Greystone Housing Impact Investors (GHI) 10-Q 2 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
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-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Trading Symbol	ATAX
Entity Common Stock, Units Outstanding	0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 17,822,453	$ 17,035,782
Restricted cash	8,753,563	8,950,374
Interest receivable	6,014,520	5,220,859
Mortgage revenue bonds held in trust, at fair value (Note 4)	535,399,114	536,316,481
Mortgage revenue bonds, at fair value (Note 4)	60,977,254	47,366,656
Public housing capital fund trusts, at fair value (Note 5)	60,505,340	60,707,290
Mortgage-backed securities, at fair value (Note 6)		14,775,309
Real estate assets: (Note 7)
Land and improvements	17,983,300	17,887,505
Buildings and improvements	139,232,348	139,153,699
Real estate assets before accumulated depreciation	157,215,648	157,041,204
Accumulated depreciation	(17,670,045)	(16,023,814)
Net real estate assets	139,545,603	141,017,390
Investment in an unconsolidated entity (Note 8)	2,442,846
Other assets (Note 9)	42,992,145	35,720,342
Total Assets	874,452,838	867,110,483
Liabilities
Accounts payable, accrued expenses and other liabilities	5,555,619	5,667,948
Distribution payable	7,607,693	8,759,343
Unsecured lines of credit (Note 11)	27,984,639	17,497,000
Debt financing (Note 12)	430,307,422	451,496,716
Mortgages payable and other secured financing (Note 13)	69,053,487	69,247,574
Derivative swap, at fair value (Note 15)	2,227,074	1,317,075
Total Liabilities	$ 542,735,934	$ 553,985,656
Commitments and Contingencies (Note 17)
Redeemable Series A preferred units, $10.0 redemption value, 10.0 million authorized, 1.0 and 0.0 million issued and outstanding, respectively (Note 18)	$ 9,980,965
Partnersʼ Capital
General Partner (Note 1)	527,043	$ 399,077
Beneficial Unit Certificate holders	321,203,422	312,720,264
Total Partnersʼ Capital	321,730,465	313,119,341
Noncontrolling interest (Note 7)	5,474	5,486
Total Capital	321,735,939	313,124,827
Total Liabilities and Partnersʼ Capital	$ 874,452,838	$ 867,110,483

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Condensed Consolidated Balance Sheets [Abstract]
Redeemable preferred units redemption value per unit	$ 10	$ 10
Redeemable preferred units, authorized	10,000,000	10,000,000
Redeemable preferred units, issued	1,000,000	0
Redeemable preferred units, outstanding	1,000,000	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Property revenues	$ 5,074,104	$ 4,302,301
Investment income	9,157,234	7,979,784
Contingent interest income	174,396
Other interest income	514,125	224,540
Gain on sale of securities	8,097
Total revenues	14,927,956	12,506,625
Expenses:
Real estate operating (exclusive of items shown below)	2,636,677	2,471,030
Depreciation and amortization	2,124,898	1,454,179
Amortization of deferred financing costs	532,187	338,599
Interest	4,770,135	3,936,176
General and administrative	2,332,371	1,807,481
Total expenses	12,396,268	10,007,465
Income from continuing operations	2,531,688	2,499,160
Income from discontinued operations		24,428
Net income	2,531,688	2,523,588
Net loss attributable to noncontrolling interest	(12)	(891)
Net income - America First Multifamily Investors, L.P.	2,531,700	2,524,479
Net income	2,531,688	2,523,588
Redeemable Series A preferred unit distribution and accretion	(1,684)
Net income available to Partners and noncontrolling interest	2,530,004	2,523,588
Net income (loss) available to Partners and noncontrolling interest allocated to:
General Partner	67,155	26,706
Limited Partners - Unitholders	2,462,861	2,643,939
Unallocated loss of Consolidated VIEs		(146,166)
Net loss attributable to noncontrolling interest	(12)	(891)
Net income available to Partners and noncontrolling interest	$ 2,530,004	$ 2,523,588
Unitholdersʼ interest in net income per unit (basic and diluted):
Income from continuing operations	$ 0.04	$ 0.04
Net income, basic and diluted, per unit	0.04	0.04
Distributions declared, per unit	$ 0.125	$ 0.125
Weighted average number of units outstanding, basic and diluted	60,252,928	60,252,928

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 2,531,688	$ 2,523,588
Reversal of net unrealized gain on sale of securities	(236,439)
Unrealized gain (loss) on securities	12,337,427	(1,057,235)
Unrealized gain (loss) on bond purchase commitments	1,587,813	(576,225)
General Partner	67,155	26,706
Limited Partners - Unitholders	2,462,861	2,643,939
Unallocated loss of Consolidated Property VIEs		(146,166)
