Greystone Housing Impact Investors (GHI) 10-Q 8 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014
Entity Registrant Name	'AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
Entity Central Index Key	'0001059142
Current Fiscal Year End Date	'--12-31
Entity Filer Category	'Accelerated Filer
Document Type	'10-Q
Document Period End Date	31-Mar-14
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q1
Amendment Flag	'false
Entity Common Stock, Units Outstanding	0

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Assets [Abstract]	'	'
Cash and cash equivalents	$46,698,901	$11,318,015
Restricted cash	4,131,477	6,845,543
Interest receivable	11,549,123	9,536,515
Mortgage revenue bonds held in trust, at fair value	232,276,390	216,371,801
Mortgage revenue bonds, at fair value	84,195,337	68,946,370
Public housing capital fund trusts, at fair value	62,070,540	62,056,379
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	39,922,601	37,845,661
Real estate assets:	'	'
Land and improvements	11,081,992	11,081,992
Buildings and improvements	120,982,988	111,195,695
Real estate assets before accumulated depreciation	132,064,980	122,277,687
Accumulated depreciation	-20,368,846	-19,128,753
Net real estate assets	111,696,134	103,148,934
Other assets	18,342,083	18,163,814
Total assets	610,882,586	534,233,032
Liabilities [Abstract]	'	'
Accounts payable, accrued expenses and other liabilities	6,733,498	5,450,694
Distribution payable	8,295,024	6,446,076
Debt financing	257,511,000	257,274,000
Mortgages payable	64,950,092	57,087,320
Bond Purchase Commitment - Fair Market Value Adjustment	1,362,940	4,852,177
Total Liabilities	338,852,554	331,110,267
Commitments and Contingencies	'	'
Partners' Capital	'	'
General Partner	193,195	16,671
Beneficial Unit Certificate holders	292,416,929	223,573,312
Unallocated deficit of Consolidated VIEs	-20,568,667	-20,455,896
Total Partners' Capital	272,041,457	203,134,087
Noncontrolling interest	-11,425	-11,322
Total Capital	272,030,032	203,122,765
Total Liabilities and Partners' Capital	$610,882,586	$534,233,032

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues [Abstract]	'	'
Property revenues	$3,951,216	$3,732,807
Investment income	6,205,558	7,716,617
Interest Income, Operating	208,823	1,244,985
Gain on sale of bonds	2,835,243	0
Other income	0	250,000
Total Revenues	13,200,840	12,944,409
Expenses [Abstract]	'	'
Real estate operating (exclusive of items shown below)	2,100,293	2,057,036
Provision for loan loss	0	238,175
Provision for loss on receivables	0	238,175
Depreciation and amortization	1,613,346	1,581,376
Interest	2,169,549	1,536,273
General and administrative	1,270,926	970,491
Total Expenses	7,154,114	6,383,351
Income (loss) from continuing operations	6,046,726	6,561,058
Income from discontinued operations	0	1,933,019
Net income (loss)	6,046,726	8,494,077
Net income (loss) attributable to noncontrolling interest	103	-172,651
Net income (loss) - America First Tax Exempt Investors, L.P.	6,046,829	8,321,426
Net income (loss) allocated to:	'	'
General Partner	742,055	511,751
Limited Partners - Unitholders	5,417,545	8,050,634
Unallocated loss of Consolidated VIEs	-112,771	-240,959
Noncontrolling interest	($103)	$172,651
Unitholders' interest in net income per unit (basic and diluted):	'	'
Income from continuing operations	$0.10	$0
Income from discontinued operations	$0	$0.04
Net income (loss), basic and diluted, per unit	$0.10	$0.19
Distributions declared, per unit	$0.13	$0.13
Weighted average number of units outstanding, basic and diluted	56,919,595	42,772,928

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Operations Parenthetical (USD $)	3 Months Ended
	Mar. 31, 2013
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$1,775,527

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net income (loss)	$6,046,726	$8,494,077
Unrealized Gain (Loss) on Securities	18,041,725	2,800,619
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	-3,489,237	'
Net Income (Loss) Allocated to General Partners	742,055	511,751
Net income (loss) allocated to unitholders	5,417,545	8,050,634
Unallocated loss of Consolidated VIEs	-112,771	-240,959
Net income (loss) attributable to noncontrolling interest	103	-172,651
Accumulated Other Comprehensive Income (Loss) [Member]	'	'
Net income (loss)	0	0
Unrealized Gain (Loss) on Securities	18,041,725	2,800,619
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	-3,489,237	'
Net Income (Loss) Allocated to General Partners	957,364	539,757
Net income (loss) allocated to unitholders	26,733,198	10,823,247
Unallocated loss of Consolidated VIEs	-112,771	-240,959
Net income (loss) attributable to noncontrolling interest	-103	172,651
Comprehensive income - America First Tax Exempt Investors, L.P.	27,577,688	11,294,696
Mortgage revenue bonds [Member] | Accumulated Other Comprehensive Income (Loss) [Member]	'	'
Unrealized Gain (Loss) on Securities	-18,041,725	2,800,619
Commitments [Member]	'	'
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	-1,400,000	'
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]	'	'
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	($3,489,237)	$0

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Partners' Capital (USD $)

Total

General Partner

Number of Units

Beneficial Unit Certificate Holders

Unallocated Deficit of Consolidated VIEs

Noncontrolling Interest

Accumulated Other Comprehensive Income (Loss) [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Ohio Properties [Member]

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

General Partner

Beneficial Unit Certificate Holders

Noncontrolling Interest

Accumulated Other Comprehensive Income (Loss) [Member]

USD ($)

USD ($)

USD ($)

USD ($)

Balance at Dec. 31, 2012

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Issuance of Common Stock

$0

'

'

'

'

'

'

'

'

'

'

'

Deconsolidation of Discontinued Operations

'

'

'

'

'

'

'

393,401

14,064

1,392,303

-1,012,966

1,406,367

Distributions paid or accrued

-5,400,622

-54,006

'

-5,346,616

'

'

'

'

'

'

'

'

Net income (loss)

8,494,077

511,751

'

8,050,634

-240,959

172,651

0

'

'

'

'

'

Unrealized Gain (Loss) on Securities

2,800,619

28,006

'

2,772,613

0

0

2,800,619

'

'

'

'

'

Balance at Mar. 31, 2013

190,258,406

69,728

'

214,252,021

-25,276,767

1,213,424

11,368,367

'

'

'

'

'

Balance at Dec. 31, 2013

203,122,765

16,671

'

223,573,312

-20,455,896

-11,322

-20,128,314

'

'

'

'

'

Partners' Capital Account, Units at Dec. 31, 2013

'

'

51,052,928

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Shares, New Issues

'

'

9,200,000

'

'

'

'

'

'

'

'

'

Proceeds from Issuance of Common Stock

51,367,692

'

'

51,367,692

'

'

'

'

'

'

'

'

Proceeds from Sale of Available-for-sale Securities

-1,743,088

-17,431

'

-1,725,657

'

'

-1,743,088

'

'

'

'

'

Distributions paid or accrued

-8,295,025

-763,409

'

-7,531,616

0

0

0

'

'

'

'

'

Net income (loss)

6,046,726

742,055

'

5,417,545

-112,771

-103

0

'

'

'

'

'

Unrealized Gain (Loss) on Securities

18,041,725

180,417

'

17,861,308

0

0

18,041,725

'

'

'

'

'

Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax

3,489,237

34,892

'

3,454,345

0

0

3,489,237

'

'

'

'

'

Balance at Mar. 31, 2014

$272,030,032

$193,195

'

$292,416,929

($20,568,667)

($11,425)

($340,440)

'

'

'

'

'

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Cash flows from operating activities:	'	'	'
Net income (loss)	$6,046,726	$8,494,077	'
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:	'	'	'
Depreciation and amortization expense	1,613,346	1,585,605	'
Provision for loss on receivables	0	238,175	'
Non-cash gain (loss) on derivatives	182,597	104,658	'
Bond discount and premium amortization and accretion	-62,008	-83,638	'
Gain on sale of bonds	-2,835,243	0	'
Gain on the sale of the Ohio Properties	0	-1,775,527	'
Changes in operating assets and liabilities, net of effect of acquisitions	'	'	'
Increase (decrease) in interest receivable	-2,012,608	-2,616,713	'
(Increase) decrease in other assets	1,147,599	-652,147	'
Increase (decrease) in accounts payable and accrued expenses	-2,192,953	-2,248,190	'
Net cash provided (used) by operating activities	1,887,456	3,046,300	'
Cash flows from investing activities:	'	'	'
Capital expenditures	-6,323,590	-1,645,272	'
Acquisition of tax-exempt mortgage revenue bonds	-34,778,800	-38,400,000	'
Proceeds from the sale/redemption of bonds	18,744,294	0	'
Acquisition of mortgage-backed securities	0	-18,313,000	'
Purchase of rate derivative	-391,500	0	'
Acquisition of partnerships, net of cash acquired	0	4,064,089	'
Change in restricted cash - Greens Property sale	0	2,097,691	'
Acquisition of mortgage-backed securities	0	-2,557,373	'
Acquisition of taxable bonds	0	804,000	'
Decrease in restricted cash	-73,820	137,443	'
Proceeds from the sale of discontinued operations	0	16,195,000	'
Restricted cash - debt collateral released	2,000,000	644,833	'
Principal payments received on taxable bonds	1,778,734	684,763	'
Net cash provided (used) by investing activities	-19,044,682	-37,895,826	'
Cash flows from financing activities:	'	'	'
Distributions paid	-6,446,077	-5,566,909	'
Principal borrowings on mortgages payable	17,250,000	16,705,000	'
Principal borrowing on line of credit	7,976,690	7,500,000	'
Proceeds from sale of beneficial unit certificates	51,367,692	0	48,200,000
Principal payments on debt and mortgage financing	-17,013,000	-562,486	'
Repayments of Debt	-113,919	0	'
Increase (decrease) in liabilities related to restricted cash	73,820	-137,443	'
Debt financing costs	557,094	32,942	'
Net cash (used) provided by financing activities	52,538,112	17,905,220	'
Net increase (decrease) in cash and cash equivalents	35,380,886	-16,944,306	'
Cash and cash equivalents at beginning of period, including discontinued operations	11,318,015	'	'
Cash and cash equivalents at end of period, including discontinued operations	46,698,901	13,387,194	11,318,015
Cash paid during the period for interest	1,798,217	1,286,483	'
Distributions declared but not paid	8,295,025	5,400,622	'
Cash borrowed for financing costs	0	115,900	'
Capital expenditures financed through payables	3,475,757	2,006,159	'
Deconsolidation of the Ohio Properties - noncontrolling interest	0	1,012,966	'
Taxable loans receivable - Ohio Properties	$0	$1,236,236	'

Condensed_Consolidated_Stateme5

Condensed Consolidated Statements of Cash Flows Parenthetical Tagging (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$0	$0	$50,882	$158,727

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Basis of Presentation [Abstract]	'
Basis of Presentation and Significant Accounting Policies [Text Block]	'
	Basis of Presentation
	General
	America First Multifamily Investors, L.P. (the “Partnership”) was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing of multifamily residential properties.  The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes.  As a result, most of the income earned by the Partnership is exempt from federal income taxes.  The Partnership may also invest in other types of securities that may or may not be secured by real estate and may make taxable property loans secured by multifamily properties which are financed by mortgage revenue bonds held by the Partnership.  The Partnership generally does not seek to acquire direct interests in real property as long term or permanent investments.  The Partnership may, however, acquire real estate securing its mortgage revenue bonds or taxable mortgage loans through foreclosure in the event of a default.  In addition, the Partnership may acquire interests in multifamily apartment properties (“MF Properties”) in order to position itself for future investments in mortgage revenue bonds issued to finance these properties. The Partnership expects to sell its interest in these MF Properties in connection with the future syndication of low income housing tax credits under Section 42 of the Internal Revenue Code ("LIHTCs") or to a tax-exempt organization and to acquire mortgage revenue bonds on these properties to provide debt financing to the new owners.
	Our general partner is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”).  The general partner of AFCA2 is The Burlington Capital Group LLC ("Burlington"). The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partner interests to investors (“unitholders”).  The Partnership will terminate on December 31, 2050, unless terminated earlier under provisions of its Agreement of Limited Partnership.
	The "Company" refers to the consolidated financial statements reported in this Form 10-Q which include the assets, liabilities, and results of operations of the Partnership, its Consolidated Subsidiaries (defined below) and three entities in which the Partnership does not hold an ownership interest but which own multifamily apartment properties financed with mortgage revenue bonds held by the Partnership and which are treated as variable interest entities ("VIEs") of which the Partnership has been determined to be the primary beneficiary (the “Consolidated VIEs”). The Consolidated Subsidiaries of the Partnership currently consist of:
	•	ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing with Freddie Mac (Note 10).
	•	Nine multifamily apartments ("MF Properties") which are either wholly or majority owned by subsidiaries of the Partnership.
	Stand alone financial information of the Partnership reported in this Form 10-Q includes only the assets, liabilities, and results of operations of the Partnership and its Consolidated Subsidiaries (hereafter the “Partnership”) without the Consolidated VIEs.  In the Company’s consolidated financial statements, all transactions and accounts between the Partnership, the Consolidated Subsidiaries and the Consolidated VIEs have been eliminated in consolidation.  The Partnership does not believe that the consolidation of VIEs for reporting under accounting principles generally accepted in the United States of America (“GAAP”) affects the Partnership’s status as a partnership for federal income tax purposes or the status of unitholders as partners of the Partnership, the treatment of the mortgage revenue bonds on the properties owned by Consolidated VIEs as debt, the nature of the interest payments, which it believes to be tax-exempt, received on the mortgage revenue bonds secured by the properties owned by Consolidated VIEs or the manner in which the Partnership’s income is reported to unitholders on IRS Form K-1.
	The unallocated deficit of the Consolidated VIEs is primarily comprised of the accumulated historical net losses of the Consolidated VIEs since the applicable consolidation date. The unallocated deficit of the VIEs and the VIEs' net losses subsequent to that date are not allocated to the General Partner and unitholders as such activity is not contemplated by, or addressed in, the Agreement of Limited Partnership.
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.  The accompanying interim unaudited condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. These condensed consolidated financial statements and notes have been prepared consistently with the 2013 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position as of March 31, 2014, and the results of operations for the interim periods presented have been made. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year.

Partnership_Income_Expense_and

Partnership Income, Expense and Cash Distributions	3 Months Ended
	Mar. 31, 2014
Partnership Income, Expenses and Cash Distributions [Abstract]	'
Partnership Income Expenses and Cash Distributions [Text Block]	'
	Partnership Income, Expenses and Cash Distributions
	The Agreement of Limited Partnership of the Partnership contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments.  Income and losses will be allocated to each unitholder on a periodic basis, as determined by the General Partner, based on the number of BUCs held by each unitholder as of the last day of the period for which such allocation is to be made. Distributions of Net Interest Income and Net Residual Proceeds will be made to each unitholder of record on the last day of each distribution period based on the number of BUCs held by each unitholder as of such date. For purposes of the Agreement of Limited Partnership, cash distributions, if any, received by the Partnership from its indirect interest in MF Properties (Note 7) will be included in the Partnership’s Interest Income and cash distributions received by the Partnership from the sale of such properties will be included in the Partnership Residual Proceeds.
	Cash distributions are currently made on a quarterly basis but may be made on a monthly or semiannual basis at the election of AFCA 2.  On each distribution date, Net Interest Income is distributed 99% to the unitholders and 1% to AFCA 2 and Net Residual Proceeds are distributed 100% to unitholders except that Net Interest Income and Net Residual Proceeds representing contingent interest in an amount equal to 0.9% per annum of the principal amount of the mortgage revenue bonds on a cumulative basis (defined as Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2), respectively) are distributed 75% to the unitholders and 25% to AFCA 2.

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2014
Variable Interest Entities [Abstract]	'
Variable interest entities [Text Block]	'
	Variable Interest Entities
	The Partnership invests in mortgage revenue bonds which have been issued to provide construction and/or permanent financing of multifamily residential apartments.  The Partnership owns 100% of these mortgage revenue bonds and each bond is secured by a first mortgage on the property.  In certain cases, the Partnership has also made taxable property loans to the property owners which are secured by second mortgages on these properties.  Although each multifamily property financed with mortgage revenue bonds held by the Partnership is owned by a separate entity in which the Partnership has no equity ownership interest, the debt financing provided by the Partnership creates a variable interest in these ownership entities that may require the Partnership to report the assets, liabilities, and results of operations of these entities on a consolidated basis under GAAP.
	At March 31, 2014 and December 31, 2013, the Partnership determined that four of the entities financed by mortgage revenue bonds owned by the Partnership were held by VIEs.  These VIEs were Ashley Square, Bent Tree, Cross Creek, and Fairmont Oaks. The Partnership then determined that it is the primary beneficiary of two of these VIEs; Bent Tree and Fairmont Oaks and has continued to consolidate these entities. As of March 31, 2013, a fifth entity, Lake Forest, which is also financed by a mortgage revenue bond owned by the Partnership, was held by a VIE. Effective December 1, 2013, the ownership of Lake Forest became a not-for-profit entity and Lake Forest ceased to be reported as a Consolidated VIE.
	The Partnership does not hold an equity interest in these VIEs and, therefore, the assets of the VIEs cannot be used to settle the general commitments of the Partnership and the Partnership is not responsible for the commitments and liabilities of the VIEs.  The primary risks to the Partnership associated with these VIEs relate to the entities ability to meet debt service obligations to the Partnership and the valuation of the underlying multifamily apartment property which serves as bond collateral.
	The following is a discussion of the significant judgments and assumptions made by the Partnership in determining the primary beneficiary of the VIE and, therefore, whether the Partnership must consolidate the VIE.
	Consolidated VIEs
	In determining the primary beneficiary of these VIEs, the Partnership considers the activities of the VIE which most significantly impact the VIEs' economic performance, who has the power to control such activities, the risks which the entities were designed to create, the variability associated with those risks and the interests which absorb such variability.  The Partnership also considers the related party relationship of the entities involved in the VIEs.  At March 31, 2014 and December 31, 2013, the Partnership determined it is the primary beneficiary of the Bent Tree and Fairmont Oaks VIEs. The capital structure of Bent Tree and Fairmont Oaks VIEs consists of senior debt, subordinated debt, and equity capital. The senior debt is in the form of a mortgage revenue bond and accounts for the majority of the VIEs' total capital. As the bondholder, the Partnership is entitled to principal and interest payments and has certain protective rights as established by the bond documents. The equity ownership of the consolidated VIEs is ultimately held by corporations which are owned by four individuals, two of which are related parties.  Additionally, each of these properties is managed by an affiliate of the Partnership, America First Properties Management Company, LLC (“Properties Management”) which is an affiliate of Burlington Capital Group, LLC ("Burlington").
	Non-Consolidated VIEs
	The Company did not consolidate two VIE entities, Ashley Square and Cross Creek as of March 31, 2014 based on its determination of the primary beneficiary of these two VIE entities. As discussed below, while the capital structures of these VIEs resulted in the Partnership holding a majority of the variable interests in these VIEs, the Partnership determined it does not have the power to direct the activities of these VIEs that most significantly impact the VIEs’ economic performance and, as a result, is not the primary beneficiary of these VIEs.
	Ashley Square –  Ashley Square Housing Cooperative acquired the ownership of the Ashley Square Apartments in December 2008 from Ashley Square LLC through a warranty deed of transfer and an assumption of debt.  This transfer of ownership constituted a reconsideration event as outlined in the consolidation guidance which triggered a re-evaluation of the holders of variable interests to determine the primary beneficiary of the VIE.  The capital structure of the VIE consists of senior debt, subordinated loans and equity capital.  The senior debt is in the form of mortgage revenue bonds that are 100% owned by the Partnership and account for the majority of the VIE’s total capital.  As the bondholder, the Partnership is entitled to principal and interest payments and has certain protective rights as established by the bond documents.  The VIE is organized as a housing cooperative and the 99% equity owner of this VIE is The Foundation for Affordable Housing (“FAH”), an unaffiliated Nebraska not-for-profit organization.  Additionally, this property is managed by Properties Management.
	Cross Creek –  Cross Creek Apartments Holdings LLC is the owner of the Cross Creek Apartments.  On January 1, 2010, Cross Creek Apartment Holdings LLC entered into a new operating agreement and admitted three new members.  These new members committed approximately $2.2 million of capital payable in three installments including $563,000 on January 1, 2010.  The new operating agreement and admission of new owner members constituted a reconsideration event as outlined in the consolidation guidance which triggered a re-evaluation of the holders of variable interests to determine the primary beneficiary of the VIE.  The capital structure of the VIE consists of senior debt, subordinated loans, and equity capital at risk.  The senior debt is in the form of mortgage revenue bonds that are 100% owned by the Partnership and account for the majority of the VIE’s total capital.  As the bondholder, the Partnership is entitled to principal and interest payments and has certain protective rights as established by the bond documents.  The three newly admitted members of this VIE are each unaffiliated with the Partnership and have contributed significant equity capital to the VIE.  These members collectively control a 99% interest in the VIE.  The other 1% member of this VIE is FAH, which is also unaffiliated with the Partnership.  Additionally, this property is managed by Properties Management.
	The following table presents information regarding the carrying value and classification of the assets held by the Partnership as of March 31, 2014 which constitute a variable interest in Ashley Square and Cross Creek.
		Balance Sheet Classification		Carrying Value				Maximum Exposure to Loss
	Ashley Square Apartments
	Mortgage Revenue Bond	Bond Investment		$	5,406,732			$	5,200,000
	Taxable Property Loan	Other Asset		1,482,000				7,131,757
				$	6,888,732			$	12,331,757
	Cross Creek Apartments
	Mortgage Revenue Bond	Bond Investment		$	7,927,142			$	6,050,941
	Taxable Property Loans	Other Asset		3,490,615				3,490,615
				$	11,417,757			$	9,541,556
	The mortgage revenue bonds are classified on the balance sheet as available for sale investments and are carried at fair value while taxable property loans are presented on the balance sheet as Other assets and are carried at the unpaid principal and interest less any loan loss reserves.  See Note 4 for additional information regarding the mortgage revenue bonds and Note 8 for additional information regarding the taxable property loans.  The maximum exposure to loss for the mortgage revenue bonds is equal to the unpaid principal balance as of March 31, 2014.  The difference between the mortgage revenue bond's carrying value and the maximum exposure to loss is a function of the fair value of the bond.  The difference between the taxable property loan's carrying value and the maximum exposure is the value of loan loss reserves that have been previously recorded against the outstanding taxable property loan balances.
	The following tables present the effects of the consolidation of the Consolidated VIEs on the Company’s Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations.
	Condensed Consolidating Balance Sheets as of March 31, 2014 and December 31, 2013:
			Partnership as of March 31, 2014				Consolidated VIEs as of March 31, 2014				Consolidation -Elimination as of March 31, 2014				Total as of March 31, 2014
	Assets
	Cash and cash equivalents		$	46,664,860			$	34,041			$	—			$	46,698,901
	Restricted cash		3,687,282				444,195				—				4,131,477
	Interest receivable		16,617,934				—				(5,068,811		)		11,549,123
	Mortgage revenue bonds held in trust, at fair value		247,639,148				—				(15,362,758		)		232,276,390
	Mortgage revenue bonds, at fair value		84,195,337				—				—				84,195,337
	Public housing capital fund trusts, at fair value		62,070,540				—				—				62,070,540
	Mortgage-backed securities, at fair value		39,922,601				—				—				39,922,601
	Real estate assets:
	Land and improvements		9,245,592				1,836,400				—				11,081,992
	Buildings and improvements		100,012,852				20,970,136				—				120,982,988
	Real estate assets before accumulated depreciation		109,258,444				22,806,536				—				132,064,980
	Accumulated depreciation		(10,403,003		)		(9,965,843		)		—				(20,368,846		)
	Net real estate assets		98,855,441				12,840,693				—				111,696,134
	Other assets		24,419,708				412,541				(6,490,166		)		18,342,083
	Total Assets		$	624,072,851			$	13,731,470			$	(26,921,735	)		$	610,882,586
	Liabilities
	Accounts payable, accrued expenses and other liabilities		$	6,416,132			$	20,829,342			$	(20,511,976	)		$	6,733,498
	Distribution payable		8,295,024				—				—				8,295,024
	Debt financing		257,511,000				—				—				257,511,000
	Mortgages payable		64,950,092				14,858,000				(14,858,000		)		64,950,092
	Bond purchase commitment - fair market value adjustment		1,362,940				—				—				1,362,940
	Total Liabilities		338,535,188				35,687,342				(35,369,976		)		338,852,554
	Partners' Capital
	General Partner		193,195				—				—				193,195
	Beneficial Unit Certificate holders		285,355,893				—				7,061,036				292,416,929
	Unallocated deficit of Consolidated VIEs		—				(21,955,872		)		1,387,205				(20,568,667		)
	Total Partners' Capital		285,549,088				(21,955,872		)		8,448,241				272,041,457
	Noncontrolling interest		(11,425		)		—				—				(11,425		)
	Total Capital		285,537,663				(21,955,872		)		8,448,241				272,030,032
	Total Liabilities and Partners' Capital		$	624,072,851			$	13,731,470			$	(26,921,735	)		$	610,882,586
			Partnership as of December 31, 2013				Consolidated VIEs as of December 31, 2013				Consolidation -Elimination as of December 31, 2013				Total as of December 31, 2013
	Assets
	Cash and cash equivalents		$	11,292,039			$	25,976			$	—			$	11,318,015
	Restricted cash		6,344,666				500,877				—				6,845,543
	Interest receivable		14,357,065				—				(4,820,550		)		9,536,515
	Mortgage revenue bonds held in trust, at fair value		230,885,864				—				(14,514,063		)		216,371,801
	Mortgage revenue bonds, at fair value		68,946,370				—				—				68,946,370
Public housing capital fund trusts, at fair value		62,056,379				—				—				62,056,379
Mortgage-backed securities, at fair value		37,845,661				—				—				37,845,661
Real estate assets:
Land and improvements		9,245,592				1,836,400				—				11,081,992
Buildings and improvements		90,253,256				20,942,439				—				111,195,695
Real estate assets before accumulated depreciation		99,498,848				22,778,839				—				122,277,687
Accumulated depreciation		(9,386,811		)		(9,741,942		)		—				(19,128,753		)
Net real estate assets		90,112,037				13,036,897				—				103,148,934
Other assets		24,413,077				456,087				(6,705,350		)		18,163,814
Total Assets		$	546,253,158			$	14,019,837			$	(26,039,963	)		$	534,233,032
Liabilities
Accounts payable, accrued expenses and other liabilities		$	4,963,653			$	20,634,613			$	(20,147,572	)		$	5,450,694
Distribution payable		6,446,076				—				—				6,446,076
Debt financing		257,274,000				—				—				257,274,000
Mortgages payable		57,087,320				14,897,000				(14,897,000		)		57,087,320
Bond purchase commitment at fair value		4,852,177				—				—				4,852,177
Total Liabilities		330,623,226				35,531,613				(35,044,572		)		331,110,267
Partners' Capital
General Partner		16,671				—				—				16,671
Beneficial Unit Certificate holders		215,624,583				—				7,948,729				223,573,312
Unallocated deficit of Consolidated VIEs		—				(21,511,776		)		1,055,880				(20,455,896		)
Total Partners' Capital		215,641,254				(21,511,776		)		9,004,609				203,134,087
Noncontrolling interest		(11,322		)		—				—				(11,322		)
Total Capital		215,629,932				(21,511,776		)		9,004,609				203,122,765
Total Liabilities and Partners' Capital		$	546,253,158			$	14,019,837			$	(26,039,963	)		$	534,233,032
Condensed Consolidating Statements of Operations for the three months ended March 31, 2014 and 2013:
	Partnership For the Three Months Ended March 31, 2014				Consolidated VIEs For the Three Months Ended March 31, 2014				Consolidation -Elimination For the Three Months Ended March 31, 2014				Total For the Three Months Ended March 31, 2014
Revenues:
Property revenues	$	3,150,344			$	800,872			$	—			$	3,951,216
Investment income	6,438,835				—				(233,277		)		6,205,558
Gain on mortgage revenue bond redemption	2,835,243												2,835,243
Other interest income	208,823				—				—				208,823
Total revenues	12,633,245				800,872				(233,277		)		13,200,840
Expenses:
Real estate operating (exclusive of items shown below)	1,650,647				449,646				—				2,100,293
Depreciation and amortization	1,382,626				237,440				(6,720		)		1,613,346
Interest	2,169,549				557,884				(557,884		)		2,169,549
General and administrative	1,270,926				—				—				1,270,926
Total expenses	6,473,748				1,244,970				(564,604		)		7,154,114
Net income (loss)	6,159,497				(444,098		)		331,327				6,046,726
Net loss attributable to noncontrolling interest	(103		)		—				—				(103		)
Net income (loss) - America First Multifamily Investors, L. P.	$	6,159,600			$	(444,098	)		$	331,327			$	6,046,829
	Partnership For the three months Ended March 31, 2013				Consolidated VIEs For the three months Ended March 31, 2013				Consolidation -Elimination For the three months Ended March 31, 2013				Total For the three months Ended March 31, 2013
Revenues:
Property revenues	$	2,519,738			$	1,213,069			$	—			$	3,732,807
Investment income	8,094,326				—				(377,709		)		7,716,617
Other interest income	1,244,985				—				—				1,244,985
Other income	250,000				—				—				250,000
Total revenues	12,109,049				1,213,069				(377,709		)		12,944,409
Expenses:
Real estate operating (exclusive of items shown below)	1,323,634				733,402				—				2,057,036
Provision for loss on receivables	238,175				—				—				238,175
Depreciation and amortization	1,238,459				353,736				(10,819		)		1,581,376
Interest	1,536,273				819,163				(819,163		)		1,536,273
General and administrative	970,491				—				—				970,491
Total expenses	5,307,032				1,906,301				(829,982		)		6,383,351
Income (loss) from continuing operations	6,802,017				(693,232		)		452,273				6,561,058
Income (loss) from discontinued operations (including gain on sale of MF Properties of $1,775,527 in 2013)	1,933,019				—				—				1,933,019
Net income (loss)	8,735,036				(693,232		)		452,273				8,494,077
Net income attributable to noncontrolling interest	172,651				—				—				172,651
Net income (loss) - America First Multifamily Investors, L. P.	$	8,562,385			$	(693,232	)		$	452,273			$	8,321,426

