2		Level 3
	Assets:
	Investments in preferred stock	$	31,371	$	-	$	-	$	36,613
	Loans receivable		22,564		-		-		21,689
	Liabilities:
	Notes payable and other debt, bond related		87,325		-		-		87,325
	Notes payable and other debt, non-bond related		48,676		-		-		44,085
	Notes payable and other debt related to CFVs		6,712		-		-		-
	Subordinate debt issued by MFH		122,062		-		-		44,718
	Subordinate debt issued by MFI		28,714		-		-		28,714
		December 31, 2013
		Carrying		Fair Value
	(in thousands)	Amount		Level 1		Level 2		Level 3
	Assets:
	Investments in preferred stock	$	31,371	$	-	$	-	$	36,613
	Loans receivable		1,200		-		-		271
	Liabilities:
	Notes payable and other debt, bond related		132,966		-		-		131,321
	Notes payable and other debt, non-bond related		72,974		-		-		65,253
	Notes payable and other debt related to CFVs		91,602		-		50,338		40,178
	Subordinate debt issued by MFH		114,950		-		-		42,869
	Subordinate debt issued by MFI		29,471		-		-		29,471

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following tables present assets and liabilities that are measured at fair value on a recurring basis at December 31, 2014 and 2013.
						Fair Value Measurement Levels
	(in thousands)		December 31,			Level 1			Level 2		Level 3
			2014
	Assets:
	Bonds available-for-sale		$	222,899		$	-		$	-	$	222,899
	Derivative assets			2,726			-			187		2,539
	Liabilities:
	Derivative liabilities		$	753		$	-		$	-	$	753
						Fair Value Measurement Levels
	(in thousands)		December 31,			Level 1			Level 2		Level 3
			2013
	Assets:
	Bonds available-for-sale		$	195,332		$	-		$	-	$	195,332
	Liabilities:
	Derivative liabilities		$	626		$	-		$	-	$	626
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the year ended December 31, 2014.
	(in thousands)		Bonds			Derivative			Derivative
			Available			Assets			Liabilities
			-for-sale
	Balance, January 1, 2014		$	195,332		$	-		$	-626
	Net (losses) gains included in earnings			-6,021			2,539			-127
	Net change in other comprehensive income (1)			8,394			-			-
	Impact from purchases			18,380			-			-
	Impact from sales/ redemptions			-19,270			-			-
	Impact from deconsolidation			47,022			-			-
	Bonds eliminated due to real estate foreclosure			-11,058			-			-
	Impact from settlements			-9,880			-			-
	Balance, December 31, 2014		$	222,899		$	2,539		$	-753
		-1	This amount includes $19.6 million of unrealized net holding gains arising during the period, plus $0.1 million of unrealized bond losses reclassified into operations, partially offset by the reversal of $11.3 million of unrealized bond gains related to bonds that were redeemed.
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the year ended December 31, 2013.
	(in thousands)		Bonds				Derivative
			Available-for-				Liabilities
			sale
	Balance, January 1, 2013		$	969,394			$	-1,067
	Net (losses) gains included in earnings			-5,224				295
	Net change in other comprehensive income (1)			-91,258	-2			-
	Impact from sales/redemptions			-613,285	-2			-
	Bonds eliminated due to real estate consolidation and foreclosure			-55,275				-
	Impact from settlements			-9,020				146
	Balance, December 31, 2013		$	195,332			$	-626
		-1	This amount includes the reversal of $77.2 million of unrealized gains related to bonds that were redeemed plus $16.1 million of unrealized net holding losses arising during the period, offset by $2.1 million of unrealized bond losses reclassified into operations.
		-2	The majority of this activity was related to the sale of the Company’s common shares in MuniMae TE Bond Subsidiary, LLC during the third quarter of 2013.
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block]	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized losses recognized at derivative settlement for the year ended December 31, 2014.
	(in thousands)		Net gains on			Equity in losses			Net gains on
			bonds (1)			from LTPPs			derivatives (2)
	Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2014		$	-113		$	-5,908		$	2,412
	Additional realized gains recognized			12,293			-			2,336
	Total gains (losses) reported in earnings		$	12,180		$	-5,908		$	4,748
		-1	Amounts are reflected through “Other expenses” and “Net gains on assets and derivatives” on the consolidated statements of operations.
		-2	Amounts are reflected through “Net gains on assets and derivatives” on the consolidated statements of operations.
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond redemption and derivative settlement for the year ended December 31, 2013.
	(in thousands)		Net gains on			Equity in losses			Net losses on
			bonds (1)			from LTPPs			derivatives (2)
	Change in unrealized (losses) related to assets and liabilities held at January 1, 2013, but settled during 2013		$	-541		$	-		$	-
	Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2013			-1,531			-3,152			295
	Additional realized gains (losses) recognized			77,230			-			-307
	Total gains (losses) reported in earnings		$	75,158		$	-3,152		$	-12
		-1	Amounts are reflected through “Other expenses” and “Net gains on assets and derivatives” on the consolidated statements of operations.
		-2	Amounts are reflected through “Net gains on assets and derivatives” on the consolidated statements of operations.

GUARANTEES_AND_COLLATERAL_Tabl

GUARANTEES AND COLLATERAL (Tables)	12 Months Ended
	Dec. 31, 2014
Guarantees [Abstract]
Schedule of Guarantor Obligations [Table Text Block]	The following table summarizes guarantees, by type, at December 31, 2014 and 2013:
			December 31, 2014				December 31, 2013
	(in thousands)		Maximum		Carrying		Maximum		Carrying
			Exposure		Amount		Exposure		Amount
	Indemnification contracts		$	13,209	$	864	$	20,224	$	1,198
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	The following table summarizes assets that are either pledged or restricted for the Company’s use at December 31, 2014 and 2013. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s consolidated balance sheets.
			December 31, 2014
	(in thousands)		Restricted		Bonds		Real Estate		Investment		Other Assets		Total
			Cash		Available-		Held-for-Use		in Preferred				Assets
					for-sale				stock				Pledged
	Debt and derivatives – total return swaps		$	11,010	$	144,611	$	-	$	31,371	$	-	$	186,992
	Other (1)			14,993		-		-		-		161		15,154
	CFVs (2)			24,186		-		-		-		11,128		35,314
	Total		$	50,189	$	144,611	$	-	$	31,371	$	11,289	$	237,460
			December 31, 2013
	(in thousands)		Restricted		Bonds		Real Estate		Investment		Other		Total
			Cash		Available-		Held-for-		in Preferred		Assets		Assets
					for-sale		Use		stock				Pledged
	Debt – notes payable		$	-	$	-	$	15,644	$	-	$	11,613	$	27,257
	Debt – total return swap financing			20,006		105,511		-		31,371		-		156,888
	Other (1)			15,000		29,258		-		-		294		44,552
	CFVs (2)			52,897		-		102,314		-		23,664		178,875
	Total		$	87,903	$	134,769	$	117,958	$	31,371	$	35,571	$	407,572
		-1	The Company pledges collateral in connection with various guarantees that it has provided.
		-2	These are assets held by CFVs. At December 31, 2013, the real estate serves as collateral to the Company’s bonds eliminated in consolidation. At December 31, 2014, all of the assets related to the SAWHF and the Consolidated LTPPs have been removed because those entities were no longer consolidated as of December 31, 2014. For more information see Note 16, “Consolidated Funds and Ventures.”

EQUITY_Tables

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table provides a summary of net income to common shareholders as well as information pertaining to weighted average shares used in the per share calculations as presented on the consolidated statements of operations for the years ended December 31, 2014 and 2013.
			For the year ended
			December 31,
	(in thousands)		2014		2013
	Net (loss) income from continuing operations (1)		$	-584	$	102,399
	Net income from discontinued operations			18,051		25,441
	Net income to common shareholders		$	17,467	$	127,840
	Basic weighted-average shares (2)			7,647		8,424
	Common stock equivalents (3) (4) (5)			-		294
	Diluted weighted-average shares			7,647		8,718
		-1	For purposes of calculating diluted income per share on the Company’s Consolidated Statements of Operations, net income from operations for the year ended 2013 was adjusted to exclude the impact associated with certain options and deferred shares accounted for as liability awards as opposed to equity awards. During the year ended 2013, the Company excluded $1.1 million of compensation expense associated with these awards. As discussed in note 3 below, the Company’s stock options and unvested deferred shares were anti-dilutive for the year ended 2014. Included in this analysis was the compensation expense associated with the liability awards of $1.3 million for year ended 2014.
		-2	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.
		-3	At December 31, 2014, 410,000 stock options were in the money and had a dilutive share impact of 291,805.  In addition, 41,667 unvested employee deferred shares had a dilutive share impact of 20,834 for the year ended December 31, 2014. For the year ended December 31, 2014, the Company had a net loss from continuing operations and thus, any incremental shares would be anti-dilutive.
		-4	At December 31, 2013, 425,625 stock options were in the money and had a dilutive share impact of 275,532. In addition, 52,083 unvested employee deferred shares had a dilutive share impact of 18,322 for the year ended December 31, 2013.
		-5	For the years ended December 31, 2014 and 2013, the average number of options excluded from the calculations of diluted earnings per share was 60,211 and 83,508, because of their anti-dilutive effect (i.e. these stock options were not in the money).
Non Controlling Interest [Table Text Block]	A significant component of equity is comprised of outside investor interests in CFVs. The Company reported the following noncontrolling interests within equity in entities that the Company did not wholly own at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	Noncontrolling interests in:
	CFVs:
	LIHTC Funds		$	230,111	$	328,236
	SAWHF			-		130,839
	Consolidated Lower Tier Property Partnerships			-		16,086
	IHS			-397		-1,648
	Total		$	229,714	$	473,513
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table summarizes the net change in accumulated other comprehensive income allocable to common shareholders for the year ended December 31, 2014.
	(in thousands)		Bonds		Income Tax		Foreign		Accumulated
			Available-for-		Expense		Currency		Other
			Sale				Translation		Comprehensive
									Income
	Balance, January 1, 2014		$	36,868	$	-	$	-209	$	36,659
	Unrealized net holding gains (losses) arising during period			19,584		-150		-343		19,091
	Reversal of unrealized gains on redeemed bonds			-11,303		-		-		-11,303
	Reclassification of unrealized losses to operations due to impairment			113		-		-		113
	Reclassification of unrealized gains due to deconsolidation of Consolidated Lower Tier Property Partnerships			13,975		-		-		13,975
	Reclassification of unrealized gains to operations due to foreclosure			-2,003		-		-		-2,003
	Other (1)			-		-		-80		-80
	Net change in other comprehensive income			20,366		-150		-423		19,793
	Balance, December 31, 2014		$	57,234	$	-150	$	-632	$	56,452
		-1	Transfer of unrealized loss from noncontrolling interest due to IHS share purchase.
	The following table summarizes the net change in accumulated other comprehensive income allocable to the common shareholders for the year ended December 31, 2013.
	(in thousands)		Bonds Available-		Foreign		Accumulated
			for-Sale		Currency		Other
					Translation		Comprehensive
							Income
	Balance, January 1, 2013		$	139,021	$	-334	$	138,687
	Unrealized net holding (losses) gains arising during period			-16,104		125		-15,979
	Reversal of unrealized gains on sold/redeemed bonds			-77,226		-		-77,226
	Reclassification of unrealized losses to operations due to impairment			2,072		-		2,072
	Reclassification of unrealized gains to operations due to consolidation of funds and ventures			-10,895		-		-10,895
	Net change in other comprehensive income			-102,153		125		-102,028
	Balance, December 31, 2013		$	36,868	$	-209	$	36,659

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation with Employees and Nonemployees [Table Text Block]	Total compensation expense recorded for these Plans was as follows for the years ended December 31, 2014 and 2013:
			For the year ended December 31,
	(in thousands)		2014			2013
	Employees’ Stock-Based Compensation Plan		$	1,725		$	1,686
	Non-employee Directors’ Stock-Based Compensation Plan			237			275
	Total		$	1,962		$	1,961
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following table summarizes option activity under the Employees’ Stock-Based Compensation Plans:
	(in thousands, except per option data)		Number of			Weighted-			Weighted-			Aggregate		Period End
			Options			average			average			Intrinsic		Liability (2)
						Exercise			Remaining			Value (1)
						Price per			Contractual Life
						Option			per Option
									(in years)
	Outstanding at January 1, 2013 (1)			469		$	18.04			7.8		$	58	$	355
	Forfeited/Expired in 2013			-53			132.5
	Outstanding at December 31, 2013 (1)			416			3.52			7.3			1,644		1,785
	Forfeited/Expired in 2014			-
	Outstanding at December 31, 2014 (1)			416			3.52			6.3			3,196		3,281
	Number of options that were exercisable at:
	31-Dec-13			287			4.29			6.9
	31-Dec-14			325			4			6.1
		-1	Intrinsic value is based on outstanding options.
		-2	Only options that were amortized based on a vesting schedule have a liability balance. These options were 412,100; 378,173; and 297,269 at December 31, 2014, December 31, 2013 and January 1, 2013, respectively.
Schedule of Share Based Compensation Deferred Shares Granted To Employees [Table Text Block]	The following table summarizes the deferred shares granted to employees. The grants outstanding at December 31, 2014, have both time and price vesting requirements. A portion of the shares vest over the next 15 months and a portion of the shares vest if over a thirty day period, the average price requirement of $10.00 per share and $12.50 per share is met, respectively.
	(in thousands, except  per share data)		Deferred Share		Weighted-			Period End
			Grants		average Grant			Liability
					Date Share
					Price
	Balance, January 1, 2014		58		$	16.44		$	218
	Granted in 2014		-
	Issued in 2014		16			47.41			336
	Balance, December 31, 2014		74
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity [Table Text Block]	The table below summarizes the director compensation, including cash, options that vested as well as the common shares and deferred shares granted to the directors for services rendered for the years ended December 31, 2014 and 2013. The directors are fully vested in the deferred shares at the grant date.
	(in dollars)		Cash			Common		Deferred		Weighted-			Options	Directors’ Fees
						Shares		Shares		average Grant			Vested	Expense
						Granted		Granted		Date Share Price
	31-Dec-14		$	118,750		8,462		5,904		$	8.27		–	$	237,500
	31-Dec-13			137,500		2,068		16,680			5.94		15,625		275,000

