Greystone Housing Impact Investors (GHI) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - Jun. 30, 2015 - shares	Total
Entity Registrant Name	AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
Entity Central Index Key	1,059,142
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Units Outstanding	0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets [Abstract]
Cash and cash equivalents	$ 2,628,814	$ 49,157,571
Restricted cash	5,189,604	11,141,496
Interest receivable	5,326,150	4,121,486
Mortgage revenue bonds held in trust, at fair value	408,239,988	378,423,092
Mortgage revenue bonds, at fair value	140,695,997	70,601,045
Public housing capital fund trusts, at fair value	58,991,437	61,263,123
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	14,647,377	14,841,558
Real estate assets:
Land and improvements	12,597,953	13,753,493
Buildings and improvements	103,858,432	110,706,173
Real estate assets before accumulated depreciation	116,456,385	124,459,666
Accumulated depreciation	(14,845,373)	(14,108,154)
Net real estate assets	101,611,012	110,351,512
Other assets	29,383,813	31,134,319
Assets held for sale (Note 8)	13,052,649	13,204,015
Total assets	779,766,841	744,239,217
Liabilities [Abstract]
Accounts payable, accrued expenses and other liabilities	4,987,833	4,123,346
Distribution payable	8,436,168	7,617,390
Lines of Credit	48,833,261	0
Debt financing	366,145,894	345,359,000
Mortgages payable	68,694,929	76,707,834
Derivative Assets (Liabilities), at Fair Value, Net	742,189	0
Liabilities held for sale (Note 8)	445,126	503,743
Total Liabilities	$ 498,285,400	$ 434,311,313
Commitments and Contingencies
Partners' Capital
General Partner	$ 294,434	$ 578,238
Beneficial Unit Certificate holders	302,360,501	330,457,117
Unallocated deficit of Consolidated VIEs	(21,169,668)	(21,091,456)
Total Partners' Capital	281,485,267	309,943,899
Noncontrolling interest	(3,826)	(15,995)
Total Capital	281,481,441	309,927,904
Total Liabilities and Partners' Capital	$ 779,766,841	$ 744,239,217

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues [Abstract]
Property revenues	$ 4,086,061	$ 3,134,220	$ 8,388,362	$ 6,284,564
Investment income	9,388,661	6,241,475	17,368,445	12,447,033
Gain on sale of MF Property	3,417,462	0	3,417,462	0
Gain on sale and retirement of bonds	0	849,655	0	3,684,898
Interest Income, Operating	227,383	242,077	451,923	450,900
Total Revenues	17,119,567	10,467,427	29,626,192	22,867,395
Expenses [Abstract]
Real estate operating (exclusive of items shown below)	2,275,275	1,807,044	4,746,305	3,457,691
Provision for loss on receivables	98,431	0	98,431	0
Depreciation and amortization	1,743,317	1,291,497	3,536,095	2,672,063
Interest	2,993,134	2,342,436	6,929,310	4,453,185
General and administrative	2,026,115	1,398,879	3,833,596	2,669,805
Total Expenses	9,136,272	6,839,856	19,143,737	13,252,744
Income from continuing operations	7,983,295	3,627,571	10,482,455	9,614,651
Income from discontinued operations	238,287	30,512	262,715	90,158
Net income (loss)	8,221,582	3,658,083	10,745,170	9,704,809
Net income (loss) attributable to noncontrolling interest	(311)	374	580	477
Net income (loss) - America First Tax Exempt Investors, L.P.	8,221,271	3,658,457	10,745,750	9,705,286
Net income (loss) allocated to:
General Partner	901,724	247,564	928,430	989,619
Limited Partners - Unitholders	7,251,593	3,552,575	9,895,532	8,970,120
Unallocated loss of Consolidated VIEs	67,954	(141,682)	(78,212)	(254,453)
Noncontrolling interest	$ 311	$ (374)	$ (580)	$ (477)
Unitholders' interest in net income per unit (basic and diluted):
Income from continuing operations	$ 0.12	$ 0.05	$ 0.16	$ 0.15
Income from discontinued operations	0	0	0	0
Net income (loss), basic and diluted, per unit	0.12	0.05	0.16	0.15
Distributions declared, per unit	$ 0.125	$ 0.125	$ 0.250	$ 0.250
Weighted average number of units outstanding, basic and diluted	60,252,928	60,252,928	60,252,928	58,595,469

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations Parenthetical None in scaling factor is -9223372036854775296	3 Months Ended
	Jun. 30, 2014USD ($)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income (loss)	$ 8,221,582	$ 3,658,083	$ 10,745,170	$ 9,704,809
Unrealized Gain (Loss) on Securities			(18,264,107)	33,756,771
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	4,896,414			(5,186,544)
Net Income (Loss) Allocated to General Partners	901,724	247,564	928,430	989,619
Net income (loss) allocated to unitholders	7,251,593	3,552,575	9,895,532	8,970,120
Unallocated loss of Consolidated VIEs	67,954	(141,682)	(78,212)	(254,453)
Net income (loss) attributable to noncontrolling interest	(311)	374	580	477
Accumulated Other Comprehensive Income (Loss) [Member]
Net income (loss)			0	0
Unrealized Gain (Loss) on Securities			(18,264,107)	33,756,771
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	4,896,414			(5,186,544)
Net Income (Loss) Allocated to General Partners	686,453	421,688	696,825	1,379,052
Net income (loss) allocated to unitholders	(14,060,197)	20,790,804	(13,033,384)	47,524,002
Unallocated loss of Consolidated VIEs	67,954	(141,682)	(78,212)	(254,453)
Net income (loss) attributable to noncontrolling interest	311	(374)	(580)	(477)
Comprehensive income - America First Tax Exempt Investors, L.P.	(13,305,479)	21,070,436	(12,415,351)	48,648,124
Mortgage revenue bonds [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized Gain (Loss) on Securities	17,206,872	15,715,046	18,264,107	33,756,771
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	$ 4,320,189	$ (1,697,307)	$ 4,896,414	$ (5,186,544)

Condensed Consolidated Stateme6

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]
Stock Issued During Period, Shares, New Issues			9,200,000
Proceeds from Issuance of Common Stock	$ 51,288,699			$ 51,288,699		$ 0	$ 0
Available-for-sale Securities, Gross Realized Gain (Loss)	(2,413,713)	$ (24,137)		(2,389,576)	$ 0		(2,413,713)
Gain (Loss) on Sales of Mortgage Backed Securities (MBS)	259,949	2,599		257,350	0		259,949
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
Distributions paid or accrued	(16,114,398)	(1,051,166)		(15,063,232)	0	0	0
Net income (loss)	9,704,809	989,619		8,970,120	(254,453)	(477)	0
Unrealized Gain (Loss) on Securities	33,756,771	337,568		33,419,203	0	0	33,756,771
Balance at Jun. 30, 2014	284,791,426	323,019		305,190,555	(20,710,349)	(11,799)	16,661,237
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	5,186,544	51,865		5,134,679	0	0	5,186,544
Balance at Dec. 31, 2014	309,927,904	578,238		330,457,117	(21,091,456)	(15,995)	51,698,418
Partners' Capital Account, Units at Dec. 31, 2014			60,252,928
Distributions paid or accrued	(16,043,861)	(980,629)		(15,063,232)	0	0	0
Noncontrolling Interest, Period Increase (Decrease)	12,749	0		0	0	12,749	0
Net income (loss)	10,745,170	928,430		9,895,532	(78,212)	(580)	0
Unrealized Gain (Loss) on Securities	(18,264,107)	(182,641)		(18,081,466)	0	0	(18,264,107)
Balance at Jun. 30, 2015	$ 281,481,441	$ 294,434		$ 302,360,501	$ (21,169,668)	$ (3,826)	$ 28,537,897

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ 10,745,170	$ 9,704,809
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization expense	3,775,215	3,138,342
Non-cash gain (loss) on derivatives	701,130	456,813
Bond discount and premium amortization and accretion	(73,787)	(103,519)
Gain on sale of bonds	0	(3,684,898)
Gain on the sale of an MF Property	(3,417,462)	0
Changes in operating assets and liabilities, net of effect of acquisitions
Increase (decrease) in interest receivable	(1,204,664)	(490,040)
(Increase) decrease in other assets	33,095	(463,950)
Increase (decrease) in accounts payable and accrued expenses	496,386	(2,082,745)
Net cash provided (used) by operating activities	11,055,083	6,474,812
Cash flows from investing activities:
Capital expenditures	(1,166,051)	(13,219,624)
Acquisition of tax-exempt mortgage revenue bonds	(131,485,000)	(36,385,127)
Proceeds from the sale/redemption of bonds	0	35,483,230
Purchase of rate derivative	10,500	(391,500)
Proceeds from sale of MF Property	10,696,510	0
Decrease in restricted cash	(42,138)	(83,717)
Net increase in notes receivable	(3,376,531)	0
Acquisition of taxable bonds	(500,000)	0
Principal payments received on taxable loans	70,819	0
Assets purchased - held for sale	(166,112)	0
Restricted cash - debt collateral released	1,280,000	1,999,973
Restricted cash - 2014 TEBS financing facility	4,942,977	0
Principal payments received on taxable bonds	16,182,752	2,369,132
Net cash provided (used) by investing activities	(103,552,274)	(10,227,633)
Cash flows from financing activities:
Distributions paid	(15,225,083)	(14,741,101)
Principal borrowings on mortgages payable	0	(3,451,301)
Principal borrowing on line of credit	(27,498,106)	(30,056,000)
Proceeds from sale of beneficial unit certificates	48,285,000	17,250,000
Payments of Stock Issuance Costs	0	54,740,000
Principal payments on debt and mortgage financing	(8,012,906)	(2,191,887)
Repayments of Debt	61,764,261	0
Principal payments on line of credit	(12,931,000)	0
Net change in line of credit	0	14,652,293
Increase (decrease) in liabilities related to restricted cash	42,138	83,717
Debt financing costs	479,278	584,431
Net cash (used) provided by financing activities	45,945,026	35,701,290
Net increase (decrease) in cash and cash equivalents	(46,552,165)	31,948,469
Cash and cash equivalents at beginning of period, including discontinued operations	49,193,343
Cash and cash equivalents at end of period, including discontinued operations	2,641,178	43,266,484
Supplemental cash flow information:
Cash paid during the period for interest	6,236,193	4,015,785
Distributions declared but not paid	8,436,168	7,819,373
Supplemental disclosure of non cash activities:
Capital expenditures financed through payables	78,141	3,100,135
Long-term Purchase Commitment, Amount	$ 0	$ 40,270,000

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows Parenthetical Tagging - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 12,364	$ 35,772	$ 59,934	$ 25,976

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
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 for affordable multifamily, student housing, and senior citizen residential properties (collectively “Residential Properties”) and commercial 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 property loans secured by multifamily residential 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 property loans through foreclosure in the event of a default. In addition, the Partnership may acquire interests in multifamily, student, and senior citizen residential 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 of the Partnership. The “Company” refers to the Partnership and the Consolidated VIEs (defined below). The Company’s condensed consolidated financial statements reported in this Form 10-Q include the financial position and results of operations of the Partnership, the MF Properties owned by various limited partnerships in which one of the Partnership’s wholly-owned subsidiaries holds a 99% limited partner interest, and two entities in which the Partnership does not hold an ownership interest but which own multifamily residential 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”). On June 30, 2015, the consolidated subsidiaries of the Partnership (the “Consolidated Subsidiaries”) consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created in 2010 to hold mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac (see Note 11). • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created in 2014 to hold mortgage revenue bonds in order to facilitate the second TEBS Financing (“M31 TEBS Financing”) with Freddie Mac (see Note 11). • Eight 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 the MF Properties (hereafter the “Partnership”) without the Consolidated VIEs. In the Company’s condensed consolidated financial statements, all transactions and accounts between the Partnership, the MF Properties and the Consolidated VIEs have been eliminated in consolidation. The General Partner does not believe that the consolidation of VIEs for reporting under accounting principles generally accepted in the United States of America (“GAAP”) impacts 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 of the Partnership. The primary purpose of the Company is to acquire, hold, sell and otherwise deal with mortgage revenue bonds and other instruments which have been issued to provide construction and/or permanent financing for Residential Properties and other commercial properties. The Mortgage Revenue Bonds, the Public Housing Capital Fund Trust, and the Mortgage-Backed Securities segments fulfill this purpose, are long-term investments, and the properties which collateralize the mortgage revenue bonds are not owned or managed by the Company. The MF Property segment is comprised of indirectly owned, actively managed, and controlled multifamily properties. The MF Properties included in this segment are typically financed with third party mortgages. Effective during the three months ended June 30, 2015, the Company changed its reportable segments due to the classification of the Company’s Consolidated VIEs as discontinued operations. The Consolidated VIE segment was comprised of the results of operations of the underlying collateral for the related mortgage revenue bonds. The Company concluded its investment in the Consolidated VIE segment was not consistent with the Company’s portfolio of assets, as described above. As such, the Company decided to implement a strategic shift in direction by discontinuing its Consolidated VIE segment. This decision was made for the following reasons: • The risk profile of the Consolidated VIE segment was unique as the substance of the investment was the result of the operations of the underlying properties and not the mortgage revenue bonds (which is the form of the investment).The risk profile includes: • The underlying properties thin capitalization, • Related party ownership groups, and • The lack of ultimate decision-making authority. • The stated purpose of the Company was not to manage properties without having some type of ownership or ability to control the underlying property. • Subsequent to the disposition of the Consolidated VIE properties by their owners, the Company does not plan to include this type of investment as part of its strategic direction. As such, in April 2015, the Partnership entered into brokerage contracts to sell the Consolidated VIEs. As a result, these entities met the criteria for discontinued operations presentation and have been classified as such in the Company’s condensed consolidated financial statements for all periods presented (see Notes 3, 7, 9, and 19). 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 Company’s 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 Company’s condensed consolidated financial statements should be read in conjunction with the Company’s condensed consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . These condensed consolidated financial statements and notes have been prepared consistently with the 2014 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) necessary to present fairly the financial position on June 30, 2015 , 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	6 Months Ended
	Jun. 30, 2015
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 on 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 on such date. For purposes of the Agreement of Limited Partnership of the Partnership, cash distributions, if any, received by the Partnership from its investment in MF Properties (see 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’s 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	6 Months Ended
	Jun. 30, 2015
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 for Residential Properties and commercial properties in their market areas. 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 property loans to the property owners which are secured by second mortgages on these properties. Although Residential Properties financed with mortgage revenue bonds held by the Partnership are 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. Under consolidation guidance, the Partnership must make an evaluation of these entities to determine if they meet the definition of a VIE. On June 30, 2015 and December 31, 2014, the Partnership determined that twelve of the entities financed by mortgage revenue bonds owned by the Partnership were held by VIEs. 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. The primary purpose of the Company is to acquire, hold, sell and otherwise deal with mortgage revenue bonds and other instruments which have been issued to provide construction and/or permanent financing for Residential Properties and other commercial properties. The Mortgage Revenue Bonds, the Public Housing Capital Fund Trust, and the Mortgage-Backed Securities segments fulfill this purpose, are long-term investments, and the properties which collateralize the mortgage revenue bonds are not owned or managed by the Company. The MF Property segment is comprised of indirectly owned, actively managed, and controlled multifamily properties. The MF Properties included in this segment are typically financed with third party mortgages. The Company has classified the Consolidated VIEs as discontinued operations and has eliminated the Consolidated VIE segment as a reportable segment beginning with the three months ended June 30, 2015. As such, in April 2015, the Partnership entered into separate brokerage contracts to sell Bent Tree and Fairmont Oaks. As a result, these entities met the criteria for discontinued operations presentation and have been classified as such in the Company’s condensed consolidated financial statements for all periods presented (see Notes 1, 7, 9, and 19). The Partnership does not hold an equity interest in these VIEs. 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 include the entities’ ability to meet debt service obligations to the Partnership and the valuation of the underlying Residential Properties 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. On June 30, 2015 and December 31, 2014 , 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 three individuals, one of which is a related party. 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. Non-Consolidated VIEs The Company did not consolidate ten VIE entities on June 30, 2015 based on its determination of the primary beneficiary of these ten 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 the VIEs that most significantly impact the VIEs’ economic performance and, as a result, is not the primary beneficiary of these VIEs. The following table presents information regarding the non-consolidated VIEs held by the Company on June 30, 2015: June 30, 2015 Balance Sheet Classification Maximum Exposure to Loss Mortgage Revenue Bond Property Loan Mortgage Revenue Bond Property Loan Ashley Square Apartments $ 5,495,037 $ 1,482,000 $ 5,129,000 $ 7,737,434 Bruton Apartments 18,750,735 — 18,145,000 — Cross Creek 8,575,187 3,593,117 6,088,948 3,593,117 Glenview Apartments 6,721,520 — 6,723,000 — Harden Ranch 9,626,989 — 9,300,000 — Montclair Apartments 3,460,656 — 3,458,000 — Santa Fe Apartments 4,746,518 — 4,736,000 — Silver Moon Lodge Apartments 8,000,000 2,819,166 8,000,000 2,819,166 Tyler Park Apartments 8,287,739 — 8,100,000 — Westside Village Market 5,525,145 — 5,400,000 — $ 79,189,526 $ 7,894,283 $ 75,079,948 $ 14,149,717 The mortgage revenue bonds are classified on the balance sheet as available for sale investments and are carried at fair value. Property loans are presented on the balance sheet as Other Assets and are carried at the unpaid principal less any loan loss reserves. Note 4 includes additional information regarding the mortgage revenue bonds and Note 8 includes additional information regarding the property loans. The maximum exposure to loss for the mortgage revenue bonds is equal to the unpaid principal balance on June 30, 2015 . 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 property loan’s carrying value and the maximum exposure is the value of loan loss reserves that have been previously recorded against the outstanding 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 on June 30, 2015 and December 31, 2014: Condensed Consolidating Balance Sheets Partnership on June 30, 2015 Consolidated VIEs on June 30, 2015 Consolidation -Elimination on June 30, 2015 Total on June 30, 2015 Assets Cash and cash equivalents $ 2,628,814 $ — $ — $ 2,628,814 Restricted cash 5,189,604 — — 5,189,604 Interest receivable 5,326,150 — — 5,326,150 Mortgage revenue bonds held in trust, at fair value 408,239,988 — — 408,239,988 Mortgage revenue bonds, at fair value 140,695,997 — — 140,695,997 Public housing capital fund trusts, at fair value 58,991,437 — — 58,991,437 Mortgage-backed securities, at fair value 14,647,377 — — 14,647,377 Real estate assets: Land and improvements 12,597,953 — — 12,597,953 Buildings and improvements 103,858,432 — — 103,858,432 Real estate assets before accumulated depreciation 116,456,385 — — 116,456,385 Accumulated depreciation (14,845,373 ) — — (14,845,373 ) Net real estate assets 101,611,012 — — 101,611,012 Other assets 29,383,813 — — 29,383,813 Assets held for sale 27,075,726 13,296,290 (27,319,367 ) 13,052,649 Total Assets $ 793,789,918 $ 13,296,290 $ (27,319,367 ) $ 779,766,841 Liabilities Accounts payable, accrued expenses and other liabilities $ 4,987,833 $ — $ — $ 4,987,833 Distribution payable 8,436,168 — — 8,436,168 Lines of Credit 48,833,261 — — 48,833,261 Debt financing 366,145,894 — — 366,145,894 Mortgage payable 68,694,929 — — 68,694,929 Derivative swap 742,189 — — 742,189 Liabilities held for sale — 37,580,931 (37,135,805 ) 445,126 Total Liabilities 497,840,274 37,580,931 (37,135,805 ) 498,285,400 Partners' Capital General Partner 294,434 — — 294,434 Beneficial Unit Certificate holders 295,659,036 — 6,701,465 302,360,501 Unallocated loss of Consolidated VIEs — (24,284,641 ) 3,114,973 (21,169,668 ) Total Partners' Capital 295,953,470 (24,284,641 ) 9,816,438 281,485,267 Noncontrolling interest (3,826 ) — — (3,826 ) Total Capital 295,949,644 (24,284,641 ) 9,816,438 281,481,441 Total Liabilities and Partners' Capital $ 793,789,918 $ 13,296,290 $ (27,319,367 ) $ 779,766,841 Partnership on December 31, 2014 Consolidated VIEs on December 31, 2014 Consolidation -Elimination on December 31, 2014 Total on December 31, 2014 Assets Cash and cash equivalents $ 49,157,571 $ — $ — $ 49,157,571 Restricted cash 11,141,496 — — 11,141,496 Interest receivable 4,121,486 — — 4,121,486 Mortgage revenue bonds held in trust, at fair value 378,423,092 — — 378,423,092 Mortgage revenue bonds, at fair value 70,601,045 — — 70,601,045 Public housing capital fund trusts, at fair value 61,263,123 — — 61,263,123 Mortgage-backed securities, at fair value 14,841,558 — — 14,841,558 Real estate assets: Land and improvements 13,753,493 — — 13,753,493 Buildings and improvements 110,706,173 — — 110,706,173 Real estate assets before accumulated depreciation 124,459,666 — — 124,459,666 Accumulated depreciation (14,108,154 ) — — (14,108,154 ) Net real estate assets 110,351,512 — — 110,351,512 Other assets 31,134,319 — — 31,134,319 Assets held for sale 27,640,053 13,456,861 (27,892,899 ) 13,204,015 Total Assets $ 758,675,255 $ 13,456,861 $ (27,892,899 ) $ 744,239,217 Liabilities Accounts payable, accrued expenses and other liabilities $ 4,123,346 $ — $ — $ 4,123,346 Distribution payable 7,617,390 — — 7,617,390 Debt financing 345,359,000 — — 345,359,000 Mortgages payable 76,707,834 — — 76,707,834 Liabilities held for sale — 36,956,477 (36,452,734 ) 503,743 Total Liabilities 433,807,570 36,956,477 (36,452,734 ) 434,311,313 Partners' Capital General Partner 578,238 — — 578,238 Beneficial Unit Certificate holders 324,305,442 — 6,151,675 330,457,117 Unallocated deficit of Consolidated VIEs — (23,499,616 ) 2,408,160 (21,091,456 ) Total Partners' Capital 324,883,680 (23,499,616 ) 8,559,835 309,943,899 Noncontrolling interest (15,995 ) — — (15,995 ) Total Capital 324,867,685 (23,499,616 ) 8,559,835 309,927,904 Total Liabilities and Partners' Capital $ 758,675,255 $ 13,456,861 $ (27,892,899 ) $ 744,239,217 Condensed Consolidating Statements of Operations for the three and six months ended June 30, 2015 and 2014: Partnership For the Three Months Ended June 30, 2015 Consolidated VIEs For the Three Months Ended June 30, 2015 Consolidation -Elimination For the Three Months Ended June 30, 2015 Total For the Three Months Ended June 30, 2015 Revenues: Property revenues $ 4,086,061 $ — $ — $ 4,086,061 Investment income 9,388,661 — — 9,388,661 Gain on sale of MF Property 3,417,462 — — 3,417,462 Other interest income 227,383 — — 227,383 Total revenues 17,119,567 — — 17,119,567 Expenses: Real estate operating (exclusive of items shown below) 2,275,275 — — 2,275,275 Provision for loss on receivables 98,431 — — 98,431 Depreciation and amortization 1,743,317 — — 1,743,317 Interest 2,993,134 — — 2,993,134 General and administrative 2,026,115 — — 2,026,115 Total expenses 9,136,272 — — 9,136,272 Income from continuing operations 7,983,295 — — 7,983,295 Income (loss) from discontinued operations 170,333 (287,857 ) 355,811 238,287 Net income (loss) 8,153,628 (287,857 ) 355,811 8,221,582 Net income attributable to noncontrolling interest 311 — — 311 Net income (loss) - America First Multifamily Investors, L. P. $ 8,153,317 $ (287,857 ) $ 355,811 $ 8,221,271 Partnership For the Three Months Ended June 30, 2014 Consolidated VIEs For the Three Months Ended June 30, 2014 Consolidation -Elimination For the Three Months Ended June 30, 2014 Total For the Three Months Ended June 30, 2014 Revenues: Property revenues $ 3,134,220 $ — $ — $ 3,134,220 Investment income 6,241,475 — — 6,241,475 Gain on mortgage revenue bond redemption 849,655 — — 849,655 Other interest income 242,077 — — 242,077 Total revenues 10,467,427 — — 10,467,427 Expenses: Real estate operating (exclusive of items shown below) 1,807,044 — — 1,807,044 Depreciation and amortization 1,291,497 — — 1,291,497 Interest 2,342,436 — — 2,342,436 General and administrative 1,398,879 — — 1,398,879 Total expenses 6,839,856 — — 6,839,856 Income from continuing operations 3,627,571 — — 3,627,571 Income from discontinued operations 172,194 (477,027 ) 335,345 30,512 Net income (loss) 3,799,765 (477,027 ) 335,345 3,658,083 Net loss attributable to noncontrolling interest (374 ) — — (374 ) Net income (loss) - America First Multifamily Investors, L. P. $ 3,800,139 $ (477,027 ) $ 335,345 $ 3,658,457 Partnership For the Six Months Ended June 30, 2015 Consolidated VIEs For the Six Months Ended June 30, 2015 Consolidation -Elimination For the Six Months Ended June 30, 2015 Total For the Six Months Ended June 30, 2015 Revenues: Property revenues $ 8,388,362 $ — $ — $ 8,388,362 Investment income 17,368,445 — — 17,368,445 Gain on sale of MF Property 3,417,462 — — 3,417,462 Other interest income 451,923 — — 451,923 Total revenues 29,626,192 — — 29,626,192 Expenses: Real estate operating (exclusive of items shown below) 4,746,305 — — 4,746,305 Provision for loss on receivables 98,431 — — 98,431 Depreciation and amortization 3,536,095 — — 3,536,095 Interest 6,929,310 — — 6,929,310 General and administrative 3,833,596 — — 3,833,596 Total expenses 19,143,737 — — 19,143,737 Income from continuing operations 10,482,455 — — 10,482,455 Income from discontinued operations 340,927 (785,027 ) 706,815 262,715 Net income (loss) 10,823,382 (785,027 ) 706,815 10,745,170 Net loss attributable to noncontrolling interest (580 ) — — (580 ) Net income (loss) - America First Multifamily Investors, L. P. $ 10,823,962 $ (785,027 ) $ 706,815 $ 10,745,750 Partnership For the Six Months Ended June 30, 2014 Consolidated VIEs For the Six Months Ended June 30, 2014 Consolidation -Elimination For the Six Months Ended June 30, 2014 Total For the Six Months Ended June 30, 2014 Revenues: Property revenues $ 6,284,564 $ — $ — $ 6,284,564 Investment income 12,447,033 — — 12,447,033 Gain on mortgage revenue bond redemption 3,684,898 3,684,898 Other interest income 450,900 — — 450,900 Total revenues 22,867,395 — — 22,867,395 Expenses: Real estate operating (exclusive of items shown below) 3,457,691 — — 3,457,691 Depreciation and amortization 2,672,063 — — 2,672,063 Interest 4,453,185 — — 4,453,185 General and administrative 2,669,805 — — 2,669,805 Total expenses 13,252,744 — — 13,252,744 Income from continuing operations 9,614,651 — — 9,614,651 Income (loss) from discontinued operations 344,611 (921,125 ) 666,672 90,158 Net income (loss) 9,959,262 (921,125 ) 666,672 9,704,809 Net loss attributable to noncontrolling interest (477 ) — — (477 ) Net income (loss) - America First Multifamily Investors, L. P. $ 9,959,739 $ (921,125 ) $ 666,672 $ 9,705,286

Investments in Mortgage Revenue

Investments in Mortgage Revenue Bonds	6 Months Ended
	Jun. 30, 2015
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 for Residential Properties and commercial properties and do not include the mortgage revenue bonds issued with respect to properties owned by Consolidated VIEs on June 30, 2015 and December 31, 2014 . Mortgage revenue bonds are either held directly by the Company or are held in trusts created in connection with debt financing transactions (see Note 11). The Company’s investments in mortgage revenue bonds on the dates shown are as follows: June 30, 2015 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gain Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,568,295 $ 1,154,417 $ — $ 12,722,712 Ashley Square (1) 5,129,000 366,037 — 5,495,037 Avistar at Chase Hill A Bond (3) 9,978,838 678,363 — 10,657,201 Avistar at the Crest A Bond (3) 9,679,473 658,012 — 10,337,485 Avistar at the Oaks A Bond (3) 7,800,000 483,903 — 8,283,903 Avistar in 09 A Bond (3) 6,735,000 417,832 — 7,152,832 Avistar on the Boulevard A Bond (3) 16,490,029 803,567 — 17,293,596 Avistar on the Hills A Bond (3) 5,389,000 334,327 — 5,723,327 Bella Vista (1) 6,430,000 273,018 — 6,703,018 Bridle Ridge (1) 7,625,000 261,766 — 7,886,766 Brookstone (1) 7,469,480 1,323,274 — 8,792,754 Bruton Apartments (2) 18,145,000 605,735 — 18,750,735 Concord at Gulfgate A Bond (2) 17,060,000 255,307 — 17,315,307 Concord at Little York A Bond (2) 12,480,000 186,830 — 12,666,830 Concord at Williamcrest A Bond (2) 18,020,000 269,695 — 18,289,695 Copper Gate Apartments (3) 5,220,000 359,032 — 5,579,032 Cross Creek (1) 6,088,948 2,486,239 — 8,575,187 Decatur Angle (2) 23,000,000 — — 23,000,000 Greens Property A Bond (3) 8,330,000 623,837 — 8,953,837 Harden Ranch A Bond (3) 6,960,000 333,237 — 7,293,237 Lake Forest (1) 8,826,000 752,993 — 9,578,993 Live 929 Apartments (2) 40,848,642 2,315,349 — 43,163,991 Pro Nova 2014-1 and 2014-2 (2) 19,384,710 278,718 — 19,663,428 Ohio Properties A Bonds (1) 14,359,000 1,729,764 — 16,088,764 Runnymede (1) 10,395,000 805,613 — 11,200,613 Southpark (1) 11,881,040 2,888,982 — 14,770,022 The Palms at Premier Park Apartments (3) 20,084,554 1,209,672 — 21,294,226 The Suites on Paseo A Bond (2) 35,450,000 752,249 — 36,202,249 Tyler Park Apartments A Bond (3) 6,075,000 199,990 — 6,274,990 Westside Village Market A Bond (3) 3,970,000 130,693 — 4,100,693 Woodlynn Village (1) 4,371,000 58,528 — 4,429,528 Mortgage revenue bonds held in trust $ 385,243,009 $ 22,996,979 $ — $ 408,239,988 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, see Note 11 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11 June 30, 2015 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill B Bond $ 964,017 $ 57,890 $ — $ 1,021,907 Avistar at the Crest B Bond 758,226 45,535 — 803,761 Avistar at the Oaks B Bond 554,000 33,453 — 587,453 Avistar in 09 B Bond 457,000 27,596 — 484,596 Avistar on the Boulevard B Bond 450,541 27,056 — 477,597 Concord at Gulfgate B Bond 2,125,000 541,585 — 2,666,585 Concord at Little York B Bond 960,000 244,667 — 1,204,667 Concord at Williamcrest B Bond 2,800,000 576,507 — 3,376,507 Glenview Apartments 6,723,000 — (1,480 ) 6,721,520 Greens Property B Bond 944,462 217,034 — 1,161,496 Harden Ranch B Bond 2,340,000 — (6,248 ) 2,333,752 Heritage Square 11,705,000 — (156,538 ) 11,548,462 Montclair Apartments 3,458,000 2,656 — 3,460,656 Ohio Properties B Bonds 3,567,950 518,737 — 4,086,687 Avistar at the Parkway 13,425,000 286,920 — 13,711,920 Renaissance B Bond 11,500,000 339,114 — 11,839,114 Santa Fe Apartments 4,736,000 10,518 — 4,746,518 Silver Moon 8,000,000 — — 8,000,000 The Suites on Paseo B Bond 5,500,000 — (121,330 ) 5,378,670 Tyler Park B Bond 2,025,000 — (12,251 ) 2,012,749 Vantage at Harlingen 24,575,000 1,694,613 — 26,269,613 Vantage at Judson 26,540,000 837,315 — 27,377,315 Westside Village B Bond 1,430,000 — (5,548 ) 1,424,452 Mortgage revenue bonds $ 135,538,196 $ 5,461,196 $ (303,395 ) $ 140,695,997 December 31, 2014 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gains Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,570,933 $ 1,792,303 $ — $ 13,363,236 Ashley Square (1) 5,159,000 486,559 — 5,645,559 Avistar at Chase Hill A Bond (3) 10,000,000 1,196,800 — 11,196,800 Avistar at the Crest A Bond (3) 9,700,000 1,419,692 — 11,119,692 Avistar at the Oaks A Bond (3) 7,800,000 869,622 — 8,669,622 Avistar in 09 A Bond (3) 6,735,000 750,885 — 7,485,885 Avistar on the Boulevard A Bond (3) 16,525,000 2,418,599 — 18,943,599 Avistar on the Hills A Bond (3) 5,389,000 743,520 — 6,132,520 Bella Vista (1) 6,490,000 625,571 — 7,115,571 Bridle Ridge (1) 7,655,000 659,249 — 8,314,249 Brookstone (1) 7,468,888 1,360,589 — 8,829,477 Bruton Apartments (2) 18,145,000 1,455,955 — 19,600,955 Copper Gate Apartments (3) 5,220,000 563,656 — 5,783,656 Cross Creek (1) 6,074,817 2,542,262 — 8,617,079 Decatur Angle (2) 23,000,000 919,540 — 23,919,540 Greens Property A Bond (3) 8,366,000 1,005,119 — 9,371,119 Harden Ranch A Bond (3) 6,960,000 511,421 — 7,471,421 Lake Forest (1) 8,886,000 1,003,614 — 9,889,614 Live 929 Apartments (2) 40,895,739 3,797,745 — 44,693,484 Pro Nova 2014-1 and 2014-2 (2) 20,095,169 1,043,431 — 21,138,600 Ohio Properties A Bonds (1) 14,407,000 2,444,034 — 16,851,034 Runnymede (1) 10,440,000 1,385,910 — 11,825,910 Southpark (1) 11,842,206 3,743,692 — 15,585,898 The Palms at Premier Park Apartments (3) 20,152,000 2,680,619 — 22,832,619 The Suites on Paseo (2) 35,450,000 3,193,691 — 38,643,691 Tyler Park Apartments A Bond (3) 6,075,000 345,060 — 6,420,060 Westside Village Market A Bond (3) 3,970,000 225,496 — 4,195,496 Woodlynn Village (1) 4,390,000 376,706 — 4,766,706 Mortgage revenue bonds held in trust $ 338,861,752 $ 39,561,340 $ — $ 378,423,092 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, see Note 11 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11 December 31, 2014 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill B Bond $ 965,000 $ 144,769 $ — $ 1,109,769 Avistar at the Crest B Bond 759,000 124,286 — 883,286 Avistar at the Oaks B Bond 554,000 54,325 — 608,325 Avistar in 09 B Bond 457,000 50,608 — 507,608 Avistar on the Boulevard B Bond 451,000 73,851 — 524,851 Greens Property B Bond 945,638 376,203 — 1,321,841 Glenview Apartments 6,723,000 — — 6,723,000 Harden Ranch B Bond 2,340,000 — (1,501 ) 2,338,499 Heritage Square 11,705,000 1,109,125 — 12,814,125 Montclair Apartments 3,458,000 — — 3,458,000 Ohio Properties B Bonds 3,573,430 668,542 — 4,241,972 Renaissance 12,675,000 1,055,807 — 13,730,807 Santa Fe Apartments 4,736,000 — — 4,736,000 Tyler Park Apartments B Bond 2,025,000 — (17,395 ) 2,007,605 Vantage at Harlingen 6,692,000 707,813 — 7,399,813 Vantage at Judson 6,049,000 717,230 — 6,766,230 Westside Village Market B Bond 1,430,000 — (686 ) 1,429,314 Mortgage revenue bonds $ 65,538,068 $ 5,082,559 $ (19,582 ) $ 70,601,045 In June 2015, pursuant to the Forward Delivery Bond Purchase Agreement (“Bond Purchase Commitment”) executed in June 2013, the Partnership acquired a Series 2013A mortgage revenue bond with a par value of $8.0 million and a subordinate Series 2013B taxable mortgage revenue bond with a par value of $500,000 with annual stated interest rates of 6.0% and 12.0% , respectively. Both mortgage revenue bonds mature on August 1, 2055 and are secured by Silver Moon Lodge Apartments, a 151 unit multifamily property located in Albuquerque, New Mexico. In June 2015, pursuant to the Bond Purchase Commitment executed in August 2013, the Partnership acquired a Series 2013B mortgage revenue bond with a par value of approximately $24.6 million par with an annual stated interest rate of 6.0% which will mature on September 1, 2053 . The mortgage revenue bond carries an additional annual 3.0% stated rate of interest calculated on the property’s excess cash flow. Simultaneously, the Partnership paid off the Series 2013C mortgage revenue bond with a par value of approximately $6.7 million . The Partnership continues to hold the subordinate Series 2013D taxable mortgage revenue bond with a par value of approximately $1.3 million with an annual stated interest rate of 9.0% , which will mature on April 1, 2035 and is recorded as an Other Asset. These mortgage revenue bonds are secured by the Vantage at Harlingen Apartments, a 288 unit multifamily apartment complex located in San Antonio, Texas. The Partnership also realized approximately $330,000 of additional interest which was paid from the property’s excess cash flows in June 2015. In June 2015, the Partnership finalized the restructuring of two mortgage revenue bonds secured by the Renaissance Gateway Apartments, a 208 unit multifamily property located in Baton Rouge, Louisiana. The restructuring resulted in moving the Series B mortgage revenue bond with a par value of approximately $1.3 million and the Series C mortgage revenue bond with a par value of approximately $1.7 million into a Series A mortgage revenue bond with a par value of approximately $8.5 million . The new Series 2013A par value mortgage revenue bond reported on June 30, 2015 is $11.5 million with an annual stated interest rate of 6.0% , which will mature on June 1, 2050 . The Partnership received cash of approximately $1.2 million from the resizing of the mortgage revenue bonds. In June 2015, pursuant to the Bond Purchase Commitment executed December 2012, the Partnership acquired a Series 2012B mortgage revenue bond of approximately $26.5 million with an annual stated interest rate of 6.0% , which will mature on January 1, 2053 . The mortgage revenue bond carries an additional annual 3.0% stated rate of interest calculated on the property’s excess cash flow. Simultaneously, the Partnership paid off the Series 2012C mortgage revenue bond with a par value of approximately $6.0 million . The Partnership continues to hold a Series 2012D taxable mortgage revenue bond with a par value of $934,000 with an annual stated interest rate of 9.0% , which will mature on January 1, 2053 and is recorded as an Other Asset. These mortgage revenue bonds are secured by the Vantage at Judson Apartments, a 288 unit multifamily apartment complex located in San Antonio, Texas. The Partnership also realized approximately $446,000 of additional interest calculated on the property’s excess cash flows in the month of June 2015. On June 1, 2015, the Suites on Paseo were unable to pay the Company the interest due on the Series A and B mortgage revenue bonds. On June 25, 2015, the Company received a $500,000 payment, to be applied to accrued interest owed to the Company on June 1, 2015, which left approximately $674,000 reported in interest receivable on the June 30, 2015 Condensed Consolidated Balance Sheet . The Company issued a forbearance agreement, deferring the payment of the remaining June 1, 2015 unpaid interest due, until September 1, 2015. The Company has completed an impairment analysis of the Suites on Paseo and concluded there was no impairment on the mortgage revenue bonds and note receivable (see Note 8) on June 30, 2015. The analysis also concluded there was a lack of short-term cash available to remit the interest payment on the Series B mortgage revenue bonds. Accordingly, the Company recorded an interest allowance for the three and six months ended June 30, 2015, of approximately $98,000 , and reported this amount in the Company’s condensed consolidated financial statements. In April 2015, the Partnership acquired a Series 2015A mortgage revenue bond with a par value of approximately $13.3 million with a stated annual interest rate of 6.0% which will mature on May 1, 2052 . In addition, The Partnership also acquired a subordinate Series 2015B mortgage revenue bond with a par value of $125,000 with an annual stated interest rate of 12.0% which will mature on June 1, 2052 . These mortgage revenue bonds are secured by Avistar at the Parkway Apartments, a 236 unit multifamily apartment complex located in San Antonio, Texas. In March 2015, the Partnership acquired a Series B mortgage revenue bond with a par value of approximately $35.6 million secured by The Suites on Paseo at a fair market value of $5.5 million . In January 2015, the Partnership acquired six mortgage revenue bonds below: • The Partnership purchased a Series 2015A mortgage revenue bond with a par value of approximately $17.1 million and a Series 2015B mortgage revenue bond with a par value of approximately $2.1 million . These mortgage revenue bonds are secured by Concord at Gulfgate Apartments, a 288 unit multifamily residential property located in Houston, Texas. • The Partnership purchased a Series 2015A mortgage revenue bond with a par value of approximately $12.5 million and a Series 2015B mortgage revenue bond with a par value of approximately $1.0 million . These mortgage revenue bonds are secured by Concord at Little York Apartments, a 276 unit multifamily residential property located in Houston, Texas. • The Partnership purchased a Series 2015A mortgage revenue bond with a par value of approximately $18.0 million and a Series 2015B mortgage revenue bond with a par value of approximately $2.8 million . These mortgage revenue bonds are secured by Concord at Williamcrest Apartments, a 288 unit multifamily residential property located in Houston, Texas. These three Series A mortgage revenue bonds each carry an annual interest rate of 6.0% and mature on February 1, 2032 . The three Series B mortgage revenue bonds each carry an annual interest rate of 12.0% and mature on March 1, 2032 . In February 2015, the Partnership borrowed approximately $33.3 million under three Tender Option Bond (“TOB”) Trusts under the existing TOB structure securitizing these mortgage revenue bonds (see Note 11). The properties securing the Company’s mortgage revenue bonds are geographically dispersed throughout the United States with significant concentrations in California and Texas. On June 30, 2015 and December 31, 2014, the concentration in California, as a percentage of principal outstanding, was approximately 17% and 18% , respectively. On June 30, 2015 and December 31, 2014, the concentration in Texas, as a percentage of principal outstanding, was approximately 50% and 38% , respectively. All of the Company’s investments in mortgage revenue bonds are classified as available-for-sale securities and they are carried on the balance sheet at their estimated fair values. On June 30, 2015, the weighted average base rate of the mortgage revenue bonds reported in the Company’s condensed consolidated financial statements was approximately 6.0% per annum. 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. On June 30, 2015 , 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 and 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. On June 30, 2015 , the range of effective yields on the individual mortgage revenue bonds was 3.8% to 9.8% per annum. On December 31, 2014 , the range of effective yields on the individual mortgage revenue bonds was 4.7% to 8.3% 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 4.1% to 10.7% per annum and would result in additional unrealized losses on the mortgage revenue bond portfolio of approximately $35.0 million . This sensitivity analysis is hypothetical and is at a specific point in time. The results of the sensitivity analysis may not be indicative of actual changes in fair value of the Company’s mortgage revenue bonds 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 the Company’s 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. On June 30, 2015 , three mortgage revenue B bond investments have been in unrealized loss positions for more than twelve months. The Company redeemed the three mortgage revenue B bonds in July 2015 and received the full par value plus interest (see Note 18).