Investments_in_Mortgage_Revenu

Investments in Mortgage Revenue Bonds	3 Months Ended
	Mar. 31, 2014
Investments in Mortgage Revenue Bonds [Abstract]	'
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block]	'
	Investments in Mortgage Revenue Bonds
	The mortgage revenue bonds owned by the Company have been issued to provide construction and/or permanent financing of multifamily residential properties and do not include the mortgage revenue bonds issued with respect to properties owned by Consolidated VIEs at March 31, 2014 and December 31, 2013. Mortgage revenue bonds are either held directly by the Company or are held in trusts created in connection with debt financing transactions (Note 10). The Company had the following investments in mortgage revenue bonds as of dates shown:
			March 31, 2014
	Description of Mortgage Revenue Bonds		Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss			Estimated Fair Value
	Arbors at Hickory Ridge (2)		$	11,574,890	$	878,024	$	—		$	12,452,914
	Ashley Square (1)		5,200,000		206,732		—			5,406,732
	Autumn Pines (2)		12,158,034		670,625		—			12,828,659
	Avistar at Chase Hill A Bond (2)		8,960,000		—		(381,248		)	8,578,752
	Avistar at the Crest A Bond (2)		8,759,000		—		(372,695		)	8,386,305
	Avistar at the Oaks (2)		8,354,000		—		(368,497		)	7,985,503
	Avistar in 09 (2)		7,192,000		—		(133,697		)	7,058,303
	Avistar on the Boulevared A Bond (2)		13,760,000		—		(101,136		)	13,658,864
	Avistar on the Hills (2)		5,389,000		59,570		—			5,448,570
	Bella Vista (1)		6,545,000		—		(134,434		)	6,410,566
	Bridle Ridge (1)		7,685,000		—		(104,439		)	7,580,561
	Brookstone (1)		7,465,447		1,065,045		—			8,530,492
	Cross Creek (1)		6,050,941		1,876,201		—			7,927,142
	Decatur-Angle (2)		23,000,000				(1,201,060		)	21,798,940
	Greens Property A Bonds (2)		8,420,000		190,568		—			8,610,568
	Lake Forest (1)		8,970,000		388,412		—			9,358,412
	Ohio Properties A Bonds (1)		14,477,000		847,175		—			15,324,175
	Runnymede (1)		10,525,000		144,403		—			10,669,403
	Southpark (1)		11,898,465		2,250,791		—			14,149,256
	The Suites on Paseo (2)		35,750,000		—		(3,932		)	35,746,068
	Woodlynn Village (1)		4,426,000		—		(59,795		)	4,366,205
	Mortgage revenue bonds held in trust		$	226,559,777	$	8,577,546	$	(2,860,933	)	$	232,276,390
			31-Mar-14
	Description of Mortgage Revenue Bonds		Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss			Estimated Fair Value
	Avistar at Chase Hill B Bond		$	2,005,000	$	—	$	(62,235	)	$	1,942,765
	Avistar at the Crest B Bond		1,700,000		—		(52,768		)	1,647,232
	Avistar on the Boulevard B Bond		3,216,000		17,206		—			3,233,206
	Copper Gate Apartments		5,220,000		51,469		—			5,271,469
	Greens Property B Bond		947,277		281,519		—			1,228,796
	Harden Ranch		9,300,000				(173,406		)	9,126,594
	Ohio Properties B Bonds		3,581,140		331,108		—			3,912,248
	Renaissance		10,453,800		224,349		—			10,678,149
	The Palms at Premier Park Apartments		20,152,000		1,043,672		—			21,195,672
	Tyler Park Apartments		8,100,000		—		(412,937		)	7,687,063
	Vantage at Harlingen		6,692,000		147,023		—			6,839,023
	Vantage at Judson		6,049,000		131,324		—			6,180,324
	Westside Village		5,400,000		—		(147,204		)	5,252,796
	Mortgage revenue bonds		$	82,816,217	$	2,227,670	$	(848,550	)	$	84,195,337
	(1) Bonds owned by ATAX TEBS I, LLC, Note 10
	(2) Bond held by Deutsche Bank in a secured financing transaction, Note 10
			31-Dec-13
	Description of mortgage Revenue Bonds		Cost adjusted for pay-downs		Unrealized Gains		Unrealized Loss			Estimated Fair Value
	Arbors at Hickory Ridge (2)		$	11,576,209	$	225,690	$	—		$	11,801,899
	Ashley Square (1)		5,212,000		—		—			5,212,000
	Autumn Pines (2)		12,147,873		—		(195,355		)	11,952,518
	Avistar at Chase Hill A Bond (2)		8,960,000		—		(850,752		)	8,109,248
	Avistar at the Crest A Bond (2)		8,759,000		—		(1,298,785		)	7,460,215
	Avistar at the Oaks (2)		8,354,000		—		(1,103,115		)	7,250,885
	Avistar in 09 (2)		7,192,000		—		(588,254		)	6,603,746
	Avistar on the Boulevard A Bond (2)		13,760,000		—		(1,306,512		)	12,453,488
	Avistar on the Hills (2)		5,389,000		—		(417,724		)	4,971,276
	Bella Vista (1)		6,545,000		—		(473,989		)	6,071,011
	Bridle Ridge (1)		7,715,000		—		(452,870		)	7,262,130
	Brookstone (1)		7,463,641		841,751		—			8,305,392
	Cross Creek (1)		6,042,297		1,480,266		—			7,522,563
	Greens Property A Bond (2)		8,437,501		—		(577,426		)	7,860,075
	Lake Forest (1)		8,997,000		—		(289,461		)	8,707,539
	Lost Creek (1)		15,883,084		1,743,088		—			17,626,172
	Ohio Properties A Bonds (1)		14,498,000		—		—			14,498,000
Runnymede (1)		10,525,000		—		(551,510		)	9,973,490
Southpark (1)		11,878,885		1,018,750		—			12,897,635
The Suites on Paseo (2)		35,750,000		—		(2,502		)	35,747,498
Woodlynn Village (1)		4,426,000		—		(340,979		)	4,085,021
Mortgage revenue bonds held in trust		$	219,511,490	$	5,309,545	$	(8,449,234	)	$	216,371,801
		31-Dec-13
Description of Mortgage Revenue Bonds		Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Avistar at Chase Hill B Bond		$	2,005,000	$	—	$	(159,117	)	$	1,845,883
Avistar at the Crest B Bond		1,700,000		—		(134,912		)	1,565,088
Avistar on the Boulevard B Bond		3,216,000		—		(255,222		)	2,960,778
Copper Gate Apartments		5,220,000		—		(252,648		)	4,967,352
Greens Property B Bond		948,291		189,589		—			1,137,880
Ohio Properties B Bonds		3,583,590		150,864		—			3,734,454
Renaissance		7,975,000		—		(16,964		)	7,958,036
The Palms at Premier Park Apartments		20,152,000		—		(283,942		)	19,868,058
Tyler Park Apartments		8,100,000		—		(526,601		)	7,573,399
Vantage at Harlingen		6,692,000		—		(211,735		)	6,480,265
Vantage at Judson		6,049,000		—		(190,423		)	5,858,577
Westside Village		5,400,000		—		(403,400		)	4,996,600
Mortgage revenue bonds		$	71,040,881	$	340,453	$	(2,434,964	)	$	68,946,370
(1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 10
(2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 10
In February 2014, the Partnership acquired at par the senior $7.0 million par value and a subordinate $2.3 million par value mortgage revenue bond secured by Harden Ranch, an 100 unit multifamily apartment complex in Salinas, California. The senior mortgage revenue bond carries an annual interest rate of 5.75% and matures on March 1, 2030. The subordinate mortgage revenue bond carries an annual interest rate of 5.50% for the first year and 8.0% for the second year and matures on March 1, 2016.
In February 2014, the Company acquired at par the senior $23.0 million par value mortgage revenue bond secured by Decatur-Angle Apartments, a 302 unit multifamily apartment complex under construction in Fort Worth, Texas. The mortgage revenue bond carries an annual interest rate of 5.75% and matures on January 1, 2054.
In February 2014, the mortgage revenue bond secured by Lost Creek was redeemed for an amount greater than the outstanding principal and accrued base interest. This $18.5 million par value mortgage revenue bond had been acquired for approximately $15.9 million in May 2010. The Company received approximately $18.7 million for the Lost Creek mortgage revenue bond resulting in an approximate $2.8 million realized gain.
In December 2013, the Partnership acquired seven mortgage revenue bonds. They are as follows:
•	The Partnership purchased an approximate $5.2 million par value Series A mortgage revenue bond with a stated interest rate of 6.25% per annum secured by Copper Gate Apartments, a 128 unit multifamily complex in Lafayette, Indiana, maturing on December 1, 2029.
•	The Partnership purchased an approximate $6.1 million par value senior and an approximate $2.0 million par value subordinate mortgage revenue bonds with stated interest rates of 5.75% and 5.5% per annum, respectively. These mortgage revenue bonds are secured by Tyler Park Townhomes, an 88 unit multifamily complex in Greenfield, California. The senior mortgage revenue bond matures on January 1, 2030 and the subordinate mortgage revenue bond matures on January 1, 2016.
•	The Partnership purchased an approximate $4.0 million par value senior and an approximate $1.4 million par value subordinate mortgage revenue bonds with stated interest rates of 5.75% and 5.5% per annum, respectively. These mortgage revenue bonds are secured by Westside Village, an 81 unit multifamily complex in Shafter, California; The senior mortgage revenue bond matures on January 1, 2030 and the subordinate mortgage revenue bond matures on January 1, 2016.
•	The Partnership purchased an approximate $20.2 million par value Series A mortgage revenue bond with a stated interest rate of 6.25% per annum secured by The Palms at Premier Park Apartments, a 240 unit multifamily complex in Columbia, South Carolina. This mortgage revenue bond matures on January 1, 2050.
•	The Partnership purchased an approximate $35.8 million par value Series A mortgage revenue bond with a stated interest rate of 6.25% per annum secured by The Suites on Paseo, a 384 bed student housing project in San Diego, California. This mortgage revenue bond matures on December 1, 2048.
Effective December 1, 2013, the ownership of Lake Forest became a not-for-profit entity, a reconsideration event, and Lake Forest ceased to be reported as a Consolidated VIE. As such, the Partnership is reporting the estimated fair value of the Lake Forest mortgage revenue bond as an investment asset for the first time in 2013.
In August 2013, the Partnership acquired a mortgage revenue bond secured by the Vantage at Harlingen Apartments, a 288 unit multifamily apartment complex located in Harlingen, Texas which is under construction. The Series C bond was purchased for approximately $6.7 million par value, carries a base interest rate of 9.0% per annum, and matures on August 1, 2053. The Partnership also acquired a $1.3 million subordinate taxable bond which is recorded as an Other Asset. The Vantage at Harlingen Apartments has a construction loan with an unrelated bank and the Partnership's mortgage revenue bonds are second lien borrowings to that construction loan.
Under the terms of a Forward Delivery Bond Purchase Agreement ("Bond Purchase Commitment"), the Partnership has agreed to purchase a new mortgage revenue bond between $18,000,000 to $24,692,000 (“Harlingen Series B Bond”) secured by the Vantage at Harlingen apartments which will be delivered by the mortgage revenue bond issuer once the property meets specific obligations and occupancy rates. The final amount of the Series B Bond will depend on the appraisal of the stabilized property. The Harlingen Series B Bond will have a stated annual interest rate of 6.0% per annum and bond proceeds must be used to pay off the construction loan to the bank and all or a portion of the $6.7 million subordinate Series C mortgage revenue bond. The Partnership accounts for the Bond Purchase Commitment as an available-for-sale security and, as such, records the change in the estimated fair value of the Bond Purchase Commitment as an asset or liability with changes in such valuation recorded in other comprehensive income.  As of March 31, 2014, the Partnership estimated the value of this Bond Purchase Commitment and recorded a liability of approximately $530,000.
In July 2013, the limited partner property owner contributed an approximate additional $800,000 of capital into the Greens Property which allowed the Company to recognize a sale of the discontinued operations (Note 9). As such, the Partnership reported the approximate $9.8 million and $9.1 million fair market value of the mortgage revenue bonds related to the Greens Property as assets as of March 31, 2014 and December 31, 2013, respectively.
In June 2013, the Partnership redeemed its interest in the Iona Lakes mortgage revenue bond for approximately $21.9 million. This redemption resulted in the realization of approximately $6.5 million in contingent interest income and approximately $4.6 million realized loss on a taxable property loan. The trust indenture for this bond had a waterfall feature which stipulated that all unpaid contingent interest must be paid prior to making payment on any taxable loan between the owner of the bond and the property.
The Partnership, as sole bondholder, previously directed the bond trustee to file a foreclosure action on the Woodland Park mortgage revenue bond. On February 28, 2013, the court granted Summary Judgment in the bond trustee's favor confirming that the mortgage revenue bond is senior to mechanic's liens filed on the property. Woodland Park became an MF Property upon title conveyance which occurred on May 29, 2013 (Note 7). The Partnership requested the mortgage revenue bond issuer to remove the LURA on the property and the units have been converted to 100% market-rate rents. The Partnership may convert the property back to a rent restricted property, seek to place new financing on the property, and acquire the mortgage revenue bonds.
In June 2013, the Partnership acquired six mortgage revenue bonds secured by three properties located in San Antonio, Texas. The mortgage revenue bond purchases are as follows: approximately $5.9 million par value Series A and approximately $2.5 million par value Series B mortgage revenue bonds secured by the Avistar at the Oaks Apartments (formerly known as ("f/k/a") Dublin Apartments), a 156 unit multifamily apartment complex; approximately $3.1 million Series A and approximately $2.3 million Series B mortgage revenue bonds secured by the Avistar on the Hills Apartments (f/k/a Kingswood Apartments), a 129 unit multifamily apartment complex; and approximately $5.5 million Series A and approximately $1.7 million Series B mortgage revenue bonds secured by Avistar in 09 Apartments (f/k/a Waterford Apartments), a 133 unit multifamily apartment complex. The three Series A mortgage revenue bonds each carry an annual interest rate of 6.0% per annum and mature on August 1, 2050. The three Series B mortgage revenue bonds each carry an annual base interest rate of 9.0% per annum and mature on September 1, 2050. The Partnership also acquired approximately $831,000 of taxable mortgage revenue bonds which also carry a base interest rate of 9.0% per annum and mature on September 1, 2050. The Company has determined that the entity which owns the three properties is an unrelated not-for-profit which under the accounting guidance is not subject to applying the VIE consolidation guidance. As a result, the properties' financial statements are not consolidated into the consolidated financial statements of the Company.
In April 2013, the Partnership acquired the Series C mortgage revenue bond secured by the Renaissance Gateway Apartments, a 208 unit multifamily apartment complex located in New Orleans, Louisiana for approximately $2.9 million par value. This property is undergoing a major rehabilitation and the Partnership has agreed to fund a total of approximately $8.6 million of a Series A mortgage revenue bond during construction which is estimated to be completed on June 30, 2014. During the third and fourth quarter of 2013, the Partnership purchased $1.3 million par value Series B and $3.9 million par value Series A, respectively, mortgage revenue bonds. During the first quarter of 2014, the Partnership purchased an additional approximate $2.5 million par value Series A mortgage revenue bond. The Series C mortgage revenue bond carries a base interest rate of 12.0% per annum and matures on June 1, 2015. The Series A and Series B mortgage revenue bonds carry a base interest rate of 6% and 12% per annum, respectively, maturing on June 1, 2030. Upon completion of construction and stabilization, the approximate $2.9 million Series C bond will be paid back on the earlier of when the property receives its final equity contribution by the limited partner or June 1, 2015. The Partnership accounts for the remaining Bond Purchase Commitment as an available-for-sale security and, as such, records the change in estimated fair value of the Bond Purchase Commitment as an asset or liability with changes in such valuation recorded in other comprehensive income.  As of March 31, 2014, the Partnership estimated the value of this Bond Purchase Commitment and recorded a liability of approximately $64,000.
In February 2013, the Partnership acquired six mortgage revenue bonds secured by three properties located in San Antonio, Texas. The bond purchases are as follows: approximately $13.8 million par value Series A and approximately $3.2 million par value Series B mortgage revenue bonds secured by the Avistar on the Boulevard, a 344 unit multifamily apartment complex; approximately $9.0 million Series A and approximately $2.0 million Series B mortgage revenue bonds secured by the Avistar at Chase Hill, a 232 unit multifamily apartment complex; and approximately $8.8 million Series A and approximately $1.7 million Series B mortgage revenue bonds secured by Avistar at the Crest, a 200 unit multifamily apartment complex. The three Series A mortgage revenue bonds each carry an annual interest rate of 6.0% per annum and mature on March 1, 2050. The three Series B mortgage revenue bonds each carry an annual base interest rate of 9.0% per annum and mature on April 1, 2050. The Partnership also acquired approximately $804,000 of taxable mortgage revenue bonds which also carry a base interest rate of 9.0% per annum and mature on April 1, 2050. The Company has determined that the entity which owns the three Avistar properties is an unrelated not-for-profit which under the accounting guidance is not subject to applying the VIE consolidation guidance. As a result, the properties' financial statements are not consolidated into the consolidated financial statements of the Company.
In December 2012, the Partnership purchased a $6,049,000 subordinate mortgage revenue bond and a $934,000 subordinate taxable bond both secured by the Vantage at Judson apartments. This property is located in San Antonio, Texas and is currently under construction. Both bonds mature on February 1, 2053 and carry an annual cash interest rate of 9.0% per annum plus allow for an additional 3.0% per annum of interest calculated on the property's cash flows after debt service. The Vantage at Judson apartments has a construction loan with an unrelated bank and the Partnership's mortgage revenue and taxable bonds are second lien borrowings to that construction loan. The property will have 288 units when construction is completed in the spring of 2014.
Under the terms of a Bond Purchase Commitment, the Partnership has agreed to purchase a new mortgage revenue bond of between $20,638,000 to $26,687,000 (“Judson Series B Bond”) secured by the Vantage at Judson apartments which will be delivered by the mortgage revenue bond issuer once the property meets specific obligations and occupancy rates. The final amount of the Series B Bond will depend on the appraisal of the stabilized property. The Judson Series B Bond will have a stated annual interest rate of 6.0% per annum and bond proceeds must be used to pay off the construction loan to the Bank and all or a portion of the $6,049,000 subordinate mortgage revenue bond. If the property does not meet its specific obligations and required occupancy rate before January 1, 2015, the Partnership has the right to terminate the Bond Purchase Commitment. The Partnership accounts for the Bond Purchase Commitment as an available-for-sale security and, as such, records the change in estimated fair value of the Bond Purchase Commitment as an asset or liability with changes in such valuation recorded in other comprehensive income.  As of March 31, 2014, the Partnership estimated the value of this Bond Purchase Commitment and recorded a liability of approximately $606,000.
Valuation - As all of the Company’s investments in mortgage revenue bonds are classified as available-for-sale securities, they are carried on the balance sheet at their estimated fair values.  Due to the limited market for the mortgage revenue bonds, these estimates of fair value do not necessarily represent what the Company would actually receive in a sale of the mortgage revenue bonds.  There is no active trading market for the mortgage revenue bonds and price quotes for the mortgage revenue bonds are not generally available.  As of March 31, 2014, all of the Company’s mortgage revenue bonds were valued using discounted cash flow and yield to maturity analyses performed by management.  Management’s valuation encompasses judgment in its application.  The key assumption in management’s yield to maturity analysis is the range of effective yields on the individual mortgage revenue bonds.  The effective yield analysis for each mortgage revenue bond considers the current market yield on similar mortgage revenue bonds as well as the debt service coverage ratio of each underlying property serving as collateral for the mortgage revenue bond. At March 31, 2014, the range of effective yields on the individual mortgage revenue bonds was 5.8% to 9.3% per annum.  At December 31, 2013, the range of effective yields on the individual mortgage revenue bonds was 6.3% to 9.8% per annum. Additionally, the Company calculated the sensitivity of the key assumption used in calculating the fair values of these mortgage revenue bonds.  Assuming a 10% adverse change in the key assumption, the effective yields on the individual mortgage revenue bonds would increase to a range of 6.3% to 10.2% per annum and would result in additional unrealized losses on the mortgage revenue bond portfolio of approximately $23.8 million.  This sensitivity analysis is hypothetical and is as of a specific point in time.  The results of the sensitivity analysis may not be indicative of actual changes in fair value and should be used with caution.  If available, the general partner may also consider price quotes on similar mortgage revenue bonds or other information from external sources, such as pricing services.  Pricing services, broker quotes and management’s analyses provide indicative pricing only.
Unrealized gains or losses on these mortgage revenue bonds are recorded in accumulated other comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the underlying properties. As of March 31, 2014, the Avistar at the Crest and Woodlyn Village mortgage revenue bond investments had been in an unrealized loss position for greater than twelve months.  The Company has the intent and ability to hold the mortgage revenue bonds until their final maturity.

Public_Housing_Capital_Fund_Tr

Public Housing Capital Fund Trusts	3 Months Ended
	Mar. 31, 2014
Public Housing Capital Fund Trusts [Abstract]	'
Investments in Debt and Equity Investments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses), Public Housing Capital Funds Trust [Text Block]	'
	Public Housing Capital Fund Trust Certificates
	The Company owns 100% of the residual participation receipts (“LIFERs”) in three tender option bond trusts (“PHC TOB Trusts”). At March 31, 2014, the PHC TOB Trusts own approximately $63.6 million of Public Housing Capital Fund Certificates (“PHC Certificates”) issued by three trusts ("PHC Trusts") sponsored by Deutsche Bank ("DB"). The assets held by the PHC Trusts consist of custodial receipts evidencing loans made to a number of local public housing authorities. Principal and interest on these loans are payable by the respective public housing authorities out of annual appropriations to be made to the public housing authorities by the United States Department of Housing and Urban Development (“HUD”) under HUD's Capital Fund Program established under Quality Housing and Work Responsibility Act of 1998 (the “Capital Fund Program”). The PHC Trusts have a first lien on these annual Capital Fund Program payments to secure the public housing authorities' respective obligations to pay principal and interest on their loans. The loans payable by the public housing authorities are not debts of, or guaranteed by, the United States of America or HUD. Interest payable on the public housing authority debt held by the PHC Trusts is exempt from federal income taxes. The PHC Certificates issued by each of the PHC Trusts have been rated investment grade by Standard & Poor's.
	The Company determined that the three PHC TOB trusts are variable interest entities and that the Company was the primary beneficiary of each of the three PHC TOB trusts. As a result, the Company reports the PHC TOB Trusts on a consolidated basis and the senior floating-rate participation interest (“SPEARS”) as debt financing. In determining the primary beneficiary of these specific VIEs, the Company considered who has the power to control the activities of the VIEs which most significantly impact their financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The indenture for the PHC TOB trusts stipulates that the Company has the sole right to cause the PHC TOB trusts to sell the PHC Certificates. If they were sold, the extent to which the VIEs will be exposed to gains or losses associated with variability in the PHC Certificates' fair value arising from changes in municipal bond market rates therefore would result from decisions made by the Company.
	The Company had the following investments in the PHC Certificates on March 31, 2014:
	Description of Public Housing Capital Fund Trust Certificates	Cost adjusted for amortization of premium and discounts			Unrealized Gain			Unrealized Loss			Estimated Fair Value
	Public Housing Capital Fund Trust Certificate I	$	27,944,615		$	—		$	(806,331	)	$	27,138,284
	Public Housing Capital Fund Trust Certificate II	15,868,140			—			(485,322		)	15,382,818
	Public Housing Capital Fund Trust Certificate III	20,444,661			—			(895,223		)	19,549,438
		$	64,257,416		$	—		$	(2,186,876	)	$	62,070,540
	The Company had the following investments in the PHC Certificates on December 31, 2013:
	Description of Public Housing Capital Fund Trust Certificates	Cost adjusted for amortization of premium and discounts			Unrealized Gain			Unrealized Loss			Estimated Fair Value
	Public Housing Capital Fund Trust Certificate I	$	27,979,527		$	—		$	(1,284,873	)	$	26,694,654
	Public Housing Capital Fund Trust Certificate II	17,486,739			—			(1,083,235		)	16,403,504
	Public Housing Capital Fund Trust Certificate III	20,434,848			—			(1,476,627		)	18,958,221
		$	65,901,114		$	—		$	(3,844,735	)	$	62,056,379
	Valuation - As all of the Company’s investments in PHC Certificates are classified as available-for-sale securities, they are carried on the balance sheet at their estimated fair values.  Due to the limited market for the PHC Certificates, these estimates of fair value do not necessarily represent what the Company would actually receive in a sale of the certificates.  The estimates of the fair values of these PHC certificates is based on a yield to maturity analysis which begins with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts adjusted largely for unobservable inputs the General Partner believes would be used by market participants. Management’s valuation encompasses judgment in its application and pricing as determined by pricing services, when available, is compared to Management's estimates.  The PHC Certificates are AA- and BBB rated. The Company has concluded that the PHC Certificates are not other than temporarily impaired as of March 31, 2014 as it has the intent and ability to hold this investment until its final maturity.
	At March 31, 2014, the range of effective yields on the PHC Certificates was 4.2% to 5.4% per annum.  At December 31, 2013, the range of effective yields on the PHC Certificates was 4.2% to 5.4% per annum. Additionally, the Company calculated the sensitivity of the key assumption used in calculating the fair values of these PHC Certificates.  Assuming a 10% adverse change in the key assumption, the effective yields on the PHC Certificates would increase to a range of 5.5% to 6.8% per annum and would result in additional unrealized losses on the PHC Certificates of approximately $2.7 million.  This sensitivity analysis is hypothetical and is as of a specific point in time.  The results of the sensitivity analysis may not be indicative of actual changes in fair value and should be used with caution.  If available, the general partner may also consider other information from external sources, such as pricing services.  Pricing services and management’s analysis provide indicative pricing only.
	The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts on March 31, 2014:
		Weighted Average Lives (Years)		Investment Rating	Weighted Average Interest Rate over Life		Principal Outstanding
	Public Housing Capital Fund Trust Certificate I	12.75		AA-	5.33	%	$	26,406,558
	Public Housing Capital Fund Trust Certificate II	12.3		AA-	4.24	%	16,330,476
	Public Housing Capital Fund Trust Certificate III	13.3		BBB	5.41	%	20,898,432
	Total Public Housing Capital Fund Trust Certificates						$	63,635,466
	The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts on December 31, 2013:
		Weighted Average Lives (Years)		Investment Rating	Weighted Average Interest Rate over Life		Principal Outstanding
	Public Housing Capital Fund Trust Certificate I	12.75		AA-	5.33	%	$	26,406,558
	Public Housing Capital Fund Trust Certificate II	12.3		AA-	4.24	%	17,959,713
	Public Housing Capital Fund Trust Certificate III	13.3		BBB	5.41	%	20,898,432
	Total Public Housing Capital Fund Trust Certificates						$	65,264,703

MortgageBacked_Securities

Mortgage-Backed Securities	3 Months Ended
	Mar. 31, 2014
Mortgage-Backed Securities [Abstract]	'
Investments in Debt and Equity Investments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses), Mortgage Backed Securities [Text Block]	'
	Mortgage-Backed Securities ("MBS")
	Between November 2012 and April 2013, the Company executed six securitizations of mortgage-backed securities ("MBS TOB Trusts"). The Company purchased the LIFERS issued by the six MBS TOB Trusts for approximately $9.2 million.
	Each of the six MBS TOB Trusts issued SPEARS to unaffiliated investors; these SPEARS totaled approximately $34.9 million at issuance. The SPEARS represent senior interests in the MBS TOB Trusts and have been credit enhanced by DB. The LIFERS entitle the Company to all principal and interest payments received by the MBS TOB Trust on the securitized MBS after payments due to the holders of the SPEARs and trust costs. The SPEARS bear interest at a variable rate based on Securities Industry and Financial Markets Association ("SIFMA").
	The Company determined that the six MBS TOB Trusts are variable interest entities and that the Company was the primary beneficiary of each of them. As a result, the Company reports the MBS TOB Trusts on a consolidated basis and the SPEARS as debt financing. In determining the primary beneficiary of these specific VIEs, the Company considered who has the power to control the activities of the VIEs which most significantly impact their financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The indenture for the MBS TOB Trusts stipulates that the Company has the sole right to cause the MBS TOB Trusts to sell the MBS. If they were sold, the extent to which the MBS TOB Trusts will be exposed to gains or losses associated with variability in the MBS' fair value arising from changes in municipal bond market rates therefore would result from decisions made by the Company.
	The carrying value of the Company's MBS as of March 31, 2014 is as follows:
	Agency Rating of MBS (1)	Cost adjusted for amortization of premium		Unrealized Gain				Unrealized Loss			Estimated Fair Value
	"AAA"	$	23,171,299	$	—			$	(1,705,070	)	$	21,466,229
	"AA"	20,619,617		—				(2,163,245		)	18,456,372
		$	43,790,916	$	—			$	(3,868,315	)	$	39,922,601
	(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.
	The carrying value of the Company's MBS as of December 31, 2013 is as follows:
	Agency Rating of MBS (1)	Cost adjusted for amortization of premium		Unrealized Gain				Unrealized Loss			Estimated Fair Value
	"AAA"	$	23,177,115	$	—			$	(3,069,555	)	$	20,107,560
	"AA"	20,624,701		—				(2,886,600		)	17,738,101
		$	43,801,816	$	—			$	(5,956,155	)	$	37,845,661
	(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.
	Valuation - The Company values each MBS based upon prices obtained from a third party pricing service, which are indicative of market activity. The valuation methodology of the Company's third party pricing service incorporates commonly used market pricing methods, incorporates trading activity observed in the market place, and other data inputs. The methodology also considers the underlying characteristics of each security, which are also observable inputs, including: coupon; maturity date; loan age; reset date; collateral type; geography; and prepayment speeds. Management analyzes pricing data received from the third party pricing service by comparing it to valuation information obtained from at least one other third party pricing service and ensuring they are within a tolerable range of difference which the Company estimates as 7.5%. Management also looks at observations of trading activity observed in the market place when available. At March 31, 2014 and December 31, 2013, the range of effective yields on the individual MBS was 3.6% to 5.4% per annum.  Additionally, the Company calculated the sensitivity of the key assumption used in calculating the fair values of the MBS which is the effective yield on new issuances of similarly rated MBS.  Assuming a 10% adverse change in that key assumption, the effective yields on the MBS would increase to a range of 4.4% to 5.4% per annum and would result in additional unrealized losses on the bond portfolio of approximately $2.2 million.  This sensitivity analysis is hypothetical and is as of a specific point in time.  The results of the sensitivity analysis may not be indicative of actual changes in fair value and should be used with caution.  Pricing services and management’s analysis provide indicative pricing only. The MBS have been in an unrealized loss position for more than twelve months and the Company does not believe the investment is other than temporarily impaired as of March 31, 2014 as it has the intent and ability to hold these investments until their estimated fair value recover to the carrying cost or until final maturity.
	The MBS are backed by residential mortgage loans and interest payable from the MBS is exempt from federal income taxation. Description of certain terms of the Company's MBS is as follows:
	Agency Rating of MBS	Principal Outstanding March 31, 2014		Weighted Average Maturity Date		Weighted Average Coupon Interest Rate
	"AAA"	$	22,710,000	January 14, 2036		4.22	%
	"AA"	20,120,000		January 18, 2036		4	%
		$	42,830,000

Real_Estate_Assets

Real Estate Assets	3 Months Ended
	Mar. 31, 2014
Real Estate Assets [Abstract]	'
Property, Plant and Equipment Disclosure [Text Block]	'
	Real Estate Assets
	MF Properties
	To facilitate its investment strategy of acquiring additional mortgage revenue bonds secured by MF Properties, the Company has acquired through its various subsidiaries 99% limited partner positions in three limited partnerships and 100% member positions in six limited liability companies that own the MF Properties. The financial statements of these properties are consolidated with those of the Company.  The general partners of these partnerships are unaffiliated parties and their 1% ownership interest in these limited partnerships is reflected in the Company’s consolidated financial statements as noncontrolling interests. The Company expects each of these MF Properties to eventually be sold either to a not-for-profit entity or in connection with a syndication of LIHTCs. The Company expects to purchase mortgage revenue bonds issued by the new property owners as part of the restructuring.
	Recent Transactions
	The Partnership, as sole bondholder, previously directed the bond trustee to file a foreclosure action on the Woodland Park mortgage revenue bond. On February 28, 2013, the court granted Summary Judgment in the bond trustee's favor confirming that the mortgage revenue bond is senior to mechanic's liens filed on the property. Woodland Park became an MF Property at a net asset value of approximately $15.7 million upon conveyance of title on May 29, 2013. The Partnership requested the mortgage revenue bond issuer to remove the LURA on the property and the units have been converted to 100% market-rate rents. The Partnership may convert the property back to a rent restricted property, seek to place new financing on the property, and acquire the mortgage revenue bonds.
	In March 2013, a wholly-owned subsidiary of the Company executed a 35-year ground lease with the University of Nebraska - Lincoln (“Lessor”) with an annual lease payment of $100. The leased property will have a mixed-use development consisting of a 1,605 stall parking garage and 475 bed student housing complex constructed on it. The Lessor will own the parking garage for which it will contribute approximately $16.7 million to its construction. The Company will own the student housing complex (named "The 50/50") and currently estimates that construction will cost approximately $34.0 million. The Company executed a guaranteed maximum price contract with the general contractor for the construction on the mixed-use development. The Company expects to restructure its ownership of The 50/50 into a mortgage revenue bond holding after the construction is completed (which is estimated as August 1, 2014) and when the development has a sufficient history of operating results. To finance the construction of the student housing complex, the Company has executed an interest-only loan to borrow up to $25.5 million for a three year term at a variable interest rate. The Company also secured $4.3 million tax-incremental financing loan which is for a term of five years, carries a fixed interest rate of approximately 4.7% per annum, requires principal payments commencing after 24 months and has a balloon payment due at maturity. The Company has borrowed approximately $15.2 million on this facility as of March 31, 2014 (Notes 11).
	The Company had the following investments in MF Properties as of March 31, 2014 and December 31, 2013:
	MF Properties
	Property Name	Location		Number of Units	Land and Land Improvements		Buildings and		Carrying Value at March 31, 2014
							Improvements
	Arboretum	Omaha, NE		145	$	1,739,554	$	19,141,780	$	20,881,334
	Eagle Village	Evansville, IN		511	567,880		12,354,057		12,921,937
	Glynn Place	Brunswick, GA		128	743,996		4,945,617		5,689,613
	Maples on 97th	Omaha, NE		258	1,180,058		7,637,546		8,817,604
	Meadowview	Highland Heights, KY		118	688,539		5,438,175		6,126,714
	Residences of DeCordova	Granbury, TX		110	1,137,832		7,972,119		9,109,951
	Residences of Weatherford	Weatherford, TX		76	1,927,701		5,708,594		7,636,295
	Woodland Park	Topeka, KS		236	1,260,032		14,048,525		15,308,557
	Construction work in process	Lincoln, NE		N/A	—		22,766,439		22,766,439
									109,258,444
	Less accumulated depreciation (depreciation expense of approximately $1.0 million in 2014)								(10,403,003		)
	Balance at March 31, 2014								$	98,855,441
	MF Properties
	Property Name	Location		Number of Units	Land and Land Improvements		Buildings and		Carrying Value at December 31, 2013
							Improvements
	Arboretum	Omaha, NE		145	$	1,739,554	$	19,123,872	$	20,863,426
	Eagle Village	Evansville, IN		511	567,880		12,336,975		12,904,855
	Glynn Place	Brunswick, GA		128	743,996		4,937,172		5,681,168
	Maples on 97th	Omaha, NE		258	1,180,058		7,613,668		8,793,726
	Meadowview	Highland Heights, KY		118	688,539		5,416,293		6,104,832
	Residences of DeCordova	Granbury, TX		110	1,137,832		7,965,574		9,103,406
	Residences of Weatherford	Weatherford, TX		76	1,927,701		5,695,600		7,623,301
	Woodland Park	Topeka, KS		236	1,260,032		14,033,777		15,293,809
	Construction work in process	Lincoln, NE		N/A	—		13,130,325		13,130,325
									99,498,848
	Less accumulated depreciation (depreciation expense of approximately $3.8 million in 2013)								(9,386,811		)
	Balance at December 31, 2013								$	90,112,037
	Acquisitions
	The Woodland Park property purchase price allocation is disclosed pursuant to the accounting guidance on business combinations. A condensed balance sheet for each at the date of acquisitions is included below.
		Woodland Park 5/29/2013 (Date of Acquisition)
	Other current assets	$	201,321
	In-place lease assets	403,216
	Real estate assets	15,258,784
	Total Assets	$	15,863,321
	Accounts payable, accrued expenses and other	$	192,345
	Net assets	15,670,976
	Total liabilities and net assets	$	15,863,321
	The table below shows the pro forma condensed consolidated results of operations of the Company as if Woodland Park had been acquired at the beginning of the periods presented:
		For Three Months Ended March 31, 2013
	Revenues	$	13,120,230
	Net income	8,384,989
	Net income allocated to unitholders	8,113,561
	Unitholders' interest in net income per unit (basic and diluted)	$	0.19
	Consolidated VIE Properties
	In addition to the MF Properties, the Company consolidates the assets, liabilities and results of operations of the Consolidated VIEs in accordance with the accounting guidance on consolidations.  Although the assets of these VIEs are consolidated, the Company has no ownership interest in the VIEs other than to the extent they serve as collateral for the mortgage revenue bonds owned by the Partnership.  The results of operations of those properties are recorded by the Company in consolidation but any net income or loss from these properties does not accrue to the unitholders or the general partner, but is instead included in "Unallocated deficit of Consolidated VIEs.”
	The Company consolidated the following properties owned by Consolidated VIEs in continuing operations as of March 31, 2014 and December 31, 2013:
	Consolidated VIEs
	Property Name	Location		Number of Units	Land and Improvements		Buildings and Improvements		Carrying Value at March 31, 2014
	Bent Tree Apartments	Columbia, SC		232	$	986,000	$	12,114,039	$	13,100,039
	Fairmont Oaks Apartments	Gainesville, FL		178	850,400		8,856,097		9,706,497
									22,806,536
	Less accumulated depreciation (depreciation expense of approximately $233,000 in 2014)								(9,965,843		)
	Balance at March 31, 2014								$	12,840,693
Consolidated VIEs
Property Name	Location		Number of Units	Land and Improvements		Buildings and Improvements		Carrying Value at December 31, 2013
Bent Tree Apartments	Columbia, SC		232	$	986,000	$	12,097,419	$	13,083,419
Fairmont Oaks Apartments	Gainesville, FL		178	850,400		8,845,020		9,695,420
								22,778,839
Less accumulated depreciation (depreciation expense of approximately $1.4 million in 2013)								(9,741,942		)
Balance at December 31, 2013								$	13,036,897