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The following table summarizes the components of the income tax benefit for the years ended December 31, 2014 and 2013:
		For the year ended December 31,
	(in thousands)	2014		2013
	Federal income tax benefit:
	Current	$	-	$	-
	Deferred		250		-
	State income tax (expense) benefit:
	Current		-242		1,304
	Deferred		37		-
	Income tax benefit	$	45	$	1,304
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The following table reflects the effective income tax reconciliation for the years ended December 31, 2014 and 2013:
		For the year ended
		December 31,
	(in thousands)	2014		2013
	(Loss) income from continuing operations before income taxes	$	-100,845	$	71,785
	Income tax benefit (expense) benefit at federal statutory rate (35%)		35,296		-25,125
	Permanent differences:
	Impact on taxes from entities not subject to tax		-41,280		16,069
	State income taxes, net of federal tax effect		-2,308		703
	Foreign losses		-1,086		-1,226
	Impact from other comprehensive income		2,044		9,799
	Tax-exempt interest, net		1,140		277
	Other		281		1,522
	Net decrease (increase) in the valuation allowance		5,958		-715
	Income tax benefit	$	45	$	1,304
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The following table summarizes the deferred tax assets and deferred tax liabilities, net of valuation allowance at December 31, 2014 and 2013:
	(in thousands)	December 31,		December 31,
		2014		2013
	Deferred tax assets:
	Net operating loss, tax credits and other tax carryforwards	$	176,506	$	172,063
	Guarantee fees		4,817		5,429
	Asset management fees		8,211		12,532
	Cancellation of subordinated debt		5,230		5,464
	Basis of loans and bonds		14,838		21,718
	Other		2,198		6,631
	Total deferred tax assets		211,800		223,837
	Less: valuation allowance		-211,800		-223,837
	Total deferred tax assets, net	$	-	$	-
Schedule of Changes in Valuation Allowance [Table Text Block]	The following table summarizes the change in the valuation allowance for the years ended December 31, 2014 and 2013:
		For the year ended December 31,
	(in thousands)	2014		2013
	Balance, January 1	$	223,837	$	230,414
	Net reductions due to discontinued operations		-6,079		-7,292
	Net (reductions) increase due to continuing operations		-5,958		715
	Balance, December 31	$	211,800	$	223,837
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	A reconciliation of the beginning and ending amount for unrecognized tax benefits is as follows:
		For the year ended December 31,
	(in thousands)	2014		2013
	Balance, January 1,	$	1,142	$	2,626
	Net increases (reductions) for tax positions of prior years		42		-1,614
	Net increases due to tax positions that only affect timing		282		130
	Balance, December 31,	$	1,466	$	1,142

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]		For the year ended
		December 31,
	(in thousands)	2014		2013
	Sublease income	$	-	$	492
	Income from CFVs (primarily rental income)		279		13,115
	Income from REO operations		1,148		2,235
	Rent expense		-		-492
	Expenses from CFVs (primarily operating expenses)		-243		-12,064
	Expenses from REO operations		-1,112		-1,517
	Other income		333		459
	Other expense		-70		-548
	Net gain on property acquisition		-		320
	Income tax expense		-137		-
	Net income before disposal activity		198		2,000
	Disposal:
	Net gains related to REO		17,683		19,257
	Net gains related to CFVs		20		5,501
	Net income from discontinued operations		17,901		26,758
	Loss (income) from discontinued operations allocable to noncontrolling interests		150		-1,317
	Net income to common shareholders from discontinued operations	$	18,051	$	25,441

CONSOLIDATED_FUNDS_AND_VENTURE1

CONSOLIDATED FUNDS AND VENTURES (Tables)	12 Months Ended
	Dec. 31, 2014
Consolidated Funds and Ventures [Abstract]
Schedule of Total Assets by Type of Consolidated Fund or Venture [Table Text Block]	The total assets, by type of consolidated fund or venture, at December 31, 2014 and 2013 are summarized as follows:
	(in thousands)		December 31,		December 31,
			2014		2013
	LIHTC Funds		$	266,518	$	329,033
	SAWHF			-		184,649
	Consolidated Lower Tier Property Partnerships			-		107,362
	Non-profit Entity			-		2,163
	Total assets of CFVs		$	266,518	$	623,207
Schedule of More Information Related to Assets Consolidated Fund or Venture [Table Text Block]	The following section provides more information related to the assets of the CFVs at December 31, 2014 and 2013.
	(in thousands)		December 31,		December 31,
			2014		2013
	Cash, cash equivalents and restricted cash		$	24,186	$	52,897
	Investments in Lower Tier Property Partnerships			231,204		286,007
	SAWHF investments			-		158,325
	Real estate held-for-use, net			-		102,314
	Other assets			11,128		23,664
	Total assets of CFVs		$	266,518	$	623,207
Assets and Liabilities of Unconsolidated Funds and Ventures [Table Text Block]	The following table provides the LIHTC Funds’ investment balances in the unconsolidated LTPPs, as well as the assets and liabilities of the LTPPs at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	LIHTC Funds’ investment in Lower Tier Property Partnerships		$	231,204	$	286,007
	Total assets of Lower Tier Property Partnerships (1)		$	1,273,903	$	1,324,704
	Total liabilities of Lower Tier Property Partnerships (1)			1,035,695		1,038,983
		-1	The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt.
SA Fund Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Table Text Block]	The following table presents the activity for the SAWHF investments at fair value on a recurring basis using Level 3 inputs for the years ended December 31, 2014 and 2013:
			For the year ended
			December 31,
	(in thousands)		2014		2013
	Balance, January 1		$	158,325	$	161,433
	Net gains included in earnings related to CFVs			12,312		22,530
	Net foreign currency translation losses included in other comprehensive income attributable to CFVs			-16,571		-34,143
	Impact from purchases			21,405		23,852
	Impact from sales and distributions			-12,885		-15,347
	Impact from deconsolidation			-162,586		-
	Balance, December 31		$	-	$	158,325
Real Estate Held for Use, Net [Table Text Block]	The real estate held-for-use by Consolidated LTPPs was comprised of the following at December 31, 2014 and 2013:
	(in thousands)		December 31,		December 31,
			2014		2013
	Building, furniture and fixtures		$	-	$	108,424
	Accumulated depreciation			-		-17,997
	Land			-		11,887
	Total		$	-	$	102,314
Schedule of More Information Related to Liabilities Consolidated Fund and Venture [Table Text Block]	The following section provides more information related to the liabilities of the CFVs at December 31, 2014 and 2013.
	(in thousands)		December 31,		December 31,
			2014		2013
	Liabilities of CFVs:
	Debt (1)		$	6,712	$	91,602
	Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships			9,597		13,461
	Other liabilities (2)			31,831		4,043
	Total liabilities of CFVs		$	48,140	$	109,106
		-1	The debt of $6.7 million as of December 31, 2014, is an obligation of one of the LIHTC Funds consolidated by the Company. This debt was reinstated during the fourth quarter because the related note receivable was assigned from MMA to a third party. This also caused expenses of consolidated funds and ventures to increase because this obligation had never been recognized as an obligation of the funds in consolidation. At December 31, 2014, this debt had a face amount equal to its carrying value, a weighted average effective interest rate of 5.3%, and was due on demand.
		-2	Other liabilities of $31.8 million as of December 31, 2014 are related to LIHTC Funds. Other liabilities of $30.8 million were reinstated during the fourth quarter as a result of our sale of substantially all of our LIHTC business operation to MGM. These liabilities are primarily related to legally accrued, but unpaid asset management fees assigned from MMA to MGM. This also caused expenses of consolidated funds and ventures to increase because this debt had never been recognized as an obligation of the funds in consolidation. The asset management fee payable had never been recorded in consolidation because prior to fourth quarter 2014, MMA as GP did not record the corresponding receivable because of collection uncertainty.
Schedule of Income Statement of Consolidated Funds and Ventures [Table Text Block]	The following section provides more information related to the income statement of the CFVs for the years ended December 31, 2014 and 2013.
			For the year ended
			December 31,
	(in thousands)		2014		2013
	Revenue:
	Rental and other income from real estate		$	10,210	$	11,740
	Interest and other income			6,284		8,403
	Total revenue from CFVs			16,494		20,143
	Expenses:
	Depreciation and amortization			7,012		8,165
	Interest expense			3,087		3,263
	Other operating expenses			48,328		8,825
	Foreign currency loss			5,030		10,534
	Asset impairments			26,978		21,785
	Total expenses from CFVs			90,435		52,572
	Net gains (losses) related to CFVs:
	Investment gains			13,121		23,201
	Derivative gains			2,244		8,594
	Net loss due to deconsolidation of CFVs			-23,867		-
	Net loss on sale of properties			-138		-
	Equity in losses from Lower Tier Property Partnerships of CFVs			-32,730		-26,609
	Net loss			-115,311		-27,243
	Net losses allocable to noncontrolling interests in CFVs (1)			100,140		32,334
	Net (loss) income allocable to the common shareholders related to CFVs		$	-15,171	$	5,091
		-1	Net losses allocable to noncontrolling interests in CFVs do not include net losses allocable to noncontrolling interests in IHS because the Company’s equity interest in IHS is substantial.
Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures [Table Text Block]	The details of Net income allocable to the common shareholders related to CFVs for the years ended December 31, 2014 and 2013 are as follows:
			For the year ended
			December 31,
	(in thousands)		2014		2013
	Asset management fees		$	4,103	$	4,556
	Interest income			1,526		2,149
	Guarantee fees			1,324		1,324
	Equity in losses from Lower Tier Property Partnerships			-5,912		-3,157
	Equity in income from SAWHF			343		684
	Other expense			-1,105		-465
	Net loss due to deconsolidation of CFVs			-15,450		-
	Net (loss) income allocable to the common shareholders related to CFVs		$	-15,171	$	5,091