Public Housing Capital Fund Tru

Public Housing Capital Fund Trusts	6 Months Ended
	Jun. 30, 2015
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 (“PHC”) Fund Trust Certificates The Company owns 100% of the Residual Participation Receipts (“LIFERs”) in three TOB trusts (“PHC TOB Trusts”). On June 30, 2015 , the PHC TOB Trusts owned approximately $58.3 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 the 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 VIEs 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 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 would result from decisions made by the Company. The Company had the following investments in the PHC Certificates on June 30, 2015 and December 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 on June 30, 2015 Public Housing Capital Fund Trust I $ 27,344,275 $ 598,054 $ — $ 27,942,329 Public Housing Capital Fund Trust II 11,059,091 — (8,946 ) 11,050,145 Public Housing Capital Fund Trust III 20,493,725 — (494,762 ) 19,998,963 $ 58,897,091 $ 598,054 $ (503,708 ) $ 58,991,437 Description of Public Housing Capital Fund Trust Certificates Cost adjusted for amortization of premium and discounts Unrealized Gain Unrealized Loss Estimated Fair Value on December 31, 2014 Public Housing Capital Fund Trust Certificate I $ 27,414,100 $ 933,789 $ — $ 28,347,889 Public Housing Capital Fund Trust Certificate II 11,999,721 152,293 — 12,152,014 Public Housing Capital Fund Trust Certificate III 20,474,100 289,120 — 20,763,220 $ 59,887,921 $ 1,375,202 $ — $ 61,263,123 As all of the Company’s investments in PHC Certificates are classified as available-for-sale securities, they are carried on the Company’s balance sheet at their estimated fair values. On June 30, 2015, the weighted average base rate of the PHC Trust Certificates was approximately 5.0% per annum. Due to the limited market for the PHC Certificates, these estimates of the fair value do not necessarily represent what the Company would actually receive in a sale of the PHC 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 PHC Fund trusts adjusted largely for unobservable inputs the General Partner believes would be used by market participants. Management’s fair value estimates encompass judgment. Management’s estimates are compared to external pricing services when available. On June 30, 2015 the range of effective yields on the PHC Certificates was 4.4% to 6.0% per annum. On December 31, 2014 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 4.8% to 6.6% per annum and would result in additional unrealized annual losses on the PHC Certificates of approximately $2.2 million . This sensitivity analysis is hypothetical and is at 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 June 30, 2015 and December 31, 2014: Average Remaining Lives (Years) Investment Rating Weighted Average Interest Rate over Life Principal Outstanding June 30, 2015 Public Housing Capital Fund Trust Certificate I 9.75 AA- 5.33 % $ 25,980,780 Public Housing Capital Fund Trust Certificate II 9.22 A+ 4.28 % 11,465,660 Public Housing Capital Fund Trust Certificate III 10.31 BBB 5.42 % 20,898,432 Total Public Housing Capital Fund Trust Certificates $ 58,344,872 Average Remaining Lives (Years) Investment Rating Weighted Average Interest Rate over Life Principal Outstanding December 31, 2014 Public Housing Capital Fund Trust Certificate I 10.25 AA- 5.33 % $ 25,980,780 Public Housing Capital Fund Trust Certificate II 9.72 A+ 4.28 % 12,429,186 Public Housing Capital Fund Trust Certificate III 10.81 BBB 5.42 % 20,898,432 Total Public Housing Capital Fund Trust Certificates $ 59,308,398

Mortgage-Backed Securities

Mortgage-Backed Securities	6 Months Ended
	Jun. 30, 2015
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”) On June 30, 2015, the Company held three securitizations of mortgage-backed securities (“MBS TOB Trusts”). The Company owns the LIFERS issued by the three MBS TOB Trusts which were purchased for approximately $2.8 million . Each of the three MBS TOB Trusts issued SPEARS to unaffiliated investors. These SPEARS totaled approximately $11.9 million on June 30, 2015. 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 securities 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”) index. The Company determined that the three MBS TOB Trusts are VIEs 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 securities. If they were sold, the extent to which the MBS TOB Trusts will be exposed to gains or losses would result from decisions made by the Company. The carrying value of the Company’s MBS securities on June 30, 2015 and December 31, 2014 is as follows: Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Unrealized Gain Unrealized Loss Estimated Fair Value on June 30, 2015 “AAA” $ 5,296,301 $ — $ (268,801 ) $ 5,027,500 “AA” 10,056,810 — (436,933 ) 9,619,877 $ 15,353,111 $ — $ (705,734 ) $ 14,647,377 (1) MBS securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, on the date presented. Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Unrealized Gain Unrealized Loss Estimated Fair Value on December 31, 2014 “AAA” $ 5,304,974 $ — $ (250,624 ) $ 5,054,350 “AA” 10,062,667 — (275,459 ) 9,787,208 $ 15,367,641 $ — $ (526,083 ) $ 14,841,558 (1) MBS securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, on the date presented. The Company values each MBS security 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. On June 30, 2015 , the range of effective yields on the individual MBS was 3.9% to 5.3% per annum. On December 31, 2014, the range of effective yields on the individual MBS securities was 3.7% to 5.2% 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 securities. Assuming a 10% adverse change in that key assumption, the effective yields on the MBS securities would increase to a range of 4.3% to 5.8% per annum and would result in additional unrealized losses on the bond portfolio of approximately $799,000 . This sensitivity analysis is hypothetical and is at 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 securities 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 on June 30, 2015 as it has the intent and ability to hold these investments until their estimated fair value recovers to the carrying cost or until final maturity. The MBS securities are backed by residential mortgage loans and interest payable from the MBS securities is believed and expected to be exempt from federal income taxation. Description of certain terms of the Company’s MBS securities is as follows: Agency Rating of MBS Securities Principal Outstanding June 30, 2015 Weighted Average Maturity Date Weighted Average Coupon Interest Rate “AAA” $ 5,000,000 July 1, 2032 4.60 % “AA” 9,765,000 July 9, 2036 4.20 % $ 14,765,000

Real Estate Assets

Real Estate Assets	6 Months Ended
	Jun. 30, 2015
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 two 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 condensed consolidated financial statements as noncontrolling interests. Recent Transactions In May 2015, the Partnership sold The Colonial property for approximately $10.7 million and realized a gain of approximately $3.4 million , which was considered Tier 2 income. On April 6, 2015, a brokerage contract was executed with the intent to sell Glynn Place, an MF Property. The sale was completed in July 2015 (see Note 18). Management has determined this entity did not meet the criteria for discontinued operation presentation, and, as such, is reported as part of the Company’s condensed consolidated financial statements for all periods presented. The Glynn Place property’s material financial statement components are reported in the Company’s condensed consolidated financial statements as follows: Financial Statement Descriptions Amount Material Balance Sheet Components Net real estate assets $ 4,039,250 Accounts payable, accrued expenses, and other liabilities $ 63,430 Material Statement of Operations Components Property revenues $ 519,153 Real estate operating expenses $ 299,530 Depreciation and amortization expenses $ 111,340 Net income $ 108,283 The Company had the following investments in MF Properties on June 30, 2015 and December 31, 2014 : MF Properties Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on June 30, 2015 Arboretum Omaha, NE 145 $ 1,748,502 $ 19,256,379 $ 21,004,881 Eagle Village Evansville, IN 511 567,880 12,527,343 13,095,223 Glynn Place Brunswick, GA 128 743,996 4,974,694 5,718,690 Northern View (f/k/a Meadowview) Highland Heights, KY 254 688,539 6,221,693 6,910,232 Residences of DeCordova Granbury, TX 110 1,137,832 8,035,156 9,172,988 Residences of Weatherford Weatherford, TX 76 1,942,229 5,732,475 7,674,704 The 50/50 MF Property Lincoln, NE 475 — 32,903,791 32,903,791 Woodland Park Topeka, KS 236 1,265,160 14,210,101 15,475,261 111,955,770 Less accumulated depreciation (depreciation expense of approximately $2.8 million in 2015) (14,845,373 ) Balance on June 30, 2015 $ 97,110,397 MF Properties Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2014 Arboretum Omaha, NE 145 $ 1,748,502 $ 19,216,623 $ 20,965,125 Eagle Village Evansville, IN 511 567,880 12,472,151 13,040,031 Glynn Place Brunswick, GA 128 743,996 4,995,658 5,739,654 Northern View (f/k/a Meadowview) Highland Heights, KY 224 688,539 5,479,342 6,167,881 Residences of DeCordova Granbury, TX 110 1,137,832 8,007,390 9,145,222 Residences of Weatherford Weatherford, TX 76 1,942,229 5,724,456 7,666,685 The 50/50 MF Property Lincoln, NE 475 — 32,820,776 32,820,776 The Colonial Omaha, NE 258 1,180,058 7,822,681 9,002,739 Woodland Park Topeka, KS 236 1,265,160 14,167,096 15,432,256 119,980,369 Less accumulated depreciation (depreciation expense of approximately $4.8 million in 2014) (14,108,154 ) Balance on December 31, 2014 $ 105,872,215 Consolidated VIE Properties In addition to the MF Properties, the Company consolidated 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 were consolidated, the Company had no ownership interest in the VIEs other than to the extent they served as collateral for the mortgage revenue bonds owned by the Partnership. The results of operations of those properties were recorded by the Company in consolidation. No net income or loss from these properties accrued to the unitholders or the general partner. The Company has classified the Consolidated VIEs as discontinued operations and has eliminated the Consolidated VIE segment as a reportable segment beginning with the three months ended June 30, 2015. As such, in April 2015, the Partnership entered into separate brokerage contracts to sell the Consolidated VIEs. As a result, management has determined these entities met the criteria for discontinued operations presentation and have been classified as such in the Company’s condensed consolidated financial statements for all periods presented (see Notes 1, 3, 9, and 19). Land Held for Investment and Development On June 30, 2015, the Company reported approximately $4.5 million as land held for investment. The Company plans to strategically develop this land into rental properties.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2015
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	Other Assets The Company had the following Other Assets on the dates shown: June 30, 2015 December 31, 2014 Property loans receivable $ 25,568,046 $ 22,191,515 Less: Loan loss reserves (7,098,814 ) (7,098,814 ) Deferred financing costs - net 4,595,073 4,659,104 Fair value of derivative contracts 298,228 267,669 Taxable bonds at fair value 4,711,687 4,616,565 Bond purchase commitments - fair value adjustment (Notes 4 & 16) 883,999 5,780,413 Other assets 425,594 717,867 Total Other assets $ 29,383,813 $ 31,134,319 In addition to the mortgage revenue bonds held by the Company, property loans have been made to the owners of the properties which secure the mortgage revenue bonds and are reported as property loans receivable in Other Assets, net of loan loss reserves. The Company periodically, or as changes in circumstances or operations dictate, evaluates such property loans receivable for impairment. The value of the underlying property assets is ultimately the most relevant measure of value to support the property loan values. The Company utilizes a discounted cash flow model, which includes various assumptions, in estimating a property’s fair value. 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’s 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 property loan then no potential loss is indicated and no loan loss reserve for property loans is needed. In estimating the property valuation, the most significant assumptions utilized in the discounted cash flow model remain the same as discussed in the Form 10-K and include revenue and expense projections and capitalization rates. See the Fair Value Measurement Note 15 for the detailed description of the fair value estimation process for all taxable mortgage bonds. In June 2015, the Company purchased a $500,000 taxable mortgage revenue bond with an annual interest rate of 12.0% . The taxable mortgage revenue bond matures on August 1, 2055 and is secured by Silver Moon Lodge Apartments, a 151 unit multifamily property located in Albuquerque, New Mexico. In June 2015, the Company executed a loan agreement with Silver Moon Lodge LLLP, owner of the Silver Moon Lodge Apartments, for approximately $2.8 million which is due and payable in full on January 1, 2016. The principal on the loan will be repaid from the limited partner capital contributed to Silver Moon Lodge LLLP when the 4.0% LIHTCs are sold. The capital contribution is anticipated to occur prior to December 31, 2015. In April 2015, the Partnership advanced approximately $567,000 to the Suites on Paseo for operations. During the six months ended June 30, 2015, the Partnership also advanced approximately $64,500 to Cross Creek. In addition, the Partnership received approximately $69,000 of principal from FAH during the six months ended June 30, 2015. During the six months ended June 30, 2015 and 2014, the Partnership recorded an allowance on interest equal to the accrued interest on the Ashley Square, Cross Creek, Lake Forest, the Ohio Properties, and the Suites on Paseo property loans receivable as the Partnership determined they were not reasonably assured. On June 1, 2015, the Suites on Paseo was unable to pay the Company the entire interest due on the Series A and B mortgage revenue bonds. On June 25, 2015, the Company received a $500,000 payment, to be applied to the accrued interest owed to the Company on June 1, 2015, which left approximately $674,000 reported in interest receivable on the June 30, 2015 Condensed Consolidated Balance Sheet . The Company issued a forbearance agreement deferring the payment of the remaining June 1, 2015, unpaid interest due until September 1, 2015 (see Note 4). The Company has completed an impairment analysis of the Suites on Paseo and concluded there was no impairment on the mortgage revenue bonds and note receivable on June 30, 2015. The analysis also concluded there was a lack of short-term cash available to remit the interest payment on the Series B mortgage revenue bonds. Accordingly, the Company recorded an interest allowance for the three and six months ended June 30, 2015, of approximately $98,000 , and reported this amount in the Company’s condensed consolidated financial statements. The following is a summary of the property loans receivable, accrued interest and loan loss reserves on the amounts due on June 30, 2015 and December 31, 2014 , respectively: June 30, 2015 Outstanding Balance Accrued Interest Loan Loss Reserves Interest Allowance Net Property Loans Arbors at Hickory Ridge $ 191,264 $ 32,891 $ — $ — $ 224,155 Ashley Square 5,078,342 2,659,092 (3,596,342 ) (2,659,092 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 33,928 — — 308,424 Avistar (June 2013 portfolio) 251,622 31,100 — — 282,722 Cross Creek 7,040,589 2,218,225 (3,447,472 ) (2,218,225 ) 3,593,117 Foundation for Affordable Housing 1,491,791 — — — 1,491,791 Greens Property 850,000 286,085 — — 1,136,085 Lake Forest 4,618,704 2,836,114 (55,000 ) (2,815,279 ) 4,584,539 Ohio Properties 2,390,446 1,060,321 — (373,160 ) 3,077,607 Silver Moon Lodge Apartments 2,813,452 5,714 — — 2,819,166 Suites on Paseo 567,340 17,020 — (17,020 ) 567,340 $ 25,568,046 $ 9,180,490 $ (7,098,814 ) $ (8,082,776 ) $ 19,566,946 December 31, 2014 Outstanding Balance Accrued Interest Loan Loss Reserves Interest Allowance Net Property Loans Arbors at Hickory Ridge $ 191,264 $ 26,047 $ — $ — $ 217,311 Ashley Square 5,078,342 2,455,660 (3,596,342 ) (2,455,660 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 16,470 — — 290,966 Avistar (June 2013 portfolio) 251,622 15,097 — — 266,719 Cross Creek 6,976,087 2,084,804 (3,447,472 ) (2,084,804 ) 3,528,615 Foundation for Affordable Housing 1,560,553 1,735 — — 1,562,288 Greens Property 850,000 231,342 — — 1,081,342 Lake Forest 4,618,704 2,599,613 (55,000 ) (2,578,778 ) 4,584,539 Ohio Properties 2,390,447 894,044 — (307,832 ) 2,976,659 $ 22,191,515 $ 8,324,812 $ (7,098,814 ) $ (7,427,074 ) $ 15,990,439 The following is a detail of loan loss reserves for the six months ended June 30, 2015 and year ended December 31, 2014: June 30, 2015 December 31, 2014 Balance, beginning of year $ 7,098,814 $ 7,023,814 Provision for loan loss — 75,000 Balance, end of year $ 7,098,814 $ 7,098,814

Discontinued Operations (Notes)

Discontinued Operations (Notes)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Discontinued Operations The primary purpose of the Company is to acquire, hold, sell and otherwise deal with mortgage revenue bonds and other instruments which have been issued to provide construction and/or permanent financing for Residential Properties and other commercial properties. The Mortgage Revenue Bonds, the Public Housing Capital Fund Trust, and the Mortgage-Backed Securities segments fulfill this purpose, are long-term investments, and the properties which collateralize the mortgage revenue bonds are not owned or managed by the Company. The MF Property segment is comprised of indirectly owned, actively managed, and controlled multifamily properties. The MF Properties included in this segment are typically financed with third party mortgages. Effective during the three months ended June 30, 2015, the Company changed its reportable segments due to the classification of the Company’s Consolidated VIEs as discontinued operations. The Consolidated VIE segment was comprised of the results of operations of the underlying collateral for the related mortgage revenue bonds. The Company concluded its investment in the Consolidated VIE segment was not consistent with the Company’s portfolio of assets, as described above. As such, the Company decided to implement a strategic shift in direction by discontinuing its Consolidated VIE segment. This decision was made for the following reasons: • The risk profile of the Consolidated VIE segment was unique as the substance of the investment was the result of the operations of the underlying properties and not the mortgage revenue bonds (which is the form of the investment).The risk profile includes: • The underlying properties thin capitalization, • Related party ownership groups, and • The lack of ultimate decision-making authority. • The stated purpose of the Company was not to manage properties without having some type of ownership or ability to control the underlying property. • Subsequent to the disposition of the Consolidated VIE properties by their owners, the Company does not plan to include this type of investment as part of its strategic direction. As such, in April 2015, separate brokerage contracts were executed to list the Consolidated VIEs; Bent Tree and Fairmont Oaks, for sale. As a result, management has determined these Consolidated VIEs met the criteria for discontinued operations presentation and have been classified as such in the Company’s condensed consolidated financial statements for all periods presented (see Notes 1, 3, and 7). The Consolidated VIEs results of operations are reported in the segments as part of the discontinued operations in Net income (see Note 19). The proceeds from these sales are expected to be more than the carrying value of each of the property’s assets and the sales are expected to be completed before December 31, 2015. The following represents the components of the assets and liabilities of discontinued operations: June 30, 2015 December 31, 2014 Cash and cash equivalents $ 12,364 $ 35,772 Restricted cash 591,729 544,233 Land and Land Improvements 1,836,400 1,836,400 Buildings and improvements 21,304,112 21,204,047 Real estate assets before accumulated depreciation 23,140,512 23,040,447 Accumulated depreciation (10,782,996 ) (10,583,647 ) Net real estate assets 12,357,516 12,456,800 Other assets 91,040 167,210 Total assets from discontinued operations 13,052,649 13,204,015 Accounts payable and accrued expenses 445,126 503,743 Mortgage payable — — Total liabilities from discontinued operations 445,126 503,743 Net assets of discontinued operations $ 12,607,523 $ 12,700,272 The following presents the revenues, expenses and income from discontinued operations: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Rental revenues $ 817,533 $ 785,552 $ 1,621,601 $ 1,586,424 Expenses 579,246 755,040 1,358,886 1,496,266 Net Income from discontinued operations $ 238,287 $ 30,512 $ 262,715 $ 90,158

Lines of Credit (Notes)

Lines of Credit (Notes)	6 Months Ended
	Jun. 30, 2015
Lines of Credit [Abstract]
Debt Disclosure [Text Block]	Lines of Credit On June 30, 2015 and December 31, 2014, the Partnership reported outstanding lines of credit (“LOC”) of approximately $48.8 million and $0 , respectively. In May 2015, the Partnership entered into an unsecured Credit Agreement (the “Credit Agreement”) of up to $50.0 million with its sole lead arranger and administrative agent, Bankers Trust Company (“Bankers Trust”). Under the Credit Agreement, Bankers Trust will make advances to the Partnership not to exceed at any time the aggregate principal amount of $50.0 million . The maximum principal amount of the unsecured LOC is $37.5 million on June 30, 2015. The principal amount of each acquisition advance will be due and payable on the 270 th day following the date on which the advance was made (the “Repayment Date”). The Partnership may extend any Repayment Date for up to three additional 90-day periods, but in no event later than May 14, 2017 , by providing Bankers Trust with a written request for such extension together with a principal payment of 5% of the principal amount of the original acquisition advance for the first extension, 10% for the second extension, and 20% for the third extension. The proceeds of the Unsecured LOC will be used by the Partnership for the purchase of real estate either with existing or to-be-constructed multifamily property improvements, taxable or mortgage revenue bonds, public housing capital fund trust certificates, or mortgage backed securities. The Partnership intends to repay each advance either through a TOB financing, a TEBS transaction, or otherwise through securing alternate long-term debt or equity financing. On June 30, 2015 the Company had approximately $37.4 million outstanding on this LOC. In March 2014, the Partnership obtained two $5.0 million LOCs. The first revolving LOC carries a variable interest rate which was approximately 3.5% on June 30, 2015, and matures in March 2016 . The second revolving LOC also carries a variable interest rate which was approximately 3.4% on June 30, 2015 and matures in March 2016 . On June 30, 2015 the Partnership had outstanding debt of $5.0 million on each of the LOCs. In addition, the Partnership has a $7.5 million promissory note, maturing on August 1, 2017, which carries a fixed interest rate of approximately 2.8% per annum plus the 30-day London Interbank Offered Rate ("LIBOR") which was approximately 0.2% per annum on June 30, 2015 . The Partnership had approximately $7.5 million borrowed on June 30, 2015 . Approximately $6.1 million is related to the Woodland Park property and is reported as part of Mortgage payables and approximately $1.4 million is reported in Debt financing on the June 30, 2015 condensed consolidated balance sheet. Debt Financing On June 30, 2015 and December 31, 2014 , the Company reported outstanding debt financing of approximately $366.1 million and approximately $345.4 million , respectively, through the use of various credit facilities. Tender Option Bond Financings June 30, 2015 Description of the Tender Option Bond Financings Outstanding Debt Financing Interest Rate Stated Maturity PHC Certificates-TOB Trust $ 43,985,000 2.30 % December 2015 MBS - TOB Trust 1 2,585,000 1.16 % October 2015 MBS - TOB Trust 2 4,090,000 1.16 % October 2015 MBS - TOB Trust 5 5,270,000 1.16 % October 2015 The Suites on Paseo - TOB Trust 15,000,000 4.05 % November 2015 Decatur Angle - TOB Trust 21,850,000 4.34 % October 2016 Live 929 - TOB Trust 34,940,000 4.47 % July 2019 Bruton Apartments - TOB Trust 17,250,000 4.55 % July 2017 Pro Nova 2014-1 - TOB Trust 9,010,000 4.05 % July 2017 Pro Nova 2014-2 - TOB Trust 8,375,000 4.05 % July 2017 Concord at Gulfgate - TOB Trust 11,940,000 2.80 % February 2018 Concord at Little York - TOB Trust 8,735,000 2.80 % February 2018 Concord at Williamcrest - TOB Trust 12,610,000 2.80 % February 2018 Total TOB Debt Financing $ 195,640,000 December 31, 2014 Description of the Tender Option Bond Financings Outstanding Debt Financing Interest Rate Stated Maturity PHC Certificates-TOB Trust $ 44,675,000 2.20 % June 2015 MBS - TOB Trust 1 2,585,000 1.12 % April 2015 MBS - TOB Trust 2 4,090,000 1.12 % April 2015 MBS - TOB Trust 5 5,270,000 1.06 % April 2015 The Suites on Paseo - TOB Trust 25,535,000 1.96 % June 2015 TOB - Decatur Angle - TOB Trust 21,850,000 4.34 % October 2016 Live 929 - TOB Trust 34,975,000 4.47 % July 2019 Bruton Apartments - TOB Trust 17,250,000 4.55 % July 2017 Pro Nova 2014-1 - TOB Trust 9,010,000 4.05 % July 2017 Pro Nova 2014-2 - TOB Trust 9,010,000 4.05 % July 2017 Total TOB Debt Financing $ 174,250,000 In July 2011, the Company executed a Master Trust Agreement with DB which allows the Company to execute multiple 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. These 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 comply. On June 30, 2015 , 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. On June 30, 2015 the Company was in compliance with all covenants except the minimum cash covenant. If the Company were to be out of compliance with any of these covenants, it could trigger a termination event of the financing facilities. The Company obtained a waiver from DB for temporarily holding less cash than the minimum cash covenant requirement on June 30, 2015 . The Company expects to renew each of the TOB financing facilities at its discretion per the terms of the agreements. In March 2015, the Partnership borrowed $15.0 million through a newly executed TOB Trust under its credit facility with DB. The new TOB Trust facility was securitized by the Suites on Paseo mortgage revenue bond and has a maturity date of November 2015 . On the closing date the total fixed TOB Trust facility interest rate was approximately 4.1% per annum. Pursuant to the terms of this TOB Trust the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. There has been no shortfalls realized. This new TOB Trust replaced the December 2013 TOB Trust under its credit facility which securitized the Suites on Paseo mortgage revenue bond with DB. The outstanding balance is approximately $15.0 million on June 30, 2015. In February 2015, the Partnership executed three new TOB Trusts under its credit facility with DB securitizing the Concord at Gulfgate Apartments, Concord at Little York Apartments, and Concord at Williamcrest Apartments 2015A mortgage revenue bonds borrowing approximately $33.3 million under three TOB Trusts. Each TOB Trust facility has an approximate 2.8% per annum fixed interest rate and each will mature in February 2018 . Pursuant to the terms of this TOB Trust the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. The outstanding balance remains at approximately $33.3 million on June 30, 2015. On June 30, 2015 , the Company has posted approximately $1.6 million of cash collateral in connection with the TOB Trusts. This collateral is recorded as restricted cash in the Company’s condensed consolidated financial statements. The Company is accounting for these TOB Trust financing transactions as secured financing arrangements. On June 30, 2015 , the total cost of borrowing on the PHC TOB and the MBS TOB Trusts averaged approximately 2.3% and 1.1% , respectively. TEBS Financings On July 10, 2014, the Partnership and its newly created consolidated subsidiary, ATAX TEBS II, LLC (“2014 Sponsor”), entered into a number of agreements relating to a new long-term debt financing facility provided through the securitization of thirteen mortgage revenue bonds, with a par value of approximately $118.4 million , owned by the 2014 Sponsor pursuant to the M31 TEBS financing. The M31 TEBS financing facility essentially provides the Partnership with a long-term variable-rate debt facility at interest rates reflecting prevailing short-term tax-exempt rates. The par value of the mortgage revenue bonds included in the M31 TEBS financing facility on June 30, 2015 and December 31, 2014 are as follows: Description of Mortgage Revenue Bonds Outstanding Bond Par Amounts June 30, 2015 December 31, 2014 Financial Statement Presentation Arbors at Hickory Ridge $ 11,450,000 $ 11,450,000 Mortgage revenue bond Avistar at Chase Hill A Bond 9,978,838 10,000,000 Mortgage revenue bond Avistar at the Crest A Bond 9,679,473 9,700,000 Mortgage revenue bond Avistar at the Oaks A Bond 7,800,000 7,800,000 Mortgage revenue bond Avistar in 09 A Bond 6,735,000 6,735,000 Mortgage revenue bond Avistar on the Boulevard A Bond 16,490,029 16,525,000 Mortgage revenue bond Avistar on the Hills A Bond 5,389,000 5,389,000 Mortgage revenue bond Copper Gate Apartments 5,220,000 5,220,000 Mortgage revenue bond Greens Property A Bond 8,330,000 8,366,000 Mortgage revenue bond Harden Ranch A Bond 6,960,000 6,960,000 Mortgage revenue bond The Palms at Premier Park Apartments 20,084,554 20,152,000 Mortgage revenue bond Tyler Park Apartments A Bond 6,075,000 6,075,000 Mortgage revenue bond Westside Village A Bond 3,970,000 3,970,000 Mortgage revenue bond Total $ 118,161,894 $ 118,342,000 The mortgage revenue bonds were then securitized by transferring these assets to Freddie Mac in exchange for Class A and Class B Freddie Mac Multifamily Variable Rate Certificates, (collectively, the “M31 TEBS Certificates”). The M31 TEBS Certificates represent beneficial interests in the securitized assets held by Freddie Mac. The Class A TEBS Certificates were issued in an initial principal amount of approximately $94.7 million and were sold through a placement agent to unaffiliated investors. The Class B M31 TEBS Certificates were issued in an initial principal amount of approximately $23.7 million and were retained by the 2014 Sponsor. The gross proceeds from the M31 TEBS financing were approximately $94.7 million . After the payment of transaction expenses, the Partnership received net proceeds from the M31 TEBS financing of approximately $91.6 million . The Partnership applied approximately $72.4 million of these net proceeds to retire the short-term securitization that previously existed on these bonds and approximately $6.3 million to a stabilization escrow. During the six months ended June 30, 2015, $1.9 million of restricted cash related to the Avistar at Chase Hill mortgage revenue bond was released to the Partnership. Approximately $1.3 million is reported as restricted cash on the June 30, 2015 balance sheet. The holders of the Class A M31 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 (“Facility Fees”). In order to mitigate its exposure to interest rate fluctuations on the variable rate M31 TEBS financing, the 2014 Sponsor also entered into interest rate cap agreements with Barclays Bank PLC, the Royal Bank of Canada, and Sumitomo Mitsui Banking Corporation, each in an initial notional amount of approximately $31.6 million , which effectively limits the interest payable by the 2014 Sponsor on the Class A M31 TEBS Certificates to a fixed rate of 3.0% per annum on the combined notional amounts of the interest rate cap agreements through August 15, 2019 . The total Facility Fees are 1.4% per annum, and on June 30, 2015 , the SIFMA based rate was equal to approximately 0.0% per annum resulting in a total cost of borrowing of approximately 1.4% per annum on the outstanding balance of the M31 TEBS financing facility of approximately $94.5 million . The M31 TEBS financing and the associated M31 TEBS Trust are presented as secured financings within the Company’s condensed consolidated financial statements. Payment of interest on the Class A M31 TEBS Certificates will be made from the interest payments received by Freddie Mac from the mortgage revenue bonds held by Freddie Mac on designated interest payment dates prior to any payments of interest on the Class B M31 TEBS Certificates held by the 2014 Sponsor. As the holder of the Class B M31 TEBS Certificates, the 2014 Sponsor is not entitled to receive interest payments on the Class B TEBS Certificates at any particular rate, but will be entitled to all payments of principal and interest on the Class B TEBS Certificates held by Freddie Mac after payment of principal and interest due on the Class A M31 TEBS Certificates and payment of all Facility Fees and associated expenses. Accordingly, the amount of interest paid to the 2014 Sponsor on the Class B M31 TEBS Certificates is expected to vary over time, and could be eliminated altogether, due to fluctuations in the interest rate payable on the Class A M31 TEBS Certificates, Facility Fees, expenses, and other factors. Freddie Mac guaranteed payment of scheduled principal and interest payments on the Class A M31 TEBS Certificates and also guaranteed payment of the purchase price of any Class A M31 TEBS Certificates that are tendered to Freddie Mac in accordance with their terms which cannot be remarketed to new holders within five business days. The 2014 Sponsor is obligated to reimburse Freddie Mac for certain expenses, including any payments made by Freddie Mac under its guaranty. These obligations of the 2014 Sponsor are also guaranteed by the Partnership. The Partnership also entered into various subordination agreements with Freddie Mac under which the Partnership has subordinated its rights and remedies with respect to the mortgage revenue and taxable bonds and mortgage loans made by it to the owners of properties securing certain of the mortgage revenue bonds to the rights of Freddie Mac as the holder of the mortgage revenue bonds. The term of the M31 TEBS financing coincides with the terms of the assets securing the M31 TEBS Certificates, except the 2014 Sponsor may elect to purchase all (but not less than all) of the mortgage revenue bonds from Freddie Mac on either July 15, 2019 or July 15, 2024. The 2014 Sponsor also retains a right to require a mortgage revenue bond to be released from Freddie Mac in the event of a payment default on the mortgage revenue bond which remains uncured for two consecutive scheduled payment dates or 60 days, whichever is shorter, by paying Freddie Mac the unpaid principal and accrued interest on the mortgage revenue bond plus a yield maintenance payment. In addition, the 2014 Sponsor has a limited right to substitute new mortgage revenue bonds for existing mortgage revenue bonds held by Freddie Mac in certain circumstances. Should the Partnership not elect to terminate the TEBS Financing on these dates the full term of the M31 TEBS Financing runs through the final principal payment date associated with the securitized bonds, or August 1, 2050. On 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 (“2010 Sponsor”) pursuant to the M24 TEBS financing. The M24 TEBS financing essentially provides the Partnership with a long-term variable-rate debt facility at interest rates reflecting prevailing short-term tax-exempt rates. 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. The Company received approximately $18.7 million for the Lost Creek mortgage revenue bond which was used to retire a portion of the M24 TEBS Financing facility. On June 30, 2015, there are twelve mortgage revenue bond owned by the 2010 Sponsor. In September 2010, the Partnership entered into the M24 TEBS financing transferring certain mortgage revenue bonds to ATAX TEBS I, LLC, a special purpose entity. The par value of the mortgage revenue bonds included in this financing facility on June 30, 2015 and December 31, 2014 are as follows: Description of Mortgage Revenue Bonds Outstanding Bond Par Amounts June 30, 2015 December 31, 2014 Financial Statement Presentation Ashley Square $ 5,129,000 $ 5,159,000 Mortgage revenue bond Bella Vista 6,430,000 6,490,000 Mortgage revenue bond Bent Tree 7,423,000 7,465,000 Assets held for sale Bridle Ridge 7,625,000 7,655,000 Mortgage revenue bond Brookstone 9,212,970 9,256,001 Mortgage revenue bond Cross Creek 8,383,770 8,422,997 Mortgage revenue bond Fairmont Oaks 7,218,000 7,266,000 Assets held for sale Lake Forest 8,826,000 8,886,000 Mortgage revenue bond Runnymede 10,395,000 10,440,000 Mortgage revenue bond Southpark 13,680,000 13,680,000 Mortgage revenue bond Woodlynn Village 4,371,000 4,390,000 Mortgage revenue bond Ohio Series A Bond (1) 14,359,000 14,407,000 Mortgage revenue bond Total $ 103,052,740 $ 103,516,998 (1) Collateralized by Crescent Village, Postwoods, and Willow Bend 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 2010 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 the Facility Fees. The total Facility Fees are 1.9% per annum, and on June 30, 2015 , the SIFMA based rate was equal to approximately 0.1% per annum resulting in a total cost of borrowing of approximately 2.0% per annum on the outstanding balance of the M24 TEBS financing facility of $76.0 million . The M24 TEBS financing and the associated TEBS Trust are presented as secured financings within the Company’s condensed consolidated financial statements. The term of the M24 TEBS financing coincides with the terms of the assets securing the TEBS Certificates, except that the Partnership may terminate the M24 TEBS financing at its option on either September 15, 2017 or September 15, 2020. If the Partnership does not elect to terminate the M24 TEBS financing on these dates, the full term of the M24 TEBS financing runs through the final principal payment date associated with the securitized mortgage revenue bonds, or July 15, 2050. The Company’s aggregate borrowings on June 30, 2015 contractually mature over the next five years and thereafter as follows: 2015 $ 72,519,759 2016 24,561,861 2017 108,927,702 2018 34,484,657 2019 125,651,915 Thereafter — Total $ 366,145,894 The Company expects to renew each TOB financing facility maturing in 2015 for another six month term as it has the discretion to to do so in the terms of the agreement with DB.