Accumulated Other Comprehensive Income (Loss) [Member]
Net income	2,531,688	2,523,588
Reversal of net unrealized gain on sale of securities	(236,439)
Unrealized gain (loss) on securities	12,337,427	(1,057,235)
Unrealized gain (loss) on bond purchase commitments	1,587,813	(576,225)
Comprehensive income	16,220,489	890,128
General Partner	204,060	10,372
Limited Partners - Unitholders	16,016,441	1,026,813
Unallocated loss of Consolidated Property VIEs		(146,166)
Comprehensive income - America First Multifamily Investors, L.P.	16,220,501	891,019
Comprehensive loss allocated to noncontrolling interest	(12)	(891)
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized gain (loss) on bond purchase commitments	$ 1,587,813	$ (576,225)

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - USD ($)	Total	General Partner	Number of Units	Limited Partner [Member]	Unallocated Deficit of Consolidated VIEs	Noncontrolling Interest	Accumulated Other Comprehensive Income (Loss) [Member]
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	(7,607,693)	(76,077)		(7,531,616)
Net income (loss) allocated to Partners and noncontrolling interests:
Net income (loss)	2,523,588	26,706		2,643,939	(146,166)	(891)	2,523,588
Unrealized gain (loss) on securities	(1,057,235)	(10,572)		(1,046,663)			(1,057,235)
Unrealized gain (loss) on bond purchase commitment	(576,225)	(5,762)		(570,463)			(576,225)
Balance at Mar. 31, 2015	303,210,339	512,533		323,952,314	$ (21,237,622)	(16,886)	50,064,958
Partners' Capital Account, Units at Mar. 31, 2015			60,252,928
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
Reversal of net unrealized gain on sale of securities	(236,439)	(2,364)		(234,075)			(236,439)
Distributions paid or accrued	(7,607,693)	(76,077)		(7,531,616)
Net income (loss) allocated to Partners and noncontrolling interests:
Redeemable Series A Preferred Unit distribution accrued and accretion	(1,684)	(17)		(1,667)
Net income (loss)	2,531,688	67,172		2,464,528		(12)	2,531,688
Unrealized gain (loss) on securities	12,337,427	123,374		12,214,053			12,337,427
Unrealized gain (loss) on bond purchase commitment	1,587,813	15,878		1,571,935			1,587,813
Balance at Mar. 31, 2016	$ 321,735,939	$ 527,043		$ 321,203,422		$ 5,474	$ 74,652,488
Partners' Capital Account, Units at Mar. 31, 2016			60,252,928

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 2,531,688	$ 2,523,588
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	2,124,898	1,693,299
Gain on sale of securities	(8,097)
Non-cash loss on derivatives	1,110,407	899,873
Bond premium/discount amortization	(33,573)	(36,933)
Amortization of deferred financing costs	532,187	338,599
Changes in operating assets and liabilities, net of effect of acquisitions
Increase in interest receivable	(793,661)	(1,684,804)
(Increase) Decrease in other assets	(354,030)	127,115
(Decrease) Increase in accounts payable and accrued expenses	(244,234)	311,641
Net cash provided by operating activities	4,865,585	4,172,378
Cash flows from investing activities:
Capital expenditures	(157,084)	(91,968)
Acquisition of mortgage revenue bonds	(11,500,000)	(58,945,000)
Proceeds from sale of mortgage revenue bond	9,295,000
Proceeds from the sale of MBS Securities	14,997,069
Contributions to an unconsolidated entity	(2,442,846)
Restricted cash - debt collateral paid	(750,000)	1,370,000
Restricted cash - debt collateral released	484,334
(Increase) decrease in restricted cash	134,615	(46,780)
Principal payments received on mortgage revenue bonds	1,523,757	202,888
Restructure and acquisition of interest rate derivative		10,500
Funding of notes receivable	(5,836,758)	(39,337)
Repayments of notes receivable	8,516
Net cash provided by (used in) investing activities	6,084,465	(55,065,448)
Cash flows from financing activities:
Distributions paid	(8,759,343)	(7,617,390)
Proceeds from the sale of redeemable Series A Preferred Units	10,000,000
Payment of offering costs related to the sale of redeemable Series A preferred units	(19,052)
Proceeds from debt financing		48,285,000
Principal payments on debt financing	(21,600,363)	(25,761,768)
Principal borrowing on other secured financing		1,425,261
Principal payments on mortgages payable	(234,752)	(262,383)
Principal borrowing on unsecured lines of credit	15,487,639	10,000,000
Principal payments on unsecured lines of credit	(5,000,000)
Decrease in security deposit liability	62,399	46,780
Debt financing and other deferred costs	(99,907)	(210,526)
Net cash (used in) provided by financing activities	(10,163,379)	25,904,974
Net increase (decrease) in cash and cash equivalents	786,671	(24,988,096)