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Schedule Of Income Statement By Reporting Segments [Table Text Block]	The following tables reflect the results of the reportable segments for the years ended December 31, 2014 and 2013. The segment results include fees received from CFVs as well as net losses or net income allocated to equity investments in certain CFVs. As outlined on the tables, there are four columns, two of which reflect the performance of the reportable segments and two that are titled CFVs and Income Allocations that are needed in order to reconcile the results for the reportable segments to the Company’s Consolidated Statement of Operations.
			For the year ended December 31, 2014
	(in thousands)		US				International		CFVs			Income			MMA
			Operations				Operations					Allocation			Consolidated
												Reclasses
	Total interest income		$	19,080			$	53	$	-		$	-1,526	-1	$	17,607
	Total interest expense			-3,120				-		-			-			-3,120
	Net interest income			15,960				53		-			-1,526			14,487
	Total fee and other income			10,529				5,554		-			-5,427	-2		10,656
	Revenue from CFVs			-				-		16,494			-			16,494
	Total non-interest revenue			10,529				5,554		16,494			-5,427			27,150
	Total revenues, net of interest expense			26,489				5,607		16,494			-6,953			41,637
	Operating and other expenses:
	Interest expense			-13,632				-144		-			-			-13,776
	Operating expenses			-15,378				-6,149		-			-			-21,527
	Other expenses			-4,393				-194		-			1,105	-3		-3,482
	Expenses from CFVs			-				-		-81,176			-9,259	-5		-90,435
	Total operating and other expenses			-33,403				-6,487		-81,176			-8,154			-129,220
	Net gains on assets, derivatives and extinguishment of liabilities			19,367				-		-			-			19,367
	Net gains due to real estate consolidation and foreclosure			2,003				-		-			-			2,003
	Net loss due to deconsolidation of CFVs			-15,450				-		-23,867			15,450			-23,867
	Net gains related to CFVs			-				-		15,227			-			15,227
	Equity in income from unconsolidated funds and ventures			6,500				238		-			-			6,738
	Equity in (losses) income from Lower Tier Property Partnerships of CFVs			-5,912	-6			343		-26,818	-6		-343	-4		-32,730
	Losses from continuing operations before income taxes			-406				-299		-100,140			-			-100,845
	Income tax benefit			45				-		-			-			45
	Income (loss) from discontinued operations, net of tax			18,051				-		-150			-			17,901
	Net income (loss)			17,690				-299		-100,290			-			-82,899
	Loss allocable to noncontrolling interests:
	Net losses allocable to noncontrolling interests in CFVs:
	Related to continuing operations			-				76		100,140			-			100,216
	Related to discontinued operations			-				-		150			-			150
	Net income (loss) to common shareholders		$	17,690			$	-223	$	-		$	-		$	17,467
	(1) Represents interest on bonds that the Company recognized through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $1.5 million is reflected in total interest income for the US Operations.
		-2	This amount includes $2.5 million of asset management fees recognized by IHS through an income allocation (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.5 million is reflected in total fee and other income for the International Operations. This amount also includes $1.6 million of asset management fees and $1.3 million of guarantee fees both related to the Company’s LIHTC Funds, both of which were recognized during 2014 through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
		-3	Represents net expenses recognized by the Company through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses are reflected as additional other expenses for the US Operations.
		-4	Represents the Company’s share of its equity interest in the SAWHF (i.e., 2.7% of the SAWHF’s 2014 net income) that is recognized through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million is reflected as equity in income of unconsolidated ventures for the International Operations.
		-5	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above, total $9.3 million of net income to the Company that is then reflected as an overall net expense to the CFVs.
		-6	Represents equity in losses from the LTPPs that the Company recognized as an allocation (see Note 16, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the LTPPs in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $5.9 million of losses in US Operations and reduced the CFVs losses by the same amount.
			For the year ended December 31, 2013
	(in thousands)		US				International		CFVs			Income			MMA
			Operations				Operations					Allocation			Consolidated
												Reclasses
	Total interest income		$	40,041			$	36	$	-		$	-2,149	-1	$	37,928
	Total interest expense			-24,252				-		-			-			-24,252
	Net interest income			15,789				36		-			-2,149			13,676
	Total fee and other income			10,672				3,118		-			-5,880	-2		7,910
	Revenue from CFVs			-				-		20,143			-			20,143
	Total non-interest revenue			10,672				3,118		20,143			-5,880			28,053
	Total revenues, net of interest expense			26,461				3,154		20,143			-8,029			41,729
	Operating and other expenses:
	Interest expense			-14,850				-138		-			-			-14,988
	Operating expenses			-19,229				-6,280		-			-			-25,509
	Other expenses			-6,640				-1,872		-			465	-3		-8,047
	Expenses from CFVs			-				-		-60,820			8,248	-5		-52,572
	Total operating and other expenses			-40,719				-8,290		-60,820			8,713			-101,116
	Net gains on assets, derivatives and extinguishment of liabilities			115,350				16		-			-			115,366
	Net gains due to real estate consolidation and foreclosure			10,895				-		-			-			10,895
	Net gains related to CFVs			-				-		31,795			-			31,795
	Equity in (losses) income from unconsolidated funds and ventures			-966				691		-						-275
	Equity in (losses) income from Lower Tier Property Partnerships in CFVs			-3,157	-6			684		-23,452	-6		-684	-4		-26,609
	Income (loss) from continuing operations before income taxes			107,864				-3,745		-32,334			-			71,785
	Income tax benefit			1,304				-		-			-			1,304
	Income from discontinued operations, net of tax			25,441				-		1,317			-			26,758
Net income (loss)			134,609				-3,745		-31,017			-			99,847
(Income) loss allocable to noncontrolling interests:
Income allocable to perpetual preferred shareholders of a subsidiary company			-3,714				-		-			-			-3,714
Net losses (income) allocable to noncontrolling interests in CFVs:
Related to continuing operations			-				690		32,334			-			33,024
Related to discontinued operations			-				-		-1,317			-			-1,317
Net income (loss) to common shareholders		$	130,895			$	-3,055	$	-		$	-		$	127,840
(1) Represents interest on bonds that the Company recognized through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.1 million is reflected in total interest income for the US Operations.
	-2	This amount includes $2.8 million of asset management fees recognized by IHS through an income allocation (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.8 million is reflected in total fee and other income for the International Operations. This amount also includes $1.8 million of asset management fees and $1.3 million of guarantee fees both related to the Company’s LIHTC Funds, both of which were recognized during the year of 2013 through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
	-3	Represents net expenses recognized by the Company through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses are reflected as additional other expenses for the US Operations.
	-4	Represents the Company’s share of its equity interest in the SAWHF (i.e., 2.7% of the SAWHF’s 2013 net income) that is recognized through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected as equity in income of unconsolidated ventures for the International Operations.
	-5	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above, total $8.2 million of net income to the Company that is then reflected as an overall net expense to the CFVs.
	-6	Represents equity in losses from the LTPPs that the Company recognized as an allocation (see Note 16, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the LTPPs in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $3.2 million of losses in US Operations and reduced the CFVs losses by the same amount.
Schedule of Total Assets by Reporting Segments [Table Text Block]	The total assets by segment at December 31, 2014 and 2013 are presented in the table below:
	(in thousands)		December 31,			December 31,
			2014			2013
	ASSETS
	US Operations		$	394,922		$	443,664
	International Operations			10,641			6,681
	Total segment assets			405,563			450,345
	Bonds eliminated in consolidation			-			-47,745
	Net unrealized mark-to-market gains not recorded in consolidation			-			-2,543
	Other adjustments			-389			-7,906
	Assets of CFVs			266,518			623,207
	Total MMA consolidated assets		$	671,692		$	1,015,358

DESCRIPTION_OF_THE_BUSINESS_AN2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details Textual) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Bond Placed On Non Accrual Description	Bonds are placed on non-accrual status when any portion of principal or interest is 90 days past due or the date after which collectability of principal or interest is not reasonably assured
Deferred Tax Assets, Valuation Allowance, Current	$211.80	$223.80
Deferred Tax Assets, Operating Loss Carryforwards	146.4
Operating Loss Carryforwards	$418.20	$405.90
International Housing Solutions Sarl [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	96.00%

BONDS_AVAILABLEFORSALE_Details

BONDS AVAILABLE-FOR-SALE (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Unpaid Principal Balance	$249,124		$223,587
Amortized Cost	165,665	[1]	158,464	[1]
Gross Unrealized Gains	58,092		38,785
Gross Unrealized Losses	-858	[2],[3]	-1,917	[4],[5]
Fair Value	222,899		195,332
Mortgage Revenue Bonds [Member]
Unpaid Principal Balance	192,068		143,617
Amortized Cost	126,897	[1]	103,194	[1]
Gross Unrealized Gains	41,145		19,245
Gross Unrealized Losses	-858	[2],[3]	-1,085	[4],[5]
Fair Value	167,184		121,354
Other Bonds [Member]
Unpaid Principal Balance	57,056		79,970
Amortized Cost	38,768	[1]	55,270	[1]
Gross Unrealized Gains	16,947		19,540
Gross Unrealized Losses	0	[2],[3]	-832	[4],[5]
Fair Value	$55,715		$73,978
[1]	Represents the UPB, net of discounts, deferred costs and fees as well as impairments recognized in earnings.
[2]	At December 31, 2014, $0.6 million represents the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired and $0.3 million represents unrealized losses that were not considered other-than-temporarily impaired.
[3]	Represents bonds in a gross unrealized loss position for less than 12 consecutive months that had a fair value of $1.8 million at December 31, 2014, as well as bonds in a gross unrealized loss position for more than 12 consecutive months that had a fair value of $6.0 at December 31, 2014.
[4]	At December 31, 2013, the majority of this amount represents unrealized losses that were not considered other-than-temporarily impaired; however, this amount also includes the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired.
[5]	These bonds had been in a gross unrealized loss position for less than 12 consecutive months and had a fair value of $40.1 million at December 31, 2013 ($16.2 million for mortgage revenue bonds and $23.9 million for other bonds).

BONDS_AVAILABLEFORSALE_Details1

BONDS AVAILABLE-FOR-SALE (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Amortized Cost, Bonds that may be prepaid without restrictions, premiums or penalties at December 31, 2014
Amortized Cost, 2014	$28,657
Amortized Cost, 2015	0
Amortized Cost, 2016	10,111
Amortized Cost, 2017	0
Amortized Cost, 2018	7,402
Amortized Cost, Thereafter	119,171
Amortized Cost, Bonds that may not be prepaid	324
Amortized Cost, Total	165,665
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties at December 31, 2014
Fair Value, 2014	44,997
Fair Value, 2015	0
Fair Value, 2016	13,687
Fair Value, 2017	0
Fair Value, 2018	8,246
Fair Value, Thereafter	155,636
Fair Value, Bonds that may not be prepaid	333
Fair Value, Total	$222,899	$195,332

BONDS_AVAILABLEFORSALE_Details2

BONDS AVAILABLE-FOR-SALE (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Total current	$179,315	$117,666
30-59 days past due	0	0
60-89 days past due	0	0
90 days or greater	43,584	77,666
Total	$222,899	$195,332

BONDS_AVAILABLEFORSALE_Details3

BONDS AVAILABLE-FOR-SALE (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Net impairment recognized on bonds held at each period-end	($113)	($1,531)
Net impairment recognized on bonds sold/redeemed during each period	0	-541
Gains recognized at time of sale or redemption	12,293	77,230
Total net gains on bonds	$12,180	$75,158

BONDS_AVAILABLEFORSALE_Details4

BONDS AVAILABLE-FOR-SALE (Details Textual) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Unpaid Principal Balance of Bond Investment Eliminated Due to Consolidation		$68
Available For Sale Debt Securities Eliminated Due To Consolidation		50.3
Non Accrual Bonds	43.6	77.7
Non Accrual Bonds Interest Income Cash Basis Method	1.3	3.7
Interest Income Non Accrual Bonds Not Recognized	4.2	4.8
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	1.8	40.1
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis	16.7
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	24.3
Available For Sale Debt Securities Gross Unrealized Losses Excluding Other Than Temporary Impairments	0.3
Increase Decrease in Fair Value Of Bonds		27.6
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	0.6
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	6
Proceeds From Sale or Redemption Of Available For Sale Securities	17.1	11.5
Subordinate Bonds [Member]
Subordinate Bond Investments Fair Value	30
Subordinate Bond Investments Unpaid Principal Balance	40.5
Mortgage Revenue Bonds [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value		16.2
Other Bonds [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value		$23.90

INVESTMENTS_IN_PREFERRED_STOCK1

INVESTMENTS IN PREFERRED STOCK (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Preferred Stock, Dividend Rate, Percentage	14.40%
Investment in preferred stock, Carrying value	$31,371,000	$31,371,000
Investment in preferred stock, Estimated fair value	$36,600,000

REAL_ESTATE_Details

REAL ESTATE (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Real Estate Held-for-Use	$18,417		$120,576
MuniMae's [Member]
Real Estate Held-for-Use	18,417	[1]	18,262	[1]
Real estate held-for-sale	10,145	[2]	24,090	[2]
Consolidated Funds and Ventures [Member]
Real Estate Held-for-Use	$0	[3]	$102,314	[3]
[1]	MMA’s real estate held-for-use was comprised of two investments in undeveloped land with a combined carrying value of $6.2 million and an affordable multifamily property with a carrying value of $12.2 million at December 31, 2014. MMA’s real estate held-for-use was comprised of four investments in undeveloped land with a combined carrying value of $7.9 million (one with a carrying basis of $0.5 million was sold for $1.0 million during the first quarter of 2014 and one with a carrying basis of $1.3 million was sold for $2.2 million during the fourth quarter of 2014) and an affordable multifamily property with a carrying value of $10.4 million at December 31, 2013.
[2]	MMA’s real estate held-for-sale was comprised of one affordable multifamily property at December 31, 2014. MMA’s real estate held-for-sale at December 31, 2013 was comprised of two affordable multifamily properties both of which were sold during 2014 along with their associated assets and obligations for $35.8 million and resulted in a gain on sale of real estate of $14.0 million that was reported through discontinued operations.
[3]	As of December 31, 2014, the Company no longer consolidates the funds and ventures holding this real estate. For more information see Note 16, “Consolidated Funds and Ventures.”