Other_Assets

Other Assets	3 Months Ended
	Mar. 31, 2014
Other Assets [Abstract]	'
Other Assets Disclosure [Text Block]	'
	Other Assets
	The Company had the following Other assets as of dates shown:
		March 31, 2014			December 31, 2013
	Taxable property loans receivable	$	21,620,927		$	21,549,927
	Less: Loan loss reserves	(13,521,993		)	(13,218,291		)
	Deferred financing costs - net	2,792,743			2,503,679
	Fair value of derivative contracts	1,103,782			888,120
	Taxable bonds at estimated fair value	4,298,957			4,075,953
	Land held for sale	1,465,000			1,465,000
	Other assets	582,667			899,426
	Total Other assets	$	18,342,083		$	18,163,814
	In addition to the mortgage revenue bonds held by the Company, taxable property loans have been made to the owners of the properties which secure the mortgage revenue bonds and are reported as taxable property loans receivable in Other assets, net of loan loss reserves.  The Company periodically, or as changes in circumstances or operations dictate, evaluates such taxable property loans receivable for impairment.  The value of the underlying property assets is ultimately the most relevant measure of value to support the taxable property loan values.  The Company utilizes a discounted cash flow model in estimating a property fair value.  Discounted cash flow models containing varying assumptions are considered.   The various models may assume multiple revenue and expense scenarios, various capitalization rates and multiple discount rates.  Other information, such as independent appraisals, may be considered in estimating a property fair value.  If the estimated fair value of the property after deducting the amortized cost basis of any senior mortgage revenue bond exceeds the principal balance of the taxable property loan then no potential loss is indicated and no loan loss reserve for taxable property loans is needed. In estimating the property valuation, the most significant assumptions utilized in the discounted cash flow model remained the same as discussed in the Form 10-K and include revenue and expense projections and capitalization rates.
	On November 26, 2013, the Company executed a loan agreement with Foundation for Affordable Housing, a not-for-profit borrower, for approximately $1.6 million. The proceeds from this loan were used to fund a portion of the not-for-profit borrower’s acquisition of Abbington at Stones River, a 96 unit multifamily property located in Tennessee. The term of the loan is approximately eighteen months and the stated interest rate is 9.0% per annum.
	In August 2013, the Partnership acquired a Series C mortgage revenue bond and a forward contract to support the construction of Vantage at Harlingen Apartments in Harlingen, Texas. In conjunction with this contract, the Partnership acquired an approximate $1.3 million taxable mortgage revenue bond which carries a base interest rate of 9.0% per annum and matures on August 1, 2053. This taxable mortgage revenue bond is reported as part of the Taxable bonds at fair value in Other assets. Please see the Fair Value Measurement footnote (footnote 15) for the detailed description of the fair value estimation process for the taxable mortgage bonds.
	In June 2013, the Partnership acquired six mortgage revenue bonds secured by three properties located in San Antonio, Texas, Avistar at the Oaks Apartments (f/k/a Dublin Apartments), Avistar on the Hills Apartments (f/k/a Kingswood Apartments), and Avistar in 09 Apartments (f/k/a Waterford Apartments). The Partnership also acquired approximately $831,000 of taxable mortgage revenue bonds which carry a base interest rate of 9.0% per annum and mature on September 1, 2050. These are reported as part of the Taxable bonds at fair value in Other assets.
	In February 2013, the Partnership acquired six mortgage revenue bonds secured by three properties located in San Antonio, Texas, Avistar on the Boulevard, Avistar at Chase Hill, and Avistar at the Crest. The Partnership also acquired approximately $804,000 of taxable mortgage revenue bonds which carry a base interest rate of 9.0% per annum and mature on April 1, 2050. These are reported as part of the Taxable bonds at fair value in Other assets.
	During the first three months of 2014, the Partnership advanced additional funds to Cross Creek and the Ohio Properties of approximately $42,000 and $29,000, respectively. During the first three months of 2014, the Partnership recorded loan loss reserves equal to the accrued interest on the Ashley Square, Cross Creek, Greens, Lake Forest, and the Ohio Properties taxable property loans receivable because the Partnership has determined they are not reasonably assured. During the first three months of 2013, the Partnership advanced additional funds to Ashley Square, Iona Lakes and the Ohio Properties of approximately $65,000, $224,000, and $42,000, respectively. Due to the recognized sale of the Ohio and Greens Properties, the taxable property loans receivable with the Ohio and Greens Properties are no longer eliminated upon consolidation (Note 9). During the first three months of 2013, the Partnership recorded loan loss reserves equal to the accrued interest on the Ashley Square, Cross Creek, Greens and the Ohio Properties taxable property loans receivable because the Partnership has determined they are not reasonably assured.
	The following is a summary of the taxable property loans receivable, accrued interest and loan loss reserves on the amounts due at March 31, 2014 and December 31, 2013, respectively:
		March 31, 2014
		Outstanding Balance			Accrued Interest			Loan Loss Reserves			Net Taxable Property Loans
	Arbors at Hickory Ridge	$	191,264		$	16,170		$	—		$	207,434
	Ashley Square	5,078,342			2,153,414			(5,749,756		)	1,482,000
	Cross Creek	6,863,087			1,889,454			(5,261,926		)	3,490,615
	Greens Property	876,000			160,626			(1,594		)	1,035,032
	Foundation for Affordable Housing	1,603,083			50,373			—			1,653,456
	Lake Forest	4,618,704			2,258,855			(2,293,020		)	4,584,539
	Ohio Properties	2,390,447			659,529			(215,697		)	2,834,279
		$	21,620,927		$	7,188,421		$	(13,521,993	)	$	15,287,355
		December 31, 2013
		Outstanding Balance			Accrued Interest			Loan Loss Reserves			Net Taxable Property Loans
	Arbors at Hickory Ridge	$	191,264		$	12,979		$	—		$	204,243
	Ashley Square	5,078,342			2,053,415			(5,649,757		)	1,482,000
	Cross Creek	6,821,087			1,825,389			(5,197,861		)	3,448,615
	Greens Property	876,000			130,563			(921		)	1,005,642
	Foundation for Affordable Housing	1,603,083			13,989			—			1,617,072
	Lake Forest	4,618,704			2,148,881			(2,183,046		)	4,584,539
	Ohio Properties	2,361,447			585,377			(186,706		)	2,760,118
		$	21,549,927		$	6,770,593		$	(13,218,291	)	$	15,102,229
	The following is a detail of loan loss reserves for the nine months and year ended March 31, 2014 and December 31, 2013:
		31-Mar-14			31-Dec-13
	Balance, beginning of year	$	13,218,291		$	18,134,902
	Realized loss on taxable loan - Iona Lakes	—			(7,216,484		)
	Provision for loan loss	—			168,000
	Deconsolidation of VIEs	—			2,146,974
	Write off due to foreclosure	—			(1,278,124		)
	Accrued interest not recognized	303,702			1,263,023
	Balance, end of year	$	13,521,993		$	13,218,291
	In June 2013, the Partnership redeemed its interest in the Iona Lakes mortgage revenue bond for approximately $21.9 million. This redemption resulted in the realization of approximately $6.5 million in contingent interest income and approximately $4.6 million realized loss on taxable property loans.

Discontined_Operations

Discontined Operations	3 Months Ended
	Mar. 31, 2014
Discontinued Operations [Abstract]	'
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
	Discontinued Operations
	In June 2010, the Company completed a sales transaction whereby the Ohio Properties were sold to three new ownership entities controlled by an unaffiliated not-for-profit entity and in October 2011, the three limited partnerships that own the Ohio Properties admitted two entities that are affiliates of BC Partners as new limited partners as part of a syndication of LIHTCs. The BC Partners agreed to contribute equity to these limited partnerships, subject to the Ohio Properties meeting certain debt service coverage ratios specified in the applicable limited partnership agreements. As such, there was not sufficient equity invested at closing by the not-for-profit or BC Partners into the Ohio Properties to allow the Company to recognize a real estate sale for accounting purposes. During the first quarter of 2013, BC Partners contributed $6.5 million of capital into the Ohio Properties which was sufficient to allow the Company to recognize the sale for accounting purposes. This gain on sale of discontinued operations was approximately $1.8 million.
	The deposit method of accounting for real estate sales required both the deferral of the gain from the real estate sale and also did not allow recognition of the interest payments by the Ohio Properties to the Company between June 2010 and the date of the equity contribution by BC Partners. In conjunction with the recognition of the real estate sale, approximately $3.5 million of interest has been recognized within investment income in the first three months of 2013 which represents the interest payments received from the Ohio Properties between June 2010 and December 2012. In addition, the Partnership reported approximately $1.1 million in taxable note interest income received from the Ohio Properties and $250,000 guarantee fee from the general partner of the Ohio Properties during the first quarter of 2013. Due to the deposit method of accounting, the Company recognized the sale of the Ohio Properties and the purchase of the mortgage revenue bonds they secure in the consolidated statement of cash flows during the first quarter of 2013. The Ohio Properties contributed approximately $138,000 to income from discontinued operations for the three months ended March 31, 2013.
	In October 2012, the limited partnership that owns the Greens Property admitted two entities that are affiliates of BC Partners as new limited partners as part of a syndication of LIHTCs on the Greens Property. Prior to the execution of the admittance of the new limited partners, the Company had entered into an agreement to sell the Greens Property for approximately $7.3 million to an unaffiliated not-for-profit which is the general partner of the limited partnership that now owns the Greens Property.  That sale was conditional on securing the mortgage revenue bond and low-income housing tax credits from the North Carolina Housing Finance Agency.  The $961,000 BC Partners equity contribution made into this limited partnership in October 2012 was not sufficient to allow the Company to recognize a real estate sale for accounting purposes. In July 2013, BC Partners made their required $800,000 capital contribution into the Greens Property as construction was 75% complete.
	The Company purchased 100% of the mortgage revenue bonds issued as part of the agreement to finance the acquisition and rehabilitation of the Greens Property. The Series A mortgage revenue bond has approximately $8.5 million par value and bear interest at 6.5% per annum. The Series B mortgage revenue bond has a $950,000 par value and bears interest at 12.0% per annum. Both series of mortgage revenue bonds mature in October 1, 2047. The Company also obtained an $850,000 taxable property loan secured by the Greens Property at closing.
	The July 2013 equity payment provided sufficient invested equity to recognize a real estate sale for accounting purposes and the Company recorded the sale of this discontinued operation. This gain on sale of discontinued operations was approximately $1.4 million. The deposit method of accounting for real estate sales required both the deferral of the gain from the real estate sale and also did not allow recognition of the interest payments by the Greens Property to the Company between October 2012 and the July 2013, the date of the second equity contribution by BC Partners. In conjunction with the recognition of the real estate sale, approximately $523,000 of interest was recognized within investment income in the third quarter of 2013 which represents the interest payments received from the Greens Property between October 2012 and July 31, 2013. The Greens Property contributed a loss from discontinued operations of approximately $157,000 for the three months ended March 31, 2013.
	There were no assets and liabilities of discontinued operations to report at March 31, 2014 and December 31, 2013.
	The following presents the revenues, expenses and income from discontinued operations:
		For Three Months Ended March 31, 2013
	Rental revenues	$	347,143
	Expenses	189,651
	Income from continuing operations of the discontinued operations	157,492
	Gain on sale of discontinued operations	1,775,527
	Net income from discontinued operations	$	1,933,019

Debt_Financing

Debt Financing	3 Months Ended
	Mar. 31, 2014
Debt Financing [Abstract]	'
Debt Disclosure [Text Block]	'
	Debt Financing
	At March 31, 2014 and December 31, 2013, the Company reported outstanding debt financing of approximately $257.5 million and approximately $257.3 million, respectively, under separate credit facilities.
	Other Financings
	In March 2014, the Partnership obtained two $5.0 million unsecured revolving lines of credit. The first revolving line of credit carries a variable interest rate which was approximately 3.5% at date of closing and matures in March 2015. The second revolving line of credit also carries a variable interest rate which was approximately 3.4% at date of closing and matures in March 2016. On March 31, 2014, the Partnership had not borrowed funds on either line of credit. The lines of credit will be utilized to help with short-term working capital needs and to fund new investments during the periods of time that Company is working with its lender to finalize new TOB financings of assets.
	Tender Option Bond Financings
	Description of the Tender Option Bond Financings		Outstanding Debt Financing at March 31, 2014		Stated Maturity
	PHC Certificates-TOB Trust		$	47,820,000	Jun-14
	Autumn Pines-TOB Trust		9,770,000		Jul-14
	MBS - TOB Trust 1		2,585,000		Oct-14
	MBS - TOB Trust 2		4,090,000		Oct-14
	MBS - TOB Trust 3		2,865,000		Oct-14
	MBS - TOB Trust 4		5,960,000		Oct-14
	MBS - TOB Trust 5		10,545,000		Oct-14
	Greens of Pine Glen - TOB Trust		5,685,000		Jun-14
	Arbors of Hickory Ridge - TOB Trust		7,000,000		Aug-14
	MBS - TOB Trust 6		7,825,000		Aug-14
	Avistar (February 2013 portfolio) - TOB Trust (1)		20,000,000		Jun-14
	Avistar (June 2013 portfolio) - TOB Trust (2)		13,210,000		October 1, 2014
	The Suites on Paseo - TOB Trust		25,750,000		December 1, 2014
	TOB - Decatur-Angle - TOB Trust		17,250,000		February 1, 2015
	Total Debt Financing		$	180,355,000
	(1) Avistar at the Oaks Apartments, Avistar on the Hills Apartments, and Avistar in 09 Apartments is the collateral for the $20.0 million TOB Trust.
	(2) Avistar at Chase Hill, Avistar at the Crest, and Avistar on the Boulevard is the collateral for the approximate $13.2 million TOB Trust.
	Description of the Tender Option Bond Financings		Outstanding Debt Financing at December 31, 2013		Stated Maturity
	PHC Certificates-TOB Trust		$	48,995,000	Jun-14
	Autumn Pines-TOB Trust		9,770,000		Jul-14
	MBS - TOB Trust 1		2,585,000		Apr-14
	MBS - TOB Trust 2		4,090,000		Apr-14
	MBS - TOB Trust 3		2,865,000		Apr-14
	MBS - TOB Trust 4		5,960,000		Apr-14
	MBS - TOB Trust 5		10,545,000		Apr-14
	Greens of Pine Glen - TOB Trust		5,700,000		Jun-14
	Arbors of Hickory Ridge - TOB Trust		7,000,000		Aug-14
	MBS - TOB Trust 6		7,825,000		Aug-14
	Avistar (February 2013 portfolio) - TOB Trust (1)		20,000,000		Jun-14
	Avistar (June 2013 portfolio) - TOB Trust (2)		13,210,000		Oct-14
	The Suites on Paseo - TOB Trust		25,750,000		Dec-14
	Total Debt Financing		$	164,295,000
	(1) Avistar at the Oaks Apartments, Avistar on the Hills Apartments, and Avistar in 09 Apartments is the collateral for the $20.0 million TOB Trust.
	(2) Avistar at Chase Hill, Avistar at the Crest, and Avistar on the Boulevard is the collateral for the approximate $13.2 million TOB Trust.
	In July 2011, the Company executed a Master Trust Agreement with DB which allows the Company to execute multiple Tender Option Bond ("TOB Trust") structures upon the approval and agreement of terms by DB. Under each TOB Trust structure issued through the Master Trust Agreement, the TOB trustee issues SPEARS and LIFERS. Theses SPEARS and LIFERS represent beneficial interests in the securitized asset held by the TOB trustee. The Company will purchase the LIFERS from each of these TOB Trusts which will grant them certain rights to the securitized assets. The Master Trust Agreement with DB has covenants with which the Company is required to maintain compliance. At March 31, 2014, the most restrictive covenant was that cash available to distribute for the trailing twelve months must be at least two times trailing twelve month interest expense. The Company was in compliance with all of these covenants as of March 31, 2014. If the Company were to be out of compliance with any of these covenants, it would trigger a termination event of the financing facilities. The Company expects to renew each of the TOB financing facilities for another one year term at its discretion per the terms of the agreements. DB can require the posting of cash collateral under the terms of the Master Trust Agreement.
	In March 2014, the Company executed a new TOB Trust under its credit facility with DB securitizing the Decatur-Angle mortgage revenue bond borrowing $17.3 million. The facility has a variable interest rate tied to SIFMA and matures in February 2015. On the date of closing the total fixed TOB Trust fee was approximately 1.5% per annum and the variable rate paid on the TOB Trust on the SPEARS was approximately 0.3% resulting in a total cost of borrowing of approximately 1.8%. The outstanding balance remains at approximately$17.3 million on March 31, 2014.
	In December 2013, the Company executed a new TOB Trust under its credit facility with DB securitizing The Suites on Paseo Series A mortgage revenue bond. The amount borrowed was approximately $25.8 million with a variable interest rate tied to SIFMA. The facility matures in December 2014. On the date of the closing the total fixed TOB Trust fee was approximately 1.6% per annum and the variable rate paid on the TOB Trust on the SPEARS was approximately 0.4% per annum resulting in a total cost of borrowing of approximately 2.0% per annum. The outstanding balance remains at approximately $25.8 million on March 31, 2014.
	In October 2013, the Company executed a new TOB Trust under its credit facility with DB securitizing the Avistar at the Oaks Apartments, the Avistar on the Hills Apartments, and the Avistar in 09 Apartments Series A mortgage revenue bonds. The amount borrowed was approximately $13.2 million with a variable interest rate tied to SIFMA. The facility matures in October 2014. On the date of the closing the total fixed TOB Trust fee was approximately 1.8% per annum and the variable rate paid on the TOB Trust on the SPEARS was approximately 0.4% per annum resulting in a total cost of borrowing of approximately 2.2% per annum. The outstanding balance remains at $13.2 million on March 31, 2014.
	In June 2013, the Company executed a new TOB Trust under its credit facility with DB securitizing the Avistar on the Boulevard, Avistar at Chase Hill, and Avistar at the Crest Series A mortgage revenue bonds. The amount borrowed was $20.0 million with a variable interest rate tied to SIFMA. The facility matures in June 2014. On the date of closing the total fixed TOB Trust fee was approximately 2.1% per annum and the variable rate paid on the TOB Trust on the SPEARS was approximately 0.4% resulting in a total cost of borrowing of approximately 2.5%. The outstanding balance remains at $20.0 million on March 31, 2014.
	In March 2013, the Company executed a new TOB Trust under its credit facility with DB securitizing the Arbors at Hickory Ridge mortgage revenue bond. The amount borrowed was $7.0 million with a variable interest rate tied to SIFMA maturing in August 2014. On the date of closing the total fixed TOB Trust fee was approximately 2.1% per annum and the variable rate paid on the TOB Trust on the SPEARS was approximately .5% resulting in a total cost of borrowing of approximately 2.6%. The outstanding balance remains at $7.0 million on March 31, 2014.
	In February 2013, the Company executed a new TOB Trust under its credit facility with DB securitizing the Greens Property mortgage revenue bond. The amount borrowed was approximately $5.8 million with a variable interest rate tied to SIFMA maturing in June 2014. On the date of closing the total fixed TOB trust fee was approximately 2.1% per annum and the variable rate paid on the TOB Trust on the SPEARS was approximately .5% resulting in a total cost of borrowing of approximately 2.6%. The outstanding balance was $5.7 million on March 31, 2014.
	In the fourth quarter of 2012 through the second quarter of 2013, the Company purchased the LIFERS issued by the trustee over six additional TOB Trusts. The LIFERS entitle the Company to all principal and interest payments received by these TOB Trusts on the mortgage-backed securities after payments due to the holders of the SPEARS and trust costs ("MBS TOB Trusts"). The SPEARS represent senior interests in the MBS TOB Trusts and some have been credit enhanced by DB. The Company reports the MBS TOB Trusts on a consolidated basis as it has determined it is the primary beneficiary of these variable interest entities (Note 6). A summary of the six MBS TOB Trusts are as follows:
	•	During fourth quarter of 2012, the Company purchased approximately $6.5 million of LIFERS from securitized MBS TOB Trusts with a par value of approximately $31.6 million of MBS. The MBS TOB Trusts also issued SPEARS of approximately $25.1 million to unaffiliated investors. The approximate outstanding amount at March 31, 2014 is $24.1 million which mature in October 2014. On the date of closing the total fixed TOB Trust fee was approximately .9% per annum and the variable rate paid on the SPEARS of approximately .4% is tied to SIFMA which results in the total cost of borrowing of approximately 1.3%.
	•	In January 2013, the Company purchased an additional $540,000 of LIFERS from one of the five MBS TOB Trusts which is a securitization of MBS with a par value of $2.5 million. SPEARS of approximately $2.0 million were issued by the MBS TOB Trust which is currently outstanding at March 31, 2014. This MBS TOB Trust matures in June 2014. On the date of closing the total fixed TOB Trust fee was approximately .9% per annum and the variable rate paid on the SPEARS of approximately .3% is tied to SIFMA which results in the total cost of borrowing of approximately 1.2%.
	•	In April 2013, the Company purchased approximately $2.2 million of LIFERS issued by a new MBS TOB Trust which is the securitization of MBS with a par value of approximately $10.0 million. The MBS TOB Trusts issued SPEARS of approximately $7.8 million to unaffiliated investors which is the outstanding amount at March 31, 2014. This facility matures in August 2014. On the date of closing the total fixed TOB Trust fee was approximately .9% per annum and the variable rate paid on the SPEARS of approximately .3% is tied to SIFMA which results in the total cost of borrowing of approximately 1.2%.
	As of March 31, 2014, the Company has posted approximately $2.5 million of cash collateral in connection with the six MBS TOB Trusts. This collateral is recorded as restricted cash in the consolidated financial statements.
	The Company owns the PHC Certificate LIFERS issued by the PHC TOB Trusts and pledged the LIFERS to the trustee to secure certain reimbursement obligations of the Company as the holder of LIFERS. The Company is consolidating the PHC TOB Trust as it has determined it is the primary beneficiary of these variable interest entities. The PHC TOB Trusts issued SPEARS to unaffiliated investors. The SPEARS represent senior interests in the PHC TOB Trusts and have been credit enhanced by DB. The LIFERS entitle the Company to all principal and interest payments received by the PHC TOB Trusts. Approximately $1.2 million was paid to reduce the outstanding balance during the first quarter 2014. The amount owed to the SPEARS owners is approximately $47.8 million at March 31, 2014.
	The Company is accounting for these TOB Trust financing transactions as secured financing arrangements. As of March 31, 2014, the total cost of borrowing averaged approximately 2.3% and 1.2%, on the PHC TOB Trusts and MBS TOB Trusts, respectively.
	TEBS Financing
	As of September 1, 2010, the Partnership and its Consolidated Subsidiary ATAX TEBS I, LLC, entered into a number of agreements relating to a new long-term debt financing facility provided through the securitization of thirteen mortgage revenue bonds owned by the ATAX TEBS I, LLC (the “Sponsor”) pursuant to the TEBS Financing. The TEBS Financing essentially provides the Partnership with a long-term variable-rate debt facility at interest rates reflecting prevailing short-term rates. In January 2014, the mortgage revenue bond secured by Lost Creek was retired for an amount greater than the outstanding principal and accrued base interest. The Company received approximately $18.7 million for the Lost Creek mortgage revenue bond and paid approximately $15.7 million to reduce the outstanding balance of the TEBS Financing facility (Note 4), therefore at March 31, 2014 there are twelve mortgage revenue bonds owned by the Sponsor.
	The par value of the mortgage revenue bonds included in this financing facility as of March 31, 2014 and December 31, 2013 are as follows:
	Description of		Outstanding Bond Par Amounts
	Mortgage Revenue Bonds		Mar-14		December 31, 2013		Financial Statement Presentation
	Ashley Square		$	5,200,000	$	5,212,000	Mortgage revenue bond
	Bella Vista		6,545,000		6,545,000		Mortgage revenue bond
	Bent Tree		7,524,000		7,542,000		Consolidated VIE
	Bridle Ridge		7,685,000		7,715,000		Mortgage revenue bond
Brookstone		9,318,376		9,338,603		Mortgage revenue bond
Cross Creek		8,479,628		8,497,933		Mortgage revenue bond
Fairmont Oaks		7,334,000		7,355,000		Consolidated VIE
Lake Forest		8,970,000		8,997,000		Mortgage revenue bond
Runnymede		10,525,000		10,525,000		Mortgage revenue bond
Southpark		13,795,000		13,795,000		Mortgage revenue bond
Woodlynn Village		4,426,000		4,426,000		Mortgage revenue bond
Ohio Series A Bond (1)		14,477,000		14,498,000		Mortgage revenue bond
Villages at Lost Creek		—		18,090,000		Mortgage revenue bond
Total		$	104,279,004	$	122,536,536
(1) Collateralized by Crescent Village, Postwoods, and Willow Bend (Note 2 and Note 9)
The securitization of these assets occurred through two classes of certificates. The Class A TEBS Certificates were issued in an initial principal amount of $95.8 million and were sold through a placement agent to unaffiliated investors. The Class B TEBS Certificates were issued in an initial principal amount of $20.3 million and were retained by the Sponsor. The holders of the Class A TEBS Certificates are entitled to receive regular payments of interest from Freddie Mac at a variable rate which resets periodically based on the weekly SIFMA floating index rate plus certain credit, facility, remarketing and servicing fees (the “Facility Fees”).
The total Facility Fees are 1.9% per annum, and as of March 31, 2014, the SIFMA rate was equal to approximately 0.1% resulting in a total cost of borrowing of approximately 2.0% on the outstanding balance on the TEBS Financing facility of $77.2 million. The TEBS Financing and the associated TEBS Trust are presented as secured financings within the consolidated financial statements.
The term of the TEBS Financing coincides with the terms of the assets securing the TEBS Certificates, except that the Partnership may terminate the TEBS Financing at its option on either September 15, 2017 or September 15, 2020. Should the Partnership not elect to terminate the TEBS Financing on these dates, the full term of the TEBS Financing runs through the final principal payment date associated with the securitized mortgage revenue bonds, or July 15, 2050.
The Company’s debt financing as of March 31, 2014 contractually matures over the next five years and thereafter as follows:
2014		$	163,817,000
2015		18,160,000
2016		949,000
2017		74,585,000
2018		—
Thereafter		—
Total		$	257,511,000
The Company expects to renew each TOB financing facility for another one year term when it matures in 2014 as it has the discretion to renew for another one year period per the terms of the agreement with DB.

Mortgages_Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2014
Mortgages Payable [Abstract]	'
Mortgage Notes Payable Disclosure [Text Block]	'
	Mortgages Payable
	The Company reports the mortgage loans secured by certain MF Properties on its consolidated financial statements as Mortgages payable.  As of March 31, 2014, outstanding mortgage loans totaled approximately $65.0 million.  As of December 31, 2013, outstanding mortgage loans totaled approximately $57.1 million.
	In September 2013, the Partnership executed a $7.0 million promissory note related to the Woodland Park property. This promissory note carries a fixed interest rate of approximately 2.8% per annum plus 30-day London Interbank Offered Rate ("LIBOR") which was approximately .2%, resulting in approximately 3.0% at the date of closing. The Partnership has borrowed approximately $6.0 million as of March 31, 2014.
	In April 2013, the Company executed an interest-only loan to borrow up to $25.5 million for a three year term at a variable interest rate secured by the student housing complex in Lincoln, Nebraska. The Company also secured a $4.3 million tax-incremental financing loan which is for a term of five years, carries a fixed interest rate of approximately 4.7% per annum, requires principal payments commencing after 24 months and has a balloon payment due at maturity. The Company has borrowed approximately $15.2 million on the three year term facility as of March 31, 2014 (Notes 7 and 16).
	In February 2013, the Partnership obtained a $7.5 million loan secured by the Maples on 97th property. This loan is with an unrelated third party and carries a fixed annual interest rate of approximately 3.6% per annum through June 30, 2013 switching to approximately 4.4% per annum beginning on July 1, 2013, maturing on February 10, 2016.
	The Company’s mortgages payable as of March 31, 2014 contractually mature over the next five years and thereafter as follows:
	2014	$	17,112,100
	2015	6,709,154
	2016	7,785,288
	2017	18,189,422
	2018	—
	Thereafter	15,154,128
	Total	$	64,950,092

Transactions_with_Related_Part

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2014
Transactions with Related Parties [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	Transactions with Related Parties
	The general partner of the Partnership, AFCA 2, is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its mortgage revenue bonds, taxable property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. For the three months ended March 31, 2014 and 2013 the Partnership paid or accrued administrative fees to AFCA 2 of approximately $473,000 and $342,000, respectively. In addition to the administrative fees paid directly by the Partnership, AFCA 2 receives administrative fees directly from the owners of properties financed by certain of the mortgage revenue bonds held by the Partnership.  These administrative fees also equal 0.45% per annum of the outstanding principal balance of these mortgage revenue bonds and totaled approximately $17,000 and $33,000 for the three months ended March 31, 2014 and 2013, respectively.
	AFCA 2 earns mortgage placement fees in connection with the acquisition of certain mortgage revenue bonds.  These mortgage placement fees were paid by the owners of the respective properties and, accordingly, have not been reflected in the accompanying condensed consolidated financial statements because these properties are not considered VIEs.  During the three months ended March 31, 2014 and 2013, AFCA 2 earned mortgage placement fees of approximately $323,000 and $390,000 , respectively.
	An affiliate of AFCA 2, America First Properties Management Company, LLC (“Properties Management”) provided property management services for the eight MF Properties, the two Consolidated VIEs and six of the properties collateralized by the mortgage revenue bonds, earning management fees of approximately $300,000 for the three months ended March 31, 2014. Properties Management provided property management services for seven MF Properties, the three VIEs, the seven properties classified as discontinued operations and four of the properties collateralized by the mortgage revenue bonds, earning management fees of approximately $302,000 for the three months ended March 31, 2013.  These property management fees are not Partnership expenses, but are paid in each case by the owner of the multifamily apartment property.  For properties owned by entities treated as Consolidated VIEs and for MF Properties, the property management fees are reflected as real estate operating expenses on the Company’s condensed consolidated financial statements.  The property management fees are paid out of the revenues generated by all properties financed by mortgage revenue bonds and taxable mortgages prior to the payment of debt service on the Partnership’s mortgage revenue bonds and taxable property loans.
	The Partnership executed a Developer and Construction Management Agreement with two affiliates of AFCA 2 during the second quarter of 2013 in connection with the mixed-use development at the University of Nebraska - Lincoln (Note 7). Under the terms of this agreement, these affiliates received approximately $112,000 in the first three months of 2014. An affiliate of AFCA 2 acts as a placement advisor to the borrowers under the mortgage revenue bonds at the time they are acquired by the Company. Any and all advisory fees are paid by the borrower of the respective bonds and, accordingly, have not been reflected in the accompanying consolidated financial statements.
	Two of the owners of the limited-purpose corporations which own two of the Consolidated VIEs held by the Company are employees of Burlington who are not involved in the operation or management of the Company and who are not executive officers or managers of Burlington.

Issuances_of_Additional_Benefi

Issuances of Additional Beneficial Certificate Units	3 Months Ended
	Mar. 31, 2014
Issuances of Additional Beneficial Unit Certificates [Abstract]	'
Unusual or Infrequent Items Disclosure [Text Block]	'
	13. Issuances of Additional Beneficial Unit Certificates
	In November 2013, a Registration Statement on Form S-3 was declared effective by the SEC under which the Partnership may offer up to $225.0 million of additional BUCs from time to time. In December 2013, the Partnership issued an additional 8,280,000 BUCs through an underwritten public offering at a public offering price of $6.25 per BUC pursuant to this new Registration Statement. Net proceeds realized by the Partnership from this issuance of these BUCs were approximately $48.2 million after payment of an underwriter's discount and other offering costs of approximately $3.5 million. In January and February 2014, the Partnership issued an additional 9,200,000 BUCs through an underwritten public offering at a public offering price of $5.95 per BUC pursuant to this Registration Statement. Net proceeds realized by the Partnership from this issuance of these BUCs were approximately $51.4 million after payment of an underwriter's discount and other offering costs of approximately $4.5 million.