Cash and cash equivalents at beginning of year, including cash and cash equivalents of discontinued operations of $0 and $35,772, respectively	17,035,782	49,193,343
Cash and cash equivalents at end of year, including cash and cash equivalents of discontinued operations of $0 and $25,023, respectively	17,822,453	24,205,247
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	3,646,802	2,833,471
Supplemental disclosure of non cash investing and financing activities:
Distributions declared but not paid	7,609,360	7,607,693
Capital expenditures financed through accounts and notes payable	17,360	56,806
M24, M31 and M33 TEBS Financing Facilities [Member]
Cash flows from investing activities:
(Increase) decrease in restricted cash	$ 327,862	$ 2,474,249

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows Parenthetical - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Statement Of Cash Flows [Abstract]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 0	$ 0	$ 25,023	$ 35,772

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Basis Of Presentation [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	1. Basis of Presentation General America First Multifamily Investors, L.P. (the “Company” or “Partnership”) 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 residential properties (collectively “Residential Properties”) and commercial properties. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. As a result, most of the income earned by the Partnership is exempt from federal income taxes. The Partnership may also invest in other types of securities that may or may not be secured by real estate and may make property loans secured by multifamily residential properties which are financed by mortgage revenue bonds held by the Partnership. The Partnership may, acquire real estate securing its mortgage revenue bonds or property loans through foreclosure in the event of a default or through the receipt of a fee simple deed in lieu of foreclosure. In addition, the Partnership may acquire interests in multifamily, student, and senior citizen residential properties (“MF Properties”) in order to position itself for future investments in mortgage revenue bonds issued to finance these properties or to operate the MF Property until its “highest and best use” can be determined by management. The Partnership expects to sell its interest in these MF Properties in connection with the future syndication of low income housing tax credits under Section 42 of the Internal Revenue Code (“LIHTCs”) or to a tax-exempt organization and to acquire mortgage revenue bonds on these properties to provide debt financing to the new owners. The general partner is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”). The general partner of AFCA2 is The Burlington Capital Group LLC (“Burlington”). The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partner interests to investors (“Unitholders”). In March 2016, the Partnership issued, in a private placement, 1.0 million newly-designated non-cumulative, non-voting, non-convertible Series A Preferred Units (“Series A Preferred Units”) which are redeemable and represents limited partnership interests in the Partnership pursuant to a subscription agreement with a financial institution resulting in $10.0 million in aggregate proceeds to the Partnership (Note 18). 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 a limited partnership in which one of the wholly-owned subsidiaries (a “Holding Company”) holds a 99% limited partner interest. All intercompany transactions are eliminated. On March 31, 2016, the consolidated subsidiaries of the Partnership (the “Consolidated Subsidiaries”) consist of: · ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created in 2010 to hold mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac (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 (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 or provide equity for the development of multifamily properties (see Notes 8 and 9). · Eight MF Properties which are either wholly or majority owned by the Partnership or subsidiaries of the Partnership (see Note 7). For the three months ended March 31, 2015, two properties, Bent Tree and Fairmont Oaks, in which the Partnership did not hold an ownership interest but which owned multifamily properties financed with mortgage revenue bonds owned by the Partnership were variable interest entities (“VIEs”) and were sold in the fourth quarter of 2015. The Partnership had been