Greystone Housing Impact Investors (GHI) 10-K 3 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Document And Entity Information [Abstract]
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-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Trading Symbol	ATAX
Entity Common Stock, Units Outstanding	0
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float		$ 334,403,750

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 17,035,782	$ 49,157,571
Restricted cash	8,950,374	11,141,496
Interest receivable	5,220,859	4,121,486
Available-for-sale Securities, Fair Value Disclosure Held in Trust	536,316,481	378,423,092
Available-for-sale Securities	47,366,656	70,601,045
Public housing capital fund trusts, at fair value (Note 6)	60,707,290	61,263,123
Mortgage-backed securities, at fair value (Note 7)	14,775,309	14,841,558
Real estate assets: (Note 8)
Land and improvements	17,887,505	13,753,493
Buildings and improvements	139,153,699	110,706,173
Real estate assets before accumulated depreciation	157,041,204	124,459,666
Accumulated depreciation	(16,023,814)	(14,108,154)
Net real estate assets	141,017,390	110,351,512
Other assets (Note 9)	41,124,454	31,134,319
Assets held for sale (Note 10)	0	13,204,015
Total Assets	872,514,595	744,239,217
Liabilities
Accounts payable, accrued expenses and other liabilities	5,667,948	4,123,346
Distribution payable	8,759,343	7,617,390
Lines of credit (Note 11)	18,922,261
Debt financing (Note 12)	456,431,288	345,359,000
Mortgages payable (Note 13)	68,291,853	76,707,834
Derivative swap, at fair value (Note 16)	1,317,075
Liabilities held for sale (Note 10)		503,743
Total Liabilities	$ 559,389,768	$ 434,311,313
Commitments and Contingencies (Note 18)
Partnersʼ Capital
General Partner (Note 3)	$ 399,077	$ 578,238
Beneficial Unit Certificate holders	312,720,264	330,457,117
Unallocated deficit of Consolidated VIEs	0	(21,091,456)
Total Partnersʼ Capital	313,119,341	309,943,899
Noncontrolling interest (Note 8)	5,486	(15,995)
Total Capital	313,124,827	309,927,904
Total Liabilities and Partnersʼ Capital	$ 872,514,595	$ 744,239,217

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Property revenues	$ 17,789,125	$ 14,250,572	$ 13,115,858
Investment income	34,409,809	26,606,234	22,651,622
Contingent interest income	4,756,716	40,000	6,497,160
Other interest income	2,624,262	856,217	1,772,338
Gain on sale of MF Properties	4,599,109
Gain on mortgage revenue bonds - sale and redemption		3,701,772
Other income	373,379	188,000	250,000
Total revenues	64,552,400	45,642,795	44,286,978
Expenses:
Real estate operating (exclusive of items shown below)	10,052,669	7,796,761	7,622,182
Mortgage Loans on Real Estate, Write-down or Reserve, Amt			4,557,741
Provision for loan loss		75,000	168,000
Provision for loss on receivables			241,698
Depreciation and amortization	8,127,800	6,081,500	5,823,477
Interest	14,826,217	11,165,911	6,990,844
General and administrative	8,660,889	5,547,208	4,237,245
Total expenses	41,667,575	30,666,380	29,641,187
Income from continuing operations	22,884,825	14,976,415	14,645,791
Income (loss) from discontinued operations	3,721,397	52,773	3,331,051
Net income	26,606,222	15,029,188	17,976,842
Net (loss) income attributable to noncontrolling interest	(2,801)	(4,673)	261,923
Net income - America First Multifamily Investors, L.P.	26,609,023	15,033,861	17,714,919
Net income (loss) allocated to:
General Partner	2,474,274	1,056,316	1,416,296
Limited Partners - Unitholders	20,413,352	14,613,105	17,414,885
Unallocated gain (loss) of Consolidated VIEs	3,721,397	(635,560)	(1,116,262)
Net (loss) income attributable to noncontrolling interest	$ (2,801)	$ (4,673)	$ 261,923
Unitholdersʼ interest in net income per unit (basic and diluted):
Income from continuing operations	$ 0.34	$ 0.25	$ 0.32
Income from discontinued operations			0.08
Net income, basic and diluted, per unit	0.34	0.25	0.40
Distributions declared, per unit	$ 0.50	$ 0.50	$ 0.50
Weighted average number of units outstanding, basic and diluted	60,252,928	59,431,010	43,453,476

Consolidated Statements of Ope4

Consolidated Statements of Operations Parenthetical - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2013
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 3,212,447	$ 3,177,183
Variable Interest Entity Primary Beneficiary
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 3,200,000
MF Properties
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		$ 3,200,000

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net income	$ 26,606,222	$ 15,029,188	$ 17,976,842
Unrealized gain (loss) on securities	10,042,241	62,852,308	(27,062,400)
Unrealized gain (loss) on bond purchase commitments	(146,053)	10,632,590	(4,852,177)
General Partner	2,474,274	1,056,316	1,416,296
Limited Partners - Unitholders	20,413,352	14,613,105	17,414,885
Unallocated gain (loss) of Consolidated VIEs	3,721,397	(635,560)	(1,116,262)
Net income (loss) attributable to noncontrolling interest	2,801	4,673	(261,923)
Accumulated Other Comprehensive Income (Loss) [Member]
Net income	26,606,222	15,029,188	17,976,842
Unrealized gain (loss) on securities	10,042,241	62,852,308	(27,062,400)
Net realized (loss) on securities		(1,658,166)
Unrealized gain (loss) on bond purchase commitments	(146,053)	10,632,590	(4,852,177)
Comprehensive income (loss) - America First Multifamily Investors, L.P.	36,502,410	86,855,920	(13,937,735)
General Partner	2,573,235	1,774,583	1,097,150
Limited Partners - Unitholders	30,210,579	85,721,570	(14,180,546)
Unallocated gain (loss) of Consolidated VIEs	3,721,397	(635,560)	(1,116,262)
Net income (loss) attributable to noncontrolling interest	(2,801)	(4,673)	261,923
Commitments [Member]
Unrealized gain (loss) on bond purchase commitments	5,600,000	5,800,000
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized gain (loss) on bond purchase commitments	$ (146,053)	$ 10,632,590	$ (4,852,177)

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - USD ($)	Total	Ohio Properties [Member]	Greens of Pine Glen [Member]	General Partner	General PartnerOhio Properties [Member]	Number of Units	Limited Partner [Member]	Limited Partner [Member]Ohio Properties [Member]	Unallocated Deficit of Consolidated VIEs	Noncontrolling Interest	Noncontrolling InterestOhio Properties [Member]	Noncontrolling InterestGreens of Pine Glen [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]Ohio Properties [Member]
Balance at Dec. 31, 2012	$ 183,970,931			$ (430,087)			$ 207,383,087		$ (25,035,808)	$ 2,053,739			$ 7,161,381
Partners' Capital Account, Units at Dec. 31, 2012						42,772,928
Proceeds from Issuance of Common Stock	48,213,603						48,213,603
Stock Issued During Period, Shares, New Issues						8,280,000
Deconsolidation of Discontinued Operations		$ 393,401	$ (1,314,018)		$ 14,064			$ 1,392,303			$ (1,012,966)	$ (1,314,018)		$ 1,406,367
Deconsolidation of VIEs	5,485,803			(2,104)			(208,267)		5,696,174				(210,370)
Available-for-sale Securities, Gross Realized Gain (Loss)	(651,849)			(6,518)			(645,331)						(651,849)
Foreclosure of Available-for-Sale Securities	4,080,734			40,807			4,039,927						4,080,734
Distributions paid or accrued:
Regular distribution	(21,178,686)			(211,786)			(20,966,900)
Distribution of Tier 2 earnings (Note 3)	(1,939,419)			(484,855)			(1,454,564)
Net income	17,976,842			1,416,296			17,414,885		(1,116,262)	261,923			17,976,842
Unrealized gain (loss) on securities	(27,062,400)			(270,624)			(26,791,776)						(27,062,400)
Unrealized gain (loss) on bond purchase commitments	(4,852,177)			(48,522)			(4,803,655)						(4,852,177)
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:
Regular distribution	(21,178,686)			(211,786)			(20,966,900)
Proceeds from Issuance of Common Stock	51,288,699						51,288,699
Stock Issued During Period, Shares, New Issues						9,200,000
Available-for-sale Securities, Gross Realized Gain (Loss)	(2,413,713)			(24,137)			(2,389,576)						(2,413,713)
Gain (Loss) on Sales of Mortgage Backed Securities (MBS)	755,547			7,555			747,992						755,547
Regular distribution	(27,591,056)			(275,910)			(27,315,146)
Distribution of Tier 2 earnings (Note 3)	(3,748,424)			(937,106)			(2,811,318)
Net income	15,029,188			1,056,316			14,613,105		(635,560)	(4,673)			15,029,188
Unrealized gain (loss) on securities	62,852,308			628,523			62,223,785						62,852,308
Unrealized gain (loss) on bond purchase commitments	10,632,590			106,326			10,526,264						10,632,590
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:
Regular distribution	(27,591,056)			(275,910)			(27,315,146)
Sale of MF Property	24,282									24,282
Deconsolidation of VIEs				(173,701)			(17,196,359)		17,370,059
Available-for-sale Securities, Gross Realized Gain (Loss)	(630,919)			(6,309)			(624,610)						(630,919)
Regular distribution	(23,343,025)			(233,430)			(23,109,595)
Distribution of Tier 2 earnings (Note 3)	(9,355,825)			(2,338,956)			(7,016,869)
Net income	26,606,222			2,474,274			20,413,352		$ 3,721,397	(2,801)			26,606,222
Unrealized gain (loss) on securities	10,042,241			100,422			9,941,819						10,042,241
Unrealized gain (loss) on bond purchase commitments	(146,053)			(1,461)			(144,592)						(146,053)
Balance at Dec. 31, 2015	313,124,827			399,077			312,720,264			$ 5,486			$ 60,963,687
Partners' Capital Account, Units at Dec. 31, 2015						60,252,928
Distributions paid or accrued:
Regular distribution	$ (23,343,025)			$ (233,430)			$ (23,109,595)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 26,606,222	$ 15,029,188	$ 17,976,842
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	8,127,800	7,021,557	6,742,439
Provision for loan loss		75,000	168,000
Non-cash loss on derivatives	1,802,655	1,282,369	283,610
Bond premium/discount amortization	238,996	(181,208)	(332,003)
Gain on mortgage revenue bonds - redemption		(3,701,772)
Gain on the sale of MF Properties	(4,599,109)
Provision for loss from receivables			241,698
Gain on the sale of discontinued operations	(3,212,447)		(3,177,183)
Contingent interest realized from Consolidated VIEs in 2015, Ashley Square in 2014 and upon the sale of the Iona Lakes mortgage revenue bond in 2013	(4,756,716)	(40,000)	(6,497,160)
Note interest income realized from the sale of Fairmont Oaks, Consolidated VIE	(1,454,621)
Realized loss on taxable property loan			4,557,741
Changes in operating assets and liabilities, net of effect of acquisitions
Increase in interest receivable	(2,452,084)	(1,074,623)	(2,464,062)
Increase in other assets	(416,419)	(24,276)	(2,257,600)
Increase in accounts payable and accrued expenses	(496,859)	(942,064)	(1,009,598)
Net cash provided by operating activities	19,387,418	17,444,171	14,232,724
Cash flows from investing activities:
Capital expenditures	(3,282,107)	(23,798,209)	(13,007,148)
Acquisition of mortgage revenue bonds	(188,572,000)	(142,794,827)	(148,624,000)
Proceeds from sale of MF Properties	16,196,510
Proceeds from the sale of discontinued operations	22,900,000		22,610,000
Proceeds from the mortgage revenue bonds and MBS Securities - sale and redemptions		60,398,010	21,935,343
Restricted cash - debt collateral released (paid)	900,000	1,699,973	(3,992,848)
(Increase) decrease in restricted cash	(16,004)	(475,208)	94,423
Principal payments received on mortgage revenue bonds	22,896,089	7,214,136	2,764,286
Principal payments received on taxable property loans	153,821	145,000
Assets purchased - held for investment	(2,889,400)		(1,090,000)
Restructure and acquisition of interest rate derivative	(562,088)	(1,382,900)	(793,000)
Cash realized from the bond exchange for the Suites on Paseo Property	514,095
Increase in notes receivable	(11,208,763)	(710,118)	(1,603,083)
Repayment of notes receivable	2,958,415	68,530
Investment in bonds due to the sale recognition of discontinued operations			(27,778,000)
Cash received from taxable property loans receivable - Ohio Properties			4,064,089
Change in restricted cash - Greens Property sale			2,546,363
Acquisition of MBS securities			(12,629,888)
Acquisition of taxable bonds	(500,000)		(2,918,000)
Net cash used in investing activities	(138,703,473)	(105,887,640)	(158,421,463)
Cash flows from financing activities:
Distributions paid	(31,556,898)	(30,168,167)	(22,238,937)
Proceeds from the sale of beneficial unit certificates		54,740,000	51,750,000
Payment of offering costs related to the sale of beneficial unit certificates		(3,451,301)	(3,536,397)
Proceeds from debt financing	293,205,000	186,815,000	81,490,000
Principal borrowings on mortgages payable		22,622,552	20,697,452
Principal payments on debt financing	(182,132,712)	(98,730,000)	(2,164,000)
Principal payments on mortgages payable	(8,415,981)	(3,056,763)	(372,856)
Principal borrowing on lines of credit	74,071,261		16,065,900
Principal payments on lines of credit	(55,149,000)		(16,065,900)
Increase (decrease) in liabilities related to restricted cash	16,004	475,208	(94,423)
Deferred costs related to future equity raises	(169,667)
Debt financing costs	(2,709,513)	(2,927,732)	(355,585)
Net cash provided by financing activities	87,158,494	126,318,797	125,175,254
Net increase (decrease) in cash and cash equivalents	(32,157,561)	37,875,328	(19,013,485)
Cash and cash equivalents at beginning of year, including cash and cash equivalents of discontinued operations of $35,772, $25,976, and $208,053, respectively	49,193,343	11,318,015	30,331,500
Cash and cash equivalents at end of year, including cash and cash equivalents of discontinued operations of $0, $35,772, and $25,976, respectively	17,035,782	49,193,343	11,318,015
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	12,866,079	9,112,063	6,621,251
Distributions declared but not paid	8,759,343	7,617,390	6,446,077
Supplemental disclosure of non cash activities:
Capital expenditures financed through accounts and notes payable	26,368	137,759	1,758,297
Exchange of suites on Paseo assets held for the Suites on Paseo Property	42,665,912
Conversion of Woodland Park mortgage revenue bond to MF Property			15,662,000
Restricted cash released to pay down mortgages payable			2,356,640
Deconsolidation of the discontinued operations - noncontrolling interest			2,326,984
Recognition of taxable property loans receivable - discontinued operations			$ 2,086,236
M24 and M31 TEBS Financing Facilities [Member]
Cash flows from investing activities:
(Increase) decrease in restricted cash	6,622,959
M33 and M31 TEBS Financing Facilities [Member]
Cash flows from investing activities:
(Increase) decrease in restricted cash	$ (4,815,000)	$ (6,252,027)

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows Parenthetical - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement Of Cash Flows [Abstract]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 0	$ 35,772	$ 25,976	$ 208,053

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization America First Multifamily Investors, L.P. was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act for the 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 and student housing (collectively “Residential Properties”) and commercial properties. America First Multifamily Investors, L.P. expects and believes the interest earned on these bonds is excludable from gross income for federal income tax purposes. As a result, most of the income earned by the America First Multifamily Investors, L.P. is exempt from federal income taxes. The general partner is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”). The affairs of America First Multifamily Investors, L.P. and the conduct of its business are governed by the America First Multifamily Investors, L.P. First Amended and Restated Agreement of Limited Partnership dated September 15, 2015 (the “Amended and Restated LP Agreement”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Principles of Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P. and its wholly-owned subsidiaries. The “wholly-owned subsidiaries” include the MF Properties owned by various limited partnerships in which one of the wholly-owned subsidiaries (a “Holding Company”) holds a 99% limited partner interest. All intercompany transactions are eliminated. The wholly-owned consolidated subsidiaries of the Partnership consist of: · ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold mortgage revenue bonds in order to facilitate the TEBS Financing, M24 TEBS Financing, with Freddie Mac (see Note 12). · 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 12). · ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created in 2015 to hold mortgage revenue bonds in order to facilitate the third TEBS Financing, M33 TEBS Financing, with Freddie Mac (see Note 12). · ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership committed to loan money for the development of multifamily properties (see Note 9). · Eight MF Properties which are either wholly or majority owned by the Partnership or subsidiaries of the Partnership (see Note 8). Two properties, Bent Tree and Fairmont Oaks, in which the Partnership does not hold an ownership interest but which own multifamily properties financed with mortgage revenue bonds owned by the Partnership are VIEs. The Partnership has been determined to be the primary beneficiary of these VIEs, the Consolidated VIEs. The Consolidated VIEs are presented as discontinued operations for all periods presented and all significant transactions and accounts between the Partnership and the VIEs have been eliminated in consolidation. The Company’s consolidated financial statements reported in this Form 10-K include the financial position and results of operations of the Partnership and the Consolidated VIEs. Variable Interest Entities Under the consolidation guidance, the Partnership must make an evaluation of the entities which own the Residential Properties and commercial property financed with mortgage revenue bonds it holds to determine if these entities meet the definition of a VIE. Generally, a VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The guidance requires the Partnership to perform an analysis to determine whether its variable interests give it a controlling financial interest in a VIE. This analysis identifies the primary beneficiary, the entity that must consolidate the VIE, as the entity that has (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The Partnership re-evaluated all of its investments to determine if the property owners are VIEs and, if so, whether the Partnership is the primary beneficiary of the VIE. The guidance also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. As a result, changes to the Consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. In the Company’s consolidated financial statements, all transactions and accounts between the Partnership and the Consolidated VIEs have been eliminated in consolidation. The Partnership does not believe that the consolidation of VIEs for reporting under 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 Consolidated VIEs and the Consolidated 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 Amended and Restated LP Agreement. The primary purpose of the Partnership 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 PHC Certificates, and the MBS 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 Partnership. The MF Property segment is comprised of directly and indirectly owned, actively managed, and controlled multifamily properties. The MF Properties included in this segment are typically financed with third party mortgages. Effective in 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. In April 2015, the Partnership entered into brokerage contracts to sell Bent Tree and Fairmont Oaks, Consolidated VIEs. As a result, these entities met the criteria for discontinued operations presentation and have been classified as such in the Company’s consolidated financial statements for all periods presented. The sales of the Consolidated VIEs were closed in the fourth quarter of 2015 with the gains and results of operations of the Consolidated VIEs reported as part of the discontinued operations in net income for all periods presented. For the year ended December 31, 2015, the Company’s Consolidated VIEs are reported as discontinued operations on the Company’s consolidated financial statements. As of and for the years ended December 31, 2014 and 2013, the Company's two Consolidated VIEs are reported as assets held for sale and discontinued operations on the Company's consolidated financial statements. No net income or loss from these properties’ operations or sale accrued to the Unitholders or the General Partner during 2015 (see Notes 4, 8, 10, 21, and 22). Acquisition Accounting Pursuant to the guidance on acquisition accounting, the Partnership allocates the contractual purchase price of a property acquired to the land, building, and leases in existence as of the date of acquisition based on their relative fair values. The building is valued as if vacant. The estimated valuation of in-place leases is calculated by applying a risk-adjusted discount rate to the projected cash flow deficit at each property during an assumed lease-up period for these properties. This allocated cost is amortized over the average remaining term of the leases and is included in the statement of operations under depreciation and amortization expense. The acquisition related costs to acquire a property are expensed as incurred. Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased. Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at two financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s portfolio being restricted to investment grade securities. Restricted Cash Restricted cash is legally restricted to use and is comprised of resident security deposits, required maintenance reserves, escrowed funds, restricted compensating balances, and property rehabilitation. At December 31, 2015, certain of our credit facilities require restricted cash balances as additional collateral. Specifically, approximately $5.4 million related to the TEBS Financing facilities, approximately $400,000, related to the M24 Financing facility derivatives, and approximately $1.5 million related to the interest rate swaps were held in restricted cash (see Note 16). Investment in Mortgage Revenue Bonds and Other Other Investments The Partnership accounts for its investments in mortgage revenue bonds and other investments under the guidance for accounting for certain investments in debt and equity securities. The guidance requires investments in securities to be classified as one of the following: 1) held-to-maturity, 2) available-for-sale, or 3) trading securities. All of the Partnership’s investments in mortgage revenue bonds and other investments are classified as available-for-sale, and are reported at estimated fair value with the net unrealized gains or losses reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. There is no active trading market for the bonds and price quotes for the bonds are not available. As a result, the Partnership bases its estimate of fair value of the mortgage revenue bonds using discounted cash flow or yield to maturity analyses performed by management. This calculation methodology encompasses a significant amount of management judgment in its application. If available, the Partnership may also consider price quotes on similar bonds or other information from external sources, such as pricing services or broker quotes. Pricing services, broker quotes and the Partnership’s analyses provide indicative pricing only. The Partnership periodically reviews each of its mortgage revenue bonds for impairment. The Partnership evaluates whether unrealized losses are considered to be other-than-temporary based on a number of factors including: · The duration and severity of the decline in fair value, · The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, · Adverse conditions specifically related to the security, its collateral, or both, · Volatility of the fair value of the security, · The likelihood of the borrower being able to make payments, · Failure of the issuer to make scheduled interest or principal payments, and · Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether it has the intent to sell the securities prior to the time that their value recovers or until maturity, whether it is likely that the Partnership will be required to sell the securities before a recovery in value and whether the Partnership expects to recover the securities’ entire amortized cost basis. The ability to recover the securities’ entire amortized cost basis is based on the likelihood of the issuer being able to make required principal and interest payments on the security. The primary source of repayment of the amortized cost is the cash flows produced by the property which serve as the collateral for the bonds. The Partnership utilizes a discounted cash flow model for the underlying property that serves as collateral on the bond and compares the results of the model to the amortized cost basis of the bond. These models reflect the cash flows expected to be generated by the underlying properties over a ten year period, including an assumed property sale at the end of year ten, discounted using the effective interest rate on the bonds in accordance with the accounting guidance on other-than-temporary impairment of debt securities. The inputs to these models require the Partnership to make assumptions, the most significant of which include: · Revenue and expense projections for the property operations, which result in the estimated net operating income generated over the ten year holding period assumed in the model. Base year (model year one) assumptions are based on historical financial results and operating budget information. Base year assumptions are then adjusted for expected changes in occupancy, rental rates and expenses, and · The capitalization rate utilized to estimate the sales proceeds from an assumed property sale in year ten of the model. The capitalization rate used in the current year models ranged between 5.3% and 7.5% which the Partnership believes represents a reasonable range given the current market for Residential Properties. The revenue, expense and resulting net operating income projections which are the basis for the discounted cash flow model are based on judgment. Operating results from a multifamily, student, or senior citizen residential property depend on the rental and occupancy rates of the property and the level of operating expenses. Occupancy rates and rents are directly affected by the supply of and demand for multifamily residential properties in the market areas in which a property is located. This, in turn, is affected by several factors such as local or national economic conditions, the amount of new apartment construction and interest rates on single-family mortgage loans. Net operating income from the commercial property depends on the number of cancer patients which utilize the cancer therapy center and the ability to hire and retain key employees to provide the related cancer treatment. In addition, factors such as government regulation, inflation, real estate and other taxes, labor problems and natural disasters can affect the economic operations of a property. If the discounted cash flows from a property are less than the amortized cost of the bond, the Partnership believes that there is a strong indication that the cash flows from the property will not support the payment of the required principal and interest on the bond and, accordingly, the bond is considered other-than-temporarily impaired. If an other-than-temporary impairment exists, the amortized cost basis of the mortgage revenue bond is written down to its estimated fair value. The amount of the write-down representing a credit loss is accounted for as a realized loss on the statement of operations. The amount of the write-down representing a non-credit loss is recorded to other comprehensive income. The difference between the amortized cost basis and the discounted cash flows using the effective interest rate represents the credit loss. Any residual decline in value would be considered the interest related loss or non-credit loss. The recognition of an other-than-temporary impairment and the potential impairment analysis are subject to a considerable degree of judgment, the results of which when applied under different conditions or assumptions could have a material impact on the financial statements. If the Partnership experiences deterioration in the values of its investment portfolio, the Partnership may incur impairments to its investment portfolio which could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. The Partnership owns some mortgage revenue bonds which were purchased at a discount or premium. The discount or premium on an investment is amortized on an effective yield method and the result is realized in investment income in the current period. The Partnership eliminates the mortgage revenue bonds and the associated interest income and interest receivable when it consolidates the underlying real estate collateral in accordance with implementation of the consolidation guidance for variable interest entities. Investment in PHC Certificates and MBS Securities The Partnership accounts for its investments in PHC Certificates and MBS Securities under the guidance for accounting for certain investments in debt and equity securities. The guidance requires investments in securities to be classified as one of the following: 1) held-to-maturity, 2) available-for-sale, or 3) trading securities. All of the Partnership’s PHC Certificates and MBS Securities investments are classified as available-for-sale, and are reported at estimated fair value with the net unrealized gains or losses reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. There is no active trading market for the PHC Certificates and price quotes are not available. The estimates of the fair values of the PHC Certificates are 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 Certificates adjusted largely for unobservable inputs the Partnership believes would be used by market participants. The Partnership’s valuation encompasses judgment in its application and pricing as determined by pricing services, when available, is compared to the Partnership’s estimates. The Partnership periodically reviews each class of PHC Certificates for impairment. The Partnership evaluates whether a decline in the fair value of a PHC Certificate below its amortized cost is other-than temporary based on a number of factors including: · The duration and severity of the decline in fair value, · The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, · Downgrade in the security’s rating by S&P, · Volatility of the fair value of the security. The Partnership 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 Partnership’s third party pricing service incorporates commonly used market pricing methods, 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 Partnership 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 Partnership estimates as 7.5%. The Partnership also looks at observations of trading activity in the market place when available. The Partnership periodically reviews each MBS Security for impairment. The Partnership evaluates whether a decline in the fair value of a security below its amortized cost is other-than-temporary based on a number of factors including the duration and severity of the decline in fair value and the Partnership’s intent and ability to hold the security until its value recovers. Each MBS Security has been rated either “AAA” or “AA” by either S&P or Moody’s. A downgrade in rating for each MBS Security or new issuances of similar MBS Securities with ratings by S&P or Moody’s below the “A” rating would be a factor in concluding that impairment is other-than-temporary. Investments in Real Estate The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily, student housing, and senior citizen residential apartment buildings and five to 15 years on capital improvements and is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership reviews each property and land held for investment and development for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability is based upon comparing the net book value of each real estate property to the sum of its estimated undiscounted future cash flows. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. Taxable Property Loans In addition to the mortgage revenue bonds held by the Partnership, taxable property loans have been made to the owners of some of the properties which secure the bonds. The repayment of these taxable property loans is dependent largely on the value of the property or its cash flows which collateralize the loans. The Partnership periodically evaluates these loans for potential losses by estimating the fair value of the property which collateralizes the loans and comparing the fair value to the outstanding mortgage revenue bonds plus any taxable property loans. The Partnership utilizes the discounted cash flow model (“DCF”) discussed above except that in estimating a property fair value, the Partnership evaluates a number of different DCF models that contain varying assumptions. The various models may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the property after deducting the amortized cost basis of the senior mortgage revenue bond exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. For the years ended December 31, 2015 2014 and 2013, the Partnership recognized a provision for loan losses of approximately $0, $75,000 and $168,000, respectively (see Note 9). Accounting for TEBS and TOB Financing Arrangements The Partnership has evaluated the accounting guidance in regard to the M33, M31, and M24 TEBS and TOB Financing arrangements (Note 12) and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and will, therefore, be accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets through any of the following: 1. An agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity, 2. The ability to unilaterally cause the holder to return specific assets, other than through a cleanup call, or 3. An agreement that permits the transferee to require the transferor to repurchase the transferred financial assets at a price that is so favorable to the transferee that it is probable that the transferee will require the transferor to repurchase them. The M33, M31, and M24 TEBS Financing agreements contain certain provisions that allow the Partnership to (1) cause the return of certain individual bonds under defined circumstances, (2) cause the return of all of the bonds by electing an Optional Series Pool Release or (3) cause the return of any defaulted bonds. The Optional Series Pool Release is defined in the agreements closed in 2010 as two specific dates, September 15, 2017, or September 15, 2020, on which the Partnership has the option to repurchase all of the securitized bonds. The Optional Series Pool Release is defined in the agreements closed in 2014 as two specific dates, July 15, 2019 or July 15, 2024, on which the Partnership has the option to repurchase all of the securitized bonds. The Optional Series Pool Release is defined in the agreements closed in 2015 as two specific dates, July 15, 2020 or July 15, 2025, on which the Partnership has the option to repurchase all of the securitized bonds. Given these terms, the Partnership has concluded that the condition in item 2 above is present in the agreements and, therefore, effective control over the transferred assets has not occurred. As effective control has not been transferred, the transaction does not meet the conditions to de-recognize the assets. The TOB Financing agreements contain certain provisions that allow the Partnership to call the bonds held in the TOB Trusts through their ownership of the LIFERS so effective control has not been transferred. In addition to evaluating the M33, M31, and M24 TEBS Financings as a sale or transfer of financial assets, we have evaluated the securitization trusts associated with the TEBS Financing facilities, the M33 TEBS Trust, M31 TEBS Trust, and M24 TEBS Trust, under the provisions of consolidation guidance. As part of the M33, M31, and M24 TEBS Financings, certain bond assets of the Partnership were securitized into the M33, M31, and M24 TEBS Trusts with Freddie Mac. The M33, M31 and M24 TEBS Trusts then issued Class A and B TEBS Certificates. Other Partnership investments are securitized into TOB Trusts with DB. The TOB trustee then issued senior floating-rate participation interests (“SPEARS”) and LIFERS. The Partnership has determined that the M33, M31, and M24 TEBS Trusts are VIEs and the Class B Certificates owned by the Partnership create a variable interest in the M33, M31, and M24 TEBS Trusts. It was also determined that the TOB Trusts are VIEs and the LIFERS owned by the Partnership create a variable interest entity in the TOB Trusts. In determining the primary beneficiary of the M33, M31, and M24 TEBS Trusts and TOB Trusts, the Partnership considered the activities of each of the VIEs which most significantly impact the VIE’s economic performance, who has the power to control such activities, the risks which the entity was designed to create, the variability associated with those risks and the interests which absorb such variability. The Partnership has retained the right, pursuant to the M33, M31, and M24 TEBS Financing agreements, to either substitute or reacquire some or all of the securitized bonds at various future dates and under various circumstances. As a result, the Partnership determined it had retained a controlling financial interest in the M33, M31, and M24 TEBS Trusts because such actions effectively provide the Partnership with the ability to control decisions pertaining to the VIE’s management of interest rate and credit risk. While in the M33, M31, and M24 TEBS Trusts, the bond assets may only be used to settle obligations of the trusts and the liabilities of the trusts do not provide the Class A certificate holders with recourse to the general credit of the Partnership. The Partnership also determined it was the primary beneficiary of the TOB Trusts as it has the right to cause each TOB trust to sell the securitized asset in each specific TOB Trust. If the securitized assets were sold, the extent to which the VIE will be exposed to gains or losses from changes in the fair market value of the securitized assets would result from decisions made by the Partnership. It was determined that the Partnership met the primary beneficiary criteria and was the most closely associated with the VIE and, therefore, was determined to be the primary beneficiary under these financing arrangements. Given these accounting determinations, the M33, M31, and M24 TEBS and TOBS Financing facilities and the associated M33, M31, and M24 TEBS and TOBS Financings are presented as secured financing to the Company’s consolidated financial statements. Bond Purchase Commitments The bond purchase commitments held by the Partnership have no cost. The commitments are required to be measured and recorded at fair value, which is estimated under the same methodology as the Partnership’s mortgage revenue bonds in the Company’s consolidated financial statements (see Notes 5, 17, and 18). Deferred Financing Costs Debt financing costs are capitalized and amortized utilizing the effective interest method over the stated maturity of the related debt financing agreement. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the stated maturity of the related mortgage revenue bonds. on the Company’s consolidated financial statements for all periods presented. Income Taxes No provision has been made for income taxes because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes. Certain of the Consolidated VIEs and wholly-owned subsidiaries of the Partnership are corporations that are subject to federal and state income taxes. At December 31, 2015 and 2014, the Partnership evaluated whether it was more likely than not that any deferred tax assets would be realized. The Partnership recorded a full valuation allowance of approximately $405,000 and $8.5 million at December 31, 2015 and 2014, respectively against the deferred tax assets created at these entities by timing differences because the realization of these future benefits is not more likely than not. Revenue Recognition on Investments in Mortgage Revenue Bonds The interest income received by the Partnership from its mortgage revenue bonds is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing mortgage revenue bonds is recognized as it is earned. Base interest income on mortgage revenue bonds not fully performing is recognized as it is received. Past due base interest on mortgage revenue bonds, which are or were previously not fully performing, is recogni

Partnership Income, Expense and

Partnership Income, Expense and Cash Distributions	12 Months Ended
	Dec. 31, 2015
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income Expenses and Cash Distributions [Text Block]	3. Partnership Income, Expenses and Cash Distributions The Amended and Restated LP Agreement contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations and for the allocation of income and loss arising from a repayment, sale or liquidation of investments. Income and losses will be allocated to each Unitholder on a periodic basis, as determined by the General Partner, based on the number of BUCs held by each Unitholder as of the last day of the period for which such allocation is to be made. Distributions of Net Interest Income and Net Residual Proceeds will be made to each Unitholder of record on the last day of each distribution period based on the number of BUCs held by each Unitholder as of such date. For purposes of the Amended and Restated LP Agreement, cash distributions, if any, received by the Partnership from the Investment in MF Properties (see Note 8) will be included in the Partnership’s Interest Income and cash distributions received by the Partnership from the sale of such properties will be included in the Partnership Residual Proceeds. Cash distributions are currently made on a quarterly basis but may be made on a monthly or semiannual basis at the election of AFCA 2. On each distribution date, Net Interest Income is distributed 99% to the Unitholders and 1% to AFCA 2 and Net Residual Proceeds are distributed 100% to Unitholders except that Net Interest Income and Net Residual Proceeds representing contingent interest in an amount equal to 0.9% per annum of the principal amount of the mortgage revenue bonds on a cumulative basis (defined as Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2), respectively) are distributed 75% to the Unitholders and 25% to AFCA 2. The unallocated deficit of the Consolidated VIEs is primarily comprised of the accumulated historical net losses of the Consolidated VIEs. The unallocated deficit of the Consolidated VIEs and the Consolidated 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 Amended and Restated LP Agreement. The Consolidated VIEs were sold during 2015, therefore the unallocated deficit of the Consolidated VIEs is zero on December 31, 2015 (see Note 2, “Principles of Consolidation”). The distributions paid or accrued per BUC during the fiscal years ended December 31, 2015, 2014, and 2013 were as follows: For the Year Ended December 31, 2015 2014 2013 Cash Distributions $ 0.5000 $ 0.5000 $ 0.5000

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
Variable Interest Entities [Abstract]
Variable interest entities [Text Block]	4. Variable Interest Entities Although Residential Properties financed with mortgage revenue bonds held by the Partnership are owned by separate entities 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. In April 2015, the Partnership entered into brokerage contracts to sell Bent Tree and Fairmont Oaks, Consolidated VIEs. As a result, these entities met the criteria for discontinued operations presentation and have been classified as such in the Company’s consolidated financial statements for all periods presented. For additional details, see Note 2, “Principles of Consolidation”. 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. It was determined that the Partnership, as part of the related party group, met both of the primary beneficiary criteria and was the most closely associated with the VIEs and, therefore, was determined to be the primary beneficiary. The capital structure of Bent Tree and Fairmont Oaks VIEs consisted of senior debt, subordinated debt, and equity capital. The senior debt was in the form of a mortgage revenue bond and accounts for the majority of the total capital of each VIE. As the bondholder, the Partnership was entitled to principal and interest payments and has certain protective rights as established by the bond documents. The equity ownership in these entities 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, Properties Management, which is an affiliate of Burlington. The Partnership determined it was the primary beneficiary of the Bent Tree and Fairmont Oaks VIEs, the Consolidated VIEs. The sales of the Consolidated VIEs were closed in the fourth quarter of 2015 with the gains and results of operations of the Consolidated VIEs reported as part of the discontinued operations in net income for all periods presented. For the year ended December 31, 2015, the Company’s Consolidated VIEs are reported as discontinued operations on the Company’s consolidated financial statements. As of and for the year ended December 31, 2014, the Company's two Consolidated VIEs are reported as assets held for sale and discontinued operations on the Company's consolidated financial statements. The Company has also eliminated the Consolidated VIE segment as a reportable segment. No net income or loss from these properties’ operations or sale accrued to the Unitholders or the General Partner during 2015. For additional details, see Notes 2, 8, 10, 21, and 22 to the Company’s consolidated financial statements. Non-Consolidated VIEs On December 31, 2015 and 2014, the Company did not consolidate fifteen and nine, respectively, VIE entities. The significant activities of the VIE that impact the economic performance of the entity include leasing and maintaining multifamily residential properties, determining if the property is to be sold, decisions relating to debt refinancing, the selection of or replacement of the property manager and the approval of the operating and capital budgets. While the capital structures of these VIEs resulted in the Partnership holding a majority of the variable interests in these VIEs, the Partnership determined it does not have the power to direct the activities of these VIEs that most significantly impact the VIEs’ economic performance and, as a result, is not the primary beneficiary of these VIEs. The following tables present information regarding the Non-Consolidated VIEs held by the Partnership as of December 31, 2015 and 2014: December 31, 2015 Balance Sheet Classification Maximum Exposure to Loss Mortgage Revenue Bond Property Loan Mortgage Revenue Bond Property Loan Ashley Square Apartments $ 5,607,163 $ 1,482,000 $ 5,099,000 $ 7,942,472 Bruton Apartments 20,046,839 - 18,145,000 - Columbia Gardens 15,224,597 - 15,224,597 - Cross Creek 9,034,294 3,624,614 6,101,605 3,624,614 Glenview Apartments 6,926,243 - 6,723,000 - Harden Ranch 7,628,981 - 6,960,000 - Montclair Apartments 3,569,573 - 3,458,000 - Santa Fe Apartments 4,884,102 - 4,736,000 - Seasons at Simi Valley 6,724,110 - 6,320,000 - Sycamore Walk 5,447,000 - 5,447,000 - Tyler Park Apartments 6,562,209 - 6,075,000 - Vantage at Braunfels, LLC - 4,364,787 - 4,364,787 Vantage at Brooks, LLC - 3,533,104 - 3,533,104 Westside Village Market 4,172,340 - 3,970,000 - Willow Run 15,224,591 - 15,224,591 - $ 111,052,042 $ 13,004,505 $ 103,483,793 $ 19,464,977 December 31, 2014 Balance Sheet Classification Maximum Exposure to Loss Mortgage Revenue Bond Property Loan Mortgage Revenue Bond Property Loan Ashley Square Apartments $ 5,645,559 $ 1,482,000 $ 5,159,000 $ 7,534,002 Bruton Apartments 18,145,000 - 18,145,000 - Cross Creek 8,617,079 3,528,615 6,074,817 3,528,615 Glenview Apartments 6,723,000 - 6,723,000 - Harden Ranch 9,300,000 - 9,300,000 - Montclair Apartments 3,458,000 - 3,458,000 - Santa Fe Apartments 4,736,000 - 4,736,000 - Tyler Park Apartments 8,100,000 - 8,100,000 - Westside Village Market 5,400,000 - 5,400,000 - $ 70,124,638 $ 5,010,615 $ 67,095,817 $ 11,062,617 The following table provides information regarding the Consolidated VIEs, which are included in assets held for sale, at December 31, 2014 in the Partnership’s financial statements. In addition to the mortgage revenue bonds detailed below, the Partnership has made taxable property loans to these consolidated VIEs of $7.4 million as of December 31, 2014. These were eliminated upon consolidation. The Consolidated VIEs were sold in the fourth quarter of 2015, therefore there were no assets held for sale reported as of December 31, 2015. The total income earned from the mortgage revenue bonds in 2015 was approximately $821,000. VIEs, Assets Held for Sale - December 31, 2014 Property Name Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2014 Income Earned in 2014 Bent Tree Apartments (1) Columbia, SC 12/15/2030 6.25 % $ 7,465,000 $ 468,859 Fairmont Oaks Apartments (1) Gainesville, FL 4/1/2033 6.30 % 7,266,000 460,420 Total Mortgage Revenue Bonds $ 14,731,000 $ 929,279 (1) Bonds held by ATAX TEBS I, LLC