Interest_Rate_Derivative_Agree

Interest Rate Derivative Agreements	3 Months Ended
	Mar. 31, 2014
Interest Rate Derivative Agreements [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	Interest Rate Derivative Agreements
	As of March 31, 2014, the Company has six derivative agreements in order to mitigate its exposure to increases in interest rates on its variable-rate debt financing. The terms of the derivative agreements are as follows:
		Date Purchased	Notional Amount		Effective Capped Rate		Maturity Date	Purchase Price		Counterparty
		September 2, 2010	$	31,936,667	3	%	September 1, 2017	$	921,000	Bank of New York Mellon
		September 2, 2010	$	31,936,667	3	%	September 1, 2017	$	845,600	Barclays Bank PLC
		September 2, 2010	$	31,936,667	3	%	September 1, 2017	$	928,000	Royal Bank of Canada
		August 15, 2013	$	93,305,000	1.5	%	September 1, 2017	$	793,000	Deutsche Bank
		February 18, 2014	$	41,250,000	1	%	March 1, 2017	$	230,500	SMBC Capital Markets, Inc
		February 18, 2014	$	28,750,000	1	%	March 1, 2017	$	161,000	SMBC Capital Markets, Inc
	In February 2014, the Company entered into two interest rate cap agreements with SMBC Capital Markets, Inc. for a notional amount of $70.0 million with an effective start date of March 1, 2014. These agreements effectively limits the interest component of the TOB financing correlated with the SIFMA index to a maximum of 1.0% on $70.0 million of the outstanding borrowings on the MBS TOB financing facilities and the PHC Certificates TOB financing facilities to 1.0% through a three year term ending March 1, 2017. These interest rate cap contracts cost approximately $390,000 and do not qualify for hedge accounting, therefore, changes in the estimated fair value of the interest rate derivatives is included in earnings.
	On July 30, 2013, the Company purchased a new interest rate derivative with a notional amount of $93.3 million which represents the amount outstanding on the TEBS financing facility at August 1, 2013.  The maturity date of this interest rate derivative is September 1, 2017 and the effective capped interest rate is 1.5%.  On July 30, 2013, the Company also sold a new interest rate derivative to the same counterparty which had the same notional amount of $93.3 million and an effective capped interest rate of 3.0%.  The total cost of these two interest rate derivatives was approximately $800,000 and the derivative contracts do not qualify for hedge accounting, therefore, changes in the estimated fair value of the interest rate derivatives are included in earnings.  This interest rate corridor transaction effectively reduced the capped interest rate from 3.0% to 1.5% on the TEBS financing facility through the maturity date of the interest rate derivative contracts. In August 2013, the Company executed a master netting agreement with DB, which is the counterparty to these interest rate derivative contracts and is also the provider of the Company's TOB financing facilities. The Company received $500,000 of cash collateral upon the execution of this master netting agreement. This $500,000 has been reported on a net basis against the cash collateral posted for the TOB financing facilities in the consolidated balance sheet as of March 31, 2014 and December 31, 2013.
	These interest rate derivatives do not qualify for hedge accounting and, accordingly, they are carried at fair value, with changes in fair value included in current period earnings within interest expense. The change in the fair value of these derivative contracts resulted in an increase in interest expense of approximately $176,000 and $105,000 for the three months ended March 31, 2014 and 2013, respectively. The valuation methodology used to estimate the fair value of the Company's interest rate derivative agreements is disclosed in footnote 15.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements [Abstract]	'
Fair Value Disclosures [Text Block]	'
	Fair Value Measurement
	Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements.  The guidance:
	•	Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and
	•	Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.
	Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk.  To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.  The three levels of the hierarchy are defined as follows:
	•	Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
	•	Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	•	Level 3 inputs are unobservable inputs for asset or liabilities.
	The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
	Following is a description of the valuation methodologies used for assets and liabilities measured at fair value.
	Investments in Mortgage Revenue Bonds.  The fair values of the Company’s investments in mortgage revenue bonds have each been based on a discounted cash flow or yield to maturity analysis. The Company uses this same valuation methodology to estimate the fair value market adjustment for its mortgage bond purchase commitments. There is no active trading market for the mortgage revenue bonds and price quotes for the mortgage revenue bonds are not available.  If available, the General Partner may also consider price quotes on similar mortgage revenue bonds or other information from external sources, such as pricing services.  The estimates of the fair values of these mortgage revenue bonds, whether estimated by the Company or based on external sources, are based largely on unobservable inputs the General Partner believes would be used by market participants.  Additionally, the calculation methodology used by the external sources and the Company encompasses the use of judgment in its application. To validate changes in the fair value of the Company's investments in mortgage revenue bonds between reporting periods, the General Partner looks at the key inputs such as changes in the current market yields on similar bonds as well as changes in the operating performance of the underlying property serving as collateral for each bond. The General Partner validates that the changes in the estimated fair value of the mortgage revenue bonds move with the changes in these monitored factors. Given these facts the fair value measurement of the Company’s investment in mortgage revenue bonds is categorized as a Level 3 input. The approximately $1.4 million estimated fair market value adjustment - mortgage bond purchase commitment liability is also categorized as a Level 3 input. This unrealized loss was recorded in other comprehensive income (loss) during the three months ended March 31, 2014.
	Investments in Public Housing Capital Fund Trust Certificates. The fair value of the Company’s investment in Public Housing Capital Fund Trust Certificates has been based on a yield to maturity analysis performed by the General Partner. There is no active trading market for the trusts' certificates owned by the Company but the General Partner will look at estimated values as determined by pricing services when available. The estimates of the fair values of these trusts' certificates begin with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts adjusted largely for unobservable inputs the General Partner believes would be used by market participants. Additionally, the calculation methodology used by external pricing services and the Company encompasses the use of judgment in its application. The General Partner validates that the changes in the estimated fair value of Public Housing Capital Fund Trust Certificates move with the changes in the market yield rates of investment grade rated mortgage revenue municipal bonds with similar length of terms. Given these facts the fair value measurement of the Company’s investment in Public Housing Capital Fund Trust Certificates is categorized as a Level 3 input.
	Investments in Mortgage-Backed Securities. The fair value of the Company's investment in mortgage-backed securities is based upon prices obtained from a third party pricing service, which are indicative of market activity. The valuation methodology of the Company's third party pricing service incorporates commonly used market pricing methods, incorporates trading activity observed in the market place, and other data inputs. The methodology also considers the underlying characteristics of each security, which are also observable inputs, including: coupon; maturity date; loan age; reset date; collateral type; geography; and prepayment speeds. The General Partner analyzes pricing data received from the third party pricing service by comparing it to valuation information obtained from at least one other third party pricing service and ensuring they are within a tolerable range of difference which the Company estimates as 7.5%. The General Partner also looks at observations of trading activity observed in the market place when available. Given these facts, the fair value measurements of the Company's investment in mortgage-backed securities are categorized as Level 2 inputs.
	Taxable bonds. The fair values of the Company’s investments in taxable bonds have each been based on a discounted cash flow or yield to maturity analysis. There is no active trading market for the taxable bonds and price quotes are not available. The estimates of the fair values of these taxable bonds, whether estimated by the Company or based on external sources, are based largely on unobservable inputs the General Partner believes would be used by market participants.  Additionally, the calculation methodology used by the external sources and the Company encompasses the use of judgment in its application. To validate changes in the fair value of the Company's investments in taxable bonds between reporting periods, management looks at the key inputs such as changes in the current market yields on similar bonds as well as changes in the operating performance of the underlying property serving as collateral for each bond. We validate that the changes in the estimated fair value of the taxable bonds move with the changes in these monitored factors. Given these facts the fair value measurement of the Company’s investment in taxable bonds is categorized as a Level 3 input.
	Interest Rate Derivatives.  The effect of the Company’s interest rate caps is to set a cap, or upper limit, on the base rate of interest paid on the Company’s variable rate debt equal to the notional amount of the derivative agreement.  The effect of the Company’s interest rate swap is to change a variable rate debt obligation to a fixed rate for that portion of the debt equal to the notional amount of the derivative agreement.  The interest rate derivatives are recorded at fair value with changes in fair value included in current period earnings within interest expense.  The fair value of the interest rate derivatives is based on a model whose inputs are not observable and therefore are categorized as a Level 3 input. The inputs in the valuation model include three-month LIBOR rates, unobservable adjustments to account for the SIFMA index, as well as any recent interest rate cap trades with similar terms.
	Assets and liabilities measured at fair value on a recurring basis are summarized below:
			Fair Value Measurements at March 31, 2014
	Description		Assets at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	Assets
	Mortgage Revenue Bonds		$	316,471,727			$	—			$	—		$	316,471,727
	Public Housing Capital Fund Trust Certificates		62,070,540				—				—			62,070,540
	MBS Investments		39,922,601				—				39,922,601			—
	Taxable Bonds		4,298,957				—				—			4,298,957
	Interest Rate Derivatives		1,103,783				—				—			1,103,783
	Total Assets at Fair Value		$	423,867,608			$	—			$	39,922,601		$	383,945,007
			For Three Months Ended March 31, 2014
			Fair Value Measurements Using Significant
			Unobservable Inputs (Level 3)
			Mortgage Revenue Bonds				Public Housing Capital Fund Trust Certificates				Taxable Bonds			Interest Rate Derivatives			Total
	Beginning Balance January 1, 2014		$	285,318,171			$	62,056,379			$	4,075,953		$	888,120		$	352,338,623
	Total gains (losses) (realized/unrealized)
	Included in earnings		—				—				—			(175,837		)	(175,837		)
	Included in other comprehensive income		14,073,020				1,657,859				223,004			—			15,953,883
	Purchases		34,778,800				—				—			—			34,778,800
	Purchase interest rate derivative		—				—				—			391,500			391,500
	Mortgage revenue bond redemption		(17,636,138		)		—				—			—			(17,636,138		)
	Settlements		(62,126		)		(1,643,698		)		—			—			(1,705,824		)
	Ending Balance March 31, 2014		$	316,471,727			$	62,070,540			$	4,298,957		$	1,103,783		$	383,945,007
	Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2014		$	—			$	—			$	—		$	(175,837	)	$	(175,837	)
			Fair Value Measurements at December 31, 2013
	Description		Assets at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	Assets
	mortgage Revenue Bonds		$	285,318,171			$	—			$	—		$	285,318,171
	Public Housing Capital Fund Trusts		62,056,379				—				—			62,056,379
	MBS Investments		37,845,661				—				37,845,661			—
	Taxable Bonds		4,075,953											4,075,953
	Interest Rate Derivatives		888,120				—				—			888,120
	Total Assets at Fair Value		$	390,184,284			$	—			$	37,845,661		$	352,338,623
			For Three Months Ended March 31, 2013
			Fair Value Measurements Using Significant
			Unobservable Inputs (Level 3)
			Mortgage Revenue Bonds				Public Housing Capital Fund Trust Certificates				Taxable Bonds			Interest Rate Derivatives			Total
	Beginning Balance January 1, 2013		$	145,237,376			$	65,389,298			$	—		$	378,729		$	211,005,403
	Total gains (losses) (realized/unrealized)
	Included in earnings		—				—				—			(104,658		)	(104,658		)
	Included in other comprehensive income		3,628,875				(761,456		)		—			—			2,867,419
	Ohio Properties' mortgage revenue bonds		19,581,166				—				—			—			19,581,166
	Purchases		38,400,000				—				—			—			38,400,000
	Settlements		11,758				(14,129		)		—			—			(2,371		)
	Ending Balance March 31, 2013		$	206,859,175			$	64,613,713			$	—		$	274,071		$	271,746,959
	Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2013		$	—			$	—			$	—		$	(104,658	)	$	(104,658	)
	Losses included in earnings for the period shown above are included in interest expense.
	The Company calculates a fair market value of each financial instrument using a discounted cash flow model based on the debt amortization schedules at the effective rate of interest for each period represented. This estimate of fair value is based on Level 3 inputs. The table below represents the fair market value of the debt held on the balance sheet for March 31, 2014 and December 31, 2013, respectively.
	31-Mar-14								31-Dec-13
	Carrying Amount				Fair Value				Carrying Amount			Fair Value
Financial Liabilities:
Debt financing	$	257,511,000			$	259,648,650			$	257,274,000		$	258,639,691
Mortgages payable	$	64,950,091			$	66,195,680			$	57,087,320		$	58,117,798

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	are frequently covered by insurance. If it has been determined that a loss is probable to occur, the estimated amount of the loss is accrued in the consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material effect on the Company’s consolidated financial statements.
	Certain of the MF Properties own apartment properties that generated LIHTCs for the previous partners in these partnerships.  In connection with the acquisition of partnership interests in these partnerships by subsidiaries of the Company, the Company has agreed to reimburse the prior partners for any liabilities they incur due to recapture of these tax credits to the extent the recapture liability is due to the operation of the properties in a manner inconsistent with the laws and regulations relating to such tax credits after the date of acquisition. No amount has been accrued for this contingent liability because management believes that the likelihood of any payments being required there under is remote.
	The Company provided a guarantee on the $2.8 million mortgage secured by the Abbington at Stones River, a 96 unit multifamily property located in Tennessee, in addition to providing the approximately $1.6 million taxable property loan to Foundation for Affordable Housing, the not-for-profit owner of the property. Based on the historical financial performance of the property and its estimated fair value, the Company estimates there is no value to record for this mortgage guarantee.
	In connection with the sale of the Greens Property, the Company entered into guarantee agreements with the BC Partners under which the Company has guaranteed certain obligations of the general partner of the Greens of Pine Glen limited partnership, including an obligation to repurchase the interests of the BC Partners if certain “repurchase events” occur. A repurchase event is defined as any one of a number of events mainly focused on the completion of the property rehabilitation, property rent stabilization, the delivery of LIHTCs, tax credit recapture and foreclosure. No amount has been accrued for this contingent liability because the likelihood of a repurchase event is remote. The maximum exposure to the Company at March 31, 2014, under the guarantee provision of the repurchase clause is approximately $1.3 million which represents 75% of the equity contributed by BC Partners to date.
	In connection with the Ohio Properties transaction in 2011, the Company entered into guarantee agreements with the BC Partners under which the Company has guaranteed certain obligations of the general partner of these limited partnerships, including an obligation to repurchase the interests of the BC Partners if certain “repurchase events” occur. A repurchase event is defined as any one of a number of events mainly focused on the completion of the property rehabilitation, property rent stabilization, the delivery of LIHTCs, tax credit recapture and foreclosure. Even if a repurchase event should occur, 25% of the BC equity would remain in the Ohio Properties and thus BC, a third party, would have sufficient equity in the Ohio Properties for the Company to recognize the sale discussed in Note 9. No amount has been accrued for this contingent liability because the likelihood of a repurchase event is remote. The maximum exposure to the Company at March 31, 2014, under the guarantee provision of the repurchase clause is approximately $4.9 million which represents 75% of the equity contributed by BC Partners.
	In March 2013, a wholly-owned subsidiary of the Company executed a 35-year ground lease with the University of Nebraska - Lincoln (“Lessor”) with an annual lease payment of $100. The leased property will have a mixed-use development consisting of a 1,605 stall parking garage and 475 bed student housing complex constructed on it. The Lessor will own the parking garage and the Company will own the student housing. The Company currently estimates the construction of the student housing will cost approximately $34.0 million and executed a guaranteed maximum price contract with the general contractor for the construction. The lease agreement has a stipulation that if the parking garage is not completed by August 1, 2014, the Company will pay damages of $6,000 per day of delayed completion to the Lessor. The Company's construction contract with the general contractor also stipulates that the general contractor will pay the Company $6,000 per day of liquidated damages for each day subsequent to August 1, 2014 that the parking garage is not completed. Construction has commenced and is estimated to be completed before the August 1, 2014 deadline.
	In June 2013, the Partnership executed a Bond Purchase Commitment agreeing to purchase an $8.0 million new mortgage revenue bond and a $500,000 taxable bond both secured by a multifamily property under construction in Albuquerque, New Mexico. The mortgage revenue bond will have a stated annual interest rate of 6.0% per annum, the taxable bond will have a stated rate of 12% per annum, and bond proceeds must be used to pay off the third party construction loan. The Partnership accounts for the Bond Purchase Commitment as an available-for-sale security and, as such, records the change in estimated fair value of the Bond Purchase Commitment as an asset or liability with changes in such valuation recorded in other comprehensive income.  As of March 31, 2014, the Partnership has estimated the value of this Bond Purchase Commitment and recorded a liability of approximately $163,000.
	The Partnership has also executed a Guarantee Agreement with the construction lender for this Albuquerque project. The terms of the Guarantee Agreement requires the Partnership to guarantee that all construction costs are paid when due and pay any remaining outstanding principal and unpaid interest on the construction loan on or before July 1, 2015. Construction is expected to be completed in the first quarter of 2015 when the Partnership anticipates purchasing the mortgage revenue bond and taxable bond. No amounts have been accrued for this Guarantee Agreement as the Partnership expects that the construction loan will be sufficient to pay all costs during the construction period and that the proceeds from the mortgage revenue bond, taxable bond, and third party equity contribution to be sufficient to pay off all outstanding principal and interest on the construction loan on or before July 1, 2015.
	As the holder of residual interests issued in connection with its TEBS and TOB bond financing arrangements, the Partnership is required to guarantee certain losses that can be incurred by the trusts created in connection with these financings. These guarantees may result from a downgrade in the investment rating of mortgage revenue bonds held by the trust or of the senior securities issued by the trust, a ratings downgrade of the liquidity provider for the trust, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the trust. In each of these cases, the trust will be collapsed. If the proceeds from the sale of the trust collateral are not sufficient to pay the principal amount of the senior securities with accrued interest and the other expenses of the trusts, the Partnership will be required to fund any such shortfall pursuant to its guarantee.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	17. Subsequent Events
	In April 2014, the mortgage revenue bond secured by Autumn Pines was sold for the outstanding principal and accrued base interest. The Company received approximately $13.1 million for the Autumn Pines mortgage revenue bond and recognized a gain of approximately $900,000 after payment of all TOB related financing fees. This gain is Tier 2 income with approximately $670,000 allocated to the unitholders. This mortgage revenue bond had been acquired at a discount on June 1, 2011. The Company's $9.8 million TOB financing facility which was the securitization of this mortgage revenue bond was paid off in full in connection with this sale.
	In April 2014, the Company paid off in full the approximately $1.85 million mortgage which was collateralized by the Glynn Place Apartments, an MF Property.

Segment_Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	Segment Reporting
	The Company consists of five reportable segments, Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, MBS Investments, and Consolidated VIEs.  In addition to the five reportable segments, the Company also separately reports its consolidation and elimination information because it does not allocate certain items to the segments.
	Mortgage Revenue Bond Investments Segment
	The Mortgage Revenue Bond Investments segment consists of the Company’s portfolio of federally mortgage revenue bonds which have been issued to provide construction and/or permanent financing of multifamily residential apartments.  Such mortgage revenue bonds are held as long-term investments.  As of March 31, 2014, the Company held forty-one mortgage revenue bonds not associated with Consolidated VIEs and two mortgage revenue bonds associated with Consolidated VIEs which are bonds that are eliminated in consolidation on the Company's financial statements. The multifamily apartment properties financed by the forty-three mortgage revenue bonds contain a total of 5,550 rental units. Three of the bonds' properties are not operational and are under construction (Note 4).
	MF Properties Segment
	The MF Properties segment consists of indirect equity interests in multifamily apartment properties which are not currently financed by mortgage revenue bonds held by the Partnership but which the Partnership eventually intends to finance by such bonds through a restructuring.  In connection with any such restructuring, the Partnership will be required to dispose of any equity interest held in such MF Properties.  The Partnership's interests in its current MF Properties are not currently classified as Assets held for sale because the Partnership is not actively marketing them for sale, there is no definitive purchase agreement in existence that, under current guidance, can be recognized as a sale of real estate assets and, therefore, no sale is expected in the next twelve months. During the time the Partnership holds an interest in an MF Property, any net rental income generated by the MF Properties in excess of debt service will be available for distribution to the Partnership in accordance with its interest in the MF Property.  Any such cash distribution will contribute to the Partnership's CAD.  As of March 31, 2014, the Company consolidated the results of eight MF Properties containing a total of 1,582 rental units plus the student housing complex in Lincoln, Nebraska that is currently under construction (Note 7).
	Other Investments
	The Partnership Agreement authorizes the Company to make investments in investments other than mortgage revenue bonds provided that these other investments are rated in one of the four highest rating categories by a national securities rating agency and do not constitute more than 25% of the Company's assets at the time of acquisition as required under the Agreement of Limited Partnership. In addition, the amount of other investments are limited based on the conditions to the exemption from registration under the Investment Company Act of 1940 that is relied upon for the Partnership. The Company currently owns other investments, PHC Certificates and MBS, which are reported as two separate segments. The PHC Trusts segment consists of the assets, liabilities, and related income and expenses of the PHC Trusts. The Partnership consolidates the PHC Trusts due to ownership of the LIFERS issued by the three PHC Trusts, which hold custodial receipts evidencing loans made to a number of local public housing authorities. Principal and interest on these loans are payable by the respective public housing authorities out of annual appropriations to be made to the public housing authorities by the HUD. This investment was acquired in July 2012. The MBS segment consists of the assets, liabilities, and related income and expenses of the MBS TOB Trusts that the Company consolidated due to its ownership of the LIFERs issued by the MBS TOB Trusts. These MBS TOB Trusts are securitizations of state-issued mortgage-backed securities which are backed by residential mortgage loans. These investments were acquired during the fourth quarter of 2012 through the second quarter of 2013 (Note 6).
	The Consolidated VIE Segment
	The Consolidated VIE segment consists of multifamily apartment properties which are financed with mortgage revenue bonds held by the Partnership, the assets, liabilities and operating results of which are consolidated with those of the Partnership as a result of consolidation guidance.  The mortgage revenue bonds on these Consolidated VIE properties are eliminated from the Company’s financial statements as a result of such consolidation, however, such bonds are held as long-term investments by the Partnership which continues to be entitled to receive principal and interest payments on such bonds.  The Company does not actually own an equity position in the Consolidated VIEs or their underlying properties.  As of March 31, 2014, the Company consolidated two VIEs containing a total 410 units (Note 3).
	Management closely monitors and evaluates the financial reporting associated with and the operations of the Consolidated VIEs and the MF Properties and performs such evaluation separately from the other operations of the Partnership through interaction with the affiliated property management company which manages the multifamily apartment properties held by the Consolidated VIEs and the MF Properties.
	Management's goals with respect to the properties constituting the Company's Consolidated VIE and MF Properties reportable segments is to generate increasing amounts of net rental income from these properties that will allow them to (i) make all payments of base interest, and possibly pay contingent interest, on the properties included in the Mortgage Revenue Bond Investments segment and the Consolidated VIE segment, and (ii) distribute net rental income to the Partnership from the MF Properties segment until such properties can be refinanced with additional mortgage revenue bonds meeting the Partnership's investment criteria.  In order to achieve these goals, management of these multifamily apartment properties is focused on: (i) maintaining high economic occupancy and increasing rental rates through effective leasing, reduced turnover rates and providing quality maintenance and services to maximize resident satisfaction; (ii) managing operating expenses and achieving cost reductions through operating efficiencies and economies of scale generally inherent in the management of a portfolio of multiple properties; and (iii) emphasizing regular programs of repairs, maintenance and property improvements to enhance the competitive advantage and value of its properties in their respective market areas.
	The following table details certain key financial information for the Company’s reportable segments for the three months ended March 31, 2014 and 2013 and as of December 31, 2013:
		For the Three Months Ended,
		March 31, 2014			March 31, 2013
	Total revenues
	Mortgage Revenue Bond Investments	$	8,260,913		$	8,443,527
	MF Properties	3,150,344			2,519,739
	Public Housing Capital Fund Trust Certificates	800,828			815,429
	Mortgage-Backed Securities	421,160			330,354
	Consolidated VIEs	800,872			1,213,069
	Consolidation/eliminations	(233,277		)	(377,709		)
	Total revenues	$	13,200,840		$	12,944,409
	Interest expense
	Mortgage Revenue Bond Investments	$	1,149,922		$	658,497
	MF Properties	563,340			503,005
	Public Housing Capital Fund Trust Certificates	337,557			277,860
	Mortgage-Backed Securities	118,730			96,911
	Consolidated VIEs	557,884			819,163
	Consolidation/eliminations	(557,884		)	(819,163		)
	Total interest expense	$	2,169,549		$	1,536,273
	Depreciation expense
	Mortgage Revenue Bond Investments	$	—		$	—
	MF Properties	1,019,366			849,320
	Public Housing Capital Fund Trust Certificates	—			—
	Mortgage-Backed Securities	—			—
	Consolidated VIEs	232,781			345,308
	Consolidation/eliminations	—			—
	Total depreciation expense	$	1,252,147		$	1,194,628
	Income (loss) from continuing operations
	Mortgage Revenue Bond Investments	$	5,628,100		$	6,421,412
	MF Properties	(224,611		)	(364,494		)
	Public Housing Capital Fund Trust Certificates	456,118			530,458
	Mortgage-Backed Securities	299,890			214,641
	Consolidated VIEs	(444,098		)	(693,232		)
	Consolidation/eliminations	331,327			452,273
	Income - America First Multifamily Investors, L. P.	$	6,046,726		$	6,561,058
	Net income (loss)
	Mortgage Revenue Bond Investments	$	5,628,100		$	6,421,412
	MF Properties	(224,508		)	1,395,874
	Public Housing Capital Fund Trust Certificates	456,118			530,458
	Mortgage-Backed Securities	299,890			214,641
	Consolidated VIEs	(444,098		)	(693,232		)
	Consolidation/eliminations	331,327			452,273
	Net income - America First Multifamily Investors, L. P.	$	6,046,829		$	8,321,426
		31-Mar-14			31-Dec-13
	Total assets
	Mortgage Revenue Bond Investments	$	506,477,244		$	442,175,645
	MF Properties	92,285,478			83,580,479
	Public Housing Capital Fund Trusts	62,555,999			62,449,028
	Mortgage-Backed Securities	40,516,125			38,427,654
	Consolidated VIEs	13,731,470			14,019,837
	Consolidation/eliminations	(104,683,730		)	(106,419,611		)
Total assets	$	610,882,586		$	534,233,032
Total partners' capital
Mortgage Revenue Bond Investments	$	296,126,569		$	231,042,138
MF Properties	22,133,659			23,107,538
Public Housing Capital Fund Trusts	14,621,627			13,336,761
Mortgage-Backed Securities	6,480,339			4,397,356
Consolidated VIEs	(21,955,872		)	(21,511,776		)
Consolidation/eliminations	(45,364,865		)	(47,237,930		)
Total partners' capital	$	272,041,457		$	203,134,087

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2014
Variable Interest Entities [Abstract]	'
Variable Interest Entity, Classification of Carrying Amount, Assets [Table Text Block]	'
	The following table presents information regarding the carrying value and classification of the assets held by the Partnership as of March 31, 2014 which constitute a variable interest in Ashley Square and Cross Creek.
		Balance Sheet Classification		Carrying Value				Maximum Exposure to Loss
	Ashley Square Apartments
	Mortgage Revenue Bond	Bond Investment		$	5,406,732			$	5,200,000
	Taxable Property Loan	Other Asset		1,482,000				7,131,757
				$	6,888,732			$	12,331,757
	Cross Creek Apartments
	Mortgage Revenue Bond	Bond Investment		$	7,927,142			$	6,050,941
	Taxable Property Loans	Other Asset		3,490,615				3,490,615
				$	11,417,757			$	9,541,556
Schedule of Condensed Income Statement [Table Text Block]	'
	Condensed Consolidating Statements of Operations for the three months ended March 31, 2014 and 2013:
		Partnership For the Three Months Ended March 31, 2014				Consolidated VIEs For the Three Months Ended March 31, 2014				Consolidation -Elimination For the Three Months Ended March 31, 2014				Total For the Three Months Ended March 31, 2014
	Revenues:
	Property revenues	$	3,150,344			$	800,872			$	—			$	3,951,216
	Investment income	6,438,835				—				(233,277		)		6,205,558
	Gain on mortgage revenue bond redemption	2,835,243												2,835,243
	Other interest income	208,823				—				—				208,823
	Total revenues	12,633,245				800,872				(233,277		)		13,200,840
	Expenses:
	Real estate operating (exclusive of items shown below)	1,650,647				449,646				—				2,100,293
	Depreciation and amortization	1,382,626				237,440				(6,720		)		1,613,346
	Interest	2,169,549				557,884				(557,884		)		2,169,549
	General and administrative	1,270,926				—				—				1,270,926
	Total expenses	6,473,748				1,244,970				(564,604		)		7,154,114
	Net income (loss)	6,159,497				(444,098		)		331,327				6,046,726
	Net loss attributable to noncontrolling interest	(103		)		—				—				(103		)
	Net income (loss) - America First Multifamily Investors, L. P.	$	6,159,600			$	(444,098	)		$	331,327			$	6,046,829
		Partnership For the three months Ended March 31, 2013				Consolidated VIEs For the three months Ended March 31, 2013				Consolidation -Elimination For the three months Ended March 31, 2013				Total For the three months Ended March 31, 2013
	Revenues:
	Property revenues	$	2,519,738			$	1,213,069			$	—			$	3,732,807
	Investment income	8,094,326				—				(377,709		)		7,716,617
	Other interest income	1,244,985				—				—				1,244,985
	Other income	250,000				—				—				250,000
	Total revenues	12,109,049				1,213,069				(377,709		)		12,944,409
	Expenses:
	Real estate operating (exclusive of items shown below)	1,323,634				733,402				—				2,057,036
	Provision for loss on receivables	238,175				—				—				238,175
	Depreciation and amortization	1,238,459				353,736				(10,819		)		1,581,376
	Interest	1,536,273				819,163				(819,163		)		1,536,273
	General and administrative	970,491				—				—				970,491
	Total expenses	5,307,032				1,906,301				(829,982		)		6,383,351
	Income (loss) from continuing operations	6,802,017				(693,232		)		452,273				6,561,058
	Income (loss) from discontinued operations (including gain on sale of MF Properties of $1,775,527 in 2013)	1,933,019				—				—				1,933,019
	Net income (loss)	8,735,036				(693,232		)		452,273				8,494,077
	Net income attributable to noncontrolling interest	172,651				—				—				172,651
	Net income (loss) - America First Multifamily Investors, L. P.	$	8,562,385			$	(693,232	)		$	452,273			$	8,321,426
	The table below shows the pro forma condensed consolidated results of operations of the Company as if Woodland Park had been acquired at the beginning of the periods presented:
			For Three Months Ended March 31, 2013
	Revenues		$	13,120,230
	Net income		8,384,989
	Net income allocated to unitholders		8,113,561
	Unitholders' interest in net income per unit (basic and diluted)		$	0.19
Schedule of Condensed Balance Sheet [Table Text Block]	'
	Condensed Consolidating Balance Sheets as of March 31, 2014 and December 31, 2013:
			Partnership as of March 31, 2014				Consolidated VIEs as of March 31, 2014				Consolidation -Elimination as of March 31, 2014				Total as of March 31, 2014
	Assets
	Cash and cash equivalents		$	46,664,860			$	34,041			$	—			$	46,698,901
	Restricted cash		3,687,282				444,195				—				4,131,477
	Interest receivable		16,617,934				—				(5,068,811		)		11,549,123
	Mortgage revenue bonds held in trust, at fair value		247,639,148				—				(15,362,758		)		232,276,390
	Mortgage revenue bonds, at fair value		84,195,337				—				—				84,195,337
	Public housing capital fund trusts, at fair value		62,070,540				—				—				62,070,540
	Mortgage-backed securities, at fair value		39,922,601				—				—				39,922,601
	Real estate assets:
	Land and improvements		9,245,592				1,836,400				—				11,081,992
	Buildings and improvements		100,012,852				20,970,136				—				120,982,988
	Real estate assets before accumulated depreciation		109,258,444				22,806,536				—				132,064,980
	Accumulated depreciation		(10,403,003		)		(9,965,843		)		—				(20,368,846		)
	Net real estate assets		98,855,441				12,840,693				—				111,696,134
	Other assets		24,419,708				412,541				(6,490,166		)		18,342,083
	Total Assets		$	624,072,851			$	13,731,470			$	(26,921,735	)		$	610,882,586
	Liabilities
	Accounts payable, accrued expenses and other liabilities		$	6,416,132			$	20,829,342			$	(20,511,976	)		$	6,733,498
	Distribution payable		8,295,024				—				—				8,295,024
	Debt financing		257,511,000				—				—				257,511,000
	Mortgages payable		64,950,092				14,858,000				(14,858,000		)		64,950,092
	Bond purchase commitment - fair market value adjustment		1,362,940				—				—				1,362,940
	Total Liabilities		338,535,188				35,687,342				(35,369,976		)		338,852,554
	Partners' Capital
	General Partner		193,195				—				—				193,195
	Beneficial Unit Certificate holders		285,355,893				—				7,061,036				292,416,929
	Unallocated deficit of Consolidated VIEs		—				(21,955,872		)		1,387,205				(20,568,667		)
	Total Partners' Capital		285,549,088				(21,955,872		)		8,448,241				272,041,457
	Noncontrolling interest		(11,425		)		—				—				(11,425		)
	Total Capital		285,537,663				(21,955,872		)		8,448,241				272,030,032
	Total Liabilities and Partners' Capital		$	624,072,851			$	13,731,470			$	(26,921,735	)		$	610,882,586
			Partnership as of December 31, 2013				Consolidated VIEs as of December 31, 2013				Consolidation -Elimination as of December 31, 2013				Total as of December 31, 2013
	Assets
	Cash and cash equivalents		$	11,292,039			$	25,976			$	—			$	11,318,015
	Restricted cash		6,344,666				500,877				—				6,845,543
	Interest receivable		14,357,065				—				(4,820,550		)		9,536,515
	Mortgage revenue bonds held in trust, at fair value		230,885,864				—				(14,514,063		)		216,371,801
	Mortgage revenue bonds, at fair value		68,946,370				—				—				68,946,370
	Public housing capital fund trusts, at fair value		62,056,379				—				—				62,056,379
	Mortgage-backed securities, at fair value		37,845,661				—				—				37,845,661
	Real estate assets:
	Land and improvements		9,245,592				1,836,400				—				11,081,992
	Buildings and improvements		90,253,256				20,942,439				—				111,195,695
	Real estate assets before accumulated depreciation		99,498,848				22,778,839				—				122,277,687
	Accumulated depreciation		(9,386,811		)		(9,741,942		)		—				(19,128,753		)
	Net real estate assets		90,112,037				13,036,897				—				103,148,934
	Other assets		24,413,077				456,087				(6,705,350		)		18,163,814
	Total Assets		$	546,253,158			$	14,019,837			$	(26,039,963	)		$	534,233,032
	Liabilities
	Accounts payable, accrued expenses and other liabilities		$	4,963,653			$	20,634,613			$	(20,147,572	)		$	5,450,694
	Distribution payable		6,446,076				—				—				6,446,076
	Debt financing		257,274,000				—				—				257,274,000
	Mortgages payable		57,087,320				14,897,000				(14,897,000		)		57,087,320
	Bond purchase commitment at fair value		4,852,177				—				—				4,852,177
	Total Liabilities		330,623,226				35,531,613				(35,044,572		)		331,110,267
	Partners' Capital
	General Partner		16,671				—				—				16,671
	Beneficial Unit Certificate holders		215,624,583				—				7,948,729				223,573,312
	Unallocated deficit of Consolidated VIEs		—				(21,511,776		)		1,055,880				(20,455,896		)
	Total Partners' Capital		215,641,254				(21,511,776		)		9,004,609				203,134,087
	Noncontrolling interest		(11,322		)		—				—				(11,322		)
Total Capital		215,629,932				(21,511,776		)		9,004,609				203,122,765
Total Liabilities and Partners' Capital		$	546,253,158			$	14,019,837			$	(26,039,963	)		$	534,233,032
The Woodland Park property purchase price allocation is disclosed pursuant to the accounting guidance on business combinations. A condensed balance sheet for each at the date of acquisitions is included below.
		Woodland Park 5/29/2013 (Date of Acquisition)
Other current assets		$	201,321
In-place lease assets		403,216
Real estate assets		15,258,784
Total Assets		$	15,863,321
Accounts payable, accrued expenses and other		$	192,345
Net assets		15,670,976
Total liabilities and net assets		$	15,863,321

Investments_in_Mortgage_Revenu1

Investments in Mortgage Revenue Bonds (Tables)	3 Months Ended
	Mar. 31, 2014
Investments in Mortgage Revenue Bonds [Abstract]	'
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	'
		March 31, 2014
	Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss			Estimated Fair Value
	Arbors at Hickory Ridge (2)	$	11,574,890	$	878,024	$	—		$	12,452,914
	Ashley Square (1)	5,200,000		206,732		—			5,406,732
	Autumn Pines (2)	12,158,034		670,625		—			12,828,659
	Avistar at Chase Hill A Bond (2)	8,960,000		—		(381,248		)	8,578,752
	Avistar at the Crest A Bond (2)	8,759,000		—		(372,695		)	8,386,305
	Avistar at the Oaks (2)	8,354,000		—		(368,497		)	7,985,503
	Avistar in 09 (2)	7,192,000		—		(133,697		)	7,058,303
	Avistar on the Boulevared A Bond (2)	13,760,000		—		(101,136		)	13,658,864
	Avistar on the Hills (2)	5,389,000		59,570		—			5,448,570
	Bella Vista (1)	6,545,000		—		(134,434		)	6,410,566
	Bridle Ridge (1)	7,685,000		—		(104,439		)	7,580,561
	Brookstone (1)	7,465,447		1,065,045		—			8,530,492
	Cross Creek (1)	6,050,941		1,876,201		—			7,927,142
	Decatur-Angle (2)	23,000,000				(1,201,060		)	21,798,940
	Greens Property A Bonds (2)	8,420,000		190,568		—			8,610,568
	Lake Forest (1)	8,970,000		388,412		—			9,358,412
	Ohio Properties A Bonds (1)	14,477,000		847,175		—			15,324,175
	Runnymede (1)	10,525,000		144,403		—			10,669,403
	Southpark (1)	11,898,465		2,250,791		—			14,149,256
	The Suites on Paseo (2)	35,750,000		—		(3,932		)	35,746,068
	Woodlynn Village (1)	4,426,000		—		(59,795		)	4,366,205
	Mortgage revenue bonds held in trust	$	226,559,777	$	8,577,546	$	(2,860,933	)	$	232,276,390
		31-Mar-14
	Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss			Estimated Fair Value
	Avistar at Chase Hill B Bond	$	2,005,000	$	—	$	(62,235	)	$	1,942,765
	Avistar at the Crest B Bond	1,700,000		—		(52,768		)	1,647,232
	Avistar on the Boulevard B Bond	3,216,000		17,206		—			3,233,206
	Copper Gate Apartments	5,220,000		51,469		—			5,271,469
	Greens Property B Bond	947,277		281,519		—			1,228,796
	Harden Ranch	9,300,000				(173,406		)	9,126,594
	Ohio Properties B Bonds	3,581,140		331,108		—			3,912,248
	Renaissance	10,453,800		224,349		—			10,678,149
	The Palms at Premier Park Apartments	20,152,000		1,043,672		—			21,195,672
	Tyler Park Apartments	8,100,000		—		(412,937		)	7,687,063
	Vantage at Harlingen	6,692,000		147,023		—			6,839,023
	Vantage at Judson	6,049,000		131,324		—			6,180,324
	Westside Village	5,400,000		—		(147,204		)	5,252,796
	Mortgage revenue bonds	$	82,816,217	$	2,227,670	$	(848,550	)	$	84,195,337
	(1) Bonds owned by ATAX TEBS I, LLC, Note 10
	(2) Bond held by Deutsche Bank in a secured financing transaction, Note 10
		31-Dec-13
	Description of mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gains		Unrealized Loss			Estimated Fair Value
	Arbors at Hickory Ridge (2)	$	11,576,209	$	225,690	$	—		$	11,801,899
	Ashley Square (1)	5,212,000		—		—			5,212,000
	Autumn Pines (2)	12,147,873		—		(195,355		)	11,952,518
	Avistar at Chase Hill A Bond (2)	8,960,000		—		(850,752		)	8,109,248
	Avistar at the Crest A Bond (2)	8,759,000		—		(1,298,785		)	7,460,215
	Avistar at the Oaks (2)	8,354,000		—		(1,103,115		)	7,250,885
	Avistar in 09 (2)	7,192,000		—		(588,254		)	6,603,746
	Avistar on the Boulevard A Bond (2)	13,760,000		—		(1,306,512		)	12,453,488
	Avistar on the Hills (2)	5,389,000		—		(417,724		)	4,971,276
	Bella Vista (1)	6,545,000		—		(473,989		)	6,071,011
	Bridle Ridge (1)	7,715,000		—		(452,870		)	7,262,130
	Brookstone (1)	7,463,641		841,751		—			8,305,392
	Cross Creek (1)	6,042,297		1,480,266		—			7,522,563
	Greens Property A Bond (2)	8,437,501		—		(577,426		)	7,860,075
	Lake Forest (1)	8,997,000		—		(289,461		)	8,707,539
	Lost Creek (1)	15,883,084		1,743,088		—			17,626,172
	Ohio Properties A Bonds (1)	14,498,000		—		—			14,498,000
	Runnymede (1)	10,525,000		—		(551,510		)	9,973,490
	Southpark (1)	11,878,885		1,018,750		—			12,897,635
The Suites on Paseo (2)	35,750,000		—		(2,502		)	35,747,498
Woodlynn Village (1)	4,426,000		—		(340,979		)	4,085,021
Mortgage revenue bonds held in trust	$	219,511,490	$	5,309,545	$	(8,449,234	)	$	216,371,801
	31-Dec-13
Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Avistar at Chase Hill B Bond	$	2,005,000	$	—	$	(159,117	)	$	1,845,883
Avistar at the Crest B Bond	1,700,000		—		(134,912		)	1,565,088
Avistar on the Boulevard B Bond	3,216,000		—		(255,222		)	2,960,778
Copper Gate Apartments	5,220,000		—		(252,648		)	4,967,352
Greens Property B Bond	948,291		189,589		—			1,137,880
Ohio Properties B Bonds	3,583,590		150,864		—			3,734,454
Renaissance	7,975,000		—		(16,964		)	7,958,036
The Palms at Premier Park Apartments	20,152,000		—		(283,942		)	19,868,058
Tyler Park Apartments	8,100,000		—		(526,601		)	7,573,399
Vantage at Harlingen	6,692,000		—		(211,735		)	6,480,265
Vantage at Judson	6,049,000		—		(190,423		)	5,858,577
Westside Village	5,400,000		—		(403,400		)	4,996,600
Mortgage revenue bonds	$	71,040,881	$	340,453	$	(2,434,964	)	$	68,946,370
The carrying value of the Company's MBS as of March 31, 2014 is as follows:
Agency Rating of MBS (1)	Cost adjusted for amortization of premium		Unrealized Gain		Unrealized Loss			Estimated Fair Value
"AAA"	$	23,171,299	$	—	$	(1,705,070	)	$	21,466,229
"AA"	20,619,617		—		(2,163,245		)	18,456,372
	$	43,790,916	$	—	$	(3,868,315	)	$	39,922,601
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.
The carrying value of the Company's MBS as of December 31, 2013 is as follows:
Agency Rating of MBS (1)	Cost adjusted for amortization of premium		Unrealized Gain		Unrealized Loss			Estimated Fair Value
"AAA"	$	23,177,115	$	—	$	(3,069,555	)	$	20,107,560
"AA"	20,624,701		—		(2,886,600		)	17,738,101
	$	43,801,816	$	—	$	(5,956,155	)	$	37,845,661
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.