Debt Financing

Debt Financing	6 Months Ended
	Jun. 30, 2015
Debt Financing [Abstract]
Debt Disclosure [Text Block]	Lines of Credit On June 30, 2015 and December 31, 2014, the Partnership reported outstanding lines of credit (“LOC”) of approximately $48.8 million and $0 , respectively. In May 2015, the Partnership entered into an unsecured Credit Agreement (the “Credit Agreement”) of up to $50.0 million with its sole lead arranger and administrative agent, Bankers Trust Company (“Bankers Trust”). Under the Credit Agreement, Bankers Trust will make advances to the Partnership not to exceed at any time the aggregate principal amount of $50.0 million . The maximum principal amount of the unsecured LOC is $37.5 million on June 30, 2015. The principal amount of each acquisition advance will be due and payable on the 270 th day following the date on which the advance was made (the “Repayment Date”). The Partnership may extend any Repayment Date for up to three additional 90-day periods, but in no event later than May 14, 2017 , by providing Bankers Trust with a written request for such extension together with a principal payment of 5% of the principal amount of the original acquisition advance for the first extension, 10% for the second extension, and 20% for the third extension. The proceeds of the Unsecured LOC will be used by the Partnership for the purchase of real estate either with existing or to-be-constructed multifamily property improvements, taxable or mortgage revenue bonds, public housing capital fund trust certificates, or mortgage backed securities. The Partnership intends to repay each advance either through a TOB financing, a TEBS transaction, or otherwise through securing alternate long-term debt or equity financing. On June 30, 2015 the Company had approximately $37.4 million outstanding on this LOC. In March 2014, the Partnership obtained two $5.0 million LOCs. The first revolving LOC carries a variable interest rate which was approximately 3.5% on June 30, 2015, and matures in March 2016 . The second revolving LOC also carries a variable interest rate which was approximately 3.4% on June 30, 2015 and matures in March 2016 . On June 30, 2015 the Partnership had outstanding debt of $5.0 million on each of the LOCs. In addition, the Partnership has a $7.5 million promissory note, maturing on August 1, 2017, which carries a fixed interest rate of approximately 2.8% per annum plus the 30-day London Interbank Offered Rate ("LIBOR") which was approximately 0.2% per annum on June 30, 2015 . The Partnership had approximately $7.5 million borrowed on June 30, 2015 . Approximately $6.1 million is related to the Woodland Park property and is reported as part of Mortgage payables and approximately $1.4 million is reported in Debt financing on the June 30, 2015 condensed consolidated balance sheet. Debt Financing On June 30, 2015 and December 31, 2014 , the Company reported outstanding debt financing of approximately $366.1 million and approximately $345.4 million , respectively, through the use of various credit facilities. Tender Option Bond Financings June 30, 2015 Description of the Tender Option Bond Financings Outstanding Debt Financing Interest Rate Stated Maturity PHC Certificates-TOB Trust $ 43,985,000 2.30 % December 2015 MBS - TOB Trust 1 2,585,000 1.16 % October 2015 MBS - TOB Trust 2 4,090,000 1.16 % October 2015 MBS - TOB Trust 5 5,270,000 1.16 % October 2015 The Suites on Paseo - TOB Trust 15,000,000 4.05 % November 2015 Decatur Angle - TOB Trust 21,850,000 4.34 % October 2016 Live 929 - TOB Trust 34,940,000 4.47 % July 2019 Bruton Apartments - TOB Trust 17,250,000 4.55 % July 2017 Pro Nova 2014-1 - TOB Trust 9,010,000 4.05 % July 2017 Pro Nova 2014-2 - TOB Trust 8,375,000 4.05 % July 2017 Concord at Gulfgate - TOB Trust 11,940,000 2.80 % February 2018 Concord at Little York - TOB Trust 8,735,000 2.80 % February 2018 Concord at Williamcrest - TOB Trust 12,610,000 2.80 % February 2018 Total TOB Debt Financing $ 195,640,000 December 31, 2014 Description of the Tender Option Bond Financings Outstanding Debt Financing Interest Rate Stated Maturity PHC Certificates-TOB Trust $ 44,675,000 2.20 % June 2015 MBS - TOB Trust 1 2,585,000 1.12 % April 2015 MBS - TOB Trust 2 4,090,000 1.12 % April 2015 MBS - TOB Trust 5 5,270,000 1.06 % April 2015 The Suites on Paseo - TOB Trust 25,535,000 1.96 % June 2015 TOB - Decatur Angle - TOB Trust 21,850,000 4.34 % October 2016 Live 929 - TOB Trust 34,975,000 4.47 % July 2019 Bruton Apartments - TOB Trust 17,250,000 4.55 % July 2017 Pro Nova 2014-1 - TOB Trust 9,010,000 4.05 % July 2017 Pro Nova 2014-2 - TOB Trust 9,010,000 4.05 % July 2017 Total TOB Debt Financing $ 174,250,000 In July 2011, the Company executed a Master Trust Agreement with DB which allows the Company to execute multiple 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. These 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 comply. On June 30, 2015 , 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. On June 30, 2015 the Company was in compliance with all covenants except the minimum cash covenant. If the Company were to be out of compliance with any of these covenants, it could trigger a termination event of the financing facilities. The Company obtained a waiver from DB for temporarily holding less cash than the minimum cash covenant requirement on June 30, 2015 . The Company expects to renew each of the TOB financing facilities at its discretion per the terms of the agreements. In March 2015, the Partnership borrowed $15.0 million through a newly executed TOB Trust under its credit facility with DB. The new TOB Trust facility was securitized by the Suites on Paseo mortgage revenue bond and has a maturity date of November 2015 . On the closing date the total fixed TOB Trust facility interest rate was approximately 4.1% per annum. Pursuant to the terms of this TOB Trust the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. There has been no shortfalls realized. This new TOB Trust replaced the December 2013 TOB Trust under its credit facility which securitized the Suites on Paseo mortgage revenue bond with DB. The outstanding balance is approximately $15.0 million on June 30, 2015. In February 2015, the Partnership executed three new TOB Trusts under its credit facility with DB securitizing the Concord at Gulfgate Apartments, Concord at Little York Apartments, and Concord at Williamcrest Apartments 2015A mortgage revenue bonds borrowing approximately $33.3 million under three TOB Trusts. Each TOB Trust facility has an approximate 2.8% per annum fixed interest rate and each will mature in February 2018 . Pursuant to the terms of this TOB Trust the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. The outstanding balance remains at approximately $33.3 million on June 30, 2015. On June 30, 2015 , the Company has posted approximately $1.6 million of cash collateral in connection with the TOB Trusts. This collateral is recorded as restricted cash in the Company’s condensed consolidated financial statements. The Company is accounting for these TOB Trust financing transactions as secured financing arrangements. On June 30, 2015 , the total cost of borrowing on the PHC TOB and the MBS TOB Trusts averaged approximately 2.3% and 1.1% , respectively. TEBS Financings On July 10, 2014, the Partnership and its newly created consolidated subsidiary, ATAX TEBS II, LLC (“2014 Sponsor”), entered into a number of agreements relating to a new long-term debt financing facility provided through the securitization of thirteen mortgage revenue bonds, with a par value of approximately $118.4 million , owned by the 2014 Sponsor pursuant to the M31 TEBS financing. The M31 TEBS financing facility essentially provides the Partnership with a long-term variable-rate debt facility at interest rates reflecting prevailing short-term tax-exempt rates. The par value of the mortgage revenue bonds included in the M31 TEBS financing facility on June 30, 2015 and December 31, 2014 are as follows: Description of Mortgage Revenue Bonds Outstanding Bond Par Amounts June 30, 2015 December 31, 2014 Financial Statement Presentation Arbors at Hickory Ridge $ 11,450,000 $ 11,450,000 Mortgage revenue bond Avistar at Chase Hill A Bond 9,978,838 10,000,000 Mortgage revenue bond Avistar at the Crest A Bond 9,679,473 9,700,000 Mortgage revenue bond Avistar at the Oaks A Bond 7,800,000 7,800,000 Mortgage revenue bond Avistar in 09 A Bond 6,735,000 6,735,000 Mortgage revenue bond Avistar on the Boulevard A Bond 16,490,029 16,525,000 Mortgage revenue bond Avistar on the Hills A Bond 5,389,000 5,389,000 Mortgage revenue bond Copper Gate Apartments 5,220,000 5,220,000 Mortgage revenue bond Greens Property A Bond 8,330,000 8,366,000 Mortgage revenue bond Harden Ranch A Bond 6,960,000 6,960,000 Mortgage revenue bond The Palms at Premier Park Apartments 20,084,554 20,152,000 Mortgage revenue bond Tyler Park Apartments A Bond 6,075,000 6,075,000 Mortgage revenue bond Westside Village A Bond 3,970,000 3,970,000 Mortgage revenue bond Total $ 118,161,894 $ 118,342,000 The mortgage revenue bonds were then securitized by transferring these assets to Freddie Mac in exchange for Class A and Class B Freddie Mac Multifamily Variable Rate Certificates, (collectively, the “M31 TEBS Certificates”). The M31 TEBS Certificates represent beneficial interests in the securitized assets held by Freddie Mac. The Class A TEBS Certificates were issued in an initial principal amount of approximately $94.7 million and were sold through a placement agent to unaffiliated investors. The Class B M31 TEBS Certificates were issued in an initial principal amount of approximately $23.7 million and were retained by the 2014 Sponsor. The gross proceeds from the M31 TEBS financing were approximately $94.7 million . After the payment of transaction expenses, the Partnership received net proceeds from the M31 TEBS financing of approximately $91.6 million . The Partnership applied approximately $72.4 million of these net proceeds to retire the short-term securitization that previously existed on these bonds and approximately $6.3 million to a stabilization escrow. During the six months ended June 30, 2015, $1.9 million of restricted cash related to the Avistar at Chase Hill mortgage revenue bond was released to the Partnership. Approximately $1.3 million is reported as restricted cash on the June 30, 2015 balance sheet. The holders of the Class A M31 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 (“Facility Fees”). In order to mitigate its exposure to interest rate fluctuations on the variable rate M31 TEBS financing, the 2014 Sponsor also entered into interest rate cap agreements with Barclays Bank PLC, the Royal Bank of Canada, and Sumitomo Mitsui Banking Corporation, each in an initial notional amount of approximately $31.6 million , which effectively limits the interest payable by the 2014 Sponsor on the Class A M31 TEBS Certificates to a fixed rate of 3.0% per annum on the combined notional amounts of the interest rate cap agreements through August 15, 2019 . The total Facility Fees are 1.4% per annum, and on June 30, 2015 , the SIFMA based rate was equal to approximately 0.0% per annum resulting in a total cost of borrowing of approximately 1.4% per annum on the outstanding balance of the M31 TEBS financing facility of approximately $94.5 million . The M31 TEBS financing and the associated M31 TEBS Trust are presented as secured financings within the Company’s condensed consolidated financial statements. Payment of interest on the Class A M31 TEBS Certificates will be made from the interest payments received by Freddie Mac from the mortgage revenue bonds held by Freddie Mac on designated interest payment dates prior to any payments of interest on the Class B M31 TEBS Certificates held by the 2014 Sponsor. As the holder of the Class B M31 TEBS Certificates, the 2014 Sponsor is not entitled to receive interest payments on the Class B TEBS Certificates at any particular rate, but will be entitled to all payments of principal and interest on the Class B TEBS Certificates held by Freddie Mac after payment of principal and interest due on the Class A M31 TEBS Certificates and payment of all Facility Fees and associated expenses. Accordingly, the amount of interest paid to the 2014 Sponsor on the Class B M31 TEBS Certificates is expected to vary over time, and could be eliminated altogether, due to fluctuations in the interest rate payable on the Class A M31 TEBS Certificates, Facility Fees, expenses, and other factors. Freddie Mac guaranteed payment of scheduled principal and interest payments on the Class A M31 TEBS Certificates and also guaranteed payment of the purchase price of any Class A M31 TEBS Certificates that are tendered to Freddie Mac in accordance with their terms which cannot be remarketed to new holders within five business days. The 2014 Sponsor is obligated to reimburse Freddie Mac for certain expenses, including any payments made by Freddie Mac under its guaranty. These obligations of the 2014 Sponsor are also guaranteed by the Partnership. The Partnership also entered into various subordination agreements with Freddie Mac under which the Partnership has subordinated its rights and remedies with respect to the mortgage revenue and taxable bonds and mortgage loans made by it to the owners of properties securing certain of the mortgage revenue bonds to the rights of Freddie Mac as the holder of the mortgage revenue bonds. The term of the M31 TEBS financing coincides with the terms of the assets securing the M31 TEBS Certificates, except the 2014 Sponsor may elect to purchase all (but not less than all) of the mortgage revenue bonds from Freddie Mac on either July 15, 2019 or July 15, 2024. The 2014 Sponsor also retains a right to require a mortgage revenue bond to be released from Freddie Mac in the event of a payment default on the mortgage revenue bond which remains uncured for two consecutive scheduled payment dates or 60 days, whichever is shorter, by paying Freddie Mac the unpaid principal and accrued interest on the mortgage revenue bond plus a yield maintenance payment. In addition, the 2014 Sponsor has a limited right to substitute new mortgage revenue bonds for existing mortgage revenue bonds held by Freddie Mac in certain circumstances. Should the Partnership not elect to terminate the TEBS Financing on these dates the full term of the M31 TEBS Financing runs through the final principal payment date associated with the securitized bonds, or August 1, 2050. On 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 (“2010 Sponsor”) pursuant to the M24 TEBS financing. The M24 TEBS financing essentially provides the Partnership with a long-term variable-rate debt facility at interest rates reflecting prevailing short-term tax-exempt rates. 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. The Company received approximately $18.7 million for the Lost Creek mortgage revenue bond which was used to retire a portion of the M24 TEBS Financing facility. On June 30, 2015, there are twelve mortgage revenue bond owned by the 2010 Sponsor. In September 2010, the Partnership entered into the M24 TEBS financing transferring certain mortgage revenue bonds to ATAX TEBS I, LLC, a special purpose entity. The par value of the mortgage revenue bonds included in this financing facility on June 30, 2015 and December 31, 2014 are as follows: Description of Mortgage Revenue Bonds Outstanding Bond Par Amounts June 30, 2015 December 31, 2014 Financial Statement Presentation Ashley Square $ 5,129,000 $ 5,159,000 Mortgage revenue bond Bella Vista 6,430,000 6,490,000 Mortgage revenue bond Bent Tree 7,423,000 7,465,000 Assets held for sale Bridle Ridge 7,625,000 7,655,000 Mortgage revenue bond Brookstone 9,212,970 9,256,001 Mortgage revenue bond Cross Creek 8,383,770 8,422,997 Mortgage revenue bond Fairmont Oaks 7,218,000 7,266,000 Assets held for sale Lake Forest 8,826,000 8,886,000 Mortgage revenue bond Runnymede 10,395,000 10,440,000 Mortgage revenue bond Southpark 13,680,000 13,680,000 Mortgage revenue bond Woodlynn Village 4,371,000 4,390,000 Mortgage revenue bond Ohio Series A Bond (1) 14,359,000 14,407,000 Mortgage revenue bond Total $ 103,052,740 $ 103,516,998 (1) Collateralized by Crescent Village, Postwoods, and Willow Bend 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 2010 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 the Facility Fees. The total Facility Fees are 1.9% per annum, and on June 30, 2015 , the SIFMA based rate was equal to approximately 0.1% per annum resulting in a total cost of borrowing of approximately 2.0% per annum on the outstanding balance of the M24 TEBS financing facility of $76.0 million . The M24 TEBS financing and the associated TEBS Trust are presented as secured financings within the Company’s condensed consolidated financial statements. The term of the M24 TEBS financing coincides with the terms of the assets securing the TEBS Certificates, except that the Partnership may terminate the M24 TEBS financing at its option on either September 15, 2017 or September 15, 2020. If the Partnership does not elect to terminate the M24 TEBS financing on these dates, the full term of the M24 TEBS financing runs through the final principal payment date associated with the securitized mortgage revenue bonds, or July 15, 2050. The Company’s aggregate borrowings on June 30, 2015 contractually mature over the next five years and thereafter as follows: 2015 $ 72,519,759 2016 24,561,861 2017 108,927,702 2018 34,484,657 2019 125,651,915 Thereafter — Total $ 366,145,894 The Company expects to renew each TOB financing facility maturing in 2015 for another six month term as it has the discretion to to do so in the terms of the agreement with DB.

Mortgages Payable

Mortgages Payable	6 Months Ended
	Jun. 30, 2015
Mortgages Payable [Abstract]
Mortgage Notes Payable Disclosure [Text Block]	Mortgages Payable The Company reports the mortgage loans secured by certain MF Properties on the Company’s condensed consolidated financial statements as Mortgages payable. On June 30, 2015 and December 31, 2014, the outstanding mortgage loans totaled approximately $68.7 million and $76.7 million , respectively. These mortgages carry interest rates ranging from 2.9% to 4.8% with maturity dates ranging from September 2015 to March 2020 . In May 2015, the Partnership sold The Colonial property for approximately $10.7 million , and paid off a mortgage loan of approximately $7.4 million , which was securitized by this MF Property. The Company’s mortgages payable on June 30, 2015 contractually mature over the next five years and thereafter as follows: 2015 $ 8,501,943 2016 1,097,066 2017 30,402,796 2018 4,592,269 2019 24,100,855 Thereafter — Total $ 68,694,929 The Company plans to either extend or refinance the mortgage on Eagle Village as it matures in 2015.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2015
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, 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 fees directly to AFCA 2. For the three and six months ended June 30, 2015 the Partnership paid or accrued administrative fees to AFCA 2 of approximately $615,000 and $1.2 million , respectively. For the three and six months ended June 30, 2014 the Partnership paid or accrued administrative fees to AFCA 2 of approximately $471,000 and $944,000 , 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 $12,500 and $29,000 for the three and six months ended June 30, 2015, respectively. For the three and six months ended June 30, 2014, these fees totaled approximately $17,000 and $34,000 , 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 Company’s condensed consolidated financial statements because these properties are not consolidated. During the three and six months ended June 30, 2015, AFCA 2 earned mortgage placement fees of approximately $221,000 and $756,000 , respectively. During the three and six months ended June 30, 2014, AFCA 2 earned mortgage placement fees of approximately $403,000 and $726,000 , respectively. An affiliate of AFCA 2, America First Properties Management Company, LLC (“Properties Management”) provided property management services for the nine MF Properties (including The Colonial that was sold in May 2015), the two Consolidated VIEs and six of the properties collateralized by the mortgage revenue bonds, earning management fees of approximately $314,000 and $638,000 for the three and six months ended June 30, 2015, respectively. 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 $315,000 and $634,000 for the three and six months ended June 30, 2014, respectively. These property management fees are not Partnership expenses, but are paid in each case by the owner of the Residential Properties. For properties owned by entities treated as 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 the respective property prior to the payment of debt service on the Partnership's mortgage revenue bonds and property loans, if applicable. An affiliate of AFCA 2 acts as a origination advisor and consultant to the borrowers when mortgage revenue bonds and financing facilities are acquired by the Company. For the three and six months ended June 30, 2015, approximately $111,000 and $378,000 , respectively, in origination fees were paid by the borrower of certain acquired bonds and have not been reflected in the accompanying Company’s condensed consolidated financial statements. For the three and six months ended June 30, 2014, approximately $0 and $161,500 , respectively, in origination fees were paid by the borrower of certain acquired bonds and have not been reflected in the accompanying Company’s condensed consolidated financial statements. In addition, during the three and six months ended June 30, 2014, approximately $201,000 in origination fees were paid by the Company to this affiliate related to a mortgage revenue bond acquisition. There were no fees paid by the Company to this affiliate in 2015. The Partnership executed a Developer and Construction Management Agreement with two affiliates of AFCA 2 during the six months ended June 30, 2013 in connection with the mixed-use development at the University of Nebraska - Lincoln, The 50/50 MF Property (see Note 7). Under the terms of this agreement, these affiliates earned approximately $56,000 and $168,000 in the three and six months ended June 30, 2014, respectively. There were no fees earned in 2015. One of the owners of two limited-purpose corporations which own multifamily residential properties financed with mortgage revenue bonds and property loans held by the Company is an employee of Burlington who is not involved in the operation or management of the Company and who is not an executive officer of Burlington.

Interest Rate Derivative Agreem

Interest Rate Derivative Agreements	6 Months Ended
	Jun. 30, 2015
Interest Rate Derivative Agreements [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Interest Rate Derivative Agreements On June 30, 2015 , the Company has nine derivative agreements in order to mitigate its exposure to increases in interest rates on its variable-rate debt financing. On June 30, 2015, the terms of the nine derivative agreements are as follows: Date Purchased Notional Amount Effective Capped Rate Maturity Date Purchase Price Counterparty September 2, 2010 $ 31,936,667 3.00 % September 1, 2017 $ 921,000 Bank of New York Mellon September 2, 2010 $ 31,936,667 3.00 % September 1, 2017 $ 845,600 Barclays Bank PLC September 2, 2010 $ 31,936,667 3.00 % September 1, 2017 $ 928,000 Royal Bank of Canada August 15, 2013 $ 93,305,000 1.50 % September 1, 2017 $ 793,000 Deutsche Bank February 18, 2014 $ 41,250,000 1.00 % March 1, 2017 $ 230,500 SMBC Capital Markets, Inc February 18, 2014 $ 11,000,000 1.00 % March 1, 2017 $ 150,500 SMBC Capital Markets, Inc July 10, 2014 $ 31,565,000 3.00 % August 15, 2019 $ 315,200 Barclays Bank PLC July 10, 2014 $ 31,565,000 3.00 % August 15, 2019 $ 343,000 Royal Bank of Canada July 10, 2014 $ 31,565,000 3.00 % August 15, 2019 $ 333,200 SMBC Capital Markets, Inc On March 30, 2015, SMBC Capital Markets, Inc. revised and replaced an existing interest rate cap agreement with the notional amount of approximately $28.8 million for the outstanding borrowings on the MBS TOB financing facilities to $11.0 million . These agreements effectively limit the interest component of the TOB financing correlated with the SIFMA index to a maximum of 1.0% on $52.3 million of the outstanding borrowings on the MBS TOB financing facilities and the PHC Certificates TOB financing facilities through a three year term ending March 1, 2017 . The Company received $10,500 of cash collateral upon the execution of the revised interest rate cap agreement thus reducing its purchase price to approximately $151,000 . The interest rate cap agreements in the table above do not qualify for hedge accounting, and, as such, changes in the estimated fair value of the interest rate derivatives are included in earnings. The Company contracted for two no-cost interest rate swaps with DB related to the Decatur Angle and Bruton TOB financing facilities collateralized by mortgage revenue bonds that are used to provide financing for the construction of these properties. The swap related to the Decatur Angle TOB financing facility has a $23.0 million notional value, an October 15, 2016 effective date, and an October 15, 2021 termination date. The swap related to the Bruton TOB financing facility has an approximate $18.1 million notional value, an April 15, 2017 effective date, and an April 15, 2022 termination date. Both swaps are in place to mitigate the possible interest rate increases and swaps a variable rate based on LIBOR for an approximate 2.0% fixed rate. On June 30, 2015 the fair value of the Decatur Angle swap is a liability of approximately $428,000 and the fair value of the Bruton swap is a liability of approximately $314,000 . The fair value of these swaps has been recorded as a liability on the Condensed Consolidated Financial Statements. 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 a decrease in the interest expense of approximately $198,000 for the three months ended June 30, 2015 and an increase in interest expense of approximately $701,000 for the six months ended June 30, 2015. The change in the fair value of these derivative contracts resulted in an increase in interest expense of approximately $434,000 and $610,000 for the three and six months ended June 30, 2014, respectively. The valuation methodology used to estimate the fair value of the Company’s interest rate derivative agreements is disclosed in Note 15.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Fair Value Disclosures [Text Block]	Fair Value of Financial Instruments 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 on 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 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. There is also an approximately $884,000 estimated fair market value adjustment related to forward bond purchase commitments that are categorized as a Level 3 input which were recorded in other comprehensive loss during the three and six months ended June 30, 2015 . The fair value of the bond purchase commitment is determined in the same manner as the mortgage revenue bonds. 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 Company 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 terms of similar length. 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 Company 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, 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 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 June 30, 2015 Description Assets and Liabilities 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 and Liabilities Mortgage Revenue Bonds $ 548,935,985 $ — $ — $ 548,935,985 Bond Purchase Commitments 883,999 — — 883,999 Public Housing Capital Fund Trust Certificates 58,991,437 — — 58,991,437 Mortgage-Backed Securities 14,647,377 — 14,647,377 — Taxable Mortgage Bonds 4,711,687 — — 4,711,687 Interest Rate Derivatives (443,961 ) — — (443,961 ) Total Assets and Liabilities at Fair Value $ 627,726,524 $ — $ 14,647,377 $ 613,079,147 For Three Months Ended June 30, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments Public Housing Capital Fund Trust Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance April 1, 2015 $ 507,898,698 $ 5,204,188 $ 60,272,941 $ 4,411,214 $ (642,704 ) $ 577,144,337 Total gains (losses) (realized/unrealized) Included in earnings — — — — 198,743 198,743 Included in other comprehensive income (loss) (16,544,139 ) (4,320,189 ) (304,327 ) (128,709 ) — (21,297,364 ) Purchases 72,540,000 — — 500,000 — 73,040,000 Settlements (14,958,574 ) — (977,177 ) (70,818 ) — (16,006,569 ) Ending Balance June 30, 2015 $ 548,935,985 $ 883,999 $ 58,991,437 $ 4,711,687 $ (443,961 ) $ 613,079,147 Total amount of gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held on June 30, 2015 $ — $ — $ — $ — $ 198,743 $ 198,743 For Six Months Ended June 30, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments Public Housing Capital Fund Trust Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2015 $ 449,024,137 $ 5,780,413 $ 61,263,123 $ 4,616,565 $ 267,669 $ 520,951,907 Total gains (losses) (realized/unrealized) Included in earnings — — — — (701,130 ) (701,130 ) Included in other comprehensive income (loss) (16,469,539 ) (4,896,414 ) (1,280,859 ) (334,060 ) — (22,980,872 ) Purchases 131,485,000 — — 500,000 — 131,985,000 Refund of interest rate derivative cost — — — — (10,500 ) (10,500 ) Settlements (15,103,613 ) — (990,827 ) (70,818 ) — (16,165,258 ) Ending Balance June 30, 2015 $ 548,935,985 $ 883,999 $ 58,991,437 $ 4,711,687 $ (443,961 ) $ 613,079,147 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 on June 30, 2015 $ — $ — $ — $ — $ (701,130 ) $ (701,130 ) Fair Value Measurements at December 31, 2014 Description Assets and Liabilities 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 and Liabilities Mortgage Revenue Bonds $ 449,024,137 $ — $ — $ 449,024,137 Bond Purchase Commitments 5,780,413 — — 5,780,413 Public Housing Capital Fund Trusts 61,263,123 — — 61,263,123 Mortgage-Backed Securities 14,841,558 — 14,841,558 — Taxable Mortgage Bonds 4,616,565 — — 4,616,565 Interest Rate Derivatives 267,669 — — 267,669 Total Assets and Liabilities at Fair Value $ 535,793,465 $ — $ 14,841,558 $ 520,951,907 For Three Months Ended June 30, 2014 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments Public Housing Capital Fund Trust Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance April 1, 2014 $ 316,471,727 $ (1,362,940 ) $ 62,070,540 $ 4,298,957 $ 1,103,783 $ 382,582,067 Total gains (losses) (realized/unrealized) Included in earnings — — — — (434,071 ) (434,071 ) Included in other comprehensive income 10,960,638 1,697,307 3,138,575 146,066 — 15,942,586 Purchases 41,876,327 — — — — 41,876,327 Mortgage revenue bond and MBS sales and redemption (12,828,660 ) — — — — (12,828,660 ) Settlements (166,967 ) — (211,397 ) (75,000 ) — (453,364 ) Ending Balance June 30, 2014 $ 356,313,065 $ 334,367 $ 64,997,718 $ 4,370,023 $ 669,712 $ 426,684,885 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 on June 30, 2014 $ — $ — $ — $ — $ (434,071 ) $ (434,071 ) For Six Months Ended June 30, 2014 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments Public Housing Capital Fund Trust Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2014 $ 285,318,171 $ (4,852,177 ) $ 62,056,379 $ 4,075,953 $ 888,120 $ 347,486,446 Total losses (realized/unrealized) Included in earnings — — — — (609,908 ) (609,908 ) Included in other comprehensive income (loss) 25,033,658 5,186,544 4,796,434 369,070 — 35,385,706 Purchases 76,655,127 — — — — 76,655,127 Purchase interest rate derivatives — — — — 391,500 391,500 Mortgage revenue bond and MBS sales and redemption (30,464,798 ) — — — — (30,464,798 ) Settlements (229,093 ) — (1,855,095 ) (75,000 ) — (2,159,188 ) Ending Balance June 30, 2014 $ 356,313,065 $ 334,367 $ 64,997,718 $ 4,370,023 $ 669,712 $ 426,684,885 Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held on June 30, 2014 $ — $ — $ — $ — $ (609,908 ) $ (609,908 ) Gains and losses included in earnings for the period shown above are included in interest expense. The Company calculates a fair 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 value of the debt held on the condensed consolidated balance sheet on June 30, 2015 and December 31, 2014, respectively. June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 414,979,155 $ 416,555,830 $ 345,359,000 $ 346,813,909 Mortgages payable $ 68,694,929 $ 67,490,490 $ 76,707,845 $ 76,134,465

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Commitments and Contingencies The Company, from time to time, may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable, the estimated amount of the loss is accrued in the Company’s condensed 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 condensed consolidated financial statements. As part of the Company’s strategy of acquiring mortgage revenue bonds, the Company will enter into forward bond purchase commitments related to mortgage revenue bonds to be issued and secured by properties under construction. Upon execution of the forward bond purchase commitment, the proceeds from the mortgage revenue bonds issued will be used to pay off the construction related debt and mortgage revenue bonds. The Partnership accounts for the following three forward bond purchase agreements as available-for-sale securities and, as such, records the estimated value of the forward bond purchase commitment as an asset or liability with changes in such valuation recorded in other comprehensive income. On June 30, 2015 and December 31, 2014 the forward bond purchase commitments outstanding and the related fair values are as follows: Forward Bond Purchase Commitments Date Commitment Amount Rate Fair Value on June 30, 2015 Fair Value on December 31, 2014 Silver Moon Apartments June 2013 $ 8,000,000 6.00 % $ — $ 413,600 Vantage at Harlingen - B bonds August 2013 $ 18,000,000 6.00 % $ — $ 1,433,700 Vantage at Judson - B bonds December 2012 $ 26,700,000 6.00 % $ — $ 1,990,535 15 West Apartments July 2014 $ 9,900,000 6.25 % $ 413,996 $ 809,178 Plano at Gateway Apartments December 2014 $ 20,000,000 6.00 % $ 325,600 $ 1,133,400 Village at Rivers Edge May 2015 $ 11,000,000 6.00 % $ 144,403 $ — 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 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. 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 the case of the TEBS, Freddie will step in first on an immediate basis and the Partnership will have 10 to 14 days to remedy. 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. In the event of a shortfall the maximum exposure to loss would be approximately $366.1 million prior to the consideration of the proceeds from the sale of the trust collateral. The Partnership has never been required to reimburse the financing facilities for any shortfall. 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 June 30, 2015 , 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, has equity in the Ohio Properties. 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 June 30, 2015 , under the guarantee provision of the repurchase clause is approximately $4.8 million which represents 75% of the equity contributed by BC Partners.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Segments Effective during the second quarter of 2015, the Company changed its reportable segments due to the classification of the Company’s Consolidated VIEs as discontinued operations. As a result, the Company now consists of four reportable segments: Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and MBS Investments. In addition to the four reportable segments, the Company also separately reports its consolidation and elimination information because it does not allocate certain items to the segments. Historically, the Company also had the Consolidated VIE segment, which was comprised of the results of operations of the underlying collateral for the related mortgage revenue bonds. The Company concluded its investment in the Consolidated VIE segment was not consistent with the Company’s portfolio of assets, (see Note 1). As such, the Company has decided to implement a strategic shift in direction by discontinuing its Consolidated VIE segment. This decision was made for the following reasons: • The risk profile of the Consolidated VIE segment was unique as the substance of the investment was the result of the operations of the underlying properties and not the mortgage revenue bonds (which is the form of the investment).The risk profile includes: • The underlying properties thin capitalization, • Related party ownership groups, and • The lack of ultimate decision-making authority. • The stated purpose of the Company was not to manage properties without having some type of ownership or ability to control the underlying property. • Subsequent to the disposition of the Consolidated VIE properties by their owners, the Company does not plan to include this type of investment as part of its strategic direction. As such, in April 2015, the Partnership entered into separate brokerage contracts to sell Bent Tree and Fairmont Oaks. As a result, these entities met the criteria for discontinued operations presentation on June 30, 2015, and have been classified as such in the Company’s condensed consolidated financial statements for all periods presented. The Consolidated VIEs no longer meet the criteria for segment reporting, therefore are no longer presented as a segment (see Notes 1, 3, 7, and 9). Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Company’s portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties in their market areas. Such mortgage revenue bonds are held as long-term investments. On June 30, 2015 , the Company held sixty-two mortgage revenue bonds, two of which are bonds that are eliminated in consolidation and were reported as Assets held for sale on the Company’s condensed consolidated financial statements. The Residential Properties financed by fifty-eight mortgage revenue bonds contain a total of 7,644 rental units. In addition, two of the bonds’ properties are not operational and are under construction and two bonds are collateralized by commercial real estate (see Note 4). MF Properties Segment The MF Properties segment consists of indirect equity interests in multifamily, student housing, and senior citizen residential 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. Other than the Glynn Place property discussed in Notes 7 and 18, 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. The brokerage contract entered into by Glynn Place did not meet the criteria for discontinued operations presentation, therefore is reported as part of the Company’s condensed consolidated financial statements for all periods presented. 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. On June 30, 2015 , the Company consolidated the results of eight MF Properties containing a total of 1,911 rental units (see Note 7). Other Investments Agreement of Limited Partnership of the Partnership authorizes the Company to make investments other than in 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 of the Partnership. In addition, the amount of other investments is limited based on the conditions to the exemption from registration under the Investment Company Act of 1940. 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 its 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 under HUD’s Capital Fund Program established under the Capital Fund Program. 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 and all but three MBS were sold in 2014. The following table details certain key financial information for the Company’s reportable segments for the three and six months ended June 30, 2015 and 2014 reflecting the impact of the segment changes discussed above, with the prior year periods recast in order to present that information on a basis consistent with the current year: For the Three Months Ended, For the Six Months Ended, June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Total revenues Mortgage Revenue Bond Investments $ 8,678,337 $ 6,160,515 $ 15,996,898 $ 14,188,151 MF Properties 7,503,523 3,134,220 11,805,824 6,284,564 Public Housing Capital Fund Trust Certificates 784,846 776,174 1,517,749 1,577,002 Mortgage-Backed Securities 152,861 396,518 305,721 817,678 Total revenues $ 17,119,567 $ 10,467,427 $ 29,626,192 $ 22,867,395 Interest expense Mortgage Revenue Bond Investments $ 2,010,745 $ 1,433,367 $ 4,899,865 $ 2,524,489 MF Properties 640,909 460,210 1,353,808 1,023,550 Public Housing Capital Fund Trust Certificates 300,580 334,840 597,040 672,397 Mortgage-Backed Securities 40,900 114,019 78,597 232,749 Total interest expense $ 2,993,134 $ 2,342,436 $ 6,929,310 $ 4,453,185 Depreciation expense Mortgage Revenue Bond Investments $ — $ — $ — $ — MF Properties 1,389,700 1,027,112 2,843,879 2,046,478 Public Housing Capital Fund Trust Certificates — — — — Mortgage-Backed Securities — — — — Total depreciation expense $ 1,389,700 $ 1,027,112 $ 2,843,879 $ 2,046,478 Income (loss) from continuing operations Mortgage Revenue Bond Investments $ 4,256,767 $ 3,114,680 $ 6,606,289 $ 8,570,363 MF Properties 3,138,054 (203,660 ) 2,743,522 (428,271 ) Public Housing Capital Fund Trust Certificates 476,813 434,180 905,961 890,298 Mortgage-Backed Securities 111,661 282,371 226,683 582,261 Net income - America First Multifamily Investors, L. P. $ 7,983,295 $ 3,627,571 $ 10,482,455 $ 9,614,651 Net income (loss) Mortgage Revenue Bond Investments $ 4,256,767 $ 3,114,680 $ 6,606,289 $ 8,570,363 MF Properties 3,137,743 (203,286 ) 2,744,102 (427,794 ) Public Housing Capital Fund Trust Certificates 476,813 434,180 905,961 890,298 Mortgage-Backed Securities 111,661 282,371 226,683 582,261 Discontinued operations 238,287 30,512 262,715 90,158 Net income - America First Multifamily Investors, L. P. $ 8,221,271 $ 3,658,457 $ 10,745,750 $ 9,705,286 The following table reports the total assets for the Company’s reportable segments on June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Total assets Mortgage Revenue Bond Investments $ 702,461,694 $ 698,637,412 MF Properties 103,720,986 101,696,235 Public Housing Capital Fund Trust Certificates 59,311,332 61,577,848 Mortgage-Backed Securities 14,907,129 15,101,309 Assets held for sale 13,052,649 13,204,015 Consolidation/eliminations (113,686,949 ) (145,977,602 ) Total assets $ 779,766,841 $ 744,239,217

Recent Accounting Pronouncement

Recent Accounting Pronouncements (Notes)	6 Months Ended
	Jun. 30, 2015
Recent Accounting Pronouncements [Abstract]
Description of New Accounting Pronouncements Adopted and Not yet Adopted [Text Block]	Recently Issued Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03 (ASU 2015-03), Interest - Imputation of Interest (Subtopic 835-30). ASU 2015-03 changes the presentation of debt issuance costs in the financial statements to present such costs as a direct deduction from the related debt liability rather than as an asset. Amortization of debt issuance costs will be reported as interest expense. This standard is effective for annual reporting periods beginning after December 15, 2015. The Partnership is still evaluating the impact of this pronouncement on the Company’s condensed consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidations (Topic 810) (ASU 2015-02). This ASU amends the consolidation requirements in ASC 810 and significantly changes the consolidation analysis required under US GAAP. The amendments in this ASU are effective for reporting periods beginning after December 15, 2015, with early adoption permitted. The Partnership is still evaluating the impact of this pronouncement on the Company’s condensed consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606). ” ASU 2014-09 supersedes the revenue recognition guidance in Topic 605, Revenue Recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in the exchange for those goods or services. In July 2015 the effective date of ASU 2014-04 for public business entities was revised to annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Partnership is currently assessing the impact of the adoption of this pronouncement on the Company’s condensed consolidated financial statements.