Investments in Mortgage Revenue

Investments in Mortgage Revenue Bonds	12 Months Ended
	Dec. 31, 2015
Investments In Mortgage Revenue Bonds [Abstract]
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block]	5. Investments in Mortgage Revenue Bonds Each of the mortgage revenue bonds were issued by various state and local governments, their agencies and authorities to finance the construction or rehabilitation of income-producing real estate properties. However, the mortgage revenue bonds do not constitute an obligation of any state or local government, agency or authority and no state or local government, agency or authority is liable on them, nor is the taxing power of any state or local government pledged to the payment of principal or interest on the mortgage revenue bonds. The mortgage revenue bonds are non-recourse obligations of the respective owners of the properties. The sole source of the funds to pay principal and interest on the mortgage revenue bonds is the net cash flow or the sale or refinancing proceeds from the properties. Each mortgage revenue bond, however, is collateralized by a mortgage on all real and personal property included in the related property and bears interest at a fixed rate and two of the mortgage revenue bonds provide for the payment of additional contingent interest that is payable from available net cash flow generated by the financed property. The following tables present information regarding the mortgage revenue bonds owned by the Partnership as of December 31, 2015 and 2014: December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,565,657 $ 1,767,508 $ - $ 13,333,165 Ashley Square (1) 5,099,000 508,163 - 5,607,163 Avistar at Chase Hill - Series A (3) 9,935,552 1,133,024 - 11,068,576 Avistar at the Crest - Series A (3) 9,637,485 1,301,224 - 10,938,709 Avistar at the Oaks - Series A (3) 7,777,936 840,159 - 8,618,095 Avistar at the Parkway - Series A (4) 13,300,000 330,251 - 13,630,251 Avistar in 09 - Series A (3) 6,715,948 725,445 - 7,441,393 Avistar on the Boulevard - Series A (3) 16,418,497 1,872,323 - 18,290,820 Avistar on the Hills - Series A (3) 5,373,756 693,096 - 6,066,852 Bella Vista (1) 6,430,000 766,135 - 7,196,135 Bridle Ridge (1) 7,595,000 817,222 - 8,412,222 Brookstone (1) 7,468,668 1,436,203 - 8,904,871 Bruton Apartments (2) 18,145,000 1,901,839 - 20,046,839 Columbia Gardens (2) 15,224,597 - - 15,224,597 Concord at Gulfgate - Series A (2) 17,060,000 852,612 - 17,912,612 Concord at Little York - Series A (2) 12,480,000 688,441 - 13,168,441 Concord at Williamcrest - Series A (2) 18,020,000 1,182,543 - 19,202,543 Copper Gate Apartments (3) 5,185,000 616,341 - 5,801,341 Cross Creek (1) 6,101,605 2,932,689 - 9,034,294 Decatur Angle (2) 23,000,000 1,582,083 - 24,582,083 Glenview Apartments - Series A (4) 4,670,000 210,572 - 4,880,572 Greens Property - Series A (3) 8,294,000 1,138,270 - 9,432,270 Harden Ranch - Series A (3) 6,960,000 668,981 - 7,628,981 Heritage Square - Series A (4) 11,185,000 273,488 - 11,458,488 Lake Forest (1) 8,766,000 1,177,745 - 9,943,745 Live 929 Apartments (2) 40,801,557 5,829,855 - 46,631,412 Montclair Apartments - Series A (4) 2,530,000 114,079 - 2,644,079 Pro Nova 2014-1 and 2014-2 (2) 19,379,489 1,182,900 - 20,562,389 Ohio Properties - Series A (1) 14,311,000 2,690,867 - 17,001,867 Renaissance - Series A (4) 11,450,959 1,233,077 - 12,684,036 Runnymede (1) 10,350,000 1,600,938 - 11,950,938 Santa Fe Apartments - Series A (4) 3,065,000 154,067 - 3,219,067 Silver Moon - Series A (4) 7,983,811 1,246,349 - 9,230,160 Southpark (1) 11,799,874 3,990,882 - 15,790,756 The Palms at Premier Park Apartments (3) 20,001,272 2,505,091 - 22,506,363 Tyler Park Townhomes - Series A (3) 6,075,000 487,209 - 6,562,209 Vantage at Harlingen - Series B (4) 24,575,000 1,765,139 - 26,340,139 Vantage at Judson -Series B (4) 26,540,000 2,613,606 - 29,153,606 Westside Village Market - Series A (3) 3,970,000 202,340 - 4,172,340 Willow Run (2) 15,224,591 - - 15,224,591 Woodlynn Village (1) 4,351,000 466,471 - 4,817,471 Mortgage revenue bonds held in trust $ 484,817,254 $ 51,499,227 $ - $ 536,316,481 (1) (2) (3) (4) December 31, 2015 Description of Mortgage Revenue Bonds Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill - Series B $ 961,981 $ 109,878 $ - $ 1,071,859 Avistar at the Crest - Series B 756,626 86,428 - 843,054 Avistar at the Oaks - Series B 553,244 63,533 - 616,777 Avistar at the Parkway - Series B 125,000 - (979 ) 124,021 Avistar in 09 - Series B 456,376 52,409 - 508,785 Avistar on the Boulevard - Series B 449,589 51,356 - 500,945 Concord at Gulfgate - Series B 2,125,000 76,802 - 2,201,802 Concord at Little York - Series B 960,000 - (6,711 ) 953,289 Concord at Williamcrest - Series B 2,800,000 - (19,573 ) 2,780,427 Crossing at 1415 7,925,000 214,091 - 8,139,091 Glenview Apartments - Series B 2,053,000 - (7,329 ) 2,045,671 Greens Property - Series B 943,214 142,442 - 1,085,656 Heights at 515 6,945,000 185,268 - 7,130,268 Heritage Square - Series B 520,000 6,185 - 526,185 Montclair Apartments - Series B 928,000 - (2,506 ) 925,494 Ohio Properties - Series B 3,562,190 514,997 - 4,077,187 Santa Fe Apartments - Series B 1,671,000 - (5,965 ) 1,665,035 Seasons at Simi Valley 6,320,000 404,110 - 6,724,110 Sycamore Walk 5,447,000 - - 5,447,000 Mortgage revenue bonds $ 45,502,220 $ 1,907,499 $ (43,063 ) $ 47,366,656 December 31, 2014 Description of Mortgage Revenue Bonds Held in Trust Cost Adjusted for Paydowns Unrealized Gain 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 - Series A (3) 10,000,000 1,196,800 - 11,196,800 Avistar at the Crest - Series A (3) 9,700,000 1,419,692 - 11,119,692 Avistar at the Oaks - Series A (3) 7,800,000 869,622 - 8,669,622 Avistar in 09 - Series A (3) 6,735,000 750,885 - 7,485,885 Avistar on the Boulevard - Series A (3) 16,525,000 2,418,599 - 18,943,599 Avistar on the Hills - Series A (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 - Series A (3) 8,366,000 1,005,119 - 9,371,119 Harden Ranch - Series A (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 - Series A (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 - Series A (3) 6,075,000 345,060 - 6,420,060 Westside Village Market - Series A (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) (2) (3) December 31, 2014 Description of Mortgage Revenue Bonds Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill - Series B $ 965,000 $ 144,769 $ - $ 1,109,769 Avistar at the Crest - Series B 759,000 124,286 - 883,286 Avistar at the Oaks - Series B 554,000 54,325 - 608,325 Avistar in 09 - Series B 457,000 50,608 - 507,608 Avistar on the Boulevard - Series B 451,000 73,851 - 524,851 Greens Property - Series B 945,638 376,203 - 1,321,841 Glenview Apartments 6,723,000 - - 6,723,000 Harden Ranch - Series B 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 - Series B 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 - Series B 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 - Series B 1,430,000 - (686 ) 1,429,314 Mortgage revenue bonds $ 65,538,068 $ 5,082,559 $ (19,582 ) $ 70,601,045 Valuation - As all of the Partnership’s investments in mortgage revenue bonds are classified as available-for-sale securities, they are carried on the balance sheets at their estimated fair values. As of December 31, 2015, the weighted average base rate of the mortgage revenue bonds reported in the consolidated financial statements was approximately 6.3% per annum. Due to the limited market for the mortgage revenue bonds, these estimates of fair value do not necessarily represent what the Partnership would actually receive in a sale of the bonds. There is no active trading market for the bonds and price quotes for the bonds are not generally available. As of December 31, 2015 and December 31, 2014, all of the Partnership’s mortgage revenue bonds were valued using discounted cash flow or yield to maturity analysis performed by management. The Partnership’s valuation encompasses judgment in its application. The key assumption in the Partnership’s yield to maturity analysis is the range of effective yields on the individual bonds. At December 31, 2015, the range of effective yields on the individual bonds was 4.2% to 12.1% per annum. Additionally, the Partnership calculated the sensitivity of the key assumption used in calculating the fair values of these bonds. Assuming an immediate ten percent adverse change in the key assumption, the effective yields on the individual bonds would increase to a range of 4.6% to 13.3% per annum and would result in additional unrealized losses on the bond portfolio of approximately $35.7 million. This sensitivity analysis is hypothetical and is as of a specific point in time. The results of the sensitivity analysis may not be indicative of actual changes in fair value and should be used with caution. If available, the Partnership may also consider price quotes on similar bonds or other information from external sources, such as pricing services. Pricing services, broker quotes and the Partnership’s analysis provide indicative pricing only. Unrealized gains or losses on these mortgage revenue bonds are recorded in accumulated other comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the underlying properties. The Partnership has reviewed each of its mortgage revenue bonds for impairment. Based upon this evaluation, the current unrealized losses on these six bonds are not considered to be other-than-temporary. If yields on new issuance of investments increase, the Partnership experiences deterioration in the estimated fair values of its investment portfolio, or if the Partnership’s intent and ability to hold certain bonds changes, the Partnership may incur impairments to its investment portfolio which could negatively impact the Company’s financial condition, cash flows, and reported earnings. The Partnership has the intent and ability to hold these mortgage revenue bonds until their stated maturity. The Partnership’s ability to recover the mortgage revenue bonds’ entire amortized cost basis is dependent upon the issuer being able to meet debt service requirements. The primary source of repayment is the cash flows produced by the property which serves as the collateral for the bonds. The Partnership utilizes a discounted cash flow model for the underlying property and compares the results of the model to the amortized cost basis of the bond. These models reflect the cash flows expected to be generated by the underlying properties over a ten year period, including an assumed property sale at the end of year ten, discounted using the effective interest rate on the bonds in accordance with the accounting guidance on other-than-temporary impairment of debt securities. The revenue, expense, and resulting net operating income projections which are the basis for the discounted cash flow model are based on judgment. Recent Bond Activity In December 2015, the partnership acquired the following mortgage revenue bonds. · The Partnership acquired a Series 2015 mortgage revenue bond with a par value of $15.0 million. This mortgage revenue bond is secured by Columbia Gardens Apartments, a 188 unit multifamily residential complex located in Columbia, South Carolina. · The Partnership acquired a Series 2015 mortgage revenue bond with a par value of $15.0 million. This mortgage revenue bond is secured by Willow Run Apartments, a 200 unit multifamily residential complex located in Columbia, South Carolina. These two Series 2015 mortgage revenue bonds each carry an annual interest rate of 5.5% and mature on December 1, 2050. In December 2015, the Partnership borrowed approximately $23.4 million under two TOB Trusts securitizing these mortgage revenue bonds (see Note 12). In December 2015, the Partnership acquired a Series 2015 B-1 mortgage revenue bond with a par value of approximately $3.6 million and a Series B-2 mortgage revenue bond with a par value of approximately $1.8 million. These mortgage revenue bonds are secured by the Sycamore Walk Apartments, a 112 unit multifamily residential property located in Bakersfield, California. The 2015 Series B-1 mortgage revenue bond carries an annual interest rate of 5.25% which matures on January 1, 2033. The 2015 Series B-2 mortgage revenue bond carries an initial annual cash interest rate of 5.5%, switching to 8.0% on January 1, 2017, maturing on January 1, 2018 . In November 2015, the Partnership acquired the following four mortgage revenue bonds. · The Partnership acquired approximately $7.6 million par value Series 2015A and $335,000 par value Series 2015B mortgage revenue bonds. These mortgage revenue bonds are secured by Crossing at 1415 Apartments, a 112 unit multifamily project located in San Antonio, Texas. · The Partnership acquired approximately $6.4 million par value Series 2015A and $510,000 par value Series 2015B mortgage revenue bonds. These mortgage revenue bonds are secured by Heights at 515 Apartments, a 97 unit multifamily project located in San Antonio, Texas. · The Series 2015A and Series 2015B mortgage revenue bonds carry annual stated interest rates of 6.0% and 12.0%, respectively and mature on December 1, 2052 and January 1, 2053, respectively. In September 2015, the owner of the Suites on Paseo property and the Partnership mutually agreed to exchange the deed for the Suites on Paseo property for approximately $41.0 million Series A and B mortgage revenue bonds plus accrued interest. These mortgage revenue bonds were subsequently collapsed. The following provides further background of the circumstances related to the Suites on Paseo. On June 1, 2015, the Suites on Paseo was unable to pay the Partnership the interest due on the Series A and B mortgage revenue bonds. On June 25, 2015, the Partnership received a $500,000 payment, to be applied to accrued interest owed to the Partnership on June 1, 2015, which left approximately $674,000 as interest receivable. The Partnership issued a forbearance agreement, deferring the payment of the remaining June 1, 2015 unpaid interest due, until September 1, 2015. In addition, during the eight months ended September 1, 2015, the Partnership advanced approximately $1.1 million to the Suites on Paseo, including the interest on such advances. The Partnership completed a discounted cash flow (“DCF”) analysis of the Suites on Paseo and concluded the fair market value of the Suites on Paseo was approximately equal to the amount the Partnership had invested into the Suites on Paseo, approximately $43.4 million. On December 31, 2015, the Partnership reported the Suites on Paseo property as an MF Property (see Notes 8 and 9). In August 2015, the Partnership acquired Series 2015 A-1 mortgage revenue bond with a par value of approximately $4.4 million and a stated annual interest rate of 5.75% which will mature on September 1, 2032. In addition, the Partnership acquired a subordinate Series 2015 A-2 mortgage revenue bond, a par value of approximately $1.9 million, and an annual interest rate of 5.5% for the first year and 8.0% for the second year, maturing on September 1, 2017. These mortgage revenue bonds are secured by Seasons at Simi Valley Apartments, a 69 unit multifamily apartment complex located in Simi Valley, California. In July 2015, the Partnership redeemed the Harden 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. 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 October 1, 2053 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 December 31, 2015 is approximately $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 February 1, 2053 and is recorded in Other Assets. 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. 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 January 2015, the Partnership acquired six mortgage revenue bonds below: · The Partnership acquired 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 acquired 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 acquired 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 July 2015, the Partnership restructured the existing TOB Trusts and borrowed approximately $41.8 million under three TOB Trusts securitizing these mortgage revenue bonds (see Note 12). In November 2014, the Partnership acquired six mortgage revenue bonds. They are as follows: · The Partnership acquired an approximate $4.7 million par value Series A and an approximate $2.0 million par value Series B mortgage revenue bonds. These mortgage revenue bonds are secured by Glenview Apartments, an 88 unit multifamily residential property in Cameron, California. · The Partnership acquired an approximate $2.5 million par value Series A and an approximate $1.0 million par value Series B mortgage revenue bonds. These mortgage revenue bonds are secured by Montclair Apartments, an 80 unit multifamily residential property in Lemoore, California. · The Partnership acquired an approximate $3.0 million par value Series A and an approximate $1.7 million par value Series B mortgage revenue bonds. These mortgage revenue bonds are secured by Santa Fe Apartments, an 89 unit multifamily residential property in Hesperia, California. These three Series A mortgage revenue bonds each carry an annual interest rate of 5.75% and mature on December 1, 2031. The three Series B mortgage revenue bonds each carry an annual interest rate of 5.50% for the first year and 8.0% for the second year, maturing on December 1, 2016. In October 2014, the Partnership acquired at 99% of par, two mortgage revenue bonds, 2014-2 with a par value of $10.0 million with an annual stated interest rate of approximately 5.3% and 2014-1 with a par value of $10.0 million with a stated interest rate of approximately 6.0%, maturing on May 1, 2025 and May 1, 2034, respectively. These mortgage revenue bonds are secured by ground, facility, and equipment at The Proton Therapy Center, LLC d/b/a Provision Center for Proton Therapy (“Pro Nova”), an ancillary health care facility providing cutting edge proton and traditional photon therapy treatment to cancer patients in Knoxville, Tennessee. The Partnership simultaneously executed two new TOB Trusts under its credit facility with DB securitizing this transaction, borrowing approximately $18.0 million at a fixed rate of approximately 4.0% per annum which will mature in July 2017(Note 12). 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. In August 2014, the Partnership acquired at par an approximate $11.2 million par value Series 2014A mortgage revenue bond with a stated interest rate of 6.0%, which will mature on September 1, 2051. In addition, the Partnership purchased a $520,000 par value Subordinate Series 2014B mortgage revenue bond with a stated interest rate of 12.0% which will mature on October 1, 2051. These mortgage revenue bonds are secured by Heritage Square, a 204 unit multifamily residential property in Edinburg, Texas. In August 2014, the Partnership acquired at par the approximate $18.1 million mortgage revenue bond secured by Bruton Apartments, a 264 unit multifamily residential property under construction in Dallas, Texas. The mortgage revenue bond carries an annual interest rate of 6.0% and matures on August 1, 2054. In June 2014, the Partnership acquired an approximate $40.3 million par value mortgage revenue bond secured by the Live 929 Apartments, with a 5.8% annual stated interest rate which will mature on July 1, 2049. The project is a 572-bed existing student housing project on the campus of The Johns Hopkins University School of Medicine in Baltimore, Maryland. In July 2014, this investment closed upon the execution of a $35.0 million tender option bond (“TOB”) Trust under the existing TOB structure (Note 12) plus approximately $5.3 million in cash. In April 2014, the mortgage revenue bond secured by Autumn Pines was sold for the outstanding principal and accrued base interest. The Partnership received approximately $13.1 million for the Autumn Pines mortgage revenue bond and recognized a gain of approximately $873,000 after payment of all TOB related financing fees. This gain was Tier 2 income with approximately $650,000 allocated to the Unitholders and approximately $218,000 was allocated to the General Partner. This mortgage revenue bond had been acquired at a discount on June 1, 2011. The Partnership’s $9.8 million TOB financing facility which was the securitization of this mortgage revenue bond was collapsed and paid off in full in connection with this sale. In February 2014, the Partnership acquired at par the senior $7.0 million par value and a subordinate $2.3 million par value mortgage revenue bond secured by Harden Ranch, a 100 unit multifamily residential property in Salinas, California. The senior mortgage revenue bond carries an annual interest rate of approximately 5.8% and matures on March 1, 2030. The subordinate mortgage revenue bond carries an annual interest rate of 5.5% for the first year and 8.0% for the second year and matures on March 1, 2016. In February 2014, the Partnership acquired at par the senior $23.0 million par value mortgage revenue bond secured by Decatur Angle Apartments, a 302 unit multifamily residential property under construction in Fort Worth, Texas. The mortgage revenue bond carries an annual interest rate of 5.8% and matures on January 1, 2054. In February 2014, the mortgage revenue bond secured by Lost Creek was redeemed for an amount greater than the outstanding principal and accrued base interest. This $18.5 million par value mortgage revenue bond had been acquired for approximately $15.9 million in May 2010. The Partnership received approximately $18.7 million for the Lost Creek mortgage revenue bond resulting in an approximate $2.8 million realized gain. This gain was Tier 2 income with approximately $2.1 million allocated to the Unitholders and approximately $709,000 allocated to the General Partner. The properties securing the Partnership’s mortgage revenue bonds are geographically dispersed throughout the United States with significant concentrations in California and Texas. As of December 31, 2015 and 2014, the concentration in California, as a percentage of principal outstanding, was approximately 8% and 18%. As of December 31, 2015 and 2014, the concentration in Texas, as a percentage of principal outstanding, was approximately 51% and 38%. The Live 929 property in Baltimore, Maryland represents approximately 8% and 10% of the outstanding principal of the mortgage revenue bonds as of December 31, 2015 and 2014, respectively. The following tables represent a description of certain terms of the mortgage revenue bonds owned by the Partnership as of December 31, 2015 and 2014: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2015 Arbors at Hickory Ridge (3) 2012 Memphis, TN 12/1/2049 6.25 % $ 11,450,000 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,099,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,418,497 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,935,552 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,637,485 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,168,196 Avistar at the Oak - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,777,936 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,715,948 Avistar on the Hill - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,373,756 Avistar (June 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,009,621 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,430,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,595,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,168,742 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 17,060,000 Concord at Gulfgate - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,125,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 12,480,000 Concord at Little York - Series B 2015 Houston, TX 3/1/2032 12.00 % 960,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 18,020,000 Concord at Williamcrest - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,800,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,185,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,343,321 Crossing at 1415 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 23,000,000 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Glenview - Series B 2014 Cameron Park, CA 12/1/2016 8.00 % 2,053,000 Greens of Pine Glen - Series A (3) 2012 North Carolina 10/1/2047 6.50 % 8,294,000 Greens of Pine Glen - Series B 2012 North Carolina 10/1/2047 9.00 % 943,214 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,960,000 Heights at 515 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,185,000 Heritage Square - Series B 2014 Edinburg, TX 10/1/2051 12.00 % 520,000 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,766,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,175,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Montclair - Series B 2014 Lemoore, CA 12/1/2016 8.00 % 928,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,311,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,562,190 Pro Nova - 2014A (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Pro Nova - 2014B (2) 2014 Knoxville, TN 5/1/2025 5.25 % 9,295,000 Renaissance - Series A (4) (5) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,450,959 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,350,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 Santa Fe - Series B 2014 Hesperia, CA 12/1/2016 8.00 % 1,671,000 Seasons at Simi Valley - Series A-1 2015 Simi Valley, CA 9/1/2

PHC Certificates

PHC Certificates	12 Months Ended
	Dec. 31, 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]	6. PHC Certificates In July 2012, the Partnership purchased 100% of the LIFERs in the PHC TOB Trusts which acquired approximately $65.3 million of PHC Certificates issued by three trusts (“PHC Trusts”) sponsored by DB. The assets held by the PHC Trusts consist of custodial receipts evidencing loans made to a number of 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 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, nor 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 Partnership purchased the LIFERS issued by the PHC TOB Trusts for approximately $16.0 million and pledged the LIFERS to the trustee to secure certain reimbursement obligations of the Partnership as the holder of LIFERS. The PHC TOB Trusts also issued SPEARS of approximately $49.0 million to unaffiliated investors. The SPEARS represent senior interests in the PHC TOB Trusts and have been credit enhanced by DB. The LIFERS entitle the Partnership to all principal and interest payments received by the PHC TOB Trusts on the $65.3 million of PHC Certificates held by it after preferred return 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”) rates. The Partnership determined that the three PHC TOB trusts are variable interest entities and that the Partnership was the primary beneficiary of each of the three PHC TOB trusts. As a result, the Partnership 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 Partnership considered who has the power to control the activities of the VIEs which most significantly impact their financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The indenture for the PHC TOB trusts stipulates that the Company has the sole right to cause the PHC TOB trusts to sell the PHC Certificates. If they were sold, the extent to which the VIEs will be exposed to gains or losses associated with variability in the PHC Certificates’ fair value arising from changes in municipal bond market rates therefore would result from decisions made by the Partnership. The Partnership had the following investments in the PHC Certificates on December 31, 2015 and 2014: December 31, 2015 Description of PHC Certificates Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value PHC Certificate Trust I $ 27,274,451 $ 1,482,376 $ - $ 28,756,827 PHC Certificate Trust II 11,081,987 365,443 - 11,447,430 PHC Certificate Trust III 20,513,351 - (10,318 ) 20,503,033 $ 58,869,789 $ 1,847,819 $ (10,318 ) $ 60,707,290 December 31, 2014 Description of PHC Certificates Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value PHC Certificate Trust I $ 27,414,100 $ 933,789 $ - $ 28,347,889 PHC Certificate Trust II 11,999,721 152,293 - 12,152,014 PHC Certificate Trust III 20,474,100 289,120 - 20,763,220 $ 59,887,921 $ 1,375,202 $ - $ 61,263,123 Valuation - As all of the Partnership’s investments in PHC Certificates are classified as available-for-sale securities and are carried on the consolidated balance sheet at their estimated fair values. As of December 31, 2015, the weighted average base rate of the PHC Trust Certificates was approximately 5.2% per annum. Due to the limited market for the PHC Certificates, these estimates of fair value do not necessarily represent what the Partnership would actually receive in a sale of the certificates. The estimates of the fair values of these PHC Certificates is based on a yield to maturity analysis which begins with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the PHC Certificates adjusted largely for unobservable inputs the Partnership believes would be used by market participants which includes adjustments for the fact that the PHC Certificates investment grade rating is below “AAA”. The Partnership’s valuation encompasses judgment in its application and pricing as determined by pricing services, when available, is compared to the Partnership’s estimates. The PHC Certificates are “AA-”, “A+”, and “BBB” rated and the range of effective yields was 3.9% to 5.7% per annum at December 31, 2015. Additionally, the Partnership calculated the sensitivity of the key assumption used in calculating the fair values of these PHC Certificates which is the yield for a new issuance of a similarly structure security. Assuming a 10% adverse change in that key assumption, the effective yields on the individual PHC Certificates would increase to a range of 4.3% to 6.2% per annum and would result in additional unrealized losses on the PHC Certificates of approximately $2.0 million. This sensitivity analysis is hypothetical and is as of a specific point in time. The results of the sensitivity analysis may not be indicative of actual changes in fair value and should be used with caution. If available, the Partnership may also consider other information from external sources, such as pricing services. The most recent update on the annual appropriations from HUD disclosed no significant changes in the program which means the underlying performance of the PHC Certificates will be in line with expectations until the next annual update. Further, there have been no downgrades in the investment grade rating of any of the three PHC Certificates noted since the investment was originally acquired in July 2012. The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts: Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate over Life Principal Outstanding December 31, 2015 Public Housing Capital Fund Trust Certificate I 9.25 AA- 5.33% $ 25,980,780 Public Housing Capital Fund Trust Certificate II 8.67 A+ 4.29% 11,465,660 Public Housing Capital Fund Trust Certificate III 9.81 BBB 5.42% 20,898,432 Total Public Housing Capital Fund Trust Certificates $ 58,344,872 Weighted Average 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

MBS Investments MBS Investments

MBS Investments MBS Investments (Notes)	12 Months Ended
	Dec. 31, 2015
M B S Investments [Abstract]
Investments in Debt and Equity Investments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses), Mortgage Backed Securities [Text Block]	7. MBS Securities Between November 2012 and April 2013, the Partnership executed six securitizations of MBS TOB Trusts. The Partnership purchased the LIFERS issued by the six MBS TOB Trusts for approximately $9.2 million. Each of the six MBS TOB Trusts issued SPEARS to unaffiliated investors; these SPEARS totaled approximately $34.9 million at issuance. The SPEARS represent senior interests in the MBS TOB Trusts, have been credit enhanced by DB and are recorded as debt financing in the consolidated balance sheet. The LIFERS entitle the Partnership 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”) rates. See Note 12 for further discussion related to the securitization of the MBS Securities. In May 2014, the Partnership sold a portion of the MBS TOB Trusts for an amount approximating the outstanding amortized cost. This approximately $3.7 million par value MBS Securities had been acquired for approximately $3.8 million in November 2012 (see Note 12). In October 2014, the Partnership sold a portion of the MBS Securities for an amount approximating the outstanding amortized cost. The approximate $24.4 million par value of the MBS Securities had been acquired for approximately $24.6 million in the fourth quarter of 2012 first half of 2013. The Partnership then collapsed the related MBS - TOB Trust 4 for approximately $6.0 million, MBS - TOB Trust 5 for approximately $5.3 million and MBS - TOB Trust 6 for approximately $7.8 million securitizing the related MBS. The Partnership’s approximate $19.1 million TOB financing facilities, which were the securitization of this MBS TOB Trusts, were paid off in full in connection with this sale (see Note 12). The carrying value of the Partnership’s MBS Securities as of December 31, 2015 and 2014 are as follows: December 31, 2015 Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Unrealized Gain Unrealized Loss Estimated Fair Value “AAA” $ 5,052,348 $ - $ (34,648 ) $ 5,017,700 “AA” 9,900,682 - (143,073 ) 9,757,609 $ 14,953,030 $ - $ (177,721 ) $ 14,775,309 (1) December 31, 2014 Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Unrealized Gain Unrealized Loss Estimated Fair Value “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) Valuation - The Partnership 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 Partnership’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 Partnership 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 of 7.5%. The Partnership also looks at observations of trading activity observed in the market place when available. At December 31, 2015, the range of effective yields on the individual MBS Securities was 3.7% to 5.3% per annum. Additionally, the Partnership calculated the sensitivity of the key assumption used in calculating the fair values of the MBS Securities 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 4.1% to 5.8% per annum and would result in additional unrealized losses on the bond portfolio of approximately $781,000. This sensitivity analysis is hypothetical and is as of a specific point in time. The results of the sensitivity analysis may not be indicative of actual changes in fair value and should be used with caution. Pricing services and the Partnership’s analysis provide indicative pricing only. 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. A description of certain terms of the Partnership’s MBS Securities is as follows: Agency Rating of MBS Securities Principal Outstanding December 31, 2015 Weighted Average Maturity Date Weighted Average Coupon Interest Rate “AAA” $ 5,000,000 7/1/2032 4.60 % “AA” 9,765,000 7/9/2036 4.20 % $ 14,765,000 Agency Rating of MBS Securities Principal Outstanding December 31, 2014 Weighted Average Maturity Date Weighted Average Coupon Interest Rate “AAA” $ 5,000,000 7/1/2032 4.60 % “AA” 9,765,000 7/9/2036 4.20 % $ 14,765,000

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2015
Real Estate Assets [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	8. Real Estate Assets MF Properties To facilitate its investment strategy of acquiring additional mortgage revenue bonds secured by MF Properties, the Partnership has acquired through its subsidiary a 99% limited partner position in one limited partnership, 100% member positions in six limited liability companies that own the MF Properties, and owns one of the MF Properties directly. The financial statements of these properties are consolidated with those of the Partnership. The general partners of these partnerships are unaffiliated parties and their 1% ownership interest in these limited partnerships is reflected in the Company’s consolidated financial statements as noncontrolling interests. The Partnership expects each of these MF Properties to eventually be sold and the proceeds reinvested. As of December 31, 2015, the Partnership’s wholly-owned subsidiaries held interests in eight entities that own MF Properties containing a total of 2,217 rental units, one located in Kansas, two in Nebraska, one in Kentucky, one in Indiana, one in California, and two in Texas. Recent Transactions In August 2015, the Partnership sold Glynn Place, an MF Property, for approximately $5.5 million and realized a gain of approximately $1.2 million, which was considered Tier 2 income. 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. The following tables represent information regarding the MF Properties owned by the Partnership as of December 31, 2015 and 2014: MF Properties Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value at December 31, 2015 Arboretum Omaha, NE 145 $ 1,755,147 $ 19,317,284 $ 21,072,431 Eagle Village Evansville, IN 511 567,880 12,594,935 13,162,815 Northern View (f/k/a Meadowview) Highland Heights, KY 270 688,539 8,062,973 8,751,512 Residences of DeCordova Granbury, TX 110 1,137,832 8,065,977 9,203,809 Residences of Weatherford Weatherford, TX 76 1,942,229 5,738,697 7,680,926 Suites on Paseo San Diego, CA 394 3,162,463 38,216,364 41,378,827 The 50/50 MF Property Lincoln, NE 475 - 32,910,424 32,910,424 Woodland Park Topeka, KS 236 1,265,160 14,247,045 15,512,205 $ 149,672,949 Less accumulated depreciation (depreciation expense of approximately $5.9 million in 2015) (16,023,814 ) Balance at December 31, 2015 $ 133,649,135 MF Properties Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value at 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 at December 31, 2014 $ 105,872,215 Mortgage revenue bond exchange for an MF Property In September 2015, the owner of the Suites on Paseo property and the Partnership mutually agreed to exchange the deed for the Suites on Paseo property, a California property, in exchange for approximately $41.0 million Series A and B mortgage revenue bonds plus accrued interest. The mortgage revenue bonds were subsequently collapsed (see Note 5). The initial value of approximately $43.4 million represented the fair market value of the property plus the Suites on Paseo contributed approximately $200,000 in other current assets which resulted in a total of approximately $43.6 million. This property has been included as an MF Property at December 31, 2015. A condensed balance sheet at the date of acquisition for the Suites on Paseo acquisition is below. Suites on Paseo 9/1/2015 (Date of Acquisition) Cash $ 514,094 Restricted cash 187,715 In-place lease assets 1,227,770 Real estate assets 41,374,397 Other assets 259,633 Total assets $ 43,563,609 Accounts payable, accrued expenses and other $ 493,868 Net assets 43,069,741 Total liabilities and net assets $ 43,563,609 The Woodland Park property became an MF Property in May 2013 and was accounted for pursuant to the accounting guidance on business combinations. The table below shows the unaudited pro forma condensed consolidated results of operations of the Partnership as if the Suites on Paseo and Woodland Park had been acquired at the beginning of the periods presented: For Year Ended December 31, 2015 For Year Ended December 31, 2014 For Year Ended December 31, 2013 Revenues $ 67,523,956 $ 49,622,920 $ 49,336,339 Net income $ 24,489,515 $ 9,012,034 $ 18,219,670 Net income allocated to unitholders $ 24,244,620 $ 8,921,914 $ 18,037,473 Unitholder's interest in net income per unit (basic and diluted) $ 0.40 $ 0.15 $ 0.42 For the year ended December 2015, the Suites on Paseo added approximately $1.8 million in total revenue and approximately $1.0 million in net loss to the Partnership since the bond exchange on September 1, 2015. For the year ended December 2013, Woodland Park added approximately $1.0 million in total revenue and approximately $164,000 in net loss to the Partnership since the foreclosure on May 29, 2013. Consolidated VIE Properties The sales of the Consolidated VIEs were closed in the fourth quarter of 2015 with the gains and results of operations of the Consolidated VIEs reported as part of the discontinued operations in net income for all periods presented. No net income or loss from these properties operations or sale accrued to the Unitholders or the General Partner during 2015. For additional details see Notes 2, 4, 10, 21, and 22 to the Company’s consolidated financial statements. Land Held for Investment and Development During the fourth quarter of 2015, the Partnership purchased land in Panama City, Florida for approximately $2.9 million, and during the fourth quarter of 2014, the Partnership purchased land in St. Petersburg, Florida for approximately $3.0 million, to be held for investment and development. At December 31, 2015, the Partnership reported a total of approximately $7.4 million as land held for investment. The Partnership plans to develop this land into rental properties in the future.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2015
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	9. Other Assets The Partnership had the following Other Assets as of dates shown: December 31, 2015 December 31, 2014 Property loans receivable $ 29,874,523 $ 22,191,515 Less: Loan loss reserves (7,098,814 ) (7,098,814 ) Deferred financing costs - net 5,891,135 4,659,104 Fair value of derivative contracts 344,177 267,669 Taxable bonds at fair market value 4,824,060 4,616,565 Bond purchase commitments - fair value adjustment (Notes 5 & 18) 5,634,360 5,780,413 Other assets 1,655,013 717,687 Total other assets $ 41,124,454 $ 31,134,319 In addition to the mortgage revenue bonds held by the Partnership, taxable property loans have been made to the owners of the properties which secure certain of the mortgage revenue bonds and are reported as Other Assets, net of allowance. The Partnership periodically, or as changes in circumstances or operations dictate, evaluates such taxable property loans for impairment. The value of the underlying property assets is ultimately the most relevant measure of the value to support the taxable property loan values. The Partnership utilizes a discounted cash flow model in estimating a property’s fair value. A number of different discounted cash flow models containing varying assumptions are considered. The various models may assume multiple revenue and expense scenarios, various capitalization rates and multiple discount rates. In estimating the property valuation, the most significant assumptions utilized in the discounted cash flow model were the same as those discussed in Note 2 above except the discount rate used to estimate the property valuation in the current year models was approximately 6.0% to 7.0%. The Partnership believes this represents a rate at which a multifamily, student, or senior citizen residential property could obtain current financing similar to the current existing outstanding bonds. 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 balance of the property loan then no potential loss is indicated and no allowance for loan loss is needed. In October 2015, ATAX Vantage Holdings, LLC, a newly formed wholly owned subsidiary of the Partnership, committed to loan approximately $17.0 million to Vantage Capital Investors, LLC (“Vantage Capital”), an unrelated third party. The money will be used to build a new 288 unit multifamily residential property in San Antonio, Texas and a new 288 unit multifamily residential property in New Braunfels, Texas. The notes are guaranteed by unrelated third parties. The Partnership loaned approximately $7.7 million in the fourth quarter of 2015 and reports these notes receivable in Other Assets on its consolidated financial statements at December 31, 2015. In June 2015, the Partnership 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 Partnership executed a loan agreement with Silver Moon Lodge LLLP, owner of the Silver Moon Lodge Apartments, for approximately $2.8 million which was repaid from the limited partner capital contributed to Silver Moon Lodge LLLP in December 2015 when the 4.0% LIHTCs were sold. In June 2014, the Partnership restructured twelve mortgage revenue bonds related to Avistar on the Boulevard, Avistar at Chase Hill, Avistar at the Crest, Avistar on the Hills Apartments, Avistar at the Oaks Apartments, and Avistar in 09 Apartments purchased in June and February 2013. In connection with the mortgage revenue bond restructuring the Partnership loaned these entities approximately $526,000 to cover the costs of restructuring the mortgage revenue bonds. These taxable property loans have a stated interest rate of 12.0% per annum due monthly with any unpaid balance due on June 26, 2024. The following is a summary of the taxable property loans, accrued interest and allowance on amounts due at December 31, 2015 and 2014: December 31, 2015 Outstanding Balance Accrued Interest Loan Loss Reserves Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 39,950 $ - $ - $ 231,214 Ashley Square 5,078,342 2,864,130 (3,596,342 ) (2,864,130 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 51,386 - - 325,882 Avistar (June 2013 portfolio) 251,622 47,104 - - 298,726 Cross Creek 7,072,087 2,352,851 (3,447,472 ) (2,352,852 ) 3,624,614 Foundation for Affordable Housing 1,415,590 - - - 1,415,590 Greens Property 850,000 343,600 - - 1,193,600 Lake Forest 4,623,704 3,080,446 (55,000 ) (3,059,610 ) 4,589,540 Ohio Properties 2,390,448 1,235,017 - (441,795 ) 3,183,670 Vantage at Brooks LLC 3,454,664 78,440 - - 3,533,104 Vantage at Braunfels LLC 4,272,306 92,481 - - 4,364,787 $ 29,874,523 $ 10,185,404 $ (7,098,814 ) $ (8,718,387 ) $ 24,242,727 December 31, 2014 Outstanding Balance Accrued Interest Loan Loss Reserves Interest Allowance Net Taxable 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 In April 2015, the Partnership advanced approximately $567,000 to the Suites on Paseo for operations. This amount was included as an investment in the Suites on Paseo in September 2015, which was eliminated upon consolidation. Based on the annual impairment analysis, a provision for loan loss and an associated loan loss reserve of $75,000 and $168,000 was recorded against the Cross Creek taxable loan in 2014 and 2013, respectively. There was no provision for loan loss or associated loan loss reserve during 2015. The following is a detail of loan loss reserves for the years ended December 31: For the Year Ended December 31, 2015 2014 2013 Balance, beginning of year $ 7,098,814 $ 7,023,814 $ 12,272,671 Realized loss on taxable property loan - Iona Lakes - - (4,557,741 ) Provision for loan loss - 75,000 168,000 Deconsolidation of VIEs - - 55,000 Write off due to foreclosure - - (914,116 ) Balance, end of year $ 7,098,814 $ 7,098,814 $ 7,023,814

Discontined Operations

Discontined Operations	12 Months Ended
	Dec. 31, 2015
Discontinued Operations [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	10. Discontinued Operations In June 2010, the Partnership completed a sales transaction whereby the Ohio Properties were sold to three new ownership entities controlled by an unaffiliated not-for-profit entity and in October 2011, the three limited partnerships that own the Ohio Properties admitted two entities that are affiliates of BC Partners as new limited partners as part of a syndication of LIHTCs. The BC Partners agreed to contribute equity to these limited partnerships, subject to the Ohio Properties meeting certain debt service coverage ratios specified in the applicable limited partnership agreements. As such, there was not sufficient equity invested at closing by the not-for-profit or BC Partners into the Ohio Properties to allow the Partnership to recognize a real estate sale for accounting purposes. During the first quarter of 2013, BC Partners contributed $6.5 million of capital into the Ohio Properties which was sufficient to allow the Partnership to recognize the sale for accounting purposes. This gain on sale of discontinued operations was approximately $1.8 million The deposit method of accounting for real estate sales required both the deferral of the gain from the real estate sale and also did not allow recognition of the interest payments by the Ohio Properties to the Partnership between June 2010 and the date of the equity contribution by BC Partners. In conjunction with the recognition of the real estate sale, approximately $3.5 million of interest was recognized as investment income during 2013 which represents interest payments received from the Ohio Properties between June 2010 and December 2012. In addition, the Partnership reported approximately $1.1 million in taxable note interest income received from the Ohio Properties and a $250,000 guarantee fee from the general partner of the Ohio Properties during the first quarter of 2013. The net fixed assets and total assets of the Ohio Properties were zero at December 31, 2015 and 2014. In October 2012, the limited partnership that owned the Greens Property admitted two entities that are affiliates of BC Partners as new limited partners as part of a syndication of LIHTCs on the Greens Property. That sale was conditional on securing the mortgage revenue bond and low-income housing tax credits from the North Carolina Housing Finance Agency. The July 2013 equity payment provided sufficient invested equity to recognize a real estate sale for accounting purposes and the Partnership recorded the sale of this discontinued operation. This gain on sale of discontinued operations was approximately $1.4 million. In conjunction with the recognition of the real estate sale, approximately $523,000 of interest was recognized within investment income during 2013 which represents interest payments received from the Greens Property between October 2012 and July 31, 2013. The net fixed assets and total assets of the Greens Property were zero at December 31, 2015 and 2014. 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 and have been classified as such in the Company’s consolidated financial statements for all periods presented. The sales of the Consolidated VIEs were closed in the fourth quarter of 2015 with the gains and results of operations of the Consolidated VIEs reported as part of the discontinued operations in net income for all periods presented. For the year ended December 31, 2015, the Company’s Consolidated VIEs are reported as discontinued operations on the Company’s consolidated financial statements. As of and for the years ended December 31, 2014 and 2013, the Company's two Consolidated VIEs are reported as assets held for sale and discontinued operations on the Company's consolidated financial statements. No net income or loss from these property operations or sale accrued to the Unitholders or the General Partner during 2015. For additional details see Notes 2, 4, 8, 21, and 22 to the Company’s consolidated financial statements. On December 31, 2015 there were no assets held for sale. The following presents the net assets reported as assets held for sale on: December 31, 2014 Cash and cash equivalents $ 35,772 Restricted cash 544,233 Land and land improvements 1,836,400 Buildings and improvements 21,204,047 Real estate assets before accumulated depreciation 23,040,447 Accumulated depreciation (10,583,647 ) Net real estate assets 12,456,800 Other assets 167,210 Total assets from discontinued operations 13,204,015 Accounts payable and accrued expenses 503,743 Mortgage payable - Total liabilities from discontinued operations 503,743 Net assets of discontinuted operations $ 12,700,272 The following presents the revenues, expenses and income from discontinued operations: 2015 2014 2013 Rental revenues $ 2,952,383 $ 3,180,680 $ 3,802,805 Expenses 2,394,074 3,127,907 3,648,937 Income from continuing operations of the discontinued operations 558,309 52,773 153,868 Gain on sale of discontinued operations 3,163,088 - 3,177,183 Net income from discontinued operations $ 3,721,397 $ 52,773 $ 3,331,051

Lines of Credit

Lines of Credit	12 Months Ended
	Dec. 31, 2015
Lines Of Credit [Abstract]
Lines of Credit	11. Lines of Credit On December 31, 2015 and December 31, 2014, the Partnership reported outstanding lines of credit (“LOC”) of approximately $18.9 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. Under the Credit Agreement advances will be made to the Partnership not to exceed at any time the aggregate principal amount of $50.0 million. This line of credit carries a variable interest rate which was approximately 2.9% on December 31, 2015. The principal amount of each acquisition advance will be due and payable on the 270th 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 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 line of credit 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 December 31, 2015 the Partnership had approximately $12.5 million outstanding debt on this line of credit. In March 2014, the Partnership obtained two $5.0 million LOCs. The first revolving line of credit carries a variable interest rate which was approximately 3.5% on December 31, 2015, and matures in March 2016. The second revolving line of credit also carries a variable interest rate which was approximately 3.4% on December 31, 2015 and matures in March 2016. The Partnership is required to make prepayments of the principal to reduce the second revolving line of credit to zero for fifteen consecutive days during each calendar quarter. For the three months ended December 31, 2015, the Partnership reduced the line of credit to zero for fifteen consecutive days which fulfilled its fourth quarter 2015 prepayment obligation. On December 31, 2015 the Partnership had outstanding debt of $5.0 million on one of the lines of credit. 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 December 31, 2015. The Partnership had approximately $7.5 million borrowed on December 31, 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 Lines of credit on the December 31, 2015 consolidated balance sheet.