Public_Housing_Capital_Fund_Tr1

Public Housing Capital Fund Trusts Public Housing Capital Fund Trusts (Tables)	3 Months Ended
	Mar. 31, 2014
Public Housing Capital Fund Trusts [Abstract]	'
Marketable Securities [Table Text Block]	'
	The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts on March 31, 2014:
		Weighted Average Lives (Years)		Investment Rating	Weighted Average Interest Rate over Life			Principal Outstanding
	Public Housing Capital Fund Trust Certificate I	12.75		AA-	5.33	%		$	26,406,558
	Public Housing Capital Fund Trust Certificate II	12.3		AA-	4.24	%		16,330,476
	Public Housing Capital Fund Trust Certificate III	13.3		BBB	5.41	%		20,898,432
	Total Public Housing Capital Fund Trust Certificates							$	63,635,466
	The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts on December 31, 2013:
		Weighted Average Lives (Years)		Investment Rating	Weighted Average Interest Rate over Life			Principal Outstanding
	Public Housing Capital Fund Trust Certificate I	12.75		AA-	5.33	%		$	26,406,558
	Public Housing Capital Fund Trust Certificate II	12.3		AA-	4.24	%		17,959,713
	Public Housing Capital Fund Trust Certificate III	13.3		BBB	5.41	%		20,898,432
	Total Public Housing Capital Fund Trust Certificates							$	65,264,703
	Description of certain terms of the Company's MBS is as follows:
	Agency Rating of MBS	Principal Outstanding March 31, 2014			Weighted Average Maturity Date		Weighted Average Coupon Interest Rate
	"AAA"	$	22,710,000		January 14, 2036		4.22	%
	"AA"	20,120,000			January 18, 2036		4	%
		$	42,830,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	'
	Description of Public Housing Capital Fund Trust Certificates	Cost adjusted for amortization of premium and discounts			Unrealized Gain				Unrealized Loss			Estimated Fair Value
	Public Housing Capital Fund Trust Certificate I	$	27,944,615		$	—			$	(806,331	)	$	27,138,284
	Public Housing Capital Fund Trust Certificate II	15,868,140			—				(485,322		)	15,382,818
	Public Housing Capital Fund Trust Certificate III	20,444,661			—				(895,223		)	19,549,438
		$	64,257,416		$	—			$	(2,186,876	)	$	62,070,540
	The Company had the following investments in the PHC Certificates on December 31, 2013:
	Description of Public Housing Capital Fund Trust Certificates	Cost adjusted for amortization of premium and discounts			Unrealized Gain				Unrealized Loss			Estimated Fair Value
	Public Housing Capital Fund Trust Certificate I	$	27,979,527		$	—			$	(1,284,873	)	$	26,694,654
	Public Housing Capital Fund Trust Certificate II	17,486,739			—				(1,083,235		)	16,403,504
	Public Housing Capital Fund Trust Certificate III	20,434,848			—				(1,476,627		)	18,958,221
		$	65,901,114		$	—			$	(3,844,735	)	$	62,056,379

MortgageBacked_Securities_Tabl

Mortgage-Backed Securities (Tables)	3 Months Ended
	Mar. 31, 2014
Mortgage-Backed Securities [Abstract]	'
Marketable Securities [Table Text Block]	'
	The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts on March 31, 2014:
		Weighted Average Lives (Years)		Investment Rating	Weighted Average Interest Rate over Life			Principal Outstanding
	Public Housing Capital Fund Trust Certificate I	12.75		AA-	5.33	%		$	26,406,558
	Public Housing Capital Fund Trust Certificate II	12.3		AA-	4.24	%		16,330,476
	Public Housing Capital Fund Trust Certificate III	13.3		BBB	5.41	%		20,898,432
	Total Public Housing Capital Fund Trust Certificates							$	63,635,466
	The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts on December 31, 2013:
		Weighted Average Lives (Years)		Investment Rating	Weighted Average Interest Rate over Life			Principal Outstanding
	Public Housing Capital Fund Trust Certificate I	12.75		AA-	5.33	%		$	26,406,558
	Public Housing Capital Fund Trust Certificate II	12.3		AA-	4.24	%		17,959,713
	Public Housing Capital Fund Trust Certificate III	13.3		BBB	5.41	%		20,898,432
	Total Public Housing Capital Fund Trust Certificates							$	65,264,703
	Description of certain terms of the Company's MBS is as follows:
	Agency Rating of MBS	Principal Outstanding March 31, 2014			Weighted Average Maturity Date		Weighted Average Coupon Interest Rate
	"AAA"	$	22,710,000		January 14, 2036		4.22	%
	"AA"	20,120,000			January 18, 2036		4	%
		$	42,830,000
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	'
		March 31, 2014
	Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs			Unrealized Gain				Unrealized Loss			Estimated Fair Value
	Arbors at Hickory Ridge (2)	$	11,574,890		$	878,024			$	—		$	12,452,914
	Ashley Square (1)	5,200,000			206,732				—			5,406,732
	Autumn Pines (2)	12,158,034			670,625				—			12,828,659
	Avistar at Chase Hill A Bond (2)	8,960,000			—				(381,248		)	8,578,752
	Avistar at the Crest A Bond (2)	8,759,000			—				(372,695		)	8,386,305
	Avistar at the Oaks (2)	8,354,000			—				(368,497		)	7,985,503
	Avistar in 09 (2)	7,192,000			—				(133,697		)	7,058,303
	Avistar on the Boulevared A Bond (2)	13,760,000			—				(101,136		)	13,658,864
	Avistar on the Hills (2)	5,389,000			59,570				—			5,448,570
	Bella Vista (1)	6,545,000			—				(134,434		)	6,410,566
	Bridle Ridge (1)	7,685,000			—				(104,439		)	7,580,561
	Brookstone (1)	7,465,447			1,065,045				—			8,530,492
	Cross Creek (1)	6,050,941			1,876,201				—			7,927,142
	Decatur-Angle (2)	23,000,000							(1,201,060		)	21,798,940
	Greens Property A Bonds (2)	8,420,000			190,568				—			8,610,568
	Lake Forest (1)	8,970,000			388,412				—			9,358,412
	Ohio Properties A Bonds (1)	14,477,000			847,175				—			15,324,175
	Runnymede (1)	10,525,000			144,403				—			10,669,403
	Southpark (1)	11,898,465			2,250,791				—			14,149,256
	The Suites on Paseo (2)	35,750,000			—				(3,932		)	35,746,068
	Woodlynn Village (1)	4,426,000			—				(59,795		)	4,366,205
	Mortgage revenue bonds held in trust	$	226,559,777		$	8,577,546			$	(2,860,933	)	$	232,276,390
		31-Mar-14
	Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs			Unrealized Gain				Unrealized Loss			Estimated Fair Value
	Avistar at Chase Hill B Bond	$	2,005,000		$	—			$	(62,235	)	$	1,942,765
	Avistar at the Crest B Bond	1,700,000			—				(52,768		)	1,647,232
	Avistar on the Boulevard B Bond	3,216,000			17,206				—			3,233,206
	Copper Gate Apartments	5,220,000			51,469				—			5,271,469
	Greens Property B Bond	947,277			281,519				—			1,228,796
	Harden Ranch	9,300,000							(173,406		)	9,126,594
	Ohio Properties B Bonds	3,581,140			331,108				—			3,912,248
	Renaissance	10,453,800			224,349				—			10,678,149
	The Palms at Premier Park Apartments	20,152,000			1,043,672				—			21,195,672
	Tyler Park Apartments	8,100,000			—				(412,937		)	7,687,063
	Vantage at Harlingen	6,692,000			147,023				—			6,839,023
	Vantage at Judson	6,049,000			131,324				—			6,180,324
	Westside Village	5,400,000			—				(147,204		)	5,252,796
	Mortgage revenue bonds	$	82,816,217		$	2,227,670			$	(848,550	)	$	84,195,337
	(1) Bonds owned by ATAX TEBS I, LLC, Note 10
	(2) Bond held by Deutsche Bank in a secured financing transaction, Note 10
		31-Dec-13
	Description of mortgage Revenue Bonds	Cost adjusted for pay-downs			Unrealized Gains				Unrealized Loss			Estimated Fair Value
	Arbors at Hickory Ridge (2)	$	11,576,209		$	225,690			$	—		$	11,801,899
	Ashley Square (1)	5,212,000			—				—			5,212,000
	Autumn Pines (2)	12,147,873			—				(195,355		)	11,952,518
	Avistar at Chase Hill A Bond (2)	8,960,000			—				(850,752		)	8,109,248
	Avistar at the Crest A Bond (2)	8,759,000			—				(1,298,785		)	7,460,215
	Avistar at the Oaks (2)	8,354,000			—				(1,103,115		)	7,250,885
	Avistar in 09 (2)	7,192,000			—				(588,254		)	6,603,746
	Avistar on the Boulevard A Bond (2)	13,760,000			—				(1,306,512		)	12,453,488
	Avistar on the Hills (2)	5,389,000			—				(417,724		)	4,971,276
	Bella Vista (1)	6,545,000			—				(473,989		)	6,071,011
	Bridle Ridge (1)	7,715,000			—				(452,870		)	7,262,130
	Brookstone (1)	7,463,641			841,751				—			8,305,392
	Cross Creek (1)	6,042,297			1,480,266				—			7,522,563
	Greens Property A Bond (2)	8,437,501			—				(577,426		)	7,860,075
	Lake Forest (1)	8,997,000			—				(289,461		)	8,707,539
	Lost Creek (1)	15,883,084			1,743,088				—			17,626,172
	Ohio Properties A Bonds (1)	14,498,000			—				—			14,498,000
	Runnymede (1)	10,525,000			—				(551,510		)	9,973,490
	Southpark (1)	11,878,885			1,018,750				—			12,897,635
The Suites on Paseo (2)	35,750,000			—				(2,502		)	35,747,498
Woodlynn Village (1)	4,426,000			—				(340,979		)	4,085,021
Mortgage revenue bonds held in trust	$	219,511,490		$	5,309,545			$	(8,449,234	)	$	216,371,801
	31-Dec-13
Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs			Unrealized Gain				Unrealized Loss			Estimated Fair Value
Avistar at Chase Hill B Bond	$	2,005,000		$	—			$	(159,117	)	$	1,845,883
Avistar at the Crest B Bond	1,700,000			—				(134,912		)	1,565,088
Avistar on the Boulevard B Bond	3,216,000			—				(255,222		)	2,960,778
Copper Gate Apartments	5,220,000			—				(252,648		)	4,967,352
Greens Property B Bond	948,291			189,589				—			1,137,880
Ohio Properties B Bonds	3,583,590			150,864				—			3,734,454
Renaissance	7,975,000			—				(16,964		)	7,958,036
The Palms at Premier Park Apartments	20,152,000			—				(283,942		)	19,868,058
Tyler Park Apartments	8,100,000			—				(526,601		)	7,573,399
Vantage at Harlingen	6,692,000			—				(211,735		)	6,480,265
Vantage at Judson	6,049,000			—				(190,423		)	5,858,577
Westside Village	5,400,000			—				(403,400		)	4,996,600
Mortgage revenue bonds	$	71,040,881		$	340,453			$	(2,434,964	)	$	68,946,370
The carrying value of the Company's MBS as of March 31, 2014 is as follows:
Agency Rating of MBS (1)	Cost adjusted for amortization of premium			Unrealized Gain				Unrealized Loss			Estimated Fair Value
"AAA"	$	23,171,299		$	—			$	(1,705,070	)	$	21,466,229
"AA"	20,619,617			—				(2,163,245		)	18,456,372
	$	43,790,916		$	—			$	(3,868,315	)	$	39,922,601
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.
The carrying value of the Company's MBS as of December 31, 2013 is as follows:
Agency Rating of MBS (1)	Cost adjusted for amortization of premium			Unrealized Gain				Unrealized Loss			Estimated Fair Value
"AAA"	$	23,177,115		$	—			$	(3,069,555	)	$	20,107,560
"AA"	20,624,701			—				(2,886,600		)	17,738,101
	$	43,801,816		$	—			$	(5,956,155	)	$	37,845,661
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.

Real_Estate_Assets_Tables

Real Estate Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Real Estate Assets [Abstract]	'
Schedule of Condensed Balance Sheet [Table Text Block]	'
	Condensed Consolidating Balance Sheets as of March 31, 2014 and December 31, 2013:
			Partnership as of March 31, 2014				Consolidated VIEs as of March 31, 2014				Consolidation -Elimination as of March 31, 2014				Total as of March 31, 2014
	Assets
	Cash and cash equivalents		$	46,664,860			$	34,041			$	—			$	46,698,901
	Restricted cash		3,687,282				444,195				—				4,131,477
	Interest receivable		16,617,934				—				(5,068,811		)		11,549,123
	Mortgage revenue bonds held in trust, at fair value		247,639,148				—				(15,362,758		)		232,276,390
	Mortgage revenue bonds, at fair value		84,195,337				—				—				84,195,337
	Public housing capital fund trusts, at fair value		62,070,540				—				—				62,070,540
	Mortgage-backed securities, at fair value		39,922,601				—				—				39,922,601
	Real estate assets:
	Land and improvements		9,245,592				1,836,400				—				11,081,992
	Buildings and improvements		100,012,852				20,970,136				—				120,982,988
	Real estate assets before accumulated depreciation		109,258,444				22,806,536				—				132,064,980
	Accumulated depreciation		(10,403,003		)		(9,965,843		)		—				(20,368,846		)
	Net real estate assets		98,855,441				12,840,693				—				111,696,134
	Other assets		24,419,708				412,541				(6,490,166		)		18,342,083
	Total Assets		$	624,072,851			$	13,731,470			$	(26,921,735	)		$	610,882,586
	Liabilities
	Accounts payable, accrued expenses and other liabilities		$	6,416,132			$	20,829,342			$	(20,511,976	)		$	6,733,498
	Distribution payable		8,295,024				—				—				8,295,024
	Debt financing		257,511,000				—				—				257,511,000
	Mortgages payable		64,950,092				14,858,000				(14,858,000		)		64,950,092
	Bond purchase commitment - fair market value adjustment		1,362,940				—				—				1,362,940
	Total Liabilities		338,535,188				35,687,342				(35,369,976		)		338,852,554
	Partners' Capital
	General Partner		193,195				—				—				193,195
	Beneficial Unit Certificate holders		285,355,893				—				7,061,036				292,416,929
	Unallocated deficit of Consolidated VIEs		—				(21,955,872		)		1,387,205				(20,568,667		)
	Total Partners' Capital		285,549,088				(21,955,872		)		8,448,241				272,041,457
	Noncontrolling interest		(11,425		)		—				—				(11,425		)
	Total Capital		285,537,663				(21,955,872		)		8,448,241				272,030,032
	Total Liabilities and Partners' Capital		$	624,072,851			$	13,731,470			$	(26,921,735	)		$	610,882,586
			Partnership as of December 31, 2013				Consolidated VIEs as of December 31, 2013				Consolidation -Elimination as of December 31, 2013				Total as of December 31, 2013
	Assets
	Cash and cash equivalents		$	11,292,039			$	25,976			$	—			$	11,318,015
	Restricted cash		6,344,666				500,877				—				6,845,543
	Interest receivable		14,357,065				—				(4,820,550		)		9,536,515
	Mortgage revenue bonds held in trust, at fair value		230,885,864				—				(14,514,063		)		216,371,801
	Mortgage revenue bonds, at fair value		68,946,370				—				—				68,946,370
	Public housing capital fund trusts, at fair value		62,056,379				—				—				62,056,379
	Mortgage-backed securities, at fair value		37,845,661				—				—				37,845,661
	Real estate assets:
	Land and improvements		9,245,592				1,836,400				—				11,081,992
	Buildings and improvements		90,253,256				20,942,439				—				111,195,695
	Real estate assets before accumulated depreciation		99,498,848				22,778,839				—				122,277,687
	Accumulated depreciation		(9,386,811		)		(9,741,942		)		—				(19,128,753		)
	Net real estate assets		90,112,037				13,036,897				—				103,148,934
	Other assets		24,413,077				456,087				(6,705,350		)		18,163,814
	Total Assets		$	546,253,158			$	14,019,837			$	(26,039,963	)		$	534,233,032
	Liabilities
	Accounts payable, accrued expenses and other liabilities		$	4,963,653			$	20,634,613			$	(20,147,572	)		$	5,450,694
	Distribution payable		6,446,076				—				—				6,446,076
	Debt financing		257,274,000				—				—				257,274,000
	Mortgages payable		57,087,320				14,897,000				(14,897,000		)		57,087,320
	Bond purchase commitment at fair value		4,852,177				—				—				4,852,177
	Total Liabilities		330,623,226				35,531,613				(35,044,572		)		331,110,267
	Partners' Capital
	General Partner		16,671				—				—				16,671
	Beneficial Unit Certificate holders		215,624,583				—				7,948,729				223,573,312
	Unallocated deficit of Consolidated VIEs		—				(21,511,776		)		1,055,880				(20,455,896		)
	Total Partners' Capital		215,641,254				(21,511,776		)		9,004,609				203,134,087
	Noncontrolling interest		(11,322		)		—				—				(11,322		)
Total Capital		215,629,932				(21,511,776		)		9,004,609				203,122,765
Total Liabilities and Partners' Capital		$	546,253,158			$	14,019,837			$	(26,039,963	)		$	534,233,032
The Woodland Park property purchase price allocation is disclosed pursuant to the accounting guidance on business combinations. A condensed balance sheet for each at the date of acquisitions is included below.
		Woodland Park 5/29/2013 (Date of Acquisition)
Other current assets		$	201,321
In-place lease assets		403,216
Real estate assets		15,258,784
Total Assets		$	15,863,321
Accounts payable, accrued expenses and other		$	192,345
Net assets		15,670,976
Total liabilities and net assets		$	15,863,321
Schedule of Condensed Income Statement [Table Text Block]	'
	Condensed Consolidating Statements of Operations for the three months ended March 31, 2014 and 2013:
		Partnership For the Three Months Ended March 31, 2014				Consolidated VIEs For the Three Months Ended March 31, 2014				Consolidation -Elimination For the Three Months Ended March 31, 2014				Total For the Three Months Ended March 31, 2014
	Revenues:
	Property revenues	$	3,150,344			$	800,872			$	—			$	3,951,216
	Investment income	6,438,835				—				(233,277		)		6,205,558
	Gain on mortgage revenue bond redemption	2,835,243												2,835,243
	Other interest income	208,823				—				—				208,823
	Total revenues	12,633,245				800,872				(233,277		)		13,200,840
	Expenses:
	Real estate operating (exclusive of items shown below)	1,650,647				449,646				—				2,100,293
	Depreciation and amortization	1,382,626				237,440				(6,720		)		1,613,346
	Interest	2,169,549				557,884				(557,884		)		2,169,549
	General and administrative	1,270,926				—				—				1,270,926
	Total expenses	6,473,748				1,244,970				(564,604		)		7,154,114
	Net income (loss)	6,159,497				(444,098		)		331,327				6,046,726
	Net loss attributable to noncontrolling interest	(103		)		—				—				(103		)
	Net income (loss) - America First Multifamily Investors, L. P.	$	6,159,600			$	(444,098	)		$	331,327			$	6,046,829
		Partnership For the three months Ended March 31, 2013				Consolidated VIEs For the three months Ended March 31, 2013				Consolidation -Elimination For the three months Ended March 31, 2013				Total For the three months Ended March 31, 2013
	Revenues:
	Property revenues	$	2,519,738			$	1,213,069			$	—			$	3,732,807
	Investment income	8,094,326				—				(377,709		)		7,716,617
	Other interest income	1,244,985				—				—				1,244,985
	Other income	250,000				—				—				250,000
	Total revenues	12,109,049				1,213,069				(377,709		)		12,944,409
	Expenses:
	Real estate operating (exclusive of items shown below)	1,323,634				733,402				—				2,057,036
	Provision for loss on receivables	238,175				—				—				238,175
	Depreciation and amortization	1,238,459				353,736				(10,819		)		1,581,376
	Interest	1,536,273				819,163				(819,163		)		1,536,273
	General and administrative	970,491				—				—				970,491
	Total expenses	5,307,032				1,906,301				(829,982		)		6,383,351
	Income (loss) from continuing operations	6,802,017				(693,232		)		452,273				6,561,058
	Income (loss) from discontinued operations (including gain on sale of MF Properties of $1,775,527 in 2013)	1,933,019				—				—				1,933,019
	Net income (loss)	8,735,036				(693,232		)		452,273				8,494,077
	Net income attributable to noncontrolling interest	172,651				—				—				172,651
	Net income (loss) - America First Multifamily Investors, L. P.	$	8,562,385			$	(693,232	)		$	452,273			$	8,321,426
	The table below shows the pro forma condensed consolidated results of operations of the Company as if Woodland Park had been acquired at the beginning of the periods presented:
			For Three Months Ended March 31, 2013
	Revenues		$	13,120,230
	Net income		8,384,989
	Net income allocated to unitholders		8,113,561
	Unitholders' interest in net income per unit (basic and diluted)		$	0.19
Schedule of Variable Interest Entities [Table Text Block]	'
	The Company consolidated the following properties owned by Consolidated VIEs in continuing operations as of March 31, 2014 and December 31, 2013:
	Consolidated VIEs
	Property Name		Location		Number of Units			Land and Improvements				Buildings and Improvements				Carrying Value at March 31, 2014
	Bent Tree Apartments		Columbia, SC		232			$	986,000			$	12,114,039			$	13,100,039
	Fairmont Oaks Apartments		Gainesville, FL		178			850,400				8,856,097				9,706,497
																22,806,536
	Less accumulated depreciation (depreciation expense of approximately $233,000 in 2014)															(9,965,843		)
	Balance at March 31, 2014															$	12,840,693
	Consolidated VIEs
	Property Name		Location		Number of Units			Land and Improvements				Buildings and Improvements				Carrying Value at December 31, 2013
	Bent Tree Apartments		Columbia, SC		232			$	986,000			$	12,097,419			$	13,083,419
	Fairmont Oaks Apartments		Gainesville, FL		178			850,400				8,845,020				9,695,420
																22,778,839
	Less accumulated depreciation (depreciation expense of approximately $1.4 million in 2013)															(9,741,942		)
	Balance at December 31, 2013															$	13,036,897
Schedule of Real Estate Properties [Table Text Block]	'
	The Company had the following investments in MF Properties as of March 31, 2014 and December 31, 2013:
	MF Properties
	Property Name		Location		Number of Units			Land and Land Improvements				Buildings and				Carrying Value at March 31, 2014
												Improvements
	Arboretum		Omaha, NE		145			$	1,739,554			$	19,141,780			$	20,881,334
	Eagle Village		Evansville, IN		511			567,880				12,354,057				12,921,937
	Glynn Place		Brunswick, GA		128			743,996				4,945,617				5,689,613
	Maples on 97th		Omaha, NE		258			1,180,058				7,637,546				8,817,604
	Meadowview		Highland Heights, KY		118			688,539				5,438,175				6,126,714
	Residences of DeCordova		Granbury, TX		110			1,137,832				7,972,119				9,109,951
	Residences of Weatherford		Weatherford, TX		76			1,927,701				5,708,594				7,636,295
	Woodland Park		Topeka, KS		236			1,260,032				14,048,525				15,308,557
	Construction work in process		Lincoln, NE		N/A			—				22,766,439				22,766,439
																109,258,444
	Less accumulated depreciation (depreciation expense of approximately $1.0 million in 2014)															(10,403,003		)
	Balance at March 31, 2014															$	98,855,441
	MF Properties
	Property Name		Location		Number of Units			Land and Land Improvements				Buildings and				Carrying Value at December 31, 2013
												Improvements
	Arboretum		Omaha, NE		145			$	1,739,554			$	19,123,872			$	20,863,426
	Eagle Village		Evansville, IN		511			567,880				12,336,975				12,904,855
	Glynn Place		Brunswick, GA		128			743,996				4,937,172				5,681,168
	Maples on 97th		Omaha, NE		258			1,180,058				7,613,668				8,793,726
	Meadowview		Highland Heights, KY		118			688,539				5,416,293				6,104,832
	Residences of DeCordova		Granbury, TX		110			1,137,832				7,965,574				9,103,406
	Residences of Weatherford		Weatherford, TX		76			1,927,701				5,695,600				7,623,301
	Woodland Park		Topeka, KS		236			1,260,032				14,033,777				15,293,809
	Construction work in process		Lincoln, NE		N/A			—				13,130,325				13,130,325
																99,498,848
	Less accumulated depreciation (depreciation expense of approximately $3.8 million in 2013)															(9,386,811		)
	Balance at December 31, 2013															$	90,112,037

Other_Assets_Tables

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Other Assets [Abstract]	'
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	'
	The following is a summary of the taxable property loans receivable, accrued interest and loan loss reserves on the amounts due at March 31, 2014 and December 31, 2013, respectively:
		March 31, 2014
		Outstanding Balance			Accrued Interest			Loan Loss Reserves			Net Taxable Property Loans
	Arbors at Hickory Ridge	$	191,264		$	16,170		$	—		$	207,434
	Ashley Square	5,078,342			2,153,414			(5,749,756		)	1,482,000
	Cross Creek	6,863,087			1,889,454			(5,261,926		)	3,490,615
	Greens Property	876,000			160,626			(1,594		)	1,035,032
	Foundation for Affordable Housing	1,603,083			50,373			—			1,653,456
	Lake Forest	4,618,704			2,258,855			(2,293,020		)	4,584,539
	Ohio Properties	2,390,447			659,529			(215,697		)	2,834,279
		$	21,620,927		$	7,188,421		$	(13,521,993	)	$	15,287,355
		December 31, 2013
		Outstanding Balance			Accrued Interest			Loan Loss Reserves			Net Taxable Property Loans
	Arbors at Hickory Ridge	$	191,264		$	12,979		$	—		$	204,243
	Ashley Square	5,078,342			2,053,415			(5,649,757		)	1,482,000
	Cross Creek	6,821,087			1,825,389			(5,197,861		)	3,448,615
	Greens Property	876,000			130,563			(921		)	1,005,642
	Foundation for Affordable Housing	1,603,083			13,989			—			1,617,072
	Lake Forest	4,618,704			2,148,881			(2,183,046		)	4,584,539
	Ohio Properties	2,361,447			585,377			(186,706		)	2,760,118
		$	21,549,927		$	6,770,593		$	(13,218,291	)	$	15,102,229
Schedule of Other Assets [Table Text Block]	'
	The Company had the following Other assets as of dates shown:
		March 31, 2014			December 31, 2013
	Taxable property loans receivable	$	21,620,927		$	21,549,927
	Less: Loan loss reserves	(13,521,993		)	(13,218,291		)
	Deferred financing costs - net	2,792,743			2,503,679
	Fair value of derivative contracts	1,103,782			888,120
	Taxable bonds at estimated fair value	4,298,957			4,075,953
	Land held for sale	1,465,000			1,465,000
	Other assets	582,667			899,426
	Total Other assets	$	18,342,083		$	18,163,814
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]	'
	The following is a detail of loan loss reserves for the nine months and year ended March 31, 2014 and December 31, 2013:
		31-Mar-14			31-Dec-13
	Balance, beginning of year	$	13,218,291		$	18,134,902
	Realized loss on taxable loan - Iona Lakes	—			(7,216,484		)
	Provision for loan loss	—			168,000
	Deconsolidation of VIEs	—			2,146,974
	Write off due to foreclosure	—			(1,278,124		)
	Accrued interest not recognized	303,702			1,263,023
	Balance, end of year	$	13,521,993		$	13,218,291

Discontined_Operations_Tables

Discontined Operations (Tables)	3 Months Ended
	Mar. 31, 2014
Discontinued Operations [Abstract]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'
	The following presents the revenues, expenses and income from discontinued operations:
		For Three Months Ended March 31, 2013
	Rental revenues	$	347,143
	Expenses	189,651
	Income from continuing operations of the discontinued operations	157,492
	Gain on sale of discontinued operations	1,775,527
	Net income from discontinued operations	$	1,933,019