determined to be the primary beneficiary of these VIEs, the “Consolidated VIEs”. The Partnership determined the sales qualified to be presented as discontinued operations. As such, the results of operations for the three months ended March 31, 2015 are presented as discontinued operations and all other significant transactions and accounts between the Partnership and the VIEs have been eliminated in consolidation (Notes 3, 7, and 10). The General Partner does not believe that the consolidation of VIEs for reporting under accounting principles generally accepted in the United States of America (“GAAP”) impacts the Partnership’s status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership, the treatment of the mortgage revenue bonds on the properties owned by Consolidated VIEs as debt, the nature of the interest payments, which it believes to be tax-exempt, received on the mortgage revenue bonds secured by the properties owned by Consolidated VIEs or the manner in which the Partnership’s income is reported to Unitholders on IRS Form K-1. The unallocated deficit of the Consolidated VIEs was 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 First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as amended (the “Amended and Restated LP Agreement”). During the three months ended March 31, 2016, the Partnership invested and committed to invest, through its wholly owned subsidiary, ATAX Vantage Holdings, LLC, in Vantage Corpus Christi Holdings, LLC (“Vantage”) Vantage and therefore, accounts for its limited partnership interest under The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. These condensed consolidated financial statements and notes have been prepared consistently with the 2015 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position on March 31, 2016, and the results of operations for the interim periods presented have been made. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. In the first quarter of 2016, the Partnership began to classify its amortization of deferred financing costs as a separate line within the Partnership’s Condensed Consolidated Statements of Operations. Previously this amount had been classified within depreciation and amortization. Accordingly, for the three months ended March 31, 2015, the Partnership has reclassified the amortization of deferred financing costs and has included them in conformity with the three months ended March 31, 2016. This reclassification has no effect on the Partnership’s reported net income or partners’ capital in the Partnership’s condensed consolidated financial statements for the periods presented.

Partnership Income, Expense and

Partnership Income, Expense and Cash Distributions	3 Months Ended
	Mar. 31, 2016
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income Expenses and Cash Distributions Text Block	2. Partnership Income, Expenses and Cash Distributions The Amended and Restated LP Agreement of the Partnership contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments. Income and losses will be allocated to each Unitholder on a periodic basis, as determined by the General Partner, based on the number of BUCs held by each Unitholder as of the last day of the period for which such allocation is to be made. Distributions of Net Interest Income and Net Residual Proceeds will be made to each Unitholder of record on the last day of each distribution period based on the number of BUCs held by each Unitholder as of such date. For purposes of the Amended and Restated LP Agreement, cash distributions, if any, received by the Partnership from its investment in MF Properties (Note 7) will be included in the Partnership’s Interest Income and cash distributions received by the Partnership from the sale of such properties will be included in the Partnership’s Residual Proceeds. Series A Preferred Units were created pursuant to the First Amendment to the Amended and Restated LP Agreement (the “First Amendment”), which became effective on March 30, 2016 and is filed as Exhibit 3.1 to Form 8-K filed on March 31, 2016 and incorporated by reference. Holders of the Series A Preferred Units will be entitled to receive, when, as, and if declared by the General Partner out of funds legally available for the payment of distributions, non-cumulative cash distributions at the rate of 3.00% per annum of the $10.00 per unit purchase price of the Series A Preferred Units, payable quarterly. With respect to anticipated quarterly distributions and rights upon liquidation, dissolution, or the