Debt Financing

Debt Financing	12 Months Ended
	Dec. 31, 2015
Debt Financing [Abstract]
Debt Disclosure [Text Block]	12. Debt Financing As of December 31, 2015 and 2014, the Partnership’s outstanding debt financing totaled approximately $456.4 million and $345.4 million, respectively. Tender Option Bond Financings TOB Trusts Securitization Outstanding TOB Trust Financing at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Year End Rate PHC Certificates (1) $ 43,985,000 2012 June-16 Variable Weekly 0.68 % 1.62 % 2.30 % MBS Securities - 1 2,585,000 2012 April-16 Variable Weekly 0.16 % 0.94 % 1.10 % MBS Securities - 2 4,090,000 2012 April-16 Variable Weekly 0.16 % 0.94 % 1.10 % MBS Securities - 3 5,270,000 2012 April-16 Variable Weekly 0.16 % 0.94 % 1.10 % Decatur Angle 22,850,000 2014 October-16 Fixed N/A N/A N/A 4.26 % Live 929 37,940,000 2014 July-19 Fixed N/A N/A N/A 4.39 % Bruton Apartments 17,250,000 2014 July-17 Fixed N/A N/A N/A 4.51 % Pro Nova 2014-1 9,010,000 2014 July-17 Fixed N/A N/A N/A 4.01 % Pro Nova 2014-2 8,375,000 2014 July-17 Fixed N/A N/A N/A 4.01 % Concord at Gulfgate 14,940,000 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Little York 11,235,000 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Williamcrest 15,610,000 2015 February-18 Fixed N/A N/A N/A 2.76 % Columbia Gardens 11,700,000 2015 December-17 Fixed N/A N/A N/A 2.76 % Willow Run 11,700,000 2015 December-17 Fixed N/A N/A N/A 2.76 % Total TOB Trust Financing\Effective Rate $ 216,540,000 3.26 % (1) TOB Trusts Securitization Outstanding TOB Trust Financing at December 31, 2014 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Year End Rate PHC Certificates (1) $ 44,675,000 2012 June-15 Variable Weekly 0.58 % 1.62 % 2.20 % MBS Securities - 1 2,585,000 2012 April-15 Variable Weekly 0.18 % 0.94 % 1.12 % MBS Securities - 2 4,090,000 2012 April-15 Variable Weekly 0.18 % 0.94 % 1.12 % MBS Securities - 3 5,270,000 2012 April-15 Variable Weekly 0.12 % 0.94 % 1.06 % The Suites on Paseo 25,535,000 2013 June-15 Fixed N/A N/A N/A 1.96 % Decatur Angle 21,850,000 2014 October-16 Fixed N/A N/A N/A 4.34 % Live 929 34,975,000 2014 July-19 Fixed N/A N/A N/A 4.47 % Bruton Apartments 17,250,000 2014 July-17 Fixed N/A N/A N/A 4.55 % Pro Nova 2014-1 9,010,000 2014 July-17 Fixed N/A N/A N/A 4.05 % Pro Nova 2014-2 9,010,000 2014 July-17 Fixed N/A N/A N/A 4.05 % Total TOB Trust Financing\Effective Rate $ 174,250,000 3.23 % (1) In July 2011, the Partnership executed a Master Trust Agreement with DB which allows the Partnership 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 Partnership 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 Partnership is required to maintain compliance. At December 31, 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 December 31, 2015 the Partnership was in compliance with all of these covenants. If the Partnership were to be out of compliance with any of these covenants, it would trigger a termination event of the financing facilities. In July 2015, due to certain restrictions imposed by the Volcker Rule, the Partnership and DB restructured eight of the existing TOB Trust structures by entering into a new Master Trust Agreement and related documents to create Term TOB Trusts (“Term TOB Trusts”). Like the prior trusts, the Partnership transferred its mortgage revenue bonds to the TOB trustee, which issued Class A and Class B Trust Certificates. These Trust Certificates represent beneficial interests in the securitized asset held by the TOB trustee. DB purchased the Class A Certificates. The Partnership purchased 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 $137.2 million, reported maturity dates from October 2016 through July 2019, and fixed the annual interest rates from approximately 2.8% to 4.5% (see table above). 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 Partnership expects to renew each of the TOB financing facilities at its discretion per the terms of the agreements. In December 2015, simultaneous with the acquisition of the Columbia Gardens and Willow Run mortgage revenue bonds, the Partnership closed on two additional Term TOB Trusts for a total of $23.4 million. In March 2015, the Partnership borrowed $15.0 million through a newly executed TOB Trust under its credit facility with DB securitized by the Suites on Paseo mortgage revenue bond. When the restructuring was completed in July 2015, this TOB Trust was settled. In February 2015, the Partnership executed three new TOB Trusts under its July 2011 Master Trust Agreement 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. In July 2015, the Partnership restructured these TOB Trusts into the Term TOB Trusts (see 2015 table above). In October 2014, the Partnership executed two new TOB Trusts under its credit facility with DB securitizing the Pro Nova 2014-1 and 2014-2 mortgage revenue bonds borrowing approximately $9.0 million under each TOB Trust. In July 2015, the Partnership restructured these TOB Trusts into the Term TOB Trusts (see 2015 table above). In August 2014, the Partnership executed a new TOB Trust under its credit facility with DB securitizing the Bruton Apartments mortgage revenue bond borrowing approximately $17.3 million. In July 2015, the Partnership restructured this TOB Trust into a Term TOB Trust (see 2015 table above). In July 2014, the Partnership executed a new TOB Trust under its credit facility with DB securitizing the Live 929 mortgage revenue bond borrowing approximately $35.0 million. In July 2015, the Partnership restructured this TOB Trust into a Term TOB Trust (see 2015 table above). In July 2014, the Partnership executed a new TOB Trust under its credit facility with DB securitizing the Decatur Angle mortgage revenue bond borrowing $21.9 million. In July 2015, the Partnership restructured this TOB Trust into a Term TOB Trust (see 2015 table above). In July 2014, a separate transaction occurred as a preliminary transaction to achieve the closing of the M31 TEBS Financing (discussed in the M31 TEBS Financing section in Note 12). DB purchased the SPEARS which securitized four TOB Trust facilities for approximately $45.9 million and approximately $26.5 million in the related residual LIFERS. DB held the ten mortgage revenue bonds that collateralized this transaction, the Greens Property, Arbors at Hickory Ridge, Avistar on the Boulevard, Avistar at Chase Hill, Avistar at the Crest, Avistar on the Hills Apartments, Avistar at the Oaks Apartments, and Avistar in 09 Apartments, until the M31 TEBS Financing facility closed on July 10, 2014. In October 2014, the Partnership sold a portion of the MBS Securities and collapsed the related MBS - TOB Trusts for an amount approximating the outstanding amortized cost. The Partnership collapsed MBS - TOB Trust 4 for approximately $6.0 million, MBS - TOB Trust 5 for approximately $5.3 million and MBS - TOB Trust 6 for approximately $7.8 million securitizing the related MBS. The Partnership’s approximate $19.1 million TOB financing facilities, which were the securitization of these MBS TOB Trusts, were paid off in full in connection with this sale (see Note 7). In May 2014, the Partnership sold a portion of the MBS Securities and collapsed the related MBS - TOB Trust 3 securitizing the related MBS Securities for approximately $3.7 million. The Partnership’s $2.9 million TOB financing facility, which was the securitization of this MBS TOB Trust, was paid off in full in connection with this sale (see Note 7). There were no changes to the MBS TOB Trusts during 2015. In April 2014, the mortgage revenue bond secured by Autumn Pines was sold for approximately $13.1 million. The Partnership’s $9.8 million TOB financing facility, which was the securitization of this mortgage revenue bond, was collapsed and paid off in full in connection with this sale (see Note 5). There were no changes to the PHC TOB Trusts during the years ended December 31, 2015 and 2014. As of December 31, 2015, the Partnership posted approximately $1.5 million of cash collateral in connection with the interest rate swaps. As of December 31, 2014, the Partnership posted approximately $2.1 million of cash collateral in connection with the MBS TOB Trusts. As of December 31, 2014, the Partnership posted approximately $400,000 of cash collateral in connection with one of the PHC TOB Trusts. The cash collateral is recorded as restricted cash in the Partnership’s consolidated financial statements. As of December 31, 2015 and 2014, the total cost of borrowing for the PHC TOB financing facilities was approximately 2.3% per annum and 2.2% per annum, respectively. The weighted average cost of borrowing on the TOB financing facilities securitizing MBS Securities was approximately 1.1% per annum for both years. The Partnership’s total cost of borrowing under the TOB financing facilities securitized by the mortgage revenue bonds was approximately 3.7% and 3.9% per annum as of December 31, 2015 and 2014, respectively. The Partnership accounts for these TOB transactions as secured financing arrangements. TEBS Financings. The following tables provide the detail related to the outstanding TEBS Financing, year acquired, stated maturity, and annual interest rates at December 31, 2015 and 2014. Outstanding TEBS Financing at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Year End Rate M24 TEBS Financing $ 61,546,000 2010 September-17 Variable Weekly 0.04 % 1.91 % 1.95 % M31 TEBS Financing (1) 94,117,446 2014 July-19 Variable Weekly 0.02 % 1.42 % 1.44 % M33 TEBS Financing (1) 84,227,842 2015 July-20 Variable Weekly 0.02 % 1.26 % 1.28 % Total TEBS Financing\Effective Rate $ 239,891,288 1.51 % (1) Outstanding TEBS Financing at December 31, 2014 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Year End Rate M24 TEBS Financing $ 76,444,000 2010 September-17 Variable Weekly 0.07 % 1.91 % 1.98 % M31 TEBS Financing (1) 94,665,000 2014 July-19 Variable Weekly 0.05 % 1.42 % 1.47 % Total TEBS Financing\Effective Rate $ 171,109,000 1.70 % (1) M33 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: Outstanding Bond Par Amounts Description of Mortgage Revenue Bonds December 31, 2015 July 1, 2015 Financial Statement Presentation Avistar at the Parkway - Series A $ 13,300,000 $ 13,300,000 Mortgage revenue bond Glenview Apartments - Series A 4,670,000 4,670,000 Mortgage revenue bond Heritage Square - Series A 11,185,000 11,185,000 Mortgage revenue bond Montclair Apartments - Series A 2,530,000 2,530,000 Mortgage revenue bond Renaissance Gateway 11,450,959 11,491,928 Mortgage revenue bond Santa Fe Apartments - Series A 3,065,000 3,065,000 Mortgage revenue bond Silver Moon Lodge Apartments - Series A 7,983,811 8,000,000 Mortgage revenue bond Vantage at Harlingen 24,575,000 24,575,000 Mortgage revenue bond Vantage at Judson 26,540,000 26,540,000 Mortgage revenue bond Total $ 105,299,770 $ 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. The Partnership placed approximately $4.8 million into a stabilization escrow which is reported as restricted cash on the December 31, 2015 balance sheet. 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 (see Note 16). 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. 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. Form 8-K filed by the Partnership on July 16, 2015 is incorporated by reference. M31 TEBS Financing 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. Effective July 1, 2014, the Partnership transferred the following mortgage revenue bonds to the 2014 Sponsor pursuant to the M31 TEBS Financing described above: Outstanding Bond Par Amounts Description of Mortgage Revenue Bonds December 31, 2015 December 31, 2014 Financial Statement Presentation Arbors at Hickory Ridge $ 11,450,000 $ 11,450,000 Mortgage revenue bond Avistar at Chase Hill - Series A 9,935,552 10,000,000 Mortgage revenue bond Avistar at the Crest - Series A 9,637,485 9,700,000 Mortgage revenue bond Avistar at the Oaks - Series A 7,777,936 7,800,000 Mortgage revenue bond Avistar in 09 - Series A 6,715,948 6,735,000 Mortgage revenue bond Avistar on the Boulevard - Series A 16,418,497 16,525,000 Mortgage revenue bond Avistar on the Hills - Series A 5,373,756 5,389,000 Mortgage revenue bond Copper Gate Apartments 5,185,000 5,220,000 Mortgage revenue bond Greens Property - Series A 8,294,000 8,366,000 Mortgage revenue bond Harden Ranch - Series A 6,960,000 6,960,000 Mortgage revenue bond The Palms at Premier Park Apartments 20,001,272 20,152,000 Mortgage revenue bond Tyler Park Townhomes - Series A 6,075,000 6,075,000 Mortgage revenue bond Westside Village Market - Series A 3,970,000 3,970,000 Mortgage revenue bond Total $ 117,794,446 $ 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. At December 31, 2015 and 2014, the Partnership reported approximately $163,000 and $6.3 million, respectively, as restricted cash on the balance sheet. 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 (see Note 16). 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 Bonds from Freddie Mac on either July 15, 2019 or July 15, 2024. 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. Form 8-K filed by the Partnership on July 16, 2014 is incorporated by reference. M24 TEBS Financing In November and December of 2015, the Fairmont Oaks and Bent Tree properties were sold. The Partnership received approximately $14.1 million for the mortgage revenue bond principal plus base interest which was used to retire a portion of the M24 TEBS Financing facility. For additional details, see Notes 2, 8, 10, 21, and 22 to the Company’s consolidated financial statements. 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 Partnership 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. At December 31, 2015 and 2014, the Partnership reported approximately $365,000 and $1.0 million, respectively, as restricted cash on the balance sheet related to the M24 TEBS Financing facility. As of December 31, 2015, the Partnership posted approximately $400,000 of cash collateral in connection with the M24 Financing facility derivatives. The cash collateral is recorded as restricted cash in the Partnership’s consolidated financial statements. For the M33, M31, and M24 TEBS Financings, the payment of interest on the Class A TEBS Certificates will be made from the interest payments received by Freddie Mac from the Bonds and Senior Custody Receipts held by Freddie Mac on designated interest payment dates prior to any payments of interest on the Class B TEBS Certificates held by the Sponsor. As the holder of the Class B TEBS Certificates, the 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 Bonds and Senior Custody Receipts held by Freddie Mac after payment of principal and interest due on the Class A TEBS Certificates and payment of all Facility Fees and associated expenses. Accordingly, the amount of interest paid to the Sponsor on the Class B 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 TEBS Certificates, Facility Fees, expenses and other factors. The Partnership’s aggregate borrowings as of December 31, 2015 contractually mature over the next five years and thereafter as follows: 2016 $ 81,807,600 2017 120,366,181 2018 43,614,419 2019 129,541,724 2020 81,101,364 Thereafter - Total $ 456,431,288 The Partnership’s strategic objective is to leverage its bond portfolio utilizing long term securitization financings with Freddie Mac through its TEBS program. This strategy allows the Partnership to better match the duration of its assets and liabilities and to better manage the spread between its assets and liabilities. The Partnership intends and expects to refinance all of its maturing short term debt obligations with the proceeds of at least one additional TEBS financing.

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2015
Mortgages Payable [Abstract]
Mortgage Notes Payable Disclosure [Text Block]	13. Mortgages Payable The Partnership reports the mortgage loans secured by certain MF Properties on its consolidated financial statements as Mortgages payable. As of December 31, 2015 and 2014, outstanding mortgage loans totaled approximately $68.3 million and approximately $76.7 million, respectively. These mortgages carry interest rates ranging from 2.9% to 4.8% with maturity dates ranging from March 2017 to March 2020. In November 2015, the Partnership refinanced the Eagle Village mortgage, extending the due date to September 2018 (see tables below). In April 2014, the Partnership paid off in full the approximately $1.9 million mortgage which was collateralized by the Glynn Place Apartments, an MF Property. In March 2014, the Partnership refinanced the Arboretum mortgage, extending the due date to March 28, 2017 with a fixed interest rate of 3.75% per annum. The following is a summary of the Mortgage Loans payable on MF Properties: MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Year End Rate Arboretum $ 16,742,368 2011 March 2017 Fixed N/A N/A N/A 3.75 % Eagle Village (1) 8,038,911 2010 September 2018 Variable Monthly 0.25 % 3.00 % 3.25 % Residences of DeCordova 1,815,223 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,820,623 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 UNL Student Housing-- Mortgage (2) 25,500,000 2013 March 2020 Variable Monthly 3.25 % N/A 3.25 % The 50/50 UNL Student Housing--TIF Loan 4,299,990 2014 December 2019 Fixed N/A N/A N/A 4.65 % Woodland Park (1) 6,074,738 2013 August 2017 Variable Monthly 0.19 % 2.75 % 2.94 % Total Mortgage Payable\Effective Rate $ 68,291,853 3.60 % (1) (2) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2014 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Year End Rate Arboretum $ 17,182,764 2011 March 2017 Fixed N/A N/A N/A 3.75 % Eagle Village (1) 8,224,671 2010 September 2015 Variable Monthly 1.60 % 2.75 % 4.35 % Residences of DeCordova 1,881,998 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 6,043,673 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 UNL Student Housing-- Mortgage (2) 25,500,000 2013 March 2020 Variable Monthly 3.25 % N/A 3.25 % The 50/50 UNL Student Housing--TIF Loan 4,299,990 2014 December 2019 Fixed N/A N/A N/A 4.65 % The Colonial 7,500,000 2013 February 2016 Fixed N/A N/A N/A 3.55 % Woodland Park (1) 6,074,738 2013 August 2017 Variable Monthly 0.21 % 2.75 % 2.96 % Total Mortgage Payable\Effective Rate $ 76,707,834 3.72 % (1) (2) The Partnership’s mortgages payable as of December 31, 2015, contractually mature over the next five years and thereafter as follows: 2016 $ 1,919,689 2017 31,535,642 2018 9,114,886 2019 5,104,650 2020 20,616,986 Thereafter - Total $ 68,291,853 The Partnership expects each of the MF Properties to eventually be sold either to a not-for-profit entity or in connection with a syndication of LIHTCs. The proceeds from such sale will be utilized to retire any associated outstanding mortgage loan. Should a mortgage loan reach maturity prior to a sale of the associated MF Property, the Partnership would either seek to refinance such mortgage loan or utilize cash reserves to retire the loan. The Partnership expects to provide mortgage revenue bonds as part of an overall plan of financing the acquisition of a MF Property by a new property owner.

Issuances of Additional Benefic

Issuances of Additional Beneficial Certificate Units Level 1 (Notes)	12 Months Ended
	Dec. 31, 2015
Issuances Of Additional Beneficial Unit Certificates [Abstract]
Issuances of Additional Beneficial Unit Certificates [Text Block]	14. Issuances of Additional Beneficial Unit Certificates In November 2013, a Registration Statement on Form S-3 was declared effective by the SEC under which the Partnership may offer up to $225.0 million of additional BUCs from time to time. In December 2013, the Partnership issued an additional 8,280,000 BUCs through an underwritten public offering at a public offering price of $6.25 per BUC pursuant to this new Registration Statement. Net proceeds realized by the Partnership from this issuance of these BUCs were approximately $48.2 million after payment of an underwriter’s discount and other offering costs of approximately $3.5 million. In January and February 2014, the Partnership issued an additional 9,200,000 BUCs through an underwritten public offering at a public offering price of $5.95 per BUC pursuant to this Registration Statement. Net proceeds realized by the Partnership from this issuance of these BUCs were approximately $51.3 million after payment of an underwriter’s discount and other offering costs of approximately $3.5 million.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2015
Transactions With Related Parties [Abstract]
Related Party Transactions Disclosure [Text Block]	15. Transactions with Related Parties A substantial portion of the Partnership’s general and administrative expenses and certain costs capitalized by the Partnership are paid by AFCA 2 or an affiliate and are reimbursed by the Partnership. The capitalized costs are typically incurred in connection with the acquisition or reissuance of certain mortgage revenue bonds, acquisition of PHC Certificates and MBS, debt financing transactions, and other capital transactions. The amounts in the following table represent cash payments to reimburse AFCA 2 or an affiliate for such expenses. 2015 2014 2013 Reimbursable salaries and benefits $ 1,744,855 $ 1,599,294 $ 1,146,754 Other expenses 6,819 975 3,488 Insurance 224,946 227,265 228,701 Professional fees and expenses 284,767 208,648 216,962 Consulting and travel expenses 15,372 1,697 434 $ 2,276,759 $ 2,037,879 $ 1,596,339 AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its mortgage revenue bonds, taxable property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. For the years ended December 31, 2015, 2014, and 2013, the Partnership paid administrative fees to AFCA 2 of approximately $2.6 million, $2.0 million, and $1.5 million, 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 $53,000, $138,000, and $144,000, in 2015, 2014, and 2013, respectively. Additionally, in connection with the sale of Bent Tree, a Consolidated VIE, the property paid accrued and deferred administrative fees to AFCA2 totaling approximately $635,000 in 2015. Although these third party administrative fees are not Partnership expenses, they have been reflected in the accompanying consolidated financial statements of the Company as a result of the consolidation of the VIEs. Such fees are payable by the financed property prior to the payment of any contingent interest on the mortgage revenue bonds secured by these properties. If the Partnership were to acquire any of these properties in foreclosure, it would assume the obligation to pay the administrative fees relating to mortgage revenue bonds on these properties. AFCA 2 earns mortgage placement fees in connection with the acquisition of mortgage revenue bonds by the Partnership. These mortgage placement fees were paid by the owners of the respective property or the third party seller of the respective bonds and, accordingly, have not been reflected in the accompanying consolidated financial statements because these properties are not considered Consolidated VIEs. Investment/mortgage placement fees earned by AFCA 2 totaled approximately $1.9 million, $1.7 million, and $1.2 million, in 2015, 2014, and 2013, respectively. In addition, in 2015, approximately $300,000 in mortgage placement fees were paid by the Partnership to AFCA2 related to two mortgage revenue bond acquisitions, which was recorded into the cost basis of the mortgage revenue bonds and are being amortized against interest income on an effective yield basis. The Partnership executed a Developer and Construction Management Agreement with two affiliates of AFCA 2 during the second quarter of 2013 in connection with the mixed-use development at the University of Nebraska - Lincoln (see Note 8). These affiliates received approximately $672,000 in the first twelve months of 2013 under the terms of this Agreement. An affiliate of AFCA 2 acts as a placement advisor to the borrowers under the mortgage revenue bonds at the time they are acquired by the Partnership. Any and all advisory fees are paid by the borrower of the respective bonds and, accordingly, have not been reflected in the accompanying consolidated financial statements. An affiliate of AFCA 2, Properties Management, was retained to provide property management services for Ashley Square, Iona Lakes (bond sold in 2013), Arboretum, Bent Tree (Consolidated VIE sold in 2015), Lake Forest, Fairmont Oaks (Consolidated VIE sold in 2015), DeCordova, Eagle Village, The Colonial (MF Property sold in 2015), Meadowview, Crescent Village, Willow Bend, Post Woods, Glynn Place (MF Property sold in 2015), Greens at Pine Glen, Cross Creek, Weatherford, and Woodland Park. The management fees paid to Properties Management amounted to approximately $1.2 million in 2015, $1.3 million in 2014, and $1.2 million in 2013. For the Consolidated VIEs, these management fees are not Partnership expenses but are recorded by each applicable VIE entity and, accordingly, have been reflected in the accompanying consolidated financial statements. Such fees are paid out of the revenues generated by the properties owned by the Consolidated VIEs prior to the payment of any interest on the mortgage revenue bonds and taxable property loans held by the Partnership on these properties. For the MF Properties, these management fees are considered real estate operating expenses. An affiliate of AFCA 2, FCA, acts as an origination advisor and consultant to the borrowers when mortgage revenue bonds and financing facilities are acquired by the Partnership. For 2015, 2014, and 2013, approximately $1.8 million, $1.4 million, and $752,000, respectively, in origination fees were paid to this affiliate by the borrower of certain acquired bonds and have not been reflected in the accompanying consolidated financial statements. In addition, in 2015 and 2014, approximately $150,000 and $300,000, respectively, in consulting and origination fees were paid by the Partnership to this affiliate related to mortgage revenue bond acquisitions, which was recorded into the cost basis of the mortgage revenue bonds and are being amortized against interest income on an effective yield basis. One of the owners of two limited-purpose corporations which owned multifamily residential properties, the Consolidated VIEs, financed with mortgage revenue bonds and taxable property loans held by the Partnership are employees of Burlington who are not involved in the operation or management of the Partnership and who are not executive officers or managers of Burlington.

Interest Rate Derivatives

Interest Rate Derivatives	12 Months Ended
	Dec. 31, 2015
Interest Rate Derivative Agreements [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	16. Interest Rate Derivatives As of December 31, 2015, the Partnership has twelve derivative agreements in order to mitigate its exposure to increases in interest rates on its variable-rate debt financing. In addition, the Partnership entered into two interest rate swaps during 2014. The terms of the derivative agreements are as follows: Purchase Date Initial Notional Amount Effective Capped Rate Maturity Date Purchase Price Fair Value (1) Variable Debt Financing Facility Hedged Maximum Potential Cost of Borrowing Counterparty September-10 $ 31,936,667 3.00 % September-17 $ 921,000 $ 86 M24 TEBS 5.0 % Bank of New York Mellon September-10 $ 31,936,667 3.00 % September-17 $ 845,600 $ 86 M24 TEBS 5.0 % Barclays Bank PLC September-10 $ 31,936,667 3.00 % September-17 $ 928,000 $ 86 M24 TEBS 5.0 % Royal Bank of Canada August-13 $ 93,305,000 1.50 % September-17 $ 793,000 $ 8,546 M24 TEBS 3.5 % Deutsche Bank February-14 $ 41,250,000 1.00 % March-17 $ 230,500 $ 1,500 PHC TOB Trusts 3.3 % SMBC Capital Markets, Inc February-14 $ 11,000,000 1.00 % March-17 $ 150,500 $ 400 MBS TOB Trusts 2.1 % SMBC Capital Markets, Inc July-14 $ 31,565,000 3.00 % August-19 $ 315,200 $ 29,307 M31 TEBS 4.4 % Barclays Bank PLC July-14 $ 31,565,000 3.00 % August-19 $ 343,000 $ 29,336 M31 TEBS 4.4 % Royal Bank of Canada July-14 $ 31,565,000 3.00 % August-19 $ 333,200 $ 29,336 M31 TEBS 4.4 % SMBC Capital Markets, Inc July-15 $ 28,095,000 3.00 % August-20 $ 210,000 $ 81,831 M33 TEBS 4.3 % Wells Fargo Bank July-15 $ 28,095,000 3.00 % August-20 $ 187,688 $ 81,831 M33 TEBS 4.3 % Royal Bank of Canada July-15 $ 28,095,000 3.00 % August-20 $ 174,900 $ 81,831 M33 TEBS 4.3 % SMBC Capital Markets, Inc (1) In July 2015, to mitigate its exposure to interest rate fluctuations on the variable rate M33 TEBS financing, the Partnership entered into interest rate cap agreements with Wells Fargo Bank, the Royal Bank of Canada, and Sumitomo Mitsui Banking Corporation, each in an initial notional amount of approximately $28.1 million, which effectively limits the interest payable by the Partnership on the 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. The interest rate cap contracts cost approximately $573,000. 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. This agreement 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 Partnership 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 Partnership contracted for two 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 December 31, 2015 the fair value of the Decatur Angle swap is a liability of approximately $737,000 and the fair value of the Bruton swap is a liability of approximately $580,000. The fair value of these swaps has been recorded as a liability on the Company’s consolidated financial statements. In July 2014, to mitigate its exposure to interest rate fluctuations on the variable rate M31 TEBS Financing, the Partnership 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 Partnership 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 interest rate cap contracts cost approximately $991,000. In February 2014, the Partnership entered into two interest rate cap agreements with SMBC Capital Markets, Inc. for a notional amount of $70.0 million with an effective start date of March 1, 2014. These agreements effectively limit the interest component of the TOB financing correlated with the SIFMA index to a maximum of 1.0% on $70.0 million of the outstanding borrowings on the MBS TOB financing facilities and the PHC Certificates TOB financing facilities through a three year term ending March 1, 2017. These interest rate cap contracts cost approximately $390,000. 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. Interest rate derivative expense, which is the result of marking the interest rate derivative agreements to fair value, resulted in an increase of approximately $1.8 million, $2.0 million, and $284,000 in interest expense for the years ended December 31, 2015, 2014, and 2013, respectively. These interest rate derivatives are presented on the balance sheet in Other Assets. The carrying value of these derivatives was approximately $344,000 and $268,000 as of December 31, 2015 and 2014, respectively. The valuation methodology used to estimate the fair value of the Partnership’s interest rate derivative agreements is disclosed in Note 17.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Measurements [Abstract]
Fair Value Disclosures [Text Block]	17. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides expanded disclosures about fair value measurements. The guidance: · Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and · Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. · Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Investments in Mortgage Revenue Bonds . The fair values of the Partnership’s investments in mortgage revenue bonds have each been based on a discounted cash flow and yield to maturity analysis performed by the Partnership. There is no active trading market for the bonds and price quotes for the bonds are not available. If available, the Partnership may also consider price quotes on similar bonds or other information from external sources, such as pricing services. The estimates of the fair values of these bonds, whether estimated by the Partnership or based on external sources, are based largely on unobservable inputs the Partnership believes would be used by market participants. Additionally, the calculation methodology used by the external sources and the Partnership encompasses the use of judgment in its application. To validate changes in the fair value of the Partnership’s investments in mortgage revenue bonds between reporting periods, the Partnership 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 Partnership 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 Partnership’s investment in mortgage revenue bonds is categorized as a Level 3 input. Bond Purchase Commitments . The key inputs and methodology for determining the fair value of the forward bond purchase commitments are consistent with those used in determining the fair value of investments in mortgage revenue bonds. The fair market value of the Partnership’s investment in forward bond purchase commitments is an asset reported in Other Assets of approximately $5.6 million and $5.8 million as of December 31, 2015 and 2014, respectively. The estimated fair market value adjustments related to forward bond purchase commitments are categorized as Level 3 inputs which were recorded in other comprehensive income during the year ended December 31, 2015 and 2014, respectively. Investment in PHC Certificates . The fair value of the Partnership’s investment in PHC Certificates has been based on a yield to maturity analysis performed by the Partnership. There is no active trading market for the trusts’ certificates owned by the Partnership but the Partnership 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 Partnership believes would be used by market participants. Additionally, the calculation methodology used by external pricing services and the Partnership encompasses the use of judgment in its application. The Partnership 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 tax-exempt municipal bonds with similar length of terms. Given these facts the fair value measurement of the Partnership’s investment in Public Housing Capital Fund Trust Certificates is categorized as a Level 3 input. Investment in Mortgage-Backed Securities . The fair value of the Partnership’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 Partnership’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 Partnership 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 Partnership estimates as 7.5%. The Partnership also looks at observations of trading activity observed in the market place when available. Given these facts, the fair value measurements of the Partnership’s investment in mortgage-backed securities is categorized as Level 2 input. Taxable bonds . The fair values of the Partnership’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 Partnership or based on external sources, are based largely on unobservable inputs the Partnership believes would be used by market participants. Additionally, the calculation methodology used by the external sources and the Partnership encompasses the use of judgment in its application. To validate changes in the fair value of the Partnership’s investments in taxable bonds between reporting periods, the Partnership 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 Partnership validates 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 Partnership’s investment in taxable bonds is categorized as a Level 3 input. Interest rate derivatives . The effect of the Partnership’s interest rate caps is to set a cap, or upper limit, on the base rate of interest paid on the Partnership’s variable rate debt equal to the notional amount of the derivative agreement. The effect of the Partnership’s interest rate swaps are 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 December 31, 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 $ 583,683,137 $ - $ - $ 583,683,137 Bond purchase commitments 5,634,360 - - 5,634,360 PHC Certificates 60,707,290 - - 60,707,290 MBS Securities 14,775,309 - 14,775,309 - Taxable bonds 4,824,060 - - 4,824,060 Interest rate derivatives (972,898 ) - - (972,898 ) Total Assets and Liabilities at Fair Value $ 668,651,258 $ - $ 14,775,309 $ 653,875,949 For Twelve Months Ended December 31, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC 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 - - - - (1,802,655 ) (1,802,655 ) Included in other comprehensive (loss) income 9,370,264 (146,053 ) 462,297 (138,682 ) - 9,547,826 Purchases 188,572,000 - - - - 188,572,000 Purchase interest rate derivative - - - - 562,088 562,088 Mortgage revenue bond exchanged for MF Property (41,580,919 ) - - - - (41,580,919 ) Settlements (21,702,345 ) - (1,018,130 ) 346,177 - (22,374,298 ) Ending Balance December 31, 2015 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 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 as of December 31, 2015 $ - $ - $ - $ - $ (1,802,655 ) $ (1,802,655 ) Fair Value Measurements at December 31, 2014 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds $ 449,024,137 $ - $ - $ 449,024,137 Bond purchase commitments 5,780,413 - - 5,780,413 PHC Certificates 61,263,123 - - 61,263,123 MBS Securities 14,841,558 - 14,841,558 - Taxable bonds 4,616,565 - - 4,616,565 Interest rate derivatives 267,669 - - 267,669 Total Assets at Fair Value $ 535,793,465 $ - $ 14,841,558 $ 520,951,907 For Twelve Months Ended December 31, 2014 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC 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 gains (losses) (realized/unrealized) Included in earnings - - - - (2,003,351 ) (2,003,351 ) Included in other comprehensive income 52,272,236 10,632,590 5,219,937 685,612 - 68,810,375 Purchases 142,794,827 - - - - 142,794,827 Purchase interest rate derivative - - - - 1,382,900 1,382,900 Mortgage revenue bond and MBS Securities sales and redemption (30,464,798 ) - - - - (30,464,798 ) Settlements (896,299 ) - (6,013,193 ) (145,000 ) - (7,054,492 ) Ending Balance December 31, 2014 $ 449,024,137 $ 5,780,413 $ 61,263,123 $ 4,616,565 $ 267,669 $ 520,951,907 Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2014 $ - $ - $ - $ - $ (2,003,351 ) $ (2,003,351 ) Fair Value Measurements at December 31, 2013 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 $ 285,318,171 $ - $ - $ 285,318,171 Bond Purchase Commitments (4,852,177 ) - - (4,852,177 ) PHC Certificates 62,056,379 - - 62,056,379 MBS Securities 37,845,661 - 37,845,661 - Taxable Bonds 4,075,953 - - 4,075,953 Interest Rate Derivatives 888,120 - - 888,120 Total Assets and Liabilities at Fair Value $ 385,332,107 $ - $ 37,845,661 $ 347,486,446 For Twelve Months Ended December 31, 2013 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2013 $ 145,237,376 $ - $ 65,389,298 $ 1,524,873 $ 378,729 $ 212,530,276 VIE Consolidation 8,795,630 - - - - 8,795,630 Total gains (losses) (realized/unrealized) Included in earnings - - - - (283,610 ) (283,610 ) Included in other comprehensive income (18,011,590 ) (4,852,177 ) (3,276,398 ) (231,920 ) - (26,372,085 ) Ohio Properties' bonds after sale recognition 19,581,166 - - - 19,581,166 Greens Property's bond after sale recognition 9,465,000 - - - - 9,465,000 Purchases 148,624,000 - - 2,918,000 - 151,542,000 Purchase interest rate derivative - - - - 793,001 793,001 Bond redemption (16,052,849 ) - - - - (16,052,849 ) Bond foreclosure (11,581,266 ) - - - - (11,581,266 ) Settlements (739,296 ) - (56,521 ) (135,000 ) - (930,817 ) Ending Balance December 31, 2013 $ 285,318,171 $ (4,852,177 ) $ 62,056,379 $ 4,075,953 $ 888,120 $ 347,486,446 Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2013 $ - $ - $ - $ - $ (283,610 ) $ (283,610 ) Income and losses included in earnings for the periods shown above are included in interest expense. The carrying amounts of cash and cash equivalents included in the consolidated balance sheets approximate fair value given the short-term nature of these financial instruments. The Partnership calculates a fair market value of each financial instrument using a DCF model based on the debt amortization schedules at the effective rate of interest for 2015. The estimated fair value of the Debt financing and Mortgages payable are in the Level 3 category of the fair value hierarchy. Below are the fair market value estimates of the debt held on the balance sheet for December 31, 2015 and 2014, respectively. 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 475,353,549 $ 475,415,345 $ 345,359,000 $ 346,813,909 Mortgages payable $ 68,291,853 $ 67,735,213 $ 76,707,834 $ 76,134,465

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies [Abstract]
Commitments and Contingencies Disclosure [Text Block]	18. Commitments and Contingencies The Partnership, 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 to occur, the estimated amount of the loss is accrued in the consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, the Partnership believes the final outcome of such matters will not have a material effect on the Company’s consolidated financial statements. As part of the Partnership’s strategy of acquiring mortgage revenue bonds, the Partnership will enter into bond purchase commitments related to mortgage revenue bonds to be issued and secured by properties under construction. Upon execution of the 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 bears no construction or stabilization risk during the commitment period. The Partnership accounts for the following Bond Purchase Commitments as available-for-sale securities and, as such, records the estimated value of the Bond Purchase Commitments as an asset or liability with changes in such valuation recorded in other comprehensive income. On December 31, 2015 and 2014 the Bond Purchase Commitments outstanding and the related fair values are as follows: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2016 through 2018 Maximum Committed Amounts for 2015 Rate Closing Date (1) Fair Value at December 31, 2015 Fair Value at December 31, 2014 Silver Moon Apartments June-13 $ - $ 8,000,000 6.00 % Q2 2015 $ - $ 413,600 Vantage at Harlingen - Series B August-13 - 18,000,000 6.00 % Q2 2015 - 1,433,700 Vantage at Judson - Series B December-12 - 26,700,000 6.00 % Q2 2015 - 1,990,535 15 West Apartments July-14 9,900,000 - 6.25 % Q2 2016 945,009 809,178 Villas at Plano Gateway Apartments December-14 20,000,000 - 6.00 % Q3 2016 1,469,213 1,133,400 Palo Alto July-15 19,540,000 - 5.80 % Q3 2017 1,439,600 - Village at Rivers Edge May-15 11,000,000 - 6.00 % Q2 2017 636,560 - Village at Avalon November-15 17,900,000 - 5.80 % Q2 2018 1,143,978 - Total $ 78,340,000 $ 52,700,000 $ 5,634,360 $ 5,780,413 (1) In October 2015, ATAX Vantage Holdings, LLC, a newly formed wholly owned subsidiary of the Partnership, committed to loan approximately $17.0 million to an unrelated third party to build two new multifamily residential properties. The Partnership will fulfill its note commitment and fund approximately $9.3 million in 2016. For additional details, see note 9 to the Company’s consolidated financial statements. The Partnership provided a guarantee on the $2.8 million mortgage obtained on the Abbington at Stones River, a 96 unit multifamily residential property located in Tennessee, in addition to providing an approximately $1.4 million taxable loan to Foundation for Affordable Housing, the not-for-profit owner of the property. Based on the financial performance of the property the Partnership estimates there is no value to record for this mortgage guarantee. In connection with the sale of the Greens Property, the Partnership entered into guarantee agreements with the BC Partners under which the Partnership 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 Partnership at December 31, 2015, under the guarantee provision of the repurchase clause is approximately $3.0 million which represents 75% of the equity contributed by BC Partners to date. In connection with the Ohio Properties transaction in 2011, the Partnership entered into guarantee agreements with the BC Partners under which the Partnership 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. No amount has been accrued for this contingent liability because the likelihood of a repurchase event is remote. The maximum exposure to the Partnership at December 31, 2015, under the guarantee provision of the repurchase clause is approximately $4.8 million which represents 75% of the equity contributed by BC Partners. 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 $456.4 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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	19. Subsequent Events In January and February 2016, the Partnership entered into a First and Second Amendment to the Credit Agreement which modified certain provisions of the May 2015 Credit Agreement. The First Amendment revises the definitions and reporting requirements and the Second Amendment increases the principal commitments with respect to the line of credit by $2.5 million, to a total commitment of $40.0 million. In January and February 2016, the Partnership executed two broker agreements to sell two of the MF Properties, Arboretum and Eagle Village. The Partnership expects to realize more than its net asset value investment for these MF Properties. In January 2016, the Partnership acquired a Senior Series 2016 mortgage revenue bond with a par value of approximately $11.5 million, a stated annual interest rate of approximately 5.8%, a call feature on January 1, 2027, and a maturity date of January 1, 2052. The mortgage revenue bond is secured by Companion at Thornhill Apartments, a 180 unit multifamily apartment complex located in Lexington, South Carolina. In January 2016, the Partnership sold the remainder of its MBS Securities for approximating $15.0 million, approximately the outstanding amortized cost plus interest. The Partnership then collapsed the related three remaining MBS - TOB Trusts. The Partnership’s approximate $11.9 million TOB financing facilities, which were the securitization of these MBS TOB Trusts, were paid off in full in connection with this sale. In conjunction with the sale of the MBS Securities the related $11.0 million derivative was sold for its current value which resulted in no cash and no gain or loss. The sale of the Partnership’s remaining three MBS Securities eliminates this operating segment in the first quarter of 2016.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	12 Months Ended
	Dec. 31, 2015
Recently Issued Accounting Pronouncements [Abstract]
Description of New Accounting Pronouncements Adopted and Not yet Adopted [Text Block]	20. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall (Subtopic 825-10)”, In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805)” The Partnership will apply the guidance prospectively and does not expect the adoption will have a material impact on the Company’s consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606)”, In April 2015, the FASB issued ASU No. 2015-03, “ Interest - Imputation of Interest (Subtopic 835-30)”, The Partnership will adopt the guidance prospectively, beginning January 1, 2016, and does not expect the adoption will have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02 “Consolidation – Amendments to the Consolidation Analysis”

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	21. Segments Effective in 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 Securities 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. During 2013 the Company consisted of five reportable segments, Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, MBS Securities Investments, and Consolidated VIEs. In addition to the five reportable segments, the Company also separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Consolidated VIE segment reported Lake Forest’s revenue, interest expense, depreciation, net income from operations, and net income as a Consolidated VIE for 2013. Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for the Residential Properties and a commercial property. Such mortgage revenue bonds are held as long-term investments. As of December 31, 2015, the Partnership held sixty-four mortgage revenue bonds. The Residential Properties financed by the 60 mortgage revenue bonds contain a total of 8,041 rental units. Two of the bonds’ properties are not operational and are under construction and two bonds are collateralized by commercial real estate (see Note 5). 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. 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. As discussed above, the Ohio Properties and the Greens Property were reported as discontinued operations in 2013 (see Note 10). During the time the Partnership holds an interest in an MF Property, any net rental income generated by the MF Properties in excess of debt service will be available for distribution to the Partnership in accordance with its interest in the MF Property. Any such cash distribution will contribute to the Partnership’s CAD. As of December 31, 2015, the Partnership consolidated the results of eight MF Properties containing a total of 2,217 rental units (see Note 8). Other Investments The Amended and Restated LP Agreement authorizes the Partnership to make investments in investments other than mortgage revenue bonds provided that these other investments are rated in one of the four highest rating categories by a national securities rating agency and do not constitute more than 25% of the Partnership’s assets at the time of acquisition as required under the Amended and Restated LP Agreement. In addition, the amount of other investments are limited based on the conditions to the exemption from registration under the Investment Company Act of 1940 that is relied upon for the Partnership. The Partnership currently has other investments, PHC Certificates and MBS Securities 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. This investment has been reported as part of the Partnership balance sheet and results of operations since acquired in July 2012 (see Note 6). The MBS Securities segment consists of the assets, liabilities, and related income and expenses of the MBS TOB Trusts that the Partnership 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 Securities were sold in 2014 (see Note 7). Consolidated VIE segment 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 2). 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. In April 2015, the Partnership entered into brokerage contracts to sell Bent Tree and Fairmont Oaks, Consolidated VIEs. As a result, these entities met the criteria for discontinued operations and have been classified as such in the Company’s consolidated financial statements for all periods presented. The sales of the two Consolidated VIEs were closed in the fourth quarter of 2015 with the gains and results of operations of the Consolidated VIEs were reported as part of the discontinued operations in net income for all periods presented. For the year ended December 31, 2015, the Company’s Consolidated VIEs are reported as discontinued operation on the Company’s consolidated financial statements. As of and for the year ended December 31, 2014, the Company's two Consolidated VIEs are reported as assets held for sale and discontinued operations on the Company's consolidated financial statements (see Notes 2, 4, 8, 10, and 22). The Consolidated VIE segment in 2013 consisted of the Lake Forest multifamily residential property financed with a mortgage revenue bond held by the Partnership, the assets, liabilities and operating results of which were consolidated with those of the Partnership in 2013. For part of the year ended December 31, 2013, the Consolidated VIE segment reported Lake Forest’s revenue, interest expense, depreciation, net income from operations, and net income as a Consolidated VIE for 2013. The mortgage revenue bonds on this Consolidated VIE property were eliminated from the Company’s financial statements as a result of such consolidation, however, such bonds were held as long-term investments by the Partnership which continues to be entitled to receive principal and interest payments on such bonds. The Company did not actually own an equity position in this Consolidated VIE or its underlying property. During 2013, Lake Forest was sold to a not-for-profit entity and was deconsolidated pursuant to the consolidation guidance. The following table details certain key financial information for the Company’s reportable segments for the three years ended December 31: 2015 2014 2013 Total revenues Mortgage Revenue Bond Investments $ 38,943,794 $ 26,929,446 $ 26,826,785 MF Properties 22,388,234 14,250,572 11,358,719 Public Housing Capital Fund Trust 2,994,482 3,038,819 3,261,611 MBS Securities Investments 225,890 1,423,958 1,601,270 Consolidated VIEs - - 10,943,968 Consolidation/eliminations - - (9,705,375 ) Total revenues $ 64,552,400 $ 45,642,795 $ 44,286,978 Interest expense Mortgage Revenue Bond Investments $ 10,787,252 $ 7,147,092 $ 3,082,739 MF Properties 2,659,350 2,319,928 2,152,010 Public Housing Capital Fund Trust 1,221,713 1,295,238 1,292,540 MBS Securities Investments 157,902 403,653 463,555 Consolidated VIEs - - 1,034,584 Consolidation/eliminations - - (1,034,584 ) Total interest expense $ 14,826,217 $ 11,165,911 $ 6,990,844 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - MF Properties 5,888,973 4,801,533 3,804,499 Public Housing Capital Fund Trust - - - MBS Securities Investments - - - Consolidated VIEs - - 458,101 Consolidation/eliminations - - - Total depreciation expense $ 5,888,973 $ 4,801,533 $ 4,262,600 Income from continuing operations Mortgage Revenue Bond Investments $ 18,094,959 $ 13,181,961 $ 13,806,271 MF Properties 2,964,297 (938,151 ) (1,837,076 ) Public Housing Capital Fund Trust 1,758,022 1,714,968 1,940,459 MBS Securities Investments 67,547 1,017,637 1,055,736 Consolidated VIEs - - 8,337,601 Consolidation/eliminations - - (8,657,200 ) Income from continuing operations - America First Multifamily Investors, L. P. $ 22,884,825 $ 14,976,415 $ 14,645,791 Net income (loss) Mortgage Revenue Bond Investments $ 18,094,959 $ 13,181,961 $ 13,806,271 MF Properties 2,967,098 (933,478 ) 1,343,405 Public Housing Capital Fund Trust 1,758,022 1,714,968 1,940,459 MBS Securities Investments 67,547 1,017,637 1,055,736 Consolidated VIEs - - 8,337,601 Consolidation/eliminations - - (8,657,200 ) Discontinued Operations 3,721,397 52,773 (111,353 ) Net income - America First Multifamily Investors, L. P. $ 26,609,023 $ 15,033,861 $ 17,714,919 The following table details total assets for the Company’s reportable segments for the three years ended December 31: Total assets 2015 2014 2013 Mortgage Revenue Bond Investments $ 854,161,483 $ 698,637,412 $ 442,175,645 MF Properties 142,173,643 101,696,235 83,580,479 Public Housing Capital Fund Trust Certificates 61,021,462 61,577,848 62,449,028 Mortgage-Backed Securities 15,035,061 15,101,309 38,427,654 Assets held for sale - 13,204,015 14,019,837 Consolidation/eliminations (199,877,054 ) (145,977,602 ) (106,419,611 ) Total assets $ 872,514,595 $ 744,239,217 $ 534,233,032