Subsequent Events (Notes)

Subsequent Events (Notes)	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events Bond Redemptions On July 29, 2015, the Company redeemed the Hardin Ranch, Tyler Park Apartments and Westside Village Market mortgage revenue B bonds and received approximately $5.8 million for the full par value plus interest. MF Property Sale On July 28, 2015, a commercial purchase agreement was executed for Glynn Place, an MF Property, which is expected to be completed before the end of the third quarter of 2015. The projected proceeds from the sale of the property are expected to be approximately $5.5 million , which is greater than the total asset value of approximately $4.2 million . TOB Trust Financing Since July 2011, the Company executed multiple TOB Trust structures with DB upon the approval and agreement of terms by DB. Due to certain restrictions imposed by the Volcker Rule, the Company and DB have restructured eight of the existing TOB Trust structures by entering into a new Master Trust Agreement and related documents to create Term TOB Trusts. Like the prior trusts, the Company will transfer its mortgage revenue bonds to the TOB trustee, which issues Class A and Class B Trust Certificates. These Trust Certificates represent beneficial interests in the securitized asset held by the TOB trustee. DB will purchase the Class A Certificates. The Company will purchase the Class B Certificates from each of these Term TOB Trusts, which certificates grant them certain rights to the securitized assets. The restructuring increased the total borrowing from approximately $124.7 million to approximately $137.9 million , extended the maturity dates to October 2016 through July 2019, and fixed the annual interest rates from approximately 2.8% through 4.5% . Forward Commitment In July 2015, the Partnership entered into a Bond Purchase Commitment agreeing to purchase up to approximately $19.5 million of a new mortgage revenue bond secured by a multifamily property currently under construction in San Antonio, Texas. The mortgage revenue bond will have a stated annual interest rate of 5.8% and the bond proceeds must be used to pay off the third party construction loan. The Partnership will account for the Bond Purchase Commitment as an available-for-sale security and, as such, will record any changes in its estimated fair value as an asset or liability with changes in such valuation recorded in other comprehensive income. TEBS Financing In July 2015, the Partnership and its newly created consolidated subsidiary, ATAX TEBS III, LLC (“the 2015 Sponsor”), entered into a number of agreements relating to a new long-term debt financing facility provided through the securitization of nine mortgage revenue bonds, with a par value of approximately $105.4 million , owned by the 2015 Sponsor pursuant to the M33 TEBS financing. The M33 TEBS financing facility essentially provides the Partnership with a long-term variable-rate debt facility at interest rates reflecting prevailing short-term tax-exempt rates. Effective July 1, 2015, the Partnership transferred the following mortgage revenue bonds to the 2015 Sponsor pursuant to the M33 TEBS financing described above: July 1, 2015 Description of Mortgage Revenue Bonds Bond Par Amount Financial Statement Presentation Glenview Apartments A Bond $ 4,670,000 Mortgage revenue bond Heritage Square A Bond 11,185,000 Mortgage revenue bond Montclair Apartments A Bond 2,530,000 Mortgage revenue bond Avistar at the Parkway A Bond 13,300,000 Mortgage revenue bond Renaissance Gateway 11,491,928 Mortgage revenue bond Santa Fe Apartments A Bond 3,065,000 Mortgage revenue bond Silver Moon Lodge Apartments A Bond 8,000,000 Mortgage revenue bond Vantage at Harlingen B Bond 24,575,000 Mortgage revenue bond Vantage at Judson B Bond 26,540,000 Mortgage revenue bond Total $ 105,356,928 The mortgage revenue bonds were then securitized by transferring these assets to Freddie Mac in exchange for Class A and Class B Freddie Mac Multifamily Variable Rate Certificates (collectively, the “M33 TEBS Certificates”) issued by Freddie Mac. The M33 TEBS Certificates represent beneficial interests in the securitized assets held by Freddie Mac. The Class A TEBS Certificates were issued in an initial principal amount of approximately $84.3 million and were sold through a placement agent to unaffiliated investors. The Class B M33 TEBS Certificates were issued in an initial principal amount of approximately $21.1 million and were retained by the 2015 Sponsor. After payment of transaction expenses, the 2015 Sponsor received net proceeds from the M33 TEBS Financing of approximately $82.2 million . The Partnership applied approximately $37.5 million of the net proceeds to pay the entire outstanding principal of, and accrued interest on, its line of credit with Banker’s Trust that was previously used by the Partnership as a short term financing facility to fund additional assets purchased during June 2015 and placed approximately $4.8 million into a stabilization escrow. The holders of the Class A M33 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”). In order to mitigate its exposure to interest rate fluctuations on the variable rate M33 TEBS financing, the 2015 Sponsor also entered into interest rate cap agreements with Wells Fargo Bank, National Association, the Royal Bank of Canada, and Sumitomo Mitsui Banking Corporation, each in an initial notional amount of approximately $21.1 million , which effectively limits the interest payable by the 2015 Sponsor on the Class A M33 TEBS Certificates to a fixed rate of 3.0% per annum on the combined notional amounts of the interest rate cap agreements through August 15, 2020. On the closing date, the SIFMA rate was equal to 0.04% the total Facility Fees were approximately 1.3% , the rate caps were approximately 0.1% , the finance costs were approximately 0.5% , resulting in the total initial cost of the M33 TEBS financing facility equal to approximately 2.0% . Payment of interest on the Class A M33 TEBS Certificates will be made from the interest payments received by Freddie Mac from the mortgage revenue bonds held by Freddie Mac on designated interest payment dates prior to any payments of interest on the Class B M33 TEBS Certificates held by the 2015 Sponsor. As the holder of the Class B M33 TEBS Certificates, the 2015 Sponsor is not entitled to receive interest payments on the Class B TEBS Certificates at any particular rate, but will be entitled to all payments of principal and interest on the mortgage revenue bonds held by Freddie Mac after payment of principal and interest due on the Class A M33 TEBS Certificates and payment of all Facility Fees and associated expenses. Accordingly, the amount of interest paid to the 2015 Sponsor on the Class B M33 TEBS Certificates is expected to vary over time, and could be eliminated altogether, due to fluctuations in the interest rate payable on the Class A M33 TEBS Certificates, Facility Fees, expenses, and other factors. Freddie Mac has guaranteed payment of scheduled principal and interest payments on the Class A M33 TEBS Certificates and also has guaranteed payment of the purchase price of any Class A M33 TEBS Certificates that are tendered to Freddie Mac in accordance with their terms which cannot be remarketed to new holders within five business days. The 2015 Sponsor is obligated to reimburse Freddie Mac for certain expenses, including any payments made by Freddie Mac under its guaranty. These obligations of the 2015 Sponsor are also guaranteed by the Partnership. The Partnership also entered into various subordination agreements with Freddie Mac under which the Partnership has subordinated its rights and remedies with respect to the mortgage revenue and taxable bonds and mortgage loans made by it to the owners of properties securing certain of the mortgage revenue bonds to the rights of Freddie Mac as the holder of the mortgage revenue bonds. The term of the M33 TEBS financing coincides with the terms of the assets securing the M33 TEBS Certificates, except the 2015 Sponsor may elect to purchase all (but not less than all) of the mortgage revenue bonds from Freddie Mac on either July 15, 2020 or July 15, 2025. The 2015 Sponsor also retains a right to require a mortgage revenue bond to be released from Freddie Mac in the event of a payment default on the mortgage revenue bond which remains uncured for two consecutive scheduled payment dates or 60 days, whichever is shorter, by paying Freddie Mac the unpaid principal and accrued interest on the mortgage revenue bond plus a yield maintenance payment. In addition, the 2015 Sponsor has a limited right to substitute new mortgage revenue bonds for existing mortgage revenue bonds held by Freddie Mac in certain circumstances. Should the Partnership not elect to terminate the TEBS Financing on these dates the full term of the M33 TEBS Financing runs through the final principal payment date associated with the securitized bonds, or August 1, 2055.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2015
Variable Interest Entities [Abstract]
Variable Interest Entity, Classification of Carrying Amount, Assets [Table Text Block]	The following table presents information regarding the non-consolidated VIEs held by the Company on June 30, 2015: June 30, 2015 Balance Sheet Classification Maximum Exposure to Loss Mortgage Revenue Bond Property Loan Mortgage Revenue Bond Property Loan Ashley Square Apartments $ 5,495,037 $ 1,482,000 $ 5,129,000 $ 7,737,434 Bruton Apartments 18,750,735 — 18,145,000 — Cross Creek 8,575,187 3,593,117 6,088,948 3,593,117 Glenview Apartments 6,721,520 — 6,723,000 — Harden Ranch 9,626,989 — 9,300,000 — Montclair Apartments 3,460,656 — 3,458,000 — Santa Fe Apartments 4,746,518 — 4,736,000 — Silver Moon Lodge Apartments 8,000,000 2,819,166 8,000,000 2,819,166 Tyler Park Apartments 8,287,739 — 8,100,000 — Westside Village Market 5,525,145 — 5,400,000 — $ 79,189,526 $ 7,894,283 $ 75,079,948 $ 14,149,717
Schedule of Condensed Income Statement [Table Text Block]	Condensed Consolidating Statements of Operations for the three and six months ended June 30, 2015 and 2014: Partnership For the Three Months Ended June 30, 2015 Consolidated VIEs For the Three Months Ended June 30, 2015 Consolidation -Elimination For the Three Months Ended June 30, 2015 Total For the Three Months Ended June 30, 2015 Revenues: Property revenues $ 4,086,061 $ — $ — $ 4,086,061 Investment income 9,388,661 — — 9,388,661 Gain on sale of MF Property 3,417,462 — — 3,417,462 Other interest income 227,383 — — 227,383 Total revenues 17,119,567 — — 17,119,567 Expenses: Real estate operating (exclusive of items shown below) 2,275,275 — — 2,275,275 Provision for loss on receivables 98,431 — — 98,431 Depreciation and amortization 1,743,317 — — 1,743,317 Interest 2,993,134 — — 2,993,134 General and administrative 2,026,115 — — 2,026,115 Total expenses 9,136,272 — — 9,136,272 Income from continuing operations 7,983,295 — — 7,983,295 Income (loss) from discontinued operations 170,333 (287,857 ) 355,811 238,287 Net income (loss) 8,153,628 (287,857 ) 355,811 8,221,582 Net income attributable to noncontrolling interest 311 — — 311 Net income (loss) - America First Multifamily Investors, L. P. $ 8,153,317 $ (287,857 ) $ 355,811 $ 8,221,271 Partnership For the Three Months Ended June 30, 2014 Consolidated VIEs For the Three Months Ended June 30, 2014 Consolidation -Elimination For the Three Months Ended June 30, 2014 Total For the Three Months Ended June 30, 2014 Revenues: Property revenues $ 3,134,220 $ — $ — $ 3,134,220 Investment income 6,241,475 — — 6,241,475 Gain on mortgage revenue bond redemption 849,655 — — 849,655 Other interest income 242,077 — — 242,077 Total revenues 10,467,427 — — 10,467,427 Expenses: Real estate operating (exclusive of items shown below) 1,807,044 — — 1,807,044 Depreciation and amortization 1,291,497 — — 1,291,497 Interest 2,342,436 — — 2,342,436 General and administrative 1,398,879 — — 1,398,879 Total expenses 6,839,856 — — 6,839,856 Income from continuing operations 3,627,571 — — 3,627,571 Income from discontinued operations 172,194 (477,027 ) 335,345 30,512 Net income (loss) 3,799,765 (477,027 ) 335,345 3,658,083 Net loss attributable to noncontrolling interest (374 ) — — (374 ) Net income (loss) - America First Multifamily Investors, L. P. $ 3,800,139 $ (477,027 ) $ 335,345 $ 3,658,457 Partnership For the Six Months Ended June 30, 2015 Consolidated VIEs For the Six Months Ended June 30, 2015 Consolidation -Elimination For the Six Months Ended June 30, 2015 Total For the Six Months Ended June 30, 2015 Revenues: Property revenues $ 8,388,362 $ — $ — $ 8,388,362 Investment income 17,368,445 — — 17,368,445 Gain on sale of MF Property 3,417,462 — — 3,417,462 Other interest income 451,923 — — 451,923 Total revenues 29,626,192 — — 29,626,192 Expenses: Real estate operating (exclusive of items shown below) 4,746,305 — — 4,746,305 Provision for loss on receivables 98,431 — — 98,431 Depreciation and amortization 3,536,095 — — 3,536,095 Interest 6,929,310 — — 6,929,310 General and administrative 3,833,596 — — 3,833,596 Total expenses 19,143,737 — — 19,143,737 Income from continuing operations 10,482,455 — — 10,482,455 Income from discontinued operations 340,927 (785,027 ) 706,815 262,715 Net income (loss) 10,823,382 (785,027 ) 706,815 10,745,170 Net loss attributable to noncontrolling interest (580 ) — — (580 ) Net income (loss) - America First Multifamily Investors, L. P. $ 10,823,962 $ (785,027 ) $ 706,815 $ 10,745,750 Partnership For the Six Months Ended June 30, 2014 Consolidated VIEs For the Six Months Ended June 30, 2014 Consolidation -Elimination For the Six Months Ended June 30, 2014 Total For the Six Months Ended June 30, 2014 Revenues: Property revenues $ 6,284,564 $ — $ — $ 6,284,564 Investment income 12,447,033 — — 12,447,033 Gain on mortgage revenue bond redemption 3,684,898 3,684,898 Other interest income 450,900 — — 450,900 Total revenues 22,867,395 — — 22,867,395 Expenses: Real estate operating (exclusive of items shown below) 3,457,691 — — 3,457,691 Depreciation and amortization 2,672,063 — — 2,672,063 Interest 4,453,185 — — 4,453,185 General and administrative 2,669,805 — — 2,669,805 Total expenses 13,252,744 — — 13,252,744 Income from continuing operations 9,614,651 — — 9,614,651 Income (loss) from discontinued operations 344,611 (921,125 ) 666,672 90,158 Net income (loss) 9,959,262 (921,125 ) 666,672 9,704,809 Net loss attributable to noncontrolling interest (477 ) — — (477 ) Net income (loss) - America First Multifamily Investors, L. P. $ 9,959,739 $ (921,125 ) $ 666,672 $ 9,705,286
Schedule of Condensed Balance Sheet [Table Text Block]	Condensed Consolidating Balance Sheets Partnership on June 30, 2015 Consolidated VIEs on June 30, 2015 Consolidation -Elimination on June 30, 2015 Total on June 30, 2015 Assets Cash and cash equivalents $ 2,628,814 $ — $ — $ 2,628,814 Restricted cash 5,189,604 — — 5,189,604 Interest receivable 5,326,150 — — 5,326,150 Mortgage revenue bonds held in trust, at fair value 408,239,988 — — 408,239,988 Mortgage revenue bonds, at fair value 140,695,997 — — 140,695,997 Public housing capital fund trusts, at fair value 58,991,437 — — 58,991,437 Mortgage-backed securities, at fair value 14,647,377 — — 14,647,377 Real estate assets: Land and improvements 12,597,953 — — 12,597,953 Buildings and improvements 103,858,432 — — 103,858,432 Real estate assets before accumulated depreciation 116,456,385 — — 116,456,385 Accumulated depreciation (14,845,373 ) — — (14,845,373 ) Net real estate assets 101,611,012 — — 101,611,012 Other assets 29,383,813 — — 29,383,813 Assets held for sale 27,075,726 13,296,290 (27,319,367 ) 13,052,649 Total Assets $ 793,789,918 $ 13,296,290 $ (27,319,367 ) $ 779,766,841 Liabilities Accounts payable, accrued expenses and other liabilities $ 4,987,833 $ — $ — $ 4,987,833 Distribution payable 8,436,168 — — 8,436,168 Lines of Credit 48,833,261 — — 48,833,261 Debt financing 366,145,894 — — 366,145,894 Mortgage payable 68,694,929 — — 68,694,929 Derivative swap 742,189 — — 742,189 Liabilities held for sale — 37,580,931 (37,135,805 ) 445,126 Total Liabilities 497,840,274 37,580,931 (37,135,805 ) 498,285,400 Partners' Capital General Partner 294,434 — — 294,434 Beneficial Unit Certificate holders 295,659,036 — 6,701,465 302,360,501 Unallocated loss of Consolidated VIEs — (24,284,641 ) 3,114,973 (21,169,668 ) Total Partners' Capital 295,953,470 (24,284,641 ) 9,816,438 281,485,267 Noncontrolling interest (3,826 ) — — (3,826 ) Total Capital 295,949,644 (24,284,641 ) 9,816,438 281,481,441 Total Liabilities and Partners' Capital $ 793,789,918 $ 13,296,290 $ (27,319,367 ) $ 779,766,841 Partnership on December 31, 2014 Consolidated VIEs on December 31, 2014 Consolidation -Elimination on December 31, 2014 Total on December 31, 2014 Assets Cash and cash equivalents $ 49,157,571 $ — $ — $ 49,157,571 Restricted cash 11,141,496 — — 11,141,496 Interest receivable 4,121,486 — — 4,121,486 Mortgage revenue bonds held in trust, at fair value 378,423,092 — — 378,423,092 Mortgage revenue bonds, at fair value 70,601,045 — — 70,601,045 Public housing capital fund trusts, at fair value 61,263,123 — — 61,263,123 Mortgage-backed securities, at fair value 14,841,558 — — 14,841,558 Real estate assets: Land and improvements 13,753,493 — — 13,753,493 Buildings and improvements 110,706,173 — — 110,706,173 Real estate assets before accumulated depreciation 124,459,666 — — 124,459,666 Accumulated depreciation (14,108,154 ) — — (14,108,154 ) Net real estate assets 110,351,512 — — 110,351,512 Other assets 31,134,319 — — 31,134,319 Assets held for sale 27,640,053 13,456,861 (27,892,899 ) 13,204,015 Total Assets $ 758,675,255 $ 13,456,861 $ (27,892,899 ) $ 744,239,217 Liabilities Accounts payable, accrued expenses and other liabilities $ 4,123,346 $ — $ — $ 4,123,346 Distribution payable 7,617,390 — — 7,617,390 Debt financing 345,359,000 — — 345,359,000 Mortgages payable 76,707,834 — — 76,707,834 Liabilities held for sale — 36,956,477 (36,452,734 ) 503,743 Total Liabilities 433,807,570 36,956,477 (36,452,734 ) 434,311,313 Partners' Capital General Partner 578,238 — — 578,238 Beneficial Unit Certificate holders 324,305,442 — 6,151,675 330,457,117 Unallocated deficit of Consolidated VIEs — (23,499,616 ) 2,408,160 (21,091,456 ) Total Partners' Capital 324,883,680 (23,499,616 ) 8,559,835 309,943,899 Noncontrolling interest (15,995 ) — — (15,995 ) Total Capital 324,867,685 (23,499,616 ) 8,559,835 309,927,904 Total Liabilities and Partners' Capital $ 758,675,255 $ 13,456,861 $ (27,892,899 ) $ 744,239,217

Investments in Mortgage Reven29

Investments in Mortgage Revenue Bonds (Tables)	6 Months Ended
	Jun. 30, 2015
Investments in Mortgage Revenue Bonds [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The Company’s investments in mortgage revenue bonds on the dates shown are as follows: June 30, 2015 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gain Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,568,295 $ 1,154,417 $ — $ 12,722,712 Ashley Square (1) 5,129,000 366,037 — 5,495,037 Avistar at Chase Hill A Bond (3) 9,978,838 678,363 — 10,657,201 Avistar at the Crest A Bond (3) 9,679,473 658,012 — 10,337,485 Avistar at the Oaks A Bond (3) 7,800,000 483,903 — 8,283,903 Avistar in 09 A Bond (3) 6,735,000 417,832 — 7,152,832 Avistar on the Boulevard A Bond (3) 16,490,029 803,567 — 17,293,596 Avistar on the Hills A Bond (3) 5,389,000 334,327 — 5,723,327 Bella Vista (1) 6,430,000 273,018 — 6,703,018 Bridle Ridge (1) 7,625,000 261,766 — 7,886,766 Brookstone (1) 7,469,480 1,323,274 — 8,792,754 Bruton Apartments (2) 18,145,000 605,735 — 18,750,735 Concord at Gulfgate A Bond (2) 17,060,000 255,307 — 17,315,307 Concord at Little York A Bond (2) 12,480,000 186,830 — 12,666,830 Concord at Williamcrest A Bond (2) 18,020,000 269,695 — 18,289,695 Copper Gate Apartments (3) 5,220,000 359,032 — 5,579,032 Cross Creek (1) 6,088,948 2,486,239 — 8,575,187 Decatur Angle (2) 23,000,000 — — 23,000,000 Greens Property A Bond (3) 8,330,000 623,837 — 8,953,837 Harden Ranch A Bond (3) 6,960,000 333,237 — 7,293,237 Lake Forest (1) 8,826,000 752,993 — 9,578,993 Live 929 Apartments (2) 40,848,642 2,315,349 — 43,163,991 Pro Nova 2014-1 and 2014-2 (2) 19,384,710 278,718 — 19,663,428 Ohio Properties A Bonds (1) 14,359,000 1,729,764 — 16,088,764 Runnymede (1) 10,395,000 805,613 — 11,200,613 Southpark (1) 11,881,040 2,888,982 — 14,770,022 The Palms at Premier Park Apartments (3) 20,084,554 1,209,672 — 21,294,226 The Suites on Paseo A Bond (2) 35,450,000 752,249 — 36,202,249 Tyler Park Apartments A Bond (3) 6,075,000 199,990 — 6,274,990 Westside Village Market A Bond (3) 3,970,000 130,693 — 4,100,693 Woodlynn Village (1) 4,371,000 58,528 — 4,429,528 Mortgage revenue bonds held in trust $ 385,243,009 $ 22,996,979 $ — $ 408,239,988 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, see Note 11 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11 June 30, 2015 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill B Bond $ 964,017 $ 57,890 $ — $ 1,021,907 Avistar at the Crest B Bond 758,226 45,535 — 803,761 Avistar at the Oaks B Bond 554,000 33,453 — 587,453 Avistar in 09 B Bond 457,000 27,596 — 484,596 Avistar on the Boulevard B Bond 450,541 27,056 — 477,597 Concord at Gulfgate B Bond 2,125,000 541,585 — 2,666,585 Concord at Little York B Bond 960,000 244,667 — 1,204,667 Concord at Williamcrest B Bond 2,800,000 576,507 — 3,376,507 Glenview Apartments 6,723,000 — (1,480 ) 6,721,520 Greens Property B Bond 944,462 217,034 — 1,161,496 Harden Ranch B Bond 2,340,000 — (6,248 ) 2,333,752 Heritage Square 11,705,000 — (156,538 ) 11,548,462 Montclair Apartments 3,458,000 2,656 — 3,460,656 Ohio Properties B Bonds 3,567,950 518,737 — 4,086,687 Avistar at the Parkway 13,425,000 286,920 — 13,711,920 Renaissance B Bond 11,500,000 339,114 — 11,839,114 Santa Fe Apartments 4,736,000 10,518 — 4,746,518 Silver Moon 8,000,000 — — 8,000,000 The Suites on Paseo B Bond 5,500,000 — (121,330 ) 5,378,670 Tyler Park B Bond 2,025,000 — (12,251 ) 2,012,749 Vantage at Harlingen 24,575,000 1,694,613 — 26,269,613 Vantage at Judson 26,540,000 837,315 — 27,377,315 Westside Village B Bond 1,430,000 — (5,548 ) 1,424,452 Mortgage revenue bonds $ 135,538,196 $ 5,461,196 $ (303,395 ) $ 140,695,997 December 31, 2014 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gains Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,570,933 $ 1,792,303 $ — $ 13,363,236 Ashley Square (1) 5,159,000 486,559 — 5,645,559 Avistar at Chase Hill A Bond (3) 10,000,000 1,196,800 — 11,196,800 Avistar at the Crest A Bond (3) 9,700,000 1,419,692 — 11,119,692 Avistar at the Oaks A Bond (3) 7,800,000 869,622 — 8,669,622 Avistar in 09 A Bond (3) 6,735,000 750,885 — 7,485,885 Avistar on the Boulevard A Bond (3) 16,525,000 2,418,599 — 18,943,599 Avistar on the Hills A Bond (3) 5,389,000 743,520 — 6,132,520 Bella Vista (1) 6,490,000 625,571 — 7,115,571 Bridle Ridge (1) 7,655,000 659,249 — 8,314,249 Brookstone (1) 7,468,888 1,360,589 — 8,829,477 Bruton Apartments (2) 18,145,000 1,455,955 — 19,600,955 Copper Gate Apartments (3) 5,220,000 563,656 — 5,783,656 Cross Creek (1) 6,074,817 2,542,262 — 8,617,079 Decatur Angle (2) 23,000,000 919,540 — 23,919,540 Greens Property A Bond (3) 8,366,000 1,005,119 — 9,371,119 Harden Ranch A Bond (3) 6,960,000 511,421 — 7,471,421 Lake Forest (1) 8,886,000 1,003,614 — 9,889,614 Live 929 Apartments (2) 40,895,739 3,797,745 — 44,693,484 Pro Nova 2014-1 and 2014-2 (2) 20,095,169 1,043,431 — 21,138,600 Ohio Properties A Bonds (1) 14,407,000 2,444,034 — 16,851,034 Runnymede (1) 10,440,000 1,385,910 — 11,825,910 Southpark (1) 11,842,206 3,743,692 — 15,585,898 The Palms at Premier Park Apartments (3) 20,152,000 2,680,619 — 22,832,619 The Suites on Paseo (2) 35,450,000 3,193,691 — 38,643,691 Tyler Park Apartments A Bond (3) 6,075,000 345,060 — 6,420,060 Westside Village Market A Bond (3) 3,970,000 225,496 — 4,195,496 Woodlynn Village (1) 4,390,000 376,706 — 4,766,706 Mortgage revenue bonds held in trust $ 338,861,752 $ 39,561,340 $ — $ 378,423,092 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, see Note 11 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11 December 31, 2014 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill B Bond $ 965,000 $ 144,769 $ — $ 1,109,769 Avistar at the Crest B Bond 759,000 124,286 — 883,286 Avistar at the Oaks B Bond 554,000 54,325 — 608,325 Avistar in 09 B Bond 457,000 50,608 — 507,608 Avistar on the Boulevard B Bond 451,000 73,851 — 524,851 Greens Property B Bond 945,638 376,203 — 1,321,841 Glenview Apartments 6,723,000 — — 6,723,000 Harden Ranch B Bond 2,340,000 — (1,501 ) 2,338,499 Heritage Square 11,705,000 1,109,125 — 12,814,125 Montclair Apartments 3,458,000 — — 3,458,000 Ohio Properties B Bonds 3,573,430 668,542 — 4,241,972 Renaissance 12,675,000 1,055,807 — 13,730,807 Santa Fe Apartments 4,736,000 — — 4,736,000 Tyler Park Apartments B Bond 2,025,000 — (17,395 ) 2,007,605 Vantage at Harlingen 6,692,000 707,813 — 7,399,813 Vantage at Judson 6,049,000 717,230 — 6,766,230 Westside Village Market B Bond 1,430,000 — (686 ) 1,429,314 Mortgage revenue bonds $ 65,538,068 $ 5,082,559 $ (19,582 ) $ 70,601,045 The carrying value of the Company’s MBS securities on June 30, 2015 and December 31, 2014 is as follows: Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Unrealized Gain Unrealized Loss Estimated Fair Value on June 30, 2015 “AAA” $ 5,296,301 $ — $ (268,801 ) $ 5,027,500 “AA” 10,056,810 — (436,933 ) 9,619,877 $ 15,353,111 $ — $ (705,734 ) $ 14,647,377 (1) MBS securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, on the date presented. Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Unrealized Gain Unrealized Loss Estimated Fair Value on December 31, 2014 “AAA” $ 5,304,974 $ — $ (250,624 ) $ 5,054,350 “AA” 10,062,667 — (275,459 ) 9,787,208 $ 15,367,641 $ — $ (526,083 ) $ 14,841,558 (1) MBS securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, on the date presented.

Public Housing Capital Fund T30

Public Housing Capital Fund Trusts Public Housing Capital Fund Trusts (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014: Average Remaining Lives (Years) Investment Rating Weighted Average Interest Rate over Life Principal Outstanding June 30, 2015 Public Housing Capital Fund Trust Certificate I 9.75 AA- 5.33 % $ 25,980,780 Public Housing Capital Fund Trust Certificate II 9.22 A+ 4.28 % 11,465,660 Public Housing Capital Fund Trust Certificate III 10.31 BBB 5.42 % 20,898,432 Total Public Housing Capital Fund Trust Certificates $ 58,344,872 Average Remaining Lives (Years) Investment Rating Weighted Average Interest Rate over Life Principal Outstanding December 31, 2014 Public Housing Capital Fund Trust Certificate I 10.25 AA- 5.33 % $ 25,980,780 Public Housing Capital Fund Trust Certificate II 9.72 A+ 4.28 % 12,429,186 Public Housing Capital Fund Trust Certificate III 10.81 BBB 5.42 % 20,898,432 Total Public Housing Capital Fund Trust Certificates $ 59,308,398 Description of certain terms of the Company’s MBS securities is as follows: Agency Rating of MBS Securities Principal Outstanding June 30, 2015 Weighted Average Maturity Date Weighted Average Coupon Interest Rate “AAA” $ 5,000,000 July 1, 2032 4.60 % “AA” 9,765,000 July 9, 2036 4.20 % $ 14,765,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The Company had the following investments in the PHC Certificates on June 30, 2015 and December 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 on June 30, 2015 Public Housing Capital Fund Trust I $ 27,344,275 $ 598,054 $ — $ 27,942,329 Public Housing Capital Fund Trust II 11,059,091 — (8,946 ) 11,050,145 Public Housing Capital Fund Trust III 20,493,725 — (494,762 ) 19,998,963 $ 58,897,091 $ 598,054 $ (503,708 ) $ 58,991,437 Description of Public Housing Capital Fund Trust Certificates Cost adjusted for amortization of premium and discounts Unrealized Gain Unrealized Loss Estimated Fair Value on December 31, 2014 Public Housing Capital Fund Trust Certificate I $ 27,414,100 $ 933,789 $ — $ 28,347,889 Public Housing Capital Fund Trust Certificate II 11,999,721 152,293 — 12,152,014 Public Housing Capital Fund Trust Certificate III 20,474,100 289,120 — 20,763,220 $ 59,887,921 $ 1,375,202 $ — $ 61,263,123

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014: Average Remaining Lives (Years) Investment Rating Weighted Average Interest Rate over Life Principal Outstanding June 30, 2015 Public Housing Capital Fund Trust Certificate I 9.75 AA- 5.33 % $ 25,980,780 Public Housing Capital Fund Trust Certificate II 9.22 A+ 4.28 % 11,465,660 Public Housing Capital Fund Trust Certificate III 10.31 BBB 5.42 % 20,898,432 Total Public Housing Capital Fund Trust Certificates $ 58,344,872 Average Remaining Lives (Years) Investment Rating Weighted Average Interest Rate over Life Principal Outstanding December 31, 2014 Public Housing Capital Fund Trust Certificate I 10.25 AA- 5.33 % $ 25,980,780 Public Housing Capital Fund Trust Certificate II 9.72 A+ 4.28 % 12,429,186 Public Housing Capital Fund Trust Certificate III 10.81 BBB 5.42 % 20,898,432 Total Public Housing Capital Fund Trust Certificates $ 59,308,398 Description of certain terms of the Company’s MBS securities is as follows: Agency Rating of MBS Securities Principal Outstanding June 30, 2015 Weighted Average Maturity Date Weighted Average Coupon Interest Rate “AAA” $ 5,000,000 July 1, 2032 4.60 % “AA” 9,765,000 July 9, 2036 4.20 % $ 14,765,000
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The Company’s investments in mortgage revenue bonds on the dates shown are as follows: June 30, 2015 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gain Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,568,295 $ 1,154,417 $ — $ 12,722,712 Ashley Square (1) 5,129,000 366,037 — 5,495,037 Avistar at Chase Hill A Bond (3) 9,978,838 678,363 — 10,657,201 Avistar at the Crest A Bond (3) 9,679,473 658,012 — 10,337,485 Avistar at the Oaks A Bond (3) 7,800,000 483,903 — 8,283,903 Avistar in 09 A Bond (3) 6,735,000 417,832 — 7,152,832 Avistar on the Boulevard A Bond (3) 16,490,029 803,567 — 17,293,596 Avistar on the Hills A Bond (3) 5,389,000 334,327 — 5,723,327 Bella Vista (1) 6,430,000 273,018 — 6,703,018 Bridle Ridge (1) 7,625,000 261,766 — 7,886,766 Brookstone (1) 7,469,480 1,323,274 — 8,792,754 Bruton Apartments (2) 18,145,000 605,735 — 18,750,735 Concord at Gulfgate A Bond (2) 17,060,000 255,307 — 17,315,307 Concord at Little York A Bond (2) 12,480,000 186,830 — 12,666,830 Concord at Williamcrest A Bond (2) 18,020,000 269,695 — 18,289,695 Copper Gate Apartments (3) 5,220,000 359,032 — 5,579,032 Cross Creek (1) 6,088,948 2,486,239 — 8,575,187 Decatur Angle (2) 23,000,000 — — 23,000,000 Greens Property A Bond (3) 8,330,000 623,837 — 8,953,837 Harden Ranch A Bond (3) 6,960,000 333,237 — 7,293,237 Lake Forest (1) 8,826,000 752,993 — 9,578,993 Live 929 Apartments (2) 40,848,642 2,315,349 — 43,163,991 Pro Nova 2014-1 and 2014-2 (2) 19,384,710 278,718 — 19,663,428 Ohio Properties A Bonds (1) 14,359,000 1,729,764 — 16,088,764 Runnymede (1) 10,395,000 805,613 — 11,200,613 Southpark (1) 11,881,040 2,888,982 — 14,770,022 The Palms at Premier Park Apartments (3) 20,084,554 1,209,672 — 21,294,226 The Suites on Paseo A Bond (2) 35,450,000 752,249 — 36,202,249 Tyler Park Apartments A Bond (3) 6,075,000 199,990 — 6,274,990 Westside Village Market A Bond (3) 3,970,000 130,693 — 4,100,693 Woodlynn Village (1) 4,371,000 58,528 — 4,429,528 Mortgage revenue bonds held in trust $ 385,243,009 $ 22,996,979 $ — $ 408,239,988 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, see Note 11 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11 June 30, 2015 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill B Bond $ 964,017 $ 57,890 $ — $ 1,021,907 Avistar at the Crest B Bond 758,226 45,535 — 803,761 Avistar at the Oaks B Bond 554,000 33,453 — 587,453 Avistar in 09 B Bond 457,000 27,596 — 484,596 Avistar on the Boulevard B Bond 450,541 27,056 — 477,597 Concord at Gulfgate B Bond 2,125,000 541,585 — 2,666,585 Concord at Little York B Bond 960,000 244,667 — 1,204,667 Concord at Williamcrest B Bond 2,800,000 576,507 — 3,376,507 Glenview Apartments 6,723,000 — (1,480 ) 6,721,520 Greens Property B Bond 944,462 217,034 — 1,161,496 Harden Ranch B Bond 2,340,000 — (6,248 ) 2,333,752 Heritage Square 11,705,000 — (156,538 ) 11,548,462 Montclair Apartments 3,458,000 2,656 — 3,460,656 Ohio Properties B Bonds 3,567,950 518,737 — 4,086,687 Avistar at the Parkway 13,425,000 286,920 — 13,711,920 Renaissance B Bond 11,500,000 339,114 — 11,839,114 Santa Fe Apartments 4,736,000 10,518 — 4,746,518 Silver Moon 8,000,000 — — 8,000,000 The Suites on Paseo B Bond 5,500,000 — (121,330 ) 5,378,670 Tyler Park B Bond 2,025,000 — (12,251 ) 2,012,749 Vantage at Harlingen 24,575,000 1,694,613 — 26,269,613 Vantage at Judson 26,540,000 837,315 — 27,377,315 Westside Village B Bond 1,430,000 — (5,548 ) 1,424,452 Mortgage revenue bonds $ 135,538,196 $ 5,461,196 $ (303,395 ) $ 140,695,997 December 31, 2014 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gains Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,570,933 $ 1,792,303 $ — $ 13,363,236 Ashley Square (1) 5,159,000 486,559 — 5,645,559 Avistar at Chase Hill A Bond (3) 10,000,000 1,196,800 — 11,196,800 Avistar at the Crest A Bond (3) 9,700,000 1,419,692 — 11,119,692 Avistar at the Oaks A Bond (3) 7,800,000 869,622 — 8,669,622 Avistar in 09 A Bond (3) 6,735,000 750,885 — 7,485,885 Avistar on the Boulevard A Bond (3) 16,525,000 2,418,599 — 18,943,599 Avistar on the Hills A Bond (3) 5,389,000 743,520 — 6,132,520 Bella Vista (1) 6,490,000 625,571 — 7,115,571 Bridle Ridge (1) 7,655,000 659,249 — 8,314,249 Brookstone (1) 7,468,888 1,360,589 — 8,829,477 Bruton Apartments (2) 18,145,000 1,455,955 — 19,600,955 Copper Gate Apartments (3) 5,220,000 563,656 — 5,783,656 Cross Creek (1) 6,074,817 2,542,262 — 8,617,079 Decatur Angle (2) 23,000,000 919,540 — 23,919,540 Greens Property A Bond (3) 8,366,000 1,005,119 — 9,371,119 Harden Ranch A Bond (3) 6,960,000 511,421 — 7,471,421 Lake Forest (1) 8,886,000 1,003,614 — 9,889,614 Live 929 Apartments (2) 40,895,739 3,797,745 — 44,693,484 Pro Nova 2014-1 and 2014-2 (2) 20,095,169 1,043,431 — 21,138,600 Ohio Properties A Bonds (1) 14,407,000 2,444,034 — 16,851,034 Runnymede (1) 10,440,000 1,385,910 — 11,825,910 Southpark (1) 11,842,206 3,743,692 — 15,585,898 The Palms at Premier Park Apartments (3) 20,152,000 2,680,619 — 22,832,619 The Suites on Paseo (2) 35,450,000 3,193,691 — 38,643,691 Tyler Park Apartments A Bond (3) 6,075,000 345,060 — 6,420,060 Westside Village Market A Bond (3) 3,970,000 225,496 — 4,195,496 Woodlynn Village (1) 4,390,000 376,706 — 4,766,706 Mortgage revenue bonds held in trust $ 338,861,752 $ 39,561,340 $ — $ 378,423,092 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, see Note 11 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11 December 31, 2014 Description of Mortgage Revenue Bonds Cost adjusted for pay-downs Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill B Bond $ 965,000 $ 144,769 $ — $ 1,109,769 Avistar at the Crest B Bond 759,000 124,286 — 883,286 Avistar at the Oaks B Bond 554,000 54,325 — 608,325 Avistar in 09 B Bond 457,000 50,608 — 507,608 Avistar on the Boulevard B Bond 451,000 73,851 — 524,851 Greens Property B Bond 945,638 376,203 — 1,321,841 Glenview Apartments 6,723,000 — — 6,723,000 Harden Ranch B Bond 2,340,000 — (1,501 ) 2,338,499 Heritage Square 11,705,000 1,109,125 — 12,814,125 Montclair Apartments 3,458,000 — — 3,458,000 Ohio Properties B Bonds 3,573,430 668,542 — 4,241,972 Renaissance 12,675,000 1,055,807 — 13,730,807 Santa Fe Apartments 4,736,000 — — 4,736,000 Tyler Park Apartments B Bond 2,025,000 — (17,395 ) 2,007,605 Vantage at Harlingen 6,692,000 707,813 — 7,399,813 Vantage at Judson 6,049,000 717,230 — 6,766,230 Westside Village Market B Bond 1,430,000 — (686 ) 1,429,314 Mortgage revenue bonds $ 65,538,068 $ 5,082,559 $ (19,582 ) $ 70,601,045 The carrying value of the Company’s MBS securities on June 30, 2015 and December 31, 2014 is as follows: Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Unrealized Gain Unrealized Loss Estimated Fair Value on June 30, 2015 “AAA” $ 5,296,301 $ — $ (268,801 ) $ 5,027,500 “AA” 10,056,810 — (436,933 ) 9,619,877 $ 15,353,111 $ — $ (705,734 ) $ 14,647,377 (1) MBS securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, on the date presented. Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Unrealized Gain Unrealized Loss Estimated Fair Value on December 31, 2014 “AAA” $ 5,304,974 $ — $ (250,624 ) $ 5,054,350 “AA” 10,062,667 — (275,459 ) 9,787,208 $ 15,367,641 $ — $ (526,083 ) $ 14,841,558 (1) MBS securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, on the date presented.