Debt_Financing_Tables

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Financing [Abstract]	'
Schedule of Debt [Table Text Block]	'
	Tender Option Bond Financings
	Description of the Tender Option Bond Financings	Outstanding Debt Financing at March 31, 2014		Stated Maturity
	PHC Certificates-TOB Trust	$	47,820,000	Jun-14
	Autumn Pines-TOB Trust	9,770,000		Jul-14
	MBS - TOB Trust 1	2,585,000		Oct-14
	MBS - TOB Trust 2	4,090,000		Oct-14
	MBS - TOB Trust 3	2,865,000		Oct-14
	MBS - TOB Trust 4	5,960,000		Oct-14
	MBS - TOB Trust 5	10,545,000		Oct-14
	Greens of Pine Glen - TOB Trust	5,685,000		Jun-14
	Arbors of Hickory Ridge - TOB Trust	7,000,000		Aug-14
	MBS - TOB Trust 6	7,825,000		Aug-14
	Avistar (February 2013 portfolio) - TOB Trust (1)	20,000,000		Jun-14
	Avistar (June 2013 portfolio) - TOB Trust (2)	13,210,000		October 1, 2014
	The Suites on Paseo - TOB Trust	25,750,000		December 1, 2014
	TOB - Decatur-Angle - TOB Trust	17,250,000		February 1, 2015
	Total Debt Financing	$	180,355,000
	(1) Avistar at the Oaks Apartments, Avistar on the Hills Apartments, and Avistar in 09 Apartments is the collateral for the $20.0 million TOB Trust.
	(2) Avistar at Chase Hill, Avistar at the Crest, and Avistar on the Boulevard is the collateral for the approximate $13.2 million TOB Trust.
	Description of the Tender Option Bond Financings	Outstanding Debt Financing at December 31, 2013		Stated Maturity
	PHC Certificates-TOB Trust	$	48,995,000	Jun-14
	Autumn Pines-TOB Trust	9,770,000		Jul-14
	MBS - TOB Trust 1	2,585,000		Apr-14
	MBS - TOB Trust 2	4,090,000		Apr-14
	MBS - TOB Trust 3	2,865,000		Apr-14
	MBS - TOB Trust 4	5,960,000		Apr-14
	MBS - TOB Trust 5	10,545,000		Apr-14
	Greens of Pine Glen - TOB Trust	5,700,000		Jun-14
	Arbors of Hickory Ridge - TOB Trust	7,000,000		Aug-14
	MBS - TOB Trust 6	7,825,000		Aug-14
	Avistar (February 2013 portfolio) - TOB Trust (1)	20,000,000		Jun-14
	Avistar (June 2013 portfolio) - TOB Trust (2)	13,210,000		Oct-14
	The Suites on Paseo - TOB Trust	25,750,000		Dec-14
	Total Debt Financing	$	164,295,000
	(1) Avistar at the Oaks Apartments, Avistar on the Hills Apartments, and Avistar in 09 Apartments is the collateral for the $20.0 million TOB Trust.
	(2) Avistar at Chase Hill, Avistar at the Crest, and Avistar on the Boulevard is the collateral for the approximate $13.2 million TOB Trust.
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	e Company’s debt financing as of March 31, 2014 contractually matures over the next five years and thereafter as follows:
	2014	$	163,817,000
	2015	18,160,000
	2016	949,000
	2017	74,585,000
	2018	—
	Thereafter	—
	Total	$	257,511,000
	The Company’s mortgages payable as of March 31, 2014 contractually mature over the next five years and thereafter as follows:
	2014	$	17,112,100
	2015	6,709,154
	2016	7,785,288
	2017	18,189,422
	2018	—
	Thereafter	15,154,128
	Total	$	64,950,092
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	'
	The par value of the mortgage revenue bonds included in this financing facility as of March 31, 2014 and December 31, 2013 are as follows:
	Description of	Outstanding Bond Par Amounts
	Mortgage Revenue Bonds	Mar-14		December 31, 2013		Financial Statement Presentation
	Ashley Square	$	5,200,000	$	5,212,000	Mortgage revenue bond
	Bella Vista	6,545,000		6,545,000		Mortgage revenue bond
	Bent Tree	7,524,000		7,542,000		Consolidated VIE
	Bridle Ridge	7,685,000		7,715,000		Mortgage revenue bond
	Brookstone	9,318,376		9,338,603		Mortgage revenue bond
	Cross Creek	8,479,628		8,497,933		Mortgage revenue bond
	Fairmont Oaks	7,334,000		7,355,000		Consolidated VIE
	Lake Forest	8,970,000		8,997,000		Mortgage revenue bond
	Runnymede	10,525,000		10,525,000		Mortgage revenue bond
	Southpark	13,795,000		13,795,000		Mortgage revenue bond
	Woodlynn Village	4,426,000		4,426,000		Mortgage revenue bond
	Ohio Series A Bond (1)	14,477,000		14,498,000		Mortgage revenue bond
	Villages at Lost Creek	—		18,090,000		Mortgage revenue bond
	Total	$	104,279,004	$	122,536,536
	(

Mortgages_Payable_Tables

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2014
Mortgages Payable [Abstract]	'
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	e Company’s debt financing as of March 31, 2014 contractually matures over the next five years and thereafter as follows:
	2014	$	163,817,000
	2015	18,160,000
	2016	949,000
	2017	74,585,000
	2018	—
	Thereafter	—
	Total	$	257,511,000
	The Company’s mortgages payable as of March 31, 2014 contractually mature over the next five years and thereafter as follows:
	2014	$	17,112,100
	2015	6,709,154
	2016	7,785,288
	2017	18,189,422
	2018	—
	Thereafter	15,154,128
	Total	$	64,950,092

Interest_Rate_Derivative_Agree1

Interest Rate Derivative Agreements (Tables)	3 Months Ended
	Mar. 31, 2014
Interest Rate Derivative Agreements [Abstract]	'
Schedule of Derivative Instruments [Table Text Block]	'
	The terms of the derivative agreements are as follows:
		Date Purchased	Notional Amount		Effective Capped Rate		Maturity Date	Purchase Price		Counterparty
		September 2, 2010	$	31,936,667	3	%	September 1, 2017	$	921,000	Bank of New York Mellon
		September 2, 2010	$	31,936,667	3	%	September 1, 2017	$	845,600	Barclays Bank PLC
		September 2, 2010	$	31,936,667	3	%	September 1, 2017	$	928,000	Royal Bank of Canada
		August 15, 2013	$	93,305,000	1.5	%	September 1, 2017	$	793,000	Deutsche Bank
		February 18, 2014	$	41,250,000	1	%	March 1, 2017	$	230,500	SMBC Capital Markets, Inc
		February 18, 2014	$	28,750,000	1	%	March 1, 2017	$	161,000	SMBC Capital Markets, Inc

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements [Abstract]	'
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	'
	Assets and liabilities measured at fair value on a recurring basis are summarized below:
			Fair Value Measurements at March 31, 2014
	Description		Assets at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	Assets
	Mortgage Revenue Bonds		$	316,471,727			$	—			$	—		$	316,471,727
	Public Housing Capital Fund Trust Certificates		62,070,540				—				—			62,070,540
	MBS Investments		39,922,601				—				39,922,601			—
	Taxable Bonds		4,298,957				—				—			4,298,957
	Interest Rate Derivatives		1,103,783				—				—			1,103,783
	Total Assets at Fair Value		$	423,867,608			$	—			$	39,922,601		$	383,945,007
			For Three Months Ended March 31, 2014
			Fair Value Measurements Using Significant
			Unobservable Inputs (Level 3)
			Mortgage Revenue Bonds				Public Housing Capital Fund Trust Certificates				Taxable Bonds			Interest Rate Derivatives			Total
	Beginning Balance January 1, 2014		$	285,318,171			$	62,056,379			$	4,075,953		$	888,120		$	352,338,623
	Total gains (losses) (realized/unrealized)
	Included in earnings		—				—				—			(175,837		)	(175,837		)
	Included in other comprehensive income		14,073,020				1,657,859				223,004			—			15,953,883
	Purchases		34,778,800				—				—			—			34,778,800
	Purchase interest rate derivative		—				—				—			391,500			391,500
	Mortgage revenue bond redemption		(17,636,138		)		—				—			—			(17,636,138		)
	Settlements		(62,126		)		(1,643,698		)		—			—			(1,705,824		)
	Ending Balance March 31, 2014		$	316,471,727			$	62,070,540			$	4,298,957		$	1,103,783		$	383,945,007
	Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2014		$	—			$	—			$	—		$	(175,837	)	$	(175,837	)
			Fair Value Measurements at December 31, 2013
	Description		Assets at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	Assets
	mortgage Revenue Bonds		$	285,318,171			$	—			$	—		$	285,318,171
	Public Housing Capital Fund Trusts		62,056,379				—				—			62,056,379
	MBS Investments		37,845,661				—				37,845,661			—
	Taxable Bonds		4,075,953											4,075,953
	Interest Rate Derivatives		888,120				—				—			888,120
	Total Assets at Fair Value		$	390,184,284			$	—			$	37,845,661		$	352,338,623
			For Three Months Ended March 31, 2013
			Fair Value Measurements Using Significant
			Unobservable Inputs (Level 3)
			Mortgage Revenue Bonds				Public Housing Capital Fund Trust Certificates				Taxable Bonds			Interest Rate Derivatives			Total
	Beginning Balance January 1, 2013		$	145,237,376			$	65,389,298			$	—		$	378,729		$	211,005,403
	Total gains (losses) (realized/unrealized)
	Included in earnings		—				—				—			(104,658		)	(104,658		)
	Included in other comprehensive income		3,628,875				(761,456		)		—			—			2,867,419
	Ohio Properties' mortgage revenue bonds		19,581,166				—				—			—			19,581,166
	Purchases		38,400,000				—				—			—			38,400,000
	Settlements		11,758				(14,129		)		—			—			(2,371		)
	Ending Balance March 31, 2013		$	206,859,175			$	64,613,713			$	—		$	274,071		$	271,746,959
	Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2013		$	—			$	—			$	—		$	(104,658	)	$	(104,658	)
Fair Value, by Balance Sheet Grouping [Table Text Block]	'
	below represents the fair market value of the debt held on the balance sheet for March 31, 2014 and December 31, 2013, respectively.
		31-Mar-14								31-Dec-13
		Carrying Amount				Fair Value				Carrying Amount			Fair Value
	Financial Liabilities:
	Debt financing	$	257,511,000			$	259,648,650			$	257,274,000		$	258,639,691
	Mortgages payable	$	64,950,091			$	66,195,680			$	57,087,320		$	58,117,798

Segment_Reporting_Tables

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
	The following table details certain key financial information for the Company’s reportable segments for the three months ended March 31, 2014 and 2013 and as of December 31, 2013:
		For the Three Months Ended,
		March 31, 2014			March 31, 2013
	Total revenues
	Mortgage Revenue Bond Investments	$	8,260,913		$	8,443,527
	MF Properties	3,150,344			2,519,739
	Public Housing Capital Fund Trust Certificates	800,828			815,429
	Mortgage-Backed Securities	421,160			330,354
	Consolidated VIEs	800,872			1,213,069
	Consolidation/eliminations	(233,277		)	(377,709		)
	Total revenues	$	13,200,840		$	12,944,409
	Interest expense
	Mortgage Revenue Bond Investments	$	1,149,922		$	658,497
	MF Properties	563,340			503,005
	Public Housing Capital Fund Trust Certificates	337,557			277,860
	Mortgage-Backed Securities	118,730			96,911
	Consolidated VIEs	557,884			819,163
	Consolidation/eliminations	(557,884		)	(819,163		)
	Total interest expense	$	2,169,549		$	1,536,273
	Depreciation expense
	Mortgage Revenue Bond Investments	$	—		$	—
	MF Properties	1,019,366			849,320
	Public Housing Capital Fund Trust Certificates	—			—
	Mortgage-Backed Securities	—			—
	Consolidated VIEs	232,781			345,308
	Consolidation/eliminations	—			—
	Total depreciation expense	$	1,252,147		$	1,194,628
	Income (loss) from continuing operations
	Mortgage Revenue Bond Investments	$	5,628,100		$	6,421,412
	MF Properties	(224,611		)	(364,494		)
	Public Housing Capital Fund Trust Certificates	456,118			530,458
	Mortgage-Backed Securities	299,890			214,641
	Consolidated VIEs	(444,098		)	(693,232		)
	Consolidation/eliminations	331,327			452,273
	Income - America First Multifamily Investors, L. P.	$	6,046,726		$	6,561,058
	Net income (loss)
	Mortgage Revenue Bond Investments	$	5,628,100		$	6,421,412
	MF Properties	(224,508		)	1,395,874
	Public Housing Capital Fund Trust Certificates	456,118			530,458
	Mortgage-Backed Securities	299,890			214,641
	Consolidated VIEs	(444,098		)	(693,232		)
	Consolidation/eliminations	331,327			452,273
	Net income - America First Multifamily Investors, L. P.	$	6,046,829		$	8,321,426
		31-Mar-14			31-Dec-13
	Total assets
	Mortgage Revenue Bond Investments	$	506,477,244		$	442,175,645
	MF Properties	92,285,478			83,580,479
	Public Housing Capital Fund Trusts	62,555,999			62,449,028
	Mortgage-Backed Securities	40,516,125			38,427,654
	Consolidated VIEs	13,731,470			14,019,837
	Consolidation/eliminations	(104,683,730		)	(106,419,611		)
	Total assets	$	610,882,586		$	534,233,032
	Total partners' capital
	Mortgage Revenue Bond Investments	$	296,126,569		$	231,042,138
	MF Properties	22,133,659			23,107,538
	Public Housing Capital Fund Trusts	14,621,627			13,336,761
	Mortgage-Backed Securities	6,480,339			4,397,356
	Consolidated VIEs	(21,955,872		)	(21,511,776		)
	Consolidation/eliminations	(45,364,865		)	(47,237,930		)
	Total partners' capital	$	272,041,457		$	203,134,087

Basis_of_Presentation_Percenta

Basis of Presentation Percentage of Ownership (Details) (Consolidated Properties [Member])	Mar. 31, 2014
	properties
Consolidated Properties [Member]	'
Number of Real Estate Properties	9

Partnership_Income_Expense_and1

Partnership Income, Expense and Cash Distributions Narrative Tagging (Details)	Mar. 31, 2014
Percent of Regular Distributions	100.00%
Penalty on Outstanding Contingent Interest	0.90%
Limited Partner [Member]	'
Percent of Regular Distributions	99.00%
Special Distribution	75.00%
General Partner [Member]	'
Percent of Regular Distributions	1.00%
Special Distribution	25.00%

Variable_Interest_Entities_Pro

Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) (USD $)	Mar. 31, 2014
Ashley Square [Member]	'
Maximum Exposure to Loss	$12,331,757
Carrying Value	6,888,732
Ashley Square [Member] | Mortgage revenue bonds [Member]	'
Maximum Exposure to Loss	5,200,000
Carrying Value	5,406,732
Ashley Square [Member] | Property Loan [Member]	'
Maximum Exposure to Loss	7,131,757
Carrying Value	1,482,000
Cross Creek [Member]	'
Maximum Exposure to Loss	9,541,556
Carrying Value	11,417,757
Cross Creek [Member] | Mortgage revenue bonds [Member]	'
Maximum Exposure to Loss	6,050,941
Carrying Value	7,927,142
Cross Creek [Member] | Property Loan [Member]	'
Maximum Exposure to Loss	3,490,615
Carrying Value	$3,490,615

Variable_Interest_Entities_Con

Variable Interest Entities Consolidating Balance Sheet (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2011
Assets [Abstract]	'	'	'	'
Cash and cash equivalents	$46,698,901	$11,318,015	'	'
Restricted cash	4,131,477	6,845,543	'	'
Interest receivable	11,549,123	9,536,515	'	'
Mortgage revenue bonds held in trust, at fair value	232,276,390	216,371,801	'	'
Mortgage revenue bonds, at fair value	84,195,337	68,946,370	'	'
Public housing capital fund trusts, at fair value	62,070,540	62,056,379	'	'
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	39,922,601	37,845,661	'	'
Real Estate Assets [Abstract]	'	'	'	'
Land and improvements	11,081,992	11,081,992	'	'
Buildings and improvements	120,982,988	111,195,695	'	'
Real estate assets before accumulated depreciation	132,064,980	122,277,687	'	'
Accumulated depreciation	-20,368,846	-19,128,753	'	'
Net real estate assets	111,696,134	103,148,934	'	'
Other assets	18,342,083	18,163,814	'	'
Assets	610,882,586	534,233,032	'	'
Liabilities [Abstract]	'	'	'	'
Accounts payable, accrued expenses and other liabilities	6,733,498	5,450,694	'	'
Distribution payable	8,295,024	6,446,076	'	'
Debt financing	257,511,000	257,274,000	'	'
Mortgages payable	64,950,092	57,087,320	'	'
Bond Purchase Commitment - Fair Market Value Adjustment	1,362,940	4,852,177	'	'
Liabilities	338,852,554	331,110,267	'	'
Partners' Capital	'	'	'	'
General Partner	193,195	16,671	'	'
Beneficial Unit Certificate holders	292,416,929	223,573,312	'	'
Unallocated deficit of Consolidated VIEs	-20,568,667	-20,455,896	'	'
Total Partners' Capital	272,041,457	203,134,087	'	'
Noncontrolling interest	-11,425	-11,322	'	'
Total Capital	272,030,032	203,122,765	190,258,406	183,970,931
Total Liabilities and Partners' Capital	610,882,586	534,233,032	'	'
Partnership [Member]	'	'	'	'
Assets [Abstract]	'	'	'	'
Cash and cash equivalents	46,664,860	11,292,039	'	'
Restricted cash	3,687,282	6,344,666	'	'
Interest receivable	16,617,934	14,357,065	'	'
Mortgage revenue bonds held in trust, at fair value	247,639,148	230,885,864	'	'
Mortgage revenue bonds, at fair value	84,195,337	68,946,370	'	'
Public housing capital fund trusts, at fair value	62,070,540	62,056,379	'	'
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	39,922,601	37,845,661	'	'
Real Estate Assets [Abstract]	'	'	'	'
Land and improvements	9,245,592	9,245,592	'	'
Buildings and improvements	100,012,852	90,253,256	'	'
Real estate assets before accumulated depreciation	109,258,444	99,498,848	'	'
Accumulated depreciation	-10,403,003	-9,386,811	'	'
Net real estate assets	98,855,441	90,112,037	'	'
Other assets	24,419,708	24,413,077	'	'
Assets	624,072,851	546,253,158	'	'
Liabilities [Abstract]	'	'	'	'
Accounts payable, accrued expenses and other liabilities	6,416,132	4,963,653	'	'
Distribution payable	8,295,024	6,446,076	'	'
Debt financing	257,511,000	257,274,000	'	'
Mortgages payable	64,950,092	57,087,320	'	'
Bond Purchase Commitment - Fair Market Value Adjustment	1,362,940	4,852,177	'	'
Liabilities	338,535,188	330,623,226	'	'
Partners' Capital	'	'	'	'
General Partner	193,195	16,671	'	'
Beneficial Unit Certificate holders	285,355,893	215,624,583	'	'
Unallocated deficit of Consolidated VIEs	0	0	'	'
Total Partners' Capital	285,549,088	215,641,254	'	'
Noncontrolling interest	-11,425	-11,322	'	'
Total Capital	285,537,663	215,629,932	'	'
Total Liabilities and Partners' Capital	624,072,851	546,253,158	'	'
Consolidated VIEs [Member]	'	'	'	'
Assets [Abstract]	'	'	'	'
Cash and cash equivalents	34,041	25,976	'	'
Restricted cash	444,195	500,877	'	'
Interest receivable	0	0	'	'
Mortgage revenue bonds held in trust, at fair value	0	0	'	'
Mortgage revenue bonds, at fair value	0	0	'	'
Public housing capital fund trusts, at fair value	0	0	'	'
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	0	0	'	'
Real Estate Assets [Abstract]	'	'	'	'
Land and improvements	1,836,400	1,836,400	'	'
Buildings and improvements	20,970,136	20,942,439	'	'
Real estate assets before accumulated depreciation	22,806,536	22,778,839	'	'
Accumulated depreciation	-9,965,843	-9,741,942	'	'
Net real estate assets	12,840,693	13,036,897	'	'
Other assets	412,541	456,087	'	'
Assets	13,731,470	14,019,837	'	'
Liabilities [Abstract]	'	'	'	'
Accounts payable, accrued expenses and other liabilities	20,829,342	20,634,613	'	'
Distribution payable	0	0	'	'
Debt financing	0	0	'	'
Mortgages payable	14,858,000	14,897,000	'	'
Bond Purchase Commitment - Fair Market Value Adjustment	0	0	'	'
Liabilities	35,687,342	35,531,613	'	'
Partners' Capital	'	'	'	'
General Partner	0	0	'	'
Beneficial Unit Certificate holders	0	0	'	'
Unallocated deficit of Consolidated VIEs	-21,955,872	-21,511,776	'	'
Total Partners' Capital	-21,955,872	-21,511,776	'	'
Noncontrolling interest	0	0	'	'
Total Capital	-21,955,872	-21,511,776	'	'
Total Liabilities and Partners' Capital	13,731,470	14,019,837	'	'
Consolidations, Eliminations for VIEs [Member]	'	'	'	'
Assets [Abstract]	'	'	'	'
Cash and cash equivalents	0	0	'	'
Restricted cash	0	0	'	'
Interest receivable	-5,068,811	-4,820,550	'	'
Mortgage revenue bonds held in trust, at fair value	-15,362,758	-14,514,063	'	'
Mortgage revenue bonds, at fair value	0	0	'	'
Public housing capital fund trusts, at fair value	0	0	'	'
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	0	0	'	'
Real Estate Assets [Abstract]	'	'	'	'
Land and improvements	0	0	'	'
Buildings and improvements	0	0	'	'
Real estate assets before accumulated depreciation	0	0	'	'
Accumulated depreciation	0	0	'	'
Net real estate assets	0	0	'	'
Other assets	-6,490,166	-6,705,350	'	'
Assets	-26,921,735	-26,039,963	'	'
Liabilities [Abstract]	'	'	'	'
Accounts payable, accrued expenses and other liabilities	-20,511,976	-20,147,572	'	'
Distribution payable	0	0	'	'
Debt financing	0	0	'	'
Mortgages payable	-14,858,000	-14,897,000	'	'
Bond Purchase Commitment - Fair Market Value Adjustment	0	0	'	'
Liabilities	-35,369,976	-35,044,572	'	'
Partners' Capital	'	'	'	'
General Partner	0	0	'	'
Beneficial Unit Certificate holders	7,061,036	7,948,729	'	'
Unallocated deficit of Consolidated VIEs	1,387,205	1,055,880	'	'
Total Partners' Capital	8,448,241	9,004,609	'	'
Noncontrolling interest	0	0	'	'
Total Capital	8,448,241	9,004,609	'	'
Total Liabilities and Partners' Capital	($26,921,735)	($26,039,963)	'	'

Variable_Interest_Entities_Con1

Variable Interest Entities Consolidating Income Statement (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues [Abstract]	'	'
Property revenues	$3,951,216	$3,732,807
Investment income	6,205,558	7,716,617
Gain on sale and retirement of bonds	2,835,243	0
Interest Income, Operating	208,823	1,244,985
Other income	0	250,000
Revenues	13,200,840	12,944,409
Expenses [Abstract]	'	'
Real estate operating (exclusive of items shown below)	2,100,293	2,057,036
Provision for loss on receivables	0	238,175
Depreciation and amortization	1,613,346	1,581,376
Interest	2,169,549	1,536,273
General and administrative	1,270,926	970,491
Total expenses	7,154,114	6,383,351
Income (loss) from operations	6,046,726	6,561,058
Income from discontinued operations	0	1,933,019
Net income (loss)	6,046,726	8,494,077
Net income (loss) attributable to noncontrolling interest	-103	172,651
Net income (loss) - America First Tax Exempt Investors, L.P.	6,046,829	8,321,426
Partnership [Member]	'	'
Revenues [Abstract]	'	'
Property revenues	3,150,344	2,519,738
Investment income	6,438,835	8,094,326
Gain on sale and retirement of bonds	2,835,243	'
Interest Income, Operating	208,823	1,244,985
Other income	'	250,000
Revenues	12,633,245	12,109,049
Expenses [Abstract]	'	'
Real estate operating (exclusive of items shown below)	1,650,647	1,323,634
Provision for loss on receivables	'	238,175
Depreciation and amortization	1,382,626	1,238,459
Interest	2,169,549	1,536,273
General and administrative	1,270,926	970,491
Total expenses	6,473,748	5,307,032
Income (loss) from operations	'	6,802,017
Income from discontinued operations	'	1,933,019
Net income (loss)	6,159,497	8,735,036
Net income (loss) attributable to noncontrolling interest	-103	172,651
Net income (loss) - America First Tax Exempt Investors, L.P.	6,159,600	8,562,385
Consolidated VIEs [Member]	'	'
Revenues [Abstract]	'	'
Property revenues	800,872	1,213,069
Investment income	0	0
Gain on sale and retirement of bonds	'	'
Interest Income, Operating	0	0
Other income	'	0
Revenues	800,872	1,213,069
Expenses [Abstract]	'	'
Real estate operating (exclusive of items shown below)	449,646	733,402
Provision for loss on receivables	'	0
Depreciation and amortization	237,440	353,736
Interest	557,884	819,163
General and administrative	0	0
Total expenses	1,244,970	1,906,301
Income (loss) from operations	'	-693,232
Income from discontinued operations	'	0
Net income (loss)	-444,098	-693,232
Net income (loss) attributable to noncontrolling interest	0	0
Net income (loss) - America First Tax Exempt Investors, L.P.	-444,098	-693,232
Consolidations, Eliminations for VIEs [Member]	'	'
Revenues [Abstract]	'	'
Property revenues	0	0
Investment income	-233,277	-377,709
Gain on sale and retirement of bonds	'	'
Interest Income, Operating	0	0
Other income	'	0
Revenues	-233,277	-377,709
Expenses [Abstract]	'	'
Real estate operating (exclusive of items shown below)	0	0
Provision for loss on receivables	'	0
Depreciation and amortization	-6,720	-10,819
Interest	-557,884	-819,163
General and administrative	0	0
Total expenses	-564,604	-829,982
Income (loss) from operations	'	452,273
Income from discontinued operations	'	0
Net income (loss)	331,327	452,273
Net income (loss) attributable to noncontrolling interest	0	0
Net income (loss) - America First Tax Exempt Investors, L.P.	$331,327	$452,273

Variable_Interest_Entities_Nar

Variable Interest Entities Narrative Tagging (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2010
	limited	installments
Available-for-Sale Securities, Ownership Percentage	100.00%	'
Total Owners [Member]	'	'
Number of Owners	4	'
Related party owner [Member]	'	'
Number of Owners	2	'
Unconsolidated Properties [Member]	'	'
Number of Variable Interest Entities	2	'
Ashley Square [Member]	'	'
Available-for-Sale Securities, Ownership Percentage	100.00%	'
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	99.00%	'
Cross Creek [Member]	'	'
Available-for-Sale Securities, Ownership Percentage	100.00%	'
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	99.00%	'
Number of Partners	3	'
Partners' Capital Account, Contributions	'	$2,200,000
Number of Installments of Contributed Capital	'	3
Noncontrolling Interest, Ownership Percentage by Parent	1.00%	'
First Installment [Member] | Cross Creek [Member]	'	'
Partners' Capital Account, Contributions	'	$563,000

Investments_in_Mortgage_Revenu2

Investments in Mortgage Revenue Bonds Investments in Mortgage Revenue Bonds(Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2010

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Harden Ranch [Member]

Arbors at Hickory Ridge [Member]

Arbors at Hickory Ridge [Member]

Ashley Square [Member]

Ashley Square [Member]

Autumn Pines [Member]

Autumn Pines [Member]

Bella Vista [Member]

Bella Vista [Member]

Bridle Ridge [Member]

Bridle Ridge [Member]

Brookstone [Member]

Brookstone [Member]

Cross Creek [Member]

Cross Creek [Member]

Decatur-Angle [Member]

Greens of Pine Glen [Member]

Greens of Pine Glen [Member]

Lake Forest [Member]

Lake Forest [Member]

Lost Creek [Member]

Lost Creek [Member]

Runnymede [Member]

Runnymede [Member]

Southpark [Member]

Southpark [Member]

The Suites on Paseo [Member]

The Suites on Paseo [Member]

Woodlynn Village [Member]

Woodlynn Village [Member]

Avistar at the Oaks [Member]

Avistar at the Oaks [Member]

Avistar in 09 [Member]

Avistar in 09 [Member]

Avistar on the Hills [Member]

Avistar on the Hills [Member]

Vantage at Harlingen [Member]

Vantage at Harlingen [Member]

Vantage at Judson [Member]

Vantage at Judson [Member]

Copper Gate [Member]

Copper Gate [Member]

Rennaisance [Member]

Rennaisance [Member]

The Palms at Premier Park [Member]

The Palms at Premier Park [Member]

Tyler Park Apartments [Member]

Tyler Park Apartments [Member]

Westside Village Market [Member]

Westside Village Market [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Harden Ranch [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Greens of Pine Glen [Member]

Greens of Pine Glen [Member]

Avistar at Chase Hill [Member]

Avistar at Chase Hill [Member]

Avistar at Chase Hill [Member]

Avistar at the Crest [Member]

Avistar at the Crest [Member]

Avistar at the Crest [Member]

Avistar on the Boulevard [Member]

Avistar on the Boulevard [Member]

Avistar on the Boulevard [Member]

Tyler Park Apartments [Member]

Westside Village Market [Member]

Harden Ranch [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Greens of Pine Glen [Member]

Greens of Pine Glen [Member]

Avistar at Chase Hill [Member]

Avistar at Chase Hill [Member]

Avistar at Chase Hill [Member]

Avistar at the Crest [Member]

Avistar at the Crest [Member]

Avistar at the Crest [Member]

Avistar on the Boulevard [Member]

Avistar on the Boulevard [Member]

Avistar on the Boulevard [Member]

Vantage at Harlingen [Member]

Vantage at Judson [Member]

Tyler Park Apartments [Member]

Westside Village Market [Member]

Schedule of Available-for-sale Securities [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost adjusted for pay-downs, held in trust

$226,559,777

$219,511,490

'

$11,574,890

[1]

$11,576,209

[1]

$5,200,000

[1]

$5,212,000

[1]

$12,158,034

[1]

$12,147,873

[1]

$6,545,000

[1]

$6,545,000

[1]

$7,685,000

[1]

$7,715,000

[1]

$7,465,447

[1]

$7,463,641

[1]

$6,050,941

[1]

$6,042,297

[1]

$23,000,000

[1]

'

'

$8,970,000

[1]

$8,997,000

[1]

$15,883,084

[1]

$15,900,000

$10,525,000

[1]

$10,525,000

[1]

$11,898,465

[1]

$11,878,885

[1]

$35,750,000

[1]

$35,750,000

[1]

$4,426,000

[1]

$4,426,000

[1]

$8,354,000

[1]

$8,354,000

[1]

$7,192,000

[1]

$7,192,000

[1]

$5,389,000

[1]

$5,389,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$14,477,000

[1]

$14,498,000

[1]

$8,420,000

[1]

$8,437,501

[1]

$8,960,000

[1]

$8,960,000

[1]

'

$8,759,000

[1]

$8,759,000

[1]

'

$13,760,000

[1]

$13,760,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost adjusted for pay-downs

82,816,217

71,040,881

9,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,692,000

6,692,000

6,049,000

6,049,000

5,220,000

5,220,000

10,453,800

7,975,000

20,152,000

20,152,000

8,100,000

8,100,000

5,400,000

5,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,581,140

3,583,590

947,277

948,291

2,005,000

2,005,000

'

1,700,000

1,700,000

'

3,216,000

3,216,000

'

'

'

'

'

Unrealized Gain, held in trust

8,577,546

5,309,545

'

878,024

[1]

225,690

[1]

206,732

[1]

0

[1]

670,625

[1]

0

[1]

0

[1]

0

[1]

0

[1]

0

[1]

1,065,045

[1]

841,751

[1]

1,876,201

[1]

1,480,266

[1]

'

[1]

'

'

388,412

[1]

0

[1]

1,743,088

[1]

'

144,403

[1]

0

[1]

2,250,791

[1]

1,018,750

[1]

0

[1]

0

[1]

0

[1]

0

[1]

0

[1]

0

[1]

0

[1]

0

[1]

59,570

[1]

0

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

847,175

[1]

0

[1]

190,568

[1]

0

[1]

0

[1]

0

[1]

'

0

[1]

0

[1]

'

0

[1]

0

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized Gain

2,227,670

340,453

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

147,023

0

131,324

0

51,469

0

224,349

0

1,043,672

0

0

0

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

331,108

150,864

281,519

189,589

0

0

'

0

0

'

17,206

0

'

'

'

'

'

Unrealized Loss, held in trust

-2,860,933

-8,449,234

'

0

[1]

0

[1]

0

[1]

0

[1]

0

[1]

-195,355

[1]

-134,434

[1]

-473,989

[1]

-104,439

[1]

-452,870

[1]

0

[1]

0

[1]

0

[1]

0

[1]

-1,201,060

[1]

'

'

0

[1]

-289,461

[1]

0

[1]

'

0

[1]

-551,510

[1]

0

[1]

0

[1]

-3,932

[1]

-2,502

[1]

-59,795

[1]

-340,979

[1]

-368,497

[1]

-1,103,115

[1]

-133,697

[1]

-588,254

[1]

0

[1]

-417,724

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

[1]

0

[1]

0

[1]

-577,426

[1]

-381,248

[1]

-850,752

[1]

'

-372,695

[1]

-1,298,785

[1]

'

-101,136

[1]

-1,306,512

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized Loss

-848,550

-2,434,964

-173,406

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

-211,735

0

-190,423

0

-252,648

0

-16,964

0

-283,942

-412,937

-526,601

-147,204

-403,400

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

0

0

-62,235

-159,117

'

-52,768

-134,912

'

0

-255,222

'

-530,000

-606,000,000

'

'

Estimated Fair Value, held in trust

232,276,390

216,371,801

'

12,452,914

[1]

11,801,899

[1]

5,406,732

[1]

5,212,000

[1]

12,828,659

[1]

11,952,518

[1]

6,410,566

[1]

6,071,011

[1]

7,580,561

[1]

7,262,130

[1]

8,530,492

[1]

8,305,392

[1]

7,927,142

[1]

7,522,563

[1]

21,798,940

[1]

9,800,000

[1]

9,098,751

[1]

9,358,412

[1]

8,707,539

[1]

17,626,172

[1]

18,500,000

10,669,403

[1]

9,973,490

[1]

14,149,256

[1]

12,897,635

[1]

35,746,068

[1]

35,747,498

[1]

4,366,205

[1]

4,085,021

[1]

7,985,503

[1]

7,250,885

[1]

7,058,303

[1]

6,603,746

[1]

5,448,570

[1]

4,971,276

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,324,175

[1]

14,498,000

[1]

8,610,568

[1]

7,860,075

[1]

8,578,752

[1]

8,109,248

[1]

'

8,386,305

[1]

7,460,215

[1]

'

13,658,864

[1]

12,453,488

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated Fair Value

$84,195,337

$68,946,370

$9,126,594

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$23,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$6,839,023

$6,480,265

$6,180,324

$5,858,577

$5,271,469

$4,967,352

$10,678,149

$7,958,036

$21,195,672

$19,868,058

$7,687,063

$7,573,399

$5,252,796

$4,996,600

$7,000,000

'

'

'

'

'

'

$9,000,000

'

'

$8,800,000

'

'

$13,800,000

$6,100,000

$4,000,000

$2,300,000

$3,912,248

$3,734,454

$1,228,796

$1,137,880

$1,942,765

$1,845,883

$2,000,000

$1,647,232

$1,565,088

$1,700,000

$3,233,206

$2,960,778

$3,200,000

'

'

$2,000,000

$1,400,000

[1]