Summary of Unaudited Quarterly

Summary of Unaudited Quarterly Results of Operations	12 Months Ended
	Dec. 31, 2015
Summary Of Unaudited Quarterly Results Of Operations [Abstract]
Quarterly Financial Information [Text Block]	22. Summary of Unaudited Quarterly Results of Operations 2015 March 31, June 30, September 30, December 31, Revenues $ 12,506,625 $ 17,119,567 $ 14,084,872 $ 20,841,336 Income from continuing operations 2,499,160 7,983,295 2,286,383 10,115,987 Income from discontinuing operations 24,428 238,287 253,894 3,204,788 Net income - America First Multifamily Investors, L.P. $ 2,524,479 $ 8,221,271 $ 2,540,649 $ 13,322,624 Income from continuing operations, per unit $ 0.04 $ 0.12 $ 0.03 $ 0.15 Income from discontinued operations, per unit - - 0.01 (0.01 ) Net income, basic and diluted, per unit $ 0.04 $ 0.12 $ 0.04 $ 0.14 2014 March 31, June 30, September 30, December 31, Revenues $ 12,399,967 $ 10,467,428 $ 11,043,537 $ 11,731,863 Income from continuing operations 5,987,080 3,627,571 3,297,958 2,063,806 Income (loss) from discontinued operations 59,646 30,512 6,722 (44,107 ) Net income - America First Multifamily Investors, L.P. $ 6,046,829 $ 3,658,457 $ 3,307,829 $ 2,020,746 Income from continuing operations, per unit $ 0.10 $ 0.05 $ 0.06 $ 0.04 Income from discontinued operations, per unit - - - - Net income, basic and diluted, per unit $ 0.10 $ 0.05 $ 0.06 $ 0.04

Summary of Significant Accoun31

Summary of Significant Accounting Policies Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P. and its wholly-owned subsidiaries. The “wholly-owned subsidiaries” include the MF Properties owned by various limited partnerships in which one of the wholly-owned subsidiaries (a “Holding Company”) holds a 99% limited partner interest. All intercompany transactions are eliminated. The wholly-owned consolidated subsidiaries of the Partnership consist of: · ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold mortgage revenue bonds in order to facilitate the TEBS Financing, M24 TEBS Financing, with Freddie Mac (see Note 12). · 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 12). · ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created in 2015 to hold mortgage revenue bonds in order to facilitate the third TEBS Financing, M33 TEBS Financing, with Freddie Mac (see Note 12). · ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership committed to loan money for the development of multifamily properties (see Note 9). · Eight MF Properties which are either wholly or majority owned by the Partnership or subsidiaries of the Partnership (see Note 8). Two properties, Bent Tree and Fairmont Oaks, in which the Partnership does not hold an ownership interest but which own multifamily properties financed with mortgage revenue bonds owned by the Partnership are VIEs. The Partnership has been determined to be the primary beneficiary of these VIEs, the Consolidated VIEs. The Consolidated VIEs are presented as discontinued operations for all periods presented and all significant transactions and accounts between the Partnership and the VIEs have been eliminated in consolidation. The Company’s consolidated financial statements reported in this Form 10-K include the financial position and results of operations of the Partnership and the Consolidated VIEs.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at two financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s portfolio being restricted to investment grade securities.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash is legally restricted to use and is comprised of resident security deposits, required maintenance reserves, escrowed funds, restricted compensating balances, and property rehabilitation. At December 31, 2015, certain of our credit facilities require restricted cash balances as additional collateral. Specifically, approximately $5.4 million related to the TEBS Financing facilities, approximately $400,000, related to the M24 Financing facility derivatives, and approximately $1.5 million related to the interest rate swaps were held in restricted cash (see Note 16).
Investment, Policy [Policy Text Block]	Investment in Mortgage Revenue Bonds and Other Other Investments The Partnership accounts for its investments in mortgage revenue bonds and other investments under the guidance for accounting for certain investments in debt and equity securities. The guidance requires investments in securities to be classified as one of the following: 1) held-to-maturity, 2) available-for-sale, or 3) trading securities. All of the Partnership’s investments in mortgage revenue bonds and other investments are classified as available-for-sale, and are reported at estimated fair value with the net unrealized gains or losses reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. There is no active trading market for the bonds and price quotes for the bonds are not available. As a result, the Partnership bases its estimate of fair value of the mortgage revenue bonds using discounted cash flow or yield to maturity analyses performed by management. This calculation methodology encompasses a significant amount of management judgment in its application. If available, the Partnership may also consider price quotes on similar bonds or other information from external sources, such as pricing services or broker quotes. Pricing services, broker quotes and the Partnership’s analyses provide indicative pricing only. The Partnership periodically reviews each of its mortgage revenue bonds for impairment. The Partnership evaluates whether unrealized losses are considered to be other-than-temporary based on a number of factors including: · The duration and severity of the decline in fair value, · The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, · Adverse conditions specifically related to the security, its collateral, or both, · Volatility of the fair value of the security, · The likelihood of the borrower being able to make payments, · Failure of the issuer to make scheduled interest or principal payments, and · Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether it has the intent to sell the securities prior to the time that their value recovers or until maturity, whether it is likely that the Partnership will be required to sell the securities before a recovery in value and whether the Partnership expects to recover the securities’ entire amortized cost basis. The ability to recover the securities’ entire amortized cost basis is based on the likelihood of the issuer being able to make required principal and interest payments on the security. The primary source of repayment of the amortized cost is the cash flows produced by the property which serve as the collateral for the bonds. The Partnership utilizes a discounted cash flow model for the underlying property that serves as collateral on the bond and compares the results of the model to the amortized cost basis of the bond. These models reflect the cash flows expected to be generated by the underlying properties over a ten year period, including an assumed property sale at the end of year ten, discounted using the effective interest rate on the bonds in accordance with the accounting guidance on other-than-temporary impairment of debt securities. The inputs to these models require the Partnership to make assumptions, the most significant of which include: · Revenue and expense projections for the property operations, which result in the estimated net operating income generated over the ten year holding period assumed in the model. Base year (model year one) assumptions are based on historical financial results and operating budget information. Base year assumptions are then adjusted for expected changes in occupancy, rental rates and expenses, and · The capitalization rate utilized to estimate the sales proceeds from an assumed property sale in year ten of the model. The capitalization rate used in the current year models ranged between 5.3% and 7.5% which the Partnership believes represents a reasonable range given the current market for Residential Properties. The revenue, expense and resulting net operating income projections which are the basis for the discounted cash flow model are based on judgment. Operating results from a multifamily, student, or senior citizen residential property depend on the rental and occupancy rates of the property and the level of operating expenses. Occupancy rates and rents are directly affected by the supply of and demand for multifamily residential properties in the market areas in which a property is located. This, in turn, is affected by several factors such as local or national economic conditions, the amount of new apartment construction and interest rates on single-family mortgage loans. Net operating income from the commercial property depends on the number of cancer patients which utilize the cancer therapy center and the ability to hire and retain key employees to provide the related cancer treatment. In addition, factors such as government regulation, inflation, real estate and other taxes, labor problems and natural disasters can affect the economic operations of a property. If the discounted cash flows from a property are less than the amortized cost of the bond, the Partnership believes that there is a strong indication that the cash flows from the property will not support the payment of the required principal and interest on the bond and, accordingly, the bond is considered other-than-temporarily impaired. If an other-than-temporary impairment exists, the amortized cost basis of the mortgage revenue bond is written down to its estimated fair value. The amount of the write-down representing a credit loss is accounted for as a realized loss on the statement of operations. The amount of the write-down representing a non-credit loss is recorded to other comprehensive income. The difference between the amortized cost basis and the discounted cash flows using the effective interest rate represents the credit loss. Any residual decline in value would be considered the interest related loss or non-credit loss. The recognition of an other-than-temporary impairment and the potential impairment analysis are subject to a considerable degree of judgment, the results of which when applied under different conditions or assumptions could have a material impact on the financial statements. If the Partnership experiences deterioration in the values of its investment portfolio, the Partnership may incur impairments to its investment portfolio which could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. The Partnership owns some mortgage revenue bonds which were purchased at a discount or premium. The discount or premium on an investment is amortized on an effective yield method and the result is realized in investment income in the current period. The Partnership eliminates the mortgage revenue bonds and the associated interest income and interest receivable when it consolidates the underlying real estate collateral in accordance with implementation of the consolidation guidance for variable interest entities. Investment in PHC Certificates and MBS Securities The Partnership accounts for its investments in PHC Certificates and MBS Securities under the guidance for accounting for certain investments in debt and equity securities. The guidance requires investments in securities to be classified as one of the following: 1) held-to-maturity, 2) available-for-sale, or 3) trading securities. All of the Partnership’s PHC Certificates and MBS Securities investments are classified as available-for-sale, and are reported at estimated fair value with the net unrealized gains or losses reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. There is no active trading market for the PHC Certificates and price quotes are not available. The estimates of the fair values of the PHC Certificates are 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 Certificates adjusted largely for unobservable inputs the Partnership believes would be used by market participants. The Partnership’s valuation encompasses judgment in its application and pricing as determined by pricing services, when available, is compared to the Partnership’s estimates. The Partnership periodically reviews each class of PHC Certificates for impairment. The Partnership evaluates whether a decline in the fair value of a PHC Certificate below its amortized cost is other-than temporary based on a number of factors including: · The duration and severity of the decline in fair value, · The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, · Downgrade in the security’s rating by S&P, · Volatility of the fair value of the security. The Partnership 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 Partnership’s third party pricing service incorporates commonly used market pricing methods, 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 Partnership 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 Partnership estimates as 7.5%. The Partnership also looks at observations of trading activity in the market place when available. The Partnership periodically reviews each MBS Security for impairment. The Partnership evaluates whether a decline in the fair value of a security below its amortized cost is other-than-temporary based on a number of factors including the duration and severity of the decline in fair value and the Partnership’s intent and ability to hold the security until its value recovers. Each MBS Security has been rated either “AAA” or “AA” by either S&P or Moody’s. A downgrade in rating for each MBS Security or new issuances of similar MBS Securities with ratings by S&P or Moody’s below the “A” rating would be a factor in concluding that impairment is other-than-temporary.
Property, Plant and Equipment, Policy [Policy Text Block]	Investments in Real Estate The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily, student housing, and senior citizen residential apartment buildings and five to 15 years on capital improvements and is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership reviews each property and land held for investment and development for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability is based upon comparing the net book value of each real estate property to the sum of its estimated undiscounted future cash flows. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value.
Receivables, Policy [Policy Text Block]	Taxable Property Loans In addition to the mortgage revenue bonds held by the Partnership, taxable property loans have been made to the owners of some of the properties which secure the bonds. The repayment of these taxable property loans is dependent largely on the value of the property or its cash flows which collateralize the loans. The Partnership periodically evaluates these loans for potential losses by estimating the fair value of the property which collateralizes the loans and comparing the fair value to the outstanding mortgage revenue bonds plus any taxable property loans. The Partnership utilizes the discounted cash flow model (“DCF”) discussed above except that in estimating a property fair value, the Partnership evaluates a number of different DCF models that contain varying assumptions. The various models may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the property after deducting the amortized cost basis of the senior mortgage revenue bond exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. For the years ended December 31, 2015 2014 and 2013, the Partnership recognized a provision for loan losses of approximately $0, $75,000 and $168,000, respectively (see Note 9).
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Costs Debt financing costs are capitalized and amortized utilizing the effective interest method over the stated maturity of the related debt financing agreement. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the stated maturity of the related mortgage revenue bonds. on the Company’s consolidated financial statements for all periods presented.
Income Tax, Policy [Policy Text Block]	Income Taxes No provision has been made for income taxes because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes. Certain of the Consolidated VIEs and wholly-owned subsidiaries of the Partnership are corporations that are subject to federal and state income taxes. At December 31, 2015 and 2014, the Partnership evaluated whether it was more likely than not that any deferred tax assets would be realized. The Partnership recorded a full valuation allowance of approximately $405,000 and $8.5 million at December 31, 2015 and 2014, respectively against the deferred tax assets created at these entities by timing differences because the realization of these future benefits is not more likely than not.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition on Investments in Mortgage Revenue Bonds The interest income received by the Partnership from its mortgage revenue bonds is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing mortgage revenue bonds is recognized as it is earned. Base interest income on mortgage revenue bonds not fully performing is recognized as it is received. Past due base interest on mortgage revenue bonds, which are or were previously not fully performing, is recognized as it is received. The Partnership reinstates the accrual of base interest once the mortgage revenue bond’s ability to perform is adequately demonstrated. Contingent interest income, which is only received by the Partnership if the property financed by a mortgage revenue bond that contains a contingent interest provision generates excess available cash flow as set forth in each bond, is recognized when realized or realizable. Past due contingent interest on mortgage revenue bonds, which are or were previously not fully performing, is recognized when realized or realizable. As of December 31, 2015 and 2014, the Partnership’s mortgage revenue bonds were fully performing as to their base interest. Revenue Recognition on Investments in Real Estate, MBS, and PHC Certificates The Partnership’s Consolidated VIEs and the MF Properties (see Note 8) are lessors of multifamily, student housing, and senior citizen rental units under leases with terms of one year or less. Rental revenue is recognized, net of rental concessions, on a straight-line method over the related lease term. Interest income on the MBS and PHC Certificates is recognized as it is earned (see Notes 6 and 7).
Derivatives, Policy [Policy Text Block]	Derivative Instruments and Hedging Activities The Partnership accounts for its derivative and hedging activities in accordance with the guidance on Derivatives and Hedging. The guidance on Derivatives and Hedging requires the recognition of all derivative instruments as assets or liabilities in the Company’s consolidated balance sheets and measurement of these instruments at fair value. The accounting treatment is dependent upon whether or not a derivative instrument is designated as a hedge and, if so, the type of hedge. The Partnership’s interest rate derivative agreements do not have a specific hedge designation under the guidance on derivatives and hedging, and therefore changes in fair value are recognized in the consolidated statements of operations as interest expense. The Partnership is exposed to loss should a counterparty to its derivative instruments default. The Partnership does not anticipate non-performance by any counterparty. The fair value of the interest rate derivative agreements is determined based upon current price quotes by recognized dealers.
Earnings Per Share, Policy [Policy Text Block]	Net Income per BUC Net income per BUC has been calculated based on the weighted average number of BUCs outstanding during each year presented. The Partnership has no dilutive equity securities and, therefore, basic net income per BUC is the same as diluted net income per BUC. The BUCs earnings are comprised of 99% of all net recurring income from the Partnership and 75% of Tier 2 income. The net income per BUCs includes no amounts related to the results of operations or the sales of the Consolidated VIEs.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with GAAP requires the Partnership 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining investment valuation, investment impairments, impairment of property assets, and allowance for loan losses.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities Under the consolidation guidance, the Partnership must make an evaluation of the entities which own the Residential Properties and commercial property financed with mortgage revenue bonds it holds to determine if these entities meet the definition of a VIE. Generally, a VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The guidance requires the Partnership to perform an analysis to determine whether its variable interests give it a controlling financial interest in a VIE. This analysis identifies the primary beneficiary, the entity that must consolidate the VIE, as the entity that has (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The Partnership re-evaluated all of its investments to determine if the property owners are VIEs and, if so, whether the Partnership is the primary beneficiary of the VIE. The guidance also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. As a result, changes to the Consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. In the Company’s consolidated financial statements, all transactions and accounts between the Partnership and the Consolidated VIEs have been eliminated in consolidation. The Partnership does not believe that the consolidation of VIEs for reporting under 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 Consolidated VIEs and the Consolidated 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 Amended and Restated LP Agreement. The primary purpose of the Partnership 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 PHC Certificates, and the MBS 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 Partnership. The MF Property segment is comprised of directly and indirectly owned, actively managed, and controlled multifamily properties. The MF Properties included in this segment are typically financed with third party mortgages. Effective in 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. In April 2015, the Partnership entered into brokerage contracts to sell Bent Tree and Fairmont Oaks, Consolidated VIEs. As a result, these entities met the criteria for discontinued operations presentation and have been classified as such in the Company’s consolidated financial statements for all periods presented. The sales of the Consolidated VIEs were closed in the fourth quarter of 2015 with the gains and results of operations of the Consolidated VIEs reported as part of the discontinued operations in net income for all periods presented. For the year ended December 31, 2015, the Company’s Consolidated VIEs are reported as discontinued operations on the Company’s consolidated financial statements. As of and for the years ended December 31, 2014 and 2013, the Company's two Consolidated VIEs are reported as assets held for sale and discontinued operations on the Company's consolidated financial statements. No net income or loss from these properties’ operations or sale accrued to the Unitholders or the General Partner during 2015 (see Notes 4, 8, 10, 21, and 22). Accounting for TEBS and TOB Financing Arrangements The Partnership has evaluated the accounting guidance in regard to the M33, M31, and M24 TEBS and TOB Financing arrangements (Note 12) and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and will, therefore, be accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets through any of the following: 1. An agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity, 2. The ability to unilaterally cause the holder to return specific assets, other than through a cleanup call, or 3. An agreement that permits the transferee to require the transferor to repurchase the transferred financial assets at a price that is so favorable to the transferee that it is probable that the transferee will require the transferor to repurchase them. The M33, M31, and M24 TEBS Financing agreements contain certain provisions that allow the Partnership to (1) cause the return of certain individual bonds under defined circumstances, (2) cause the return of all of the bonds by electing an Optional Series Pool Release or (3) cause the return of any defaulted bonds. The Optional Series Pool Release is defined in the agreements closed in 2010 as two specific dates, September 15, 2017, or September 15, 2020, on which the Partnership has the option to repurchase all of the securitized bonds. The Optional Series Pool Release is defined in the agreements closed in 2014 as two specific dates, July 15, 2019 or July 15, 2024, on which the Partnership has the option to repurchase all of the securitized bonds. The Optional Series Pool Release is defined in the agreements closed in 2015 as two specific dates, July 15, 2020 or July 15, 2025, on which the Partnership has the option to repurchase all of the securitized bonds. Given these terms, the Partnership has concluded that the condition in item 2 above is present in the agreements and, therefore, effective control over the transferred assets has not occurred. As effective control has not been transferred, the transaction does not meet the conditions to de-recognize the assets. The TOB Financing agreements contain certain provisions that allow the Partnership to call the bonds held in the TOB Trusts through their ownership of the LIFERS so effective control has not been transferred. In addition to evaluating the M33, M31, and M24 TEBS Financings as a sale or transfer of financial assets, we have evaluated the securitization trusts associated with the TEBS Financing facilities, the M33 TEBS Trust, M31 TEBS Trust, and M24 TEBS Trust, under the provisions of consolidation guidance. As part of the M33, M31, and M24 TEBS Financings, certain bond assets of the Partnership were securitized into the M33, M31, and M24 TEBS Trusts with Freddie Mac. The M33, M31 and M24 TEBS Trusts then issued Class A and B TEBS Certificates. Other Partnership investments are securitized into TOB Trusts with DB. The TOB trustee then issued senior floating-rate participation interests (“SPEARS”) and LIFERS. The Partnership has determined that the M33, M31, and M24 TEBS Trusts are VIEs and the Class B Certificates owned by the Partnership create a variable interest in the M33, M31, and M24 TEBS Trusts. It was also determined that the TOB Trusts are VIEs and the LIFERS owned by the Partnership create a variable interest entity in the TOB Trusts. In determining the primary beneficiary of the M33, M31, and M24 TEBS Trusts and TOB Trusts, the Partnership considered the activities of each of the VIEs which most significantly impact the VIE’s economic performance, who has the power to control such activities, the risks which the entity was designed to create, the variability associated with those risks and the interests which absorb such variability. The Partnership has retained the right, pursuant to the M33, M31, and M24 TEBS Financing agreements, to either substitute or reacquire some or all of the securitized bonds at various future dates and under various circumstances. As a result, the Partnership determined it had retained a controlling financial interest in the M33, M31, and M24 TEBS Trusts because such actions effectively provide the Partnership with the ability to control decisions pertaining to the VIE’s management of interest rate and credit risk. While in the M33, M31, and M24 TEBS Trusts, the bond assets may only be used to settle obligations of the trusts and the liabilities of the trusts do not provide the Class A certificate holders with recourse to the general credit of the Partnership. The Partnership also determined it was the primary beneficiary of the TOB Trusts as it has the right to cause each TOB trust to sell the securitized asset in each specific TOB Trust. If the securitized assets were sold, the extent to which the VIE will be exposed to gains or losses from changes in the fair market value of the securitized assets would result from decisions made by the Partnership. It was determined that the Partnership met the primary beneficiary criteria and was the most closely associated with the VIE and, therefore, was determined to be the primary beneficiary under these financing arrangements. Given these accounting determinations, the M33, M31, and M24 TEBS and TOBS Financing facilities and the associated M33, M31, and M24 TEBS and TOBS Financings are presented as secured financing to the Company’s consolidated financial statements.
Business Combinations Policy [Policy Text Block]	Acquisition Accounting Pursuant to the guidance on acquisition accounting, the Partnership allocates the contractual purchase price of a property acquired to the land, building, and leases in existence as of the date of acquisition based on their relative fair values. The building is valued as if vacant. The estimated valuation of in-place leases is calculated by applying a risk-adjusted discount rate to the projected cash flow deficit at each property during an assumed lease-up period for these properties. This allocated cost is amortized over the average remaining term of the leases and is included in the statement of operations under depreciation and amortization expense. The acquisition related costs to acquire a property are expensed as incurred. Bond Purchase Commitments The bond purchase commitments held by the Partnership have no cost. The commitments are required to be measured and recorded at fair value, which is estimated under the same methodology as the Partnership’s mortgage revenue bonds in the Company’s consolidated financial statements (see Notes 5, 17, and 18).

Partnership Income, Expense a32

Partnership Income, Expense and Cash Distributions (Tables)	12 Months Ended
	Dec. 31, 2015
Partnership Income Expenses And Cash Distributions [Abstract]
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block]	The distributions paid or accrued per BUC during the fiscal years ended December 31, 2015, 2014, and 2013 were as follows: For the Year Ended December 31, 2015 2014 2013 Cash Distributions $ 0.5000 $ 0.5000 $ 0.5000

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Variable Interest Entities [Abstract]
Variable Interest Entity, Classification Of Carrying Amount, Assets [Table Text Block]	The following tables present information regarding the Non-Consolidated VIEs held by the Partnership as of December 31, 2015 and 2014: December 31, 2015 Balance Sheet Classification Maximum Exposure to Loss Mortgage Revenue Bond Property Loan Mortgage Revenue Bond Property Loan Ashley Square Apartments $ 5,607,163 $ 1,482,000 $ 5,099,000 $ 7,942,472 Bruton Apartments 20,046,839 - 18,145,000 - Columbia Gardens 15,224,597 - 15,224,597 - Cross Creek 9,034,294 3,624,614 6,101,605 3,624,614 Glenview Apartments 6,926,243 - 6,723,000 - Harden Ranch 7,628,981 - 6,960,000 - Montclair Apartments 3,569,573 - 3,458,000 - Santa Fe Apartments 4,884,102 - 4,736,000 - Seasons at Simi Valley 6,724,110 - 6,320,000 - Sycamore Walk 5,447,000 - 5,447,000 - Tyler Park Apartments 6,562,209 - 6,075,000 - Vantage at Braunfels, LLC - 4,364,787 - 4,364,787 Vantage at Brooks, LLC - 3,533,104 - 3,533,104 Westside Village Market 4,172,340 - 3,970,000 - Willow Run 15,224,591 - 15,224,591 - $ 111,052,042 $ 13,004,505 $ 103,483,793 $ 19,464,977 December 31, 2014 Balance Sheet Classification Maximum Exposure to Loss Mortgage Revenue Bond Property Loan Mortgage Revenue Bond Property Loan Ashley Square Apartments $ 5,645,559 $ 1,482,000 $ 5,159,000 $ 7,534,002 Bruton Apartments 18,145,000 - 18,145,000 - Cross Creek 8,617,079 3,528,615 6,074,817 3,528,615 Glenview Apartments 6,723,000 - 6,723,000 - Harden Ranch 9,300,000 - 9,300,000 - Montclair Apartments 3,458,000 - 3,458,000 - Santa Fe Apartments 4,736,000 - 4,736,000 - Tyler Park Apartments 8,100,000 - 8,100,000 - Westside Village Market 5,400,000 - 5,400,000 - $ 70,124,638 $ 5,010,615 $ 67,095,817 $ 11,062,617
VIEs, Assets Held for Sale [Table Text Block]	the Partnership has made taxable property loans to these consolidated VIEs of $7.4 million as of December 31, 2014. These were eliminated upon consolidation. The Consolidated VIEs were sold in the fourth quarter of 2015, therefore there were no assets held for sale reported as of December 31, 2015. The total income earned from the mortgage revenue bonds in 2015 was approximately $821,000. VIEs, Assets Held for Sale - December 31, 2014 Property Name Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2014 Income Earned in 2014 Bent Tree Apartments (1) Columbia, SC 12/15/2030 6.25 % $ 7,465,000 $ 468,859 Fairmont Oaks Apartments (1) Gainesville, FL 4/1/2033 6.30 % 7,266,000 460,420 Total Mortgage Revenue Bonds $ 14,731,000 $ 929,279 (1) Bonds held by ATAX TEBS I, LLC

Investments in Bonds (Tables)

Investments in Bonds (Tables)	12 Months Ended
	Dec. 31, 2015
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The following tables present information regarding the mortgage revenue bonds owned by the Partnership as of December 31, 2015 and 2014: December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,565,657 $ 1,767,508 $ - $ 13,333,165 Ashley Square (1) 5,099,000 508,163 - 5,607,163 Avistar at Chase Hill - Series A (3) 9,935,552 1,133,024 - 11,068,576 Avistar at the Crest - Series A (3) 9,637,485 1,301,224 - 10,938,709 Avistar at the Oaks - Series A (3) 7,777,936 840,159 - 8,618,095 Avistar at the Parkway - Series A (4) 13,300,000 330,251 - 13,630,251 Avistar in 09 - Series A (3) 6,715,948 725,445 - 7,441,393 Avistar on the Boulevard - Series A (3) 16,418,497 1,872,323 - 18,290,820 Avistar on the Hills - Series A (3) 5,373,756 693,096 - 6,066,852 Bella Vista (1) 6,430,000 766,135 - 7,196,135 Bridle Ridge (1) 7,595,000 817,222 - 8,412,222 Brookstone (1) 7,468,668 1,436,203 - 8,904,871 Bruton Apartments (2) 18,145,000 1,901,839 - 20,046,839 Columbia Gardens (2) 15,224,597 - - 15,224,597 Concord at Gulfgate - Series A (2) 17,060,000 852,612 - 17,912,612 Concord at Little York - Series A (2) 12,480,000 688,441 - 13,168,441 Concord at Williamcrest - Series A (2) 18,020,000 1,182,543 - 19,202,543 Copper Gate Apartments (3) 5,185,000 616,341 - 5,801,341 Cross Creek (1) 6,101,605 2,932,689 - 9,034,294 Decatur Angle (2) 23,000,000 1,582,083 - 24,582,083 Glenview Apartments - Series A (4) 4,670,000 210,572 - 4,880,572 Greens Property - Series A (3) 8,294,000 1,138,270 - 9,432,270 Harden Ranch - Series A (3) 6,960,000 668,981 - 7,628,981 Heritage Square - Series A (4) 11,185,000 273,488 - 11,458,488 Lake Forest (1) 8,766,000 1,177,745 - 9,943,745 Live 929 Apartments (2) 40,801,557 5,829,855 - 46,631,412 Montclair Apartments - Series A (4) 2,530,000 114,079 - 2,644,079 Pro Nova 2014-1 and 2014-2 (2) 19,379,489 1,182,900 - 20,562,389 Ohio Properties - Series A (1) 14,311,000 2,690,867 - 17,001,867 Renaissance - Series A (4) 11,450,959 1,233,077 - 12,684,036 Runnymede (1) 10,350,000 1,600,938 - 11,950,938 Santa Fe Apartments - Series A (4) 3,065,000 154,067 - 3,219,067 Silver Moon - Series A (4) 7,983,811 1,246,349 - 9,230,160 Southpark (1) 11,799,874 3,990,882 - 15,790,756 The Palms at Premier Park Apartments (3) 20,001,272 2,505,091 - 22,506,363 Tyler Park Townhomes - Series A (3) 6,075,000 487,209 - 6,562,209 Vantage at Harlingen - Series B (4) 24,575,000 1,765,139 - 26,340,139 Vantage at Judson -Series B (4) 26,540,000 2,613,606 - 29,153,606 Westside Village Market - Series A (3) 3,970,000 202,340 - 4,172,340 Willow Run (2) 15,224,591 - - 15,224,591 Woodlynn Village (1) 4,351,000 466,471 - 4,817,471 Mortgage revenue bonds held in trust $ 484,817,254 $ 51,499,227 $ - $ 536,316,481 (1) (2) (3) (4) December 31, 2015 Description of Mortgage Revenue Bonds Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill - Series B $ 961,981 $ 109,878 $ - $ 1,071,859 Avistar at the Crest - Series B 756,626 86,428 - 843,054 Avistar at the Oaks - Series B 553,244 63,533 - 616,777 Avistar at the Parkway - Series B 125,000 - (979 ) 124,021 Avistar in 09 - Series B 456,376 52,409 - 508,785 Avistar on the Boulevard - Series B 449,589 51,356 - 500,945 Concord at Gulfgate - Series B 2,125,000 76,802 - 2,201,802 Concord at Little York - Series B 960,000 - (6,711 ) 953,289 Concord at Williamcrest - Series B 2,800,000 - (19,573 ) 2,780,427 Crossing at 1415 7,925,000 214,091 - 8,139,091 Glenview Apartments - Series B 2,053,000 - (7,329 ) 2,045,671 Greens Property - Series B 943,214 142,442 - 1,085,656 Heights at 515 6,945,000 185,268 - 7,130,268 Heritage Square - Series B 520,000 6,185 - 526,185 Montclair Apartments - Series B 928,000 - (2,506 ) 925,494 Ohio Properties - Series B 3,562,190 514,997 - 4,077,187 Santa Fe Apartments - Series B 1,671,000 - (5,965 ) 1,665,035 Seasons at Simi Valley 6,320,000 404,110 - 6,724,110 Sycamore Walk 5,447,000 - - 5,447,000 Mortgage revenue bonds $ 45,502,220 $ 1,907,499 $ (43,063 ) $ 47,366,656 December 31, 2014 Description of Mortgage Revenue Bonds Held in Trust Cost Adjusted for Paydowns Unrealized Gain 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 - Series A (3) 10,000,000 1,196,800 - 11,196,800 Avistar at the Crest - Series A (3) 9,700,000 1,419,692 - 11,119,692 Avistar at the Oaks - Series A (3) 7,800,000 869,622 - 8,669,622 Avistar in 09 - Series A (3) 6,735,000 750,885 - 7,485,885 Avistar on the Boulevard - Series A (3) 16,525,000 2,418,599 - 18,943,599 Avistar on the Hills - Series A (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 - Series A (3) 8,366,000 1,005,119 - 9,371,119 Harden Ranch - Series A (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 - Series A (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 - Series A (3) 6,075,000 345,060 - 6,420,060 Westside Village Market - Series A (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) (2) (3) December 31, 2014 Description of Mortgage Revenue Bonds Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill - Series B $ 965,000 $ 144,769 $ - $ 1,109,769 Avistar at the Crest - Series B 759,000 124,286 - 883,286 Avistar at the Oaks - Series B 554,000 54,325 - 608,325 Avistar in 09 - Series B 457,000 50,608 - 507,608 Avistar on the Boulevard - Series B 451,000 73,851 - 524,851 Greens Property - Series B 945,638 376,203 - 1,321,841 Glenview Apartments 6,723,000 - - 6,723,000 Harden Ranch - Series B 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 - Series B 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 - Series B 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 - Series B 1,430,000 - (686 ) 1,429,314 Mortgage revenue bonds $ 65,538,068 $ 5,082,559 $ (19,582 ) $ 70,601,045
Investments Classified by Contractual Maturity Date [Table Text Block]	The following tables represent a description of certain terms of the mortgage revenue bonds owned by the Partnership as of December 31, 2015 and 2014: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2015 Arbors at Hickory Ridge (3) 2012 Memphis, TN 12/1/2049 6.25 % $ 11,450,000 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,099,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,418,497 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,935,552 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,637,485 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,168,196 Avistar at the Oak - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,777,936 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,715,948 Avistar on the Hill - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,373,756 Avistar (June 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,009,621 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,430,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,595,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,168,742 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 17,060,000 Concord at Gulfgate - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,125,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 12,480,000 Concord at Little York - Series B 2015 Houston, TX 3/1/2032 12.00 % 960,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 18,020,000 Concord at Williamcrest - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,800,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,185,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,343,321 Crossing at 1415 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 23,000,000 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Glenview - Series B 2014 Cameron Park, CA 12/1/2016 8.00 % 2,053,000 Greens of Pine Glen - Series A (3) 2012 North Carolina 10/1/2047 6.50 % 8,294,000 Greens of Pine Glen - Series B 2012 North Carolina 10/1/2047 9.00 % 943,214 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,960,000 Heights at 515 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,185,000 Heritage Square - Series B 2014 Edinburg, TX 10/1/2051 12.00 % 520,000 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,766,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,175,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Montclair - Series B 2014 Lemoore, CA 12/1/2016 8.00 % 928,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,311,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,562,190 Pro Nova - 2014A (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Pro Nova - 2014B (2) 2014 Knoxville, TN 5/1/2025 5.25 % 9,295,000 Renaissance - Series A (4) (5) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,450,959 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,350,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 Santa Fe - Series B 2014 Hesperia, CA 12/1/2016 8.00 % 1,671,000 Seasons at Simi Valley - Series A-1 2015 Simi Valley, CA 9/1/2032 5.75 % 4,376,000 Seasons at Simi Valley - Series A-2 2015 Simi Valley, CA 9/1/2017 5.50 % 1,944,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,983,811 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,560,000 Sycamore Walk - Series B-1 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B-2 2015 Bakersfield, CA 1/1/2018 5.50 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 20,001,272 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 6,075,000 Vantage at Judson (4) (5) 2015 San Antonio, TX 1/1/2053 9.00 % 26,540,000 Vantage at Harlingen (4) (5) 2015 San Antonio, TX 9/1/2053 9.00 % 24,575,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,970,000 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,351,000 $ 534,745,500 (1) (2) (3) (4) (5) Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2014 Arbors at Hickory Ridge (3) 2012 Memphis, TN 12/1/2049 6.25 % $ 11,450,000 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,159,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,525,000 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 10,000,000 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,700,000 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,175,000 Avistar at the Oak - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,800,000 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,735,000 Avistar on the Hill - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,389,000 Avistar (June 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,011,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,490,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,655,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,256,001 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,220,000 Cross Creek 2009 Beaufort, SC 3/1/2049 6.15 % 8,422,997 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 23,000,000 Glenview - Series A 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Glenview - Series B 2014 Cameron Park, CA 12/1/2016 5.50 % 2,053,000 Greens of Pine Glen - Series A (3) 2012 North Carolina 10/1/2047 6.50 % 8,366,000 Greens of Pine Glen - Series B 2012 North Carolina 10/1/2047 9.00 % 945,638 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,960,000 Harden Ranch - Series B 2014 Salinas, CA 3/1/2016 5.50 % 2,340,000 Heritage Square - Series A 2014 Edinburg, TX 9/1/2051 6.00 % 11,185,000 Heritage Square - Series B 2014 Edinburg, TX 10/1/2051 12.00 % 520,000 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,886,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,245,000 Montclair - Series A 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Montclair - Series B 2014 Lemoore, CA 12/1/2016 5.50 % 928,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,407,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,573,430 Pro Nova - 2014A 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Pro Nova - 2014B 2014 Knoxville, TN 5/1/2025 5.25 % 10,000,000 Renaissance - Series A 2013 Baton Rouge, LA 6/1/2050 6.00 % 8,550,000 Renaissance - Series B 2013 Baton Rouge, LA 6/1/2050 12.00 % 1,250,000 Renaissance - Series C 2013 Baton Rouge, LA 6/1/2015 12.00 % 2,875,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,440,000 Santa Fe - Series A 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 Santa Fe - Series B 2014 Hesperia, CA 12/1/2016 5.50 % 1,671,000 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,680,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 20,152,000 The Suites on Paseo (2) 2013 San Diego, CA 12/1/2048 6.25 % 35,450,000 Tyler Park Townhomes - Series A (3) 2013 Greenfield, CA 1/1/2030 5.75 % 6,075,000 Tyler Park Townhomes - Series B 2013 Greenfield, CA 1/1/2016 5.50 % 2,025,000 Vantage at Judson 2012 San Antonio, TX 2/1/2053 9.00 % 6,049,000 Vantage at Harlingen 2013 San Antonio, TX 9/1/2053 9.00 % 6,692,000 Westside Village Market - Series A (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,970,000 Westside Village Market - Series B 2013 Shafter, CA 1/1/2016 5.50 % 1,430,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,390,000 $ 409,506,066 (1) (2) (3)

PHC Certificates (Tables)

PHC Certificates (Tables)	12 Months Ended
	Dec. 31, 2015
Public Housing Capital Fund Trusts [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The Partnership had the following investments in the PHC Certificates on December 31, 2015 and 2014: December 31, 2015 Description of PHC Certificates Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value PHC Certificate Trust I $ 27,274,451 $ 1,482,376 $ - $ 28,756,827 PHC Certificate Trust II 11,081,987 365,443 - 11,447,430 PHC Certificate Trust III 20,513,351 - (10,318 ) 20,503,033 $ 58,869,789 $ 1,847,819 $ (10,318 ) $ 60,707,290 December 31, 2014 Description of PHC Certificates Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value PHC Certificate Trust I $ 27,414,100 $ 933,789 $ - $ 28,347,889 PHC Certificate Trust II 11,999,721 152,293 - 12,152,014 PHC Certificate Trust III 20,474,100 289,120 - 20,763,220 $ 59,887,921 $ 1,375,202 $ - $ 61,263,123
Marketable Securities [Table Text Block]	The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts: Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate over Life Principal Outstanding December 31, 2015 Public Housing Capital Fund Trust Certificate I 9.25 AA- 5.33% $ 25,980,780 Public Housing Capital Fund Trust Certificate II 8.67 A+ 4.29% 11,465,660 Public Housing Capital Fund Trust Certificate III 9.81 BBB 5.42% 20,898,432 Total Public Housing Capital Fund Trust Certificates $ 58,344,872 Weighted Average 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

MBS Investments MSB Investments

MBS Investments MSB Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The following tables present information regarding the mortgage revenue bonds owned by the Partnership as of December 31, 2015 and 2014: December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,565,657 $ 1,767,508 $ - $ 13,333,165 Ashley Square (1) 5,099,000 508,163 - 5,607,163 Avistar at Chase Hill - Series A (3) 9,935,552 1,133,024 - 11,068,576 Avistar at the Crest - Series A (3) 9,637,485 1,301,224 - 10,938,709 Avistar at the Oaks - Series A (3) 7,777,936 840,159 - 8,618,095 Avistar at the Parkway - Series A (4) 13,300,000 330,251 - 13,630,251 Avistar in 09 - Series A (3) 6,715,948 725,445 - 7,441,393 Avistar on the Boulevard - Series A (3) 16,418,497 1,872,323 - 18,290,820 Avistar on the Hills - Series A (3) 5,373,756 693,096 - 6,066,852 Bella Vista (1) 6,430,000 766,135 - 7,196,135 Bridle Ridge (1) 7,595,000 817,222 - 8,412,222 Brookstone (1) 7,468,668 1,436,203 - 8,904,871 Bruton Apartments (2) 18,145,000 1,901,839 - 20,046,839 Columbia Gardens (2) 15,224,597 - - 15,224,597 Concord at Gulfgate - Series A (2) 17,060,000 852,612 - 17,912,612 Concord at Little York - Series A (2) 12,480,000 688,441 - 13,168,441 Concord at Williamcrest - Series A (2) 18,020,000 1,182,543 - 19,202,543 Copper Gate Apartments (3) 5,185,000 616,341 - 5,801,341 Cross Creek (1) 6,101,605 2,932,689 - 9,034,294 Decatur Angle (2) 23,000,000 1,582,083 - 24,582,083 Glenview Apartments - Series A (4) 4,670,000 210,572 - 4,880,572 Greens Property - Series A (3) 8,294,000 1,138,270 - 9,432,270 Harden Ranch - Series A (3) 6,960,000 668,981 - 7,628,981 Heritage Square - Series A (4) 11,185,000 273,488 - 11,458,488 Lake Forest (1) 8,766,000 1,177,745 - 9,943,745 Live 929 Apartments (2) 40,801,557 5,829,855 - 46,631,412 Montclair Apartments - Series A (4) 2,530,000 114,079 - 2,644,079 Pro Nova 2014-1 and 2014-2 (2) 19,379,489 1,182,900 - 20,562,389 Ohio Properties - Series A (1) 14,311,000 2,690,867 - 17,001,867 Renaissance - Series A (4) 11,450,959 1,233,077 - 12,684,036 Runnymede (1) 10,350,000 1,600,938 - 11,950,938 Santa Fe Apartments - Series A (4) 3,065,000 154,067 - 3,219,067 Silver Moon - Series A (4) 7,983,811 1,246,349 - 9,230,160 Southpark (1) 11,799,874 3,990,882 - 15,790,756 The Palms at Premier Park Apartments (3) 20,001,272 2,505,091 - 22,506,363 Tyler Park Townhomes - Series A (3) 6,075,000 487,209 - 6,562,209 Vantage at Harlingen - Series B (4) 24,575,000 1,765,139 - 26,340,139 Vantage at Judson -Series B (4) 26,540,000 2,613,606 - 29,153,606 Westside Village Market - Series A (3) 3,970,000 202,340 - 4,172,340 Willow Run (2) 15,224,591 - - 15,224,591 Woodlynn Village (1) 4,351,000 466,471 - 4,817,471 Mortgage revenue bonds held in trust $ 484,817,254 $ 51,499,227 $ - $ 536,316,481 (1) (2) (3) (4) December 31, 2015 Description of Mortgage Revenue Bonds Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill - Series B $ 961,981 $ 109,878 $ - $ 1,071,859 Avistar at the Crest - Series B 756,626 86,428 - 843,054 Avistar at the Oaks - Series B 553,244 63,533 - 616,777 Avistar at the Parkway - Series B 125,000 - (979 ) 124,021 Avistar in 09 - Series B 456,376 52,409 - 508,785 Avistar on the Boulevard - Series B 449,589 51,356 - 500,945 Concord at Gulfgate - Series B 2,125,000 76,802 - 2,201,802 Concord at Little York - Series B 960,000 - (6,711 ) 953,289 Concord at Williamcrest - Series B 2,800,000 - (19,573 ) 2,780,427 Crossing at 1415 7,925,000 214,091 - 8,139,091 Glenview Apartments - Series B 2,053,000 - (7,329 ) 2,045,671 Greens Property - Series B 943,214 142,442 - 1,085,656 Heights at 515 6,945,000 185,268 - 7,130,268 Heritage Square - Series B 520,000 6,185 - 526,185 Montclair Apartments - Series B 928,000 - (2,506 ) 925,494 Ohio Properties - Series B 3,562,190 514,997 - 4,077,187 Santa Fe Apartments - Series B 1,671,000 - (5,965 ) 1,665,035 Seasons at Simi Valley 6,320,000 404,110 - 6,724,110 Sycamore Walk 5,447,000 - - 5,447,000 Mortgage revenue bonds $ 45,502,220 $ 1,907,499 $ (43,063 ) $ 47,366,656 December 31, 2014 Description of Mortgage Revenue Bonds Held in Trust Cost Adjusted for Paydowns Unrealized Gain 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 - Series A (3) 10,000,000 1,196,800 - 11,196,800 Avistar at the Crest - Series A (3) 9,700,000 1,419,692 - 11,119,692 Avistar at the Oaks - Series A (3) 7,800,000 869,622 - 8,669,622 Avistar in 09 - Series A (3) 6,735,000 750,885 - 7,485,885 Avistar on the Boulevard - Series A (3) 16,525,000 2,418,599 - 18,943,599 Avistar on the Hills - Series A (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 - Series A (3) 8,366,000 1,005,119 - 9,371,119 Harden Ranch - Series A (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 - Series A (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 - Series A (3) 6,075,000 345,060 - 6,420,060 Westside Village Market - Series A (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) (2) (3) December 31, 2014 Description of Mortgage Revenue Bonds Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill - Series B $ 965,000 $ 144,769 $ - $ 1,109,769 Avistar at the Crest - Series B 759,000 124,286 - 883,286 Avistar at the Oaks - Series B 554,000 54,325 - 608,325 Avistar in 09 - Series B 457,000 50,608 - 507,608 Avistar on the Boulevard - Series B 451,000 73,851 - 524,851 Greens Property - Series B 945,638 376,203 - 1,321,841 Glenview Apartments 6,723,000 - - 6,723,000 Harden Ranch - Series B 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 - Series B 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 - Series B 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 - Series B 1,430,000 - (686 ) 1,429,314 Mortgage revenue bonds $ 65,538,068 $ 5,082,559 $ (19,582 ) $ 70,601,045
Marketable Securities [Table Text Block]	The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts: Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate over Life Principal Outstanding December 31, 2015 Public Housing Capital Fund Trust Certificate I 9.25 AA- 5.33% $ 25,980,780 Public Housing Capital Fund Trust Certificate II 8.67 A+ 4.29% 11,465,660 Public Housing Capital Fund Trust Certificate III 9.81 BBB 5.42% 20,898,432 Total Public Housing Capital Fund Trust Certificates $ 58,344,872 Weighted Average 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
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The carrying value of the Partnership’s MBS Securities as of December 31, 2015 and 2014 are as follows: December 31, 2015 Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Unrealized Gain Unrealized Loss Estimated Fair Value “AAA” $ 5,052,348 $ - $ (34,648 ) $ 5,017,700 “AA” 9,900,682 - (143,073 ) 9,757,609 $ 14,953,030 $ - $ (177,721 ) $ 14,775,309 (1) December 31, 2014 Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Unrealized Gain Unrealized Loss Estimated Fair Value “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)
Marketable Securities [Table Text Block]	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. A description of certain terms of the Partnership’s MBS Securities is as follows: Agency Rating of MBS Securities Principal Outstanding December 31, 2015 Weighted Average Maturity Date Weighted Average Coupon Interest Rate “AAA” $ 5,000,000 7/1/2032 4.60 % “AA” 9,765,000 7/9/2036 4.20 % $ 14,765,000 Agency Rating of MBS Securities Principal Outstanding December 31, 2014 Weighted Average Maturity Date Weighted Average Coupon Interest Rate “AAA” $ 5,000,000 7/1/2032 4.60 % “AA” 9,765,000 7/9/2036 4.20 % $ 14,765,000