REAL_ESTATE_Details_Textual

REAL ESTATE (Details Textual) (USD $)	12 Months Ended	3 Months Ended
	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Inventory, Real Estate, Other	$18,417,000		$18,417,000	$120,576,000
Proceeds from Sale of Real Estate	35,800,000
Gain (Loss) on Disposition of Real Estate, Discontinued Operations	14,000,000
Undeveloped Land [Member]
Inventory, Real Estate, Other	6,200,000		6,200,000	7,900,000
Multifamily Property [Member]
Inventory, Real Estate, Other	12,200,000		12,200,000	10,400,000
Undeveloped Land One [Member]
Inventory, Real Estate, Other		500,000
Proceeds from Sale of Real Estate		1,000,000
Undeveloped Land Two [Member]
Inventory, Real Estate, Other	1,300,000		1,300,000
Proceeds from Sale of Real Estate			$2,200,000

OTHER_ASSETS_Details

OTHER ASSETS (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Other assets:
Loan receivable held-for-investment	$22,392		$1,200
Debt issuance costs, net	2,946		3,579
Derivative assets	2,726		0
Accrued interest and dividends receivable	2,672		2,129
Asset management fees receivable	2,454		6
Other assets	2,219		1,574
Total other assets	77,848		44,960
Real Estate Partnership [Member]
Other assets:
Investments	22,529		6,270
Consolidated Funds and Ventures [Member]
Other assets:
Other assets	11,128	[1]	23,664	[1]
Solar Facilities [Member]
Other assets:
Other assets	3,093		5,344
IHS Funds and Ventures [Member]
Other assets:
Investments	$5,689		$1,194
[1]	For more information see Note 16, “Consolidated Funds and Ventures.”

OTHER_ASSETS_Details_1

OTHER ASSETS (Details 1) (Investment in Real Estate Partnership [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment in Real Estate Partnership [Member]
Investment in a real estate partnership:
Total assets (primarily real estate)	$83,021	$18,810
Total liabilities	$34,856	$0

OTHER_ASSETS_Details_2

OTHER ASSETS (Details 2) (Investment in Real Estate Partnership [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Investment in Real Estate Partnership [Member]
Net income (loss)	$16,833	($800)

OTHER_ASSETS_Details_3

OTHER ASSETS (Details 3) (IHS Funds and Ventures [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
IHS Funds and Ventures [Member]
Total assets	$276,007	$67,629
Total liabilities	$104,863	$44,538

OTHER_ASSETS_Details_4

OTHER ASSETS (Details 4) (IHS Funds and Ventures [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
IHS Funds and Ventures [Member]
Net income (loss)	$6,589	($765)

OTHER_ASSETS_Details_5

OTHER ASSETS (Details 5) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Cost basis	$40,163	$18,220
Allowance for loan losses	-17,771	-17,020
Loans held for investment, net	$22,392	$1,200

OTHER_ASSETS_Details_Textual

OTHER ASSETS (Details Textual) (USD $)	3 Months Ended			12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2014		Dec. 31, 2013
Loans and Leases Receivable, Gross	$40,900,000			$40,900,000		$18,800,000
Loans and Leases Receivable, Deferred Income	700,000			700,000		600,000
Impaired Loan Receivable, Unpaid Principal Balance	18,400,000			18,400,000		17,400,000
Mortgage Loans on Real Estate, Commercial and Consumer, Net		1,100,000	6,900,000
Other Assets	77,848,000			77,848,000		44,960,000
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset	15,900,000			15,900,000
Equity Method Investments	31,371,000			31,371,000		31,371,000
Interest Rate On Loans Issued			5.00%
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	0			0		0
Income (Loss) from Equity Method Investments				-25,992,000	[1]	-26,884,000	[1]
Depreciation, Total				4,900,000		8,300,000
Payments to Acquire Available-for-sale Securities, Debt		5,300,000
Allowance for Loan and Lease Losses, Loans Acquired		800,000
Interest and Fee Income, Loans and Leases	300,000
Investment in Real Estate Partnerships [Member]
Equity Method Investment, Ownership Percentage	80.00%			80.00%
Equity Method Investments	16,100,000			16,100,000
Real Estate Joint Venture Bargain Purchase Gain Recognized Amount				18,300,000
Real Estate Investments Joint Ventures Assets Amounts As Of Acquisition Date	28,800,000			28,800,000
Payments to Acquire Real Estate and Real Estate Joint Ventures				10,500,000
Income (Loss) from Equity Method Investments				7,300,000
Payments to Acquire Equity Method Investments	8,800,000
SAWHF [Member]
Equity Method Investments	3,600,000			3,600,000
IHS Residential Partners One [Member]
Equity Method Investments	2,100,000			2,100,000
IHS Fund Two [Member]
Equity Method Investments	0			0
Real Estate Partnership [Member]
Real Estate Investments, Net	6,300,000			6,300,000
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions				33.00%
Bridge Loan [Member]
DebtInstrument Maturity Extension Fee	200,000			200,000
IHS Funds and Ventures [Member]
Real Estate Investments, Net	5,689,000			5,689,000		1,194,000
IHS Funds and Ventures [Member] | Minimum [Member]
Equity Method Investment, Ownership Percentage	2.00%			2.00%
IHS Funds and Ventures [Member] | Maximum [Member]
Equity Method Investment, Ownership Percentage	5.00%			5.00%
LIHTC Asset Management Operations [Member]
Disposal Group, Including Discontinued Operation, Consideration	15,900,000			15,900,000
Gain Loss Not Yet Recognized	15,200,000
Sale Price Of Off Balance Sheet Loan Receivables	15,900,000			15,900,000
Amount Of Option To Acquire Business	12,000,000
Amount Of Cash Provided Under Loan	14,400,000
LIHTC Asset Management Operations [Member] | Bridge Loan [Member]
Loans and Leases Receivable, Gross	17,300,000			17,300,000
Debt Instrument, Interest Rate, Stated Percentage	10.00%			10.00%
Debt Instrument Extension Fee Percentage	1.00%
Other Assets	14,200,000			14,200,000
Interest and Fee Income, Other Loans	300,000
Debt Instrument, Maturity Date	31-Mar-15
LIHTC Asset Management Operations [Member] | Term Loan [member]
Loans and Leases Receivable, Gross	13,000,000			13,000,000
Debt Instrument, Interest Rate, Stated Percentage	12.00%			12.00%
Other Assets	200,000			200,000
Debt Instrument, Maturity Date	30-Sep-24
Debt Instrument, Interest Rate Terms	8% is to be paid quarterly and 4% is payable at the loan’s maturity
Solar Fund [Member]
Termination Fee Income	1,500,000
Depreciation, Total				$300,000
[1]	Majority of the activity was related to CFVs.

DEBT_Details

DEBT (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Debt, Carrying Value	$293,489		$441,963
Debt, Weighted-Average Effective Interest Rate	5.00%		5.10%
Subordinated Debt [Member]
Debt, Carrying Value	150,776
Asset Related Debt [Member]
Debt, Carrying Value	93,452	[1]	141,246	[1]
Debt, Weighted-Average Effective Interest Rate	2.00%	[1]	3.40%	[1]
Asset Related Debt [Member] | Bond Related Debt [Member] | Due Within One Year [Member]
Outstanding Debt Balances, Current	786	[1],[2]	21,261	[1],[2]
Debt, Weighted-Average Effective Interest Rate	1.40%	[1],[2]	1.80%	[1],[2]
Asset Related Debt [Member] | Bond Related Debt [Member] | Due After One Year [Member]
Long Term Debt, Excluding Current Maturities	86,539	[1],[2]	111,705	[1],[2]
Debt, Weighted-Average Effective Interest Rate	1.40%	[1],[2]	3.20%	[1],[2]
Asset Related Debt [Member] | Non Bond Related Debt [Member] | Due Within One Year [Member]
Outstanding Debt Balances, Current	1,772	[1]	1,667	[1]
Debt, Weighted-Average Effective Interest Rate	9.80%	[1]	9.10%	[1]
Asset Related Debt [Member] | Non Bond Related Debt [Member] | Due After One Year [Member]
Long Term Debt, Excluding Current Maturities	4,355	[1]	6,613	[1]
Debt, Weighted-Average Effective Interest Rate	10.00%	[1]	9.90%	[1]
Other Debt [Member]
Debt, Carrying Value	193,325	[1]	209,115	[1]
Debt, Weighted-Average Effective Interest Rate	6.50%	[1]	6.70%	[1]
Other Debt [Member] | Notes Payable and Other Debt [Member] | Due Within One Year [Member]
Outstanding Debt Balances, Current	37,912	[1]	4,521	[1]
Debt, Weighted-Average Effective Interest Rate	4.40%	[1]	9.60%	[1]
Other Debt [Member] | Notes Payable and Other Debt [Member] | Due After One Year [Member]
Long Term Debt, Excluding Current Maturities	4,637	[1]	60,173	[1]
Debt, Weighted-Average Effective Interest Rate	2.80%	[1]	5.20%	[1]
Other Debt [Member] | Subordinated Debt [Member] | Due Within One Year [Member]
Outstanding Debt Balances, Current	16,246	[1],[3]	757	[1],[3]
Debt, Weighted-Average Effective Interest Rate	7.00%	[1],[3]	8.10%	[1],[3]
Other Debt [Member] | Subordinated Debt [Member] | Due After One Year [Member]
Long Term Debt, Excluding Current Maturities	134,530	[1],[3]	143,664	[1],[3]
Debt, Weighted-Average Effective Interest Rate	7.20%	[1],[3]	7.20%	[1],[3]
Debt Related to Consolidated Funds and Ventures [Member]
Debt, Carrying Value	6,712	[4]	91,602	[4]
Debt, Weighted-Average Effective Interest Rate	5.30%	[4]	4.30%	[4]
Debt Related to Consolidated Funds and Ventures [Member] | Due Within One Year [Member]
Outstanding Debt Balances, Current	6,712	[4]	14	[4]
Debt, Weighted-Average Effective Interest Rate	5.30%	[4]	6.00%	[4]
Debt Related to Consolidated Funds and Ventures [Member] | Due After One Year [Member]
Long Term Debt, Excluding Current Maturities	0	[4]	91,588	[4]
Debt, Weighted-Average Effective Interest Rate	0.00%	[4]	4.30%	[4]
Asset Related Debt And Other Debt [Member]
Debt, Carrying Value	$286,777		$350,361
Debt, Weighted-Average Effective Interest Rate	5.00%		5.30%
[1]	Asset related debt is debt which finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the consolidated statements of operations. Other debt is debt that does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the consolidated statements of operations.
[2]	Included in notes payable and other debt were unamortized discounts of $1.6 million at December 31, 2013. This debt was extinguished during the second quarter of 2014.
[3]	Included in the subordinate debt balance were $10.1 million and $3.0 million of net premiums and effective interest rate payable (i.e., the difference between the current pay rate and the effective interest rate) at December 31, 2014 and 2013, respectively.
[4]	As of December 31, 2014, the Company no longer consolidates the funds and ventures that were the obligors on the debt outlined above as of December 31, 2013. The debt of $6.7 million as of December 31, 2014 is related to one of the LIHTC Funds consolidated by the Company that was reinstated during the fourth quarter of 2014 because the related mortgage note receivable was assigned from MMA to a third party.

DEBT_Details_1

DEBT (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
2015	$63,428
2016	15,534
2017	17,131
2018	50,776
2019	11,509
Thereafter	125,023
Net premium	10,088
Total	293,489	441,963
Asset Related Debt And Other Debt [Member]
2015	56,716
2016	15,534
2017	17,131
2018	50,776
2019	11,509
Thereafter	125,023
Net premium	10,088
Total	286,777
Consolidated Funds and Ventures [Member]
2015	6,712
2016	0
2017	0
2018	0
2019	0
Thereafter	0
Net premium	0
Total	$6,712	$91,602

DEBT_Details_2

DEBT (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Net premium	$10,088
Carrying Value	293,489		441,963
Subordinated Debt [Member]
Principal	140,643
Net premium	10,133
Carrying Value	150,776
Subordinated Debt [Member] | MFI issuer [Member]
Principal	28,714
Net premium	0
Carrying Value	28,714
Interim Principal Payments	Amortizing
Maturity Date	December 2027 and December 2033
Coupon Interest Rate	8.00%
Subordinated Debt [Member] | MFH Issuer 1 [Member]
Principal	33,286
Net premium	3,260
Carrying Value	36,546
Interim Principal Payments	$4,689 due April 2015
Maturity Date	30-Mar-35
Coupon Interest Rate	0.75% to March 2015, then 3-month LIBOR plus 3.3%	[1]
Subordinated Debt [Member] | MFH Issuer 2 [Member]
Principal	30,116
Net premium	2,755
Carrying Value	32,871
Interim Principal Payments	$4,242 due May 2015
Maturity Date	30-Apr-35
Coupon Interest Rate	0.75% to April 2015, then 3-month LIBOR plus 3.3%	[1]
Subordinated Debt [Member] | MFH Issuer 3 [Member]
Principal	17,219
Net premium	1,461
Carrying Value	18,680
Interim Principal Payments	$2,305 due May 2015
Maturity Date	30-Jul-35
Coupon Interest Rate	0.75% to April 2015, then 3-month LIBOR plus 3.3%	[1]
Subordinated Debt [Member] | MFH Issuer 4 [Member]
Principal	31,308
Net premium	2,657
Carrying Value	$33,965
Interim Principal Payments	$4,191 due May 2015
Maturity Date	30-Jul-35
Coupon Interest Rate	0.75% to April 2015, then 3-month LIBOR plus 3.3	[1]
[1]	The pay rate on this debt is currently 75 bps; however, we recognize interest expense on an effective yield basis which was approximately 6.9% at December 31, 2014. See the first table within this note which provides weighted-average effective rate information for all of our debt.