December 31, 2013Description of mortgage Revenue BondsB Cost adjusted for pay-downsB Unrealized GainsB Unrealized LossB Estimated Fair ValueArbors at Hickory Ridge (2)B $11,576,209B $225,690B $bB $11,801,899Ashley Square (1)B 5,212,000B bB bB 5,212,000Autumn Pines (2)B 12,147,873B bB (195,355)B 11,952,518Avistar at Chase Hill A Bond (2)B 8,960,000B bB (850,752)B 8,109,248Avistar at the Crest A Bond (2)B 8,759,000B bB (1,298,785)B 7,460,215Avistar at the Oaks (2)B 8,354,000B bB (1,103,115)B 7,250,885Avistar in 09 (2)B 7,192,000B bB (588,254)B 6,603,746Avistar on the Boulevard A Bond (2)B 13,760,000B bB (1,306,512)B 12,453,488Avistar on the Hills (2)B 5,389,000B bB (417,724)B 4,971,276Bella Vista (1)B 6,545,000B bB (473,989)B 6,071,011Bridle Ridge (1)B 7,715,000B bB (452,870)B 7,262,130Brookstone (1)B 7,463,641B 841,751B bB 8,305,392Cross Creek (1)B 6,042,297B 1,480,266B bB 7,522,563Greens Property A Bond (2)B 8,437,501B bB (577,426)B 7,860,075Lake Forest (1)B 8,997,000B bB (289,461)B 8,707,539Lost Creek (1)B 15,883,084B 1,743,088B bB 17,626,172Ohio Properties A Bonds (1)B 14,498,000B bB bB 14,498,000Runnymede (1)B 10,525,000B bB (551,510)B 9,973,490Southpark (1)B 11,878,885B 1,018,750B bB 12,897,635The Suites on Paseo (2)B 35,750,000B bB (2,502)B 35,747,498Woodlynn Village (1)B 4,426,000B bB (340,979)B 4,085,021Mortgage revenue bonds held in trustB $219,511,490B $5,309,545B $(8,449,234)B $216,371,801 December 31, 2013Description of Mortgage Revenue BondsB Cost adjusted for pay-downsB Unrealized GainB Unrealized LossB Estimated Fair ValueAvistar at Chase Hill B BondB $2,005,000B $bB $(159,117)B $1,845,883Avistar at the Crest B BondB 1,700,000B bB (134,912)B 1,565,088Avistar on the Boulevard B BondB 3,216,000B bB (255,222)B 2,960,778Copper Gate ApartmentsB 5,220,000B bB (252,648)B 4,967,352Greens Property B BondB 948,291B 189,589B bB 1,137,880Ohio Properties B BondsB 3,583,590B 150,864B bB 3,734,454RenaissanceB 7,975,000B bB (16,964)B 7,958,036The Palms at Premier Park ApartmentsB 20,152,000B bB (283,942)B 19,868,058Tyler Park ApartmentsB 8,100,000B bB (526,601)B 7,573,399Vantage at HarlingenB 6,692,000B bB (211,735)B 6,480,265Vantage at JudsonB 6,049,000B bB (190,423)B 5,858,577Westside VillageB 5,400,000B bB (403,400)B 4,996,600Mortgage revenue bondsB $71,040,881B $340,453B $(2,434,964)B $68,946,370

Investments_in_Mortgage_Revenu3

Investments in Mortgage Revenue Bonds Narrative Tagging (Details) (USD $)

3 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2010

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2011

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2015

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Harden Ranch [Member]

Decatur-Angle [Member]

Lost Creek [Member]

Lost Creek [Member]

Lost Creek [Member]

Copper Gate [Member]

Copper Gate [Member]

Tyler Park Apartments [Member]

Tyler Park Apartments [Member]

Westside Village Market [Member]

Westside Village Market [Member]

The Palms at Premier Park [Member]

The Palms at Premier Park [Member]

The Suites on Paseo [Member]

The Suites on Paseo [Member]

Vantage at Harlingen [Member]

Vantage at Harlingen [Member]

Greens of Pine Glen [Member]

Greens of Pine Glen [Member]

Iona Lakes [Member]

Iona Lakes [Member]

Dublin [Member]

Kingswood [Member] [Member]

Waterford [Member]

Rennaisance [Member]

Rennaisance [Member]

Avistar on the Boulevard [Member]

Avistar at Chase Hill [Member]

Avistar at the Crest [Member]

Vantage at Judson [Member]

Vantage at Judson [Member]

Vantage at Judson [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series A [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series A and B [Member]

Series C [Member]

Series C [Member]

Series C [Member]

Series C [Member]

Series C [Member]

Series C [Member]

Series D [Member]

Series D [Member]

Minimum [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Effective rate - maximum [Member]

Effective rate - maximum [Member]

Effective rate - minimum [Member]

Effective rate - minimum [Member]

10% adverse [Member]

10% adverse [Member]

Unit

Unit

Unit

Unit

Unit

Unit

Unit

Unit

Unit

Unit

Unit

Unit

Unit

Unit

Unit

Unit

Harden Ranch [Member]

Tyler Park Apartments [Member]

Westside Village Market [Member]

Greens of Pine Glen [Member]

Greens of Pine Glen [Member]

Dublin [Member]

Kingswood [Member] [Member]

Waterford [Member]

Dublin, Kingswood and Waterford [Member]

Rennaisance [Member]

Avistar on the Boulevard [Member]

Avistar on the Boulevard [Member]

Avistar on the Boulevard [Member]

Avistar at Chase Hill [Member]

Avistar at Chase Hill [Member]

Avistar at Chase Hill [Member]

Avistar at the Crest [Member]

Avistar at the Crest [Member]

Avistar at the Crest [Member]

Avistar Portfolio [Member]

Avistar Portfolio [Member]

Harden Ranch [Member]

Harden Ranch [Member]

Tyler Park Apartments [Member]

Westside Village Market [Member]

Vantage at Harlingen [Member]

Greens of Pine Glen [Member]

Greens of Pine Glen [Member]

Dublin [Member]

Kingswood [Member] [Member]

Waterford [Member]

Dublin, Kingswood and Waterford [Member]

Rennaisance [Member]

Avistar on the Boulevard [Member]

Avistar on the Boulevard [Member]

Avistar on the Boulevard [Member]

Avistar at Chase Hill [Member]

Avistar at Chase Hill [Member]

Avistar at Chase Hill [Member]

Avistar at the Crest [Member]

Avistar at the Crest [Member]

Avistar at the Crest [Member]

Avistar Portfolio [Member]

Avistar Portfolio [Member]

Vantage at Judson [Member]

Vantage at Judson [Member]

Rennaisance [Member]

Vantage at Harlingen [Member]

Dublin, Kingswood and Waterford [Member]

Rennaisance [Member]

Avistar Portfolio [Member]

Avistar Portfolio [Member]

Vantage at Judson [Member]

Vantage at Harlingen [Member]

Vantage at Judson [Member]

Woodlynn Village and Avistar at the Crest [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Series B [Member]

Effective rate - maximum [Member]

Effective rate - minimum [Member]

Vantage at Harlingen [Member]

Vantage at Judson [Member]

Vantage at Harlingen [Member]

Vantage at Judson [Member]

Mortgage revenue bonds, at fair value

$84,195,337

'

$68,946,370

$9,126,594

$23,000,000

'

'

'

$4,967,352

$5,271,469

$7,687,063

$7,573,399

$5,252,796

$4,996,600

$19,868,058

$21,195,672

'

'

$6,839,023

$6,480,265

'

'

'

'

'

'

'

$10,678,149

$7,958,036

'

'

'

$5,858,577

$6,180,324

'

$7,000,000

$6,100,000

$4,000,000

'

'

$5,900,000

$3,100,000

$5,500,000

'

'

'

'

$13,800,000

'

'

$9,000,000

'

'

$8,800,000

'

'

$2,300,000

'

$2,000,000

$1,400,000

'

$1,228,796

$1,137,880

$2,500,000

$2,300,000

$1,700,000

'

'

$3,233,206

$2,960,778

$3,200,000

$1,942,765

$1,845,883

$2,000,000

$1,647,232

$1,565,088

$1,700,000

'

'

'

'

'

$6,700,000

'

'

'

'

'

'

'

'

$18,000,000

'

$24,692,000

'

'

'

'

'

'

'

Number of Units in Real Estate Property

'

'

'

100

302

'

'

'

128

'

'

88

'

81

240

'

384

'

288

'

'

'

'

'

156

129

133

208

'

344

232

200

'

'

288

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

5.75%

'

'

'

6.25%

'

'

'

'

'

6.25%

'

6.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9.00%

'

'

5.75%

5.75%

5.75%

'

'

'

'

'

6.00%

6.00%

'

'

'

'

'

'

'

'

'

'

6.00%

5.50%

8.00%

5.50%

5.50%

6.00%

'

'

'

'

'

9.00%

12.00%

'

'

'

'

'

'

'

'

'

'

9.00%

'

0.00%

'

9.00%

9.00%

12.00%

9.00%

9.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contingent Interest Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available-for-sale Security, Maturity Date at a point in time

'

'

'

'

1-Jan-54

'

'

'

1-Dec-29

'

'

'

'

'

1-Jan-50

'

1-Dec-48

'

1-Aug-53

'

'

'

'

'

'

'

'

'

'

'

'

'

1-Feb-53

'

'

'

1-Jan-30

1-Jan-30

'

'

'

'

'

1-Aug-50

'

'

'

'

'

'

'

'

'

'

1-Mar-50

'

1-Mar-16

'

1-Jan-16

1-Jan-16

'

'

'

'

'

'

1-Sep-50

'

'

'

'

'

'

'

'

'

'

1-Apr-50

'

'

'

1-Jun-30

1-Aug-53

1-Sep-50

1-Jun-15

1-Apr-50

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available-for-sale Securities, at Par Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,300,000

831,000

2,900,000

804,000

804,000

6,049,000

1,300,000

934,000

'

'

20,638,000

'

26,687,000

'

'

'

'

'

'

Available-for-sale Securities, Amortized Cost Basis, Held in Trust

226,559,777

'

219,511,490

'

23,000,000

[1]

'

15,883,084

[1]

15,900,000

'

'

'

'

'

'

'

'

35,750,000

[1]

35,750,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,420,000

[1]

8,437,501

[1]

'

'

'

'

'

13,760,000

[1]

13,760,000

[1]

'

8,960,000

[1]

8,960,000

[1]

'

8,759,000

[1]

8,759,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost adjusted for pay-downs

82,816,217

'

71,040,881

9,300,000

'

'

'

'

5,220,000

5,220,000

8,100,000

8,100,000

5,400,000

5,400,000

20,152,000

20,152,000

'

'

6,692,000

6,692,000

'

'

'

'

'

'

'

10,453,800

7,975,000

'

'

'

6,049,000

6,049,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

947,277

948,291

'

'

'

'

'

3,216,000

3,216,000

'

2,005,000

2,005,000

'

1,700,000

1,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available-For-Sale Securities, Gross Unrealized Loss MTM

848,550

'

2,434,964

173,406

'

'

'

'

252,648

0

412,937

526,601

147,204

403,400

283,942

0

'

'

0

211,735

'

'

'

'

'

'

'

0

16,964

'

'

'

190,423

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

530,000

0

0

'

'

'

'

'

0

255,222

'

62,235

159,117

'

52,768

134,912

'

'

'

606,000,000

'

64,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Limited Partners' Contributed Capital

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage revenue bonds held in trust, at fair value

232,276,390

'

216,371,801

'

21,798,940

[1]

'

17,626,172

[1]

18,500,000

'

'

'

'

'

'

'

'

35,747,498

[1]

35,746,068

[1]

'

'

9,800,000

[1]

9,098,751

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,610,568

[1]

7,860,075

[1]

'

'

'

'

'

13,658,864

[1]

12,453,488

[1]

'

8,578,752

[1]

8,109,248

[1]

'

8,386,305

[1]

7,460,215

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Sale of Available-for-sale Securities

18,744,294

0

'

'

'

18,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,900,000

21,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available-for-sale Securities, Gross Realized Gain (Loss)

'

'

'

'

'

2,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contingent Interest Income

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,500,000

6,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Realized loss on taxable property loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,600,000

4,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9.30%

9.80%

5.80%

6.30%

10.20%

6.30%

Adverse change rate

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10% unrealized loss

$23,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized Loss Position for Available-for-sale Securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

[1]

December 31, 2013Description of mortgage Revenue BondsB Cost adjusted for pay-downsB Unrealized GainsB Unrealized LossB Estimated Fair ValueArbors at Hickory Ridge (2)B $11,576,209B $225,690B $bB $11,801,899Ashley Square (1)B 5,212,000B bB bB 5,212,000Autumn Pines (2)B 12,147,873B bB (195,355)B 11,952,518Avistar at Chase Hill A Bond (2)B 8,960,000B bB (850,752)B 8,109,248Avistar at the Crest A Bond (2)B 8,759,000B bB (1,298,785)B 7,460,215Avistar at the Oaks (2)B 8,354,000B bB (1,103,115)B 7,250,885Avistar in 09 (2)B 7,192,000B bB (588,254)B 6,603,746Avistar on the Boulevard A Bond (2)B 13,760,000B bB (1,306,512)B 12,453,488Avistar on the Hills (2)B 5,389,000B bB (417,724)B 4,971,276Bella Vista (1)B 6,545,000B bB (473,989)B 6,071,011Bridle Ridge (1)B 7,715,000B bB (452,870)B 7,262,130Brookstone (1)B 7,463,641B 841,751B bB 8,305,392Cross Creek (1)B 6,042,297B 1,480,266B bB 7,522,563Greens Property A Bond (2)B 8,437,501B bB (577,426)B 7,860,075Lake Forest (1)B 8,997,000B bB (289,461)B 8,707,539Lost Creek (1)B 15,883,084B 1,743,088B bB 17,626,172Ohio Properties A Bonds (1)B 14,498,000B bB bB 14,498,000Runnymede (1)B 10,525,000B bB (551,510)B 9,973,490Southpark (1)B 11,878,885B 1,018,750B bB 12,897,635The Suites on Paseo (2)B 35,750,000B bB (2,502)B 35,747,498Woodlynn Village (1)B 4,426,000B bB (340,979)B 4,085,021Mortgage revenue bonds held in trustB $219,511,490B $5,309,545B $(8,449,234)B $216,371,801 December 31, 2013Description of Mortgage Revenue BondsB Cost adjusted for pay-downsB Unrealized GainB Unrealized LossB Estimated Fair ValueAvistar at Chase Hill B BondB $2,005,000B $bB $(159,117)B $1,845,883Avistar at the Crest B BondB 1,700,000B bB (134,912)B 1,565,088Avistar on the Boulevard B BondB 3,216,000B bB (255,222)B 2,960,778Copper Gate ApartmentsB 5,220,000B bB (252,648)B 4,967,352Greens Property B BondB 948,291B 189,589B bB 1,137,880Ohio Properties B BondsB 3,583,590B 150,864B bB 3,734,454RenaissanceB 7,975,000B bB (16,964)B 7,958,036The Palms at Premier Park ApartmentsB 20,152,000B bB (283,942)B 19,868,058Tyler Park ApartmentsB 8,100,000B bB (526,601)B 7,573,399Vantage at HarlingenB 6,692,000B bB (211,735)B 6,480,265Vantage at JudsonB 6,049,000B bB (190,423)B 5,858,577Westside VillageB 5,400,000B bB (403,400)B 4,996,600Mortgage revenue bondsB $71,040,881B $340,453B $(2,434,964)B $68,946,370

Public_Housing_Capital_Fund_Tr2

Public Housing Capital Fund Trusts Narrative Tagging (Details) (USD $)

3 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

LIFERS [Member]

Effective rate - minimum [Member]

Effective rate - minimum [Member]

Effective rate - minimum [Member]

Effective rate - minimum [Member]

Effective rate - maximum [Member]

Effective rate - maximum [Member]

Effective rate - maximum [Member]

Effective rate - maximum [Member]

10% adverse [Member]

10% adverse [Member]

10% adverse [Member]

10% adverse [Member]

10% adverse [Member]

Integer

Integer

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

Effective rate - minimum [Member]

Effective rate - minimum [Member]

Effective rate - maximum [Member]

Effective rate - maximum [Member]

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

Schedule of Available-for-sale Securities [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Available for Sale Securities, Public Housing Authorities

'

'

3

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available-for-Sale Securities, Ownership Percentage

100.00%

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective rate

'

'

'

'

'

5.80%

6.30%

4.20%

4.20%

9.30%

9.80%

5.40%

5.40%

'

6.30%

5.50%

10.20%

6.80%

Adverse change rate

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized Loss

'

($2,186,876)

($3,844,735)

'

'

'

'

'

'

'

'

'

'

$2,700,000

'

'

'

'

Public_Housing_Capital_Fund_Tr3

Public Housing Capital Fund Trusts Information Table on Public Housing Capital Fund Trusts (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Principal Outstanding September 30, 2012	'	$65,264,703
Public housing capital fund trusts [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Principal Outstanding September 30, 2012	63,635,466	'
Standard & Poor's, AA- Rating [Member] | Public Housing Capital Fund Trust I [Member] | Public housing capital fund trusts [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Weighted Average Lives (Years)	'12 years 9 months 0 days	'12 years 9 months 0 days
Investment Rating	'AA-	'AA-
Debt, Weighted Average Interest Rate	5.33%	5.33%
Principal Outstanding September 30, 2012	26,406,558	26,406,558
Standard & Poor's, AA- Rating [Member] | Public Housing Capital Fund Trust II [Member] | Public housing capital fund trusts [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Weighted Average Lives (Years)	'12 years 3 months 18 days	'12 years 3 months 18 days
Investment Rating	'AA-	'AA-
Debt, Weighted Average Interest Rate	4.24%	4.24%
Principal Outstanding September 30, 2012	16,330,476	17,959,713
Standard & Poor's, BBB Rating [Member] | Public Housing Capital Fund Trust III [Member] | Public housing capital fund trusts [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Weighted Average Lives (Years)	'13 years 3 months 18 days	'13 years 3 months 18 days
Investment Rating	'BBB	'BBB
Debt, Weighted Average Interest Rate	5.41%	5.41%
Principal Outstanding September 30, 2012	$20,898,432	$20,898,432

Public_Housing_Capital_Fund_Tr4

Public Housing Capital Fund Trusts Mark to Market PHC (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Estimated Fair Value	$62,070,540	$62,056,379
Public housing capital fund trusts [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost adjusted for amortization of premium and discounts	64,257,416	65,901,114
Unrealized Gain	0	0
Unrealized Loss	-2,186,876	-3,844,735
Estimated Fair Value	62,070,540	62,056,379
Public Housing Capital Fund Trust I [Member] | Public housing capital fund trusts [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost adjusted for amortization of premium and discounts	27,944,615	27,979,527
Unrealized Gain	0	0
Unrealized Loss	-806,331	-1,284,873
Estimated Fair Value	27,138,284	26,694,654
Public Housing Capital Fund Trust II [Member] | Public housing capital fund trusts [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost adjusted for amortization of premium and discounts	15,868,140	17,486,739
Unrealized Gain	0	0
Unrealized Loss	-485,322	-1,083,235
Estimated Fair Value	15,382,818	16,403,504
Public Housing Capital Fund Trust III [Member] | Public housing capital fund trusts [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost adjusted for amortization of premium and discounts	20,444,661	20,434,848
Unrealized Gain	0	0
Unrealized Loss	-895,223	-1,476,627
Estimated Fair Value	$19,549,438	$18,958,221

MortgageBacked_Securities_Term

Mortgage-Backed Securities Terms of MBS (Details) (USD $)

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Standard & Poor's, AAA Rating [Member]

Standard & Poor's, AAA Rating [Member]

Standard & Poor's, AA Rating [Member]

Standard & Poor's, AA Rating [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Schedule of Available-for-sale Securities [Line Items]

'

'

'

'

'

'

'

'

Debt Instrument, Credit Rating

'

'

'

'

'"AAA"

[1]

'"AAA"

[1]

'"AA"

[1]

'"AA"

[1]

Available for Sale Securities, not Including Premiums

$65,264,703

$42,830,000

'

$31,600,000

$22,710,000

'

$20,120,000

'

Debt Instrument, Weighted Average Maturity Date

'

'

'

'

14-Jan-36

'

18-Jan-36

'

Debt, Weighted Average Interest Rate

'

'

1.20%

1.30%

4.22%

'

4.00%

'

[1]

(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.

MortgageBacked_Securities_Carr

Mortgage-Backed Securities Carrying Value of Asset (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014		Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'		'
Available-for-sale Securities, Amortized Cost Basis	$82,816,217		$71,040,881
Unrealized Gain	2,227,670		340,453
Unrealized Loss	-848,550		-2,434,964
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	39,922,601		37,845,661
Trust Portfolio--MBS Bonds [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Available-for-sale Securities, Amortized Cost Basis	43,790,916		43,801,816
Unrealized Gain	0		0
Unrealized Loss	-3,868,315		-5,956,155
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	39,922,601		37,845,661
Trust Portfolio--MBS Bonds [Member] | Standard & Poor's, AAA Rating [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Debt Instrument, Credit Rating	'"AAA"	[1]	'"AAA"	[1]
Available-for-sale Securities, Amortized Cost Basis	23,171,299		23,177,115
Unrealized Gain	0		0
Unrealized Loss	-1,705,070		-3,069,555
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	21,466,229		20,107,560
Trust Portfolio--MBS Bonds [Member] | Standard & Poor's, AA Rating [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Debt Instrument, Credit Rating	'"AA"	[1]	'"AA"	[1]
Available-for-sale Securities, Amortized Cost Basis	20,619,617		20,624,701
Unrealized Gain	0		0
Unrealized Loss	-2,163,245		-2,886,600
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	$18,456,372		$17,738,101
[1]	(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.

MortgageBacked_Securities_Narr

Mortgage-Backed Securities Narrative Tagging (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
		Integer
Tolerable Range of Difference in Valuation	0.00%	'	'
Adverse change rate	10.00%	'	'
Unrealized Loss	($848,550)	($2,434,964)	'
Available for Sale Securities, not Including Premiums	'	65,264,703	'
Effective rate - minimum [Member]	'	'	'
Effective rate	5.80%	6.30%	'
Effective rate - maximum [Member]	'	'	'
Effective rate	9.30%	9.80%	'
Trust Portfolio--MBS Bonds [Member]	'	'	'
Adverse change rate	10.00%	'	'
Unrealized Loss	-3,868,315	-5,956,155	'
Number of Available for Sale Securities, Mortgage Backed Securities	'	6	'
Available for Sale Securities, not Including Premiums	42,830,000	'	31,600,000
TOB Financing	24,100,000	'	'
Trust Portfolio--MBS Bonds [Member] | Effective rate - minimum [Member]	'	'	'
Effective rate	3.60%	'	'
Trust Portfolio--MBS Bonds [Member] | Effective rate - maximum [Member]	'	'	'
Effective rate	5.40%	'	'
10% adverse [Member] | Effective rate - minimum [Member]	'	'	'
Effective rate	6.30%	'	'
10% adverse [Member] | Effective rate - maximum [Member]	'	'	'
Effective rate	10.20%	'	'
10% adverse [Member] | Trust Portfolio--MBS Bonds [Member]	'	'	'
Unrealized Loss	-2,200,000	'	'
10% adverse [Member] | Trust Portfolio--MBS Bonds [Member] | Effective rate - minimum [Member]	'	'	'
Effective rate	4.40%	'	'
10% adverse [Member] | Trust Portfolio--MBS Bonds [Member] | Effective rate - maximum [Member]	'	'	'
Effective rate	5.40%	'	'
LIFERS [Member] | Trust Portfolio--MBS Bonds [Member]	'	'	'
Available for Sale Securities, not Including Premiums	'	9,200,000	'
TOB Financing	'	'	6,500,000
SPEARS [Member] | Trust Portfolio--MBS Bonds [Member]	'	'	'
TOB Financing	'	$34,900,000	$25,100,000

Real_Estate_Assets_Fair_Value_

Real Estate Assets Fair Value of Acquisition (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Real estate assets	$111,696,134	$103,148,934
Total assets	610,882,586	534,233,032
Accounts payable, accrued expenses and other liabilities	6,733,498	5,450,694
Partners' Capital	272,041,457	203,134,087
Total Liabilities and Partners' Capital	610,882,586	534,233,032
Woodland Park [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Other current assets	201,321	'
In-place lease assets	403,216	'
Real estate assets	15,258,784	'
Total assets	15,863,321	'
Accounts payable, accrued expenses and other liabilities	192,345	'
Partners' Capital	15,670,976	'
Total Liabilities and Partners' Capital	$15,863,321	'

Real_Estate_Assets_Business_Co

Real Estate Assets Business Combination, Proforma Income Statement (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'
Net income (loss) allocated to unitholders	$5,417,545	$8,050,634
Unitholders' interest in net income (loss) per unit (basic and diluted)	$0.10	$0.19
Woodland Park [Member]	'	'
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'
Revenues	'	13,120,230
Net Income (loss)	'	8,384,989
Net income (loss) allocated to unitholders	'	$8,113,561
Unitholders' interest in net income (loss) per unit (basic and diluted)	'	$0.19

Real_Estate_Assets_MF_Properti

Real Estate Assets MF Properties (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]	'	'
Land and improvements	$11,081,992	$11,081,992
Buildings and improvements	120,982,988	111,195,695
Carrying Value at September 30, 2012	132,064,980	122,277,687
MF Property, Plant and Equipment	109,258,444	99,498,848
Accumulated Depreciation - MF Properties	-10,403,003	-9,386,811
Property, Plant and Equipment, Net	98,855,441	90,112,037
Arboretum [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Number of Units	145	145
Land and improvements	1,739,554	1,739,554
Buildings and improvements	19,141,780	19,123,872
Carrying Value at September 30, 2012	20,881,334	20,863,426
Eagle Village [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Number of Units	511	511
Land and improvements	567,880	567,880
Buildings and improvements	12,354,057	12,336,975
Carrying Value at September 30, 2012	12,921,937	12,904,855
Glynn Place [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Number of Units	128	128
Land and improvements	743,996	743,996
Buildings and improvements	4,945,617	4,937,172
Carrying Value at September 30, 2012	5,689,613	5,681,168
Maples on 97th [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Number of Units	258	258
Land and improvements	1,180,058	1,180,058
Buildings and improvements	7,637,546	7,613,668
Carrying Value at September 30, 2012	8,817,604	8,793,726
Meadowview [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Number of Units	118	118
Land and improvements	688,539	688,539
Buildings and improvements	5,438,175	5,416,293
Carrying Value at September 30, 2012	6,126,714	6,104,832
Residences at DeCordova [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Number of Units	110	110
Land and improvements	1,137,832	1,137,832
Buildings and improvements	7,972,119	7,965,574
Carrying Value at September 30, 2012	9,109,951	9,103,406
Residences at Weatherford [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Number of Units	76	76
Land and improvements	1,927,701	1,927,701
Buildings and improvements	5,708,594	5,695,600
Carrying Value at September 30, 2012	7,636,295	7,623,301
Woodland Park [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Number of Units	236	236
Land and improvements	1,260,032	1,260,032
Buildings and improvements	14,048,525	14,033,777
Carrying Value at September 30, 2012	15,308,557	15,293,809
Construction in Progress [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Land and improvements	0	0
Buildings and improvements	22,766,439	13,130,325
Carrying Value at September 30, 2012	$22,766,439	$13,130,325

Real_Estate_Assets_Parenthetic

Real Estate Assets Parenthetical for Depreciation Expense (Details) (USD $)	3 Months Ended			12 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
			Consolidated Entities [Member]	Consolidated Entities [Member]	Consolidated VIEs [Member]	Consolidated VIEs [Member]
Property, Plant and Equipment [Line Items]	'	'	'	'	'	'
Depreciation	$1,252,147	$1,194,628	$1,000,000	$3,800,000	$199,000	$1,400,000

Real_Estate_Assets_Variable_In

Real Estate Assets Variable Interest Entities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]	'	'
Land and improvements	$11,081,992	$11,081,992
Buildings and improvements	120,982,988	111,195,695
Carrying Value at September 30, 2012	132,064,980	122,277,687
VIE Property, Plant and Equipment, Gross	22,806,536	22,778,839
Accumulated Depreciation - VIES	-9,965,843	-9,741,942
VIE Property Property, Plant and Equipment, Net	12,840,693	13,036,897
Bent Tree [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Number of Units	232	232
Land and improvements	986,000	986,000
Buildings and improvements	12,114,039	12,097,419
Carrying Value at September 30, 2012	13,100,039	13,083,419
Fairmont Oaks [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Number of Units	178	178
Land and improvements	850,400	850,400
Buildings and improvements	8,856,097	8,845,020
Carrying Value at September 30, 2012	$9,706,497	$9,695,420

Real_Estate_Assets_Narrative_T

Real Estate Assets Narrative Tagging (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
		Limited Liability Company [Member]	General Partner [Member]	Consolidated Properties [Member]	Consolidated Properties [Member]	Woodland Park [Member]	Construction in Progress [Member]
		properties		properties	Limited Partner [Member]		parkingstalls
					properties		Unit
Noncontrolling Interest, Ownership Percentage by Parent	'	100.00%	'	'	99.00%	'	'
Number of Real Estate Properties	'	'	'	9	3	'	'
Number of Limited Liability Companies	'	6	'	'	'	'	'
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	25.00%	'	1.00%	'	'	'	'
Real Estate Acquired Through Foreclosure	'	'	'	'	'	$15,700,000	'
Operating Leases, Rent Expense	'	'	'	'	'	'	100
Number of Parking Stalls	'	'	'	'	'	'	1,605
Number of Units in Real Estate Property	'	'	'	'	'	'	475
Third Party Contribution to Building	'	'	'	'	'	'	16,700,000
Estimated Total Cost of Construction	'	'	'	'	'	'	34,000,000
Construction Comepletion Date	'	'	'	'	'	'	1-Aug-14
Proceeds from Construction Loans Payable	'	'	'	'	'	'	$15,200,000

Other_Assets_Other_Assets_Deta

Other Assets Other Assets (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Other Assets [Abstract]	'	'
Property loans receivable	$21,620,927	$21,549,927
Less: Loan loss reserves	-13,521,993	-13,218,291
Deferred Finance Costs, Net	2,792,743	2,503,679
Fair value of derivative contracts	1,103,782	888,120
Taxable bonds at fair market value	4,298,957	4,075,953
Assets Held-for-sale, Long Lived	1,465,000	1,465,000
Other assets	582,667	899,426
Total other assets	$18,342,083	$18,163,814

Other_Assets_Loan_Receivable_a

Other Assets Loan Receivable and Allowance (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Property loan receivable, outstanding balance	$21,620,927	$21,549,927
Accrued interest	7,188,421	6,770,593
Loan loss reserves	-13,521,993	-13,218,291
Net taxable loans	15,287,355	15,102,229
Arbors at Hickory Ridge [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Property loan receivable, outstanding balance	191,264	191,264
Accrued interest	16,170	12,979
Loan loss reserves	0	0
Net taxable loans	207,434	204,243
Ashley Square [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Property loan receivable, outstanding balance	5,078,342	5,078,342
Accrued interest	2,153,414	2,053,415
Loan loss reserves	-5,749,756	-5,649,757
Net taxable loans	1,482,000	1,482,000
Cross Creek [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Property loan receivable, outstanding balance	6,863,087	6,821,087
Accrued interest	1,889,454	1,825,389
Loan loss reserves	-5,261,926	-5,197,861
Net taxable loans	3,490,615	3,448,615
Greens of Pine Glen [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Property loan receivable, outstanding balance	876,000	876,000
Accrued interest	160,626	130,563
Loan loss reserves	-1,594	-921
Net taxable loans	1,035,032	1,005,642
Foundation for Affordable Housing [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Property loan receivable, outstanding balance	1,603,083	1,603,083
Accrued interest	50,373	13,989
Loan loss reserves	0	0
Net taxable loans	1,653,456	1,617,072
Lake Forest [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Property loan receivable, outstanding balance	4,618,704	4,618,704
Accrued interest	2,258,855	2,148,881
Loan loss reserves	-2,293,020	-2,183,046
Net taxable loans	4,584,539	4,584,539
Ohio Properties [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Property loan receivable, outstanding balance	2,390,447	2,361,447
Accrued interest	659,529	585,377
Loan loss reserves	-215,697	-186,706
Net taxable loans	$2,834,279	$2,760,118

Other_Assets_Schedule_of_Loan_

Other Assets Schedule of Loan Receivable (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2011
Loan Receivable beginning of period	$13,218,291	'	'	$18,134,902
Provision for Loan Losses Expensed	0	238,175	168,000	'
Deconsolidation of VIEs	0	'	2,146,974	'
Accrued interest not recognized	303,702	'	'	1,263,023
Loan receivable end of period	13,521,993	'	'	13,218,291
Iona Lakes [Member]	'	'	'	'
Allowance for Doubtful Accounts Receivable	0	'	7,216,484	'
Woodland Park [Member]	'	'	'	'
Foreclosure of Available-for-Sale Securities	$0	'	$1,278,124	'

Other_Assets_Narrative_Tagging

Other Assets Narrative Tagging (Details) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Foundation for Affordable Housing [Member]

Foundation for Affordable Housing [Member]

Vantage at Harlingen [Member]

Cross Creek [Member]

Cross Creek [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Ashley Square [Member]

Ashley Square [Member]

Ashley Square [Member]

Iona Lakes [Member]

Iona Lakes [Member]

Iona Lakes [Member]

Series C [Member]

Series C [Member]

Series C [Member]

Series C [Member]

Unit

Unit

Vantage at Harlingen [Member]

Avistar Portolio-2 [Member]

Avistar Portfolio [Member]

Avistar Portfolio [Member]

Proceeds from Sale of Available-for-sale Securities

$18,744,294

$0

'

'

'

'

'

'

'

'

'

'

'

'

$21,900,000

$21,900,000

'

'

'

'

'

Property loans receivable

21,620,927

'

21,549,927

1,603,083

1,603,083

'

6,863,087

6,821,087

2,390,447

2,361,447

'

5,078,342

5,078,342

'

'

'

'

'

'

'

'

Number of Units in Real Estate Property

'

'

'

'

96

288

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

9.00%

'

'

'

'

'

'

'

'

'

'

'

'

9.00%

9.00%

9.00%

9.00%

Available-for-sale Security, Maturity Date at a point in time

'

'

'

'

'

1-Aug-53

'

'

'

'

'

'

'

'

'

'

'

1-Aug-53

1-Sep-50

1-Apr-50

'

Available-for-sale Securities, at Par Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,300,000

831,000

804,000

804,000

Advances to Affiliate

'

'

'

'

'

'

42,000

'

29,000

'

42,000

'

'

65,000

'

'

224,000

'

'

'

'

Contingent Interest Income

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,500,000

6,500,000

'

'

'

'

'

Realized loss on taxable property loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$4,600,000

$4,600,000

'

'

'

'

'

Discontined_Operations_Discont

Discontined Operations Discontinued Operations Income Statement (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Gain (Loss) on Sale of Properties	$0	$1,775,527
Income from discontinued operations	0	1,933,019
Churchland, Eagle Ridge, Greens of Pine Glen and OHIO Properties [Member]	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Rental revenues	'	347,143
Expenses	'	189,651
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	'	157,492
Gain (Loss) on Sale of Properties	'	1,775,527
Income from discontinued operations	'	$1,933,019

Discontined_Operations_Narrati

Discontined Operations Narrative Tagging (Details) (USD $)	3 Months Ended					12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
			Ohio Properties [Member]	Ohio Properties [Member]	Greens of Pine Glen [Member]	Greens of Pine Glen [Member]	Boston Capital Limited Partners [Member]	Series A [Member]	Series B [Member]
							Greens of Pine Glen [Member]	Greens of Pine Glen [Member]	Greens of Pine Glen [Member]
							limited
Limited Partners' Contributed Capital	'	'	$6,500,000	'	$800,000	$961,000	'	'	'
Gain (Loss) on Sale of Properties	0	1,775,527	1,775,527	'	1,401,656	'	'	'	'
Investment Income, Interest	'	'	3,500,000	'	500,000	'	'	'	'
Interest Income, Operating	208,823	1,244,985	1,100,000	'	'	'	'	'	'
Other income	0	250,000	250,000	'	'	'	'	'	'
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	0	1,933,019	'	138,000	'	'	'	'	'
Limited Partners	'	'	'	'	'	'	2	'	'
business disposal, sales price	'	'	'	'	'	7,300,000	'	'	'
Available-for-Sale Securities, Asset Ownership	'	'	'	'	'	100.00%	'	'	'
Available-for-sale Securities, at Par Value	'	'	'	'	'	'	'	8,500,000	950,000
Debt Instrument, Interest Rate, Stated Percentage	'	'	'	'	'	'	'	6.50%	12.00%
Available-for-sale Security, Maturity Date at a point in time	'	'	'	'	'	1-Oct-47	'	'	'
Loans Payable	'	'	'	'	'	850,000	'	'	'
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	'	'	'	'	($157,000)	'	'	'	'