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Real Estate Properties [Table Text Block]	The following tables represent information regarding the MF Properties owned by the Partnership as of December 31, 2015 and 2014: MF Properties Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value at December 31, 2015 Arboretum Omaha, NE 145 $ 1,755,147 $ 19,317,284 $ 21,072,431 Eagle Village Evansville, IN 511 567,880 12,594,935 13,162,815 Northern View (f/k/a Meadowview) Highland Heights, KY 270 688,539 8,062,973 8,751,512 Residences of DeCordova Granbury, TX 110 1,137,832 8,065,977 9,203,809 Residences of Weatherford Weatherford, TX 76 1,942,229 5,738,697 7,680,926 Suites on Paseo San Diego, CA 394 3,162,463 38,216,364 41,378,827 The 50/50 MF Property Lincoln, NE 475 - 32,910,424 32,910,424 Woodland Park Topeka, KS 236 1,265,160 14,247,045 15,512,205 $ 149,672,949 Less accumulated depreciation (depreciation expense of approximately $5.9 million in 2015) (16,023,814 ) Balance at December 31, 2015 $ 133,649,135 MF Properties Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value at 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 at December 31, 2014 $ 105,872,215
Business Acquisition, Pro Forma Information [Table Text Block]	The table below shows the unaudited pro forma condensed consolidated results of operations of the Partnership as if the Suites on Paseo and Woodland Park had been acquired at the beginning of the periods presented: For Year Ended December 31, 2015 For Year Ended December 31, 2014 For Year Ended December 31, 2013 Revenues $ 67,523,956 $ 49,622,920 $ 49,336,339 Net income $ 24,489,515 $ 9,012,034 $ 18,219,670 Net income allocated to unitholders $ 24,244,620 $ 8,921,914 $ 18,037,473 Unitholder's interest in net income per unit (basic and diluted) $ 0.40 $ 0.15 $ 0.42
Suites on Paseo [Member]
Schedule of Condensed Balance Sheet [Table Text Block]	A condensed balance sheet at the date of acquisition for the Suites on Paseo acquisition is below. Suites on Paseo 9/1/2015 (Date of Acquisition) Cash $ 514,094 Restricted cash 187,715 In-place lease assets 1,227,770 Real estate assets 41,374,397 Other assets 259,633 Total assets $ 43,563,609 Accounts payable, accrued expenses and other $ 493,868 Net assets 43,069,741 Total liabilities and net assets $ 43,563,609

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	The Partnership had the following Other Assets as of dates shown: December 31, 2015 December 31, 2014 Property loans receivable $ 29,874,523 $ 22,191,515 Less: Loan loss reserves (7,098,814 ) (7,098,814 ) Deferred financing costs - net 5,891,135 4,659,104 Fair value of derivative contracts 344,177 267,669 Taxable bonds at fair market value 4,824,060 4,616,565 Bond purchase commitments - fair value adjustment (Notes 5 & 18) 5,634,360 5,780,413 Other assets 1,655,013 717,687 Total other assets $ 41,124,454 $ 31,134,319
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The following is a summary of the taxable property loans, accrued interest and allowance on amounts due at December 31, 2015 and 2014: December 31, 2015 Outstanding Balance Accrued Interest Loan Loss Reserves Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 39,950 $ - $ - $ 231,214 Ashley Square 5,078,342 2,864,130 (3,596,342 ) (2,864,130 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 51,386 - - 325,882 Avistar (June 2013 portfolio) 251,622 47,104 - - 298,726 Cross Creek 7,072,087 2,352,851 (3,447,472 ) (2,352,852 ) 3,624,614 Foundation for Affordable Housing 1,415,590 - - - 1,415,590 Greens Property 850,000 343,600 - - 1,193,600 Lake Forest 4,623,704 3,080,446 (55,000 ) (3,059,610 ) 4,589,540 Ohio Properties 2,390,448 1,235,017 - (441,795 ) 3,183,670 Vantage at Brooks LLC 3,454,664 78,440 - - 3,533,104 Vantage at Braunfels LLC 4,272,306 92,481 - - 4,364,787 $ 29,874,523 $ 10,185,404 $ (7,098,814 ) $ (8,718,387 ) $ 24,242,727 December 31, 2014 Outstanding Balance Accrued Interest Loan Loss Reserves Interest Allowance Net Taxable 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 Credit Losses for Financing Receivables, Current [Table Text Block]	The following is a detail of loan loss reserves for the years ended December 31: For the Year Ended December 31, 2015 2014 2013 Balance, beginning of year $ 7,098,814 $ 7,023,814 $ 12,272,671 Realized loss on taxable property loan - Iona Lakes - - (4,557,741 ) Provision for loan loss - 75,000 168,000 Deconsolidation of VIEs - - 55,000 Write off due to foreclosure - - (914,116 ) Balance, end of year $ 7,098,814 $ 7,098,814 $ 7,023,814

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	The following presents the net assets reported as assets held for sale on: December 31, 2014 Cash and cash equivalents $ 35,772 Restricted cash 544,233 Land and land improvements 1,836,400 Buildings and improvements 21,204,047 Real estate assets before accumulated depreciation 23,040,447 Accumulated depreciation (10,583,647 ) Net real estate assets 12,456,800 Other assets 167,210 Total assets from discontinued operations 13,204,015 Accounts payable and accrued expenses 503,743 Mortgage payable - Total liabilities from discontinued operations 503,743 Net assets of discontinuted operations $ 12,700,272 The following presents the revenues, expenses and income from discontinued operations: 2015 2014 2013 Rental revenues $ 2,952,383 $ 3,180,680 $ 3,802,805 Expenses 2,394,074 3,127,907 3,648,937 Income from continuing operations of the discontinued operations 558,309 52,773 153,868 Gain on sale of discontinued operations 3,163,088 - 3,177,183 Net income from discontinued operations $ 3,721,397 $ 52,773 $ 3,331,051

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Financing [Abstract]
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	Tender Option Bond Financings TOB Trusts Securitization Outstanding TOB Trust Financing at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Year End Rate PHC Certificates (1) $ 43,985,000 2012 June-16 Variable Weekly 0.68 % 1.62 % 2.30 % MBS Securities - 1 2,585,000 2012 April-16 Variable Weekly 0.16 % 0.94 % 1.10 % MBS Securities - 2 4,090,000 2012 April-16 Variable Weekly 0.16 % 0.94 % 1.10 % MBS Securities - 3 5,270,000 2012 April-16 Variable Weekly 0.16 % 0.94 % 1.10 % Decatur Angle 22,850,000 2014 October-16 Fixed N/A N/A N/A 4.26 % Live 929 37,940,000 2014 July-19 Fixed N/A N/A N/A 4.39 % Bruton Apartments 17,250,000 2014 July-17 Fixed N/A N/A N/A 4.51 % Pro Nova 2014-1 9,010,000 2014 July-17 Fixed N/A N/A N/A 4.01 % Pro Nova 2014-2 8,375,000 2014 July-17 Fixed N/A N/A N/A 4.01 % Concord at Gulfgate 14,940,000 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Little York 11,235,000 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Williamcrest 15,610,000 2015 February-18 Fixed N/A N/A N/A 2.76 % Columbia Gardens 11,700,000 2015 December-17 Fixed N/A N/A N/A 2.76 % Willow Run 11,700,000 2015 December-17 Fixed N/A N/A N/A 2.76 % Total TOB Trust Financing\Effective Rate $ 216,540,000 3.26 % (1) TOB Trusts Securitization Outstanding TOB Trust Financing at December 31, 2014 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Year End Rate PHC Certificates (1) $ 44,675,000 2012 June-15 Variable Weekly 0.58 % 1.62 % 2.20 % MBS Securities - 1 2,585,000 2012 April-15 Variable Weekly 0.18 % 0.94 % 1.12 % MBS Securities - 2 4,090,000 2012 April-15 Variable Weekly 0.18 % 0.94 % 1.12 % MBS Securities - 3 5,270,000 2012 April-15 Variable Weekly 0.12 % 0.94 % 1.06 % The Suites on Paseo 25,535,000 2013 June-15 Fixed N/A N/A N/A 1.96 % Decatur Angle 21,850,000 2014 October-16 Fixed N/A N/A N/A 4.34 % Live 929 34,975,000 2014 July-19 Fixed N/A N/A N/A 4.47 % Bruton Apartments 17,250,000 2014 July-17 Fixed N/A N/A N/A 4.55 % Pro Nova 2014-1 9,010,000 2014 July-17 Fixed N/A N/A N/A 4.05 % Pro Nova 2014-2 9,010,000 2014 July-17 Fixed N/A N/A N/A 4.05 % Total TOB Trust Financing\Effective Rate $ 174,250,000 3.23 % (1)
Summary of Tax Exempt Bonds Securitization [Table Text Block]	The following tables provide the detail related to the outstanding TEBS Financing, year acquired, stated maturity, and annual interest rates at December 31, 2015 and 2014. Outstanding TEBS Financing at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Year End Rate M24 TEBS Financing $ 61,546,000 2010 September-17 Variable Weekly 0.04 % 1.91 % 1.95 % M31 TEBS Financing (1) 94,117,446 2014 July-19 Variable Weekly 0.02 % 1.42 % 1.44 % M33 TEBS Financing (1) 84,227,842 2015 July-20 Variable Weekly 0.02 % 1.26 % 1.28 % Total TEBS Financing\Effective Rate $ 239,891,288 1.51 % (1) Outstanding TEBS Financing at December 31, 2014 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Year End Rate M24 TEBS Financing $ 76,444,000 2010 September-17 Variable Weekly 0.07 % 1.91 % 1.98 % M31 TEBS Financing (1) 94,665,000 2014 July-19 Variable Weekly 0.05 % 1.42 % 1.47 % Total TEBS Financing\Effective Rate $ 171,109,000 1.70 %
Schedule of Securities Financing Transactions [Table Text Block]	Effective July 1, 2015, the Partnership transferred the following mortgage revenue bonds to the 2015 Sponsor pursuant to the M33 TEBS financing described above: Outstanding Bond Par Amounts Description of Mortgage Revenue Bonds December 31, 2015 July 1, 2015 Financial Statement Presentation Avistar at the Parkway - Series A $ 13,300,000 $ 13,300,000 Mortgage revenue bond Glenview Apartments - Series A 4,670,000 4,670,000 Mortgage revenue bond Heritage Square - Series A 11,185,000 11,185,000 Mortgage revenue bond Montclair Apartments - Series A 2,530,000 2,530,000 Mortgage revenue bond Renaissance Gateway 11,450,959 11,491,928 Mortgage revenue bond Santa Fe Apartments - Series A 3,065,000 3,065,000 Mortgage revenue bond Silver Moon Lodge Apartments - Series A 7,983,811 8,000,000 Mortgage revenue bond Vantage at Harlingen 24,575,000 24,575,000 Mortgage revenue bond Vantage at Judson 26,540,000 26,540,000 Mortgage revenue bond Total $ 105,299,770 $ 105,356,928 Effective July 1, 2014, the Partnership transferred the following mortgage revenue bonds to the 2014 Sponsor pursuant to the M31 TEBS Financing described above: Outstanding Bond Par Amounts Description of Mortgage Revenue Bonds December 31, 2015 December 31, 2014 Financial Statement Presentation Arbors at Hickory Ridge $ 11,450,000 $ 11,450,000 Mortgage revenue bond Avistar at Chase Hill - Series A 9,935,552 10,000,000 Mortgage revenue bond Avistar at the Crest - Series A 9,637,485 9,700,000 Mortgage revenue bond Avistar at the Oaks - Series A 7,777,936 7,800,000 Mortgage revenue bond Avistar in 09 - Series A 6,715,948 6,735,000 Mortgage revenue bond Avistar on the Boulevard - Series A 16,418,497 16,525,000 Mortgage revenue bond Avistar on the Hills - Series A 5,373,756 5,389,000 Mortgage revenue bond Copper Gate Apartments 5,185,000 5,220,000 Mortgage revenue bond Greens Property - Series A 8,294,000 8,366,000 Mortgage revenue bond Harden Ranch - Series A 6,960,000 6,960,000 Mortgage revenue bond The Palms at Premier Park Apartments 20,001,272 20,152,000 Mortgage revenue bond Tyler Park Townhomes - Series A 6,075,000 6,075,000 Mortgage revenue bond Westside Village Market - Series A 3,970,000 3,970,000 Mortgage revenue bond Total $ 117,794,446 $ 118,342,000
Schedule of Maturities of Long-term Debt [Table Text Block]	The Partnership’s aggregate borrowings as of December 31, 2015 contractually mature over the next five years and thereafter as follows: 2016 $ 81,807,600 2017 120,366,181 2018 43,614,419 2019 129,541,724 2020 81,101,364 Thereafter - Total $ 456,431,288

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	Tender Option Bond Financings TOB Trusts Securitization Outstanding TOB Trust Financing at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Year End Rate PHC Certificates (1) $ 43,985,000 2012 June-16 Variable Weekly 0.68 % 1.62 % 2.30 % MBS Securities - 1 2,585,000 2012 April-16 Variable Weekly 0.16 % 0.94 % 1.10 % MBS Securities - 2 4,090,000 2012 April-16 Variable Weekly 0.16 % 0.94 % 1.10 % MBS Securities - 3 5,270,000 2012 April-16 Variable Weekly 0.16 % 0.94 % 1.10 % Decatur Angle 22,850,000 2014 October-16 Fixed N/A N/A N/A 4.26 % Live 929 37,940,000 2014 July-19 Fixed N/A N/A N/A 4.39 % Bruton Apartments 17,250,000 2014 July-17 Fixed N/A N/A N/A 4.51 % Pro Nova 2014-1 9,010,000 2014 July-17 Fixed N/A N/A N/A 4.01 % Pro Nova 2014-2 8,375,000 2014 July-17 Fixed N/A N/A N/A 4.01 % Concord at Gulfgate 14,940,000 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Little York 11,235,000 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Williamcrest 15,610,000 2015 February-18 Fixed N/A N/A N/A 2.76 % Columbia Gardens 11,700,000 2015 December-17 Fixed N/A N/A N/A 2.76 % Willow Run 11,700,000 2015 December-17 Fixed N/A N/A N/A 2.76 % Total TOB Trust Financing\Effective Rate $ 216,540,000 3.26 % (1) TOB Trusts Securitization Outstanding TOB Trust Financing at December 31, 2014 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Year End Rate PHC Certificates (1) $ 44,675,000 2012 June-15 Variable Weekly 0.58 % 1.62 % 2.20 % MBS Securities - 1 2,585,000 2012 April-15 Variable Weekly 0.18 % 0.94 % 1.12 % MBS Securities - 2 4,090,000 2012 April-15 Variable Weekly 0.18 % 0.94 % 1.12 % MBS Securities - 3 5,270,000 2012 April-15 Variable Weekly 0.12 % 0.94 % 1.06 % The Suites on Paseo 25,535,000 2013 June-15 Fixed N/A N/A N/A 1.96 % Decatur Angle 21,850,000 2014 October-16 Fixed N/A N/A N/A 4.34 % Live 929 34,975,000 2014 July-19 Fixed N/A N/A N/A 4.47 % Bruton Apartments 17,250,000 2014 July-17 Fixed N/A N/A N/A 4.55 % Pro Nova 2014-1 9,010,000 2014 July-17 Fixed N/A N/A N/A 4.05 % Pro Nova 2014-2 9,010,000 2014 July-17 Fixed N/A N/A N/A 4.05 % Total TOB Trust Financing\Effective Rate $ 174,250,000 3.23 % (1)
Schedule of Maturities of Long-term Debt [Table Text Block]	The Partnership’s aggregate borrowings as of December 31, 2015 contractually mature over the next five years and thereafter as follows: 2016 $ 81,807,600 2017 120,366,181 2018 43,614,419 2019 129,541,724 2020 81,101,364 Thereafter - Total $ 456,431,288
Mortgages payable
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	The following is a summary of the Mortgage Loans payable on MF Properties: MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Year End Rate Arboretum $ 16,742,368 2011 March 2017 Fixed N/A N/A N/A 3.75 % Eagle Village (1) 8,038,911 2010 September 2018 Variable Monthly 0.25 % 3.00 % 3.25 % Residences of DeCordova 1,815,223 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,820,623 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 UNL Student Housing-- Mortgage (2) 25,500,000 2013 March 2020 Variable Monthly 3.25 % N/A 3.25 % The 50/50 UNL Student Housing--TIF Loan 4,299,990 2014 December 2019 Fixed N/A N/A N/A 4.65 % Woodland Park (1) 6,074,738 2013 August 2017 Variable Monthly 0.19 % 2.75 % 2.94 % Total Mortgage Payable\Effective Rate $ 68,291,853 3.60 % (1) (2) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2014 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Year End Rate Arboretum $ 17,182,764 2011 March 2017 Fixed N/A N/A N/A 3.75 % Eagle Village (1) 8,224,671 2010 September 2015 Variable Monthly 1.60 % 2.75 % 4.35 % Residences of DeCordova 1,881,998 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 6,043,673 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 UNL Student Housing-- Mortgage (2) 25,500,000 2013 March 2020 Variable Monthly 3.25 % N/A 3.25 % The 50/50 UNL Student Housing--TIF Loan 4,299,990 2014 December 2019 Fixed N/A N/A N/A 4.65 % The Colonial 7,500,000 2013 February 2016 Fixed N/A N/A N/A 3.55 % Woodland Park (1) 6,074,738 2013 August 2017 Variable Monthly 0.21 % 2.75 % 2.96 % Total Mortgage Payable\Effective Rate $ 76,707,834 3.72 % (1) (2)
Schedule of Maturities of Long-term Debt [Table Text Block]	The Partnership’s mortgages payable as of December 31, 2015, contractually mature over the next five years and thereafter as follows: 2016 $ 1,919,689 2017 31,535,642 2018 9,114,886 2019 5,104,650 2020 20,616,986 Thereafter - Total $ 68,291,853

Transactions with Related Par42

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2015
Transactions With Related Parties [Abstract]
Schedule of Related Party Transactions [Table Text Block]	The amounts in the following table represent cash payments to reimburse AFCA 2 or an affiliate for such expenses. 2015 2014 2013 Reimbursable salaries and benefits $ 1,744,855 $ 1,599,294 $ 1,146,754 Other expenses 6,819 975 3,488 Insurance 224,946 227,265 228,701 Professional fees and expenses 284,767 208,648 216,962 Consulting and travel expenses 15,372 1,697 434 $ 2,276,759 $ 2,037,879 $ 1,596,339

Interest Rate Derivatives (Tabl

Interest Rate Derivatives (Tables)	12 Months Ended
	Dec. 31, 2015
Interest Rate Derivative Agreements [Abstract]
Schedule of Derivative Instruments [Table Text Block]	The terms of the derivative agreements are as follows: Purchase Date Initial Notional Amount Effective Capped Rate Maturity Date Purchase Price Fair Value (1) Variable Debt Financing Facility Hedged Maximum Potential Cost of Borrowing Counterparty September-10 $ 31,936,667 3.00 % September-17 $ 921,000 $ 86 M24 TEBS 5.0 % Bank of New York Mellon September-10 $ 31,936,667 3.00 % September-17 $ 845,600 $ 86 M24 TEBS 5.0 % Barclays Bank PLC September-10 $ 31,936,667 3.00 % September-17 $ 928,000 $ 86 M24 TEBS 5.0 % Royal Bank of Canada August-13 $ 93,305,000 1.50 % September-17 $ 793,000 $ 8,546 M24 TEBS 3.5 % Deutsche Bank February-14 $ 41,250,000 1.00 % March-17 $ 230,500 $ 1,500 PHC TOB Trusts 3.3 % SMBC Capital Markets, Inc February-14 $ 11,000,000 1.00 % March-17 $ 150,500 $ 400 MBS TOB Trusts 2.1 % SMBC Capital Markets, Inc July-14 $ 31,565,000 3.00 % August-19 $ 315,200 $ 29,307 M31 TEBS 4.4 % Barclays Bank PLC July-14 $ 31,565,000 3.00 % August-19 $ 343,000 $ 29,336 M31 TEBS 4.4 % Royal Bank of Canada July-14 $ 31,565,000 3.00 % August-19 $ 333,200 $ 29,336 M31 TEBS 4.4 % SMBC Capital Markets, Inc July-15 $ 28,095,000 3.00 % August-20 $ 210,000 $ 81,831 M33 TEBS 4.3 % Wells Fargo Bank July-15 $ 28,095,000 3.00 % August-20 $ 187,688 $ 81,831 M33 TEBS 4.3 % Royal Bank of Canada July-15 $ 28,095,000 3.00 % August-20 $ 174,900 $ 81,831 M33 TEBS 4.3 % SMBC Capital Markets, Inc (1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 $ 583,683,137 $ - $ - $ 583,683,137 Bond purchase commitments 5,634,360 - - 5,634,360 PHC Certificates 60,707,290 - - 60,707,290 MBS Securities 14,775,309 - 14,775,309 - Taxable bonds 4,824,060 - - 4,824,060 Interest rate derivatives (972,898 ) - - (972,898 ) Total Assets and Liabilities at Fair Value $ 668,651,258 $ - $ 14,775,309 $ 653,875,949 For Twelve Months Ended December 31, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC 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 - - - - (1,802,655 ) (1,802,655 ) Included in other comprehensive (loss) income 9,370,264 (146,053 ) 462,297 (138,682 ) - 9,547,826 Purchases 188,572,000 - - - - 188,572,000 Purchase interest rate derivative - - - - 562,088 562,088 Mortgage revenue bond exchanged for MF Property (41,580,919 ) - - - - (41,580,919 ) Settlements (21,702,345 ) - (1,018,130 ) 346,177 - (22,374,298 ) Ending Balance December 31, 2015 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 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 as of December 31, 2015 $ - $ - $ - $ - $ (1,802,655 ) $ (1,802,655 ) Fair Value Measurements at December 31, 2014 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds $ 449,024,137 $ - $ - $ 449,024,137 Bond purchase commitments 5,780,413 - - 5,780,413 PHC Certificates 61,263,123 - - 61,263,123 MBS Securities 14,841,558 - 14,841,558 - Taxable bonds 4,616,565 - - 4,616,565 Interest rate derivatives 267,669 - - 267,669 Total Assets at Fair Value $ 535,793,465 $ - $ 14,841,558 $ 520,951,907 For Twelve Months Ended December 31, 2014 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC 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 gains (losses) (realized/unrealized) Included in earnings - - - - (2,003,351 ) (2,003,351 ) Included in other comprehensive income 52,272,236 10,632,590 5,219,937 685,612 - 68,810,375 Purchases 142,794,827 - - - - 142,794,827 Purchase interest rate derivative - - - - 1,382,900 1,382,900 Mortgage revenue bond and MBS Securities sales and redemption (30,464,798 ) - - - - (30,464,798 ) Settlements (896,299 ) - (6,013,193 ) (145,000 ) - (7,054,492 ) Ending Balance December 31, 2014 $ 449,024,137 $ 5,780,413 $ 61,263,123 $ 4,616,565 $ 267,669 $ 520,951,907 Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2014 $ - $ - $ - $ - $ (2,003,351 ) $ (2,003,351 ) Fair Value Measurements at December 31, 2013 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 $ 285,318,171 $ - $ - $ 285,318,171 Bond Purchase Commitments (4,852,177 ) - - (4,852,177 ) PHC Certificates 62,056,379 - - 62,056,379 MBS Securities 37,845,661 - 37,845,661 - Taxable Bonds 4,075,953 - - 4,075,953 Interest Rate Derivatives 888,120 - - 888,120 Total Assets and Liabilities at Fair Value $ 385,332,107 $ - $ 37,845,661 $ 347,486,446 For Twelve Months Ended December 31, 2013 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2013 $ 145,237,376 $ - $ 65,389,298 $ 1,524,873 $ 378,729 $ 212,530,276 VIE Consolidation 8,795,630 - - - - 8,795,630 Total gains (losses) (realized/unrealized) Included in earnings - - - - (283,610 ) (283,610 ) Included in other comprehensive income (18,011,590 ) (4,852,177 ) (3,276,398 ) (231,920 ) - (26,372,085 ) Ohio Properties' bonds after sale recognition 19,581,166 - - - 19,581,166 Greens Property's bond after sale recognition 9,465,000 - - - - 9,465,000 Purchases 148,624,000 - - 2,918,000 - 151,542,000 Purchase interest rate derivative - - - - 793,001 793,001 Bond redemption (16,052,849 ) - - - - (16,052,849 ) Bond foreclosure (11,581,266 ) - - - - (11,581,266 ) Settlements (739,296 ) - (56,521 ) (135,000 ) - (930,817 ) Ending Balance December 31, 2013 $ 285,318,171 $ (4,852,177 ) $ 62,056,379 $ 4,075,953 $ 888,120 $ 347,486,446 Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2013 $ - $ - $ - $ - $ (283,610 ) $ (283,610 )
Fair Value, by Balance Sheet Grouping [Table Text Block]	Below are the fair market value estimates of the debt held on the balance sheet for December 31, 2015 and 2014, respectively. 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 475,353,549 $ 475,415,345 $ 345,359,000 $ 346,813,909 Mortgages payable $ 68,291,853 $ 67,735,213 $ 76,707,834 $ 76,134,465

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	On December 31, 2015 and 2014 the Bond Purchase Commitments outstanding and the related fair values are as follows: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2016 through 2018 Maximum Committed Amounts for 2015 Rate Closing Date (1) Fair Value at December 31, 2015 Fair Value at December 31, 2014 Silver Moon Apartments June-13 $ - $ 8,000,000 6.00 % Q2 2015 $ - $ 413,600 Vantage at Harlingen - Series B August-13 - 18,000,000 6.00 % Q2 2015 - 1,433,700 Vantage at Judson - Series B December-12 - 26,700,000 6.00 % Q2 2015 - 1,990,535 15 West Apartments July-14 9,900,000 - 6.25 % Q2 2016 945,009 809,178 Villas at Plano Gateway Apartments December-14 20,000,000 - 6.00 % Q3 2016 1,469,213 1,133,400 Palo Alto July-15 19,540,000 - 5.80 % Q3 2017 1,439,600 - Village at Rivers Edge May-15 11,000,000 - 6.00 % Q2 2017 636,560 - Village at Avalon November-15 17,900,000 - 5.80 % Q2 2018 1,143,978 - Total $ 78,340,000 $ 52,700,000 $ 5,634,360 $ 5,780,413 (1)

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31: 2015 2014 2013 Total revenues Mortgage Revenue Bond Investments $ 38,943,794 $ 26,929,446 $ 26,826,785 MF Properties 22,388,234 14,250,572 11,358,719 Public Housing Capital Fund Trust 2,994,482 3,038,819 3,261,611 MBS Securities Investments 225,890 1,423,958 1,601,270 Consolidated VIEs - - 10,943,968 Consolidation/eliminations - - (9,705,375 ) Total revenues $ 64,552,400 $ 45,642,795 $ 44,286,978 Interest expense Mortgage Revenue Bond Investments $ 10,787,252 $ 7,147,092 $ 3,082,739 MF Properties 2,659,350 2,319,928 2,152,010 Public Housing Capital Fund Trust 1,221,713 1,295,238 1,292,540 MBS Securities Investments 157,902 403,653 463,555 Consolidated VIEs - - 1,034,584 Consolidation/eliminations - - (1,034,584 ) Total interest expense $ 14,826,217 $ 11,165,911 $ 6,990,844 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - MF Properties 5,888,973 4,801,533 3,804,499 Public Housing Capital Fund Trust - - - MBS Securities Investments - - - Consolidated VIEs - - 458,101 Consolidation/eliminations - - - Total depreciation expense $ 5,888,973 $ 4,801,533 $ 4,262,600 Income from continuing operations Mortgage Revenue Bond Investments $ 18,094,959 $ 13,181,961 $ 13,806,271 MF Properties 2,964,297 (938,151 ) (1,837,076 ) Public Housing Capital Fund Trust 1,758,022 1,714,968 1,940,459 MBS Securities Investments 67,547 1,017,637 1,055,736 Consolidated VIEs - - 8,337,601 Consolidation/eliminations - - (8,657,200 ) Income from continuing operations - America First Multifamily Investors, L. P. $ 22,884,825 $ 14,976,415 $ 14,645,791 Net income (loss) Mortgage Revenue Bond Investments $ 18,094,959 $ 13,181,961 $ 13,806,271 MF Properties 2,967,098 (933,478 ) 1,343,405 Public Housing Capital Fund Trust 1,758,022 1,714,968 1,940,459 MBS Securities Investments 67,547 1,017,637 1,055,736 Consolidated VIEs - - 8,337,601 Consolidation/eliminations - - (8,657,200 ) Discontinued Operations 3,721,397 52,773 (111,353 ) Net income - America First Multifamily Investors, L. P. $ 26,609,023 $ 15,033,861 $ 17,714,919 The following table details total assets for the Company’s reportable segments for the three years ended December 31: Total assets 2015 2014 2013 Mortgage Revenue Bond Investments $ 854,161,483 $ 698,637,412 $ 442,175,645 MF Properties 142,173,643 101,696,235 83,580,479 Public Housing Capital Fund Trust Certificates 61,021,462 61,577,848 62,449,028 Mortgage-Backed Securities 15,035,061 15,101,309 38,427,654 Assets held for sale - 13,204,015 14,019,837 Consolidation/eliminations (199,877,054 ) (145,977,602 ) (106,419,611 ) Total assets $ 872,514,595 $ 744,239,217 $ 534,233,032

Summary of Unaudited Quarterl47

Summary of Unaudited Quarterly Results of Operations Quarterly Results (Tables)	12 Months Ended
	Dec. 31, 2015
Other Income And Expenses [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	2015 March 31, June 30, September 30, December 31, Revenues $ 12,506,625 $ 17,119,567 $ 14,084,872 $ 20,841,336 Income from continuing operations 2,499,160 7,983,295 2,286,383 10,115,987 Income from discontinuing operations 24,428 238,287 253,894 3,204,788 Net income - America First Multifamily Investors, L.P. $ 2,524,479 $ 8,221,271 $ 2,540,649 $ 13,322,624 Income from continuing operations, per unit $ 0.04 $ 0.12 $ 0.03 $ 0.15 Income from discontinued operations, per unit - - 0.01 (0.01 ) Net income, basic and diluted, per unit $ 0.04 $ 0.12 $ 0.04 $ 0.14 2014 March 31, June 30, September 30, December 31, Revenues $ 12,399,967 $ 10,467,428 $ 11,043,537 $ 11,731,863 Income from continuing operations 5,987,080 3,627,571 3,297,958 2,063,806 Income (loss) from discontinued operations 59,646 30,512 6,722 (44,107 ) Net income - America First Multifamily Investors, L.P. $ 6,046,829 $ 3,658,457 $ 3,307,829 $ 2,020,746 Income from continuing operations, per unit $ 0.10 $ 0.05 $ 0.06 $ 0.04 Income from discontinued operations, per unit - - - - Net income, basic and diluted, per unit $ 0.10 $ 0.05 $ 0.06 $ 0.04

Summary of Significant Accoun48

Summary of Significant Accounting Policies Narrative Tagging (Details)	12 Months Ended
	Dec. 31, 2015USD ($)PropertyBank	Dec. 31, 2014USD ($)Property	Dec. 31, 2013USD ($)Property
Number of Financial Institutions | Bank	2
Cash, FDIC Insured Amount	$ 250,000
Real Estate Cap Rate-Minimum	5.30%
Real Estate Cap Rate-Maximum	7.50%
Tolerable Range of Difference in Valuation	7.50%
Building Useful Life-Minimum	19 years
Building Useful Life-Maximum	40 years
Capital Improvements Useful Life-Minimum	5 years
Capital Improvements Useful Life-Maximum	15 years
Provision for Doubtful Accounts	$ 0	$ 75,000	$ 168,000
Deferred Finance Costs, Gross	10,800,000	8,500,000
Amortization of Financing Costs	4,900,000	3,900,000
Deferred Tax Assets, Valuation Allowance	$ 405,000	$ 8,500,000
BUCs Earnings to Net Recurring Income From Partnership	99.00%
BUCs Earnings to Tier Two Income	75.00%
No-cost Interest Rate Swaps [Member]
Restricted Cash and Cash Equivalents	$ 1,500,000
M24 Financing Facility Derivatives [Member]
Restricted Cash and Cash Equivalents	400,000
TEB Facility [Member]
Restricted Cash and Cash Equivalents	$ 5,400,000
Consolidated Properties [Member]
Number of Real Estate Properties | Property	8
Assets held for sale including discontinued operations | Property		2	2
Consolidated Properties [Member] | Limited Partner [Member]
Noncontrolling Interest, Ownership Percentage by Parent	99.00%
Variable Interest Entity Primary Beneficiary
Number of Real Estate Properties | Property	2

Partnership Income, Expense a49

Partnership Income, Expense and Cash Distributions Distributions (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Percent of Regular Distributions	100.00%
Penalty on Outstanding Contingent Interest	0.90%
Unallocated Deficit of Consolidated VIEs	$ 0	$ 21,091,456
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%

Partnership Income, Expenses an

Partnership Income, Expenses and Cash Distributions Cash Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit	$ 0.5000	$ 0.5000	$ 0.5000

Variable Interest Entities Vari

Variable Interest Entities Variable Interest Entities Narrative Tagging (Details)	12 Months Ended
	Dec. 31, 2015USD ($)PropertyOwner	Dec. 31, 2014USD ($)Property	Dec. 31, 2013Property
Accounts Notes And Loans Receivable [Line Items]
Gain (Loss) on Sale of Properties	$ 4,599,109
Property loan receivable, gross	$ 29,874,523	$ 22,191,515
Unconsolidated Properties [Member]
Accounts Notes And Loans Receivable [Line Items]
Number of Variable Interest Entities | Property	15	9
Consolidated Properties [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, gross		$ 7,400,000
Number of assets held for sale | Property	0
Investment Income, Net	$ 821,000
Consolidated Properties [Member]
Accounts Notes And Loans Receivable [Line Items]
Assets held for sale including discontinued operations | Property		2	2
Gain (Loss) on Sale of Properties	$ 0
Total Owners [Member]
Accounts Notes And Loans Receivable [Line Items]
Number of Owners | Owner	3
Related party owner [Member]
Accounts Notes And Loans Receivable [Line Items]
Number of Owners | Owner	1

Variable Interest Entities Prop

Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	$ 111,052,042	$ 70,124,638
Available for Sale Security and Property Loan Receivable, Maximum Exposure	103,483,793	67,095,817
Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	13,004,505	5,010,615
Available for Sale Security and Property Loan Receivable, Maximum Exposure	19,464,977	11,062,617
Ashley Square [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	5,607,163	5,645,559
Available for Sale Security and Property Loan Receivable, Maximum Exposure	5,099,000	5,159,000
Ashley Square [Member] | Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	1,482,000	1,482,000
Available for Sale Security and Property Loan Receivable, Maximum Exposure	7,942,472	7,534,002
Bruton Apts [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	20,046,839	18,145,000
Available for Sale Security and Property Loan Receivable, Maximum Exposure	18,145,000	18,145,000
Columbia Gardens [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	15,224,597
Available for Sale Security and Property Loan Receivable, Maximum Exposure	15,224,597
Cross Creek [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	9,034,294	8,617,079
Available for Sale Security and Property Loan Receivable, Maximum Exposure	6,101,605	6,074,817
Cross Creek [Member] | Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	3,624,614	3,528,615
Available for Sale Security and Property Loan Receivable, Maximum Exposure	3,624,614	3,528,615
Glenview Apts [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	6,926,243	6,723,000
Available for Sale Security and Property Loan Receivable, Maximum Exposure	6,723,000	6,723,000
Harden Ranch [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	7,628,981	9,300,000
Available for Sale Security and Property Loan Receivable, Maximum Exposure	6,960,000	9,300,000
Montclair Apts [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	3,569,573	3,458,000
Available for Sale Security and Property Loan Receivable, Maximum Exposure	3,458,000	3,458,000
Santa Fe Apts [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	4,884,102	4,736,000
Available for Sale Security and Property Loan Receivable, Maximum Exposure	4,736,000	4,736,000
Seasons at Simi Valley [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	6,724,110
Available for Sale Security and Property Loan Receivable, Maximum Exposure	6,320,000
Sycamore Walk [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	5,447,000
Available for Sale Security and Property Loan Receivable, Maximum Exposure	5,447,000
Tyler Park Apartments [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	6,562,209	8,100,000
Available for Sale Security and Property Loan Receivable, Maximum Exposure	6,075,000	8,100,000
Vantage at Braunfels LLC [Member] | Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	4,364,787
Available for Sale Security and Property Loan Receivable, Maximum Exposure	4,364,787
Vantage at Brooks LLC [Member] | Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	3,533,104
Available for Sale Security and Property Loan Receivable, Maximum Exposure	3,533,104
Westside Village Market [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	4,172,340	5,400,000
Available for Sale Security and Property Loan Receivable, Maximum Exposure	3,970,000	$ 5,400,000
Willow Run [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	15,224,591
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 15,224,591

Variable Interest Entities Cons

Variable Interest Entities Consolidated VIE's Bond Table (Details) - Variable Interest Entity Primary Beneficiary	12 Months Ended
	Dec. 31, 2014USD ($)
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Available-for-sale Securities, Held in Trust, at Par Value	$ 14,731,000
Investment Income, Net	$ 929,279
Bent Tree [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Available-for-sale Security, Maturity Date at a point in time	Dec. 15, 2030	[1]
Debt Instrument, Interest Rate, Stated Percentage	6.25%	[1]
Available-for-sale Securities, Held in Trust, at Par Value	$ 7,465,000	[1]
Investment Income, Net	$ 468,859	[1]
Fairmont Oaks [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Available-for-sale Security, Maturity Date at a point in time	Jan. 4, 2033	[1]
Debt Instrument, Interest Rate, Stated Percentage	6.30%	[1]
Available-for-sale Securities, Held in Trust, at Par Value	$ 7,266,000	[1]
Investment Income, Net	$ 460,420	[1]
[1]	Bonds held by ATAX TEBS I, LLC

Investments in Bonds (Details)