DEBT_Details_Textual

DEBT (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Interest expense	$3,120,000	[1]	$24,252,000	[1]
Long-term Debt, Total	293,489,000		441,963,000
L I H T C Funds [Member]
Long-term Debt, Total	6,700,000
Notes Payable and Other Debt [Member]
Debt Instrument, Debt Default, Amount	1,300,000
Interest expense	3,500,000		4,300,000
Subordinated Debt [Member]
Net Premiums and Effective Interest Rate Payable	10,100,000		3,000,000
Interest expense	10,300,000		10,700,000
Debt Instrument, Interest Rate, Effective Percentage	6.90%
Long-term Debt, Total	150,776,000
Bond Related Debt [Member] | Notes Payable and Other Debt [Member]
Debt Instrument, Unamortized Discount			1,600,000
Interest expense	2,400,000		5,100,000
Long-term Debt, Total	87,325,000		132,966,000
Non Bond Related Debt [Member] | Notes Payable and Other Debt [Member]
Debt Instrument, Interest Rate During Period	4.30%
Preferred Stock, Liquidation Preference, Value	36,600,000
Debt Instrument, Description of Variable Rate Basis	The debt is non-amortizing, matures on March 31, 2015 and bears an interest rate of 3-month London Interbank Offered Rate (LIBOR) plus 400 bps
Long-term Debt, Total	$48,676,000		$72,974,000
[1]	Represents interest expense related to debt that finances interest-bearing assets. See Note 6, “Debt.”

DERIVATIVE_FINANCIAL_INSTRUMEN2

DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]
Derivative Asset	$2,726	$0
Derivative Liability	753	626
Total return swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	2,539	0
Derivative Liability	35	0
Interest Rate Cap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	187	0
Derivative Liability	0	0
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0
Derivative Liability	$718	$626

DERIVATIVE_FINANCIAL_INSTRUMEN3

DERIVATIVE FINANCIAL INSTRUMENTS (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$142,933	$7,820
Total return swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	90,184	0
Interest rate cap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	45,000	0
Interest rate swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$7,749	$7,820

DERIVATIVE_FINANCIAL_INSTRUMEN4

DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$4,143		$18
Total return swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	5,147	[1]	0	[1]
Interest rate cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	-605		0
Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	-399	[2]	-196	[2]
Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$0		$214
[1]	The cash paid and received on TRSs designated as derivatives is settled on a net basis and recorded through “Net gains on assets and derivatives.” Net cash received was $2.6 million for the year ended December 31, 2014.
[2]	The cash paid and received on interest rate swaps are settled on a net basis and recorded through “Net gains on assets and derivatives.” Net cash paid was $0.3 million and $0.8 million for the years ended December 31, 2014 and 2013, respectively.

DERIVATIVE_FINANCIAL_INSTRUMEN5

DERIVATIVE FINANCIAL INSTRUMENTS (Details Textual) (USD $)	12 Months Ended		0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Jan. 02, 2014
Net Interest Payments on Derivatives	$300,000	$800,000
Derivative, Notional Amount	142,933,000	7,820,000
Net Interest receipts On Derivatives	2,600,000
Derivative, Average Variable Interest Rate	1.40%
Total Return Swap [Member]
Derivative, Fixed Interest Rate	5.90%
Underlying Bond Notional Amount	88,900,000
Interest Rate Swap [Member]
Derivative, Notional Amount	7,749,000	7,820,000
Derivative, Fixed Interest Rate	6.50%
Derivative, Average Variable Interest Rate	2.50%
Interest Rate Cap [Member]
Derivative, Notional Amount	45,000,000	0
Derivative Interest Rate Cap Bought			800,000
Derivative, Maturity Date			2-Jan-19
Debt instrument floating rate			45,000,000
Total return swaps [Member]
Derivative, Notional Amount	$90,184,000	$0

FINANCIAL_INSTRUMENTS_Details

FINANCIAL INSTRUMENTS (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in preferred stock, Carrying Amount	$31,371		$31,371
Investments in preferred stock, Fair Value	36,600
Loans receivable, Carrying Amount	22,564		1,200
Long Term Debt, Carrying Amount	293,489		441,963
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in preferred stock, Fair Value	0		0
Loans receivable, Fair Value	0		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in preferred stock, Fair Value	0		0
Loans receivable, Fair Value	0		0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in preferred stock, Fair Value	36,613		36,613
Loans receivable, Fair Value	21,689		271
Notes Payable and Other Debt [Member] | Bond Related Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Carrying Amount	87,325		132,966
Notes Payable and Other Debt [Member] | Bond Related Debt [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	0		0
Notes Payable and Other Debt [Member] | Bond Related Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	0		0
Notes Payable and Other Debt [Member] | Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	87,325		131,321
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Carrying Amount	48,676		72,974
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	0		0
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	0		0
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	44,085		65,253
Subordinated Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Carrying Amount	150,776
Subordinated Debt [Member] | Mma Financial Holdings, Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Carrying Amount	122,062		114,950
Subordinated Debt [Member] | MMA Financial Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Carrying Amount	28,714		29,471
Subordinated Debt [Member] | Fair Value, Inputs, Level 1 [Member] | Mma Financial Holdings, Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	0		0
Subordinated Debt [Member] | Fair Value, Inputs, Level 1 [Member] | MMA Financial Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	0		0
Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | Mma Financial Holdings, Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	0		0
Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | MMA Financial Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	0		0
Subordinated Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Mma Financial Holdings, Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	44,718		42,869
Subordinated Debt [Member] | Fair Value, Inputs, Level 3 [Member] | MMA Financial Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	28,714		29,471
Liabilities of consolidated funds and ventures, Notes payable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in preferred stock, Carrying Amount	0	[1]	0	[1]
Long Term Debt, Carrying Amount	6,712		91,602
Liabilities of consolidated funds and ventures, Notes payable [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	0		0
Liabilities of consolidated funds and ventures, Notes payable [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	0		50,338
Liabilities of consolidated funds and ventures, Notes payable [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	$0		$40,178
[1]	These are assets held by CFVs. At December 31, 2013, the real estate serves as collateral to the Company’s bonds eliminated in consolidation. At December 31, 2014, all of the assets related to the SA Fund and the Consolidated LTPPs have been removed because those entities were no longer consolidated as of December 31, 2014. For more information see Note 16, “Consolidated Funds and Ventures.”

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:
Derivative assets	$2,726	$0
Liabilities:
Derivative liabilities	753	626
Fair Value, Measurements, Recurring [Member]
Assets:
Bonds available-for-sale	222,899	195,332
Derivative assets	2,726
Liabilities:
Derivative liabilities	753	626
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Bonds available-for-sale	0	0
Derivative assets	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Bonds available-for-sale	0	0
Derivative assets	187
Liabilities:
Derivative liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Bonds available-for-sale	222,899	195,332
Derivative assets	2,539
Liabilities:
Derivative liabilities	$753	$626

FAIR_VALUE_MEASUREMENTS_Detail1

FAIR VALUE MEASUREMENTS (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Derivative Assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance at beginning period	$0
Net (losses) gains included in earnings	2,539
Net change in other comprehensive income	0	[1]
Impact from purchases	0
Impact from sales/ redemptions	0
Impact from deconsolidation	0
Bonds eliminated due to real estate consolidation and foreclosure	0
Impact from settlements	0
Balance at ending period	2,539
Bonds Available-for-sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance at beginning period	195,332		969,394
Net (losses) gains included in earnings	-6,021		-5,224
Net change in other comprehensive income	8,394	[1]	-91,258	[2],[3]
Impact from purchases	18,380
Impact from sales/ redemptions	-19,270		-613,285	[3]
Impact from deconsolidation	47,022
Bonds eliminated due to real estate consolidation and foreclosure	-11,058		-55,275
Impact from settlements	-9,880		-9,020
Balance at ending period	222,899		195,332
Derivative Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance at beginning period	-626		-1,067
Net (losses) gains included in earnings	-127		295
Net change in other comprehensive income	0	[1]	0
Impact from purchases	0
Impact from sales/ redemptions	0		0
Impact from deconsolidation	0
Bonds eliminated due to real estate consolidation and foreclosure	0		0
Impact from settlements	0		146
Balance at ending period	($753)		($626)
[1]	This amount includes $19.6 million of unrealized net holding gains arising during the period, plus $0.1 million of unrealized bond losses reclassified into operations, partially offset by the reversal of $11.3 million of unrealized bond gains related to bonds that were redeemed.
[2]	This amount includes the reversal of $77.2 million of unrealized gains related to bonds that were redeemed plus $16.1 million of unrealized net holding losses arising during the period, offset by $2.1 million of unrealized bond losses reclassified into operations.
[3]	The majority of this activity was related to the sale of the Company’s common shares in MuniMae TE Bond Subsidiary, LLC during the third quarter of 2013.

FAIR_VALUE_MEASUREMENTS_Detail2

FAIR VALUE MEASUREMENTS (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Net (Losses) gains on bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities	($113)	[1]	($541)	[1]
Change In Unrealized (Losses) Gains Related To Assets and Liabilities Settled during the period			-1,531	[1]
Additional realized gains (losses) recognized	12,293	[1]	77,230	[1]
Total gains (losses) reported in earnings	12,180	[1]	75,158	[1]
Equity in losses from Lower Tier Property Partnerships [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities	-5,908
Change In Unrealized (Losses) Gains Related To Assets and Liabilities Settled during the period			-3,152
Additional realized gains (losses) recognized	0		0
Total gains (losses) reported in earnings	-5,908		-3,152
Equity in losses from Lower Tier Property Partnerships [Member] | Held at January [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities			0
Net (losses) gains on derivatives [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities	2,412	[2]
Change In Unrealized (Losses) Gains Related To Assets and Liabilities Settled during the period			295	[2]
Additional realized gains (losses) recognized	2,336	[2]	-307	[2]
Total gains (losses) reported in earnings	4,748	[2]	-12	[2]
Net (losses) gains on derivatives [Member] | Held at January [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities			$0	[2]
[1]	Amounts are reflected through “Other expenses” and “Net gains on assets and derivatives” on the consolidated statements of operations.
[2]	Amounts are reflected through “Net gains on assets and derivatives” on the consolidated statements of operations.

FAIR_VALUE_MEASUREMENTS_Detail3

FAIR VALUE MEASUREMENTS (Details Textual) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Reversal of net unrealized gains on sold/redeemed bonds	$11,303	$77,226
Reclassification of unrealized bond losses to operations due to impairment	113	2,072
Net unrealized gains (losses) arising during the period	$19,584	($16,104)
Performing Bond Portfolio [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Performing Bonds Weighted Average Discount Rate	6.30%	6.50%
Non Performing Bond Portfolio [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted Average Capitalization Rate Percent	6.80%	6.80%
Non Performing Bonds Discount Rate	7.80%	8.10%

GUARANTEES_AND_COLLATERAL_Deta

GUARANTEES AND COLLATERAL (Details) (Indemnification Agreement [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Indemnification Agreement [Member]
Maximum Exposure	$13,209	$20,224
Carrying Amount	$864	$1,198

GUARANTEES_AND_COLLATERAL_Deta1

GUARANTEES AND COLLATERAL (Details 1) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Cash, cash equivalents and restricted cash	$50,189		$87,903
Bonds Available-for-Sale	144,611		134,769
Real Estate Held-for-Use	18,417		120,576
Investment in preferred stock, Carrying value	31,371		31,371
Other Assets	11,289		35,571
Total Assets Pledged	237,460		407,572
Total Return Swap [Member]
Cash, cash equivalents and restricted cash	11,010		20,006
Bonds Available-for-Sale	144,611		105,511
Real Estate Held-for-Use	0		0
Investment in preferred stock, Carrying value	31,371		31,371
Other Assets	0		0
Total Assets Pledged	186,992		156,888
Notes Payable, Other Payables [Member]
Cash, cash equivalents and restricted cash			0
Bonds Available-for-Sale			0
Real Estate Held-for-Use			15,644
Investment in preferred stock, Carrying value			0
Other Assets			11,613
Total Assets Pledged			27,257
Other Assets [Member]
Cash, cash equivalents and restricted cash	14,993	[1]	15,000	[1]
Bonds Available-for-Sale	0	[1]	29,258	[1]
Real Estate Held-for-Use	0	[1]	0	[1]
Investment in preferred stock, Carrying value	0	[1]	0	[1]
Other Assets	161	[1]	294	[1]
Total Assets Pledged	15,154	[1]	44,552	[1]
Consolidated Funds and Ventures [Member]
Cash, cash equivalents and restricted cash	24,186	[2]	52,897	[2]
Bonds Available-for-Sale	0	[2]	0	[2]
Real Estate Held-for-Use	0	[2]	102,314	[2]
Investment in preferred stock, Carrying value	0	[2]	0	[2]
Other Assets	11,128	[2]	23,664	[2]
Total Assets Pledged	$35,314	[2]	$178,875	[2]
[1]	The Company pledges collateral in connection with various guarantees that it has provided.
[2]	These are assets held by CFVs. At December 31, 2013, the real estate serves as collateral to the Company’s bonds eliminated in consolidation. At December 31, 2014, all of the assets related to the SA Fund and the Consolidated LTPPs have been removed because those entities were no longer consolidated as of December 31, 2014. For more information see Note 16, “Consolidated Funds and Ventures.”