Real Estate Assets (Tables)

Real Estate Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate Assets [Abstract]
Condensed Financial Statements [Table Text Block]	The Glynn Place property’s material financial statement components are reported in the Company’s condensed consolidated financial statements as follows: Financial Statement Descriptions Amount Material Balance Sheet Components Net real estate assets $ 4,039,250 Accounts payable, accrued expenses, and other liabilities $ 63,430 Material Statement of Operations Components Property revenues $ 519,153 Real estate operating expenses $ 299,530 Depreciation and amortization expenses $ 111,340 Net income $ 108,283
Schedule of Condensed Balance Sheet [Table Text Block]	Condensed Consolidating Balance Sheets Partnership on June 30, 2015 Consolidated VIEs on June 30, 2015 Consolidation -Elimination on June 30, 2015 Total on June 30, 2015 Assets Cash and cash equivalents $ 2,628,814 $ — $ — $ 2,628,814 Restricted cash 5,189,604 — — 5,189,604 Interest receivable 5,326,150 — — 5,326,150 Mortgage revenue bonds held in trust, at fair value 408,239,988 — — 408,239,988 Mortgage revenue bonds, at fair value 140,695,997 — — 140,695,997 Public housing capital fund trusts, at fair value 58,991,437 — — 58,991,437 Mortgage-backed securities, at fair value 14,647,377 — — 14,647,377 Real estate assets: Land and improvements 12,597,953 — — 12,597,953 Buildings and improvements 103,858,432 — — 103,858,432 Real estate assets before accumulated depreciation 116,456,385 — — 116,456,385 Accumulated depreciation (14,845,373 ) — — (14,845,373 ) Net real estate assets 101,611,012 — — 101,611,012 Other assets 29,383,813 — — 29,383,813 Assets held for sale 27,075,726 13,296,290 (27,319,367 ) 13,052,649 Total Assets $ 793,789,918 $ 13,296,290 $ (27,319,367 ) $ 779,766,841 Liabilities Accounts payable, accrued expenses and other liabilities $ 4,987,833 $ — $ — $ 4,987,833 Distribution payable 8,436,168 — — 8,436,168 Lines of Credit 48,833,261 — — 48,833,261 Debt financing 366,145,894 — — 366,145,894 Mortgage payable 68,694,929 — — 68,694,929 Derivative swap 742,189 — — 742,189 Liabilities held for sale — 37,580,931 (37,135,805 ) 445,126 Total Liabilities 497,840,274 37,580,931 (37,135,805 ) 498,285,400 Partners' Capital General Partner 294,434 — — 294,434 Beneficial Unit Certificate holders 295,659,036 — 6,701,465 302,360,501 Unallocated loss of Consolidated VIEs — (24,284,641 ) 3,114,973 (21,169,668 ) Total Partners' Capital 295,953,470 (24,284,641 ) 9,816,438 281,485,267 Noncontrolling interest (3,826 ) — — (3,826 ) Total Capital 295,949,644 (24,284,641 ) 9,816,438 281,481,441 Total Liabilities and Partners' Capital $ 793,789,918 $ 13,296,290 $ (27,319,367 ) $ 779,766,841 Partnership on December 31, 2014 Consolidated VIEs on December 31, 2014 Consolidation -Elimination on December 31, 2014 Total on December 31, 2014 Assets Cash and cash equivalents $ 49,157,571 $ — $ — $ 49,157,571 Restricted cash 11,141,496 — — 11,141,496 Interest receivable 4,121,486 — — 4,121,486 Mortgage revenue bonds held in trust, at fair value 378,423,092 — — 378,423,092 Mortgage revenue bonds, at fair value 70,601,045 — — 70,601,045 Public housing capital fund trusts, at fair value 61,263,123 — — 61,263,123 Mortgage-backed securities, at fair value 14,841,558 — — 14,841,558 Real estate assets: Land and improvements 13,753,493 — — 13,753,493 Buildings and improvements 110,706,173 — — 110,706,173 Real estate assets before accumulated depreciation 124,459,666 — — 124,459,666 Accumulated depreciation (14,108,154 ) — — (14,108,154 ) Net real estate assets 110,351,512 — — 110,351,512 Other assets 31,134,319 — — 31,134,319 Assets held for sale 27,640,053 13,456,861 (27,892,899 ) 13,204,015 Total Assets $ 758,675,255 $ 13,456,861 $ (27,892,899 ) $ 744,239,217 Liabilities Accounts payable, accrued expenses and other liabilities $ 4,123,346 $ — $ — $ 4,123,346 Distribution payable 7,617,390 — — 7,617,390 Debt financing 345,359,000 — — 345,359,000 Mortgages payable 76,707,834 — — 76,707,834 Liabilities held for sale — 36,956,477 (36,452,734 ) 503,743 Total Liabilities 433,807,570 36,956,477 (36,452,734 ) 434,311,313 Partners' Capital General Partner 578,238 — — 578,238 Beneficial Unit Certificate holders 324,305,442 — 6,151,675 330,457,117 Unallocated deficit of Consolidated VIEs — (23,499,616 ) 2,408,160 (21,091,456 ) Total Partners' Capital 324,883,680 (23,499,616 ) 8,559,835 309,943,899 Noncontrolling interest (15,995 ) — — (15,995 ) Total Capital 324,867,685 (23,499,616 ) 8,559,835 309,927,904 Total Liabilities and Partners' Capital $ 758,675,255 $ 13,456,861 $ (27,892,899 ) $ 744,239,217
Schedule of Condensed Income Statement [Table Text Block]	Condensed Consolidating Statements of Operations for the three and six months ended June 30, 2015 and 2014: Partnership For the Three Months Ended June 30, 2015 Consolidated VIEs For the Three Months Ended June 30, 2015 Consolidation -Elimination For the Three Months Ended June 30, 2015 Total For the Three Months Ended June 30, 2015 Revenues: Property revenues $ 4,086,061 $ — $ — $ 4,086,061 Investment income 9,388,661 — — 9,388,661 Gain on sale of MF Property 3,417,462 — — 3,417,462 Other interest income 227,383 — — 227,383 Total revenues 17,119,567 — — 17,119,567 Expenses: Real estate operating (exclusive of items shown below) 2,275,275 — — 2,275,275 Provision for loss on receivables 98,431 — — 98,431 Depreciation and amortization 1,743,317 — — 1,743,317 Interest 2,993,134 — — 2,993,134 General and administrative 2,026,115 — — 2,026,115 Total expenses 9,136,272 — — 9,136,272 Income from continuing operations 7,983,295 — — 7,983,295 Income (loss) from discontinued operations 170,333 (287,857 ) 355,811 238,287 Net income (loss) 8,153,628 (287,857 ) 355,811 8,221,582 Net income attributable to noncontrolling interest 311 — — 311 Net income (loss) - America First Multifamily Investors, L. P. $ 8,153,317 $ (287,857 ) $ 355,811 $ 8,221,271 Partnership For the Three Months Ended June 30, 2014 Consolidated VIEs For the Three Months Ended June 30, 2014 Consolidation -Elimination For the Three Months Ended June 30, 2014 Total For the Three Months Ended June 30, 2014 Revenues: Property revenues $ 3,134,220 $ — $ — $ 3,134,220 Investment income 6,241,475 — — 6,241,475 Gain on mortgage revenue bond redemption 849,655 — — 849,655 Other interest income 242,077 — — 242,077 Total revenues 10,467,427 — — 10,467,427 Expenses: Real estate operating (exclusive of items shown below) 1,807,044 — — 1,807,044 Depreciation and amortization 1,291,497 — — 1,291,497 Interest 2,342,436 — — 2,342,436 General and administrative 1,398,879 — — 1,398,879 Total expenses 6,839,856 — — 6,839,856 Income from continuing operations 3,627,571 — — 3,627,571 Income from discontinued operations 172,194 (477,027 ) 335,345 30,512 Net income (loss) 3,799,765 (477,027 ) 335,345 3,658,083 Net loss attributable to noncontrolling interest (374 ) — — (374 ) Net income (loss) - America First Multifamily Investors, L. P. $ 3,800,139 $ (477,027 ) $ 335,345 $ 3,658,457 Partnership For the Six Months Ended June 30, 2015 Consolidated VIEs For the Six Months Ended June 30, 2015 Consolidation -Elimination For the Six Months Ended June 30, 2015 Total For the Six Months Ended June 30, 2015 Revenues: Property revenues $ 8,388,362 $ — $ — $ 8,388,362 Investment income 17,368,445 — — 17,368,445 Gain on sale of MF Property 3,417,462 — — 3,417,462 Other interest income 451,923 — — 451,923 Total revenues 29,626,192 — — 29,626,192 Expenses: Real estate operating (exclusive of items shown below) 4,746,305 — — 4,746,305 Provision for loss on receivables 98,431 — — 98,431 Depreciation and amortization 3,536,095 — — 3,536,095 Interest 6,929,310 — — 6,929,310 General and administrative 3,833,596 — — 3,833,596 Total expenses 19,143,737 — — 19,143,737 Income from continuing operations 10,482,455 — — 10,482,455 Income from discontinued operations 340,927 (785,027 ) 706,815 262,715 Net income (loss) 10,823,382 (785,027 ) 706,815 10,745,170 Net loss attributable to noncontrolling interest (580 ) — — (580 ) Net income (loss) - America First Multifamily Investors, L. P. $ 10,823,962 $ (785,027 ) $ 706,815 $ 10,745,750 Partnership For the Six Months Ended June 30, 2014 Consolidated VIEs For the Six Months Ended June 30, 2014 Consolidation -Elimination For the Six Months Ended June 30, 2014 Total For the Six Months Ended June 30, 2014 Revenues: Property revenues $ 6,284,564 $ — $ — $ 6,284,564 Investment income 12,447,033 — — 12,447,033 Gain on mortgage revenue bond redemption 3,684,898 3,684,898 Other interest income 450,900 — — 450,900 Total revenues 22,867,395 — — 22,867,395 Expenses: Real estate operating (exclusive of items shown below) 3,457,691 — — 3,457,691 Depreciation and amortization 2,672,063 — — 2,672,063 Interest 4,453,185 — — 4,453,185 General and administrative 2,669,805 — — 2,669,805 Total expenses 13,252,744 — — 13,252,744 Income from continuing operations 9,614,651 — — 9,614,651 Income (loss) from discontinued operations 344,611 (921,125 ) 666,672 90,158 Net income (loss) 9,959,262 (921,125 ) 666,672 9,704,809 Net loss attributable to noncontrolling interest (477 ) — — (477 ) Net income (loss) - America First Multifamily Investors, L. P. $ 9,959,739 $ (921,125 ) $ 666,672 $ 9,705,286
Schedule of Real Estate Properties [Table Text Block]	The Company had the following investments in MF Properties on June 30, 2015 and December 31, 2014 : MF Properties Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on June 30, 2015 Arboretum Omaha, NE 145 $ 1,748,502 $ 19,256,379 $ 21,004,881 Eagle Village Evansville, IN 511 567,880 12,527,343 13,095,223 Glynn Place Brunswick, GA 128 743,996 4,974,694 5,718,690 Northern View (f/k/a Meadowview) Highland Heights, KY 254 688,539 6,221,693 6,910,232 Residences of DeCordova Granbury, TX 110 1,137,832 8,035,156 9,172,988 Residences of Weatherford Weatherford, TX 76 1,942,229 5,732,475 7,674,704 The 50/50 MF Property Lincoln, NE 475 — 32,903,791 32,903,791 Woodland Park Topeka, KS 236 1,265,160 14,210,101 15,475,261 111,955,770 Less accumulated depreciation (depreciation expense of approximately $2.8 million in 2015) (14,845,373 ) Balance on June 30, 2015 $ 97,110,397 MF Properties Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2014 Arboretum Omaha, NE 145 $ 1,748,502 $ 19,216,623 $ 20,965,125 Eagle Village Evansville, IN 511 567,880 12,472,151 13,040,031 Glynn Place Brunswick, GA 128 743,996 4,995,658 5,739,654 Northern View (f/k/a Meadowview) Highland Heights, KY 224 688,539 5,479,342 6,167,881 Residences of DeCordova Granbury, TX 110 1,137,832 8,007,390 9,145,222 Residences of Weatherford Weatherford, TX 76 1,942,229 5,724,456 7,666,685 The 50/50 MF Property Lincoln, NE 475 — 32,820,776 32,820,776 The Colonial Omaha, NE 258 1,180,058 7,822,681 9,002,739 Woodland Park Topeka, KS 236 1,265,160 14,167,096 15,432,256 119,980,369 Less accumulated depreciation (depreciation expense of approximately $4.8 million in 2014) (14,108,154 ) Balance on December 31, 2014 $ 105,872,215

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Other Assets [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The following is a summary of the property loans receivable, accrued interest and loan loss reserves on the amounts due on June 30, 2015 and December 31, 2014 , respectively: June 30, 2015 Outstanding Balance Accrued Interest Loan Loss Reserves Interest Allowance Net Property Loans Arbors at Hickory Ridge $ 191,264 $ 32,891 $ — $ — $ 224,155 Ashley Square 5,078,342 2,659,092 (3,596,342 ) (2,659,092 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 33,928 — — 308,424 Avistar (June 2013 portfolio) 251,622 31,100 — — 282,722 Cross Creek 7,040,589 2,218,225 (3,447,472 ) (2,218,225 ) 3,593,117 Foundation for Affordable Housing 1,491,791 — — — 1,491,791 Greens Property 850,000 286,085 — — 1,136,085 Lake Forest 4,618,704 2,836,114 (55,000 ) (2,815,279 ) 4,584,539 Ohio Properties 2,390,446 1,060,321 — (373,160 ) 3,077,607 Silver Moon Lodge Apartments 2,813,452 5,714 — — 2,819,166 Suites on Paseo 567,340 17,020 — (17,020 ) 567,340 $ 25,568,046 $ 9,180,490 $ (7,098,814 ) $ (8,082,776 ) $ 19,566,946 December 31, 2014 Outstanding Balance Accrued Interest Loan Loss Reserves Interest Allowance Net Property Loans Arbors at Hickory Ridge $ 191,264 $ 26,047 $ — $ — $ 217,311 Ashley Square 5,078,342 2,455,660 (3,596,342 ) (2,455,660 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 16,470 — — 290,966 Avistar (June 2013 portfolio) 251,622 15,097 — — 266,719 Cross Creek 6,976,087 2,084,804 (3,447,472 ) (2,084,804 ) 3,528,615 Foundation for Affordable Housing 1,560,553 1,735 — — 1,562,288 Greens Property 850,000 231,342 — — 1,081,342 Lake Forest 4,618,704 2,599,613 (55,000 ) (2,578,778 ) 4,584,539 Ohio Properties 2,390,447 894,044 — (307,832 ) 2,976,659 $ 22,191,515 $ 8,324,812 $ (7,098,814 ) $ (7,427,074 ) $ 15,990,439
Schedule of Other Assets [Table Text Block]	The Company had the following Other Assets on the dates shown: June 30, 2015 December 31, 2014 Property loans receivable $ 25,568,046 $ 22,191,515 Less: Loan loss reserves (7,098,814 ) (7,098,814 ) Deferred financing costs - net 4,595,073 4,659,104 Fair value of derivative contracts 298,228 267,669 Taxable bonds at fair value 4,711,687 4,616,565 Bond purchase commitments - fair value adjustment (Notes 4 & 16) 883,999 5,780,413 Other assets 425,594 717,867 Total Other assets $ 29,383,813 $ 31,134,319
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]	The following is a detail of loan loss reserves for the six months ended June 30, 2015 and year ended December 31, 2014: June 30, 2015 December 31, 2014 Balance, beginning of year $ 7,098,814 $ 7,023,814 Provision for loan loss — 75,000 Balance, end of year $ 7,098,814 $ 7,098,814

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	The following represents the components of the assets and liabilities of discontinued operations: June 30, 2015 December 31, 2014 Cash and cash equivalents $ 12,364 $ 35,772 Restricted cash 591,729 544,233 Land and Land Improvements 1,836,400 1,836,400 Buildings and improvements 21,304,112 21,204,047 Real estate assets before accumulated depreciation 23,140,512 23,040,447 Accumulated depreciation (10,782,996 ) (10,583,647 ) Net real estate assets 12,357,516 12,456,800 Other assets 91,040 167,210 Total assets from discontinued operations 13,052,649 13,204,015 Accounts payable and accrued expenses 445,126 503,743 Mortgage payable — — Total liabilities from discontinued operations 445,126 503,743 Net assets of discontinued operations $ 12,607,523 $ 12,700,272 The following presents the revenues, expenses and income from discontinued operations: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Rental revenues $ 817,533 $ 785,552 $ 1,621,601 $ 1,586,424 Expenses 579,246 755,040 1,358,886 1,496,266 Net Income from discontinued operations $ 238,287 $ 30,512 $ 262,715 $ 90,158

Debt Financing (Tables)

Debt Financing (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Financing [Abstract]
Schedule of Debt [Table Text Block]	Tender Option Bond Financings June 30, 2015 Description of the Tender Option Bond Financings Outstanding Debt Financing Interest Rate Stated Maturity PHC Certificates-TOB Trust $ 43,985,000 2.30 % December 2015 MBS - TOB Trust 1 2,585,000 1.16 % October 2015 MBS - TOB Trust 2 4,090,000 1.16 % October 2015 MBS - TOB Trust 5 5,270,000 1.16 % October 2015 The Suites on Paseo - TOB Trust 15,000,000 4.05 % November 2015 Decatur Angle - TOB Trust 21,850,000 4.34 % October 2016 Live 929 - TOB Trust 34,940,000 4.47 % July 2019 Bruton Apartments - TOB Trust 17,250,000 4.55 % July 2017 Pro Nova 2014-1 - TOB Trust 9,010,000 4.05 % July 2017 Pro Nova 2014-2 - TOB Trust 8,375,000 4.05 % July 2017 Concord at Gulfgate - TOB Trust 11,940,000 2.80 % February 2018 Concord at Little York - TOB Trust 8,735,000 2.80 % February 2018 Concord at Williamcrest - TOB Trust 12,610,000 2.80 % February 2018 Total TOB Debt Financing $ 195,640,000 December 31, 2014 Description of the Tender Option Bond Financings Outstanding Debt Financing Interest Rate Stated Maturity PHC Certificates-TOB Trust $ 44,675,000 2.20 % June 2015 MBS - TOB Trust 1 2,585,000 1.12 % April 2015 MBS - TOB Trust 2 4,090,000 1.12 % April 2015 MBS - TOB Trust 5 5,270,000 1.06 % April 2015 The Suites on Paseo - TOB Trust 25,535,000 1.96 % June 2015 TOB - Decatur Angle - TOB Trust 21,850,000 4.34 % October 2016 Live 929 - TOB Trust 34,975,000 4.47 % July 2019 Bruton Apartments - TOB Trust 17,250,000 4.55 % July 2017 Pro Nova 2014-1 - TOB Trust 9,010,000 4.05 % July 2017 Pro Nova 2014-2 - TOB Trust 9,010,000 4.05 % July 2017 Total TOB Debt Financing $ 174,250,000
Schedule of Maturities of Long-term Debt [Table Text Block]	The Company’s aggregate borrowings on June 30, 2015 contractually mature over the next five years and thereafter as follows: 2015 $ 72,519,759 2016 24,561,861 2017 108,927,702 2018 34,484,657 2019 125,651,915 Thereafter — Total $ 366,145,894 The Company’s mortgages payable on June 30, 2015 contractually mature over the next five years and thereafter as follows: 2015 $ 8,501,943 2016 1,097,066 2017 30,402,796 2018 4,592,269 2019 24,100,855 Thereafter — Total $ 68,694,929
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 on June 30, 2015 and December 31, 2014 are as follows: Description of Mortgage Revenue Bonds Outstanding Bond Par Amounts June 30, 2015 December 31, 2014 Financial Statement Presentation Ashley Square $ 5,129,000 $ 5,159,000 Mortgage revenue bond Bella Vista 6,430,000 6,490,000 Mortgage revenue bond Bent Tree 7,423,000 7,465,000 Assets held for sale Bridle Ridge 7,625,000 7,655,000 Mortgage revenue bond Brookstone 9,212,970 9,256,001 Mortgage revenue bond Cross Creek 8,383,770 8,422,997 Mortgage revenue bond Fairmont Oaks 7,218,000 7,266,000 Assets held for sale Lake Forest 8,826,000 8,886,000 Mortgage revenue bond Runnymede 10,395,000 10,440,000 Mortgage revenue bond Southpark 13,680,000 13,680,000 Mortgage revenue bond Woodlynn Village 4,371,000 4,390,000 Mortgage revenue bond Ohio Series A Bond (1) 14,359,000 14,407,000 Mortgage revenue bond Total $ 103,052,740 $ 103,516,998 (1) Collateralized by Crescent Village, Postwoods, and Willow Bend The par value of the mortgage revenue bonds included in the M31 TEBS financing facility on June 30, 2015 and December 31, 2014 are as follows: Description of Mortgage Revenue Bonds Outstanding Bond Par Amounts June 30, 2015 December 31, 2014 Financial Statement Presentation Arbors at Hickory Ridge $ 11,450,000 $ 11,450,000 Mortgage revenue bond Avistar at Chase Hill A Bond 9,978,838 10,000,000 Mortgage revenue bond Avistar at the Crest A Bond 9,679,473 9,700,000 Mortgage revenue bond Avistar at the Oaks A Bond 7,800,000 7,800,000 Mortgage revenue bond Avistar in 09 A Bond 6,735,000 6,735,000 Mortgage revenue bond Avistar on the Boulevard A Bond 16,490,029 16,525,000 Mortgage revenue bond Avistar on the Hills A Bond 5,389,000 5,389,000 Mortgage revenue bond Copper Gate Apartments 5,220,000 5,220,000 Mortgage revenue bond Greens Property A Bond 8,330,000 8,366,000 Mortgage revenue bond Harden Ranch A Bond 6,960,000 6,960,000 Mortgage revenue bond The Palms at Premier Park Apartments 20,084,554 20,152,000 Mortgage revenue bond Tyler Park Apartments A Bond 6,075,000 6,075,000 Mortgage revenue bond Westside Village A Bond 3,970,000 3,970,000 Mortgage revenue bond Total $ 118,161,894 $ 118,342,000 Effective July 1, 2015, the Partnership transferred the following mortgage revenue bonds to the 2015 Sponsor pursuant to the M33 TEBS financing described above: July 1, 2015 Description of Mortgage Revenue Bonds Bond Par Amount Financial Statement Presentation Glenview Apartments A Bond $ 4,670,000 Mortgage revenue bond Heritage Square A Bond 11,185,000 Mortgage revenue bond Montclair Apartments A Bond 2,530,000 Mortgage revenue bond Avistar at the Parkway A Bond 13,300,000 Mortgage revenue bond Renaissance Gateway 11,491,928 Mortgage revenue bond Santa Fe Apartments A Bond 3,065,000 Mortgage revenue bond Silver Moon Lodge Apartments A Bond 8,000,000 Mortgage revenue bond Vantage at Harlingen B Bond 24,575,000 Mortgage revenue bond Vantage at Judson B Bond 26,540,000 Mortgage revenue bond Total $ 105,356,928

Mortgages Payable (Tables)

Mortgages Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Mortgages Payable [Abstract]
Schedule of Maturities of Long-term Debt [Table Text Block]	The Company’s aggregate borrowings on June 30, 2015 contractually mature over the next five years and thereafter as follows: 2015 $ 72,519,759 2016 24,561,861 2017 108,927,702 2018 34,484,657 2019 125,651,915 Thereafter — Total $ 366,145,894 The Company’s mortgages payable on June 30, 2015 contractually mature over the next five years and thereafter as follows: 2015 $ 8,501,943 2016 1,097,066 2017 30,402,796 2018 4,592,269 2019 24,100,855 Thereafter — Total $ 68,694,929

Interest Rate Derivative Agre37

Interest Rate Derivative Agreements (Tables)	6 Months Ended
	Jun. 30, 2015
Interest Rate Derivative Agreements [Abstract]
Schedule of Derivative Instruments [Table Text Block]	On June 30, 2015, the terms of the nine derivative agreements are as follows: Date Purchased Notional Amount Effective Capped Rate Maturity Date Purchase Price Counterparty September 2, 2010 $ 31,936,667 3.00 % September 1, 2017 $ 921,000 Bank of New York Mellon September 2, 2010 $ 31,936,667 3.00 % September 1, 2017 $ 845,600 Barclays Bank PLC September 2, 2010 $ 31,936,667 3.00 % September 1, 2017 $ 928,000 Royal Bank of Canada August 15, 2013 $ 93,305,000 1.50 % September 1, 2017 $ 793,000 Deutsche Bank February 18, 2014 $ 41,250,000 1.00 % March 1, 2017 $ 230,500 SMBC Capital Markets, Inc February 18, 2014 $ 11,000,000 1.00 % March 1, 2017 $ 150,500 SMBC Capital Markets, Inc July 10, 2014 $ 31,565,000 3.00 % August 15, 2019 $ 315,200 Barclays Bank PLC July 10, 2014 $ 31,565,000 3.00 % August 15, 2019 $ 343,000 Royal Bank of Canada July 10, 2014 $ 31,565,000 3.00 % August 15, 2019 $ 333,200 SMBC Capital Markets, Inc

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 Description Assets and Liabilities 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 and Liabilities Mortgage Revenue Bonds $ 548,935,985 $ — $ — $ 548,935,985 Bond Purchase Commitments 883,999 — — 883,999 Public Housing Capital Fund Trust Certificates 58,991,437 — — 58,991,437 Mortgage-Backed Securities 14,647,377 — 14,647,377 — Taxable Mortgage Bonds 4,711,687 — — 4,711,687 Interest Rate Derivatives (443,961 ) — — (443,961 ) Total Assets and Liabilities at Fair Value $ 627,726,524 $ — $ 14,647,377 $ 613,079,147 For Three Months Ended June 30, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments Public Housing Capital Fund Trust Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance April 1, 2015 $ 507,898,698 $ 5,204,188 $ 60,272,941 $ 4,411,214 $ (642,704 ) $ 577,144,337 Total gains (losses) (realized/unrealized) Included in earnings — — — — 198,743 198,743 Included in other comprehensive income (loss) (16,544,139 ) (4,320,189 ) (304,327 ) (128,709 ) — (21,297,364 ) Purchases 72,540,000 — — 500,000 — 73,040,000 Settlements (14,958,574 ) — (977,177 ) (70,818 ) — (16,006,569 ) Ending Balance June 30, 2015 $ 548,935,985 $ 883,999 $ 58,991,437 $ 4,711,687 $ (443,961 ) $ 613,079,147 Total amount of gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held on June 30, 2015 $ — $ — $ — $ — $ 198,743 $ 198,743 For Six Months Ended June 30, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments Public Housing Capital Fund Trust Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2015 $ 449,024,137 $ 5,780,413 $ 61,263,123 $ 4,616,565 $ 267,669 $ 520,951,907 Total gains (losses) (realized/unrealized) Included in earnings — — — — (701,130 ) (701,130 ) Included in other comprehensive income (loss) (16,469,539 ) (4,896,414 ) (1,280,859 ) (334,060 ) — (22,980,872 ) Purchases 131,485,000 — — 500,000 — 131,985,000 Refund of interest rate derivative cost — — — — (10,500 ) (10,500 ) Settlements (15,103,613 ) — (990,827 ) (70,818 ) — (16,165,258 ) Ending Balance June 30, 2015 $ 548,935,985 $ 883,999 $ 58,991,437 $ 4,711,687 $ (443,961 ) $ 613,079,147 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 on June 30, 2015 $ — $ — $ — $ — $ (701,130 ) $ (701,130 ) Fair Value Measurements at December 31, 2014 Description Assets and Liabilities 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 and Liabilities Mortgage Revenue Bonds $ 449,024,137 $ — $ — $ 449,024,137 Bond Purchase Commitments 5,780,413 — — 5,780,413 Public Housing Capital Fund Trusts 61,263,123 — — 61,263,123 Mortgage-Backed Securities 14,841,558 — 14,841,558 — Taxable Mortgage Bonds 4,616,565 — — 4,616,565 Interest Rate Derivatives 267,669 — — 267,669 Total Assets and Liabilities at Fair Value $ 535,793,465 $ — $ 14,841,558 $ 520,951,907 For Three Months Ended June 30, 2014 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments Public Housing Capital Fund Trust Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance April 1, 2014 $ 316,471,727 $ (1,362,940 ) $ 62,070,540 $ 4,298,957 $ 1,103,783 $ 382,582,067 Total gains (losses) (realized/unrealized) Included in earnings — — — — (434,071 ) (434,071 ) Included in other comprehensive income 10,960,638 1,697,307 3,138,575 146,066 — 15,942,586 Purchases 41,876,327 — — — — 41,876,327 Mortgage revenue bond and MBS sales and redemption (12,828,660 ) — — — — (12,828,660 ) Settlements (166,967 ) — (211,397 ) (75,000 ) — (453,364 ) Ending Balance June 30, 2014 $ 356,313,065 $ 334,367 $ 64,997,718 $ 4,370,023 $ 669,712 $ 426,684,885 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 on June 30, 2014 $ — $ — $ — $ — $ (434,071 ) $ (434,071 ) For Six Months Ended June 30, 2014 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments Public Housing Capital Fund Trust Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2014 $ 285,318,171 $ (4,852,177 ) $ 62,056,379 $ 4,075,953 $ 888,120 $ 347,486,446 Total losses (realized/unrealized) Included in earnings — — — — (609,908 ) (609,908 ) Included in other comprehensive income (loss) 25,033,658 5,186,544 4,796,434 369,070 — 35,385,706 Purchases 76,655,127 — — — — 76,655,127 Purchase interest rate derivatives — — — — 391,500 391,500 Mortgage revenue bond and MBS sales and redemption (30,464,798 ) — — — — (30,464,798 ) Settlements (229,093 ) — (1,855,095 ) (75,000 ) — (2,159,188 ) Ending Balance June 30, 2014 $ 356,313,065 $ 334,367 $ 64,997,718 $ 4,370,023 $ 669,712 $ 426,684,885 Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held on June 30, 2014 $ — $ — $ — $ — $ (609,908 ) $ (609,908 )
Fair Value, by Balance Sheet Grouping [Table Text Block]	The table below represents the fair value of the debt held on the condensed consolidated balance sheet on June 30, 2015 and December 31, 2014, respectively. June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 414,979,155 $ 416,555,830 $ 345,359,000 $ 346,813,909 Mortgages payable $ 68,694,929 $ 67,490,490 $ 76,707,845 $ 76,134,465

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	On June 30, 2015 and December 31, 2014 the forward bond purchase commitments outstanding and the related fair values are as follows: Forward Bond Purchase Commitments Date Commitment Amount Rate Fair Value on June 30, 2015 Fair Value on December 31, 2014 Silver Moon Apartments June 2013 $ 8,000,000 6.00 % $ — $ 413,600 Vantage at Harlingen - B bonds August 2013 $ 18,000,000 6.00 % $ — $ 1,433,700 Vantage at Judson - B bonds December 2012 $ 26,700,000 6.00 % $ — $ 1,990,535 15 West Apartments July 2014 $ 9,900,000 6.25 % $ 413,996 $ 809,178 Plano at Gateway Apartments December 2014 $ 20,000,000 6.00 % $ 325,600 $ 1,133,400 Village at Rivers Edge May 2015 $ 11,000,000 6.00 % $ 144,403 $ —

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
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 and six months ended June 30, 2015 and 2014 reflecting the impact of the segment changes discussed above, with the prior year periods recast in order to present that information on a basis consistent with the current year: For the Three Months Ended, For the Six Months Ended, June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Total revenues Mortgage Revenue Bond Investments $ 8,678,337 $ 6,160,515 $ 15,996,898 $ 14,188,151 MF Properties 7,503,523 3,134,220 11,805,824 6,284,564 Public Housing Capital Fund Trust Certificates 784,846 776,174 1,517,749 1,577,002 Mortgage-Backed Securities 152,861 396,518 305,721 817,678 Total revenues $ 17,119,567 $ 10,467,427 $ 29,626,192 $ 22,867,395 Interest expense Mortgage Revenue Bond Investments $ 2,010,745 $ 1,433,367 $ 4,899,865 $ 2,524,489 MF Properties 640,909 460,210 1,353,808 1,023,550 Public Housing Capital Fund Trust Certificates 300,580 334,840 597,040 672,397 Mortgage-Backed Securities 40,900 114,019 78,597 232,749 Total interest expense $ 2,993,134 $ 2,342,436 $ 6,929,310 $ 4,453,185 Depreciation expense Mortgage Revenue Bond Investments $ — $ — $ — $ — MF Properties 1,389,700 1,027,112 2,843,879 2,046,478 Public Housing Capital Fund Trust Certificates — — — — Mortgage-Backed Securities — — — — Total depreciation expense $ 1,389,700 $ 1,027,112 $ 2,843,879 $ 2,046,478 Income (loss) from continuing operations Mortgage Revenue Bond Investments $ 4,256,767 $ 3,114,680 $ 6,606,289 $ 8,570,363 MF Properties 3,138,054 (203,660 ) 2,743,522 (428,271 ) Public Housing Capital Fund Trust Certificates 476,813 434,180 905,961 890,298 Mortgage-Backed Securities 111,661 282,371 226,683 582,261 Net income - America First Multifamily Investors, L. P. $ 7,983,295 $ 3,627,571 $ 10,482,455 $ 9,614,651 Net income (loss) Mortgage Revenue Bond Investments $ 4,256,767 $ 3,114,680 $ 6,606,289 $ 8,570,363 MF Properties 3,137,743 (203,286 ) 2,744,102 (427,794 ) Public Housing Capital Fund Trust Certificates 476,813 434,180 905,961 890,298 Mortgage-Backed Securities 111,661 282,371 226,683 582,261 Discontinued operations 238,287 30,512 262,715 90,158 Net income - America First Multifamily Investors, L. P. $ 8,221,271 $ 3,658,457 $ 10,745,750 $ 9,705,286 The following table reports the total assets for the Company’s reportable segments on June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Total assets Mortgage Revenue Bond Investments $ 702,461,694 $ 698,637,412 MF Properties 103,720,986 101,696,235 Public Housing Capital Fund Trust Certificates 59,311,332 61,577,848 Mortgage-Backed Securities 14,907,129 15,101,309 Assets held for sale 13,052,649 13,204,015 Consolidation/eliminations (113,686,949 ) (145,977,602 ) Total assets $ 779,766,841 $ 744,239,217