Investments in Bonds (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015	Nov. 30, 2014	Mar. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		$ 484,817,254	$ 338,861,752
Unrealized Gain, held in trust		51,499,227	39,561,340
Estimated Fair Value, held in trust		536,316,481	378,423,092
Cost Adjusted for Paydowns		45,502,220	65,538,068
Unrealized Gain		1,907,499	5,082,559
Unrealized Loss		(43,063)	(19,582)
Available-for-sale Securities		47,366,656	70,601,045
Arbors at Hickory Ridge [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	11,565,657	11,570,933
Unrealized Gain, held in trust	[1]	1,767,508	1,792,303
Estimated Fair Value, held in trust	[1]	13,333,165	13,363,236
Ashley Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	5,099,000	5,159,000
Unrealized Gain, held in trust	[2]	508,163	486,559
Estimated Fair Value, held in trust	[2]	5,607,163	5,645,559
Bella Vista [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	6,430,000	6,490,000
Unrealized Gain, held in trust	[2]	766,135	625,571
Estimated Fair Value, held in trust	[2]	7,196,135	7,115,571
Bridle Ridge [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	7,595,000	7,655,000
Unrealized Gain, held in trust	[2]	817,222	659,249
Estimated Fair Value, held in trust	[2]	8,412,222	8,314,249
Brookstone [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	7,468,668	7,468,888
Unrealized Gain, held in trust	[2]	1,436,203	1,360,589
Estimated Fair Value, held in trust	[2]	8,904,871	8,829,477
Bruton Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	18,145,000	18,145,000
Unrealized Gain, held in trust	[3]	1,901,839	1,455,955
Estimated Fair Value, held in trust	[3]	20,046,839	19,600,955
Columbia Gardens [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	15,224,597
Estimated Fair Value, held in trust	[3]	15,224,597
Copper Gate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	5,185,000	5,220,000
Unrealized Gain, held in trust	[1]	616,341	563,656
Estimated Fair Value, held in trust	[1]	5,801,341	5,783,656
Cross Creek [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	6,101,605	6,074,817
Unrealized Gain, held in trust	[2]	2,932,689	2,542,262
Estimated Fair Value, held in trust	[2]	9,034,294	8,617,079
Decatur-Angle [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	23,000,000	23,000,000
Unrealized Gain, held in trust	[3]	1,582,083	919,540
Estimated Fair Value, held in trust	[3]	24,582,083	23,919,540
Available-for-sale Securities						$ 23,000,000
Glenview Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns			6,723,000
Available-for-sale Securities			6,723,000
Heritage Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns			11,705,000
Unrealized Gain			1,109,125
Available-for-sale Securities			12,814,125
Lake Forest [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	8,766,000	8,886,000
Unrealized Gain, held in trust	[2]	1,177,745	1,003,614
Estimated Fair Value, held in trust	[2]	9,943,745	9,889,614
Live 929 Apartments [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	40,801,557	40,895,739
Unrealized Gain, held in trust	[3]	5,829,855	3,797,745
Estimated Fair Value, held in trust	[3]	46,631,412	44,693,484
Available-for-sale Securities			40,300,000
Montclair Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns			3,458,000
Available-for-sale Securities			3,458,000
Pro Nova [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	19,379,489	20,095,169
Unrealized Gain, held in trust	[3]	1,182,900	1,043,431
Estimated Fair Value, held in trust	[3]	20,562,389	21,138,600
Rennaisance [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns			12,675,000
Unrealized Gain			1,055,807
Available-for-sale Securities			13,730,807
Runnymede [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	10,350,000	10,440,000
Unrealized Gain, held in trust	[2]	1,600,938	1,385,910
Estimated Fair Value, held in trust	[2]	11,950,938	11,825,910
Santa Fe Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns			4,736,000
Available-for-sale Securities			4,736,000
Southpark [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	11,799,874	11,842,206
Unrealized Gain, held in trust	[2]	3,990,882	3,743,692
Estimated Fair Value, held in trust	[2]	15,790,756	15,585,898
The Palms at Premier Park [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	20,001,272	20,152,000
Unrealized Gain, held in trust	[1]	2,505,091	2,680,619
Estimated Fair Value, held in trust	[1]	22,506,363	22,832,619
Vantage at Harlingen [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns			6,692,000
Unrealized Gain			707,813
Available-for-sale Securities			7,399,813
Vantage at Judson [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns			6,049,000
Unrealized Gain			717,230
Available-for-sale Securities			6,766,230
Willow Run [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	15,224,591
Estimated Fair Value, held in trust	[3]	15,224,591
Woodlynn Village [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	4,351,000	4,390,000
Unrealized Gain, held in trust	[2]	466,471	376,706
Estimated Fair Value, held in trust	[2]	4,817,471	4,766,706
Crossing at 1415 [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		7,925,000
Unrealized Gain		214,091
Available-for-sale Securities		8,139,091
Heights at 515 [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		6,945,000
Unrealized Gain		185,268
Available-for-sale Securities		7,130,268
Seasons at Simi Valley [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		6,320,000
Unrealized Gain		404,110
Available-for-sale Securities		6,724,110
Sycamore Walk [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		5,447,000
Available-for-sale Securities		5,447,000
The Suites on Paseo [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]		35,450,000
Unrealized Gain, held in trust	[3]		3,193,691
Estimated Fair Value, held in trust	[3]		38,643,691
Series A [Member] | Avistar at Chase Hill - [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	9,935,552	10,000,000
Unrealized Gain, held in trust	[1]	1,133,024	1,196,800
Estimated Fair Value, held in trust	[1]	11,068,576	11,196,800
Series A [Member] | Avistar at the Crest [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	9,637,485	9,700,000
Unrealized Gain, held in trust	[1]	1,301,224	1,419,692
Estimated Fair Value, held in trust	[1]	10,938,709	11,119,692
Series A [Member] | Avistar at the Oaks [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	7,777,936	7,800,000
Unrealized Gain, held in trust	[1]	840,159	869,622
Estimated Fair Value, held in trust	[1]	8,618,095	8,669,622
Series A [Member] | Avistar at the Parkway [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	13,300,000
Unrealized Gain, held in trust	[4]	330,251
Estimated Fair Value, held in trust	[4]	13,630,251
Series A [Member] | Avistar in 09 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	6,715,948	6,735,000
Unrealized Gain, held in trust	[1]	725,445	750,885
Estimated Fair Value, held in trust	[1]	7,441,393	7,485,885
Series A [Member] | Avistar on the Boulevard [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	16,418,497	16,525,000
Unrealized Gain, held in trust	[1]	1,872,323	2,418,599
Estimated Fair Value, held in trust	[1]	18,290,820	18,943,599
Series A [Member] | Avistar on the Hills [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	5,373,756	5,389,000
Unrealized Gain, held in trust	[1]	693,096	743,520
Estimated Fair Value, held in trust	[1]	6,066,852	6,132,520
Series A [Member] | Concord at Gulfgate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	17,060,000
Unrealized Gain, held in trust	[3]	852,612
Estimated Fair Value, held in trust	[3]	17,912,612
Cost Adjusted for Paydowns		17,100,000
Series A [Member] | Concord at Little York [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	12,480,000
Unrealized Gain, held in trust	[3]	688,441
Estimated Fair Value, held in trust	[3]	13,168,441
Cost Adjusted for Paydowns		12,500,000
Series A [Member] | Concord at Williamcrest [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	18,020,000
Unrealized Gain, held in trust	[3]	1,182,543
Estimated Fair Value, held in trust	[3]	19,202,543
Cost Adjusted for Paydowns		18,000,000
Series A [Member] | Glenview Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	4,670,000
Unrealized Gain, held in trust	[4]	210,572
Estimated Fair Value, held in trust	[4]	4,880,572
Available-for-sale Securities					$ 4,700,000
Series A [Member] | Greens of Pine Glen [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	8,294,000	8,366,000
Unrealized Gain, held in trust	[1]	1,138,270	1,005,119
Estimated Fair Value, held in trust	[1]	9,432,270	9,371,119
Series A [Member] | Harden Ranch [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	6,960,000	6,960,000
Unrealized Gain, held in trust	[1]	668,981	511,421
Estimated Fair Value, held in trust	[1]	7,628,981	7,471,421
Series A [Member] | Heritage Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	11,185,000
Unrealized Gain, held in trust	[4]	273,488
Estimated Fair Value, held in trust	[4]	11,458,488
Available-for-sale Securities			11,200,000
Series A [Member] | Montclair Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	2,530,000
Unrealized Gain, held in trust	[4]	114,079
Estimated Fair Value, held in trust	[4]	2,644,079
Available-for-sale Securities					2,500,000
Series A [Member] | Ohio Properties [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	14,311,000	14,407,000
Unrealized Gain, held in trust	[2]	2,690,867	2,444,034
Estimated Fair Value, held in trust	[2]	17,001,867	16,851,034
Series A [Member] | Rennaisance [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	11,450,959
Unrealized Gain, held in trust	[4]	1,233,077
Estimated Fair Value, held in trust	[4]	12,684,036
Series A [Member] | Santa Fe Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	3,065,000
Unrealized Gain, held in trust	[4]	154,067
Estimated Fair Value, held in trust	[4]	3,219,067
Available-for-sale Securities					3,000,000
Series A [Member] | Silver Moon [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	7,983,811
Unrealized Gain, held in trust	[4]	1,246,349
Estimated Fair Value, held in trust	[4]	9,230,160
Cost Adjusted for Paydowns				$ 8,000,000
Series A [Member] | Tyler Park Apartments [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	6,075,000	6,075,000
Unrealized Gain, held in trust	[1]	487,209	345,060
Estimated Fair Value, held in trust	[1]	6,562,209	6,420,060
Series A [Member] | Westside Village Market [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	3,970,000	3,970,000
Unrealized Gain, held in trust	[1]	202,340	225,496
Estimated Fair Value, held in trust	[1]	4,172,340	4,195,496
Series B [Member] | Avistar at Chase Hill - [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		961,981	965,000
Unrealized Gain		109,878	144,769
Available-for-sale Securities		1,071,859	1,109,769
Series B [Member] | Avistar at the Crest [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		756,626	759,000
Unrealized Gain		86,428	124,286
Available-for-sale Securities		843,054	883,286
Series B [Member] | Avistar at the Oaks [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		553,244	554,000
Unrealized Gain		63,533	54,325
Available-for-sale Securities		616,777	608,325
Series B [Member] | Avistar at the Parkway [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		125,000
Unrealized Loss		(979)
Available-for-sale Securities		124,021
Series B [Member] | Avistar in 09 [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		456,376	457,000
Unrealized Gain		52,409	50,608
Available-for-sale Securities		508,785	507,608
Series B [Member] | Avistar on the Boulevard [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		449,589	451,000
Unrealized Gain		51,356	73,851
Available-for-sale Securities		500,945	524,851
Series B [Member] | Concord at Gulfgate [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		2,125,000
Unrealized Gain		76,802
Available-for-sale Securities		2,201,802
Series B [Member] | Concord at Little York [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		960,000
Unrealized Loss		(6,711)
Available-for-sale Securities		953,289
Series B [Member] | Concord at Williamcrest [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		2,800,000
Unrealized Loss		(19,573)
Available-for-sale Securities		2,780,427
Series B [Member] | Glenview Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		2,053,000
Unrealized Loss		(7,329)
Available-for-sale Securities		2,045,671			2,000,000
Series B [Member] | Greens of Pine Glen [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		943,214	945,638
Unrealized Gain		142,442	376,203
Available-for-sale Securities		1,085,656	1,321,841
Series B [Member] | Harden Ranch [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns			2,340,000
Unrealized Loss			(1,501)
Available-for-sale Securities			2,338,499
Series B [Member] | Heritage Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		520,000
Unrealized Gain		6,185
Available-for-sale Securities		526,185	520,000
Series B [Member] | Montclair Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		928,000
Unrealized Loss		(2,506)
Available-for-sale Securities		925,494			1,000,000
Series B [Member] | Ohio Properties [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		3,562,190	3,573,430
Unrealized Gain		514,997	668,542
Available-for-sale Securities		4,077,187	4,241,972
Series B [Member] | Santa Fe Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns		1,671,000
Unrealized Loss		(5,965)
Available-for-sale Securities		1,665,035			$ 1,700,000
Series B [Member] | Silver Moon [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns				500,000
Series B [Member] | Tyler Park Apartments [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns			2,025,000
Unrealized Loss			(17,395)
Available-for-sale Securities			2,007,605
Series B [Member] | Vantage at Harlingen [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	24,575,000
Unrealized Gain, held in trust	[4]	1,765,139
Estimated Fair Value, held in trust	[4]	26,340,139
Cost Adjusted for Paydowns				$ 24,600,000
Series B [Member] | Vantage at Judson [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	26,540,000
Unrealized Gain, held in trust	[4]	2,613,606
Estimated Fair Value, held in trust	[4]	29,153,606
Cost Adjusted for Paydowns		$ 26,500,000
Series B [Member] | Westside Village Market [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns			1,430,000
Unrealized Loss			(686)
Available-for-sale Securities			$ 1,429,314
[1]	Bonds owned by ATAX TEBS II, LLC, see Note 12
[2]	Bonds owned by ATAX TEBS I, LLC, see Note 12
[3]	Bond held by Deutsche Bank in a secured financing transaction, see Note 12
[4]	Bonds owned by ATAX TEBS III, LLC, see Note 12

Investments in Mortgage Reven55

Investments in Mortgage Revenue Bonds Investment in Bonds Narrative Tagging (Details)

1 Months Ended

12 Months Ended

Nov. 30, 2015USD ($)Unit

Jun. 30, 2015USD ($)Unit

Apr. 30, 2014USD ($)

Feb. 28, 2014USD ($)

Dec. 31, 2015USD ($)Unit

Dec. 31, 2014USD ($)Unit

Dec. 31, 2013USD ($)

Jan. 01, 2017

Sep. 30, 2015USD ($)

Sep. 01, 2015USD ($)

Aug. 31, 2015USD ($)

Jul. 31, 2015Integer

Jun. 25, 2015USD ($)

Jun. 01, 2015USD ($)

Apr. 30, 2015USD ($)

Nov. 30, 2014USD ($)Unit

Mar. 31, 2014USD ($)Unit

Weighted Average Base Rate of Mortgage Revenue Bonds

6.30%

Adverse change rate

10.00%

Available-for-sale Securities, Gross Unrealized Loss

$ 43,063

$ 19,582

Available-for-sale Securities

47,366,656

70,601,045

TOB Financing

$ 873,000

23,400,000

Property loan receivable, gross

29,874,523

22,191,515

Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities

22,896,089

7,214,136

$ 2,764,286

Cost adjusted for pay-downs

45,502,220

65,538,068

Available-for-sale Securities, at Par Value

534,745,500

409,506,066

Payments to Acquire Available-for-sale Securities

188,572,000

142,794,827

148,624,000

Debt financing

456,431,288

345,359,000

Available-for-sale Securities, Fair Value Disclosure Held in Trust

536,316,481

378,423,092

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

484,817,254

338,861,752

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

$ (630,919)

$ (2,413,713)

$ (651,849)

CALIFORNIA

Percentage of Available for Sale Securities by Location

8.00%

18.00%

San Antonio, Texas [Member]

Percentage of Available for Sale Securities by Location

51.00%

38.00%

Baltimore, Maryland [Member]

Percentage of Available for Sale Securities by Location

8.00%

10.00%

Walk Apartments [Member]

Number of Units in Real Estate Property | Unit

112

Crossing at 1415 Apts [Member]

Number of Units in Real Estate Property | Unit

112

Heights at 515 Apartments [Member]

Number of Units in Real Estate Property

97

The Suites on Paseo [Member]

Number of Units in Real Estate Property | Unit

394

Debt Instrument, Interest Rate, Stated Percentage

[1]

6.25%

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

[1]

Dec. 1, 2048

Cash Received for Accrued Investment Income Receivable

$ 500,000

Accrued Investment Income Receivable

$ 674,000

Real Estate Investment Property, at Cost

$ 43,400,000

$ 43,400,000

Property loan receivable, gross

$ 1,100,000

$ 567,000

Available-for-sale Securities, at Par Value

[1]

$ 35,450,000

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[2]

38,643,691

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

[2]

35,450,000

Seasons at Simi Valley [Member]

Available-for-sale Securities

$ 6,724,110

Number of Units in Real Estate Property | Unit

69

Cost adjusted for pay-downs

$ 6,320,000

Silver Moon [Member]

Number of Units in Real Estate Property | Unit

151

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Vantage at Harlingen [Member]

Available-for-sale Securities

$ 7,399,813

Number of Units in Real Estate Property | Unit

288

Debt Instrument, Interest Rate, Stated Percentage

9.00%

[3],[4]

9.00%

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

Sep. 1, 2053

[3],[4]

Sep. 1, 2053

Cost adjusted for pay-downs

$ 6,692,000

Soft Interest Rate

3.00%

Soft Interest Income

$ 330,000

Available-for-sale Securities, at Par Value

$ 24,575,000

[3],[4]

6,692,000

Renaissance Gateway [Member]

Number of Units in Real Estate Property | Unit

208

Vantage at Judson [Member]

Available-for-sale Securities

$ 6,766,230

Number of Units in Real Estate Property | Unit

288

Debt Instrument, Interest Rate, Stated Percentage

9.00%

[3],[4]

9.00%

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

Feb. 1, 2053

[3],[4]

Feb. 1, 2053

Cost adjusted for pay-downs

$ 6,049,000

Soft Interest Rate

3.00%

Soft Interest Income

$ 446,000

Available-for-sale Securities, at Par Value

$ 26,540,000

[3],[4]

6,049,000

Avistar at the Parkway Apartments [Member]

Number of Units in Real Estate Property | Unit

236

Concord at Gulfgate [Member]

Number of Units in Real Estate Property | Unit

288

Concord at Little York [Member]

Number of Units in Real Estate Property | Unit

276

Concord at Williamcrest [Member]

Number of Units in Real Estate Property | Unit

288

Concord Portfolio [Member]

TOB Financing

$ 41,800,000

Number of Available for Sale Securities, Held in a Trust | Integer

3

Glenview Apts [Member]

Available-for-sale Securities

6,723,000

Number of Units in Real Estate Property | Unit

88

Cost adjusted for pay-downs

6,723,000

Montclair Apts [Member]

Available-for-sale Securities

3,458,000

Number of Units in Real Estate Property | Unit

80

Cost adjusted for pay-downs

3,458,000

Santa Fe Apts [Member]

Available-for-sale Securities

4,736,000

Number of Units in Real Estate Property | Unit

89

Cost adjusted for pay-downs

4,736,000

Pro Nova 1 and 2 [Member]

TOB Financing

$ 18,000,000

Debt Instrument, Maturity Date

Jul. 1, 2017

Discounted Purchase Price of Available-for-sale Security

99.00%

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

4.00%

Pro Nova 2014-2 [Member]

Debt Instrument, Interest Rate, Stated Percentage

5.30%

Debt Instrument, Maturity Date

May 1, 2025

Available-for-sale Securities, at Par Value

$ 10,000,000

Pro Nova 2014-1 [Member]

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Debt Instrument, Maturity Date

May 1, 2034

Available-for-sale Securities, at Par Value

$ 10,000,000

Heritage Square [Member]

Available-for-sale Securities

$ 12,814,125

Number of Units in Real Estate Property | Unit

204

Cost adjusted for pay-downs

$ 11,705,000

Bruton Apartments [Member]

Available-for-sale Securities

$ 18,100,000

Number of Units in Real Estate Property | Unit

264

Debt Instrument, Interest Rate, Stated Percentage

6.00%

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

Aug. 1, 2054

Live 929 Apartments [Member]

Available-for-sale Securities

$ 40,300,000

Number of Units in Real Estate Property | Unit

572

Debt Instrument, Interest Rate, Stated Percentage

5.78%

[5]

5.78%

[1]

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

Jul. 1, 2049

[5]

Jul. 1, 2049

[1]

Available-for-sale Securities, at Par Value

$ 40,175,000

[5]

$ 40,245,000

[1]

Settlement Liabilities, Current

35,000,000

Payments to Acquire Available-for-sale Securities

5,300,000

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[2]

46,631,412

44,693,484

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

[2]

$ 40,801,557

$ 40,895,739

Autumn Pines [Member]

Proceeds from Sale of Available-for-sale Securities

$ 13,100,000

Business Acquisition, Effective Date of Acquisition

Jun. 1, 2011

Autumn Pines [Member] | Limited Partner [Member]

Reclassification of Tier II Income

$ 650,000

Autumn Pines [Member] | General Partner

Reclassification of Tier II Income

218,000

Decatur-Angle [Member]

Available-for-sale Securities

$ 23,000,000

Number of Units in Real Estate Property | Unit

302

Debt Instrument, Interest Rate, Stated Percentage

5.75%

[5]

5.75%

[1]

5.80%

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

Jan. 1, 2054

[5]

Jan. 1, 2054

[1]

Available-for-sale Securities, at Par Value

$ 23,000,000

[5]

$ 23,000,000

[1]

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[2]

24,582,083

23,919,540

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

[2]

23,000,000

23,000,000

Lost Creek [Member]

Proceeds from Sale of Available-for-sale Securities

$ 18,700,000

18,700,000

Available-for-sale Securities, Fair Value Disclosure Held in Trust

18,500,000

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

15,900,000

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

2,800,000

Lost Creek [Member] | Limited Partner [Member]

Reclassification of Tier II Income

2,100,000

Lost Creek [Member] | General Partner

Reclassification of Tier II Income

$ 709,000

Series 2015 [Member] | Columbia Gardens Apartments [Member]

Available-for-sale Securities

$ 15,000,000

Number of Units in Real Estate Property | Unit

188

Debt Instrument, Interest Rate, Stated Percentage

5.50%

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

Dec. 1, 2050

Series 2015 [Member] | Willow Run Apartments [Member]

Available-for-sale Securities

$ 15,000,000

Number of Units in Real Estate Property | Unit

200

Debt Instrument, Interest Rate, Stated Percentage

5.50%

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

Dec. 1, 2050

Series 2015 B-1 [Member]

Available-for-sale Securities

$ 3,600,000

Series B-2 [Member]

Available-for-sale Securities

$ 1,800,000

Debt Instrument, Interest Rate, Stated Percentage

5.50%

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

Jan. 1, 2018

Series B-2 [Member] | Scenario Forecast

Debt Instrument, Interest Rate, Stated Percentage

8.00%

Series B-1 [Member]

Debt Instrument, Interest Rate, Stated Percentage

5.25%

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

Jan. 1, 2033

Series 2015 A {Member]

Debt Instrument, Interest Rate, Stated Percentage

6.00%

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

Dec. 1, 2052

Series 2015 A {Member] | Crossing at 1415 Apts [Member]

Available-for-sale Securities

$ 7,600,000

Series 2015 A {Member] | Heights at 515 Apartments [Member]

Available-for-sale Securities

$ 6,400,000

Series 2015 B [Member]

Debt Instrument, Interest Rate, Stated Percentage

12.00%

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

Jan. 1, 2053

Series 2015 B [Member] | Crossing at 1415 Apts [Member]

Available-for-sale Securities

$ 335,000

Series 2015 B [Member] | Heights at 515 Apartments [Member]

Available-for-sale Securities

$ 510,000

Series A and B [Member] | The Suites on Paseo [Member]

Available-for-sale Securities

$ 41,000,000

Series 2015 A-1 [Member] | Seasons at Simi Valley [Member]

Available-for-sale Securities

$ 4,400,000

Debt Instrument, Interest Rate, Stated Percentage

5.75%

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

Sep. 1, 2032

Series 2015 A-2 [Member] | Seasons at Simi Valley [Member]

Available-for-sale Securities

$ 1,900,000

Debt Instrument, Interest Rate, Stated Percentage

5.50%

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

Sep. 1, 2017

Series 2015 A-2 [Member] | Seasons at Simi Valley [Member] | Second Year [Member}

Debt Instrument, Interest Rate, Stated Percentage

8.00%

Series B [Member] | Harden Ranch, Tyler Park and Westside Village [Member]

Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities

$ 5,800,000

Series B [Member] | Silver Moon [Member]

Debt Instrument, Interest Rate, Stated Percentage

12.00%

Cost adjusted for pay-downs

$ 500,000

Debt Instrument, Maturity Date

Aug. 1, 2055

Series B [Member] | Vantage at Harlingen [Member]

Debt Instrument, Interest Rate, Stated Percentage

6.00%

6.00%

Cost adjusted for pay-downs

$ 24,600,000

Debt Instrument, Maturity Date

Sep. 1, 2053

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[3]

$ 26,340,139

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

[3]

24,575,000

Series B [Member] | Renaissance Gateway [Member]

Cost adjusted for pay-downs

$ 1,300,000

Series B [Member] | Vantage at Judson [Member]

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Cost adjusted for pay-downs

$ 26,500,000

Debt Instrument, Maturity Date

Jan. 1, 2053

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[3]

$ 29,153,606

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

[3]

$ 26,540,000

Series B [Member] | Avistar at the Parkway Apartments [Member]

Debt Instrument, Interest Rate, Stated Percentage

12.00%

Cost adjusted for pay-downs

$ 125,000

Debt Instrument, Maturity Date

May 1, 2052

Series B [Member] | Concord at Gulfgate [Member]

Available-for-sale Securities

$ 2,201,802

Debt Instrument, Interest Rate, Stated Percentage

12.00%

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

Mar. 1, 2032

Cost adjusted for pay-downs

$ 2,125,000

Available-for-sale Securities, at Par Value

2,125,000

Series B [Member] | Concord at Little York [Member]

Available-for-sale Securities, Gross Unrealized Loss

6,711

Available-for-sale Securities

$ 953,289

Debt Instrument, Interest Rate, Stated Percentage

12.00%

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

Mar. 1, 2032

Cost adjusted for pay-downs

$ 960,000

Available-for-sale Securities, at Par Value

960,000

Series B [Member] | Concord at Williamcrest [Member]

Available-for-sale Securities, Gross Unrealized Loss

19,573

Available-for-sale Securities

$ 2,780,427

Debt Instrument, Interest Rate, Stated Percentage

12.00%

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

Mar. 1, 2032

Cost adjusted for pay-downs

$ 2,800,000

Available-for-sale Securities, at Par Value

$ 2,800,000

Series B [Member] | Concord Portfolio [Member]

Debt Instrument, Interest Rate, Stated Percentage

12.00%

8.00%

Debt Instrument, Maturity Date

Mar. 1, 2032

Series B [Member] | Glenview Apts [Member]

Available-for-sale Securities, Gross Unrealized Loss

$ 7,329

Available-for-sale Securities

$ 2,045,671

$ 2,000,000

Debt Instrument, Interest Rate, Stated Percentage

8.00%

5.50%

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

Dec. 1, 2016

Dec. 1, 2016

Cost adjusted for pay-downs

$ 2,053,000

Available-for-sale Securities, at Par Value

2,053,000

$ 2,053,000

Series B [Member] | Montclair Apts [Member]

Available-for-sale Securities, Gross Unrealized Loss

2,506

Available-for-sale Securities

$ 925,494

1,000,000

Debt Instrument, Interest Rate, Stated Percentage

8.00%

5.50%

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

Dec. 1, 2016

Dec. 1, 2016

Cost adjusted for pay-downs

$ 928,000

Available-for-sale Securities, at Par Value

928,000

$ 928,000

Series B [Member] | Santa Fe Apts [Member]

Available-for-sale Securities, Gross Unrealized Loss

5,965

Available-for-sale Securities

$ 1,665,035

1,700,000

Debt Instrument, Interest Rate, Stated Percentage

8.00%

5.50%

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

Dec. 1, 2016

Dec. 1, 2016

Cost adjusted for pay-downs

$ 1,671,000

Available-for-sale Securities, at Par Value

$ 1,671,000

$ 1,671,000

Series B [Member] | Pro Nova 2014-2 [Member]

Debt Instrument, Interest Rate, Stated Percentage

5.25%

[5]

5.25%

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

May 1, 2025

[5]

May 1, 2025

Available-for-sale Securities, at Par Value

$ 9,295,000

[5]

$ 10,000,000

Series B [Member] | Heritage Square [Member]

Available-for-sale Securities

$ 526,185

$ 520,000

Debt Instrument, Interest Rate, Stated Percentage

12.00%

12.00%

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

Oct. 1, 2051

Oct. 1, 2051

Cost adjusted for pay-downs

$ 520,000

Available-for-sale Securities, at Par Value

$ 520,000

$ 520,000

Series B [Member] | Harden Ranch [Member]

Available-for-sale Securities, Gross Unrealized Loss

1,501

Available-for-sale Securities

$ 2,338,499

Debt Instrument, Interest Rate, Stated Percentage

8.00%

5.50%

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

Mar. 1, 2016

Cost adjusted for pay-downs

$ 2,340,000

Available-for-sale Securities, at Par Value

$ 2,340,000

Series A [Member] | Silver Moon [Member]

Debt Instrument, Interest Rate, Stated Percentage

6.00%

6.00%

[3]

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

[3]

Aug. 1, 2055

Cost adjusted for pay-downs

$ 8,000,000

Debt Instrument, Maturity Date

Aug. 1, 2055

Available-for-sale Securities, at Par Value

[3]

$ 7,983,811

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[3]

9,230,160

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

[3]

$ 7,983,811

Series A [Member] | Renaissance Gateway [Member]

Debt Instrument, Interest Rate, Stated Percentage

[3],[4]

6.00%

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

[3],[4]

Jun. 1, 2050

Cost adjusted for pay-downs

$ 8,500,000

Debt Instrument, Maturity Date

Jun. 1, 2050

Cost adjusted for pay-downs after restructuring

$ 11,500,000

Available-for-sale Securities, at Par Value

[3],[4]

$ 11,450,959

Series A [Member] | Avistar at the Parkway Apartments [Member]

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Cost adjusted for pay-downs

$ 13,300,000

Debt Instrument, Maturity Date

May 1, 2052

Series A [Member] | Concord at Gulfgate [Member]

Debt Instrument, Interest Rate, Stated Percentage

[5]

6.00%

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

[5]

Feb. 1, 2032

Cost adjusted for pay-downs

$ 17,100,000

Available-for-sale Securities, at Par Value

[5]

17,060,000

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[2]

17,912,612

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

[2]

$ 17,060,000

Series A [Member] | Concord at Little York [Member]

Debt Instrument, Interest Rate, Stated Percentage

[5]

6.00%

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

[5]

Feb. 1, 2032

Cost adjusted for pay-downs

$ 12,500,000

Available-for-sale Securities, at Par Value

[5]

12,480,000

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[2]

13,168,441

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

[2]

$ 12,480,000

Series A [Member] | Concord at Williamcrest [Member]

Debt Instrument, Interest Rate, Stated Percentage

[5]

6.00%

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

[5]

Feb. 1, 2032

Cost adjusted for pay-downs

$ 18,000,000

Available-for-sale Securities, at Par Value

[5]

18,020,000

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[2]

19,202,543

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

[2]

$ 18,020,000

Series A [Member] | Concord Portfolio [Member]

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Debt Instrument, Maturity Date

Feb. 1, 2032

Series A [Member] | Glenview Apts [Member]

Available-for-sale Securities

4,700,000

Debt Instrument, Interest Rate, Stated Percentage

5.75%

[3]

5.75%

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

Dec. 1, 2031

[3]

Dec. 1, 2031

Available-for-sale Securities, at Par Value

$ 4,670,000

[3]

$ 4,670,000

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[3]

4,880,572

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

[3]

$ 4,670,000

Series A [Member] | Montclair Apts [Member]

Available-for-sale Securities

2,500,000

Debt Instrument, Interest Rate, Stated Percentage

5.75%

[3]

5.75%

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

Dec. 1, 2031

[3]

Dec. 1, 2031

Available-for-sale Securities, at Par Value

$ 2,530,000

[3]

$ 2,530,000

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[3]

2,644,079

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

[3]

$ 2,530,000

Series A [Member] | Santa Fe Apts [Member]

Available-for-sale Securities

$ 3,000,000

Debt Instrument, Interest Rate, Stated Percentage

5.75%

[3]

5.75%

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

Dec. 1, 2031

[3]

Dec. 1, 2031

Available-for-sale Securities, at Par Value

$ 3,065,000

[3]

$ 3,065,000

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[3]

3,219,067

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

[3]

$ 3,065,000

Series A [Member] | Pro Nova 2014-1 [Member]

Debt Instrument, Interest Rate, Stated Percentage

6.00%

[5]

6.00%

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

May 1, 2034

[5]

May 1, 2034

Available-for-sale Securities, at Par Value

$ 10,000,000

[5]

$ 10,000,000

Series A [Member] | Heritage Square [Member]

Available-for-sale Securities

$ 11,200,000

Debt Instrument, Interest Rate, Stated Percentage

6.00%

[3]

6.00%

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

Sep. 1, 2051

[3]

Sep. 1, 2051

Available-for-sale Securities, at Par Value

$ 11,185,000

[3]

$ 11,185,000

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[3]

11,458,488

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

[3]

$ 11,185,000

Series A [Member] | Harden Ranch [Member]

Debt Instrument, Interest Rate, Stated Percentage

5.75%

[6]

5.75%

[7]

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

Mar. 1, 2030

[6]

Mar. 1, 2030

[7]

Available-for-sale Securities, at Par Value

$ 6,960,000

[6]

$ 6,960,000

[7]

Available-for-sale Securities, Fair Value Disclosure Held in Trust

[6]

7,628,981

7,471,421

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

[6]

6,960,000

6,960,000

Series C [Member] | Vantage at Harlingen [Member]

Cost adjusted for pay-downs

$ 6,700,000

Series C [Member] | Renaissance Gateway [Member]

Cost adjusted for pay-downs

1,700,000

Cash received for resizing of mortgage revenue bonds

1,200,000

Series C [Member] | Vantage at Judson [Member]

Cost adjusted for pay-downs

$ 6,000,000

Series D [Member] | Vantage at Harlingen [Member]

Debt Instrument, Interest Rate, Stated Percentage

9.00%

Cost adjusted for pay-downs

$ 1,300,000

Debt Instrument, Maturity Date

Oct. 1, 2053

Series D [Member] | Vantage at Judson [Member]

Debt Instrument, Interest Rate, Stated Percentage

9.00%

Cost adjusted for pay-downs

$ 934,000

Debt Instrument, Maturity Date

Feb. 1, 2053

Trading Securities [Member]

TOB Financing

$ 216,540,000

$ 174,250,000

Trading Securities [Member] | TOB Facility-1 [Member]

Debt financing

$ 9,800,000

10% adverse [Member] | Available-for-sale Securities [Member]

Available-for-sale Securities, Gross Unrealized Loss

$ 35,700,000

Effective rate - minimum [Member]

Effective rate

4.20%

Effective rate - minimum [Member] | 10% adverse [Member]

Effective rate

4.60%

Effective rate - maximum [Member]

Effective rate

12.10%

Effective rate - maximum [Member] | 10% adverse [Member]

Effective rate

13.30%

[1]

Bonds held by Deutsche Bank AG in a secured financing transaction, see Note 12

[2]

Bond held by Deutsche Bank in a secured financing transaction, see Note 12

[3]

Bonds owned by ATAX TEBS III, LLC, see Note 12

[4]

Bonds were restructured in 2015

[5]

Bond held by Deutsche Bank AG in a secured financing transaction, see Note 12

[6]

Bonds owned by ATAX TEBS II, LLC, see Note 12

[7]

Bonds held by ATAX TEBS II, LLC, see Note 12

Investments in Mortgage Reven56

Investments in Mortgage Revenue Bonds Certain Terms of Mortgage Revenue Bonds (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014		Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014	Feb. 28, 2014
Schedule of Available-for-sale Securities [Line Items]
Principal Outstanding		$ 534,745,500		$ 409,506,066
Arbors at Hickory Ridge [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Dec. 1, 2049	[1]	Dec. 1, 2049	[2]
Base Interest Rate		6.25%	[1]	6.25%	[2]
Principal Outstanding		$ 11,450,000	[1]	$ 11,450,000	[2]
Ashley Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[3]	Dec. 1, 2025		Dec. 1, 2025
Base Interest Rate	[3]	6.25%		6.25%
Principal Outstanding	[3]	$ 5,099,000		$ 5,159,000
Avistar (February 2013 Acquisition) [Member]
Schedule of Available-for-sale Securities [Line Items]
Base Interest Rate							12.00%
Bella Vista [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[3]	Apr. 1, 2046		Apr. 1, 2046
Base Interest Rate	[3]	6.15%		6.15%
Principal Outstanding	[3]	$ 6,430,000		$ 6,490,000
Bridle Ridge [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[3]	Jan. 1, 2043		Jan. 1, 2043
Base Interest Rate	[3]	6.00%		6.00%
Principal Outstanding	[3]	$ 7,595,000		$ 7,655,000
Brookstone [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[3]	May 1, 2040		May 1, 2040
Base Interest Rate	[3]	5.45%		5.45%
Principal Outstanding	[3]	$ 9,168,742		$ 9,256,001
Bruton Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Aug. 1, 2054	[4]	Aug. 1, 2054	[5]
Base Interest Rate		6.00%	[4]	6.00%	[5]
Principal Outstanding		$ 18,145,000	[4]	$ 18,145,000	[5]
Columbia Gardens [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[4]	Dec. 1, 2050
Base Interest Rate	[4]	5.50%
Principal Outstanding	[4]	$ 15,000,000
Copper Gate [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Dec. 1, 2029	[1]	Dec. 1, 2029	[2]
Base Interest Rate		6.25%	[1]	6.25%	[2]
Principal Outstanding		$ 5,185,000	[1]	$ 5,220,000	[2]
Cross Creek [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Mar. 1, 2049	[3]	Mar. 1, 2049
Base Interest Rate		6.15%	[3]	6.15%
Principal Outstanding		$ 8,343,321	[3]	$ 8,422,997
Decatur-Angle [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Jan. 1, 2054	[4]	Jan. 1, 2054	[5]
Base Interest Rate		5.75%	[4]	5.75%	[5]			5.80%
Principal Outstanding		$ 23,000,000	[4]	$ 23,000,000	[5]
Lake Forest [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[3]	Dec. 1, 2031		Dec. 1, 2031
Base Interest Rate	[3]	6.25%		6.25%
Principal Outstanding	[3]	$ 8,766,000		$ 8,886,000
Live 929 Apartments [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Jul. 1, 2049	[4]	Jul. 1, 2049	[5]
Base Interest Rate		5.78%	[4]	5.78%	[5]
Principal Outstanding		$ 40,175,000	[4]	$ 40,245,000	[5]
Pro Nova 2014-1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Base Interest Rate				6.00%
Principal Outstanding				$ 10,000,000
Pro Nova 2014-2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Base Interest Rate				5.30%
Principal Outstanding				$ 10,000,000
Runnymede [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[3]	Oct. 1, 2042		Oct. 1, 2042
Base Interest Rate	[3]	6.00%		6.00%
Principal Outstanding	[3]	$ 10,350,000		$ 10,440,000
Silver Moon [Member]
Schedule of Available-for-sale Securities [Line Items]
Base Interest Rate		6.00%
Southpark [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[3]	Dec. 1, 2049		Dec. 1, 2049
Base Interest Rate	[3]	6.13%		6.13%
Principal Outstanding	[3]	$ 13,560,000		$ 13,680,000
The Palms at Premier Park [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Jan. 1, 2050	[1]	Jan. 1, 2050	[2]
Base Interest Rate		6.25%	[1]	6.25%	[2]
Principal Outstanding		$ 20,001,272	[1]	$ 20,152,000	[2]
Tyler Park Apartments [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[1]	Jan. 1, 2030
Base Interest Rate	[1]	5.75%
Principal Outstanding	[1]	$ 6,075,000
Vantage at Judson [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Feb. 1, 2053	[6],[7]	Feb. 1, 2053
Base Interest Rate		9.00%	[6],[7]	9.00%
Principal Outstanding		$ 26,540,000	[6],[7]	$ 6,049,000
Vantage at Harlingen [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Sep. 1, 2053	[6],[7]	Sep. 1, 2053
Base Interest Rate		9.00%	[6],[7]	9.00%
Principal Outstanding		$ 24,575,000	[6],[7]	$ 6,692,000
Westside Village Market [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[1]	Jan. 1, 2030
Base Interest Rate	[1]	5.75%
Principal Outstanding	[1]	$ 3,970,000
Willow Run [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[4]	Dec. 1, 2050
Base Interest Rate	[4]	5.50%
Principal Outstanding	[4]	$ 15,000,000
Woodlynn Village [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[3]	Nov. 1, 2042		Nov. 1, 2042
Base Interest Rate	[3]	6.00%		6.00%
Principal Outstanding	[3]	$ 4,351,000		$ 4,390,000
The Suites on Paseo [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[5]			Dec. 1, 2048
Base Interest Rate	[5]			6.25%
Principal Outstanding	[5]			$ 35,450,000
Series A [Member] | Avistar on the Boulevard [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Mar. 1, 2050	[1]	Mar. 1, 2050	[2]
Base Interest Rate		6.00%	[1]	6.00%	[2]
Principal Outstanding		$ 16,418,497	[1]	$ 16,525,000	[2]
Series A [Member] | Avistar at Chase Hill - [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Mar. 1, 2050	[1]	Mar. 1, 2050	[2]
Base Interest Rate		6.00%	[1]	6.00%	[2]
Principal Outstanding		$ 9,935,552	[1]	$ 10,000,000	[2]
Series A [Member] | Avistar at the Crest [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Mar. 1, 2050	[1]	Mar. 1, 2050	[2]
Base Interest Rate		6.00%	[1]	6.00%	[2]
Principal Outstanding		$ 9,637,485	[1]	$ 9,700,000	[2]
Series A [Member] | Avistar at the Oaks [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Aug. 1, 2050	[1]	Aug. 1, 2050	[2]
Base Interest Rate		6.00%	[1]	6.00%	[2]
Principal Outstanding		$ 7,777,936	[1]	$ 7,800,000	[2]
Series A [Member] | Avistar in 09 [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Aug. 1, 2050	[1]	Aug. 1, 2050	[2]
Base Interest Rate		6.00%	[1]	6.00%	[2]
Principal Outstanding		$ 6,715,948	[1]	$ 6,735,000	[2]
Series A [Member] | Avistar on the Hills [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Aug. 1, 2050	[1]	Aug. 1, 2050	[2]
Base Interest Rate		6.00%	[1]	6.00%	[2]
Principal Outstanding		$ 5,373,756	[1]	$ 5,389,000	[2]
Series A [Member] | Avistar at the Parkway [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[6]	May 1, 2052
Base Interest Rate	[6]	6.00%
Principal Outstanding	[6]	$ 13,300,000
Series A [Member] | Concord at Gulfgate [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[4]	Feb. 1, 2032
Base Interest Rate	[4]	6.00%
Principal Outstanding	[4]	$ 17,060,000
Series A [Member] | Concord at Little York [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[4]	Feb. 1, 2032
Base Interest Rate	[4]	6.00%
Principal Outstanding	[4]	$ 12,480,000
Series A [Member] | Concord at Williamcrest [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[4]	Feb. 1, 2032
Base Interest Rate	[4]	6.00%
Principal Outstanding	[4]	$ 18,020,000
Series A [Member] | Crossing at 1415 [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Dec. 1, 2052
Base Interest Rate		6.00%
Principal Outstanding		$ 7,590,000
Series A [Member] | Glenview Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Dec. 1, 2031	[6]	Dec. 1, 2031
Base Interest Rate		5.75%	[6]	5.75%
Principal Outstanding		$ 4,670,000	[6]	$ 4,670,000
Series A [Member] | Greens of Pine Glen [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Oct. 1, 2047	[1]	Oct. 1, 2047	[2]
Base Interest Rate		6.50%	[1]	6.50%	[2]
Principal Outstanding		$ 8,294,000	[1]	$ 8,366,000	[2]
Series A [Member] | Harden Ranch [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Mar. 1, 2030	[1]	Mar. 1, 2030	[2]
Base Interest Rate		5.75%	[1]	5.75%	[2]
Principal Outstanding		$ 6,960,000	[1]	$ 6,960,000	[2]
Series A [Member] | Heights at 515 [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Dec. 1, 2052
Base Interest Rate		6.00%
Principal Outstanding		$ 6,435,000
Series A [Member] | Heritage Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Sep. 1, 2051	[6]	Sep. 1, 2051
Base Interest Rate		6.00%	[6]	6.00%
Principal Outstanding		$ 11,185,000	[6]	$ 11,185,000
Series A [Member] | Montclair Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Dec. 1, 2031	[6]	Dec. 1, 2031
Base Interest Rate		5.75%	[6]	5.75%
Principal Outstanding		$ 2,530,000	[6]	$ 2,530,000
Series A [Member] | Ohio Properties [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[3]	Jun. 1, 2050		Jun. 1, 2050
Base Interest Rate	[3]	7.00%		7.00%
Principal Outstanding	[3]	$ 14,311,000		$ 14,407,000
Series A [Member] | Pro Nova 2014-1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		May 1, 2034	[4]	May 1, 2034
Base Interest Rate		6.00%	[4]	6.00%
Principal Outstanding		$ 10,000,000	[4]	$ 10,000,000
Series A [Member] | Renaissance Gateway [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[6],[7]	Jun. 1, 2050
Base Interest Rate	[6],[7]	6.00%
Principal Outstanding	[6],[7]	$ 11,450,959
Series A [Member] | Santa Fe Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Dec. 1, 2031	[6]	Dec. 1, 2031
Base Interest Rate		5.75%	[6]	5.75%
Principal Outstanding		$ 3,065,000	[6]	$ 3,065,000
Series A [Member] | Silver Moon [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[6]	Aug. 1, 2055
Base Interest Rate		6.00%	[6]			6.00%
Principal Outstanding	[6]	$ 7,983,811
Series A [Member] | Westside Village Market [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[2]			Jan. 1, 2030
Base Interest Rate	[2]			5.75%
Principal Outstanding	[2]			$ 3,970,000
Series A [Member] | Rennaisance [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date				Jun. 1, 2050
Base Interest Rate				6.00%
Principal Outstanding				$ 8,550,000
Series A [Member] | Tyler Park Townhomes
Schedule of Available-for-sale Securities [Line Items]
Maturity Date	[2]			Jan. 1, 2030
Base Interest Rate	[2]			5.75%
Principal Outstanding	[2]			$ 6,075,000
Series B [Member] | Avistar (February 2013 Acquisition) [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Apr. 1, 2050		Apr. 1, 2050
Base Interest Rate		9.00%		9.00%
Principal Outstanding		$ 2,168,196		$ 2,175,000
Series B [Member] | Avistar (June 2013 Acquisition) [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Sep. 1, 2050		Sep. 1, 2050
Base Interest Rate		9.00%		9.00%
Principal Outstanding		$ 1,009,621		$ 1,011,000
Series B [Member] | Avistar at the Parkway [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Jun. 1, 2052
Base Interest Rate		12.00%
Principal Outstanding		$ 125,000
Series B [Member] | Concord at Gulfgate [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Mar. 1, 2032
Base Interest Rate		12.00%
Principal Outstanding		$ 2,125,000
Series B [Member] | Concord at Little York [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Mar. 1, 2032
Base Interest Rate		12.00%
Principal Outstanding		$ 960,000
Series B [Member] | Concord at Williamcrest [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Mar. 1, 2032
Base Interest Rate		12.00%
Principal Outstanding		$ 2,800,000
Series B [Member] | Crossing at 1415 [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Jan. 1, 2053
Base Interest Rate		12.00%
Principal Outstanding		$ 335,000
Series B [Member] | Glenview Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Dec. 1, 2016		Dec. 1, 2016
Base Interest Rate		8.00%		5.50%
Principal Outstanding		$ 2,053,000		$ 2,053,000
Series B [Member] | Greens of Pine Glen [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Oct. 1, 2047		Oct. 1, 2047
Base Interest Rate		9.00%		9.00%
Principal Outstanding		$ 943,214		$ 945,638
Series B [Member] | Harden Ranch [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date				Mar. 1, 2016
Base Interest Rate				5.50%					8.00%
Principal Outstanding				$ 2,340,000
Series B [Member] | Heights at 515 [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Jan. 1, 2053
Base Interest Rate		12.00%
Principal Outstanding		$ 510,000
Series B [Member] | Heritage Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Oct. 1, 2051		Oct. 1, 2051
Base Interest Rate		12.00%		12.00%
Principal Outstanding		$ 520,000		$ 520,000
Series B [Member] | Montclair Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Dec. 1, 2016		Dec. 1, 2016
Base Interest Rate		8.00%		5.50%
Principal Outstanding		$ 928,000		$ 928,000
Series B [Member] | Ohio Properties [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Jun. 1, 2050		Jun. 1, 2050
Base Interest Rate		10.00%		10.00%
Principal Outstanding		$ 3,562,190		$ 3,573,430
Series B [Member] | Pro Nova 2014-2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		May 1, 2025	[4]	May 1, 2025
Base Interest Rate		5.25%	[4]	5.25%
Principal Outstanding		$ 9,295,000	[4]	$ 10,000,000
Series B [Member] | Santa Fe Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Dec. 1, 2016		Dec. 1, 2016
Base Interest Rate		8.00%		5.50%
Principal Outstanding		$ 1,671,000		$ 1,671,000
Series B [Member] | Silver Moon [Member]
Schedule of Available-for-sale Securities [Line Items]
Base Interest Rate						12.00%
Series B [Member] | Vantage at Judson [Member]
Schedule of Available-for-sale Securities [Line Items]
Base Interest Rate		6.00%
Series B [Member] | Vantage at Harlingen [Member]
Schedule of Available-for-sale Securities [Line Items]
Base Interest Rate		6.00%				6.00%
Series B [Member] | Westside Village Market [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date				Jan. 1, 2016
Base Interest Rate				5.50%
Principal Outstanding				$ 1,430,000
Series B [Member] | Rennaisance [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date				Jun. 1, 2050
Base Interest Rate				12.00%
Principal Outstanding				$ 1,250,000
Series B [Member] | Tyler Park Townhomes
Schedule of Available-for-sale Securities [Line Items]
Maturity Date				Jan. 1, 2016
Base Interest Rate				5.50%
Principal Outstanding				$ 2,025,000
Series A-1 [Member] | Seasons at Simi Valley [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Sep. 1, 2032
Base Interest Rate		5.75%
Principal Outstanding		$ 4,376,000
Series A-2 [Member] | Seasons at Simi Valley [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Sep. 1, 2017
Base Interest Rate		5.50%
Principal Outstanding		$ 1,944,000
Series B-1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Jan. 1, 2033
Base Interest Rate		5.25%
Series B-1 [Member] | Sycamore Walk [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Jan. 1, 2033
Base Interest Rate		5.25%
Principal Outstanding		$ 3,632,000
Series B-2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Jan. 1, 2018
Base Interest Rate		5.50%
Series B-2 [Member] | Sycamore Walk [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date		Jan. 1, 2018
Base Interest Rate		5.50%
Principal Outstanding		$ 1,815,000
Series C [Member] | Rennaisance [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity Date				Jun. 1, 2015
Base Interest Rate				12.00%
Principal Outstanding				$ 2,875,000
[1]	Bonds owned by ATAX TEBS II, LLC, see Note 12
[2]	Bonds held by ATAX TEBS II, LLC, see Note 12
[3]	Bonds owned by ATAX TEBS I, LLC, see Note 12
[4]	Bond held by Deutsche Bank AG in a secured financing transaction, see Note 12
[5]	Bonds held by Deutsche Bank AG in a secured financing transaction, see Note 12
[6]	Bonds owned by ATAX TEBS III, LLC, see Note 12
[7]	Bonds were restructured in 2015