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Lease Expiration Period	2018
Contingency Obligation	$0.50
Operating Leases, Rent Expense, Net	0.5	0.6
Operating Leases, Future Minimum Payments Due	0.7
Operating Leases, Future Minimum Payments Due, Next Twelve Months	0.4
Contract Termination [Member]
Lease Expiration Period	2016
Maximum [Member]
Loss Contingency, Accrual, Current	0.9
Minimum [Member]
Loss Contingency, Accrual, Current	$0.40

EQUITY_Details

EQUITY (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net (loss) income from continuing operations	($584)	[1]	$102,399	[1]
Net income from discontinued operations	18,051		25,441
Net income to common shareholders	$17,467		$127,840
Basic weighted-average shares	7,647	[2]	8,424	[2]
Common stock equivalents	0	[3],[4],[5]	294	[3],[4],[5]
Diluted weighted-average shares	7,647		8,718
[1]	For purposes of calculating diluted income per share on the Company’s Consolidated Statements of Operations, net income from operations for the year ended 2013 was adjusted to exclude the impact associated with certain options and deferred shares accounted for as liability awards as opposed to equity awards. During the year ended 2013, the Company excluded $1.1 million of compensation expense associated with these awards. As discussed in note 3 below, the Company’s stock options and unvested deferred shares were anti-dilutive for the year ended 2014. Included in this analysis was the compensation expense associated with the liability awards of $1.3 million for year ended 2014.
[2]	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.
[3]	At December 31, 2014, 410,000 stock options were in the money and had a dilutive share impact of 291,805. In addition, 41,667 unvested employee deferred shares had a dilutive share impact of 20,834 for the year ended December 31, 2014. For the year ended December 31, 2014, the Company had a net loss from continuing operations and thus, any incremental shares would be anti-dilutive.
[4]	At December 31, 2013, 425,625 stock options were in the money and had a dilutive share impact of 275,532. In addition, 52,083 unvested employee deferred shares had a dilutive share impact of 18,322 for the year ended December 31, 2013.
[5]	For the years ended December 31, 2014 and 2013, the average number of options excluded from the calculations of diluted earnings per share was 60,211 and 83,508, because of their anti-dilutive effect (i.e. these stock options were not in the money).

EQUITY_Details_1

EQUITY (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Noncontrolling interests in:
Minority Interest	$229,714	$473,513
IHS [Member]
Noncontrolling interests in:
Minority Interest	-397	-1,648
LIHTC Funds [Member]
Noncontrolling interests in:
Minority Interest	230,111	328,236
SAWHF [Member]
Noncontrolling interests in:
Minority Interest	0	130,839
Lower Tier Property Partnerships [Member]
Noncontrolling interests in:
Minority Interest	$0	$16,086

EQUITY_Details_2

EQUITY (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized Gains (losses) on Bonds Available-for-Sale, Balance at beginning period	$36,868		$139,021
Unrealized Gains (losses) on Bonds Available-for-Sale, Unrealized gains (losses) arising during the period	19,584		-16,104
Unrealized Gains (losses) on Bonds Available-for-Sale, Reversal of unrealized gains on sold/redeemed bonds	-11,303		-77,226
Unrealized Gains (losses) on Bonds Available-for-Sale, Reclassification of unrealized losses to operations due to impairment	113		2,072
Unrealized Gains on Bonds (losses) Available-for-Sale, Reclassification of unrealized gains to operations due to (consolidation) deconsolidation of funds and ventures	-2,003		-10,895
Unrealized Gains on Bonds (losses) Available-for-Sale, Reclassification of unrealized gains to operations due to foreclosure	-2,003
Unrealized Gains (losses) on Bonds Available for Sale Other	0	[1]
Unrealized Gains (losses) on Bonds Available-for-Sale, Net change in other comprehensive income	20,366		-102,153
Unrealized Gains (losses) on Bonds Available-for-Sale, Balance at ending period	57,234		36,868
Income Tax Expense, Balance at beginning period	0
Income Tax Expense Unrealized net holding gains (losses) arising during period	-150
Income Tax Expense Reclassification of unrealized gains to operations due to (consolidation) deconsolidation of funds and ventures	0
Income Tax Expense, Reclassification of unrealized gains to operations due to foreclosure	0
Income Tax Benefit Expenses Other	0	[1]
Income Tax Expense Net change in other comprehensive income	-150
Income Tax Expense, Balance at ending period	-150		0
Foreign Currency Translation, Balance at beginning period	-209		-334
Foreign Currency Translation, Unrealized net holding gains (losses) arising during period	-343		125
Foreign Currency Translation, Reversal of unrealized gains on sold/redeemed bonds	0		0
Foreign Currency Translation, Reclassification of unrealized losses to operations due to impairment	0		0
Foreign Currency Translation, Reclassification of unrealized gains to operations due to (consolidation) deconsolidation of funds and ventures	0		0
Foreign Currency Translation, Reclassification of unrealized gains to operations due to foreclosure	0
Foreign Currency Translation, Other	-80	[1]
Foreign Currency Translation, Net change in other comprehensive income	-423		125
Foreign Currency Translation, Balance at ending period	-632		-209
Accumulated Other Comprehensive Income Balance at beginning period	36,659		138,687
Accumulated Other Comprehensive Income Unrealized net holding gains (losses) arising during period	19,091		-15,979
Accumulated Other Comprehensive Income Reversal of unrealized gains on sold/redeemed bonds	-11,303		-77,226
Accumulated Other Comprehensive Income Reclassification of unrealized losses to operations due to impairment	113		2,072
Accumulated Other Comprehensive Income Reclassification of unrealized gains to operations due to (consolidation) deconsolidation of funds and ventures			-10,895
Accumulated Other Comprehensive Income Reclassification of unrealized gains due to deconsolidation of Consolidated Lower Tier Property Partnerships	13,975
Accumulated Other Comprehensive Income, Reclassification of unrealized gains to operations due to foreclosure	-2,003
Accumulated Other Comprehensive Income other	-80	[1]
Accumulated Other Comprehensive Income Net change in other comprehensive income	19,793		-102,028
Accumulated Other Comprehensive Income Balance at ending period	$56,452		$36,659
[1]	Transfer of unrealized loss from noncontrolling interest due to IHS share purchase.

EQUITY_Details_Textual

EQUITY (Details Textual) (USD $)	12 Months Ended		1 Months Ended	3 Months Ended		6 Months Ended	3 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Common Stock Equivalents Employee Options	410,000	425,625
Incremental Common Shares Attributable to Call Options and Warrants	291,805	275,532
Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements	20,834	18,322
Unvested Employee Deferred Shares	41,667	52,083
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	60,211	83,508
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	697,551						697,551
Stockholders' Equity, Reverse Stock Split	one-for-five reverse stock split
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest Percentage By Parent					13.20%	13.20%
Compensation Expense Associated With Anti-Dilutive Securities	$1.30	$1.10
Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	919,756
Treasury Stock Acquired, Average Cost Per Share	$8.83
Stock Repurchase Program 1 [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	1,300,000
Treasury Stock Acquired, Average Cost Per Share	$8.10
Scenario, Forecast [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares				19,432
Treasury Stock Acquired, Average Cost Per Share			$12.51	$9.31
Stock Repurchase Program Number of Additional Shares Authorized to be Repurchased			300,000	300,000
SAWHF [Member]
Class of Stock [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	2.70%	97.30%
Maximum [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	1,750,000						1,750,000
International Housing Solutions [Member]
Class of Stock [Line Items]
Stockholders Equity, Decrease From Purchase And Transfer Of Interest					1.6
Common Shareholders Equity, Decrease From Purchase And Transfer Of Interest					2.8
Noncontrolling Interest, Increase From Purchase And Transfer Of Interest						1.2
Held By Third Party	3.70%	16.90%					3.70%
LIHTC Fund [Member]
Class of Stock [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		99.00%
Noncontrolling Interest, Period Increase (Decrease)							28.2
Investment Balance Declined	$54.80

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Employees’ Stock-Based Compensation Plan	$1,725	$1,686
Non-employee Directors’ Stock-Based Compensation Plan	237	275
Total	$1,962	$1,961

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Details 1) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of Options Outstanding at beginning of period	416	[1]	469	[1]
Number of Options Forfeited/Expired	0		-53
Number of Options Outstanding at end of period	416	[1]	416	[1]	469	[1]
Number of options that were exercisable	325		287
Weighted average Exercise Price per Option Outstanding at beginning of period	$3.52	[1]	$18.04	[1]
Weighted average Exercise Price per Option Forfeited/Expired			$132.50
Weighted average Exercise Price per Option Outstanding at end of period	$3.52	[1]	$3.52	[1]	$18.04	[1]
Weighted average Exercise Price per Option Exercisable	$4		$4.29
Weighted Average Remaining Contractual Life per Option (in years) Outstanding	6 years 3 months 18 days	[1]	7 years 3 months 18 days	[1]	7 years 9 months 18 days	[1]
Weighted average Remaining Contractual Life per Option (in years) Exercisable	6 years 1 month 6 days		6 years 10 months 24 days
Aggregate Intrinsic Value Outstanding at beginning of period	$1,644	[1]	$58	[1]
Aggregate Intrinsic Value Outstanding at end of period	3,196	[1]	1,644	[1]	58	[1]
Period End Liability Outstanding at beginning of period	1,785	[1],[2]	355	[1],[2]
Period End Liability Outstanding at end of period	$3,281	[1],[2]	$1,785	[1],[2]	$355	[1],[2]
[1]	Intrinsic value is based on outstanding options.
[2]	Only options that were amortized based on a vesting schedule have a liability balance. These options were 412,100; 378,173; and 297,269 at December 31, 2014, December 31, 2013 and January 1, 2013, respectively.

STOCKBASED_COMPENSATION_Detail2

STOCK-BASED COMPENSATION (Details 2) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Period End Liability Outstanding at beginning of period			$1,785	[1],[2]	$355	[1],[2]
Period End Liability Outstanding at end of period	3,281	[1],[2]	1,785	[1],[2]	355	[1],[2]
Employee Deferred Shares [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of Deferred Shares Outstanding at beginning of period	58
Deferred Share Grants, Granted	0
Deferred Share Grants, Issued	16
Number of Deferred Shares Outstanding at end of period	74
Weighted-average Grant Date Share Price Outstanding at beginning of period	$16.44
Weighted-average Grant Date Share Price Outstanding at end of period	$47.41
Period End Liability Outstanding at beginning of period	218
Period End Liability Outstanding at end of period	$336
[1]	Intrinsic value is based on outstanding options.
[2]	Only options that were amortized based on a vesting schedule have a liability balance. These options were 412,100; 378,173; and 297,269 at December 31, 2014, December 31, 2013 and January 1, 2013, respectively.

STOCKBASED_COMPENSATION_Detail3

STOCK-BASED COMPENSATION (Details 3) (Non-Employee Directors' Stock-Based Compensation [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Non-Employee Directors' Stock-Based Compensation [Member]
Share-based Goods and Nonemployee Services Transaction [Line Items]
Cash	$118,750	$137,500
Common Shares Granted	8,462	2,068
Deferred Share Grants	5,904	16,680
Weighted - average Grant Date Share Price	$8.27	$5.94
Options Vested	0	15,625
Directors' Fees Expense	$237,500	$275,000

STOCKBASED_COMPENSATION_Detail4

STOCK-BASED COMPENSATION (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	374,187
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	10,047
Non-Employee Directors' Stock-Based Compensation [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non Employee Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares, Authorized	1,130,000
Noninterest Expense Directors Fees Cash Paid	$50,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price		1.8
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value		58,984
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	0	15,625
Share based grants	50.00%
Non-Employee Share Based Compensation Arrangement by Share Based Payment Award, Number Of Shares Available To Be Issued	438,012
Rate Of Cash Based Compensation	50.00%
Employee Stock Option [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Deferred Compensation Arrangement with Individual, Compensation Expense	1,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	412,100	378,173	297,269
Employee Deferred Shares [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Deferred Compensation Arrangement with Individual, Compensation Expense	$200,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	The grants outstanding at December 31, 2014, have both time and price vesting requirements. A portion of the shares vest over the next 15 months and a portion of the shares vest if over a thirty day period, the average price requirement of $10.00 per share and $12.50 per share is met, respectively.