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
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 on June 30, 2015 and December 31, 2014 are as follows: Description of Mortgage Revenue Bonds Outstanding Bond Par Amounts June 30, 2015 December 31, 2014 Financial Statement Presentation Ashley Square $ 5,129,000 $ 5,159,000 Mortgage revenue bond Bella Vista 6,430,000 6,490,000 Mortgage revenue bond Bent Tree 7,423,000 7,465,000 Assets held for sale Bridle Ridge 7,625,000 7,655,000 Mortgage revenue bond Brookstone 9,212,970 9,256,001 Mortgage revenue bond Cross Creek 8,383,770 8,422,997 Mortgage revenue bond Fairmont Oaks 7,218,000 7,266,000 Assets held for sale Lake Forest 8,826,000 8,886,000 Mortgage revenue bond Runnymede 10,395,000 10,440,000 Mortgage revenue bond Southpark 13,680,000 13,680,000 Mortgage revenue bond Woodlynn Village 4,371,000 4,390,000 Mortgage revenue bond Ohio Series A Bond (1) 14,359,000 14,407,000 Mortgage revenue bond Total $ 103,052,740 $ 103,516,998 (1) Collateralized by Crescent Village, Postwoods, and Willow Bend The par value of the mortgage revenue bonds included in the M31 TEBS financing facility on June 30, 2015 and December 31, 2014 are as follows: Description of Mortgage Revenue Bonds Outstanding Bond Par Amounts June 30, 2015 December 31, 2014 Financial Statement Presentation Arbors at Hickory Ridge $ 11,450,000 $ 11,450,000 Mortgage revenue bond Avistar at Chase Hill A Bond 9,978,838 10,000,000 Mortgage revenue bond Avistar at the Crest A Bond 9,679,473 9,700,000 Mortgage revenue bond Avistar at the Oaks A Bond 7,800,000 7,800,000 Mortgage revenue bond Avistar in 09 A Bond 6,735,000 6,735,000 Mortgage revenue bond Avistar on the Boulevard A Bond 16,490,029 16,525,000 Mortgage revenue bond Avistar on the Hills A Bond 5,389,000 5,389,000 Mortgage revenue bond Copper Gate Apartments 5,220,000 5,220,000 Mortgage revenue bond Greens Property A Bond 8,330,000 8,366,000 Mortgage revenue bond Harden Ranch A Bond 6,960,000 6,960,000 Mortgage revenue bond The Palms at Premier Park Apartments 20,084,554 20,152,000 Mortgage revenue bond Tyler Park Apartments A Bond 6,075,000 6,075,000 Mortgage revenue bond Westside Village A Bond 3,970,000 3,970,000 Mortgage revenue bond Total $ 118,161,894 $ 118,342,000 Effective July 1, 2015, the Partnership transferred the following mortgage revenue bonds to the 2015 Sponsor pursuant to the M33 TEBS financing described above: July 1, 2015 Description of Mortgage Revenue Bonds Bond Par Amount Financial Statement Presentation Glenview Apartments A Bond $ 4,670,000 Mortgage revenue bond Heritage Square A Bond 11,185,000 Mortgage revenue bond Montclair Apartments A Bond 2,530,000 Mortgage revenue bond Avistar at the Parkway A Bond 13,300,000 Mortgage revenue bond Renaissance Gateway 11,491,928 Mortgage revenue bond Santa Fe Apartments A Bond 3,065,000 Mortgage revenue bond Silver Moon Lodge Apartments A Bond 8,000,000 Mortgage revenue bond Vantage at Harlingen B Bond 24,575,000 Mortgage revenue bond Vantage at Judson B Bond 26,540,000 Mortgage revenue bond Total $ 105,356,928

Basis of Presentation Percentag

Basis of Presentation Percentage of Ownership (Details) - Jun. 30, 2015 - Consolidated Properties [Member] - properties	Total
Number of Real Estate Properties	8
Limited Partner [Member]
Noncontrolling Interest, Ownership Percentage by Parent	99.00%
Number of Real Estate Properties	2

Partnership Income, Expense a43

Partnership Income, Expense and Cash Distributions Narrative Tagging (Details)	Jun. 30, 2015
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 Prop

Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details)	Jun. 30, 2015USD ($)
Mortgage revenue bonds [Member]
Maximum Exposure to Loss	$ 75,079,948
Carrying Value	79,189,526
Property Loan [Member]
Maximum Exposure to Loss	14,149,717
Carrying Value	7,894,283
Ashley Square [Member] | Mortgage revenue bonds [Member]
Maximum Exposure to Loss	5,129,000
Carrying Value	5,495,037
Ashley Square [Member] | Property Loan [Member]
Maximum Exposure to Loss	7,737,434
Carrying Value	1,482,000
Bruton Apts [Member] | Mortgage revenue bonds [Member]
Maximum Exposure to Loss	18,145,000
Carrying Value	18,750,735
Bruton Apts [Member] | Property Loan [Member]
Maximum Exposure to Loss	0
Carrying Value	0
Cross Creek [Member] | Mortgage revenue bonds [Member]
Maximum Exposure to Loss	6,088,948
Carrying Value	8,575,187
Cross Creek [Member] | Property Loan [Member]
Maximum Exposure to Loss	3,593,117
Carrying Value	3,593,117
Glenview Apts [Member] | Mortgage revenue bonds [Member]
Maximum Exposure to Loss	6,723,000
Carrying Value	6,721,520
Glenview Apts [Member] | Property Loan [Member]
Maximum Exposure to Loss	0
Carrying Value	0
Harden Ranch [Member] | Mortgage revenue bonds [Member]
Maximum Exposure to Loss	9,300,000
Carrying Value	9,626,989
Harden Ranch [Member] | Property Loan [Member]
Maximum Exposure to Loss	0
Carrying Value	0
Montclair Apts [Member] | Mortgage revenue bonds [Member]
Maximum Exposure to Loss	3,458,000
Carrying Value	3,460,656
Montclair Apts [Member] | Property Loan [Member]
Maximum Exposure to Loss	0
Carrying Value	0
Santa Fe Apts [Member] | Mortgage revenue bonds [Member]
Maximum Exposure to Loss	4,736,000
Carrying Value	4,746,518
Santa Fe Apts [Member] | Property Loan [Member]
Maximum Exposure to Loss	0
Carrying Value	0
Silver Moon [Member] | Mortgage revenue bonds [Member]
Maximum Exposure to Loss	8,000,000
Carrying Value	8,000,000
Silver Moon [Member] | Property Loan [Member]
Maximum Exposure to Loss	2,819,166
Carrying Value	2,819,166
Tyler Park Apartments [Member] | Mortgage revenue bonds [Member]
Maximum Exposure to Loss	8,100,000
Carrying Value	8,287,739
Tyler Park Apartments [Member] | Property Loan [Member]
Maximum Exposure to Loss	0
Carrying Value	0
Westside Village Market [Member] | Mortgage revenue bonds [Member]
Maximum Exposure to Loss	5,400,000
Carrying Value	5,525,145
Westside Village Market [Member] | Property Loan [Member]
Maximum Exposure to Loss	0
Carrying Value	$ 0

Variable Interest Entities Cons

Variable Interest Entities Consolidating Balance Sheet (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets [Abstract]
Cash and cash equivalents	$ 2,628,814	$ 49,157,571
Restricted cash	5,189,604	11,141,496
Interest receivable	5,326,150	4,121,486
Mortgage revenue bonds held in trust, at fair value	408,239,988	378,423,092
Mortgage revenue bonds, at fair value	140,695,997	70,601,045
Public housing capital fund trusts, at fair value	58,991,437	61,263,123
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	14,647,377	14,841,558
Real Estate Assets [Abstract]
Land and improvements	12,597,953	13,753,493
Buildings and improvements	103,858,432	110,706,173
Real estate assets before accumulated depreciation	116,456,385	124,459,666
Accumulated depreciation	(14,845,373)	(14,108,154)
Net real estate assets	101,611,012	110,351,512
Other assets	29,383,813	31,134,319
Assets held for sale (Note 8)	13,052,649	13,204,015
Assets	779,766,841	744,239,217
Liabilities [Abstract]
Accounts payable, accrued expenses and other liabilities	4,987,833	4,123,346
Distribution payable	8,436,168	7,617,390
Line of Credit, Current	48,833,261	0
Debt financing	366,145,894	345,359,000
Mortgages payable	68,694,929	76,707,834
Derivative Assets (Liabilities), at Fair Value, Net	742,189	0
Disposal Group, Including Discontinued Operation, Liabilities, Current	445,126	503,743
Liabilities	498,285,400	434,311,313
Partners' Capital
General Partner	294,434	578,238
Beneficial Unit Certificate holders	302,360,501	330,457,117
Unallocated deficit of Consolidated VIEs	(21,169,668)	(21,091,456)
Total Partners' Capital	281,485,267	309,943,899
Noncontrolling interest	(3,826)	(15,995)
Total Capital	281,481,441	309,927,904	$ 284,791,426	$ 203,122,765
Total Liabilities and Partners' Capital	779,766,841	744,239,217
Partnership [Member]
Assets [Abstract]
Cash and cash equivalents	2,628,814	49,157,571
Restricted cash	5,189,604	11,141,496
Interest receivable	5,326,150	4,121,486
Mortgage revenue bonds held in trust, at fair value	408,239,988	378,423,092
Mortgage revenue bonds, at fair value	140,695,997	70,601,045
Public housing capital fund trusts, at fair value	58,991,437	61,263,123
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	14,647,377	14,841,558
Real Estate Assets [Abstract]
Land and improvements	12,597,953	13,753,493
Buildings and improvements	103,858,432	110,706,173
Real estate assets before accumulated depreciation	116,456,385	124,459,666
Accumulated depreciation	(14,845,373)	(14,108,154)
Net real estate assets	101,611,012	110,351,512
Other assets	29,383,813	31,134,319
Assets held for sale (Note 8)	27,075,726	27,640,053
Assets	793,789,918	758,675,255
Liabilities [Abstract]
Accounts payable, accrued expenses and other liabilities	4,987,833	4,123,346
Distribution payable	8,436,168	7,617,390
Line of Credit, Current	48,833,261
Debt financing	366,145,894	345,359,000
Mortgages payable	68,694,929	76,707,834
Derivative Assets (Liabilities), at Fair Value, Net	742,189
Disposal Group, Including Discontinued Operation, Liabilities, Current	0	0
Liabilities	497,840,274	433,807,570
Partners' Capital
General Partner	294,434	578,238
Beneficial Unit Certificate holders	295,659,036	324,305,442
Unallocated deficit of Consolidated VIEs	0	0
Total Partners' Capital	295,953,470	324,883,680
Noncontrolling interest	(3,826)	(15,995)
Total Capital	295,949,644	324,867,685
Total Liabilities and Partners' Capital	793,789,918	758,675,255
Consolidated VIEs [Member]
Assets [Abstract]
Cash and cash equivalents	0	0
Restricted cash	0	0
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	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	0	0
Assets held for sale (Note 8)	13,296,290	13,456,861
Assets	13,296,290	13,456,861
Liabilities [Abstract]
Accounts payable, accrued expenses and other liabilities	0	0
Distribution payable	0	0
Line of Credit, Current	0
Debt financing	0	0
Mortgages payable	0	0
Derivative Assets (Liabilities), at Fair Value, Net	0
Disposal Group, Including Discontinued Operation, Liabilities, Current	37,580,931	36,956,477
Liabilities	37,580,931	36,956,477
Partners' Capital
General Partner	0	0
Beneficial Unit Certificate holders	0	0
Unallocated deficit of Consolidated VIEs	(24,284,641)	(23,499,616)
Total Partners' Capital	(24,284,641)	(23,499,616)
Noncontrolling interest	0	0
Total Capital	(24,284,641)	(23,499,616)
Total Liabilities and Partners' Capital	13,296,290	13,456,861
Consolidations, Eliminations for VIEs [Member]
Assets [Abstract]
Cash and cash equivalents	0	0
Restricted cash	0	0
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	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	0	0
Assets held for sale (Note 8)	(27,319,367)	(27,892,899)
Assets	(27,319,367)	(27,892,899)
Liabilities [Abstract]
Accounts payable, accrued expenses and other liabilities	0	0
Distribution payable	0	0
Line of Credit, Current	0
Debt financing	0	0
Mortgages payable	0	0
Derivative Assets (Liabilities), at Fair Value, Net	0
Disposal Group, Including Discontinued Operation, Liabilities, Current	(37,135,805)	(36,452,734)
Liabilities	(37,135,805)	(36,452,734)
Partners' Capital
General Partner	0	0
Beneficial Unit Certificate holders	6,701,465	6,151,675
Unallocated deficit of Consolidated VIEs	3,114,973	2,408,160
Total Partners' Capital	9,816,438	8,559,835
Noncontrolling interest	0	0
Total Capital	9,816,438	8,559,835
Total Liabilities and Partners' Capital	$ (27,319,367)	$ (27,892,899)

Variable Interest Entities Co46

Variable Interest Entities Consolidating Income Statement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues [Abstract]
Property revenues	$ 4,086,061	$ 3,134,220	$ 8,388,362	$ 6,284,564
Investment income	9,388,661	6,241,475	17,368,445	12,447,033
Gain on sale of MF Property	3,417,462	0	3,417,462	0
Interest Income, Operating	227,383	242,077	451,923	450,900
Revenues	17,119,567	10,467,427	29,626,192	22,867,395
Expenses [Abstract]
Real estate operating (exclusive of items shown below)	2,275,275	1,807,044	4,746,305	3,457,691
Provision for loss on receivables	98,431	0	98,431	0
Depreciation and amortization	1,743,317	1,291,497	3,536,095	2,672,063
Interest	2,993,134	2,342,436	6,929,310	4,453,185
General and administrative	2,026,115	1,398,879	3,833,596	2,669,805
Total expenses	9,136,272	6,839,856	19,143,737	13,252,744
Net income (loss)	8,221,582	3,658,083	10,745,170	9,704,809
Net income (loss) attributable to noncontrolling interest	311	(374)	(580)	(477)
Net income (loss) - America First Tax Exempt Investors, L.P.	8,221,271	3,658,457	10,745,750	9,705,286
Gain on sale and retirement of bonds	0	849,655	0	3,684,898
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	7,983,295	3,627,571	10,482,455	9,614,651
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	238,287	30,512	262,715	90,158
Partnership [Member]
Revenues [Abstract]
Property revenues	4,086,061	3,134,220	8,388,362	6,284,564
Investment income	9,388,661	6,241,475	17,368,445	12,447,033
Gain on sale of MF Property	3,417,462		3,417,462
Interest Income, Operating	227,383	242,077	451,923	450,900
Revenues	17,119,567	10,467,427	29,626,192	22,867,395
Expenses [Abstract]
Real estate operating (exclusive of items shown below)	2,275,275	1,807,044	4,746,305	3,457,691
Provision for loss on receivables	98,431		98,431
Depreciation and amortization	1,743,317	1,291,497	3,536,095	2,672,063
Interest	2,993,134	2,342,436	6,929,310	4,453,185
General and administrative	2,026,115	1,398,879	3,833,596	2,669,805
Total expenses	9,136,272	6,839,856	19,143,737	13,252,744
Net income (loss)	8,153,628	3,799,765	10,823,382	9,959,262
Net income (loss) attributable to noncontrolling interest	311	(374)	(580)	(477)
Net income (loss) - America First Tax Exempt Investors, L.P.	8,153,317	3,800,139	10,823,962	9,959,739
Gain on sale and retirement of bonds		849,655		3,684,898
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	7,983,295	3,627,571	10,482,455	9,614,651
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	170,333	172,194	340,927	344,611
Consolidated VIEs [Member]
Revenues [Abstract]
Property revenues	0	0	0	0
Investment income	0	0	0	0
Gain on sale of MF Property	0		0
Interest Income, Operating	0	0	0	0
Revenues	0	0	0	0
Expenses [Abstract]
Real estate operating (exclusive of items shown below)	0	0	0	0
Provision for loss on receivables	0		0
Depreciation and amortization	0	0	0	0
Interest	0	0	0	0
General and administrative	0	0	0	0
Total expenses	0	0	0	0
Net income (loss)	(287,857)	(477,027)	(785,027)	(921,125)
Net income (loss) attributable to noncontrolling interest	0	0	0	0
Net income (loss) - America First Tax Exempt Investors, L.P.	(287,857)	(477,027)	(785,027)	$ (921,125)
Gain on sale and retirement of bonds		0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	0	0	0	$ 0
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	(287,857)		(785,027)	(921,125)
Consolidations, Eliminations for VIEs [Member]
Revenues [Abstract]
Property revenues	0	0	0	0
Investment income	0	0	0	0
Gain on sale of MF Property	0		0
Interest Income, Operating	0	0	0	0
Revenues	0	0	0	0
Expenses [Abstract]
Real estate operating (exclusive of items shown below)	0	0	0	0
Provision for loss on receivables	0		0
Depreciation and amortization	0	0	0	0
Interest	0	0	0	0
General and administrative	0	0	0	0
Total expenses	0	0	0	0
Net income (loss)	355,811	335,345	706,815	666,672
Net income (loss) attributable to noncontrolling interest	0	0	0	0
Net income (loss) - America First Tax Exempt Investors, L.P.	355,811	335,345	706,815	$ 666,672
Gain on sale and retirement of bonds		0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	0	$ 0	0	$ 0
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 355,811		$ 706,815	$ 666,672

Variable Interest Entities Narr

Variable Interest Entities Narrative Tagging (Details) - Jun. 30, 2015	ownersproperties
Available-for-Sale Securities, Ownership Percentage	100.00%
Number of Variable Interest Entities	12
Total Owners [Member]
Number of Owners | owners	3
Related party owner [Member]
Number of Owners | owners	1
Consolidated VIEs [Member]
Number of Variable Interest Entities	2
Unconsolidated Properties [Member]
Number of Variable Interest Entities	10

Investments in Mortgage Reven48

Investments in Mortgage Revenue Bonds Investments in Mortgage Revenue Bonds(Details) - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust		$ 385,243,009	$ 338,861,752
Cost adjusted for pay-downs		135,538,196	65,538,068
Unrealized Gain, held in trust		22,996,979	39,561,340
Unrealized Gain		5,461,196	5,082,559
Unrealized Loss, held in trust		0	0
Unrealized Loss		(303,395)	(19,582)
Estimated Fair Value, held in trust		408,239,988	378,423,092
Estimated Fair Value		140,695,997	70,601,045
Arbors at Hickory Ridge [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	11,568,295	11,570,933
Unrealized Gain, held in trust	[1]	1,154,417	1,792,303
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	12,722,712	13,363,236
Ashley Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[2]	5,129,000	5,159,000
Unrealized Gain, held in trust	[2]	366,037	486,559
Unrealized Loss, held in trust	[2]	0	0
Estimated Fair Value, held in trust	[2]	5,495,037	5,645,559
Avistar on the Hills [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]		5,389,000
Unrealized Gain, held in trust	[1]		743,520
Unrealized Loss, held in trust	[1]		0
Estimated Fair Value, held in trust	[1]		6,132,520
Bella Vista [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[2]	6,430,000	6,490,000
Unrealized Gain, held in trust	[2]	273,018	625,571
Unrealized Loss, held in trust	[2]	0	0
Estimated Fair Value, held in trust	[2]	6,703,018	7,115,571
Bridle Ridge [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[2]	7,625,000	7,655,000
Unrealized Gain, held in trust	[2]	261,766	659,249
Unrealized Loss, held in trust	[2]	0	0
Estimated Fair Value, held in trust	[2]	7,886,766	8,314,249
Brookstone [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[2]	7,469,480	7,468,888
Unrealized Gain, held in trust	[2]	1,323,274	1,360,589
Unrealized Loss, held in trust	[2]	0	0
Estimated Fair Value, held in trust	[2]	8,792,754	8,829,477
Bruton Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[3]		18,145,000
Unrealized Gain, held in trust	[3]		1,455,955
Unrealized Loss, held in trust	[3]		0
Estimated Fair Value, held in trust	[3]		19,600,955
Bruton Apartments [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[3]	18,145,000
Unrealized Gain, held in trust	[3]	605,735
Unrealized Loss, held in trust	[3]	0
Estimated Fair Value, held in trust	[3]	18,750,735
Glenview Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		6,723,000	6,723,000
Unrealized Gain		0	0
Unrealized Loss		(1,480)	0
Estimated Fair Value		6,721,520	6,723,000
Copper Gate [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	5,220,000	5,220,000
Unrealized Gain, held in trust	[1]	359,032	563,656
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	5,579,032	5,783,656
Cross Creek [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[2]	6,088,948	6,074,817
Unrealized Gain, held in trust	[2]	2,486,239	2,542,262
Unrealized Loss, held in trust	[2]	0	0
Estimated Fair Value, held in trust	[2]	8,575,187	8,617,079
Decatur-Angle [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[3]	23,000,000	23,000,000
Unrealized Gain, held in trust	[3]	0	919,540
Unrealized Loss, held in trust	[3]	0	0
Estimated Fair Value, held in trust	[3]	23,000,000	23,919,540
Heritage Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		11,705,000	11,705,000
Unrealized Gain		0	1,109,125
Unrealized Loss		(156,538)	0
Estimated Fair Value		11,548,462	12,814,125
Montclair Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		3,458,000	3,458,000
Unrealized Gain		2,656	0
Unrealized Loss		0	0
Estimated Fair Value		3,460,656	3,458,000
Lake Forest [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[2]	8,826,000	8,886,000
Unrealized Gain, held in trust	[2]	752,993	1,003,614
Unrealized Loss, held in trust	[2]	0	0
Estimated Fair Value, held in trust	[2]	9,578,993	9,889,614
Live 929 Apartments [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[3]	40,848,642	40,895,739
Unrealized Gain, held in trust	[3]	2,315,349	3,797,745
Unrealized Loss, held in trust	[3]	0	0
Estimated Fair Value, held in trust	[3]	43,163,991	44,693,484
Pro Nova [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[3]	19,384,710	20,095,169
Unrealized Gain, held in trust	[3]	278,718	1,043,431
Unrealized Loss, held in trust	[3]	0	0
Estimated Fair Value, held in trust	[3]	19,663,428	21,138,600
Perrin Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		13,425,000
Unrealized Gain		286,920
Unrealized Loss		0
Estimated Fair Value		13,711,920
Rennaisance [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		11,500,000	12,675,000
Unrealized Gain		339,114	1,055,807
Unrealized Loss		0	0
Estimated Fair Value		11,839,114	13,730,807
Santa Fe Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		4,736,000	4,736,000
Unrealized Gain		10,518	0
Unrealized Loss		0	0
Estimated Fair Value		4,746,518	4,736,000
Silver Moon [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		8,000,000
Unrealized Gain		0
Unrealized Loss		0
Estimated Fair Value		8,000,000
Runnymede [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[2]	10,395,000	10,440,000
Unrealized Gain, held in trust	[2]	805,613	1,385,910
Unrealized Loss, held in trust	[2]	0	0
Estimated Fair Value, held in trust	[2]	11,200,613	11,825,910
Southpark [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[2]	11,881,040	11,842,206
Unrealized Gain, held in trust	[2]	2,888,982	3,743,692
Unrealized Loss, held in trust	[2]	0	0
Estimated Fair Value, held in trust	[2]	14,770,022	15,585,898
The Palms at Premier Park [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	20,084,554	20,152,000
Unrealized Gain, held in trust	[1]	1,209,672	2,680,619
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	21,294,226	22,832,619
The Suites on Paseo [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[3]	35,450,000	35,450,000
Unrealized Gain, held in trust	[3]	752,249	3,193,691
Unrealized Loss, held in trust	[3]	0	0
Estimated Fair Value, held in trust	[3]	36,202,249	38,643,691
Vantage at Harlingen [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		24,575,000	6,692,000
Unrealized Gain		1,694,613	707,813
Unrealized Loss		0	0
Estimated Fair Value		26,269,613	7,399,813
Vantage at Judson [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		26,540,000	6,049,000
Unrealized Gain		837,315	717,230
Unrealized Loss		0	0
Estimated Fair Value		27,377,315	6,766,230
Woodlynn Village [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[2]	4,371,000	4,390,000
Unrealized Gain, held in trust	[2]	58,528	376,706
Unrealized Loss, held in trust	[2]	0	0
Estimated Fair Value, held in trust	[2]	4,429,528	4,766,706
Series A [Member] | Avistar at Chase Hill [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	9,978,838	10,000,000
Unrealized Gain, held in trust	[1]	678,363	1,196,800
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	10,657,201	11,196,800
Series A [Member] | Avistar at the Crest [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	9,679,473	9,700,000
Unrealized Gain, held in trust	[1]	658,012	1,419,692
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	10,337,485	11,119,692
Series A [Member] | Avistar at the Oaks [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	7,800,000	7,800,000
Unrealized Gain, held in trust	[1]	483,903	869,622
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	8,283,903	8,669,622
Series A [Member] | Avistar in 09 [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	6,735,000	6,735,000
Unrealized Gain, held in trust	[1]	417,832	750,885
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	7,152,832	7,485,885
Series A [Member] | Avistar on the Boulevard [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	16,490,029	16,525,000
Unrealized Gain, held in trust	[1]	803,567	2,418,599
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	17,293,596	18,943,599
Series A [Member] | Avistar on the Hills [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	5,389,000
Unrealized Gain, held in trust	[1]	334,327
Unrealized Loss, held in trust	[1]	0
Estimated Fair Value, held in trust	[1]	5,723,327
Series A [Member] | Concord at Gulfgate [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[3]	17,060,000
Cost adjusted for pay-downs		17,100,000
Unrealized Gain, held in trust	[3]	255,307
Unrealized Loss, held in trust	[3]	0
Estimated Fair Value, held in trust	[3]	17,315,307
Series A [Member] | Concord at Little York [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[3]	12,480,000
Cost adjusted for pay-downs		12,500,000
Unrealized Gain, held in trust	[3]	186,830
Unrealized Loss, held in trust	[3]	0
Estimated Fair Value, held in trust	[3]	12,666,830
Series A [Member] | Concord at Williamcrest [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[3]	18,020,000
Cost adjusted for pay-downs		18,000,000
Unrealized Gain, held in trust	[3]	269,695
Unrealized Loss, held in trust	[3]	0
Estimated Fair Value, held in trust	[3]	18,289,695
Series A [Member] | Greens of Pine Glen [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	8,330,000	8,366,000
Unrealized Gain, held in trust	[1]	623,837	1,005,119
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	8,953,837	9,371,119
Series A [Member] | Harden Ranch [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	6,960,000	6,960,000
Unrealized Gain, held in trust	[1]	333,237	511,421
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	7,293,237	7,471,421
Series A [Member] | Ohio Properties [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[2]	14,359,000	14,407,000
Unrealized Gain, held in trust	[2]	1,729,764	2,444,034
Unrealized Loss, held in trust	[2]	0	0
Estimated Fair Value, held in trust	[2]	16,088,764	16,851,034
Series A [Member] | Perrin Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		13,300,000
Series A [Member] | Silver Moon [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		8,000,000
Series A [Member] | Tyler Park Apartments [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	6,075,000	6,075,000
Unrealized Gain, held in trust	[1]	199,990	345,060
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	6,274,990	6,420,060
Series A [Member] | Westside Village Market [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs, held in trust	[1]	3,970,000	3,970,000
Unrealized Gain, held in trust	[1]	130,693	225,496
Unrealized Loss, held in trust	[1]	0	0
Estimated Fair Value, held in trust	[1]	4,100,693	4,195,496
Series B [Member] | Avistar at Chase Hill [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		964,017	965,000
Unrealized Gain		57,890	144,769
Unrealized Loss		0	0
Estimated Fair Value		1,021,907	1,109,769
Series B [Member] | Avistar at the Crest [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		758,226	759,000
Unrealized Gain		45,535	124,286
Unrealized Loss		0	0
Estimated Fair Value		803,761	883,286
Series B [Member] | Avistar at the Oaks [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		554,000	554,000
Unrealized Gain		33,453	54,325
Unrealized Loss		0	0
Estimated Fair Value		587,453	608,325
Series B [Member] | Avistar in 09 [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		457,000	457,000
Unrealized Gain		27,596	50,608
Unrealized Loss		0	0
Estimated Fair Value		484,596	507,608
Series B [Member] | Avistar on the Boulevard [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		450,541	451,000
Unrealized Gain		27,056	73,851
Unrealized Loss		0	0
Estimated Fair Value		477,597	524,851
Series B [Member] | Concord at Gulfgate [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		2,125,000
Unrealized Gain		541,585
Unrealized Loss		0
Estimated Fair Value		2,666,585
Series B [Member] | Concord at Little York [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		960,000
Unrealized Gain		244,667
Unrealized Loss		0
Estimated Fair Value		1,204,667
Series B [Member] | Concord at Williamcrest [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		2,800,000
Unrealized Gain		576,507
Unrealized Loss		0
Estimated Fair Value		3,376,507
Series B [Member] | Greens of Pine Glen [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		944,462	945,638
Unrealized Gain		217,034	376,203
Unrealized Loss		0	0
Estimated Fair Value		1,161,496	1,321,841
Series B [Member] | Harden Ranch [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		2,340,000	2,340,000
Unrealized Gain		0	0
Unrealized Loss		(6,248)	(1,501)
Estimated Fair Value		2,333,752	2,338,499
Series B [Member] | Ohio Properties [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		3,567,950	3,573,430
Unrealized Gain		518,737	668,542
Unrealized Loss		0	0
Estimated Fair Value		4,086,687	4,241,972
Series B [Member] | Perrin Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		100,000
Series B [Member] | Silver Moon [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		500,000
Series B [Member] | The Suites on Paseo [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		5,500,000
Unrealized Gain		0
Unrealized Loss		(121,330)
Estimated Fair Value		5,378,670
Series B [Member] | Tyler Park Apartments [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		2,025,000	2,025,000
Unrealized Gain		0	0
Unrealized Loss		(12,251)	(17,395)
Estimated Fair Value		2,012,749	2,007,605
Series B [Member] | Vantage at Harlingen [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		24,600,000
Series B [Member] | Vantage at Judson [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		26,500,000
Series B [Member] | Westside Village Market [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		1,430,000	1,430,000
Unrealized Gain		0	0
Unrealized Loss		(5,548)	(686)
Estimated Fair Value		$ 1,424,452	$ 1,429,314
[1]	Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11
[2]	Mortgage revenue bonds owned by ATAX TEBS I, LLC, see Note 11
[3]	Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11