PHC Certificates Narrative Tagg

PHC Certificates Narrative Tagging (Details)	1 Months Ended	12 Months Ended
	Jul. 31, 2012USD ($)Integer	Dec. 31, 2015USD ($)Integer	Dec. 31, 2014USD ($)	Apr. 30, 2014USD ($)
Schedule of Available-for-sale Securities [Line Items]
Number of Available for Sale Securities, Public Housing Authorities | Integer		2
TOB Financing		$ 23,400,000		$ 873,000
Available-for-sale Securities, Gross Unrealized Losses		$ 43,063	$ 19,582
Adverse change rate		10.00%
Effective rate - minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		4.20%
Effective rate - minimum [Member] | 10% adverse [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		4.60%
Effective rate - maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		12.10%
Effective rate - maximum [Member] | 10% adverse [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		13.30%
LIFERS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-Sale Securities, Ownership Percentage	100.00%
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for Sale Securities, not Including Premiums	$ 65,300,000	$ 58,344,872	$ 59,308,398
Number of Available for Sale Securities, Public Housing Authorities | Integer	3
Debt, Weighted Average Interest Rate		5.20%
Adverse change rate		10.00%
Public housing capital fund trusts [Member] | 10% adverse [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Gross Unrealized Losses		$ 2,000,000
Public housing capital fund trusts [Member] | Effective rate - minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		3.90%
Public housing capital fund trusts [Member] | Effective rate - minimum [Member] | 10% adverse [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		4.30%
Public housing capital fund trusts [Member] | Effective rate - maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		5.70%
Public housing capital fund trusts [Member] | Effective rate - maximum [Member] | 10% adverse [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		6.20%
Public housing capital fund trusts [Member] | LIFERS [Member]
Schedule of Available-for-sale Securities [Line Items]
TOB Financing	$ 16,000,000
Public housing capital fund trusts [Member] | SPEARS [Member]
Schedule of Available-for-sale Securities [Line Items]
TOB Financing	$ 49,000,000

PHC Certificates Mark to Market

PHC Certificates Mark to Market PHC (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	$ 60,707,290	$ 61,263,123
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Adjusted for Paydowns	58,869,789	59,887,921
Unrealized Gain	1,847,819	1,375,202
Unrealized Loss	(10,318)	0
Estimated Fair Value	60,707,290	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 Paydowns	27,274,451	27,414,100
Unrealized Gain	1,482,376	933,789
Unrealized Loss	0	0
Estimated Fair Value	28,756,827	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 Paydowns	11,081,987	11,999,721
Unrealized Gain	365,443	152,293
Unrealized Loss	0	0
Estimated Fair Value	11,447,430	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 Paydowns	20,513,351	20,474,100
Unrealized Gain	0	289,120
Unrealized Loss	(10,318)	0
Estimated Fair Value	$ 20,503,033	$ 20,763,220

PHC Certificates Information Ta

PHC Certificates Information Table on Public Housing Capital Fund Trusts (Details) - Public housing capital fund trusts [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jul. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Interest Rate over Life	5.20%
Principal Outstanding	$ 58,344,872	$ 59,308,398	$ 65,300,000
Standard & Poor's, AA- Rating [Member] | Public Housing Capital Fund Trust I [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Lives (Years)	9 years 3 months	10 years 3 months
Investment Rating	AA-	AA-
Weighted Average Interest Rate over Life	5.33%	5.33%
Principal Outstanding	$ 25,980,780	$ 25,980,780
Standard & Poor's, A+ Rating [Member] | Public Housing Capital Fund Trust II [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Lives (Years)	8 years 8 months 1 day	9 years 8 months 19 days
Investment Rating	A+	A+
Weighted Average Interest Rate over Life	4.29%	4.28%
Principal Outstanding	$ 11,465,660	$ 12,429,186
Standard & Poor's, BBB Rating [Member] | Public Housing Capital Fund Trust III [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Lives (Years)	9 years 9 months 22 days	10 years 9 months 22 days
Investment Rating	BBB	BBB
Weighted Average Interest Rate over Life	5.42%	5.42%
Principal Outstanding	$ 20,898,432	$ 20,898,432

MBS Securities Narrative Taggin

MBS Securities Narrative Tagging (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2014USD ($)	Dec. 31, 2015USD ($)Integer	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Oct. 31, 2014USD ($)	May. 31, 2014USD ($)	Apr. 30, 2014USD ($)
Schedule of Available-for-sale Securities [Line Items]
TOB Financing		$ 23,400,000					$ 873,000
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Available-for-sale	$ 3,800,000			$ 12,629,888
Tolerable Range of Difference in Valuation		7.50%
Adverse change rate		10.00%
Available-for-sale Securities, Gross Unrealized Loss		$ 43,063	$ 19,582
Effective rate - minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		4.20%
Effective rate - maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		12.10%
10% adverse [Member] | Effective rate - minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		4.60%
10% adverse [Member] | Effective rate - maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		13.30%
Trust Portfolio--MBS Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Available for Sale Securities, Mortgage Backed Securities | Integer		6
Available for Sale Securities, not Including Premiums	$ 3,700,000	$ 14,765,000	$ 14,765,000			$ 3,700,000
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Available-for-sale		24,600,000
Sale of Available for Sale Securities, not Including Premiums		$ 24,400,000
Adverse change rate		10.00%
Trust Portfolio--MBS Bonds [Member] | Effective rate - minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		3.70%
Trust Portfolio--MBS Bonds [Member] | Effective rate - maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		5.30%
Trust Portfolio--MBS Bonds [Member] | 10% adverse [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Gross Unrealized Loss		$ 781,000
Trust Portfolio--MBS Bonds [Member] | 10% adverse [Member] | Effective rate - minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		4.10%
Trust Portfolio--MBS Bonds [Member] | 10% adverse [Member] | Effective rate - maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate		5.80%
Trust Portfolio--MBS Bonds [Member] | Mortgage Backed Security Trust 4 [Member]
Schedule of Available-for-sale Securities [Line Items]
TOB Financing		$ 6,000,000			$ 6,000,000
Trust Portfolio--MBS Bonds [Member] | Mortgage Backed Security Trust 5 [Member] [Member]
Schedule of Available-for-sale Securities [Line Items]
TOB Financing		5,300,000			5,300,000
Trust Portfolio--MBS Bonds [Member] | Mortgage Backed Security Trust 6 [Member]
Schedule of Available-for-sale Securities [Line Items]
TOB Financing		7,800,000			7,800,000
Trust Portfolio--MBS Bonds [Member] | Mortgage Backed Security Trusts 4, 5, 6 [Member]
Schedule of Available-for-sale Securities [Line Items]
TOB Financing		19,100,000			$ 19,100,000
Trust Portfolio--MBS Bonds [Member] | LIFERS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for Sale Securities, not Including Premiums		9,200,000
Trust Portfolio--MBS Bonds [Member] | SPEARS [Member]
Schedule of Available-for-sale Securities [Line Items]
TOB Financing		$ 34,900,000

MBS Securities Carrying Value o

MBS Securities Carrying Value of Asset (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		$ 45,502,220	$ 65,538,068
Trust Portfolio--MBS Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs		14,953,030	15,367,641
Unrealized Gain		0	0
Unrealized Loss		(177,721)	(526,083)
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities		$ 14,775,309	$ 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”
Cost adjusted for pay-downs	[1]	$ 5,052,348	$ 5,304,974
Unrealized Loss	[1]	(34,648)	(250,624)
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	[1]	$ 5,017,700	$ 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”
Cost adjusted for pay-downs	[1]	$ 9,900,682	$ 10,062,667
Unrealized Loss	[1]	(143,073)	(275,459)
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	[1]	$ 9,757,609	$ 9,787,208
[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, at the date presented.

MBS Securities Terms of MBS Sec

MBS Securities Terms of MBS Securities (Details) - Trust Portfolio--MBS Bonds [Member] - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	May. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Principal Outstanding		$ 14,765,000	$ 14,765,000	$ 3,700,000	$ 3,700,000
Debt, Weighted Average Interest Rate		1.10%	1.10%
Standard & Poor's, AAA Rating [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Credit Rating	[1]	“AAA”	“AAA”
Principal Outstanding		$ 5,000,000	$ 5,000,000
Debt Instrument, Weighted Average Maturity Date		Jul. 1, 2032	Jul. 1, 2032
Debt, Weighted Average Interest Rate		4.60%	4.60%
Standard & Poor's, AA Rating [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Credit Rating	[1]	“AA”	“AA”
Principal Outstanding		$ 9,765,000	$ 9,765,000
Debt Instrument, Weighted Average Maturity Date		Jul. 9, 2036	Jul. 9, 2036
Debt, Weighted Average Interest Rate		4.20%	4.20%
[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, at the date presented.

Real Estate Assets Narrative Ta

Real Estate Assets Narrative Tagging (Details)	1 Months Ended		12 Months Ended
	Aug. 31, 2015USD ($)	May. 31, 2015USD ($)	Dec. 31, 2015USD ($)PropertyUnit	Dec. 31, 2013USD ($)	Sep. 30, 2015USD ($)	Sep. 01, 2015USD ($)	Dec. 31, 2014USD ($)Unit
Real Estate Properties [Line Items]
Gain (Loss) on Sale of Properties			$ 4,599,109
Available-for-sale Securities			47,366,656				$ 70,601,045
Available-for-sale Securities [Member]
Real Estate Properties [Line Items]
Land			7,400,000
The Suites on Paseo [Member]
Real Estate Properties [Line Items]
Business Acquisition, Pro Forma Revenue			1,800,000
Net Income (Loss) Attributable to Parent			$ 1,000,000
Woodland Park [Member]
Real Estate Properties [Line Items]
Business Acquisition, Pro Forma Revenue				$ 1,000,000
Net Income (Loss) Attributable to Parent				$ 164,000
Glynn Place [Member]
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | Unit							128
Proceeds from Sale of Property, Plant, and Equipment	$ 5,500,000
Gain (Loss) on Sale of Properties	$ 1,200,000
The Colonial
Real Estate Properties [Line Items]
Proceeds from Sale of Property, Plant, and Equipment		$ 10,700,000
Gain (Loss) on Sale of Properties		$ 3,400,000
The Suites on Paseo [Member]
Real Estate Properties [Line Items]
Number of Units in Real Estate Property | Unit			394
Real Estate Investment Property, at Cost					$ 43,400,000	$ 43,400,000
Other Assets, Current					200,000
Real Estate Investments, Net			$ 43,600,000
The Suites on Paseo [Member] | Series A and B [Member]
Real Estate Properties [Line Items]
Available-for-sale Securities					$ 41,000,000
Panama City [Member] | Available-for-sale Securities [Member]
Real Estate Properties [Line Items]
Land			$ 2,900,000
St. Petersburg [Member] | Available-for-sale Securities [Member]
Real Estate Properties [Line Items]
Land							$ 3,000,000
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property			8
Number of Units in Real Estate Property | Unit			2,217
Gain (Loss) on Sale of Properties			$ 0
Limited Partner [Member] | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			99.00%
Number of Real Estate Properties | Property			1
Limited Liability Company [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			100.00%
Number of Limited Liability Companies | Property			6
General Partner
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			1.00%
Gain (Loss) on Sale of Properties			$ 0
KANSAS | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property			1
NEBRASKA | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property			2
KENTUCKY | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property			1
INDIANA | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property			1
CALIFORNIA | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property			1
TEXAS | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property			2

Real Estate Assets MF Propertie

Real Estate Assets MF Properties (Details)	Dec. 31, 2015USD ($)Unit	Dec. 31, 2014USD ($)Unit
Property, Plant and Equipment [Line Items]
Land and Land Improvements	$ 17,887,505	$ 13,753,493
Buildings and improvements	139,153,699	110,706,173
Carrying Value	157,041,204	124,459,666
MF Property, Plant and Equipment	149,672,949	119,980,369
Accumulated Depreciation - MF Properties	(16,023,814)	(14,108,154)
Property, Plant and Equipment, Net	$ 133,649,135	$ 105,872,215
Arboretum [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	145	145
Land and Land Improvements	$ 1,755,147	$ 1,748,502
Buildings and improvements	19,317,284	19,216,623
Carrying Value	$ 21,072,431	$ 20,965,125
Eagle Village [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	511	511
Land and Land Improvements	$ 567,880	$ 567,880
Buildings and improvements	12,594,935	12,472,151
Carrying Value	$ 13,162,815	$ 13,040,031
Glynn Place [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit		128
Land and Land Improvements		$ 743,996
Buildings and improvements		4,995,658
Carrying Value		$ 5,739,654
Northern View (f/k/a Meadowview) [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	270	224
Land and Land Improvements	$ 688,539	$ 688,539
Buildings and improvements	8,062,973	5,479,342
Carrying Value	$ 8,751,512	$ 6,167,881
Residences at DeCordova [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	110	110
Land and Land Improvements	$ 1,137,832	$ 1,137,832
Buildings and improvements	8,065,977	8,007,390
Carrying Value	$ 9,203,809	$ 9,145,222
Residences at Weatherford [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	76	76
Land and Land Improvements	$ 1,942,229	$ 1,942,229
Buildings and improvements	5,738,697	5,724,456
Carrying Value	$ 7,680,926	$ 7,666,685
The Suites on Paseo [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	394
Land and Land Improvements	$ 3,162,463
Buildings and improvements	38,216,364
Carrying Value	$ 41,378,827
The 50/50 Student Housing--UNL [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	475	475
Buildings and improvements	$ 32,910,424	$ 32,820,776
Carrying Value	$ 32,910,424	$ 32,820,776
Maples on 97th [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit		258
Land and Land Improvements		$ 1,180,058
Buildings and improvements		7,822,681
Carrying Value		$ 9,002,739
Woodland Park [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	236	236
Land and Land Improvements	$ 1,265,160	$ 1,265,160
Buildings and improvements	14,247,045	14,167,096
Carrying Value	$ 15,512,205	$ 15,432,256

Real Estate Assets Parenthetica

Real Estate Assets Parenthetical for Depreciation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Depreciation	$ 5,888,973	$ 4,801,533	$ 4,262,600
Consolidated Entities [Member]
Property, Plant and Equipment [Line Items]
Depreciation	$ 5,900,000	$ 4,800,000

Real Estate Assets Fair Value o

Real Estate Assets Fair Value of Acquisition (Details) - USD ($)	Dec. 31, 2015	Sep. 01, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate assets	$ 141,017,390		$ 110,351,512
Other assets	41,124,454		31,134,319
Total Assets	872,514,595		744,239,217	$ 534,233,032
Accounts payable, accrued expenses and other liabilities	5,667,948		4,123,346
Net assets	313,119,341		309,943,899
Total Liabilities and Partnersʼ Capital	$ 872,514,595		$ 744,239,217
The Suites on Paseo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash		$ 514,094
Restricted cash		187,715
In-place lease assets		1,227,770
Real estate assets		41,374,397
Other assets		259,633
Total Assets		43,563,609
Accounts payable, accrued expenses and other liabilities		493,868
Net assets		43,069,741
Total Liabilities and Partnersʼ Capital		$ 43,563,609

Real Estate Assets Business Com

Real Estate Assets Business Combination, Proforma Income Statement (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 20,841,336	$ 14,084,872	$ 17,119,567	$ 12,506,625	$ 11,731,863	$ 11,043,537	$ 10,467,428	$ 12,399,967	$ 64,552,400	$ 45,642,795	$ 44,286,978
Net income									26,609,023	15,033,861	17,714,919
Net income allocated to unitholders									$ 20,413,352	$ 14,613,105	$ 17,414,885
Unitholder's interest in net income per unit (basic and diluted)	$ 0.14	$ 0.04	$ 0.12	$ 0.04	$ 0.04	$ 0.06	$ 0.05	$ 0.10	$ 0.34	$ 0.25	$ 0.40
Suites on Paseo and Woodland Park [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues									$ 67,523,956	$ 49,622,920	$ 49,336,339
Net income									24,489,515	9,012,034	18,219,670
Net income allocated to unitholders									$ 24,244,620	$ 8,921,914	$ 18,037,473
Unitholder's interest in net income per unit (basic and diluted)									$ 0.40	$ 0.15	$ 0.42

Other Assets Other Assets (Deta

Other Assets Other Assets (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Other Assets [Abstract]
Property loans receivable	$ 29,874,523	$ 22,191,515
Less: Loan loss reserves	(7,098,814)	(7,098,814)
Deferred financing costs - net	5,891,135	4,659,104
Fair value of derivative contracts	344,177	267,669
Taxable bonds at fair market value	4,824,060	4,616,565
Bond purchase commitments - fair value adjustment (Notes 5 & 18)	5,634,360	5,780,413
Other assets	1,655,013	717,687
Total other assets	$ 41,124,454	$ 31,134,319

Other Assets Narrative Tagging

Other Assets Narrative Tagging (Details)		12 Months Ended
		Dec. 31, 2015USD ($)Unit		Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Oct. 31, 2015USD ($)Unit	Sep. 01, 2015USD ($)	Jun. 30, 2015USD ($)Unit	Apr. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Property loans receivable		$ 29,874,523		$ 22,191,515
Other assets		41,124,454		31,134,319
Cost Adjusted for Paydowns		45,502,220		65,538,068
Loans Receivable, Net		24,242,727		15,990,439
Vantage at Brooks and Vantage at New Braunfels [Member]
Property loans receivable						$ 17,000,000
Number of Units in Real Estate Property | Unit						2
Vantage at Brooks and Vantage at New Braunfels [Member] | Notes Receivable [Member]
Other assets		$ 7,700,000
Vantage at Brooks [Member]
Number of Units in Real Estate Property | Unit						288
Vantage at New Braunfels [Member]
Number of Units in Real Estate Property | Unit						288
Silver Moon [Member]
Number of Units in Real Estate Property | Unit								151
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Loans Receivable, Net								$ 2,800,000
Silver Moon [Member] | Series B [Member]
Cost Adjusted for Paydowns								$ 500,000
Debt Instrument, Interest Rate, Stated Percentage								12.00%
Debt Instrument, Maturity Date		Aug. 1, 2055
Avistar Portfolio 1 and 2 [Member]
Loans Receivable, Net										$ 526,000
Avistar (February 2013 Acquisition) [Member]
Property loans receivable		$ 274,496		274,496
Debt Instrument, Interest Rate, Stated Percentage										12.00%
Debt Instrument, Maturity Date		Jun. 26, 2024
Loans Receivable, Net		$ 325,882		$ 290,966
Avistar (February 2013 Acquisition) [Member] | Series B [Member]
Debt Instrument, Interest Rate, Stated Percentage		9.00%		9.00%
The Suites on Paseo [Member]
Property loans receivable							$ 1,100,000		$ 567,000
Number of Units in Real Estate Property | Unit		394
Debt Instrument, Interest Rate, Stated Percentage	[1]			6.25%
Cross Creek [Member]
Property loans receivable		$ 7,072,087		$ 6,976,087
Debt Instrument, Interest Rate, Stated Percentage		6.15%	[2]	6.15%
Loans Receivable, Net		$ 3,624,614		$ 3,528,615
Impairment of Intangible Assets (Excluding Goodwill)		$ 0		$ 75,000	$ 168,000
Minimum
Discount Rate for Impairment Analysis		6.00%
Maximum
Discount Rate for Impairment Analysis		7.00%
[1]	Bonds held by Deutsche Bank AG in a secured financing transaction, see Note 12
[2]	Bonds owned by ATAX TEBS I, LLC, see Note 12

Other Assets Loan Receivable an

Other Assets Loan Receivable and Allowance (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	$ 29,874,523	$ 22,191,515
Accrued Interest	10,185,404	8,324,812
Loan Loss Reserves	(7,098,814)	(7,098,814)
Interest Allowance	(8,718,387)	(7,427,074)
Net Taxable Property Loans	24,242,727	15,990,439
Arbors at Hickory Ridge [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	191,264	191,264
Accrued Interest	39,950	26,047
Loan Loss Reserves	0	0
Interest Allowance	0	0
Net Taxable Property Loans	231,214	217,311
Ashley Square [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	5,078,342	5,078,342
Accrued Interest	2,864,130	2,455,660
Loan Loss Reserves	(3,596,342)	(3,596,342)
Interest Allowance	(2,864,130)	(2,455,660)
Net Taxable Property Loans	1,482,000	1,482,000
Avistar (February 2013 Acquisition) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	274,496	274,496
Accrued Interest	51,386	16,470
Loan Loss Reserves	0	0
Interest Allowance	0	0
Net Taxable Property Loans	325,882	290,966
Cross Creek [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	7,072,087	6,976,087
Accrued Interest	2,352,851	2,084,804
Loan Loss Reserves	(3,447,472)	(3,447,472)
Interest Allowance	(2,352,852)	(2,084,804)
Net Taxable Property Loans	3,624,614	3,528,615
Foundation for Affordable Housing [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	1,415,590	1,560,553
Accrued Interest	0	1,735
Loan Loss Reserves	0	0
Interest Allowance	0	0
Net Taxable Property Loans	1,415,590	1,562,288
Greens of Pine Glen [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	850,000	850,000
Accrued Interest	343,600	231,342
Loan Loss Reserves	0	0
Interest Allowance	0	0
Net Taxable Property Loans	1,193,600	1,081,342
Lake Forest [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	4,623,704	4,618,704
Accrued Interest	3,080,446	2,599,613
Loan Loss Reserves	(55,000)	(55,000)
Interest Allowance	(3,059,610)	(2,578,778)
Net Taxable Property Loans	4,589,540	4,584,539
Ohio Properties [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	2,390,448	2,390,447
Accrued Interest	1,235,017	894,044
Loan Loss Reserves	0	0
Interest Allowance	(441,795)	(307,832)
Net Taxable Property Loans	3,183,670	2,976,659
Vantage at Brooks LLC [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	3,454,664
Accrued Interest	78,440
Loan Loss Reserves	0
Interest Allowance	0
Net Taxable Property Loans	3,533,104
Vantage at Braunfels LLC [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	4,272,306
Accrued Interest	92,481
Loan Loss Reserves	0
Interest Allowance	0
Net Taxable Property Loans	4,364,787
Avistar (June 2013 Acquisition) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	251,622	251,622
Accrued Interest	47,104	15,097
Loan Loss Reserves	0	0
Interest Allowance	0	0
Net Taxable Property Loans	$ 298,726	$ 266,719

Other Assets Schedule of Loan R

Other Assets Schedule of Loan Receivable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Assets [Abstract]
Loan Receivable beginning of period	$ 7,098,814	$ 7,023,814	$ 12,272,671
Realized loss on taxable property loan - Iona Lakes	0	0	(4,557,741)
Provision for loan loss	0	75,000	168,000
Deconsolidation of VIEs	0	0	55,000
Write off due to foreclosure	0	0	(914,116)
Loan receivable end of period	$ 7,098,814	$ 7,098,814	$ 7,023,814

Discontinued Operations Discont

Discontinued Operations Discontinued Operations Narrative (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2013USD ($)	Mar. 31, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)Property	Dec. 31, 2013USD ($)Property	Dec. 31, 2012limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale of Properties			$ 4,599,109
Assets held for sale (Note 10)			0	$ 13,204,015
Interest Income, Operating			2,624,262	856,217	$ 1,772,338
Other income			373,379	$ 188,000	$ 250,000
Consolidated Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale of Properties			0
Assets held for sale including discontinued operations | Property				2	2
Ohio Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Limited Partners' Contributed Capital		$ 6,500,000
Gain (Loss) on Sale of Properties		$ 1,800,000
Assets held for sale (Note 10)				$ 0
Investment Income, Interest					$ 3,500,000
Interest Income, Operating					1,100,000
Other income					250,000
Greens of Pine Glen [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale of Properties	$ 1,400,000
Assets held for sale (Note 10)			$ 0	$ 0
Investment Income, Interest					$ 523,000
Greens of Pine Glen [Member] | Boston Capital Limited Partners [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Limited Partners | limited						2

Discontinued Operations Disco73

Discontinued Operations Discontinued Operations Balance Sheet (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 0	$ 35,772	$ 25,976	$ 208,053
Assets of discontinued operations	$ 0	13,204,015
Disposal Group, Including Discontinued Operation, Liabilities		503,743
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents		35,772
Disposal Group, Including Discontinued Operations, Restricted Cash and Cash Equivalents		544,233
Disposal Group, Including Discontinued Operations, Land and Land Improvements		1,836,400
Disposal Group, Including Discontinued Operations, Building Improvements and Equipment Gross		21,204,047
Disposal Group, Including Discontinued Operations, Property. Plant and Equipment, Gross		23,040,447
Disposal Group, Including Discontinued Operations, Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment		(10,583,647)
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment		12,456,800
Disposal Group, Including Discontinued Operation, Other Assets		167,210
Assets of discontinued operations		13,204,015
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities		503,743
Disposal Group, Including Discontinued Operation, Liabilities		503,743
Disposal Group, Including Discontinued Operations, Retain Earnings (Accumulated Deficit)		$ 12,700,272

Discontinued Operations Disco74

Discontinued Operations Discontinued Operations Income Statement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations	$ 3,212,447		$ 3,177,183
Net income from discontinued operations	3,721,397	$ 52,773	3,331,051
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental revenues	2,952,383	3,180,680	3,802,805
Expenses	2,394,074	3,127,907	3,648,937
Income from continuing operations of the discontinued operations	558,309	52,773	153,868
Gain on sale of discontinued operations	3,163,088		3,177,183
Net income from discontinued operations	$ 3,721,397	$ 52,773	$ 3,331,051

Lines of Credit Lines of Credit

Lines of Credit Lines of Credit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Line of Credit, Current	$ 18,922,261	$ 0
Proceeds from Notes Payable	153,821	145,000
Mortgages payable	68,291,853	$ 76,707,834
Lines of credit (Note 11)	18,922,261
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
Bankers Trust 2 [Member]
Line of Credit, Current	12,500,000
Line of Credit Facility, Current Borrowing Capacity	$ 50,000,000
Line of Credit Facility, Interest Rate During Period	2.90%
Debt Instrument, Maturity Date	May 14, 2017
Five Points Bank [Member]
Line of Credit Facility, Interest Rate During Period	3.50%
Debt Instrument, Maturity Date	Mar. 1, 2016
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Lines of credit (Note 11)	$ 1,400,000
Bankers Trust [Member]
Line of Credit Facility, Interest Rate During Period	3.40%
Debt Instrument, Maturity Date	Mar. 1, 2016
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
First Extension | Bankers Trust 2 [Member]
Principal amount repayment on extension	5.00%
Second Extension | Bankers Trust 2 [Member]
Principal amount repayment on extension	10.00%
Third Extension | Bankers Trust 2 [Member]
Principal amount repayment on extension	20.00%

Debt Financing Footnote XBRL de

Debt Financing Footnote XBRL details (Details)	Feb. 28, 2015USD ($)Integer	Dec. 31, 2015USD ($)Integer	Nov. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Oct. 31, 2014USD ($)	Aug. 31, 2014USD ($)	Jul. 31, 2014USD ($)Integercollateralized_bonds	Apr. 30, 2014USD ($)	Feb. 28, 2014USD ($)	Dec. 31, 2015USD ($)Integer	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 31, 2015USD ($)Integer	Jun. 30, 2015USD ($)	Jul. 10, 2014USD ($)Integer	Jun. 30, 2014USD ($)	May. 31, 2014USD ($)	Jul. 31, 2012USD ($)
Debt financing		$ 456,431,288								$ 456,431,288	$ 345,359,000
TOB Financing		23,400,000						$ 873,000		23,400,000
Available-for-sale Securities, Fair Value Disclosure Held in Trust		536,316,481								536,316,481	378,423,092
Payments to Acquire Available-for-sale Securities										188,572,000	142,794,827	$ 148,624,000
M24 Financing Facility Derivatives [Member]
Cash Collateral for Borrowed Securities		400,000								400,000
Restricted Cash and Cash Equivalents		400,000								400,000
Autumn Pines [Member]
Proceeds from Sale of Available-for-sale Securities								13,100,000
Lost Creek [Member]
Proceeds from Sale of Available-for-sale Securities									$ 18,700,000		18,700,000
Available-for-sale Securities, Fair Value Disclosure Held in Trust											18,500,000
Fairmont Oaks And Bent Tree Properties [Member]
Proceeds from Sale of Available-for-sale Securities		14,100,000	$ 14,100,000
Trading Securities [Member]
TOB Financing		$ 216,540,000								$ 216,540,000	$ 174,250,000
Debt Instrument, Total Rate of Borrowing		3.26%								3.26%	3.23%
TOB Facility [Member]
Number of Available for Sale Securities, Held in a Trust | Integer							4
Number of Collateralized Bonds | collateralized_bonds							10
Debt Instrument, Total Rate of Borrowing		3.70%								3.70%	3.90%
Trust Portfolio--MBS Bonds [Member]
Available for Sale Securities, not Including Premiums		$ 14,765,000								$ 14,765,000	$ 14,765,000					$ 3,700,000	$ 3,700,000
Cash Collateral for Borrowed Securities		$ 1,500,000								$ 1,500,000	$ 2,100,000
Debt, Weighted Average Interest Rate		1.10%								1.10%	1.10%
Trust Portfolio--MBS Bonds [Member] | Mortgage Backed Security Trust 4 [Member]
TOB Financing		$ 6,000,000			$ 6,000,000					$ 6,000,000
Trust Portfolio--MBS Bonds [Member] | Mortgage Backed Security Trust 5 [Member] [Member]
TOB Financing		5,300,000			5,300,000					5,300,000
Trust Portfolio--MBS Bonds [Member] | Mortgage Backed Security Trust 6 [Member]
TOB Financing		7,800,000			7,800,000					7,800,000
Trust Portfolio--MBS Bonds [Member] | Mortgage Backed Security Trusts 4, 5, 6 [Member]
TOB Financing		19,100,000			19,100,000					19,100,000
Public housing capital fund trusts [Member]
Available for Sale Securities, not Including Premiums		$ 58,344,872								$ 58,344,872	$ 59,308,398							$ 65,300,000
Cash Collateral for Borrowed Securities											$ 400,000
Debt Instrument, Total Rate of Borrowing		2.30%								2.30%	2.20%
Debt, Weighted Average Interest Rate		5.20%								5.20%
Effective rate - minimum [Member]
Effective rate		4.20%								4.20%
Effective rate - minimum [Member] | Trust Portfolio--MBS Bonds [Member]
Effective rate		3.70%								3.70%
Effective rate - minimum [Member] | Public housing capital fund trusts [Member]
Effective rate		3.90%								3.90%
Effective rate - maximum [Member]
Effective rate		12.10%								12.10%
Effective rate - maximum [Member] | Trust Portfolio--MBS Bonds [Member]
Effective rate		5.30%								5.30%
Effective rate - maximum [Member] | Public housing capital fund trusts [Member]
Effective rate		5.70%								5.70%
TOB Facility-10 [Member]
Available-for-sale Security, Maturity Date at a point in time										Oct. 1, 2016
TOB Facility-10 [Member] | Trading Securities [Member]
Available-for-sale Security, Maturity Date at a point in time							Jul. 1, 2015			Oct. 1, 2016	Oct. 1, 2016
TOB Financing		$ 22,850,000					$ 21,900,000			$ 22,850,000	$ 21,850,000
Debt Instrument, Total Rate of Borrowing		4.26%								4.26%	4.34%
TOB Facility-11 [Member]
Available-for-sale Security, Maturity Date at a point in time										Jul. 1, 2019
TOB Facility-11 [Member] | Trading Securities [Member]
Available-for-sale Security, Maturity Date at a point in time							Jul. 1, 2015			Jul. 1, 2019	Jul. 1, 2019
TOB Financing		$ 37,940,000					$ 35,000,000			$ 37,940,000	$ 34,975,000
Debt Instrument, Total Rate of Borrowing		4.39%								4.39%	4.47%
TOB facility-18 and 19 [Member]
Debt financing		$ 23,400,000								$ 23,400,000
Number of Available for Sale Securities, Held in a Trust | Integer		2								2
TOB facility-9 [Member] | Trading Securities [Member]
Available-for-sale Security, Maturity Date at a point in time				Jul. 1, 2015							Jun. 1, 2015
TOB Financing				$ 15,000,000							$ 25,535,000
Debt Instrument, Total Rate of Borrowing											1.96%
TOB facility-15, 16, and 17 [Member]
Number of Available for Sale Securities, Held in a Trust | Integer	3
TOB facility-15, 16, and 17 [Member] | Trading Securities [Member]
Debt financing	$ 33,300,000
Available-for-sale Security, Maturity Date at a point in time	Jul. 1, 2015
TOB facility-13 [Member] | Trading Securities [Member]
Debt financing					$ 9,000,000
Available-for-sale Security, Maturity Date at a point in time					Jul. 1, 2015					Jul. 1, 2017	Jul. 1, 2017
TOB Financing		$ 9,010,000								$ 9,010,000	$ 9,010,000
Debt Instrument, Total Rate of Borrowing		4.01%								4.01%	4.05%
TOB Facility-12 [Member] [Member] | Trading Securities [Member]
Available-for-sale Security, Maturity Date at a point in time						Jul. 1, 2015				Jul. 1, 2017	Jul. 1, 2017
TOB Financing		$ 17,250,000				$ 17,300,000				$ 17,250,000	$ 17,250,000
Debt Instrument, Total Rate of Borrowing		4.51%								4.51%	4.55%
TOB facility-3 [Member] | Trading Securities [Member] | Mortgage Backed Security Trust 3 [Member]
Debt financing																	$ 2,900,000
Available-for-sale Security, Maturity Date at a point in time										Apr. 1, 2016	Apr. 1, 2015
TOB Financing		$ 5,270,000								$ 5,270,000	$ 5,270,000
Debt Instrument, Total Rate of Borrowing		1.10%								1.10%	1.06%
TOB Facility-1 [Member] | Trading Securities [Member]
Debt financing								$ 9,800,000
TEBS III Facility [Member]
Debt financing		$ 84,300,000								$ 84,300,000
Number of Available for Sale Securities, Held in a Trust | Integer													9
Available-for-sale Securities, Fair Value Disclosure Held in Trust													$ 105,400,000
Debt Financing, Net										82,200,000
Payments to Acquire Available-for-sale Securities										37,500,000
Restricted Cash and Cash Equivalents		4,800,000								4,800,000
TEBS III Facility [Member] | Series B [Member]
Available-for-sale Securities, Fair Value Disclosure Held in Trust		21,100,000								21,100,000
TEBS II Facility [Member]
Debt financing		94,700,000								94,700,000	$ 94,700,000
Number of Available for Sale Securities, Held in a Trust | Integer															13
Available-for-sale Securities, Fair Value Disclosure Held in Trust															$ 118,400,000
Debt Financing, Net										91,600,000
Payments to Acquire Available-for-sale Securities										72,400,000
Restricted Cash and Cash Equivalents		163,000								163,000	6,300,000
Escrow Deposit		6,300,000								6,300,000
TEBS II Facility [Member] | Series B [Member]
Available-for-sale Securities, Fair Value Disclosure Held in Trust		23,700,000								23,700,000
TEB Facility [Member]
Restricted Cash and Cash Equivalents		365,000								365,000	$ 1,000,000
TOB Facility [Member]
Debt financing		$ 137,200,000								$ 137,200,000				$ 124,700,000
Number of Available for Sale Securities, Held in a Trust | Integer													8
TOB Facility [Member] | Effective rate - minimum [Member]
Effective rate		2.80%								2.80%
TOB Facility [Member] | Effective rate - maximum [Member]
Effective rate		4.50%								4.50%
SPEARS [Member] | TOB Facility [Member]
Proceeds from Sale of Available-for-sale Securities							45,900,000
SPEARS [Member] | Trust Portfolio--MBS Bonds [Member]
TOB Financing		$ 34,900,000								$ 34,900,000
SPEARS [Member] | Public housing capital fund trusts [Member]
TOB Financing																		49,000,000
LIFERS [Member] | TOB Facility [Member]
Proceeds from Sale of Available-for-sale Securities							$ 26,500,000
LIFERS [Member] | Trust Portfolio--MBS Bonds [Member]
Available for Sale Securities, not Including Premiums		$ 9,200,000								$ 9,200,000
LIFERS [Member] | Public housing capital fund trusts [Member]
TOB Financing																		$ 16,000,000

Debt Financing Total Debt Finan

Debt Financing Total Debt Financing (Details) - USD ($)	1 Months Ended				12 Months Ended
	Mar. 31, 2015	Oct. 31, 2014	Aug. 31, 2014	Jul. 31, 2014	Dec. 31, 2015		Dec. 31, 2014		Apr. 30, 2014
Short Term Debt [Line Items]
TOB Trust Financing					$ 23,400,000				$ 873,000
TOB Facility-10 [Member]
Short Term Debt [Line Items]
Available-for-sale Security, Maturity Date at a point in time					Oct. 1, 2016
TOB Facility-11 [Member]
Short Term Debt [Line Items]
Available-for-sale Security, Maturity Date at a point in time					Jul. 1, 2019
Trading Securities [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 216,540,000		$ 174,250,000
Debt Instrument, Total Rate of Borrowing					3.26%		3.23%
Trading Securities [Member] | TOB facility-2 [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 43,985,000	[1]	$ 44,675,000	[2]
Date of Debt Borrowing					2,012	[1]	2,012	[2]
Available-for-sale Security, Maturity Date at a point in time					Jun. 1, 2016	[1]	Jun. 1, 2015	[2]
Debt Instrument, Interest rate terms					Variable	[1]	Variable	[2]
Debt Instrument, Reset Frequency					Weekly	[1]	Weekly	[2]
Debt Instrument, Basis Spread on Variable Rate					0.68%	[1]	0.58%	[2]
Debt Instrument, Facility Fees					1.62%	[1]	1.62%	[2]
Debt Instrument, Total Rate of Borrowing					2.30%	[1]	2.20%	[2]
Trading Securities [Member] | TOB Facility-10 [Member]
Short Term Debt [Line Items]
TOB Trust Financing				$ 21,900,000	$ 22,850,000		$ 21,850,000
Date of Debt Borrowing					2,014		2,014
Available-for-sale Security, Maturity Date at a point in time				Jul. 1, 2015	Oct. 1, 2016		Oct. 1, 2016
Debt Instrument, Interest rate terms					Fixed		Fixed
Debt Instrument, Reset Frequency					N/A		N/A
Debt Instrument, Total Rate of Borrowing					4.26%		4.34%
Trading Securities [Member] | TOB Facility-11 [Member]
Short Term Debt [Line Items]
TOB Trust Financing				$ 35,000,000	$ 37,940,000		$ 34,975,000
Date of Debt Borrowing					2,014		2,014
Available-for-sale Security, Maturity Date at a point in time				Jul. 1, 2015	Jul. 1, 2019		Jul. 1, 2019
Debt Instrument, Interest rate terms					Fixed		Fixed
Debt Instrument, Reset Frequency					N/A		N/A
Debt Instrument, Total Rate of Borrowing					4.39%		4.47%
Trading Securities [Member] | TOB Facility-12 [Member] [Member]
Short Term Debt [Line Items]
TOB Trust Financing			$ 17,300,000		$ 17,250,000		$ 17,250,000
Date of Debt Borrowing					2,014		2,014
Available-for-sale Security, Maturity Date at a point in time			Jul. 1, 2015		Jul. 1, 2017		Jul. 1, 2017
Debt Instrument, Interest rate terms					Fixed		Fixed
Debt Instrument, Reset Frequency					N/A		N/A
Debt Instrument, Total Rate of Borrowing					4.51%		4.55%
Trading Securities [Member] | TOB facility-13 [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 9,010,000		$ 9,010,000
Date of Debt Borrowing					2,014		2,014
Available-for-sale Security, Maturity Date at a point in time		Jul. 1, 2015			Jul. 1, 2017		Jul. 1, 2017
Debt Instrument, Interest rate terms					Fixed		Fixed
Debt Instrument, Reset Frequency					N/A		N/A
Debt Instrument, Total Rate of Borrowing					4.01%		4.05%
Trading Securities [Member] | TOB Facility-14 [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 8,375,000		$ 9,010,000
Date of Debt Borrowing					2,014		2,014
Available-for-sale Security, Maturity Date at a point in time					Jul. 1, 2017		Jul. 1, 2017
Debt Instrument, Interest rate terms					Fixed		Fixed
Debt Instrument, Reset Frequency					N/A		N/A
Debt Instrument, Total Rate of Borrowing					4.01%		4.05%
Trading Securities [Member] | TOB Facility-15 [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 14,940,000
Date of Debt Borrowing					2,015
Available-for-sale Security, Maturity Date at a point in time					Feb. 1, 2018
Debt Instrument, Interest rate terms					Fixed
Debt Instrument, Reset Frequency					N/A
Debt Instrument, Total Rate of Borrowing					2.76%
Trading Securities [Member] | TOB Facility-16 [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 11,235,000
Date of Debt Borrowing					2,015
Available-for-sale Security, Maturity Date at a point in time					Feb. 1, 2018
Debt Instrument, Interest rate terms					Fixed
Debt Instrument, Reset Frequency					N/A
Debt Instrument, Total Rate of Borrowing					2.76%
Trading Securities [Member] | TOB Facility-17 [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 15,610,000
Date of Debt Borrowing					2,015
Available-for-sale Security, Maturity Date at a point in time					Feb. 1, 2018
Debt Instrument, Interest rate terms					Fixed
Debt Instrument, Reset Frequency					N/A
Debt Instrument, Total Rate of Borrowing					2.76%
Trading Securities [Member] | TOB Facility-18 [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 11,700,000
Date of Debt Borrowing					2,015
Available-for-sale Security, Maturity Date at a point in time					Dec. 1, 2017
Debt Instrument, Interest rate terms					Fixed
Debt Instrument, Reset Frequency					N/A
Debt Instrument, Total Rate of Borrowing					2.76%
Trading Securities [Member] | TOB Facility-19 [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 11,700,000
Date of Debt Borrowing					2,015
Available-for-sale Security, Maturity Date at a point in time					Dec. 1, 2017
Debt Instrument, Interest rate terms					Fixed
Debt Instrument, Reset Frequency					N/A
Debt Instrument, Total Rate of Borrowing					2.76%
Trading Securities [Member] | TOB facility-9 [Member]
Short Term Debt [Line Items]
TOB Trust Financing	$ 15,000,000						$ 25,535,000
Date of Debt Borrowing							2,013
Available-for-sale Security, Maturity Date at a point in time	Jul. 1, 2015						Jun. 1, 2015
Debt Instrument, Interest rate terms							Fixed
Debt Instrument, Reset Frequency							N/A
Debt Instrument, Total Rate of Borrowing							1.96%
Trading Securities [Member] | Mortgage Backed Security 1 [Member] | TOB facility-3 [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 2,585,000		$ 2,585,000
Date of Debt Borrowing					2,012		2,012
Available-for-sale Security, Maturity Date at a point in time					Apr. 1, 2016		Apr. 1, 2015
Debt Instrument, Interest rate terms					Variable		Variable
Debt Instrument, Reset Frequency					Weekly		Weekly
Debt Instrument, Basis Spread on Variable Rate					0.16%		0.18%
Debt Instrument, Facility Fees					0.94%		0.94%
Debt Instrument, Total Rate of Borrowing					1.10%		1.12%
Trading Securities [Member] | Mortgage Backed Security 2 [Member] | TOB facility-3 [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 4,090,000		$ 4,090,000
Date of Debt Borrowing					2,012		2,012
Available-for-sale Security, Maturity Date at a point in time					Apr. 1, 2016		Apr. 1, 2015
Debt Instrument, Interest rate terms					Variable		Variable
Debt Instrument, Reset Frequency					Weekly		Weekly
Debt Instrument, Basis Spread on Variable Rate					0.16%		0.18%
Debt Instrument, Facility Fees					0.94%		0.94%
Debt Instrument, Total Rate of Borrowing					1.10%		1.12%
Trading Securities [Member] | Mortgage Backed Security Trust 3 [Member] | TOB facility-3 [Member]
Short Term Debt [Line Items]
TOB Trust Financing					$ 5,270,000		$ 5,270,000
Date of Debt Borrowing					2,012		2,012
Available-for-sale Security, Maturity Date at a point in time					Apr. 1, 2016		Apr. 1, 2015
Debt Instrument, Interest rate terms					Variable		Variable
Debt Instrument, Reset Frequency					Weekly		Weekly
Debt Instrument, Basis Spread on Variable Rate					0.16%		0.12%
Debt Instrument, Facility Fees					0.94%		0.94%
Debt Instrument, Total Rate of Borrowing					1.10%		1.06%
[1]	Comprised of three TOB Trusts
[2]	Comprised of three TOB Trusts