Debt_Financing_Debt_Financing_

Debt Financing Debt Financing (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	$104,279,004		$122,536,536
Ashley Square [Member] | Mortgage revenue bonds [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	5,200,000		5,212,000
Bella Vista [Member] | Mortgage revenue bonds [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	6,545,000		6,545,000
Bent Tree [Member] | Consolidated VIEs [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	7,524,000		7,542,000
Bridle Ridge [Member] | Mortgage revenue bonds [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	7,685,000		7,715,000
Brookstone [Member] | Mortgage revenue bonds [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	9,318,376		9,338,603
Cross Creek [Member] | Mortgage revenue bonds [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	8,479,628		8,497,933
Fairmont Oaks [Member] | Consolidated VIEs [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	7,334,000		7,355,000
Lake Forest [Member] | Mortgage revenue bonds [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	8,970,000		8,997,000
Runnymede [Member] | Mortgage revenue bonds [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	10,525,000		10,525,000
Southpark [Member] | Mortgage revenue bonds [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	13,795,000		13,795,000
Woodlynn Village [Member] | Mortgage revenue bonds [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	4,426,000		4,426,000
Ohio Properties [Member] | Mortgage revenue bonds [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	14,477,000	[1]	14,498,000	[1]
Lost Creek [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	15,700,000		'
Lost Creek [Member] | Mortgage revenue bonds [Member]	'		'
Debt Instrument [Line Items]	'		'
Available for Sale Securities at Par Value	$0		$18,090,000
[1]	(1) Collateralized by Crescent Village, Postwoods, and Willow Bend (Note 2 and Note 9)

Debt_Financing_Contractual_Mat

Debt Financing Contractual Maturities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Debt Financing, Current Maturities	$163,817,000	'
Debt Financing, Maturities, Repayment of Principal in Year Two	18,160,000	'
Debt Financing, Maturities, Repayments of Principal in Year Three	949,000	'
Debt Financing, Maturities, Repayments of Principal in Year Four	74,585,000	'
Debt Financing, Maturities, Repayments of Principal in Year Five	0	'
Debt Financing, Maturities, Repayments of Principal after Year Five	0	'
Debt financing	$257,511,000	$257,274,000

Debt_Financing_Total_Debt_Fina

Debt Financing Total Debt Financing (Details) (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013
Short-term Debt [Line Items]	'		'		'
Debt financing	$257,511,000		'		$257,274,000
Trading Securities [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	180,355,000		'		164,295,000
Trading Securities [Member] | TOB facility-2 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	47,820,000		'		48,995,000
Available-for-sale Security, Maturity Date at a point in time	1-Jun-14		1-Jun-14		'
Trading Securities [Member] | TOB Facility-1 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	9,770,000		'		9,770,000
Available-for-sale Security, Maturity Date at a point in time	1-Jul-14		1-Jul-14		'
Trading Securities [Member] | TOB facility-5 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	5,685,000		'		5,700,000
Available-for-sale Security, Maturity Date at a point in time	1-Jun-14		1-Jun-14		'
Trading Securities [Member] | TOB facility-6 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	7,000,000		'		7,000,000
Available-for-sale Security, Maturity Date at a point in time	1-Aug-14		1-Aug-14		'
Trading Securities [Member] | TOB facility-7 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	20,000,000	[1]	'		20,000,000	[1]
Available-for-sale Security, Maturity Date at a point in time	1-Jun-14	[1]	1-Jun-14	[1]	'
Trading Securities [Member] | TOB facility-8 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	13,210,000	[2]	'		13,210,000	[2]
Available-for-sale Security, Maturity Date at a point in time	1-Oct-14	[2]	1-Oct-14	[2]	'
Trading Securities [Member] | TOB facility-9 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	25,750,000		'		25,750,000
Available-for-sale Security, Maturity Date at a point in time	1-Dec-14		1-Dec-14		'
Trading Securities [Member] | TOB Facility-10 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	17,250,000		'		'
Available-for-sale Security, Maturity Date at a point in time	1-Feb-15		'		'
Mortgage Backed Security Trust 1 [Member] | Trading Securities [Member] | TOB facility-3 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	2,585,000		'		2,585,000
Available-for-sale Security, Maturity Date at a point in time	1-Oct-14		1-Apr-14		'
Mortgage Backed Security Trust 2 [Member] | Trading Securities [Member] | TOB facility-3 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	4,090,000		'		4,090,000
Available-for-sale Security, Maturity Date at a point in time	1-Oct-14		1-Apr-14		'
Mortgage Backed Security Trust 3 [Member] | Trading Securities [Member] | TOB facility-3 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	2,865,000		'		2,865,000
Available-for-sale Security, Maturity Date at a point in time	1-Oct-14		1-Apr-14		'
Mortgage Backed Security Trust 4 [Member] | Trading Securities [Member] | TOB facility-3 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	5,960,000		'		5,960,000
Available-for-sale Security, Maturity Date at a point in time	1-Oct-14		1-Apr-14		'
Mortgage Backed Security Trust 5 [Member] [Member] | Trading Securities [Member] | TOB facility-3 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	10,545,000		'		10,545,000
Available-for-sale Security, Maturity Date at a point in time	1-Oct-14		1-Apr-14		'
Mortgage Backed Security Trust 6 [Member] | Trading Securities [Member] | TOB facility-3 [Member]	'		'		'
Short-term Debt [Line Items]	'		'		'
Debt financing	$7,825,000		'		$7,825,000
Available-for-sale Security, Maturity Date at a point in time	1-Aug-14		1-Aug-14		'
[1]	(2) Avistar at Chase Hill, Avistar at the Crest, and Avistar on the Boulevard is the collateral for the approximate $13.2 million TOB Trust.
[2]	(1) Avistar at the Oaks Apartments, Avistar on the Hills Apartments, and Avistar in 09 Apartments is the collateral for the $20.0 million TOB Trust.

Debt_Financing_Narrative_Taggi

Debt Financing Narrative Tagging (Details) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Jun. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Jun. 30, 2013

Dec. 31, 2010

Dec. 31, 2010

Five Points Bank [Member]

Bankers Trust [Member]

TOB facility-2 [Member]

TOB Facility-1 [Member]

TEB Facility [Member]

TEB Facility [Member]

Trading Securities [Member]

Trading Securities [Member]

Trading Securities [Member]

Trading Securities [Member]

Trading Securities [Member]

Trading Securities [Member]

Trading Securities [Member]

Trading Securities [Member]

Trading Securities [Member]

Trading Securities [Member]

Trading Securities [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Avistar Portfolio [Member]

Arbors at Hickory Ridge [Member]

Greens of Pine Glen [Member]

Greens of Pine Glen [Member]

Georgia MBS Bonds [Member]

Lost Creek [Member]

LIFERS [Member]

LIFERS [Member]

LIFERS [Member]

SPEARS [Member]

SPEARS [Member]

SPEARS [Member]

Mortgage Backed Security Trust 5 [Member] [Member]

Mortgage Backed Security Trust 5 [Member] [Member]

Mortgage Backed Security Trust 5 [Member] [Member]

Mortgage Backed Security Trust 5 [Member] [Member]

Mortgage Backed Security Trust 5 [Member] [Member]

Mortgage Backed Security Trust 6 [Member]

Mortgage Backed Security Trust 6 [Member]

Mortgage Backed Security Trust 6 [Member]

Class A TEBS Certificates [Member]

Class B TEBS Certificates [Member]

Integer

TOB facility-9 [Member]

TOB facility-9 [Member]

TOB facility-8 [Member]

TOB facility-8 [Member]

TOB Facility-10 [Member]

TOB facility-2 [Member]

TOB facility-2 [Member]

TOB Facility-1 [Member]

TOB Facility-1 [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Georgia MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Georgia MBS Bonds [Member]

Trading Securities [Member]

Trading Securities [Member]

Trust Portfolio--MBS Bonds [Member]

LIFERS [Member]

SPEARS [Member]

Trading Securities [Member]

Trading Securities [Member]

Trading Securities [Member]

TEB Facility [Member]

TEB Facility [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

TOB facility-3 [Member]

TOB facility-3 [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

TOB facility-3 [Member]

TOB facility-3 [Member]

TOB facility-3 [Member]

Debt financing

$257,511,000

'

$257,274,000

'

'

'

'

$77,200,000

'

$180,355,000

$164,295,000

$25,750,000

$25,750,000

$13,210,000

[1]

$13,210,000

[1]

$17,250,000

$47,820,000

$48,995,000

$9,770,000

$9,770,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10,545,000

$10,545,000

'

'

'

$7,825,000

$7,825,000

'

$95,800,000

$20,300,000

Debt Instrument, Maturity Date

'

'

'

1-Mar-15

1-Mar-16

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

TOB Financing

'

'

'

'

'

'

'

'

'

'

'

25,800,000

'

13,200,000

'

17,300,000

'

'

'

'

'

'

24,100,000

20,000,000

7,000,000

5,700,000

5,800,000

'

'

'

6,500,000

2,200,000

34,900,000

25,100,000

7,800,000

'

'

2,500,000

540,000

2,000,000

'

'

'

'

'

Available for Sale Securities, not Including Premiums

'

'

65,264,703

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

31,600,000

42,830,000

'

'

'

'

10,000,000

'

9,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Short-term Debt, Percentage Bearing Fixed Interest Rate

'

'

'

'

'

'

'

'

'

'

'

1.60%

'

1.80%

'

1.50%

'

'

'

'

0.90%

0.90%

'

2.10%

2.10%

2.10%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.90%

'

'

Debt Instrument, Basis Spread on Variable Rate

'

'

'

'

'

'

'

1.90%

'

'

'

0.40%

'

0.40%

'

0.30%

'

'

'

'

0.30%

0.40%

'

0.40%

0.50%

0.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.30%

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

'

'

'

'

0.10%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt, Weighted Average Interest Rate

'

'

'

'

'

2.30%

1.20%

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

1.20%

1.30%

'

2.50%

2.60%

2.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.20%

'

'

'

'

Cash Collateral for Borrowed Securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Total Rate of Borrowing

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

2.20%

'

1.80%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Maximum Borrowing Capacity

'

'

'

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Interest Rate During Period

'

'

'

3.50%

3.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Available for Sale Securities, Held in a Trust

'

'

'

'

'

'

'

13

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Sale of Available-for-sale Securities

18,744,294

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

18,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available for Sale Securities at Par Value, held in trust

$104,279,004

'

$122,536,536

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$15,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

(1) Avistar at the Oaks Apartments, Avistar on the Hills Apartments, and Avistar in 09 Apartments is the collateral for the $20.0 million TOB Trust.

Mortgages_Payable_Mortgages_Pa

Mortgages Payable Mortgages Payable (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Mortgages Payable [Abstract]	'	'
Long-term Debt, Current Maturities	$17,112,100	'
Long-term Debt, Maturities, Repayments of Principal in Year Two	6,709,154	'
Long-term Debt, Maturities, Repayments of Principal in Year Three	7,785,288	'
Long-term Debt, Maturities, Repayments of Principal in Year Four	18,189,422	'
Long-term Debt, Maturities, Repayments of Principal in Year Five	0	'
Long-term Debt, Maturities, Repayments of Principal after Year Five	15,154,128	'
Mortgages Payable	$64,950,092	$57,087,320

Mortgages_Payable_Footnote_Tag

Mortgages Payable Footnote Tagging (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
			Consolidated Properties [Member]	Consolidated Properties [Member]	Woodland Park [Member]	Maples on 97th [Member]	Maples on 97th [Member]	Glynn Place [Member]	5 year term [Member]	3 year term [Member]	Construction in Progress [Member]
									Construction in Progress [Member]	Construction in Progress [Member]
Mortgages payable	$64,950,092	$57,087,320	$64,950,091	$57,100,000	'	$7,500,000	'	$1,850,000	'	'	'
Notes Payable, Current	'	'	'	'	7,000,000	'	'	'	'	'	'
Proceeds from Notes Payable	'	'	'	'	6,000,000	'	'	'	'	'	'
Debt Instrument, Face Amount	'	'	'	'	'	'	'	'	4,300,000	25,500,000	'
Debt Instrument, Interest Rate, Stated Percentage	'	'	'	'	2.80%	4.40%	3.60%	'	4.70%	'	'
Short-term Debt, Percentage Bearing Variable Interest Rate	'	'	'	'	0.20%	'	'	'	'	'	'
Debt, Weighted Average Interest Rate	'	'	'	'	3.00%	'	'	'	'	'	'
Proceeds from Construction Loans Payable	'	'	'	'	'	'	'	'	'	'	$15,200,000
Long Term Debt, Maturity date at a point in time	'	'	'	'	'	10-Feb-16	'	'	'	'	'

Transactions_with_Related_Part1

Transactions with Related Parties Narrative Tagging (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
rate for administration fees	0.45%	'
Fees and Commissions, Other	$323,000	$390,000
Management Fees Revenue	300,000	302,000
Majority-Owned Subsidiary, Unconsolidated [Member]	'	'
Payment for Administrative Fees	473,000	342,000
Affiliated Entity [Member]	'	'
Payment for Administrative Fees	17,000	33,000
Consolidated VIEs [Member]	'	'
Number of Real Estate Properties	2	'
Number of Variable Interest Entities	2	'
MF Properties [Member]	'	'
Number of Real Estate Properties	6	'
UNL Project [Member]	'	'
Fees and Commissions	$112,000	'
Total Owners [Member]	'	'
Number of Owners	4	'
Total Owners [Member] | Related party owner [Member]	'	'
Number of Owners	2	'
Total Owners [Member] | Consolidated VIEs [Member]	'	'
Number of Variable Interest Entities	2	'

Issuances_of_Additional_Benefi1

Issuances of Additional Beneficial Certificate Units Additional BUCs(Details) (USD $)	3 Months Ended			12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2012	Dec. 31, 2013	Dec. 31, 2012
Class of Stock [Line Items]	'	'	'	'	'
Common Stock, Shares Authorized	'	'	'	225,000,000	'
Common Stock shares, issued	9,200,000	'	'	8,280,000	12,650,000
Sale Price of Common Stock per Share	$5.95	'	'	$6.25	$5.06
Proceeds from Issuance of Common Stock	$51,367,692	$0	$59,948,265	$48,200,000	'
Payments of Stock Issuance Costs	$4,500,000	'	$4,000,000	$3,500,000	'

Interest_Rate_Derivative_Agree2

Interest Rate Derivative Agreements (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Derivative [Line Items]	'
Derivative Asset, Notional Amount	$93,300,000
Derivative, Fixed Interest Rate	3.00%
Derivative, Maturity Date at a point in time	1-Sep-17
Deriviative at purchase price	800,000
Bank of New York Mellon [Member]	'
Derivative [Line Items]	'
Derivative, Purchase Date	2-Sep-10
Derivative Asset, Notional Amount	31,936,667
Derivative, Fixed Interest Rate	3.00%
Derivative, Maturity Date at a point in time	1-Sep-17
Deriviative at purchase price	921,000
Barclays Bank PLC [Member]	'
Derivative [Line Items]	'
Derivative, Purchase Date	2-Sep-10
Derivative Asset, Notional Amount	31,936,667
Derivative, Fixed Interest Rate	3.00%
Derivative, Maturity Date at a point in time	1-Sep-17
Deriviative at purchase price	845,600
Royal Bank of Canada [Member]	'
Derivative [Line Items]	'
Derivative, Purchase Date	2-Sep-10
Derivative Asset, Notional Amount	31,936,667
Derivative, Fixed Interest Rate	3.00%
Derivative, Maturity Date at a point in time	1-Sep-17
Deriviative at purchase price	928,000
Deutsche Bank [Member]	'
Derivative [Line Items]	'
Derivative, Purchase Date	15-Aug-13
Derivative Asset, Notional Amount	93,305,000
Derivative, Fixed Interest Rate	1.50%
Derivative, Maturity Date at a point in time	1-Sep-17
Deriviative at purchase price	793,000
SMBC Capital Markets, Inc [Member]	'
Derivative [Line Items]	'
Derivative, Purchase Date	18-Feb-14
Derivative Asset, Notional Amount	41,250,000
Derivative, Fixed Interest Rate	1.00%
Derivative, Maturity Date at a point in time	1-Mar-17
Deriviative at purchase price	230,500
SMBC Capital Markets, Inc-2 [Member]	'
Derivative [Line Items]	'
Derivative, Purchase Date	18-Feb-14
Derivative Asset, Notional Amount	28,750,000
Derivative, Fixed Interest Rate	1.00%
Derivative, Maturity Date at a point in time	1-Mar-17
Deriviative at purchase price	$161,000

Interest_Rate_Derivative_Agree3

Interest Rate Derivative Agreements Footnote Tagging (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	derivatives
Derivative [Line Items]	'	'	'
Derivative Asset, Notional Amount	$93,300,000	'	'
Number of Derivatives	6	'	'
Derivative, Loss on Derivative	176,000	105,000	'
Derivative, Maturity Date at a point in time	1-Sep-17	'	'
Derivative, Fixed Interest Rate	3.00%	'	'
Derivative, Collateral, Right to Reclaim Cash	'	'	500,000
Deriviative at purchase price	800,000	'	'
SMBC Capital Markets, Inc 1 and 2 [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative Asset, Notional Amount	70,000,000	'	'
Derivative, Maturity Date at a point in time	1-Mar-17	'	'
Derivative, Fixed Interest Rate	1.00%	'	'
Deriviative at purchase price	390,000	'	'
Deutsche Bank [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative Asset, Notional Amount	93,305,000	'	'
Derivative, Maturity Date at a point in time	1-Sep-17	'	'
Derivative, Fixed Interest Rate	1.50%	'	'
Deriviative at purchase price	$793,000	'	'

Fair_Value_Measurements_Availa

Fair Value Measurements Available for sale securities (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2013

Mar. 31, 2013

Mar. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2010

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mortgage revenue bonds [Member]

Mortgage revenue bonds [Member]

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Taxable Bonds [Member]

Taxable Bonds [Member]

Interest rate derivatives [Member]

Interest rate derivatives [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Lost Creek [Member]

Lost Creek [Member]

Lost Creek [Member]

Lost Creek [Member]

Lost Creek [Member]

Lost Creek [Member]

Lost Creek [Member]

Mortgage revenue bonds [Member]

Mortgage revenue bonds [Member]

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Taxable Bonds [Member]

Taxable Bonds [Member]

Interest rate derivatives [Member]

Interest rate derivatives [Member]

Mortgage revenue bonds [Member]

Mortgage revenue bonds [Member]

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Taxable Bonds [Member]

Taxable Bonds [Member]

Interest rate derivatives [Member]

Interest rate derivatives [Member]

Mortgage revenue bonds [Member]

Mortgage revenue bonds [Member]

Mortgage revenue bonds [Member]

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

Public housing capital fund trusts [Member]

Trust Portfolio--MBS Bonds [Member]

Trust Portfolio--MBS Bonds [Member]

Taxable Bonds [Member]

Taxable Bonds [Member]

Taxable Bonds [Member]

Interest rate derivatives [Member]

Interest rate derivatives [Member]

Interest rate derivatives [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Inputs, Level 3 [Member]

Mortgage revenue bonds [Member]

Public housing capital fund trusts [Member]

Taxable Bonds [Member]

Interest rate derivatives [Member]

Mortgage revenue bonds [Member]

Public housing capital fund trusts [Member]

Taxable Bonds [Member]

Interest rate derivatives [Member]

Schedule of Available-for-sale Securities [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity Method Investment, Quoted Market Value

'

'

'

'

'

'

'

'

'

'

'

'

$0

$0

$0

$0

$0

$0

$0

$0

$0

'

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets, Fair Value Disclosure

423,867,608

390,184,284

316,471,727

285,318,171

62,070,540

62,056,379

39,922,601

37,845,661

4,298,957

4,075,953

1,103,783

888,120

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

352,338,623

211,005,403

'

285,318,171

145,237,376

'

62,056,379

65,389,298

'

'

'

4,075,953

0

'

888,120

378,729

'

'

'

'

'

'

'

'

'

'

'

'

'

Total gains (lossses) (realized/unrealized) [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain (Loss) on Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-175,837

-104,658

'

0

0

'

0

0

'

'

'

0

0

'

-175,837

-104,658

'

'

'

'

'

'

'

'

'

'

'

'

'

Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,953,883

2,867,419

'

14,073,020

3,628,875

'

1,657,859

-761,456

'

'

'

223,004

0

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage revenue bonds held in trust, at fair value

232,276,390

216,371,801

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19,581,166

19,581,166

0

0

0

17,626,172

[1]

18,500,000

'

'

'

'

'

Deriviative at purchase price

800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

391,500

'

'

0

'

'

0

'

'

'

'

0

'

'

391,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage revenue bonds, at fair value

84,195,337

68,946,370

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-17,636,138

-17,636,138

0

0

0

Assets, Fair Value Disclosure

423,867,608

390,184,284

316,471,727

285,318,171

62,070,540

62,056,379

39,922,601

37,845,661

4,298,957

4,075,953

1,103,783

888,120

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

383,945,007

271,746,959

'

316,471,727

206,859,175

'

62,070,540

64,613,713

'

'

'

4,298,957

0

'

1,103,783

274,071

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value Observable inputs (level 2)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

39,922,601

37,845,661

0

0

0

0

39,922,601

37,845,661

0

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

34,778,800

38,400,000

'

34,778,800

38,400,000

'

0

0

'

'

'

0

0

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,705,824

-2,371

'

-62,126

11,758

'

-1,643,698

-14,129

'

'

'

0

0

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$383,945,007

'

$352,338,623

$316,471,727

'

$285,318,171

$62,070,540

'

$62,056,379

$0

$0

$4,298,957

'

$4,075,953

$1,103,783

'

$888,120

'

'

'

'

'

'

'

'

'

'

'

'

[1]

December 31, 2013Description of mortgage Revenue BondsB Cost adjusted for pay-downsB Unrealized GainsB Unrealized LossB Estimated Fair ValueArbors at Hickory Ridge (2)B $11,576,209B $225,690B $bB $11,801,899Ashley Square (1)B 5,212,000B bB bB 5,212,000Autumn Pines (2)B 12,147,873B bB (195,355)B 11,952,518Avistar at Chase Hill A Bond (2)B 8,960,000B bB (850,752)B 8,109,248Avistar at the Crest A Bond (2)B 8,759,000B bB (1,298,785)B 7,460,215Avistar at the Oaks (2)B 8,354,000B bB (1,103,115)B 7,250,885Avistar in 09 (2)B 7,192,000B bB (588,254)B 6,603,746Avistar on the Boulevard A Bond (2)B 13,760,000B bB (1,306,512)B 12,453,488Avistar on the Hills (2)B 5,389,000B bB (417,724)B 4,971,276Bella Vista (1)B 6,545,000B bB (473,989)B 6,071,011Bridle Ridge (1)B 7,715,000B bB (452,870)B 7,262,130Brookstone (1)B 7,463,641B 841,751B bB 8,305,392Cross Creek (1)B 6,042,297B 1,480,266B bB 7,522,563Greens Property A Bond (2)B 8,437,501B bB (577,426)B 7,860,075Lake Forest (1)B 8,997,000B bB (289,461)B 8,707,539Lost Creek (1)B 15,883,084B 1,743,088B bB 17,626,172Ohio Properties A Bonds (1)B 14,498,000B bB bB 14,498,000Runnymede (1)B 10,525,000B bB (551,510)B 9,973,490Southpark (1)B 11,878,885B 1,018,750B bB 12,897,635The Suites on Paseo (2)B 35,750,000B bB (2,502)B 35,747,498Woodlynn Village (1)B 4,426,000B bB (340,979)B 4,085,021Mortgage revenue bonds held in trustB $219,511,490B $5,309,545B $(8,449,234)B $216,371,801 December 31, 2013Description of Mortgage Revenue BondsB Cost adjusted for pay-downsB Unrealized GainB Unrealized LossB Estimated Fair ValueAvistar at Chase Hill B BondB $2,005,000B $bB $(159,117)B $1,845,883Avistar at the Crest B BondB 1,700,000B bB (134,912)B 1,565,088Avistar on the Boulevard B BondB 3,216,000B bB (255,222)B 2,960,778Copper Gate ApartmentsB 5,220,000B bB (252,648)B 4,967,352Greens Property B BondB 948,291B 189,589B bB 1,137,880Ohio Properties B BondsB 3,583,590B 150,864B bB 3,734,454RenaissanceB 7,975,000B bB (16,964)B 7,958,036The Palms at Premier Park ApartmentsB 20,152,000B bB (283,942)B 19,868,058Tyler Park ApartmentsB 8,100,000B bB (526,601)B 7,573,399Vantage at HarlingenB 6,692,000B bB (211,735)B 6,480,265Vantage at JudsonB 6,049,000B bB (190,423)B 5,858,577Westside VillageB 5,400,000B bB (403,400)B 4,996,600Mortgage revenue bondsB $71,040,881B $340,453B $(2,434,964)B $68,946,370

Fair_Value_Measurements_Fair_M

Fair Value Measurements Fair Market Value of Liabilities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]	'	'
Debt financing	$257,511,000	$257,274,000
Mortgages payable	64,950,092	57,087,320
Carrying (Reported) Amount, Fair Value Disclosure [Member]	'	'
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]	'	'
Debt financing	257,511,000	257,274,000
Mortgages payable	64,950,091	57,087,320
Estimate of Fair Value, Fair Value Disclosure [Member]	'	'
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]	'	'
Debt financing	259,648,650	258,639,691
Mortgages payable	$66,195,680	$58,117,798

Fair_Value_Measurements_Narrat

Fair Value Measurements Narrative Footnote (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	$3,489,237
Commitments [Member]	'
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	$1,400,000

Commitments_and_Contingencies_

Commitments and Contingencies Narrative Tagging (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Foundation for Affordable Housing [Member]

Foundation for Affordable Housing [Member]

Greens of Pine Glen [Member]

Greens of Pine Glen [Member]

Ohio Properties [Member]

Ohio Properties [Member]

Construction in Progress [Member]

Construction in Progress [Member]

Mortgage revenue bonds [Member]

Taxable Municipal Bonds [Member]

Unit

parkingstalls

parkingstalls

Unit

Unit

Guarantor Obligations, Maximum Exposure, Undiscounted

'

'

'

'

$2,800,000

$1,300,000

'

'

'

'

'

'

'

Number of Units in Real Estate Property

'

'

'

'

96

'

'

'

'

'

475

5,550

'

Property loans receivable

21,620,927

21,549,927

'

1,603,083

1,603,083

876,000

876,000

2,390,447

2,361,447

'

'

'

'

Percentage of Loss Contingency, Range of Possible Loss, Maximum

'

'

'

'

'

75.00%

'

75.00%

'

'

'

'

'

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

'

'

25.00%

'

'

'

'

'

'

'

'

'

'

Loss Contingency, Range of Possible Loss, Maximum

'

'

'

'

'

'

'

4,900,000

'

'

'

'

'

Operating Leases, Rent Expense

'

'

'

'

'

'

'

'

'

100

100

'

'

Number of Parking Stalls

'

'

'

'

'

'

'

'

'

1,605

1,605

'

'

Estimated Total Cost of Construction

'

'

'

'

'

'

'

'

'

34,000,000

34,000,000

'

'

Possible Penalty on Construction

'

'

'

'

'

'

'

'

'

6,000

'

'

'

Long-term Purchase Commitment, Amount

'

'

'

'

'

'

'

'

'

'

'

8,000,000

500,000

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

9.00%

'

'

'

'

'

'

6.00%

12.00%

Available-For-Sale Securities, Gross Unrealized Loss MTM

$848,550

$2,434,964

'

'

'

'

'

'

'

'

'

$163,000

'

Subsequent_Events_Footnote_Tag

Subsequent Events Footnote Tagging (Details) (USD $)	3 Months Ended			3 Months Ended	6 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Jun. 30, 2013	Jun. 30, 2011	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
				Autumn Pines [Member]	Autumn Pines [Member]	Glynn Place [Member]	Trading Securities [Member]	Trading Securities [Member]	Trading Securities [Member]	Trading Securities [Member]
									TOB Facility-1 [Member]	TOB Facility-1 [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'	'
Proceeds from Sale of Available-for-sale Securities	$18,744,294	$0	'	$13,100,000	'	'	'	'	'	'
Available-for-sale Securities, Gross Realized Gain (Loss)	'	'	'	900,000	'	'	'	'	'	'
Reclassification of Tier II Income	'	'	'	670,000	'	'	'	'	'	'
Available-for-sale Security, Purchase Date	'	'	'	'	1-Jun-11	'	'	'	'	'
Debt financing	257,511,000	'	257,274,000	'	'	'	180,355,000	164,295,000	9,770,000	9,770,000
Mortgages payable	$64,950,092	'	$57,087,320	'	'	$1,850,000	'	'	'	'

Segment_Reporting_Segment_Repo

Segment Reporting Segment Reporting (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Revenues [Abstract]	'	'	'
Revenues	$13,200,840	$12,944,409	'
Interest Expense [Abstract]	'	'	'
Interest expense	2,169,549	1,536,273	'
Depreciation [Abstract]	'	'	'
Depreciation	1,252,147	1,194,628	'
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]	'	'	'
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	6,046,726	6,561,058	'
Net Income (Loss) Attributable to Parent [Abstract]	'	'	'
Operating Income (Loss)	6,046,829	8,321,426	'
Assets [Abstract]	'	'	'
Assets	610,882,586	'	534,233,032
Partners' Capital	'	'	'
Partners' Capital	272,041,457	'	203,134,087
Mortgage revenue bonds [Member]	'	'	'
Revenues [Abstract]	'	'	'
Revenues	8,260,913	8,443,527	'
Interest Expense [Abstract]	'	'	'
Interest expense	1,149,922	658,497	'
Depreciation [Abstract]	'	'	'
Depreciation	0	0	'
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]	'	'	'
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	5,628,100	6,421,412	'
Net Income (Loss) Attributable to Parent [Abstract]	'	'	'
Operating Income (Loss)	5,628,100	6,421,412	'
Assets [Abstract]	'	'	'
Assets	506,477,244	'	442,175,645
Partners' Capital	'	'	'
Partners' Capital	296,126,569	'	231,042,138
MF Properties [Member]	'	'	'
Revenues [Abstract]	'	'	'
Revenues	3,150,344	2,519,739	'
Interest Expense [Abstract]	'	'	'
Interest expense	563,340	503,005	'
Depreciation [Abstract]	'	'	'
Depreciation	1,019,366	849,320	'
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]	'	'	'
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	-224,611	-364,494	'
Net Income (Loss) Attributable to Parent [Abstract]	'	'	'
Operating Income (Loss)	-224,508	1,395,874	'
Assets [Abstract]	'	'	'
Assets	92,285,478	'	83,580,479
Partners' Capital	'	'	'
Partners' Capital	22,133,659	'	23,107,538
Public Housing Capital Fund Trust Certificates [Member]	'	'	'
Revenues [Abstract]	'	'	'
Revenues	800,828	815,429	'
Interest Expense [Abstract]	'	'	'
Interest expense	337,557	277,860	'
Depreciation [Abstract]	'	'	'
Depreciation	0	0	'
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]	'	'	'
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	456,118	530,458	'
Net Income (Loss) Attributable to Parent [Abstract]	'	'	'
Operating Income (Loss)	456,118	530,458	'
Assets [Abstract]	'	'	'
Assets	62,555,999	'	62,449,028
Partners' Capital	'	'	'
Partners' Capital	14,621,627	'	13,336,761
Residential Mortgage Backed Securities [Member]	'	'	'
Revenues [Abstract]	'	'	'
Revenues	421,160	330,354	'
Interest Expense [Abstract]	'	'	'
Interest expense	118,730	96,911	'
Depreciation [Abstract]	'	'	'
Depreciation	0	0	'
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]	'	'	'
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	299,890	214,641	'
Net Income (Loss) Attributable to Parent [Abstract]	'	'	'
Operating Income (Loss)	299,890	214,641	'
Assets [Abstract]	'	'	'
Assets	40,516,125	'	38,427,654
Partners' Capital	'	'	'
Partners' Capital	6,480,339	'	4,397,356
Consolidated VIEs [Member]	'	'	'
Revenues [Abstract]	'	'	'
Revenues	800,872	1,213,069	'
Interest Expense [Abstract]	'	'	'
Interest expense	557,884	819,163	'
Depreciation [Abstract]	'	'	'
Depreciation	232,781	345,308	'
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]	'	'	'
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	-444,098	-693,232	'
Net Income (Loss) Attributable to Parent [Abstract]	'	'	'
Operating Income (Loss)	-444,098	-693,232	'
Assets [Abstract]	'	'	'
Assets	13,731,470	'	14,019,837
Partners' Capital	'	'	'
Partners' Capital	-21,955,872	'	-21,511,776
Consolidation, Eliminations [Member]	'	'	'
Revenues [Abstract]	'	'	'
Revenues	-233,277	-377,709	'
Interest Expense [Abstract]	'	'	'
Interest expense	-557,884	-819,163	'
Depreciation [Abstract]	'	'	'
Depreciation	0	0	'
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]	'	'	'
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	331,327	452,273	'
Net Income (Loss) Attributable to Parent [Abstract]	'	'	'
Operating Income (Loss)	331,327	452,273	'
Assets [Abstract]	'	'	'
Assets	-104,683,730	'	-106,419,611
Partners' Capital	'	'	'
Partners' Capital	($45,364,865)	'	($47,237,930)

Segment_Reporting_Footnote_Tag

Segment Reporting Footnote Tagging (Details)	3 Months Ended							3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2013	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014
	segments	Integer	Mortgage revenue bonds [Member]	MF Properties [Member]	Consolidated VIEs [Member]	Public housing capital fund trusts [Member]	Public housing capital fund trusts [Member]	Unconsolidated Available for Sale Securities [Member]	Consolidated VIEs [Member]	Consolidated Properties [Member]	Consolidated Properties [Member]
			Unit	Unit	properties	Integer	Integer	Integer	Integer	properties	MF Properties [Member]
				properties	Integer						entities
					Unit
Segment Reporting Information [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Number of Reportable Segments	5	'	'	'	'	'	'	'	'	'	'
Number of Available for Sale Securities	'	43	'	'	'	'	'	41	2	'	'
Number of Units in Real Estate Property	'	'	5,550	1,582	410	'	'	'	'	'	'
Number of Available for Sale Securities, Public Housing Authorities	'	'	'	'	'	3	3	'	'	'	'
Number of Real Estate Properties	'	'	'	6	2	'	'	'	'	9	8
Number of Variable Interest Entities	'	'	'	'	2	'	'	'	'	'	'