Investments in Mortgage Reven49

Investments in Mortgage Revenue Bonds Narrative Tagging (Details) - Subsequent Event Type [Domain]		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)IntegerUnit	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)IntegerUnit	Jun. 30, 2014USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Unrecognized Tax Benefits, Interest on Income Taxes Accrued				$ 1,204,664	$ 490,040
Provision for loss on receivables		$ 98,431	$ 0	98,431	0
Payments to Acquire Available-for-sale Securities				$ 131,485,000	36,385,127
Number of Available for Sale Securities | Integer				58
Loans Payable		19,566,946		$ 19,566,946			$ 15,990,439
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		385,243,009		385,243,009			338,861,752
Cost adjusted for pay-downs		135,538,196		135,538,196			65,538,068
Available-For-Sale Securities, Gross Unrealized Loss MTM		303,395		303,395			19,582
Mortgage revenue bonds held in trust, at fair value		408,239,988		408,239,988			378,423,092
Proceeds from Sale of Available-for-sale Securities				0	35,483,230
Available-for-sale Securities, Gross Realized Gain (Loss)					(2,413,713)
Debt financing		$ 366,145,894		$ 366,145,894			345,359,000
Adverse change rate		10.00%		10.00%
10% unrealized loss				$ 35,000,000
Silver Moon [Member]
Number of Units in Real Estate Property | Unit		151		151
Debt Instrument, Interest Rate, Stated Percentage		6.00%		6.00%
Loans Payable		$ 2,819,166		$ 2,819,166
Cost adjusted for pay-downs		8,000,000		8,000,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		$ 0		$ 0
Renaissance Gateway [Member]
Number of Units in Real Estate Property | Unit		208		208
Perrin Square [Member]
Number of Units in Real Estate Property | Unit		236		236
Cost adjusted for pay-downs		$ 13,425,000		$ 13,425,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		$ 0		$ 0
Concord at Gulfgate [Member]
Number of Units in Real Estate Property | Unit		288		288
Heritage Square [Member]
Cost adjusted for pay-downs		$ 11,705,000		$ 11,705,000			11,705,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		156,538		156,538			0
Bruton Apartments [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	18,145,000		18,145,000
Mortgage revenue bonds held in trust, at fair value	[1]	18,750,735		18,750,735
Live 929 Apartments [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	40,848,642		40,848,642			40,895,739
Mortgage revenue bonds held in trust, at fair value	[1]	43,163,991		43,163,991			44,693,484
Decatur-Angle [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	23,000,000		23,000,000			23,000,000
Mortgage revenue bonds held in trust, at fair value	[1]	23,000,000		23,000,000			23,919,540
Lost Creek [Member]
Proceeds from Sale of Available-for-sale Securities					$ 18,700,000
Copper Gate [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	5,220,000		5,220,000			5,220,000
Mortgage revenue bonds held in trust, at fair value	[2]	5,579,032		5,579,032			5,783,656
The Palms at Premier Park [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	20,084,554		20,084,554			20,152,000
Mortgage revenue bonds held in trust, at fair value	[2]	21,294,226		21,294,226			22,832,619
The Suites on Paseo [Member]
Cash Received for Accrued Investment Income Receivable		500,000		500,000
Accrued Investment Income Receivable		674,000		674,000
Provision for loss on receivables				98,000
Loans Payable		567,340		567,340
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	35,450,000		35,450,000			35,450,000
Mortgage revenue bonds held in trust, at fair value	[1]	$ 36,202,249		$ 36,202,249			38,643,691
Vantage at Harlingen [Member]
Soft Interest Rate		3.00%		3.00%
Number of Units in Real Estate Property | Unit		288		288
Soft Interest Income				$ 330,000
Debt Instrument, Interest Rate, Stated Percentage		6.00%		6.00%
Cost adjusted for pay-downs		$ 24,575,000		$ 24,575,000			6,692,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		0		0			0
Greens of Pine Glen [Member]
Loans Payable		1,136,085		1,136,085			1,081,342
Rennaisance [Member]
Cost adjusted for pay-downs		11,500,000		11,500,000			12,675,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		0		0			0
Avistar Portfolio [Member]
Loans Payable		$ 308,424		$ 308,424			290,966
Vantage at Judson [Member]
Soft Interest Rate		3.00%		3.00%
Number of Units in Real Estate Property | Unit		288		288
Soft Interest Income				$ 446,000
Debt Instrument, Interest Rate, Stated Percentage		6.00%		6.00%
Cost adjusted for pay-downs		$ 26,540,000		$ 26,540,000			6,049,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		$ 0		$ 0			0
Concord at Little York [Member]
Number of Units in Real Estate Property | Unit		276		276
Concord at Williamcrest [Member]
Number of Units in Real Estate Property | Unit		288		288
Concord Portfolio [Member]
TOB Financing		$ 33,300,000		$ 33,300,000
Number of Available for Sale Securities, Held in a Trust | Integer		3		3
Series A [Member] | Silver Moon [Member]
Debt Instrument, Maturity Date				Aug. 1, 2055
Debt Instrument, Interest Rate, Stated Percentage		6.00%		6.00%
Cost adjusted for pay-downs		$ 8,000,000		$ 8,000,000
Series A [Member] | Renaissance Gateway [Member]
Debt Instrument, Maturity Date				Jun. 1, 2050
Debt Instrument, Interest Rate, Stated Percentage		6.00%		6.00%
Cost adjusted for pay-downs		$ 11,500,000		$ 11,500,000		$ 8,500,000
Series A [Member] | Perrin Square [Member]
Debt Instrument, Maturity Date				May 1, 2052
Debt Instrument, Interest Rate, Stated Percentage		6.00%		6.00%
Cost adjusted for pay-downs		$ 13,300,000		$ 13,300,000
Series A [Member] | Concord at Gulfgate [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	17,060,000		17,060,000
Cost adjusted for pay-downs		17,100,000		17,100,000
Mortgage revenue bonds held in trust, at fair value	[1]	17,315,307		17,315,307
Series A [Member] | Harden Ranch [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	6,960,000		6,960,000			6,960,000
Mortgage revenue bonds held in trust, at fair value	[2]	7,293,237		7,293,237			7,471,421
Series A [Member] | Tyler Park Apartments [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	6,075,000		6,075,000			6,075,000
Mortgage revenue bonds held in trust, at fair value	[2]	6,274,990		6,274,990			6,420,060
Series A [Member] | Westside Village Market [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	3,970,000		3,970,000			3,970,000
Mortgage revenue bonds held in trust, at fair value	[2]	4,100,693		4,100,693			4,195,496
Series A [Member] | Greens of Pine Glen [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	8,330,000		8,330,000			8,366,000
Mortgage revenue bonds held in trust, at fair value	[2]	8,953,837		8,953,837			9,371,119
Series A [Member] | Avistar on the Boulevard [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	16,490,029		16,490,029			16,525,000
Mortgage revenue bonds held in trust, at fair value	[2]	17,293,596		17,293,596			18,943,599
Series A [Member] | Avistar at Chase Hill [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	9,978,838		9,978,838			10,000,000
Mortgage revenue bonds held in trust, at fair value	[2]	10,657,201		10,657,201			11,196,800
Series A [Member] | Avistar at the Crest [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	9,679,473		9,679,473			9,700,000
Mortgage revenue bonds held in trust, at fair value	[2]	10,337,485		10,337,485			11,119,692
Series A [Member] | Concord at Little York [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	12,480,000		12,480,000
Cost adjusted for pay-downs		12,500,000		12,500,000
Mortgage revenue bonds held in trust, at fair value	[1]	12,666,830		12,666,830
Series A [Member] | Concord at Williamcrest [Member]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	18,020,000		18,020,000
Cost adjusted for pay-downs		18,000,000		18,000,000
Mortgage revenue bonds held in trust, at fair value	[1]	$ 18,289,695		$ 18,289,695
Series A [Member] | Concord Portfolio [Member]
Debt Instrument, Maturity Date				Feb. 1, 2032
Debt Instrument, Interest Rate, Stated Percentage		6.00%		6.00%
Series B [Member] | Silver Moon [Member]
Debt Instrument, Interest Rate, Stated Percentage		12.00%		12.00%
Cost adjusted for pay-downs		$ 500,000		$ 500,000
Series B [Member] | Renaissance Gateway [Member]
Cost adjusted for pay-downs						1,300,000
Series B [Member] | Perrin Square [Member]
Debt Instrument, Maturity Date				Jun. 1, 2052
Debt Instrument, Interest Rate, Stated Percentage		12.00%		12.00%
Cost adjusted for pay-downs		$ 100,000		$ 100,000
Series B [Member] | Concord at Gulfgate [Member]
Cost adjusted for pay-downs		2,125,000		2,125,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		0		0
Series B [Member] | Harden Ranch [Member]
Cost adjusted for pay-downs		2,340,000		2,340,000			2,340,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		6,248		6,248			1,501
Series B [Member] | Tyler Park Apartments [Member]
Cost adjusted for pay-downs		2,025,000		2,025,000			2,025,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		12,251		12,251			17,395
Series B [Member] | Westside Village Market [Member]
Cost adjusted for pay-downs		1,430,000		1,430,000			1,430,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		5,548		5,548			686
Series B [Member] | The Suites on Paseo [Member]
Mortgage revenue bonds, at fair value		35,600,000		35,600,000
Cost adjusted for pay-downs		5,500,000		5,500,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		$ 121,330		$ 121,330
Series B [Member] | Vantage at Harlingen [Member]
Debt Instrument, Maturity Date				Sep. 1, 2053
Debt Instrument, Interest Rate, Stated Percentage		6.00%		6.00%
Cost adjusted for pay-downs		$ 24,600,000		$ 24,600,000
Series B [Member] | Greens of Pine Glen [Member]
Cost adjusted for pay-downs		944,462		944,462			945,638
Available-For-Sale Securities, Gross Unrealized Loss MTM		0		0			0
Series B [Member] | Avistar on the Boulevard [Member]
Cost adjusted for pay-downs		450,541		450,541			451,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		0		0			0
Series B [Member] | Avistar at Chase Hill [Member]
Cost adjusted for pay-downs		964,017		964,017			965,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		0		0			0
Series B [Member] | Avistar at the Crest [Member]
Cost adjusted for pay-downs		758,226		758,226			759,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		$ 0		$ 0			$ 0
Series B [Member] | Vantage at Judson [Member]
Debt Instrument, Maturity Date				Jan. 1, 2053
Debt Instrument, Interest Rate, Stated Percentage		6.00%		6.00%
Cost adjusted for pay-downs		$ 26,500,000		$ 26,500,000
Series B [Member] | Concord at Little York [Member]
Cost adjusted for pay-downs		960,000		960,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		0		0
Series B [Member] | Concord at Williamcrest [Member]
Cost adjusted for pay-downs		2,800,000		2,800,000
Available-For-Sale Securities, Gross Unrealized Loss MTM		$ 0		$ 0
Series B [Member] | Concord Portfolio [Member]
Debt Instrument, Maturity Date				Mar. 1, 2032
Debt Instrument, Interest Rate, Stated Percentage		12.00%		12.00%
Series C [Member] | Renaissance Gateway [Member]
Cost adjusted for pay-downs		$ 1,200,000		$ 1,200,000		$ 1,700,000
Series C [Member] | Vantage at Harlingen [Member]
Cost adjusted for pay-downs		6,700,000		6,700,000
Series C [Member] | Vantage at Judson [Member]
Cost adjusted for pay-downs		$ 6,000,000		$ 6,000,000
Series D [Member] | Vantage at Harlingen [Member]
Debt Instrument, Maturity Date				Apr. 1, 2035
Debt Instrument, Interest Rate, Stated Percentage		9.00%		9.00%
Cost adjusted for pay-downs		$ 1,300,000		$ 1,300,000
Series D [Member] | Vantage at Judson [Member]
Debt Instrument, Maturity Date				Jan. 1, 2053
Debt Instrument, Interest Rate, Stated Percentage		9.00%		9.00%
Cost adjusted for pay-downs		$ 900,000		$ 900,000
Minimum [Member] | Woodlynn Village and Avistar at the Crest [Member]
Unrealized Loss Position for Available-for-sale Securities				12 months
Effective rate - maximum [Member]
Effective rate		9.80%		9.80%			8.30%
Effective rate - minimum [Member]
Effective rate		3.80%		3.80%			4.70%
10% adverse [Member] | Effective rate - maximum [Member]
Effective rate		10.70%		10.70%
10% adverse [Member] | Effective rate - minimum [Member]
Effective rate		4.10%		4.10%
TOB Facility-1 [Member]
Debt, Weighted Average Interest Rate		1.10%		1.10%
Mortgage revenue bonds [Member]
Debt, Weighted Average Interest Rate		6.00%		6.00%
Number of Units in Real Estate Property | Unit		7,644		7,644
Trading Securities [Member]
Debt financing		$ 195,640,000		$ 195,640,000			$ 174,250,000
CALIFORNIA
Percentage of Available for Sale Securities by Location		17.00%		17.00%			18.00%
TEXAS
Percentage of Available for Sale Securities by Location		50.00%		50.00%			38.00%
[1]	Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11
[2]	Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11

Public Housing Capital Fund T50

Public Housing Capital Fund Trusts Narrative Tagging (Details)	6 Months Ended
	Jun. 30, 2015USD ($)Integer	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Schedule of Available-for-sale Securities [Line Items]
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities	$ 16,182,752	$ 2,369,132
Available for Sale Securities, not Including Premiums			$ 59,308,398
Available-for-Sale Securities, Ownership Percentage	100.00%
Adverse change rate	10.00%
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt, Weighted Average Interest Rate	5.00%
Number of Available for Sale Securities, Public Housing Authorities | Integer	3
Available for Sale Securities, not Including Premiums	$ 58,344,872
Unrealized Loss	$ (503,708)		$ 0
LIFERS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-Sale Securities, Ownership Percentage	100.00%
Effective rate - minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	3.80%		4.70%
Effective rate - minimum [Member] | Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	4.40%		4.20%
Effective rate - maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	9.80%		8.30%
Effective rate - maximum [Member] | Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	6.00%		5.40%
10% adverse [Member] | Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized Loss	$ 2,200,000
10% adverse [Member] | Effective rate - minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	4.10%
10% adverse [Member] | Effective rate - minimum [Member] | Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	4.80%
10% adverse [Member] | Effective rate - maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	10.70%
10% adverse [Member] | Effective rate - maximum [Member] | Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	6.60%

Public Housing Capital Fund T51

Public Housing Capital Fund Trusts Information Table on Public Housing Capital Fund Trusts (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Principal Outstanding September 30, 2012		$ 59,308,398
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt, Weighted Average Interest Rate	5.00%
Principal Outstanding September 30, 2012	$ 58,344,872
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)	9 years 9 months	10 years 3 months
Investment Rating	AA-	AA-
Debt, Weighted Average Interest Rate	5.33%	5.33%
Principal Outstanding September 30, 2012	$ 25,980,780	$ 25,980,780
Standard & Poor's, A+ 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)	9 years 02 months 20 days	9 years 8 months 20 days
Investment Rating	A+	A+
Debt, Weighted Average Interest Rate	4.28%	4.28%
Principal Outstanding September 30, 2012	$ 11,465,660	$ 12,429,186
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)	10 years 3 months 22 days	10 years 9 months 21 days
Investment Rating	BBB	BBB
Debt, Weighted Average Interest Rate	5.42%	5.42%
Principal Outstanding September 30, 2012	$ 20,898,432	$ 20,898,432

Public Housing Capital Fund T52

Public Housing Capital Fund Trusts Mark to Market PHC (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	$ 58,991,437	$ 61,263,123
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for amortization of premium and discounts	58,897,091	59,887,921
Unrealized Gain	598,054	1,375,202
Unrealized Loss	(503,708)	0
Estimated Fair Value	58,991,437	61,263,123
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	27,344,275	27,414,100
Unrealized Gain	598,054	933,789
Unrealized Loss	0	0
Estimated Fair Value	27,942,329	28,347,889
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	11,059,091	11,999,721
Unrealized Gain	0	152,293
Unrealized Loss	(8,946)	0
Estimated Fair Value	11,050,145	12,152,014
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	20,493,725	20,474,100
Unrealized Gain	0	289,120
Unrealized Loss	(494,762)	0
Estimated Fair Value	$ 19,998,963	$ 20,763,220

Mortgage-Backed Securities Term

Mortgage-Backed Securities Terms of MBS (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available for Sale Securities, not Including Premiums			$ 59,308,398
Trust Portfolio--MBS Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for Sale Securities, not Including Premiums		$ 14,765,000
Standard & Poor's, AAA Rating [Member] | Trust Portfolio--MBS Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Credit Rating	[1]	“AAA”	“AAA”
Available for Sale Securities, not Including Premiums		$ 5,000,000
Debt Instrument, Weighted Average Maturity Date		Jul. 1, 2032
Debt, Weighted Average Interest Rate		4.60%
Standard & Poor's, AA Rating [Member] | Trust Portfolio--MBS Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Credit Rating	[1]	“AA”	“AA”
Available for Sale Securities, not Including Premiums		$ 9,765,000
Debt Instrument, Weighted Average Maturity Date		Jul. 9, 2036
Debt, Weighted Average Interest Rate		4.20%
[1]	(1) MBS securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, on the date presented.

Mortgage-Backed Securities Carr

Mortgage-Backed Securities Carrying Value of Asset (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis		$ 135,538,196	$ 65,538,068
Unrealized Gain		5,461,196	5,082,559
Unrealized Loss		(303,395)	(19,582)
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities		14,647,377	14,841,558
Trust Portfolio--MBS Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis		15,353,111	15,367,641
Unrealized Gain		0	0
Unrealized Loss		(705,734)	(526,083)
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities		$ 14,647,377	$ 14,841,558
Trust Portfolio--MBS Bonds [Member] | Standard & Poor's, AAA Rating [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Credit Rating	[1]	“AAA”	“AAA”
Available-for-sale Securities, Amortized Cost Basis	[1]	$ 5,296,301	$ 5,304,974
Unrealized Gain	[1]	0	0
Unrealized Loss	[1]	(268,801)	(250,624)
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	[1]	$ 5,027,500	$ 5,054,350
Trust Portfolio--MBS Bonds [Member] | Standard & Poor's, AA Rating [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Credit Rating	[1]	“AA”	“AA”
Available-for-sale Securities, Amortized Cost Basis	[1]	$ 10,056,810	$ 10,062,667
Unrealized Gain	[1]	0	0
Unrealized Loss	[1]	(436,933)	(275,459)
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	[1]	$ 9,619,877	$ 9,787,208
[1]	(1) MBS securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, on the date presented.

Mortgage-Backed Securities Narr

Mortgage-Backed Securities Narrative Tagging (Details)	6 Months Ended
	Jun. 30, 2015USD ($)Integer	Dec. 31, 2014USD ($)
Tolerable Range of Difference in Valuation	0.00%
Adverse change rate	10.00%
Unrealized Loss	$ (303,395)	$ (19,582)
Available for Sale Securities, not Including Premiums		$ 59,308,398
Effective rate - minimum [Member]
Effective rate	3.80%	4.70%
Effective rate - maximum [Member]
Effective rate	9.80%	8.30%
Trust Portfolio--MBS Bonds [Member]
Adverse change rate	10.00%
Unrealized Loss	$ (705,734)	$ (526,083)
Number of Available for Sale Securities, Mortgage Backed Securities | Integer	3
Available for Sale Securities, not Including Premiums	$ 14,765,000
Trust Portfolio--MBS Bonds [Member] | Effective rate - minimum [Member]
Effective rate	3.90%	3.70%
Trust Portfolio--MBS Bonds [Member] | Effective rate - maximum [Member]
Effective rate	5.30%	5.20%
10% adverse [Member] | Effective rate - minimum [Member]
Effective rate	4.10%
10% adverse [Member] | Effective rate - maximum [Member]
Effective rate	10.70%
10% adverse [Member] | Trust Portfolio--MBS Bonds [Member]
Available-for-sale Securities, Gross Unrealized Loss	$ 799,000
10% adverse [Member] | Trust Portfolio--MBS Bonds [Member] | Effective rate - minimum [Member]
Effective rate	4.30%
10% adverse [Member] | Trust Portfolio--MBS Bonds [Member] | Effective rate - maximum [Member]
Effective rate	5.80%
LIFERS [Member] | Trust Portfolio--MBS Bonds [Member]
Available for Sale Securities, not Including Premiums	$ 2,800,000
SPEARS [Member] | Trust Portfolio--MBS Bonds [Member]
TOB Financing	$ 11,900,000

Real Estate Assets Fair Value o

Real Estate Assets Fair Value of Acquisition (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate assets	$ 101,611,012	$ 110,351,512
Total assets	779,766,841	744,239,217
Accounts payable, accrued expenses and other liabilities	4,987,833	4,123,346
Partners' Capital	281,485,267	309,943,899
Total Liabilities and Partners' Capital	$ 779,766,841	$ 744,239,217

Real Estate Assets Business Com

Real Estate Assets Business Combination, Proforma Income Statement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net income (loss) allocated to unitholders	$ 7,251,593	$ 3,552,575	$ 9,895,532	$ 8,970,120
Unitholders' interest in net income (loss) per unit (basic and diluted)	$ 0.12	$ 0.05	$ 0.16	$ 0.15

Real Estate Assets MF Propertie

Real Estate Assets MF Properties (Details)	Jun. 30, 2015USD ($)Unit	Dec. 31, 2014USD ($)Unit
Property, Plant and Equipment [Line Items]
Land and improvements	$ 12,597,953	$ 13,753,493
Buildings and improvements	103,858,432	110,706,173
Carrying Value at September 30, 2012	116,456,385	124,459,666
MF Property, Plant and Equipment	111,955,770	119,980,369
Accumulated Depreciation - MF Properties	(14,845,373)	(14,108,154)
Property, Plant and Equipment, Net	$ 97,110,397	$ 105,872,215
Arboretum [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	145	145
Land and improvements	$ 1,748,502	$ 1,748,502
Buildings and improvements	19,256,379	19,216,623
Carrying Value at September 30, 2012	$ 21,004,881	$ 20,965,125
Eagle Village [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	511	511
Land and improvements	$ 567,880	$ 567,880
Buildings and improvements	12,527,343	12,472,151
Carrying Value at September 30, 2012	$ 13,095,223	$ 13,040,031
Glynn Place [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	128	128
Land and improvements	$ 743,996	$ 743,996
Buildings and improvements	4,974,694	4,995,658
Carrying Value at September 30, 2012	$ 5,718,690	$ 5,739,654
Maples on 97th [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit		258
Land and improvements		$ 1,180,058
Buildings and improvements		7,822,681
Carrying Value at September 30, 2012		$ 9,002,739
Meadowview [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	254	224
Land and improvements	$ 688,539	$ 688,539
Buildings and improvements	6,221,693	5,479,342
Carrying Value at September 30, 2012	$ 6,910,232	$ 6,167,881
Residences at DeCordova [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	110	110
Land and improvements	$ 1,137,832	$ 1,137,832
Buildings and improvements	8,035,156	8,007,390
Carrying Value at September 30, 2012	$ 9,172,988	$ 9,145,222
Residences at Weatherford [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	76	76
Land and improvements	$ 1,942,229	$ 1,942,229
Buildings and improvements	5,732,475	5,724,456
Carrying Value at September 30, 2012	$ 7,674,704	$ 7,666,685
The 50/50 Student Housing--UNL [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	475	475
Land and improvements	$ 0	$ 0
Buildings and improvements	32,903,791	32,820,776
Carrying Value at September 30, 2012	$ 32,903,791	$ 32,820,776
Woodland Park [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	236	236
Land and improvements	$ 1,265,160	$ 1,265,160
Buildings and improvements	14,210,101	14,167,096
Carrying Value at September 30, 2012	$ 15,475,261	$ 15,432,256

Real Estate Assets Parenthetica

Real Estate Assets Parenthetical for Depreciation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation	$ 1,389,700	$ 1,027,112	$ 2,843,879	$ 2,046,478
Consolidated Entities [Member]
Property, Plant and Equipment [Line Items]
Depreciation			$ 2,800,000		$ 4,800,000

Real Estate Assets Variable Int

Real Estate Assets Variable Interest Entities (Details) - Location [Domain] - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Land and improvements	$ 12,597,953	$ 13,753,493
Buildings and improvements	103,858,432	110,706,173
Carrying Value at September 30, 2012	$ 116,456,385	$ 124,459,666

Real Estate Assets Narrative Ta

Real Estate Assets Narrative Tagging (Details)	3 Months Ended	6 Months Ended
	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)propertiesUnit	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)Unit
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			25.00%
Mortgages payable		$ 68,694,929		$ 76,707,834
Assets		779,766,841		$ 744,239,217
Gain (Loss) on Sale of Properties		$ 3,417,462	$ 0
General Partner [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		1.00%
Limited Liability Company [Member]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%
Number of Limited Liability Companies | properties		6
Consolidated Properties [Member]
Number of Real Estate Properties | properties		8
Consolidated Properties [Member] | Limited Partner [Member]
Noncontrolling Interest, Ownership Percentage by Parent		99.00%
Number of Real Estate Properties | properties		2
Maples on 97th [Member]
Proceeds from Sale of Property, Plant, and Equipment	$ 10,700,000	$ 10,700,000
Number of Units in Real Estate Property | Unit				258
Mortgages payable		7,400,000
Gain (Loss) on Sale of Properties		3,417,462
Mortgage revenue bonds [Member]
Land		$ 4,500,000
Number of Units in Real Estate Property | Unit		7,644
Assets		$ 702,461,694		$ 698,637,412

Real Estate Assets Property Sal

Real Estate Assets Property Sale (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Net real estate assets	$ 101,611,012			$ 101,611,012		$ 110,351,512
Mortgages payable	68,694,929			68,694,929		$ 76,707,834
Revenues	17,119,567		$ 10,467,427	29,626,192	$ 22,867,395
Depreciation and amortization	$ 1,743,317		$ 1,291,497	$ 3,536,095	$ 2,672,063
Glynn Place [Member]
Net real estate assets		$ 4,039,250
Mortgages payable		63,430
Revenues		519,153
Operating Expenses		299,530
Depreciation and amortization		111,340
Net Income (Loss) Attributable to Parent		$ 108,283

Other Assets Other Assets (Deta

Other Assets Other Assets (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Other Assets [Abstract]
Property loans receivable	$ 25,568,046	$ 22,191,515
Less: Loan loss reserves	(7,098,814)	(7,098,814)
Deferred Finance Costs, Net	4,595,073	4,659,104
Fair value of derivative contracts	298,228	267,669
Taxable bonds at fair market value	4,711,687	4,616,565
Bond Purchase Commitment - Fair Market Value Adjustment	883,999	5,780,413
Other assets	425,594	717,867
Total other assets	$ 29,383,813	$ 31,134,319

Other Assets Loan Receivable an

Other Assets Loan Receivable and Allowance (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property loan receivable, outstanding balance	$ 25,568,046	$ 22,191,515
Accrued interest	9,180,490	8,324,812
Loan loss reserves	(7,098,814)	(7,098,814)
Interest Allowance	(8,082,776)	(7,427,074)
Net taxable loans	19,566,946	15,990,439
Arbors at Hickory Ridge [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property loan receivable, outstanding balance	191,264	191,264
Accrued interest	32,891	26,047
Loan loss reserves	0	0
Interest Allowance	0	0
Net taxable loans	224,155	217,311
Ashley Square [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property loan receivable, outstanding balance	5,078,342	5,078,342
Accrued interest	2,659,092	2,455,660
Loan loss reserves	(3,596,342)	(3,596,342)
Interest Allowance	(2,659,092)	(2,455,660)
Net taxable loans	1,482,000	1,482,000
Avistar Portfolio [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property loan receivable, outstanding balance	274,496	274,496
Accrued interest	33,928	16,470
Loan loss reserves	0	0
Interest Allowance	0	0
Net taxable loans	308,424	290,966
Avistar Portolio-2 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property loan receivable, outstanding balance	251,622	251,622
Accrued interest	31,100	15,097
Loan loss reserves	0	0
Interest Allowance	0	0
Net taxable loans	282,722	266,719
Cross Creek [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property loan receivable, outstanding balance	7,040,589	6,976,087
Accrued interest	2,218,225	2,084,804
Loan loss reserves	(3,447,472)	(3,447,472)
Interest Allowance	(2,218,225)	(2,084,804)
Net taxable loans	3,593,117	3,528,615
Greens of Pine Glen [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property loan receivable, outstanding balance	850,000	850,000
Accrued interest	286,085	231,342
Loan loss reserves	0	0
Interest Allowance	0	0
Net taxable loans	1,136,085	1,081,342
Foundation for Affordable Housing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property loan receivable, outstanding balance	1,491,791	1,560,553	$ 1,603,083
Accrued interest	0	1,735
Loan loss reserves	0	0
Interest Allowance	0	0
Net taxable loans	1,491,791	1,562,288
Lake Forest [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property loan receivable, outstanding balance	4,618,704	4,618,704
Accrued interest	2,836,114	2,599,613
Loan loss reserves	(55,000)	(55,000)
Interest Allowance	(2,815,279)	(2,578,778)
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	2,390,446	2,390,447
Accrued interest	1,060,321	894,044
Loan loss reserves	0	0
Interest Allowance	(373,160)	(307,832)
Net taxable loans	3,077,607	$ 2,976,659
Silver Moon [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property loan receivable, outstanding balance	2,813,452
Accrued interest	5,714
Loan loss reserves	0
Interest Allowance	0
Net taxable loans	2,819,166
The Suites on Paseo [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property loan receivable, outstanding balance	567,340
Accrued interest	17,020
Loan loss reserves	0
Interest Allowance	(17,020)
Net taxable loans	$ 567,340

Other Assets Schedule of Loan R

Other Assets Schedule of Loan Receivable (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Loans and Leases Receivable, at beginning of period	$ 7,098,814	$ 7,023,814
Provision for Loan Losses Expensed	0	75,000
Loans and Leases Receivable, at end of period	$ 7,098,814	$ 7,098,814

Other Assets Narrative Tagging

Other Assets Narrative Tagging (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)Unit	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Unit	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Available-for-sale Securities, Amortized Cost Basis	$ 135,538,196		$ 135,538,196		$ 65,538,068
Provision for Loan Losses Expensed			0		75,000
Loans Payable	19,566,946		19,566,946		15,990,439
Proceeds from Sale of Available-for-sale Securities			0	$ 35,483,230
Property loans receivable	25,568,046		25,568,046		22,191,515
Net increase in notes receivable			(3,376,531)	0
Provision for loss on receivables	98,431	$ 0	98,431	$ 0
Silver Moon [Member]
Available-for-sale Securities, Amortized Cost Basis	8,000,000		8,000,000
Loans Payable	2,819,166		2,819,166
Property loans receivable	$ 2,813,452		$ 2,813,452
Number of Units in Real Estate Property | Unit	151		151
Debt Instrument, Interest Rate, Stated Percentage	6.00%		6.00%
The Suites on Paseo [Member]
Loans Payable	$ 567,340		$ 567,340
Property loans receivable	567,340		567,340
Cash Received for Accrued Investment Income Receivable	500,000		500,000
Accrued Investment Income Receivable	674,000		674,000
Provision for loss on receivables			98,000
Foundation for Affordable Housing [Member]
Loans Payable	1,491,791		1,491,791		1,562,288
Property loans receivable	$ 1,491,791		$ 1,491,791		1,560,553	$ 1,603,083
Number of Units in Real Estate Property | Unit	96		96
Net increase in notes receivable			$ 69,000
Vantage at Harlingen [Member]
Available-for-sale Securities, Amortized Cost Basis	$ 24,575,000		$ 24,575,000		6,692,000
Number of Units in Real Estate Property | Unit	288		288
Debt Instrument, Interest Rate, Stated Percentage	6.00%		6.00%
Avistar Portolio-2 [Member]
Loans Payable	$ 282,722		$ 282,722		266,719
Property loans receivable	251,622		251,622		251,622
Avistar Portfolio [Member]
Loans Payable	308,424		308,424		290,966
Property loans receivable	274,496		274,496		274,496
Cross Creek [Member]
Loans Payable	3,593,117		3,593,117		3,528,615
Property loans receivable	7,040,589		7,040,589		6,976,087
Advances to Affiliate	64,500		64,500
Ohio Properties [Member]
Loans Payable	3,077,607		3,077,607		2,976,659
Property loans receivable	2,390,446		2,390,446		2,390,447
Ashley Square [Member]
Loans Payable	1,482,000		1,482,000		1,482,000
Property loans receivable	5,078,342		5,078,342		5,078,342
Series B [Member] | Silver Moon [Member]
Available-for-sale Securities, Amortized Cost Basis	$ 500,000		$ 500,000
Debt Instrument, Interest Rate, Stated Percentage	12.00%		12.00%
Series B [Member] | The Suites on Paseo [Member]
Available-for-sale Securities, Amortized Cost Basis	$ 5,500,000		$ 5,500,000
Series B [Member] | Vantage at Harlingen [Member]
Available-for-sale Securities, Amortized Cost Basis	$ 24,600,000		$ 24,600,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%		6.00%
Debt Instrument, Maturity Date			Sep. 1, 2053
Series B [Member] | Ohio Properties [Member]
Available-for-sale Securities, Amortized Cost Basis	$ 3,567,950		$ 3,567,950		$ 3,573,430
Series A [Member] | Silver Moon [Member]
Available-for-sale Securities, Amortized Cost Basis	$ 8,000,000		$ 8,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%		6.00%
Debt Instrument, Maturity Date			Aug. 1, 2055

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Discontinued Operations [Abstract]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 12,364	$ 35,772	$ 59,934	$ 25,976
Restricted Cash and Cash Equivalents, Current	591,729	544,233
Land and Land Improvements	1,836,400	1,836,400
Buildings Improvements and Equipment Gross	21,304,112	21,204,047
Disposal Group, Including Discontinued Operations, Property. Plant and Equipment, Gross	23,140,512	23,040,447
Property, Plant and Equipment, Gross	12,357,516	12,456,800
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(10,782,996)	(10,583,647)
Other Assets	91,040	167,210
Assets held for sale (Note 8)	13,052,649	13,204,015
Accounts Payable and Accrued Liabilities	445,126	503,743
Long-term Debt	0	0
Disposal Group, Including Discontinued Operation, Liabilities, Current	445,126	503,743
Disposal Group, Including Discontinued Operations, Assets, Net	$ 12,607,523	$ 12,700,272

Discontinued Operations Income

Discontinued Operations Income Statement - Discontinued Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Discontinued Operations [Abstract]
Disposal Group, Including Discontinued Operation, Revenue	$ 817,533	$ 785,552	$ 1,621,601	$ 1,586,424
Disposal Group, Including Discontinued Operation, Operating Expense	579,246	755,040	1,358,886	1,496,266
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	$ 238,287	$ 30,512	$ 262,715	$ 90,158
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax

Lines of Credit Lines of Credit

Lines of Credit Lines of Credit (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Mortgages payable	$ 68,694,929	$ 76,707,834
Line of Credit, Current	48,833,261	$ 0
Bankers Trust 2 [Member]
Line of Credit Facility, Current Borrowing Capacity	37,500,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000,000
Debt Instrument, Maturity Date	May 14, 2017
Line of Credit, Current	$ 37,400,000
Five Points Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Line of Credit Facility, Interest Rate During Period	3.50%
Debt Instrument, Maturity Date	Mar. 1, 2016
Long-term Line of Credit	$ 1,400,000
Bankers Trust [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Line of Credit Facility, Interest Rate During Period	3.40%
Debt Instrument, Maturity Date	Mar. 1, 2016
Woodland Park [Member]
Proceeds from Notes Payable	$ 7,500,000
Debt Instrument, Interest Rate, Stated Percentage	2.80%
Debt Instrument, Basis Spread on Variable Rate	0.20%
Mortgages payable	$ 6,100,000

Debt Financing Debt Financing (

Debt Financing Debt Financing (Details) - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		$ 118,161,894	$ 118,342,000
TEB Facility [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		103,052,740	103,516,998
TEB Facility [Member] | Ashley Square [Member] | Mortgage revenue bonds [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		5,129,000	5,159,000
TEB Facility [Member] | Bella Vista [Member] | Mortgage revenue bonds [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		6,430,000	6,490,000
TEB Facility [Member] | Bent Tree [Member] | Consolidated VIEs [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		7,423,000	7,465,000
TEB Facility [Member] | Bridle Ridge [Member] | Mortgage revenue bonds [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		7,625,000	7,655,000
TEB Facility [Member] | Brookstone [Member] | Mortgage revenue bonds [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		9,212,970	9,256,001
TEB Facility [Member] | Cross Creek [Member] | Mortgage revenue bonds [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		8,383,770	8,422,997
TEB Facility [Member] | Fairmont Oaks [Member] | Consolidated VIEs [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		7,218,000	7,266,000
TEB Facility [Member] | Lake Forest [Member] | Mortgage revenue bonds [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		8,826,000	8,886,000
TEB Facility [Member] | Runnymede [Member] | Mortgage revenue bonds [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		10,395,000	10,440,000
TEB Facility [Member] | Southpark [Member] | Mortgage revenue bonds [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		13,680,000	13,680,000
TEB Facility [Member] | Woodlynn Village [Member] | Mortgage revenue bonds [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value		4,371,000	4,390,000
TEB Facility [Member] | Series A [Member] | Ohio Properties [Member] | Mortgage revenue bonds [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	[1]	$ 14,359,000	$ 14,407,000
[1]	(1) Collateralized by Crescent Village, Postwoods, and Willow Bend

Debt Financing Contractual Matu

Debt Financing Contractual Maturities (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Debt Financing, Current Maturities	$ 72,519,759
Debt Financing, Maturities, Repayment of Principal in Year Two	24,561,861
Debt Financing, Maturities, Repayments of Principal in Year Three	108,927,702
Debt Financing, Maturities, Repayments of Principal in Year Four	34,484,657
Debt Financing, Maturities, Repayments of Principal in Year Five	125,651,915
Debt Financing, Maturities, Repayments of Principal after Year Five	0
Debt financing	$ 366,145,894	$ 345,359,000

Debt Financing Total Debt Finan

Debt Financing Total Debt Financing (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Debt financing	$ 366,145,894	$ 345,359,000
Trading Securities [Member]
Short-term Debt [Line Items]
Debt financing	195,640,000	174,250,000
Trading Securities [Member] | TOB facility-2 [Member]
Short-term Debt [Line Items]
Debt financing	$ 43,985,000	$ 44,675,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	2.30%	2.20%
Available-for-sale Security, Maturity Date at a point in time	Dec. 1, 2015	Jun. 1, 2015
Trading Securities [Member] | TOB facility-9 [Member]
Short-term Debt [Line Items]
Debt financing	$ 15,000,000	$ 25,535,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.05%
Available-for-sale Security, Maturity Date at a point in time	Nov. 1, 2015	Jun. 1, 2015
Trading Securities [Member] | TOB Facility-12 [Member] [Member]
Short-term Debt [Line Items]
Debt financing	$ 17,250,000	$ 17,250,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.55%	4.55%
Available-for-sale Security, Maturity Date at a point in time	Jul. 1, 2017	Jul. 1, 2017
Trading Securities [Member] | TOB Facility-10 [Member]
Short-term Debt [Line Items]
Debt financing	$ 21,850,000	$ 21,850,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.34%	4.34%
Available-for-sale Security, Maturity Date at a point in time	Oct. 1, 2016	Oct. 1, 2016
Trading Securities [Member] | TOB Facility-11 [Member]
Short-term Debt [Line Items]
Debt financing	$ 34,940,000	$ 34,975,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.47%	4.47%
Available-for-sale Security, Maturity Date at a point in time	Jul. 1, 2019	Jul. 1, 2019
Trading Securities [Member] | TOB facility-13 [Member]
Short-term Debt [Line Items]
Debt financing	$ 9,010,000	$ 9,010,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.05%	4.05%
Available-for-sale Security, Maturity Date at a point in time	Jul. 1, 2017	Jul. 1, 2017
Trading Securities [Member] | TOB facility-14 [Member]
Short-term Debt [Line Items]
Debt financing	$ 8,375,000	$ 9,010,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.05%	4.05%
Available-for-sale Security, Maturity Date at a point in time	Jul. 1, 2017	Jul. 1, 2017
Trading Securities [Member] | TOB facility-15 [Member]
Short-term Debt [Line Items]
Debt financing	$ 11,940,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.80%
Available-for-sale Security, Maturity Date at a point in time	Feb. 1, 2018
Trading Securities [Member] | TOB facility-16 [Member]
Short-term Debt [Line Items]
Debt financing	$ 8,735,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.80%
Available-for-sale Security, Maturity Date at a point in time	Feb. 1, 2018
Trading Securities [Member] | TOB facility-17 [Member]
Short-term Debt [Line Items]
Debt financing	$ 12,610,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.80%
Available-for-sale Security, Maturity Date at a point in time	Feb. 1, 2018
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
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	1.16%	1.12%
Available-for-sale Security, Maturity Date at a point in time	Oct. 1, 2015	Apr. 1, 2015
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
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	1.16%	1.12%
Available-for-sale Security, Maturity Date at a point in time	Oct. 1, 2015	Apr. 1, 2015
Mortgage Backed Security Trust 5 [Member] [Member] | Trading Securities [Member] | TOB facility-3 [Member]
Short-term Debt [Line Items]
Debt financing	$ 5,270,000	$ 5,270,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	1.16%	1.06%
Available-for-sale Security, Maturity Date at a point in time	Oct. 1, 2015	Apr. 1, 2015
Mortgage Backed Security Trust 5 [Member] [Member] | Trading Securities [Member] | TOB facility-9 [Member]
Short-term Debt [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate		1.96%