Debt Financing Summary of Tax E

Debt Financing Summary of Tax Exempt Bonds Securitization (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding TEBS Financing		$ 456,431,288	$ 345,359,000
Year End Rate		3.60%	3.72%
Tax Exempt Bond Securitization [Member]
Debt Instrument [Line Items]
Outstanding TEBS Financing		$ 239,891,288	$ 171,109,000
Year End Rate		1.51%	1.70%
Tax Exempt Bond Securitization [Member] | M24 TEBS Financing [Member]
Debt Instrument [Line Items]
Outstanding TEBS Financing		$ 61,546,000	$ 76,444,000
Year Acquired		2,010	2,010
Stated Maturity		2017-09	2017-09
Variable / Fixed		Variable	Variable
Reset Frequency		Weekly	Weekly
SIFMA Based Rate		0.04%	0.07%
Facility Fees		1.91%	1.91%
Year End Rate		1.95%	1.98%
Tax Exempt Bond Securitization [Member] | M31 TEBS Financing [Member]
Debt Instrument [Line Items]
Outstanding TEBS Financing	[1]	$ 94,117,446	$ 94,665,000
Year Acquired	[1]	2,014	2,014
Stated Maturity	[1]	2019-07	2019-07
Variable / Fixed	[1]	Variable	Variable
Reset Frequency	[1]	Weekly	Weekly
SIFMA Based Rate	[1]	0.02%	0.05%
Facility Fees	[1]	1.42%	1.42%
Year End Rate	[1]	1.44%	1.47%
Tax Exempt Bond Securitization [Member] | M33 TEBS Financing [Member]
Debt Instrument [Line Items]
Outstanding TEBS Financing	[1]	$ 84,227,842
Year Acquired	[1]	2,015
Stated Maturity	[1]	2020-07
Variable / Fixed	[1]	Variable
Reset Frequency	[1]	Weekly
SIFMA Based Rate	[1]	0.02%
Facility Fees	[1]	1.26%
Year End Rate	[1]	1.28%
[1]	Facility fees are variable

Debt Financing (Details)

Debt Financing (Details) - Available-for-sale Securities [Member] - USD ($)	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
TEBS III Facility [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	$ 105,299,770	$ 105,356,928
TEBS III Facility [Member] | Rennaisance [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	11,450,959	11,491,928
TEBS III Facility [Member] | Vantage at Harlingen [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	24,575,000	24,575,000
TEBS III Facility [Member] | Vantage at Judson [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	26,540,000	26,540,000
TEBS II Facility [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	117,794,446		$ 118,342,000
TEBS II Facility [Member] | Arbors at Hickory Ridge [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	11,450,000		11,450,000
TEBS II Facility [Member] | Copper Gate [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	5,185,000		5,220,000
TEBS II Facility [Member] | The Palms at Premier Park [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	20,001,272		20,152,000
Series A [Member] | TEBS III Facility [Member] | Avistar at the Parkway [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	13,300,000	13,300,000
Series A [Member] | TEBS III Facility [Member] | Glenview Apts [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	4,670,000	4,670,000
Series A [Member] | TEBS III Facility [Member] | Heritage Square [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	11,185,000	11,185,000
Series A [Member] | TEBS III Facility [Member] | Montclair Apartments [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	2,530,000	2,530,000
Series A [Member] | TEBS III Facility [Member] | Santa Fe Apartments [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	3,065,000	3,065,000
Series A [Member] | TEBS III Facility [Member] | Silver Moon Lodge Apartments [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	7,983,811	$ 8,000,000
Series A [Member] | TEBS II Facility [Member] | Avistar at Chase Hill - [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	9,935,552		10,000,000
Series A [Member] | TEBS II Facility [Member] | Avistar at the Crest [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	9,637,485		9,700,000
Series A [Member] | TEBS II Facility [Member] | Avistar at the Oaks [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	7,777,936		7,800,000
Series A [Member] | TEBS II Facility [Member] | Avistar in 09 [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	6,715,948		6,735,000
Series A [Member] | TEBS II Facility [Member] | Avistar on the Boulevard [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	16,418,497		16,525,000
Series A [Member] | TEBS II Facility [Member] | Avistar on the Hills [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	5,373,756		5,389,000
Series A [Member] | TEBS II Facility [Member] | Greens Property [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	8,294,000		8,366,000
Series A [Member] | TEBS II Facility [Member] | Harden Ranch [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	6,960,000		6,960,000
Series A [Member] | TEBS II Facility [Member] | Tyler Park Townhomes
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	6,075,000		6,075,000
Series A [Member] | TEBS II Facility [Member] | Westside Village Market [Member]
Debt Instrument [Line Items]
Available for Sale Securities at Par Value	$ 3,970,000		$ 3,970,000

Debt Financing Contractual Matu

Debt Financing Contractual Maturities (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt Financing [Abstract]
2,016	$ 81,807,600
2,017	120,366,181
2,018	43,614,419
2,019	129,541,724
2,020	81,101,364
Total	$ 456,431,288	$ 345,359,000

Mortgages Payable Footnote Tagg

Mortgages Payable Footnote Tagging (Details) - USD ($)	1 Months Ended			12 Months Ended
	Nov. 30, 2015	Apr. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Mortgages payable				$ 68,291,853	$ 76,707,834
Repayments of Long-term Debt				$ 182,132,712	$ 98,730,000	$ 2,164,000
Eagle Village [Member]
Long-term Debt, Refinanced, Date	Sep. 1, 2018
Glynn Place [Member]
Repayments of Long-term Debt		$ 1,900,000
Arboretum [Member]
Debt Instrument, Interest Rate, Stated Percentage			3.75%
Long-term Debt, Refinanced, Date			Mar. 28, 2017
Minimum | Long-term Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage				2.90%
Debt Instrument, Maturity Date				2017-03
Maximum | Long-term Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage				4.80%
Debt Instrument, Maturity Date				2020-03

Mortgages Payable Mortgage Paya

Mortgages Payable Mortgage Payable by Property (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Mortgages payable		$ 68,291,853	$ 76,707,834
Long-term Debt Year End Rate		3.60%	3.72%
Woodland Park [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable		$ 6,100,000
Debt Instrument, Basis Spread on Variable Rate		0.20%
Real Estate [Member] | Arboretum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable		$ 16,742,368	$ 17,182,764
Date of Debt Borrowing		2,011	2,011
Long Term Debt, Maturity date at a point in time		Mar. 1, 2017	Mar. 1, 2017
Debt Instrument, Interest rate terms		Fixed	Fixed
Long-term Debt Reset Frequency		N/A	N/A
Long-term Debt Year End Rate		3.75%	3.75%
Real Estate [Member] | Eagle Village [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable	[1]	$ 8,038,911	$ 8,224,671
Date of Debt Borrowing	[1]	2,010	2,010
Long Term Debt, Maturity date at a point in time	[1]	Sep. 1, 2018	Sep. 1, 2015
Debt Instrument, Interest rate terms	[1]	Variable	Variable
Long-term Debt Reset Frequency	[1]	Monthly	Monthly
Debt Instrument, Basis Spread on Variable Rate	[1]	0.25%	1.60%
Long-term Debt Facility Fees	[1]	3.00%	2.75%
Long-term Debt Year End Rate	[1]	3.25%	4.35%
Real Estate [Member] | Residences at DeCordova [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable		$ 1,815,223	$ 1,881,998
Date of Debt Borrowing		2,012	2,012
Long Term Debt, Maturity date at a point in time		Jun. 1, 2017	Jun. 1, 2017
Debt Instrument, Interest rate terms		Fixed	Fixed
Long-term Debt Reset Frequency		N/A	N/A
Long-term Debt Year End Rate		4.75%	4.75%
Real Estate [Member] | Residences at Weatherford [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable		$ 5,820,623	$ 6,043,673
Date of Debt Borrowing		2,011	2,011
Long Term Debt, Maturity date at a point in time		Jun. 1, 2017	Jun. 1, 2017
Debt Instrument, Interest rate terms		Fixed	Fixed
Long-term Debt Reset Frequency		N/A	N/A
Long-term Debt Year End Rate		4.75%	4.75%
Real Estate [Member] | Woodland Park [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable	[1]	$ 6,074,738	$ 6,074,738
Date of Debt Borrowing	[1]	2,013	2,013
Long Term Debt, Maturity date at a point in time	[1]	Aug. 1, 2017	Aug. 1, 2017
Debt Instrument, Interest rate terms	[1]	Variable	Variable
Long-term Debt Reset Frequency	[1]	Monthly	Monthly
Debt Instrument, Basis Spread on Variable Rate	[1]	0.19%	0.21%
Long-term Debt Facility Fees	[1]	2.75%	2.75%
Long-term Debt Year End Rate	[1]	2.94%	2.96%
Real Estate [Member] | Maples on 97th [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable			$ 7,500,000
Date of Debt Borrowing			2,013
Long Term Debt, Maturity date at a point in time			Feb. 1, 2016
Debt Instrument, Interest rate terms			Fixed
Long-term Debt Reset Frequency			N/A
Long-term Debt Year End Rate			3.55%
Mortgage Loans on Real Estate [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable	[2]	$ 25,500,000	$ 25,500,000
Date of Debt Borrowing	[2]	2,013	2,013
Long Term Debt, Maturity date at a point in time	[2]	Mar. 1, 2020	Mar. 1, 2020
Debt Instrument, Interest rate terms	[2]	Variable	Variable
Long-term Debt Reset Frequency	[2]	Monthly	Monthly
Debt Instrument, Basis Spread on Variable Rate	[2]	3.25%	3.25%
Long-term Debt Year End Rate	[2]	3.25%	3.25%
Tax Increment Financing [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable		$ 4,299,990	$ 4,299,990
Date of Debt Borrowing		2,014	2,014
Long Term Debt, Maturity date at a point in time		Dec. 1, 2019	Dec. 1, 2019
Debt Instrument, Interest rate terms		Fixed	Fixed
Long-term Debt Reset Frequency		N/A	N/A
Long-term Debt Year End Rate		4.65%	4.65%
[1]	Variable rate is based on LIBOR
[2]	Variable rate is based on Wall Street Journal Prime Rate

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Mortgages Payable [Abstract]
2,016	$ 1,919,689
2,017	31,535,642
2,018	9,114,886
2,019	5,104,650
2,020	20,616,986
Total	$ 68,291,853	$ 76,707,834

Issuances of Additional Benef84

Issuances of Additional Beneficial Certificate Units (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Issuances Of Additional Beneficial Unit Certificates [Abstract]
Common Stock, Shares Authorized			225,000,000
Common Stock shares, issued	9,200,000		8,280,000
Sale Price of Common Stock per Share	$ 5.95		$ 6.25
Proceeds from Issuance of Common Stock	$ 51,300,000	$ 51,288,699	$ 48,213,603
Payments of Stock Issuance Costs	$ 3,500,000	$ 3,451,301	$ 3,536,397

Transactions with Related Par85

Transactions with Related Parties Related Party Expenses Table (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Abstract]
Reimbursable salaries and benefits	$ 1,744,855	$ 1,599,294	$ 1,146,754
Other expenses	6,819	975	3,488
Insurance	224,946	227,265	228,701
Professional fees and expenses	284,767	208,648	216,962
Consulting and travel expenses	15,372	1,697	434
Related Party Transaction, Expenses from Transactions with Related Party	$ 2,276,759	$ 2,037,879	$ 1,596,339

Transactions with Related Par86

Transactions with Related Parties Transactions with Related Parties Narrative (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2013Property
Rate for administration fees	0.45%
Fees and Commissions, Other	$ 1,900,000	$ 1,700,000	$ 1,200,000
Additional fees and commissions paid	300,000
Construction Revenue			672,000
Management Fees Revenue	1,200,000	1,300,000	1,200,000
Placement Advisory Fees	150,000	300,000
Total Owners [Member] | Variable Interest Entity Primary Beneficiary
Number of Variable Interest Entities | Property				2
Farnam Capital Advisors, LLC (FCA)
Placement Advisory Fees	1,800,000	1,400,000	752,000
Majority-Owned Subsidiary, Unconsolidated [Member]
Payment for Administrative Fees	2,600,000	2,000,000	1,500,000
Affiliated Entity [Member]
Payment for Administrative Fees	53,000	$ 138,000	$ 144,000
Bent Tree [Member] | Affiliated Entity [Member]
Payment for Administrative Fees	$ 635,000

Interest Rate Derivatives Footn

Interest Rate Derivatives Footnote Tagging (Details)	1 Months Ended		12 Months Ended
	Jul. 31, 2014USD ($)	Feb. 28, 2014USD ($)	Dec. 31, 2015USD ($)Derivative	Dec. 31, 2014USD ($)
Derivative [Line Items]
Number of Derivatives | Derivative			12
Derivative, Loss on Derivative			$ 1,800,000	$ 2,000,000
Derivative Asset, Fair Value, Gross Asset			$ 344,000	268,000
Swap [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate			2.00%
Decatur-Angle [Member] | Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount			$ 23,000,000
Document Effective Date			Oct. 15, 2016
Derivative, Maturity Date			Oct. 15, 2021
Derivative, Gain on Derivative			$ 737,000
Bruton Apartments [Member] | Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount			$ 18,100,000
Document Effective Date			Apr. 15, 2017
Derivative, Maturity Date			Apr. 15, 2022
Derivative, Loss on Derivative			$ 580,000
Wells Fargo Bank, Royal Bank of Canada-3, SMBC Capital Markets, Inc-4 [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount			$ 28,100,000
Derivative, Fixed Interest Rate			3.00%
Derivative at purchase price			$ 573,000
SMBC Capital Markets, Inc-2 [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount			$ 11,000,000	$ 28,800,000
Derivative, Fixed Interest Rate			1.00%
Derivative at purchase price			$ 150,500
Derivative, Maturity Date at a point in time			Mar. 1, 2017
SMBC Capital Markets, Inc 1 and 2 [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount		$ 70,000,000	$ 52,300,000
Derivative, Fixed Interest Rate		1.00%
Derivative at purchase price		$ 390,000	$ 151,000
Derivative, Maturity Date at a point in time		Mar. 1, 2017	Mar. 1, 2017
Derivative, Collateral, Right to Reclaim Cash			$ 10,500
Barclays Bank PLC 1, Royal Bank of Canada-2 and SMBC Capital Markets, Inc-3 [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 31,600,000
Derivative, Fixed Interest Rate	3.00%
Derivative at purchase price	$ 991,000
Derivative, Maturity Date at a point in time	Aug. 15, 2019

Interest Rate Derivatives (Deta

Interest Rate Derivatives (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Bank of New York Mellon [Member]
Derivative [Line Items]
Derivative, Purchase Date		2010-09
Derivative Asset, Initial Notional Amount		$ 31,936,667
Derivative, Fixed Interest Rate		3.00%
Derivative, Maturity Date at a point in time		2017-09
Derivative at purchase price		$ 921,000
Derivative fair value	[1]	$ 86
Derivative, Variable Debt Financing Facility Hedged		M24 TEBS
Derivative, Maximum Potential Cost of Borrowing		5.00%
Barclays Bank PLC [Member]
Derivative [Line Items]
Derivative, Purchase Date		2010-09
Derivative Asset, Initial Notional Amount		$ 31,936,667
Derivative, Fixed Interest Rate		3.00%
Derivative, Maturity Date at a point in time		2017-09
Derivative at purchase price		$ 845,600
Derivative fair value	[1]	$ 86
Derivative, Variable Debt Financing Facility Hedged		M24 TEBS
Derivative, Maximum Potential Cost of Borrowing		5.00%
Royal Bank of Canada [Member]
Derivative [Line Items]
Derivative, Purchase Date		2010-09
Derivative Asset, Initial Notional Amount		$ 31,936,667
Derivative, Fixed Interest Rate		3.00%
Derivative, Maturity Date at a point in time		2017-09
Derivative at purchase price		$ 928,000
Derivative fair value	[1]	$ 86
Derivative, Variable Debt Financing Facility Hedged		M24 TEBS
Derivative, Maximum Potential Cost of Borrowing		5.00%
Deutsche Bank [Member]
Derivative [Line Items]
Derivative, Purchase Date		2013-08
Derivative Asset, Initial Notional Amount		$ 93,305,000
Derivative, Fixed Interest Rate		1.50%
Derivative, Maturity Date at a point in time		2017-09
Derivative at purchase price		$ 793,000
Derivative fair value	[1]	$ 8,546
Derivative, Variable Debt Financing Facility Hedged		M24 TEBS
Derivative, Maximum Potential Cost of Borrowing		3.50%
SMBC Capital Markets, Inc [Member]
Derivative [Line Items]
Derivative, Purchase Date		2014-02
Derivative Asset, Initial Notional Amount		$ 41,250,000
Derivative, Fixed Interest Rate		1.00%
Derivative, Maturity Date at a point in time		2017-03
Derivative at purchase price		$ 230,500
Derivative fair value	[1]	$ 1,500
Derivative, Variable Debt Financing Facility Hedged		PHC TOB Trusts
Derivative, Maximum Potential Cost of Borrowing		3.30%
SMBC Capital Markets, Inc-2 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2014-02
Derivative Asset, Initial Notional Amount		$ 11,000,000	$ 28,800,000
Derivative, Fixed Interest Rate		1.00%
Derivative, Maturity Date at a point in time		2017-03
Derivative at purchase price		$ 150,500
Derivative fair value	[1]	$ 400
Derivative, Variable Debt Financing Facility Hedged		MBS TOB Trusts
Derivative, Maximum Potential Cost of Borrowing		2.10%
Barclays Bank PLC 2 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2014-07
Derivative Asset, Initial Notional Amount		$ 31,565,000
Derivative, Fixed Interest Rate		3.00%
Derivative, Maturity Date at a point in time		2019-08
Derivative at purchase price		$ 315,200
Derivative fair value	[1]	$ 29,307
Derivative, Variable Debt Financing Facility Hedged		M31 TEBS
Derivative, Maximum Potential Cost of Borrowing		4.40%
Royal Bank of Canada-2 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2014-07
Derivative Asset, Initial Notional Amount		$ 31,565,000
Derivative, Fixed Interest Rate		3.00%
Derivative, Maturity Date at a point in time		2019-08
Derivative at purchase price		$ 343,000
Derivative fair value	[1]	$ 29,336
Derivative, Variable Debt Financing Facility Hedged		M31 TEBS
Derivative, Maximum Potential Cost of Borrowing		4.40%
SMBC Capital Markets, Inc-3 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2014-07
Derivative Asset, Initial Notional Amount		$ 31,565,000
Derivative, Fixed Interest Rate		3.00%
Derivative, Maturity Date at a point in time		2019-08
Derivative at purchase price		$ 333,200
Derivative fair value	[1]	$ 29,336
Derivative, Variable Debt Financing Facility Hedged		M31 TEBS
Derivative, Maximum Potential Cost of Borrowing		4.40%
Wells Fargo Bank [Member]
Derivative [Line Items]
Derivative, Purchase Date		2015-07
Derivative Asset, Initial Notional Amount		$ 28,095,000
Derivative, Fixed Interest Rate		3.00%
Derivative, Maturity Date at a point in time		2020-08
Derivative at purchase price		$ 210,000
Derivative fair value	[1]	$ 81,831
Derivative, Variable Debt Financing Facility Hedged		M33 TEBS
Derivative, Maximum Potential Cost of Borrowing		4.30%
Royal Bank of Canada-3 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2015-07
Derivative Asset, Initial Notional Amount		$ 28,095,000
Derivative, Fixed Interest Rate		3.00%
Derivative, Maturity Date at a point in time		2020-08
Derivative at purchase price		$ 187,688
Derivative fair value	[1]	$ 81,831
Derivative, Variable Debt Financing Facility Hedged		M33 TEBS
Derivative, Maximum Potential Cost of Borrowing		4.30%
SMBC Capital Markets, Inc-4 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2015-07
Derivative Asset, Initial Notional Amount		$ 28,095,000
Derivative, Fixed Interest Rate		3.00%
Derivative, Maturity Date at a point in time		2020-08
Derivative at purchase price		$ 174,900
Derivative fair value	[1]	$ 81,831
Derivative, Variable Debt Financing Facility Hedged		M33 TEBS
Derivative, Maximum Potential Cost of Borrowing		4.30%
[1]	For additional details, see Note 17 to the Company's consolidated financial statements.

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements Narrative Tagging (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	$ (146,053)	$ 10,632,590	$ (4,852,177)
Tolerable Range of Difference in Valuation	7.50%
Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	$ 5,600,000	$ 5,800,000

Fair Value Measurements Availab

Fair Value Measurements Available for sale securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 668,651,258	$ 535,793,465	$ 385,332,107	$ 668,651,258	$ 535,793,465	$ 385,332,107
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	535,793,465	385,332,107
Deconsolidation of VIE	0	0	55,000
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust				536,316,481	378,423,092
Available-for-sale Securities				47,366,656	70,601,045
Foreclosure of Available-for-Sale Securities			(4,080,734)
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities	22,896,089	7,214,136	2,764,286
Assets/Liabilities at Fair Value	668,651,258	535,793,465	385,332,107
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 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Observable inputs (level 2)				14,775,309	14,841,558	37,845,661
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	520,951,907	520,951,907	347,486,446	653,875,949	520,951,907	347,486,446
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value				653,875,949	520,951,907	347,486,446
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	520,951,907	347,486,446	212,530,276
Deconsolidation of VIE			8,795,630
Total gains (losses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	(1,802,655)	(2,003,351)	(283,610)
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	9,547,826	68,810,375	(26,372,085)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	188,572,000	142,794,827	151,542,000
Derivative at purchase price	562,088	1,382,900	793,001
Available-for-sale Securities				(41,580,919)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(22,374,298)	(7,054,492)	(930,817)
Assets/Liabilities at Fair Value	653,875,949	520,951,907	347,486,446
Fair Value, Inputs, Level 3 [Member] | Ohio Properties [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						19,581,166
Fair Value, Inputs, Level 3 [Member] | Greens of Pine Glen [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						9,465,000
Fair Value, Inputs, Level 3 [Member] | Iona Lakes [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities						(16,052,849)
Fair Value, Inputs, Level 3 [Member] | Woodland Park [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Foreclosure of Available-for-Sale Securities		(30,464,798)	(11,581,266)
Available-for-sale Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	583,683,137	449,024,137	285,318,171	583,683,137	449,024,137	285,318,171
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	449,024,137	285,318,171
Total gains (losses) (realized/unrealized) [Abstract]
Assets/Liabilities at Fair Value	583,683,137	449,024,137	285,318,171
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value				0	0	0
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Observable inputs (level 2)				0	0	0
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	449,024,137	449,024,137	285,318,171	583,683,137	449,024,137	285,318,171
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value				583,683,137	449,024,137	285,318,171
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	449,024,137	285,318,171	145,237,376
Deconsolidation of VIE			8,795,630
Total gains (losses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	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	9,370,264	52,272,236	(18,011,590)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	188,572,000	142,794,827	148,624,000
Derivative at purchase price	0	0	0
Available-for-sale Securities				(41,580,919)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(21,702,345)	(896,299)	(739,296)
Assets/Liabilities at Fair Value	583,683,137	449,024,137	285,318,171
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Ohio Properties [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						19,581,166
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Greens of Pine Glen [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						9,465,000
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Iona Lakes [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities						(16,052,849)
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Woodland Park [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Foreclosure of Available-for-Sale Securities		(30,464,798)	(11,581,266)
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	5,634,360	5,780,413		5,634,360	5,780,413
Liabilities at fair value		(4,852,177)	(4,852,177)			(4,852,177)
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	5,780,413
Liabilities at fair value		(4,852,177)
Total gains (losses) (realized/unrealized) [Abstract]
Assets/Liabilities at Fair Value	5,634,360	5,780,413
Liabilities at fair value			(4,852,177)
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value				0	0	0
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Observable inputs (level 2)				0	0	0
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	5,780,413	5,780,413	0	5,634,360	5,780,413
Liabilities at fair value		(4,852,177)	(4,852,177)			(4,852,177)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value				5,634,360	5,780,413
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liabilities Value						(4,852,177)
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	5,780,413		0
Liabilities at fair value		(4,852,177)
Deconsolidation of VIE			0
Total gains (losses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	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	(146,053)	10,632,590	(4,852,177)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0	0
Derivative at purchase price	0	0	0
Available-for-sale Securities				0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	0	0
Assets/Liabilities at Fair Value	5,634,360	5,780,413
Liabilities at fair value			(4,852,177)
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member] | Ohio Properties [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						0
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member] | Greens of Pine Glen [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						0
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member] | Iona Lakes [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities						0
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member] | Woodland Park [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Foreclosure of Available-for-Sale Securities		0	0
PHC Certificates [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	60,707,290	61,263,123	62,056,379	60,707,290	61,263,123	62,056,379
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	61,263,123	62,056,379
Total gains (losses) (realized/unrealized) [Abstract]
Assets/Liabilities at Fair Value	60,707,290	61,263,123	62,056,379
PHC Certificates [Member] | Fair Value, Inputs, Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value				0	0	0
PHC Certificates [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Observable inputs (level 2)				0	0	0
PHC Certificates [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	61,263,123	61,263,123	62,056,379	60,707,290	61,263,123	62,056,379
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value				60,707,290	61,263,123	62,056,379
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	61,263,123	62,056,379	65,389,298
Deconsolidation of VIE			0
Total gains (losses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	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	462,297	5,219,937	(3,276,398)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0	0
Derivative at purchase price	0	0	0
Available-for-sale Securities				0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(1,018,130)	(6,013,193)	(56,521)
Assets/Liabilities at Fair Value	60,707,290	61,263,123	62,056,379
PHC Certificates [Member] | Fair Value, Inputs, Level 3 [Member] | Ohio Properties [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						0
PHC Certificates [Member] | Fair Value, Inputs, Level 3 [Member] | Greens of Pine Glen [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						0
PHC Certificates [Member] | Fair Value, Inputs, Level 3 [Member] | Iona Lakes [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities						0
PHC Certificates [Member] | Fair Value, Inputs, Level 3 [Member] | Woodland Park [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Foreclosure of Available-for-Sale Securities		0	0
MBS Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	14,775,309	14,841,558	37,845,661	14,775,309	14,841,558	37,845,661
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	14,841,558	37,845,661
Total gains (losses) (realized/unrealized) [Abstract]
Assets/Liabilities at Fair Value	14,775,309	14,841,558	37,845,661
MBS Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value				0	0	0
MBS Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Observable inputs (level 2)				14,775,309	14,841,558	37,845,661
MBS Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value				0	0	0
Taxable Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	4,824,060	4,616,565	4,075,953	4,824,060	4,616,565	4,075,953
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	4,616,565	4,075,953
Total gains (losses) (realized/unrealized) [Abstract]
Assets/Liabilities at Fair Value	4,824,060	4,616,565	4,075,953
Taxable Bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value				0	0	0
Taxable Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Observable inputs (level 2)				0	0	0
Taxable Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	4,616,565	4,616,565	4,075,953	4,824,060	4,616,565	4,075,953
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value				4,824,060	4,616,565	4,075,953
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	4,616,565	4,075,953	1,524,873
Deconsolidation of VIE			0
Total gains (losses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	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	(138,682)	685,612	(231,920)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0	2,918,000
Derivative at purchase price	0	0	0
Available-for-sale Securities				0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	346,177	(145,000)	(135,000)
Assets/Liabilities at Fair Value	4,824,060	4,616,565	4,075,953
Taxable Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | Ohio Properties [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						0
Taxable Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | Greens of Pine Glen [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						0
Taxable Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | Iona Lakes [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities						0
Taxable Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | Woodland Park [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Foreclosure of Available-for-Sale Securities		0	0
Interest rate derivatives [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	267,669	267,669	888,120		267,669	888,120
Liabilities at fair value	(972,898)			(972,898)
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	267,669	888,120
Total gains (losses) (realized/unrealized) [Abstract]
Assets/Liabilities at Fair Value		267,669	888,120
Liabilities at fair value	(972,898)
Interest rate derivatives [Member] | Fair Value, Inputs, Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Method Investment, Quoted Market Value				0	0	0
Interest rate derivatives [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Observable inputs (level 2)				0	0	0
Interest rate derivatives [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	267,669	267,669	888,120		267,669	888,120
Liabilities at fair value	(972,898)			(972,898)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value					$ 267,669	888,120
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liabilities Value				(972,898)
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Assets/Liabilities at Fair Value	267,669	888,120	378,729
Deconsolidation of VIE			0
Total gains (losses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	(1,802,655)	(2,003,351)	(283,610)
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
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0	0
Derivative at purchase price	562,088	1,382,900	793,001
Available-for-sale Securities				$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	0	0
Assets/Liabilities at Fair Value		267,669	888,120
Liabilities at fair value	$ (972,898)
Interest rate derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | Ohio Properties [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						0
Interest rate derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | Greens of Pine Glen [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities, Fair Value Disclosure Held in Trust						0
Interest rate derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | Iona Lakes [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities						$ 0
Interest rate derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | Woodland Park [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Foreclosure of Available-for-Sale Securities		$ 0	$ 0

Fair Value Measurements Fair Ma

Fair Value Measurements Fair Market Value of Liabilities (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Debt financing	$ 456,431,288	$ 345,359,000
Mortgages payable	68,291,853	76,707,834
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Debt financing	475,353,549	345,359,000
Mortgages payable	68,291,853	76,707,834
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Debt financing	475,415,345	346,813,909
Mortgages payable	$ 67,735,213	$ 76,134,465

Commitments and Contingencies F

Commitments and Contingencies Fair Market Value Table (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015		Jun. 30, 2015	Dec. 31, 2014
Maximum Committed Amounts for 2016 through 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 78,340,000
Maximum Committed Amounts for 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 52,700,000
Silver Moon [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	Jun. 1, 2013
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Silver Moon [Member] | Maximum Committed Amounts for 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 8,000,000
Vantage at Harlingen [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	9.00%	[1],[2]		9.00%
Vantage at Judson [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	9.00%	[1],[2]		9.00%
15 West Apartments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	Jul. 1, 2014
Debt Instrument, Interest Rate, Stated Percentage	6.25%
15 West Apartments [Member] | Maximum Committed Amounts for 2016 through 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 9,900,000
Villas at Plano Gateway [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	Dec. 1, 2014
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Villas at Plano Gateway [Member] | Maximum Committed Amounts for 2016 through 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 20,000,000
Palo Alto [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	Jul. 1, 2015
Debt Instrument, Interest Rate, Stated Percentage	5.80%
Palo Alto [Member] | Maximum Committed Amounts for 2016 through 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 19,540,000
Village at River's Edge [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	May 1, 2015
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Village at River's Edge [Member] | Maximum Committed Amounts for 2016 through 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 11,000,000
Village at Avalon [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	Nov. 1, 2015
Debt Instrument, Interest Rate, Stated Percentage	5.80%
Village at Avalon [Member] | Maximum Committed Amounts for 2016 through 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 17,900,000
Series B [Member] | Silver Moon [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			12.00%
Series B [Member] | Vantage at Harlingen [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	Aug. 1, 2013
Debt Instrument, Interest Rate, Stated Percentage	6.00%		6.00%
Series B [Member] | Vantage at Harlingen [Member] | Maximum Committed Amounts for 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 18,000,000
Series B [Member] | Vantage at Judson [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	Dec. 1, 2012
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Series B [Member] | Vantage at Judson [Member] | Maximum Committed Amounts for 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 26,700,000
Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	5,634,360			$ 5,780,413
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	945,009			809,178
Bond Purchase Commitment [Member] | Villas at Plano Gateway [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	1,469,213			1,133,400
Bond Purchase Commitment [Member] | Palo Alto [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	1,439,600			0
Bond Purchase Commitment [Member] | Village at River's Edge [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	636,560			0
Bond Purchase Commitment [Member] | Village at Avalon [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	1,143,978			0
Bond Purchase Commitment [Member] | Series B [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] | Series B [Member] | Vantage at Judson [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 0			$ 1,990,535
[1]	Bonds owned by ATAX TEBS III, LLC, see Note 12
[2]	Bonds were restructured in 2015

Commitments and Contingencies N

Commitments and Contingencies Narrative Tagging (Details)	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)Unit	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Oct. 31, 2015USD ($)Unit
Property loan receivable, gross		$ 29,874,523	$ 22,191,515
Net increase in notes receivable		11,208,763	710,118	$ 1,603,083
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure		456,400,000
Vantage at Brooks and Vantage at New Braunfels [Member]
Property loan receivable, gross					$ 17,000,000
Number of Units in Real Estate Property | Unit					2
Vantage at Brooks and Vantage at New Braunfels [Member] | Scenario Forecast
Net increase in notes receivable	$ 9,300,000
Foundation for Affordable Housing [Member]
Property loan receivable, gross		$ 1,415,590	1,560,553
Number of Units in Real Estate Property | Unit		96
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 2,800,000
Greens of Pine Glen [Member]
Property loan receivable, gross		850,000	850,000
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 3,000,000
Percentage of Loss Contingency, Range of Possible Loss, Maximum		75.00%
Ohio Properties [Member]
Property loan receivable, gross		$ 2,390,448	$ 2,390,447
Percentage of Loss Contingency, Range of Possible Loss, Maximum		75.00%
Loss Contingency, Range of Possible Loss, Maximum		$ 4,800,000

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events Footnote Tagging (Details)	Jan. 31, 2016USD ($)UnitInteger	Jan. 31, 2016USD ($)UnitInteger	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Feb. 29, 2016USD ($)PropertyBrokerAgreement
Subsequent Event [Line Items]
Available-for-sale Securities			$ 47,366,656	$ 70,601,045
Debt financing			456,431,288	345,359,000
Available-for-sale Securities, Gross Realized Gain (Loss)			$ (630,919)	$ (2,413,713)	$ (651,849)
Subsequent Event
Subsequent Event [Line Items]
Partnership Execute Number of Broker Agreements | BrokerAgreement						2
Sell of MF Properties, Arboretum and Eagle Village | Property						2
Debt Instrument, Interest Rate, Stated Percentage	5.80%	5.80%
Debt Instrument, Call Feature		Jan. 1, 2027
Available-for-sale Security, Maturity Date at a point in time		Jan. 1, 2052
Number of Units in Real Estate Property | Unit	180	180
Proceeds from Sale of Available-for-sale Securities	$ 15,000,000
Number of Available for Sale Securities, Held in a Trust | Integer	3	3
Available-for-sale Securities, Gross Realized Gain (Loss)		$ 0
Subsequent Event | Derivative
Subsequent Event [Line Items]
Proceeds from Sale of Available-for-sale Securities		11,000,000
Subsequent Event | Senior Series 2016 [Member]
Subsequent Event [Line Items]
Available-for-sale Securities	$ 11,500,000	11,500,000
Subsequent Event | May 2015 Credit Agreement [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity						$ 2,500,000
Line of Credit Facility, Maximum Borrowing Capacity						$ 40,000,000
Subsequent Event | TOB Facility [Member]
Subsequent Event [Line Items]
Debt financing	$ 11,900,000	$ 11,900,000

Segment Reporting Footnote Tagg

Segment Reporting Footnote Tagging (Details)	12 Months Ended
	Dec. 31, 2015PropertyUnitIntegerSegment	Dec. 31, 2013Segment
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment	4	5
Number of Available for Sale Securities, Public Housing Authorities	2
Other Investments [Member]
Segment Reporting Information [Line Items]
Assets percentage	25.00%
Partnership [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities	60
Number of Units in Real Estate Property | Unit	8,041
Real Estate [Member]
Segment Reporting Information [Line Items]
Number of Units in Real Estate Property | Unit	2,217
Number of Real Estate Properties | Property	8
Variable Interest Entity, Not Primary Beneficiary [Member] | Partnership [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities	64
Disposal Group Heldforsale Not Discontinued Operations
Segment Reporting Information [Line Items]
Number of Available for Sale Securities	2

Segment Reporting Segment Repor

Segment Reporting Segment Reporting (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues [Abstract]
Total revenues	$ 20,841,336	$ 14,084,872	$ 17,119,567	$ 12,506,625	$ 11,731,863	$ 11,043,537	$ 10,467,428	$ 12,399,967	$ 64,552,400	$ 45,642,795	$ 44,286,978
Interest Expense [Abstract]
Interest expense									14,826,217	11,165,911	6,990,844
Depreciation [Abstract]
Depreciation expense									5,888,973	4,801,533	4,262,600
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest									22,884,825	14,976,415	14,645,791
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	13,322,624	$ 2,540,649	$ 8,221,271	$ 2,524,479	2,020,746	$ 3,307,829	$ 3,658,457	$ 6,046,829	26,609,023	15,033,861	17,714,919
Assets
Total assets	872,514,595				744,239,217				872,514,595	744,239,217	534,233,032
Available-for-sale Securities [Member]
Revenues [Abstract]
Total revenues									38,943,794	26,929,446	26,826,785
Interest Expense [Abstract]
Interest expense									10,787,252	7,147,092	3,082,739
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest									18,094,959	13,181,961	13,806,271
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)									18,094,959	13,181,961	13,806,271
Assets
Total assets	854,161,483				698,637,412				854,161,483	698,637,412	442,175,645
MF Properties [Member]
Revenues [Abstract]
Total revenues									22,388,234	14,250,572	11,358,719
Interest Expense [Abstract]
Interest expense									2,659,350	2,319,928	2,152,010
Depreciation [Abstract]
Depreciation expense									5,888,973	4,801,533	3,804,499
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest									2,964,297	(938,151)	(1,837,076)
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)									2,967,098	(933,478)	1,343,405
Assets
Total assets	142,173,643				101,696,235				142,173,643	101,696,235	83,580,479
Public Housing Capital Fund Trusts [Member]
Revenues [Abstract]
Total revenues									2,994,482	3,038,819	3,261,611
Interest Expense [Abstract]
Interest expense									1,221,713	1,295,238	1,292,540
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest									1,758,022	1,714,968	1,940,459
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)									1,758,022	1,714,968	1,940,459
Assets
Total assets	61,021,462				61,577,848				61,021,462	61,577,848	62,449,028
MBS Securities Investments [Member]
Revenues [Abstract]
Total revenues									225,890	1,423,958	1,601,270
Interest Expense [Abstract]
Interest expense									157,902	403,653	463,555
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest									67,547	1,017,637	1,055,736
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)									67,547	1,017,637	1,055,736
Consolidated VIEs [Member]
Revenues [Abstract]
Total revenues											10,943,968
Interest Expense [Abstract]
Interest expense											1,034,584
Depreciation [Abstract]
Depreciation expense											458,101
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest											8,337,601
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)											8,337,601
Consolidation, Eliminations [Member]
Revenues [Abstract]
Total revenues											(9,705,375)
Interest Expense [Abstract]
Interest expense											(1,034,584)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest											(8,657,200)
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)											(8,657,200)
Assets
Total assets	(199,877,054)				(145,977,602)				(199,877,054)	(145,977,602)	(106,419,611)
Discontinued Operations [Member]
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)									3,721,397	52,773	(111,353)
Assets
Total assets					13,204,015					13,204,015	14,019,837
Mortgage-Backed Securities [Member]
Assets
Total assets	$ 15,035,061				$ 15,101,309				$ 15,035,061	$ 15,101,309	$ 38,427,654

Summary of Unaudited Quarterl97

Summary of Unaudited Quarterly Results of Operations Quarterly Results (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Income And Expenses [Abstract]
Revenues	$ 20,841,336	$ 14,084,872	$ 17,119,567	$ 12,506,625	$ 11,731,863	$ 11,043,537	$ 10,467,428	$ 12,399,967	$ 64,552,400	$ 45,642,795	$ 44,286,978
Income from continuing operations	10,115,987	2,286,383	7,983,295	2,499,160	2,063,806	3,297,958	3,627,571	5,987,080	22,884,825	14,976,415	14,645,791
Income (loss) from discontinued operations	3,204,788	253,894	238,287	24,428	(44,107)	6,722	30,512	59,646
Net income - America First Multifamily Investors, L.P.	$ 13,322,624	$ 2,540,649	$ 8,221,271	$ 2,524,479	$ 2,020,746	$ 3,307,829	$ 3,658,457	$ 6,046,829	$ 26,609,023	$ 15,033,861	$ 17,714,919
Income from continuing operations, per unit	$ 0.15	$ 0.03	$ 0.12	$ 0.04	$ 0.04	$ 0.06	$ 0.05	$ 0.10	$ 0.34	$ 0.25	$ 0.32
Income from discontinued operations, per unit	(0.01)	0.01									0.08
Net income, basic and diluted, per unit	$ 0.14	$ 0.04	$ 0.12	$ 0.04	$ 0.04	$ 0.06	$ 0.05	$ 0.10	$ 0.34	$ 0.25	$ 0.40