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Federal income tax benefit:
Current	$0	$0
Deferred	250	0
State income tax (expense) benefit:
Current	-242	1,304
Deferred	37	0
Income tax benefit	$45	$1,304

INCOME_TAXES_Details_1

INCOME TAXES (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Effective Income Tax Reconciliation [Line Items]
(Loss) income from continuing operations before income taxes	($100,845)	$71,785
Income tax benefit (expense) benefit at federal statutory rate (35%)	35,296	-25,125
Permanent differences:
Impact on taxes from entities not subject to tax	-41,280	16,069
State income taxes, net of federal tax effect	-2,308	703
Foreign losses	-1,086	-1,226
Impact from other comprehensive income	2,044	9,799
Tax-exempt interest, net	1,140	277
Other	281	1,522
Net decrease (increase) in the valuation allowance	5,958	-715
Income tax benefit	$45	$1,304

INCOME_TAXES_Details_2

INCOME TAXES (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Deferred tax assets:
Net operating loss, tax credits and other tax carryforwards	$176,506	$172,063
Guarantee fees	4,817	5,429
Asset management fees	8,211	12,532
Cancellation of subordinated debt	5,230	5,464
Basis of loans and bonds	14,838	21,718
Other	2,198	6,631
Total deferred tax assets	211,800	223,837
Less: valuation allowance	-211,800	-223,837	-230,414
Total deferred tax assets, net	$0	$0

INCOME_TAXES_Details_3

INCOME TAXES (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Valuation Allowance [Line Items]
Balance, January 1	$223,837	$230,414
Net reductions due to discontinued operations	-6,079	-7,292
Net (reductions) increase due to continuing operations	-5,958	715
Balance, December 31	$211,800	$223,837

INCOME_TAXES_Details_4

INCOME TAXES (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Balance, January 1,	$1,142	$2,626
Net increases (reductions) for tax positions of prior years	42	-1,614
Net increases due to tax positions that only affect timing	282	130
Balance, December 31,	$1,466	$1,142

INCOME_TAXES_Details_Textual

INCOME TAXES (Details Textual) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Deferred Tax Assets, Valuation Allowance, Current	$211.80	$223.80
Income Taxes Receivable	0.3	0.2
Proceeds from Income Tax Refunds		2.1
Operating Loss Carryforwards	418.2	405.9
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	0.8	0.7
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$0.30	$0.30
Operating Loss Carry forwards Expiration Periods	2027
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	35.00%

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Sublease income	$0	$492
Income from REO operations	1,148	2,235
Rent expense	0	-492
Expenses from REO operations	-1,112	-1,517
Other income	333	459
Other expense	-70	-548
Net gain on property acquisition	0	320
Income tax expense	-137	0
Net income before disposal activity	198	2,000
Disposal:
Net gains related to REO	17,683	19,257
Net income from discontinued operations	17,901	26,758
Loss (income) from discontinued operations allocable to noncontrolling interests	150	-1,317
Net income to common shareholders from discontinued operations	18,051	25,441
Consolidated Funds and Ventures [Member]
Income from CFVs (primarily rental income)	279	13,115
Expenses from CFVs (primarily operating expenses)	-243	-12,064
Disposal:
Net gains related to CFVs	$20	$5,501

CONSOLIDATED_FUNDS_AND_VENTURE2

CONSOLIDATED FUNDS AND VENTURES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment [Line Items]
Total assets of CFVs	$671,692	$1,015,358
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Total assets of CFVs	266,518	623,207
Consolidated Funds and Ventures [Member] | LIHTC Funds [Member]
Investment [Line Items]
Total assets of CFVs	266,518	329,033
Consolidated Funds and Ventures [Member] | SAWHF [Member]
Investment [Line Items]
Total assets of CFVs	0	184,649
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member]
Investment [Line Items]
Total assets of CFVs	0	107,362
Consolidated Funds and Ventures [Member] | Other Consolidated Entities [Member]
Investment [Line Items]
Total assets of CFVs	$0	$2,163

CONSOLIDATED_FUNDS_AND_VENTURE3

CONSOLIDATED FUNDS AND VENTURES (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment [Line Items]
Cash, cash equivalents and restricted cash	$50,189	$87,903
Real estate held-for-use, net	18,417	120,576
Other assets	77,848	44,960
Total assets of CFVs	671,692	1,015,358
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash	24,186	52,897
Investments in Lower Tier Property Partnerships	231,204	286,007
SAWHF investments	0	158,325
Real estate held-for-use, net	0	102,314
Other assets	11,128	23,664
Total assets of CFVs	$266,518	$623,207

CONSOLIDATED_FUNDS_AND_VENTURE4

CONSOLIDATED FUNDS AND VENTURES (Details 2) (Consolidated Funds and Ventures [Member], USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Consolidated Funds and Ventures [Member]
Investment [Line Items]
LIHTC Funds’ investment in Lower Tier Property Partnerships	$231,204		$286,007
Total assets of Lower Tier Property Partnerships	1,273,903	[1]	1,324,704	[1]
Total liabilities of Lower Tier Property Partnerships	$1,035,695	[1]	$1,038,983	[1]
[1]	The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt.

CONSOLIDATED_FUNDS_AND_VENTURE5

CONSOLIDATED FUNDS AND VENTURES (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
SAWHF [Member]
Investment [Line Items]
Impact from purchases	$21,405	$23,852
Consolidated Funds and Ventures [Member]
Investment [Line Items]
SA Fund Investments, Balance, ending of period	0	158,325
Consolidated Funds and Ventures [Member] | SAWHF [Member]
Investment [Line Items]
SA Fund Investments, Balance, beginning of period	158,325	161,433
Net gains included in earnings related to CFVs	12,312	22,530
Impact from sales and distributions	-12,885	-15,347
Impact from deconsolidation	-162,586	0
SA Fund Investments, Balance, ending of period	0	158,325
Consolidated Funds and Ventures [Member] | Foreign Currency Gain (Loss) [Member] | SAWHF [Member]
Investment [Line Items]
Net foreign currency translation losses included in other comprehensive income attributable to CFVs	($16,571)	($34,143)

CONSOLIDATED_FUNDS_AND_VENTURE6

CONSOLIDATED FUNDS AND VENTURES (Details 4) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment [Line Items]
Building, furniture and fixtures	$0	$108,424
Accumulated depreciation	0	-17,997
Land	0	11,887
Total	$0	$102,314

CONSOLIDATED_FUNDS_AND_VENTURE7

CONSOLIDATED FUNDS AND VENTURES (Details 5) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Liabilities of CFVs:
Debt	$293,489		$441,963
Other liabilities	41,870		12,352
Total liabilities of CFVs	350,494		476,499
Consolidated Funds and Ventures [Member]
Liabilities of CFVs:
Debt	6,712	[1]	91,602	[1]
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	9,597		13,461
Other liabilities	31,831	[2]	4,043	[2]
Total liabilities of CFVs	$48,140		$109,106
[1]	The debt of $6.7 million as of December 31, 2014, is an obligation of one of the LIHTC Funds consolidated by the Company. This debt was reinstated during the fourth quarter because the related note receivable was assigned from MMA to a third party. This also caused expenses of consolidated funds and ventures to increase because this obligation had never been recognized as an obligation of the funds in consolidation. At December 31, 2014, this debt had a face amount equal to its carrying value, a weighted average effective interest rate of 5.3%, and was due on demand.
[2]	Other liabilities of $31.8 million as of December 31, 2014 are related to LIHTC Funds. Other liabilities of $30.8 million were reinstated during the fourth quarter as a result of our sale of substantially all of our LIHTC business operation to MGM. These liabilities are primarily related to legally accrued, but unpaid asset management fees assigned from MMA to MGM. This also caused expenses of consolidated funds and ventures to increase because this debt had never been recognized as an obligation of the funds in consolidation. The asset management fee payable had never been recorded in consolidation because prior to fourth quarter 2014, MMA as GP did not record the corresponding receivable because of collection uncertainty.

CONSOLIDATED_FUNDS_AND_VENTURE8

CONSOLIDATED FUNDS AND VENTURES (Details 6) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Expenses:
Interest expense	$3,120	[1]	$24,252	[1]
Net gains (losses) related to CFVs:
Equity in losses from Lower Tier Property Partnerships of CFVs	-25,992	[2]	-26,884	[2]
Net loss	-82,899		99,847
Consolidated Funds and Ventures [Member]
Revenue:
Rental and other income from real estate	10,210		11,740
Interest and other income	6,284		8,403
Total revenue from CFVs	16,494		20,143
Expenses:
Depreciation and amortization	7,012		8,165
Interest expense	3,087		3,263
Other operating expenses	48,328		8,825
Foreign currency loss	5,030		10,534
Asset impairments	26,978		21,785
Total expenses from CFVs	90,435		52,572
Net gains (losses) related to CFVs:
Investment gains	13,121		23,201
Derivative gains	2,244		8,594
Net loss due to deconsolidation of CFVs	-23,867		0
Net loss on sale of properties	-138		0
Equity in losses from Lower Tier Property Partnerships of CFVs	-32,730		-26,609
Net loss	-115,311		-27,243
Net losses allocable to noncontrolling interests in CFVs	100,140	[3]	32,334	[3]
Net income allocable to the common shareholders related to CFVs	($15,171)		$5,091
[1]	Represents interest expense related to debt that finances interest-bearing assets. See Note 6, “Debt.”
[2]	Majority of the activity was related to CFVs.
[3]	Net losses allocable to noncontrolling interests in CFVs do not include net losses allocable to noncontrolling interests in IHS because the Company’s equity interest in IHS is substantial.

CONSOLIDATED_FUNDS_AND_VENTURE9

CONSOLIDATED FUNDS AND VENTURES (Details 7) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Investment [Line Items]
Interest income	$17,607		$37,928
Equity in income (losses)	-25,992	[1]	-26,884	[1]
Other expense	3,482		8,047
Net loss due to deconsolidation of CFVs	-23,867	[1]	0	[1]
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Asset management fees	4,103		4,556
Interest income	1,526		2,149
Guarantee fees	1,324		1,324
Equity in income (losses)	-32,730		-26,609
Other expense	-1,105		-465
Net (loss) income allocable to the common shareholders related to CFVs	-15,171		5,091
Consolidated Funds and Ventures [Member] | Equity In Losses From Lower Tier Property Partnerships [Member]
Investment [Line Items]
Equity in income (losses)	-5,912		-3,157
Consolidated Funds and Ventures [Member] | Equity In Income From SAWHF [Member]
Investment [Line Items]
Equity in income (losses)	343		684
Consolidated Funds and Ventures [Member] | Due to deconsolidation of CFVs [Member]
Investment [Line Items]
Net loss due to deconsolidation of CFVs	($15,450)		$0
[1]	Majority of the activity was related to CFVs.

Recovered_Sheet1

CONSOLIDATED FUNDS AND VENTURES (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Oct. 08, 2014
Depreciation	$4,900,000		$8,300,000
Depreciation and Amortization, Discontinued Operations	100,000		2,300,000
Long-term Debt, Total	293,489,000		441,963,000
Debt, Weighted Average Interest Rate and Cost	5.00%		5.10%
Other Liabilities	41,870,000		12,352,000
Equity Method Investments	31,371,000		31,371,000
Consolidated Funds and Ventures [Member]
Long-term Debt, Total	6,712,000	[1]	91,602,000	[1]
Other Liabilities	31,831,000	[2]	4,043,000	[2]
Lower Tier Property Partnerships Real Estate Held For Use [Member]
Bond Investment in Lower Tier Property Partnerships	118,900,000		64,900,000		47,000,000
Property, Plant and Equipment, Useful Life	40 years
Lower Tier Property Partnerships Real Estate Held For Use [Member] | Consolidated Funds and Ventures [Member]
Available-for-sale Debt Securities, Fair Value Disclosure	47,000,000
Available-for-sale Debt Securities Gross Unrealized Gain	700,000
SAWHF [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	2.70%		97.30%
Investment in Funds Formed to Invest in Housing Development Projects and Housing Sector Companies			158,300,000
Equity Method Investments	3,600,000
SAWHF [Member] | Consolidated Funds and Ventures [Member]
Investors Contributed Capital Funded	104,100,000
Investors Committed Capital	109,000,000
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	2.70%
Maximum Amount of Debt Allowed	80,000,000
Proceeds from Issuance of Long-term Debt	49,100,000
LIHTC Funds [Member]
Other Liabilities Reinstated	30,800,000
Long-term Debt, Total	6,700,000
Debt, Weighted Average Interest Rate and Cost	5.30%
Other Liabilities	31,800,000
LIHTC Funds [Member] | Consolidated Funds and Ventures [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted	558,900,000		614,400,000
Limited Partner of SA Fund [Member] | Consolidated Funds and Ventures [Member]
Investors Contributed Capital Funded	2,900,000
Real Estate Investment [Member]
Equity Method Investments	$16,100,000
[1]	The debt of $6.7 million as of December 31, 2014, is an obligation of one of the LIHTC Funds consolidated by the Company. This debt was reinstated during the fourth quarter because the related note receivable was assigned from MMA to a third party. This also caused expenses of consolidated funds and ventures to increase because this obligation had never been recognized as an obligation of the funds in consolidation. At December 31, 2014, this debt had a face amount equal to its carrying value, a weighted average effective interest rate of 5.3%, and was due on demand.
[2]	Other liabilities of $31.8 million as of December 31, 2014 are related to LIHTC Funds. Other liabilities of $30.8 million were reinstated during the fourth quarter as a result of our sale of substantially all of our LIHTC business operation to MGM. These liabilities are primarily related to legally accrued, but unpaid asset management fees assigned from MMA to MGM. This also caused expenses of consolidated funds and ventures to increase because this debt had never been recognized as an obligation of the funds in consolidation. The asset management fee payable had never been recorded in consolidation because prior to fourth quarter 2014, MMA as GP did not record the corresponding receivable because of collection uncertainty.