Debt Financing Narrative Taggin

Debt Financing Narrative Tagging (Details)		Jul. 01, 2014USD ($)	Jun. 30, 2015USD ($)Integer	Jun. 30, 2015USD ($)Integer	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2010USD ($)
Debt financing			$ 366,145,894	$ 366,145,894		$ 345,359,000
Available for Sale Securities, not Including Premiums						59,308,398
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities				16,182,752	$ 2,369,132
Public housing capital fund trusts, at fair value			58,991,437	58,991,437		61,263,123
Mortgage revenue bonds held in trust, at fair value			408,239,988	408,239,988		378,423,092
Proceeds from Sale of Available-for-sale Securities				0	35,483,230
Available for Sale Securities at Par Value, held in trust			118,161,894	118,161,894		118,342,000
Payments to Acquire Available-for-sale Securities				131,485,000	36,385,127
Increase (Decrease) in Restricted Cash				$ 42,138	83,717
Bankers Trust 2 [Member]
Debt Instrument, Maturity Date				May 14, 2017
Line of Credit Facility, Maximum Borrowing Capacity			50,000,000	$ 50,000,000
Five Points Bank [Member]
Debt Instrument, Maturity Date				Mar. 1, 2016
Line of Credit Facility, Maximum Borrowing Capacity			5,000,000	$ 5,000,000
Line of Credit Facility, Interest Rate During Period				3.50%
Bankers Trust [Member]
Debt Instrument, Maturity Date				Mar. 1, 2016
Line of Credit Facility, Maximum Borrowing Capacity			$ 5,000,000	$ 5,000,000
Line of Credit Facility, Interest Rate During Period				3.40%
TOB facility-2 [Member]
Debt, Weighted Average Interest Rate			2.30%	2.30%
TOB Facility-1 [Member]
Debt, Weighted Average Interest Rate			1.10%	1.10%
TEBS II Facility [Member]
Debt financing			$ 94,500,000	$ 94,500,000		94,700,000
Short-term Debt, Percentage Bearing Fixed Interest Rate			1.40%	1.40%
Debt Instrument, Basis Spread on Variable Rate			0.00%
Debt Instrument, Total Rate of Borrowing			1.40%	1.40%
Number of Available for Sale Securities, Held in a Trust | Integer			13	13
Mortgage revenue bonds held in trust, at fair value			$ 118,372,000	$ 118,372,000
Debt Financing, Net			91,600,000
Payments to Acquire Available-for-sale Securities			72,400,000
Restricted Cash and Cash Equivalents			1,300,000	1,300,000		6,300,000
Derivative Asset, Notional Amount		$ 31,600,000
Derivative, Fixed Interest Rate		3.00%
Derivative, Maturity Date at a point in time		Aug. 15, 2019
TEB Facility [Member]
Debt financing			$ 76,000,000	$ 76,000,000
Debt Instrument, Basis Spread on Variable Rate				1.90%
Debt Instrument, Interest Rate, Stated Percentage			0.10%	0.10%
Debt, Weighted Average Interest Rate			2.00%	2.00%
Number of Available for Sale Securities, Held in a Trust | Integer			13	13
Available for Sale Securities at Par Value, held in trust			$ 103,052,740	$ 103,052,740		103,516,998
Trading Securities [Member]
Debt financing			195,640,000	195,640,000		174,250,000
Trading Securities [Member] | TOB facility-15 [Member]
Debt financing			$ 11,940,000	$ 11,940,000
Available-for-sale Security, Maturity Date at a point in time				Feb. 1, 2018
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			2.80%	2.80%
Trading Securities [Member] | TOB facility-9 [Member]
Debt financing			$ 15,000,000	$ 15,000,000		$ 25,535,000
Available-for-sale Security, Maturity Date at a point in time				Nov. 1, 2015		Jun. 1, 2015
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			4.05%	4.05%
Trading Securities [Member] | TOB Facility-10 [Member]
Debt financing			$ 21,850,000	$ 21,850,000		$ 21,850,000
Available-for-sale Security, Maturity Date at a point in time				Oct. 1, 2016		Oct. 1, 2016
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			4.34%	4.34%		4.34%
Trading Securities [Member] | TOB facility-2 [Member]
Debt financing			$ 43,985,000	$ 43,985,000		$ 44,675,000
Available-for-sale Security, Maturity Date at a point in time				Dec. 1, 2015		Jun. 1, 2015
Trading Securities [Member] | TOB Facility-12 [Member] [Member]
Debt financing			$ 17,250,000	$ 17,250,000		$ 17,250,000
Available-for-sale Security, Maturity Date at a point in time				Jul. 1, 2017		Jul. 1, 2017
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			4.55%	4.55%		4.55%
Trading Securities [Member] | TOB Facility-11 [Member]
Debt financing			$ 34,940,000	$ 34,940,000		$ 34,975,000
Available-for-sale Security, Maturity Date at a point in time				Jul. 1, 2019		Jul. 1, 2019
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			4.47%	4.47%		4.47%
Trust Portfolio--MBS Bonds [Member]
Available for Sale Securities, not Including Premiums			$ 14,765,000	$ 14,765,000
Number of Available for Sale Securities, Mortgage Backed Securities | Integer			3	3
Cash Collateral for Borrowed Securities			$ 1,600,000	$ 1,600,000
Public housing capital fund trusts [Member]
Available for Sale Securities, not Including Premiums			$ 58,344,872	$ 58,344,872
Debt, Weighted Average Interest Rate			5.00%	5.00%
Public housing capital fund trusts, at fair value			$ 58,991,437	$ 58,991,437		$ 61,263,123
Woodland Park [Member]
Debt Instrument, Basis Spread on Variable Rate				0.20%
Debt Instrument, Interest Rate, Stated Percentage			2.80%	2.80%
Avistar at Chase Hill [Member] | TEBS II Facility [Member]
Increase (Decrease) in Restricted Cash				$ 1,900,000
Arbors at Hickory Ridge [Member]
Mortgage revenue bonds held in trust, at fair value	[1]		$ 12,722,712	12,722,712		13,363,236
Lost Creek [Member]
Proceeds from Sale of Available-for-sale Securities					$ 18,700,000
LIFERS [Member] | Trust Portfolio--MBS Bonds [Member]
Available for Sale Securities, not Including Premiums			2,800,000	2,800,000
SPEARS [Member] | Trust Portfolio--MBS Bonds [Member]
TOB Financing			11,900,000	11,900,000
Mortgage Backed Security Trust 5 [Member] [Member] | Trading Securities [Member] | TOB facility-3 [Member]
Debt financing			5,270,000	$ 5,270,000		$ 5,270,000
Available-for-sale Security, Maturity Date at a point in time				Oct. 1, 2015		Apr. 1, 2015
Class A TEBS Certificates [Member] | TEB Facility [Member]
Debt financing							$ 95,800,000
Class B TEBS Certificates [Member] | TEB Facility [Member]
Debt financing							$ 20,300,000
Series B [Member] | TEBS II Facility [Member]
Mortgage revenue bonds held in trust, at fair value			23,700,000	$ 23,700,000
Subsequent Event [Member] | Trading Securities [Member] | TOB facility-15, 16, and 17 [Member]
Debt financing			$ 33,300,000	$ 33,300,000
Subsequent Event [Member] | Trading Securities [Member] | TOB facility-15 [Member]
Debt, Weighted Average Interest Rate			2.80%	2.80%
Available-for-sale Security, Maturity Date at a point in time				Feb. 19, 2018
[1]	Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11

Debt Financing 2014 TEBS Financ

Debt Financing 2014 TEBS Financing (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Available for Sale Securities at Par Value, held in trust	$ 118,161,894	$ 118,342,000
Mortgage revenue bonds [Member] | Arbors at Hickory Ridge [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	11,450,000	11,450,000
Mortgage revenue bonds [Member] | Copper Gate [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	5,220,000	5,220,000
Mortgage revenue bonds [Member] | The Palms at Premier Park [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	20,084,554	20,152,000
Series A [Member] | Mortgage revenue bonds [Member] | Avistar at Chase Hill [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	9,978,838	10,000,000
Series A [Member] | Mortgage revenue bonds [Member] | Avistar at the Crest [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	9,679,473	9,700,000
Series A [Member] | Mortgage revenue bonds [Member] | Avistar at the Oaks [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	7,800,000	7,800,000
Series A [Member] | Mortgage revenue bonds [Member] | Avistar in 09 [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	6,735,000	6,735,000
Series A [Member] | Mortgage revenue bonds [Member] | Avistar on the Boulevard [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	16,490,029	16,525,000
Series A [Member] | Mortgage revenue bonds [Member] | Avistar on the Hills [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	5,389,000	5,389,000
Series A [Member] | Mortgage revenue bonds [Member] | Greens of Pine Glen [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	8,330,000	8,366,000
Series A [Member] | Mortgage revenue bonds [Member] | Harden Ranch [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	6,960,000	6,960,000
Series A [Member] | Mortgage revenue bonds [Member] | Tyler Park Apartments [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	6,075,000	6,075,000
Series A [Member] | Mortgage revenue bonds [Member] | Westside Village Market [Member] | TEBS II Facility [Member]
Available for Sale Securities at Par Value, held in trust	$ 3,970,000	$ 3,970,000

Mortgages Payable Mortgages Pay

Mortgages Payable Mortgages Payable (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Mortgages Payable [Abstract]
Long-term Debt, Current Maturities	$ 8,501,943
Long-term Debt, Maturities, Repayments of Principal in Year Two	1,097,066
Long-term Debt, Maturities, Repayments of Principal in Year Three	30,402,796
Long-term Debt, Maturities, Repayments of Principal in Year Four	4,592,269
Long-term Debt, Maturities, Repayments of Principal in Year Five	24,100,855
Long-term Debt, Maturities, Repayments of Principal after Year Five	0
Mortgages Payable	$ 68,694,929	$ 76,707,834

Mortgages Payable Footnote Tagg

Mortgages Payable Footnote Tagging (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Repayments of Long-term Debt		$ 8,012,906	$ 2,191,887
Mortgages payable		68,694,929		$ 76,707,834
Consolidated Properties [Member]
Mortgages payable		68,700,000		$ 76,700,000
Woodland Park [Member]
Mortgages payable		6,100,000
Proceeds from Notes Payable		$ 7,500,000
Debt Instrument, Interest Rate, Stated Percentage		2.80%
Short-term Debt, Percentage Bearing Variable Interest Rate		0.20%
Maples on 97th [Member]
Mortgages payable		$ 7,400,000
Proceeds from Sale of Property, Plant, and Equipment	$ 10,700,000	$ 10,700,000
Glynn Place [Member]
Mortgages payable	$ 63,430
Five Points Bank [Member]
Debt Instrument, Maturity Date		Mar. 1, 2016
Long-term Line of Credit		$ 1,400,000
Minimum [Member] | Long-term Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage		2.90%
Debt Instrument, Maturity Date		Sep. 1, 2015
Maximum [Member] | Long-term Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage		4.80%
Debt Instrument, Maturity Date		Mar. 1, 2020

Transactions with Related Par77

Transactions with Related Parties Narrative Tagging (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)ownersproperties	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ownersproperties	Jun. 30, 2014USD ($)
rate for administration fees			0.45%
Fees and Commissions, Other	$ 221,000	$ 403,000	$ 756,000	$ 726,000
Management Fees Revenue	314,000	315,000	638,000	634,000
Placement Advisory Fees	$ 111,000	0	$ 378,000	161,500
Number of Variable Interest Entities | properties	12		12
Majority-Owned Subsidiary, Unconsolidated [Member]
Payment for Administrative Fees	$ 615,000	471,000	$ 1,200,000	944,000
Affiliated Entity [Member]
Payment for Administrative Fees	$ 12,500	$ 17,000	$ 29,000	34,000
Consolidated VIEs [Member]
Number of Variable Interest Entities | properties	2		2
MF Properties [Member]
Number of Real Estate Properties | properties	6		6
UNL Project [Member]
Fees and Commissions			$ 56,000	168,000
Total Owners [Member]
Number of Owners | owners	3		3
Total Owners [Member] | Consolidated VIEs [Member]
Number of Variable Interest Entities | properties	2		2
Mortgage revenue bonds [Member]
Placement Advisory Fees				$ 201,000
Unconsolidated Properties [Member]
Number of Real Estate Properties | properties	9		9
Number of Variable Interest Entities | properties	10		10

Interest Rate Derivative Agre78

Interest Rate Derivative Agreements (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Bank of New York Mellon [Member]
Derivative [Line Items]
Derivative, Purchase Date	Sep. 2, 2010
Derivative Asset, Notional Amount	$ 31,936,667
Derivative, Fixed Interest Rate	3.00%
Derivative, Maturity Date at a point in time	Sep. 1, 2017
Deriviative at purchase price	$ 921,000
Barclays Bank PLC [Member]
Derivative [Line Items]
Derivative, Purchase Date	Sep. 2, 2010
Derivative Asset, Notional Amount	$ 31,936,667
Derivative, Fixed Interest Rate	3.00%
Derivative, Maturity Date at a point in time	Sep. 1, 2017
Deriviative at purchase price	$ 845,600
Royal Bank of Canada [Member]
Derivative [Line Items]
Derivative, Purchase Date	Sep. 2, 2010
Derivative Asset, Notional Amount	$ 31,936,667
Derivative, Fixed Interest Rate	3.00%
Derivative, Maturity Date at a point in time	Sep. 1, 2017
Deriviative at purchase price	$ 928,000
Deutsche Bank [Member]
Derivative [Line Items]
Derivative, Purchase Date	Aug. 15, 2013
Derivative Asset, Notional Amount	$ 93,305,000
Derivative, Fixed Interest Rate	1.50%
Derivative, Maturity Date at a point in time	Sep. 1, 2017
Deriviative at purchase price	$ 793,000
SMBC Capital Markets, Inc [Member]
Derivative [Line Items]
Derivative, Purchase Date	Feb. 18, 2014
Derivative Asset, Notional Amount	$ 41,250,000
Derivative, Fixed Interest Rate	1.00%
Derivative, Maturity Date at a point in time	Mar. 1, 2017
Deriviative at purchase price	$ 230,500
SMBC Capital Markets, Inc-2 [Member]
Derivative [Line Items]
Derivative, Purchase Date	Feb. 18, 2014
Derivative Asset, Notional Amount	$ 11,000,000	$ 28,800,000
Derivative, Fixed Interest Rate	1.00%
Derivative, Maturity Date at a point in time	Mar. 1, 2017
Deriviative at purchase price	$ 150,500
Barclays Bank PLC 1 [Member]
Derivative [Line Items]
Derivative, Purchase Date	Jul. 10, 2014
Derivative Asset, Notional Amount	$ 31,565,000
Derivative, Fixed Interest Rate	3.00%
Derivative, Maturity Date at a point in time	Aug. 15, 2019
Deriviative at purchase price	$ 315,200
Royal Bank of Canada-2 [Member]
Derivative [Line Items]
Derivative, Purchase Date	Jul. 10, 2014
Derivative Asset, Notional Amount	$ 31,565,000
Derivative, Fixed Interest Rate	3.00%
Derivative, Maturity Date at a point in time	Aug. 15, 2019
Deriviative at purchase price	$ 343,000
SMBC Capital Markets, Inc-3 [Member]
Derivative [Line Items]
Derivative, Purchase Date	Jul. 10, 2014
Derivative Asset, Notional Amount	$ 31,565,000
Derivative, Fixed Interest Rate	3.00%
Derivative, Maturity Date at a point in time	Aug. 15, 2019
Deriviative at purchase price	$ 333,200

Interest Rate Derivative Agre79

Interest Rate Derivative Agreements Footnote Tagging (Details) - Subsequent Event Type [Domain]	3 Months Ended	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)derivatives	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Number of Derivatives | derivatives		9
Derivative, Loss on Derivative	$ 434,000	$ 701,000	$ 610,000
Payments for Derivative Instrument, Investing Activities		(10,500)	$ 391,500
Derivative, Gain on Derivative	198,000
SMBC Capital Markets, Inc 1 and 2 [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 52,300,000	$ 52,300,000
Derivative, Maturity Date at a point in time	Mar. 1, 2017
Derivative, Fixed Interest Rate	1.00%	1.00%
Deriviative at purchase price		$ 151,000
SMBC Capital Markets, Inc-2 [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 11,000,000	$ 11,000,000		$ 28,800,000
Derivative, Maturity Date at a point in time		Mar. 1, 2017
Payments for Derivative Instrument, Investing Activities		$ 0
Derivative, Fixed Interest Rate	1.00%	1.00%
Deriviative at purchase price		$ 150,500
Deutsche Bank [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 93,305,000	$ 93,305,000
Derivative, Maturity Date at a point in time		Sep. 1, 2017
Derivative, Fixed Interest Rate	1.50%	1.50%
Deriviative at purchase price		$ 793,000
Swap [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.00%	2.00%
Decatur-Angle [Member] | Swap [Member]
Derivative [Line Items]
Derivative, Gain on Derivative	$ 428,000
Derivative, Notional Amount	23,000,000	$ 23,000,000
Document Effective Date		Oct. 15, 2016
Derivative, Maturity Date		Oct. 15, 2021
Bruton Apartments [Member] | Swap [Member]
Derivative [Line Items]
Derivative, Loss on Derivative	314,000
Derivative, Notional Amount	$ 18,100,000	$ 18,100,000
Document Effective Date		Apr. 15, 2017
Derivative, Maturity Date		Apr. 15, 2022

Fair Value Measurements Availab

Fair Value Measurements Available for sale securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure			$ 535,793,465
Total gains (lossses) (realized/unrealized) [Abstract]
Gain on sale and retirement of bonds	$ 0	$ 849,655	0	$ 3,684,898
Assets, Fair Value Disclosure	627,726,524		627,726,524
Mortgage revenue bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure			449,024,137
Total gains (lossses) (realized/unrealized) [Abstract]
Assets, Fair Value Disclosure	548,935,985		548,935,985
Bond Purchase Commitment [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure			5,780,413
Total gains (lossses) (realized/unrealized) [Abstract]
Assets, Fair Value Disclosure	883,999		883,999
Public housing capital fund trusts [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure			61,263,123
Total gains (lossses) (realized/unrealized) [Abstract]
Assets, Fair Value Disclosure	58,991,437		58,991,437
Trust Portfolio--MBS Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure			14,841,558
Total gains (lossses) (realized/unrealized) [Abstract]
Assets, Fair Value Disclosure	14,647,377		14,647,377
Interest rate derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure			4,616,565
Total gains (lossses) (realized/unrealized) [Abstract]
Assets, Fair Value Disclosure	4,711,687		4,711,687
Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure			267,669
Total gains (lossses) (realized/unrealized) [Abstract]
Assets, Fair Value Disclosure	(443,961)		(443,961)
Fair Value, Inputs, Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value	0		0		$ 0
Fair Value, Inputs, Level 1 [Member] | Mortgage revenue bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value	0		0		0
Fair Value, Inputs, Level 1 [Member] | Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value	0		0		0
Fair Value, Inputs, Level 1 [Member] | Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value	0		0		0
Fair Value, Inputs, Level 1 [Member] | Trust Portfolio--MBS Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value	0		0		0
Fair Value, Inputs, Level 1 [Member] | Interest rate derivatives [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value	0		0		0
Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value	0		0		0
Fair Value, Inputs, Level 2 [Member]
Total gains (lossses) (realized/unrealized) [Abstract]
Fair Value Observable inputs (level 2)	14,647,377		14,647,377		14,841,558
Fair Value, Inputs, Level 2 [Member] | Mortgage revenue bonds [Member]
Total gains (lossses) (realized/unrealized) [Abstract]
Fair Value Observable inputs (level 2)	0		0		0
Fair Value, Inputs, Level 2 [Member] | Bond Purchase Commitment [Member]
Total gains (lossses) (realized/unrealized) [Abstract]
Fair Value Observable inputs (level 2)	0		0		0
Fair Value, Inputs, Level 2 [Member] | Public housing capital fund trusts [Member]
Total gains (lossses) (realized/unrealized) [Abstract]
Fair Value Observable inputs (level 2)	0		0		0
Fair Value, Inputs, Level 2 [Member] | Trust Portfolio--MBS Bonds [Member]
Total gains (lossses) (realized/unrealized) [Abstract]
Fair Value Observable inputs (level 2)	14,647,377		14,647,377		14,841,558
Fair Value, Inputs, Level 2 [Member] | Interest rate derivatives [Member]
Total gains (lossses) (realized/unrealized) [Abstract]
Fair Value Observable inputs (level 2)	0		0		0
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member]
Total gains (lossses) (realized/unrealized) [Abstract]
Fair Value Observable inputs (level 2)	0		0		0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure	577,144,337	382,582,067	520,951,907	347,486,446
Total gains (lossses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	198,743	(434,071)	(701,130)	(609,908)
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	(21,297,364)	15,942,586	(22,980,872)	35,385,706
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	73,040,000	41,876,327	131,985,000	76,655,127
Gain on sale and retirement of bonds		(12,828,660)	(30,464,798)
Deriviative at purchase price			(10,500)	391,500
Assets, Fair Value Disclosure	613,079,147	426,684,885	613,079,147	426,684,885
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(16,006,569)	(453,364)	(16,165,258)	(2,159,188)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	613,079,147		613,079,147		520,951,907
Fair Value, Inputs, Level 3 [Member] | Mortgage revenue bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure	507,898,698	316,471,727	449,024,137	285,318,171
Total gains (lossses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	0	0	0	0
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	(16,544,139)	10,960,638	(16,469,539)	25,033,658
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	72,540,000	41,876,327	131,485,000	76,655,127
Gain on sale and retirement of bonds		(12,828,660)	(30,464,798)
Deriviative at purchase price			0	0
Assets, Fair Value Disclosure	548,935,985	356,313,065	548,935,985	356,313,065
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(14,958,574)	(166,967)	(15,103,613)	(229,093)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	548,935,985		548,935,985		449,024,137
Fair Value, Inputs, Level 3 [Member] | Bond Purchase Commitment [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure	5,204,188	(1,362,940)	5,780,413	(4,852,177)
Total gains (lossses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	0	0	0	0
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	(4,320,189)	1,697,307	(4,896,414)	5,186,544
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0	0	0
Gain on sale and retirement of bonds		0	0
Deriviative at purchase price			0
Assets, Fair Value Disclosure	883,999	334,367	883,999	334,367
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	883,999		883,999		5,780,413
Fair Value, Inputs, Level 3 [Member] | Public housing capital fund trusts [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure	60,272,941	62,070,540	61,263,123	62,056,379
Total gains (lossses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	0	0	0	0
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	(304,327)	3,138,575	(1,280,859)	4,796,434
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0	0	0
Gain on sale and retirement of bonds		0	0
Deriviative at purchase price			0	0
Assets, Fair Value Disclosure	58,991,437	64,997,718	58,991,437	64,997,718
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(977,177)	(211,397)	(990,827)	(1,855,095)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	58,991,437		58,991,437		61,263,123
Fair Value, Inputs, Level 3 [Member] | Trust Portfolio--MBS Bonds [Member]
Total gains (lossses) (realized/unrealized) [Abstract]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	0		0		0
Fair Value, Inputs, Level 3 [Member] | Interest rate derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure	4,411,214	4,298,957	4,616,565	4,075,953
Total gains (lossses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	0	0	0	0
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	(128,709)	146,066	(334,060)	369,070
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	500,000	0	500,000	0
Gain on sale and retirement of bonds		0	0
Deriviative at purchase price			0	0
Assets, Fair Value Disclosure	4,711,687	4,370,023	4,711,687	4,370,023
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(70,818)	(75,000)	(70,818)	(75,000)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	4,711,687		4,711,687		4,616,565
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets, Fair Value Disclosure	(642,704)	1,103,783	267,669	888,120
Total gains (lossses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	198,743	(434,071)	(701,130)	(609,908)
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	0	0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0	0	0
Gain on sale and retirement of bonds		0	0
Deriviative at purchase price			(10,500)	0
Assets, Fair Value Disclosure	(443,961)	669,712	(443,961)	669,712
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	$ 0	0	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ (443,961)		$ (443,961)		$ 267,669

Fair Value Measurements Fair Ma

Fair Value Measurements Fair Market Value of Liabilities (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Debt financing	$ 366,145,894	$ 345,359,000
Mortgages payable	68,694,929	76,707,834
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Debt financing	414,979,155	345,359,000
Mortgages payable	68,694,929	76,707,845
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Debt financing	416,555,830	346,813,909
Mortgages payable	$ 67,490,490	$ 76,134,465

Fair Value Measurements Narrati

Fair Value Measurements Narrative Footnote (Details) - Segments [Domain] - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Assets, Fair Value Disclosure	$ 627,726,524		$ 535,793,465
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	(4,896,414)	$ 5,186,544
Bond Purchase Commitment [Member]
Assets, Fair Value Disclosure	$ 883,999		$ 5,780,413

Commitments and Contingencies N

Commitments and Contingencies Narrative Tagging (Details)	6 Months Ended
	Jun. 30, 2015USD ($)Unit	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Property loans receivable	$ 25,568,046		$ 22,191,515
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure	366,100,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		25.00%
Long-term Purchase Commitment, Amount	0	$ 40,270,000
Available-For-Sale Securities, Gross Unrealized Loss MTM	303,395		19,582
Village at River's Edge [Member]
Long-term Purchase Commitment, Amount	$ 11,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Villas at Plano Gateway [Member]
Long-term Purchase Commitment, Amount	$ 20,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%
15 West Apartments [Member]
Long-term Purchase Commitment, Amount	$ 9,900,000
Debt Instrument, Interest Rate, Stated Percentage	6.25%
Foundation for Affordable Housing [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted				$ 2,800,000
Number of Units in Real Estate Property | Unit	96
Property loans receivable	$ 1,491,791		1,560,553	$ 1,603,083
Greens of Pine Glen [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted	1,300,000
Property loans receivable	$ 850,000		850,000
Percentage of Loss Contingency, Range of Possible Loss, Maximum	75.00%
Ohio Properties [Member]
Property loans receivable	$ 2,390,446		$ 2,390,447
Percentage of Loss Contingency, Range of Possible Loss, Maximum	75.00%
Loss Contingency, Range of Possible Loss, Maximum	$ 4,800,000
Silver Moon [Member]
Number of Units in Real Estate Property | Unit	151
Property loans receivable	$ 2,813,452
Long-term Purchase Commitment, Amount	$ 8,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Available-For-Sale Securities, Gross Unrealized Loss MTM	$ 0
Mortgage revenue bonds [Member]
Number of Units in Real Estate Property | Unit	7,644
Series A [Member] | Silver Moon [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.00%

Commitments and Contingencies F

Commitments and Contingencies Fair Market Value Table (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 5,461,196		$ 5,082,559
Long-term Purchase Commitment, Amount	$ 0	$ 40,270,000
Silver Moon [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Unrealized Gain	$ 0
Long-term Purchase Commitment, Amount	$ 8,000,000
Forward Bond Commitment, Purchase Date	Jun. 1, 2013
15 West Apartments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.25%
Long-term Purchase Commitment, Amount	$ 9,900,000
Forward Bond Commitment, Purchase Date	Jul. 1, 2014
Villas at Plano Gateway [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Long-term Purchase Commitment, Amount	$ 20,000,000
Forward Bond Commitment, Purchase Date	Dec. 1, 2014
Village at River's Edge [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Long-term Purchase Commitment, Amount	$ 11,000,000
Forward Bond Commitment, Purchase Date	May 1, 2015
Vantage at Harlingen [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Unrealized Gain	$ 1,694,613		707,813
Long-term Purchase Commitment, Amount	$ 18,000,000
Forward Bond Commitment, Purchase Date	Aug. 1, 2013
Vantage at Judson [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Unrealized Gain	$ 837,315		717,230
Long-term Purchase Commitment, Amount	$ 26,700,000
Forward Bond Commitment, Purchase Date	Dec. 1, 2012
Bond Purchase Commitment [Member] | Silver Moon [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 0		413,600
Bond Purchase Commitment [Member] | 15 West Apartments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	413,996		809,178
Bond Purchase Commitment [Member] | Villas at Plano Gateway [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	325,600		1,133,400
Bond Purchase Commitment [Member] | Village at River's Edge [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	144,403		0
Bond Purchase Commitment [Member] | Vantage at Harlingen [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	0		1,433,700
Bond Purchase Commitment [Member] | Vantage at Judson [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 0		$ 1,990,535

Segment Reporting Segment Repor

Segment Reporting Segment Reporting (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Revenues [Abstract]
Revenues	$ 17,119,567	$ 10,467,427	$ 29,626,192	$ 22,867,395
Interest Expense [Abstract]
Interest expense	2,993,134	2,342,436	6,929,310	4,453,185
Depreciation [Abstract]
Depreciation	1,389,700	1,027,112	2,843,879	2,046,478
Income from continuing operations	7,983,295	3,627,571	10,482,455	9,614,651
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	8,221,271	3,658,457	10,745,750	9,705,286
Assets [Abstract]
Assets	779,766,841		779,766,841		$ 744,239,217
Assets held for sale (Note 8)	13,052,649		13,052,649		13,204,015
Partners' Capital
Partners' Capital	281,485,267		281,485,267		309,943,899
Mortgage revenue bonds [Member]
Revenues [Abstract]
Revenues	8,678,337	6,160,515	15,996,898	14,188,151
Interest Expense [Abstract]
Interest expense	2,010,745	1,433,367	4,899,865	2,524,489
Depreciation [Abstract]
Depreciation	0	0	0	0
Income from continuing operations	4,256,767	3,114,680	6,606,289	8,570,363
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	4,256,767	3,114,680	6,606,289	8,570,363
Assets [Abstract]
Assets	702,461,694		702,461,694		698,637,412
MF Properties [Member]
Revenues [Abstract]
Revenues	7,503,523	3,134,220	11,805,824	6,284,564
Interest Expense [Abstract]
Interest expense	640,909	460,210	1,353,808	1,023,550
Depreciation [Abstract]
Depreciation	1,389,700	1,027,112	2,843,879	2,046,478
Income from continuing operations	3,138,054	(203,660)	2,743,522	(428,271)
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	3,137,743	(203,286)	2,744,102	(427,794)
Assets [Abstract]
Assets	103,720,986		103,720,986		101,696,235
Public Housing Capital Fund Trust Certificates [Member]
Revenues [Abstract]
Revenues	784,846	776,174	1,517,749	1,577,002
Interest Expense [Abstract]
Interest expense	300,580	334,840	597,040	672,397
Depreciation [Abstract]
Depreciation	0	0	0	0
Income from continuing operations	476,813	434,180	905,961	890,298
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	476,813	434,180	905,961	890,298
Assets [Abstract]
Assets	59,311,332		59,311,332		61,577,848
Residential Mortgage Backed Securities [Member]
Revenues [Abstract]
Revenues	152,861	396,518	305,721	817,678
Interest Expense [Abstract]
Interest expense	40,900	114,019	78,597	232,749
Depreciation [Abstract]
Depreciation	0	0	0	0
Income from continuing operations	111,661	282,371	226,683	582,261
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	111,661	282,371	226,683	582,261
Assets [Abstract]
Assets	14,907,129		14,907,129		15,101,309
Discontinued Operations [Member]
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	238,287	$ 30,512	262,715	$ 90,158
Assets [Abstract]
Assets held for sale (Note 8)	13,052,649		13,052,649		13,204,015
Consolidation, Eliminations [Member]
Assets [Abstract]
Assets	$ (113,686,949)		$ (113,686,949)		$ (145,977,602)

Segment Reporting Footnote Tagg

Segment Reporting Footnote Tagging (Details) - Jun. 30, 2015	propertiesIntegerUnitentities
Segment Reporting Information [Line Items]
Number of Available for Sale Securities	58
Number of Variable Interest Entities | properties	12
Mortgage revenue bonds [Member]
Segment Reporting Information [Line Items]
Number of Units in Real Estate Property | Unit	7,644
MF Properties [Member]
Segment Reporting Information [Line Items]
Number of Units in Real Estate Property | Unit	1,911
Number of Real Estate Properties | properties	6
Consolidated VIEs [Member]
Segment Reporting Information [Line Items]
Number of Variable Interest Entities | properties	2
Public housing capital fund trusts [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities, Public Housing Authorities	3
Unconsolidated Available for Sale Securities [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities	62
Consolidated VIEs [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities	2
Consolidated Properties [Member]
Segment Reporting Information [Line Items]
Number of Real Estate Properties | properties	8
Consolidated Properties [Member] | MF Properties [Member]
Segment Reporting Information [Line Items]
Number of Real Estate Properties | entities	8

Subsequent Events (Details)

Subsequent Events (Details) - Entity by Trust [Domain]	3 Months Ended	6 Months Ended
	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)IntegerUnit	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)Unit
Subsequent Event [Line Items]
Debt financing		$ 366,145,894		$ 345,359,000
Available for Sale Securities at Par Value		118,161,894		118,342,000
Mortgage revenue bonds, at fair value		$ 140,695,997		70,601,045
Number of Available for Sale Securities | Integer		58
Available for Sale Securities, not Including Premiums				$ 59,308,398
Long-term Purchase Commitment, Amount		$ 0	$ 40,270,000
Mortgage revenue bonds [Member]
Subsequent Event [Line Items]
Number of Units in Real Estate Property | Unit		7,644
Trust Portfolio--MBS Bonds [Member]
Subsequent Event [Line Items]
Available for Sale Securities, not Including Premiums		$ 14,765,000
Glynn Place [Member]
Subsequent Event [Line Items]
Number of Units in Real Estate Property | Unit		128		128
Glenview Apts [Member]
Subsequent Event [Line Items]
Mortgage revenue bonds, at fair value		$ 6,721,520		$ 6,723,000
Perrin Square [Member]
Subsequent Event [Line Items]
Mortgage revenue bonds, at fair value		$ 13,711,920
Number of Units in Real Estate Property | Unit		236
Heritage Square [Member]
Subsequent Event [Line Items]
Mortgage revenue bonds, at fair value		$ 11,548,462		12,814,125
Montclair Apts [Member]
Subsequent Event [Line Items]
Mortgage revenue bonds, at fair value		$ 3,460,656		3,458,000
Renaissance Gateway [Member]
Subsequent Event [Line Items]
Number of Units in Real Estate Property | Unit		208
Santa Fe Apts [Member]
Subsequent Event [Line Items]
Mortgage revenue bonds, at fair value		$ 4,746,518		4,736,000
Silver Moon [Member]
Subsequent Event [Line Items]
Mortgage revenue bonds, at fair value		$ 8,000,000
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Number of Units in Real Estate Property | Unit		151
Long-term Purchase Commitment, Amount		$ 8,000,000
Vantage at Harlingen [Member]
Subsequent Event [Line Items]
Mortgage revenue bonds, at fair value		$ 26,269,613		7,399,813
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Number of Units in Real Estate Property | Unit		288
Long-term Purchase Commitment, Amount		$ 18,000,000
Vantage at Judson [Member]
Subsequent Event [Line Items]
Mortgage revenue bonds, at fair value		$ 27,377,315		6,766,230
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Number of Units in Real Estate Property | Unit		288
Long-term Purchase Commitment, Amount		$ 26,700,000
Palo Alto [Member] | Mortgage revenue bonds [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.80%
Long-term Purchase Commitment, Amount	$ 19,500,000
Series A [Member] | Perrin Square [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Debt Instrument, Maturity Date		May 1, 2052
Series A [Member] | Renaissance Gateway [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Debt Instrument, Maturity Date		Jun. 1, 2050
Series A [Member] | Silver Moon [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Debt Instrument, Maturity Date		Aug. 1, 2055
Series B [Member] | Perrin Square [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		12.00%
Debt Instrument, Maturity Date		Jun. 1, 2052
Series B [Member] | Silver Moon [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		12.00%
Series B [Member] | Vantage at Harlingen [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Debt Instrument, Maturity Date		Sep. 1, 2053
Series B [Member] | Vantage at Judson [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Debt Instrument, Maturity Date		Jan. 1, 2053
Series B [Member] | Harden Ranch [Member]
Subsequent Event [Line Items]
Mortgage revenue bonds, at fair value		$ 2,333,752		2,338,499
TEBS III Facility [Member] [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt financing	84,300,000
Available for Sale Securities at Par Value	105,356,928
TEBS III Facility [Member] [Member] | Mortgage revenue bonds [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	105,356,928
TEBS III Facility [Member] [Member] | Renaissance Gateway [Member] | Mortgage revenue bonds [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	11,491,928
TEBS III Facility [Member] [Member] | Vantage at Harlingen [Member] | Mortgage revenue bonds [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	24,575,000
TEBS III Facility [Member] [Member] | Vantage at Judson [Member] | Mortgage revenue bonds [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	26,540,000
TEBS III Facility [Member] [Member] | Series A [Member] | Glenview Apts [Member] | Mortgage revenue bonds [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	4,670,000
TEBS III Facility [Member] [Member] | Series A [Member] | Perrin Square [Member] | Mortgage revenue bonds [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	13,300,000
TEBS III Facility [Member] [Member] | Series A [Member] | Heritage Square [Member] | Mortgage revenue bonds [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	11,185,000
TEBS III Facility [Member] [Member] | Series A [Member] | Montclair Apts [Member] | Mortgage revenue bonds [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	2,530,000
TEBS III Facility [Member] [Member] | Series A [Member] | Santa Fe Apts [Member] | Mortgage revenue bonds [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	3,065,000
TEBS III Facility [Member] [Member] | Series A [Member] | Silver Moon [Member] | Mortgage revenue bonds [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	8,000,000
TEBS II Facility [Member]
Subsequent Event [Line Items]
Debt financing		94,500,000		94,700,000
TEBS II Facility [Member] | Series A [Member] | Harden Ranch [Member] | Mortgage revenue bonds [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value		6,960,000		$ 6,960,000
TOB Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt financing	$ 137,900,000	$ 124,700,000
Effective rate - minimum [Member]
Subsequent Event [Line Items]
Effective rate		3.80%		4.70%
Effective rate - minimum [Member] | Trust Portfolio--MBS Bonds [Member]
Subsequent Event [Line Items]
Effective rate		3.90%		3.70%
Effective rate - minimum [Member] | TOB Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Effective rate	2.80%
Effective rate - maximum [Member]
Subsequent Event [Line Items]
Effective rate		9.80%		8.30%
Effective rate - maximum [Member] | Trust Portfolio--MBS Bonds [Member]
Subsequent Event [Line Items]
Effective rate		5.30%		5.20%
Effective rate - maximum [Member] | TOB Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Effective rate	4.50%

Subsequent Events Narrative Tag

Subsequent Events Narrative Tagging (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Subsequent Event [Line Items]
Available for Sale Securities at Par Value		$ 118,161,894		$ 118,342,000
Assets		779,766,841		744,239,217
Debt financing		366,145,894		345,359,000
Long-term Purchase Commitment, Amount		0	$ 40,270,000
Mortgage revenue bonds held in trust, at fair value		408,239,988		$ 378,423,092
Payments to Acquire Available-for-sale Securities		131,485,000	$ 36,385,127
TEBS III Facility [Member] [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	$ 105,356,928
Debt financing	84,300,000
Debt Financing, Net	82,200,000
Payments to Acquire Available-for-sale Securities	37,500,000
Restricted Cash and Cash Equivalents	4,800,000
Derivative Asset, Notional Amount	$ 21,100,000
Derivative, Fixed Interest Rate	3.00%
Debt Instrument, Basis Spread on Variable Rate	0.00%
Short-term Debt, Percentage Bearing Fixed Interest Rate	1.30%
Derivative, Variable Interest Rate	0.10%
Cost of Issuance Rate	0.50%
Debt Instrument, Total Rate of Borrowing	2.00%
Glynn Place [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	$ 5,500,000
Assets	4,200,000
TOB Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt financing	$ 137,900,000	$ 124,700,000
Effective rate - minimum [Member]
Subsequent Event [Line Items]
Effective rate		3.80%		4.70%
Effective rate - minimum [Member] | TOB Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Effective rate	2.80%
Effective rate - maximum [Member]
Subsequent Event [Line Items]
Effective rate		9.80%		8.30%
Effective rate - maximum [Member] | TOB Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Effective rate	4.50%
Mortgage revenue bonds [Member]
Subsequent Event [Line Items]
Assets		$ 702,461,694		$ 698,637,412
Mortgage revenue bonds [Member] | TEBS III Facility [Member] [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Available for Sale Securities at Par Value	$ 105,356,928
Mortgage revenue bonds [Member] | Palo Alto [Member]
Subsequent Event [Line Items]
Long-term Purchase Commitment, Amount	$ 19,500,000
Debt Instrument, Interest Rate, Stated Percentage	5.80%
Series B [Member] | TEBS III Facility [Member] [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Mortgage revenue bonds held in trust, at fair value		$ 21,100,000

Uncategorized Items - atax-2015

Label	Element	Value
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations	us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations	$ 11,318,015
Unallocated Deficit of Variable Interest Entities [Member]
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	$ 0
Capital Units [Member]
Partners' Capital Account, Units	us-gaap_PartnersCapitalAccountUnits	60,252,928
Partners' Capital Account, Units	us-gaap_PartnersCapitalAccountUnits	60,252,928
General Partner [Member]
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	$ (48,964)
Limited Partner [Member]
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	(4,847,450)
Noncontrolling Interest [Member]
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	$ 0