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Total interest income	$17,607		$37,928
Total interest expense	-3,120	[1]	-24,252	[1]
Net interest income	14,487	[1]	13,676	[1]
Total fee and other income	5,396		2,650
Total non-interest revenue	27,150		28,053
Total revenues, net of interest expense	41,637		41,729
Operating and other expenses:
Interest expense	-13,776	[2]	-14,988	[2]
Other expenses, net	-3,482		-8,047
Total operating and other expenses	-129,220		-101,116
Net gains due to real estate consolidation and foreclosure	2,003		10,895
Net loss due to deconsolidation of CFVs	-23,867	[3]	0	[3]
Net gains related to CFVs	14,439		36,625
Equity in (losses) income from unconsolidated funds and ventures	-25,992	[3]	-26,884	[3]
Income (loss) from continuing operations before income taxes	-100,845		71,785
Income tax expense	-45		-1,304
Income (loss) from discontinued operations, net of tax	17,901		26,758
Net income (loss)	-82,899		99,847
Net losses allocable to noncontrolling interests in CFVs:	-100,366		-27,993
Net income (loss) to common shareholders	17,467		127,840
US Operations [Member]
Total interest income	19,080		40,041
Total interest expense	-3,120		-24,252
Net interest income	15,960		15,789
Total fee and other income	10,529		10,672
Revenue from CFVs	0		0
Total non-interest revenue	10,529		10,672
Total revenues, net of interest expense	26,489		26,461
Operating and other expenses:
Interest expense	-13,632		-14,850
Operating expenses	-15,378		-19,229
Other expenses, net	-4,393		-6,640
Expenses from CFVs	0		0
Total operating and other expenses	-33,403		-40,719
Net gains on assets, derivatives and extinguishment of liabilities	19,367		115,350
Net gains due to real estate consolidation and foreclosure	2,003		10,895
Net loss due to deconsolidation of CFVs	-15,450
Net gains related to CFVs	0		0
Equity in (losses) income from unconsolidated funds and ventures	6,500		-966
Equity in (losses) income from Lower Tier Property Partnerships in CFVs	-5,912	[4]	-3,157	[5]
Income (loss) from continuing operations before income taxes	-406		107,864
Income tax expense	45		1,304
Income (loss) from discontinued operations, net of tax	18,051		25,441
Net income (loss)	17,690		134,609
Income allocable to perpetual preferred shareholders of a subsidiary company			-3,714
Net income (loss) to common shareholders	17,690		130,895
US Operations [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	0		0
US Operations [Member] | Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	0		0
International Operations [Member]
Total interest income	53		36
Total interest expense	0		0
Net interest income	53		36
Total fee and other income	5,554		3,118
Revenue from CFVs	0		0
Total non-interest revenue	5,554		3,118
Total revenues, net of interest expense	5,607		3,154
Operating and other expenses:
Interest expense	-144		-138
Operating expenses	-6,149		-6,280
Other expenses, net	-194		-1,872
Expenses from CFVs	0		0
Total operating and other expenses	-6,487		-8,290
Net gains on assets, derivatives and extinguishment of liabilities	0		16
Net gains due to real estate consolidation and foreclosure	0		0
Net loss due to deconsolidation of CFVs	0
Net gains related to CFVs	0		0
Equity in (losses) income from unconsolidated funds and ventures	238		691
Equity in (losses) income from Lower Tier Property Partnerships in CFVs	343		684
Income (loss) from continuing operations before income taxes	-299		-3,745
Income tax expense	0		0
Income (loss) from discontinued operations, net of tax	0		0
Net income (loss)	-299		-3,745
Income allocable to perpetual preferred shareholders of a subsidiary company			0
Net income (loss) to common shareholders	-223		-3,055
International Operations [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	76		690
International Operations [Member] | Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	0		0
Consolidated Funds and Ventures [Member]
Total interest income	0		0
Total interest expense	0		0
Net interest income	0		0
Total fee and other income	0		0
Revenue from CFVs	16,494		20,143
Total non-interest revenue	16,494		20,143
Total revenues, net of interest expense	16,494		20,143
Operating and other expenses:
Interest expense	0		0
Operating expenses	0		0
Other expenses, net	0		0
Expenses from CFVs	-81,176		-60,820
Total operating and other expenses	-81,176		-60,820
Net gains on assets, derivatives and extinguishment of liabilities	0		0
Net gains due to real estate consolidation and foreclosure	0		0
Net loss due to deconsolidation of CFVs	-23,867
Net gains related to CFVs	15,227		31,795
Equity in (losses) income from unconsolidated funds and ventures	0		0
Equity in (losses) income from Lower Tier Property Partnerships in CFVs	-26,818	[4]	-23,452	[5]
Income (loss) from continuing operations before income taxes	-100,140		-32,334
Income tax expense	0		0
Income (loss) from discontinued operations, net of tax	-150		1,317
Net income (loss)	-100,290		-31,017
Income allocable to perpetual preferred shareholders of a subsidiary company			0
Net income (loss) to common shareholders	0		0
Consolidated Funds and Ventures [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	100,140		32,334
Consolidated Funds and Ventures [Member] | Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	150		-1,317
Income Allocation Reclasses [Member]
Total interest income	-1,526	[6]	-2,149	[6]
Total interest expense	0		0
Net interest income	-1,526		-2,149
Total fee and other income	-5,427	[7]	-5,880	[8]
Revenue from CFVs	0		0
Total non-interest revenue	-5,427		-5,880
Total revenues, net of interest expense	-6,953		-8,029
Operating and other expenses:
Interest expense	0		0
Operating expenses	0		0
Other expenses, net	1,105	[9]	465	[9]
Expenses from CFVs	-9,259	[10]	8,248	[11]
Total operating and other expenses	-8,154		8,713
Net gains on assets, derivatives and extinguishment of liabilities	0		0
Net gains due to real estate consolidation and foreclosure	0		0
Net loss due to deconsolidation of CFVs	15,450
Net gains related to CFVs	0		0
Equity in (losses) income from unconsolidated funds and ventures	0
Equity in (losses) income from Lower Tier Property Partnerships in CFVs	-343	[12]	-684	[13]
Income (loss) from continuing operations before income taxes	0		0
Income tax expense	0		0
Income (loss) from discontinued operations, net of tax	0		0
Net income (loss)	0		0
Income allocable to perpetual preferred shareholders of a subsidiary company			0
Net income (loss) to common shareholders	0		0
Income Allocation Reclasses [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	0		0
Income Allocation Reclasses [Member] | Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	0		0
MMA Consolidated [Member]
Total interest income	17,607		37,928
Total interest expense	-3,120		-24,252
Net interest income	14,487		13,676
Total fee and other income	10,656		7,910
Revenue from CFVs	16,494		20,143
Total non-interest revenue	27,150		28,053
Total revenues, net of interest expense	41,637		41,729
Operating and other expenses:
Interest expense	-13,776		-14,988
Operating expenses	-21,527		-25,509
Other expenses, net	-3,482		-8,047
Expenses from CFVs	-90,435		-52,572
Total operating and other expenses	-129,220		-101,116
Net gains on assets, derivatives and extinguishment of liabilities	19,367		115,366
Net gains due to real estate consolidation and foreclosure	2,003		10,895
Net loss due to deconsolidation of CFVs	-23,867
Net gains related to CFVs	15,227		31,795
Equity in (losses) income from unconsolidated funds and ventures	6,738		-275
Equity in (losses) income from Lower Tier Property Partnerships in CFVs	-32,730		-26,609
Income (loss) from continuing operations before income taxes	-100,845		71,785
Income tax expense	45		1,304
Income (loss) from discontinued operations, net of tax	17,901		26,758
Net income (loss)	-82,899		99,847
Income allocable to perpetual preferred shareholders of a subsidiary company			-3,714
Net income (loss) to common shareholders	17,467		127,840
MMA Consolidated [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	100,216		33,024
MMA Consolidated [Member] | Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	$150		($1,317)
[1]	Represents interest expense related to debt that finances interest-bearing assets. See Note 6, “Debt.”
[2]	Represents interest expense related to debt that does not finance interest-bearing assets. See Note 6, “Debt.”
[3]	Majority of the activity was related to CFVs.
[4]	Represents equity in losses from the LTPPs that the Company recognized as an allocation (see Note 16, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the LTPPs in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $5.9 million of losses in US Operations and reduced the CFVs losses by the same amount.
[5]	Represents equity in losses from the LTPPs that the Company recognized as an allocation (see Note 16, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the LTPPs in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $3.2 million of losses in US Operations and reduced the CFVs losses by the same amount.
[6]	Represents interest on bonds that the Company recognized through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $1.5 million is reflected in total interest income for the US Operations.
[7]	This amount includes $2.5 million of asset management fees recognized by IHS through an income allocation (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.5 million is reflected in total fee and other income for the International Operations. This amount also includes $1.6 million of asset management fees and $1.3 million of guarantee fees both related to the Company’s LIHTC Funds, both of which were recognized during 2014 through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
[8]	This amount includes $2.8 million of asset management fees recognized by IHS through an income allocation (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.8 million is reflected in total fee and other income for the International Operations. This amount also includes $1.8 million of asset management fees and $1.3 million of guarantee fees both related to the Company’s LIHTC Funds, both of which were recognized during the year of 2013 through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
[9]	Represents net expenses recognized by the Company through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses are reflected as additional other expenses for the US Operations.
[10]	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above, total $9.3 million of net income to the Company that is then reflected as an overall net expense to the CFVs.
[11]	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above, total $8.2 million of net income to the Company that is then reflected as an overall net expense to the CFVs.
[12]	Represents the Company’s share of its equity interest in the SAWHF (i.e., 2.7% of the SAWHF’s 2014 net income) that is recognized through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million is reflected as equity in income of unconsolidated ventures for the International Operations.
[13]	Represents the Company’s share of its equity interest in the SAWHF (i.e., 2.7% of the SAWHF’s 2013 net income) that is recognized through an allocation of income (see Note 16, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected as equity in income of unconsolidated ventures for the International Operations.

SEGMENT_INFORMATION_Details_1

SEGMENT INFORMATION (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	$671,692	$1,015,358
Total Segment [Member]
ASSETS	405,563	450,345
US Operations [Member]
ASSETS	394,922	443,664
International Operations [Member]
ASSETS	10,641	6,681
Bonds Eliminated in Consolidation [Member]
ASSETS	0	-47,745
Net unrealized mark-to-market losses (gains) not recorded in consolidation
ASSETS	0	-2,543
Other adjustments [Member]
ASSETS	-389	-7,906
Consolidated Funds and Ventures [Member]
ASSETS	$266,518	$623,207

SEGMENT_INFORMATION_Details_Te

SEGMENT INFORMATION (Details Textual) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Interest Income, Operating	$17,607		$37,928
SAWHF [Member]
Limited Liability Company (Llc) Or Limited Partnership (Lp), Members Or Limited Partners, Ownership Interest	2.70%		97.30%
Us Operations [Member]
Interest Income, Operating	19,080		40,041
Equity in (losses) income from Lower Tier Property Partnerships in CFVs	-5,912	[1]	-3,157	[2]
Operating Expenses, Total	0		0
LIHTC Funds [Member]
Asset Management Fees	1,600		1,800
Guaranty Fee Income	1,300		1,300
Income Allocation Reclasses [Member]
Interest Income, Operating	1,500		2,100
Equity in (losses) income from Lower Tier Property Partnerships in CFVs	300		700
Operating Expenses, Total	9,300		8,200
Income Allocation Reclasses [Member] | SAWHF [Member]
Limited Liability Company (Llc) Or Limited Partnership (Lp), Members Or Limited Partners, Ownership Interest	2.70%		2.70%
IHS [Member]
Asset Management Fees	$2,500		$2,800
[1]	Represents equity in losses from the LTPPs that the Company recognized as an allocation (see Note 16, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the LTPPs in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $5.9 million of losses in US Operations and reduced the CFVs losses by the same amount.
[2]	Represents equity in losses from the LTPPs that the Company recognized as an allocation (see Note 16, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the LTPPs in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $3.2 million of losses in US Operations and reduced the CFVs losses by the same amount.