winding-up of the Partnership’s affairs, the Series A Preferred Units will rank senior to the Partnership’s BUCs and to any other class or series of Partnership interests or securities expressly designated as ranking junior to the Series A Preferred Units, and junior to any other class or series of Partnership interests or securities expressly designated as ranking senior to the Series A Preferred Units. Cash distributions are currently made on a quarterly basis but may be made on a monthly or semiannual basis at the election of AFCA 2. On each distribution date, Net Interest Income is distributed 99% to the Unitholders and 1% to AFCA 2 and Net Residual Proceeds are distributed 100% to Unitholders except that Net Interest Income and Net Residual Proceeds representing contingent interest in an amount equal to 0.9% per annum of the principal amount of the mortgage revenue bonds on a cumulative basis (defined as Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2), respectively) are distributed 75% to the Unitholders and 25% to AFCA 2.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities [Text Block]	3. Variable Interest Entities The Partnership reviewed and re-evaluated each entity in which it holds a variable interest to identify if any of the variable interests have become reportable VIEs or Consolidated VIEs pursuant to new guidance issued in 2015 that had an effective date of January 1, 2016. The Partnership re-evaluated its investments related to mortgage revenue bonds, property loans, and investment in an unconsolidated entity. The Partnership invests in mortgage revenue bonds which have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties throughout the United States. The Partnership owns 100% of these mortgage revenue bonds and each bond is secured by a first mortgage on the property. In certain cases, the Partnership has also made property loans to the property owners which may be secured by second mortgages on these properties. 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. In addition, the Partnership evaluated its investment in an unconsolidated entity and concluded the limited membership interest created a variable interest. Once the Partnership concluded these entities were VIEs, it needed to evaluate whether the VIE should be consolidated. For the Partnership to consolidate a VIE, it must be considered the primary beneficiary of the VIE. In determining the primary beneficiary of a VIE, the Partnership considers the activities of the VIE which most significantly impact their economic performance and who has the power to control such activities. The Partnership also considers the related party relationship of the entities involved in the VIEs. At March 31, 2016 and December 31, 2015, with the exception of the PHCs (Note 5) MBS Securities (Note 6) and TEBS and TOB Trusts, the Partnership determined it is not the primary beneficiary of any of the VIEs and therefore the Partnership has no consolidated VIEs. In the first quarter of 2016, the Partnership made an equity investment in Vantage. The Partnership has determined its limited membership interest in Vantage is a variable interest, but it is not the primary beneficiary of the entity, therefore, Vantage is a VIE at March 31, 2016. The Partnership concluded it was the primary beneficiary of two properties, Bent Tree and Fairmont Oaks, and therefore, reported these two properties as Consolidated VIEs for the three months ended March 31, 2015. In the fourth quarter of 2015 the Partnership’s Consolidated VIEs, Bent Tree and Fairmont Oaks, were sold. As a result, these entities met the criteria for discontinued operations presentation in the Partnership’s condensed consolidated financial statements for the three months ended March 31, 2015. The Partnership eliminated the Consolidated VIE segment in the fourth quarter of 2015 (see Notes 7, 10, and 21). With the exception of Vantage, the PHCs (Note 5), MBS Securities (Note 6) and TEBS and TOB Trusts, the following table presents information regarding the Partnership’s variable interests in VIEs held by the Partnership on March 31, 2016 and December 31, 2015 that the Partnership did not consolidate: March 31, 2016 Balance Sheet Classification Maximum Exposure to Loss Mortgage Revenue Bond Property Loan Mortgage Revenue Bond Property Loan Ashley Square Apartments $ 5,600,695 $ 1,482,000 $ 5,084,000 $ 5,078,342 Bridle Ridge 8,552,233 - 7,565,000 - Bruton Apartments 20,454,301 - 18,145,000 - Columbia Gardens 14,915,592 - 15,222,003 - Glenview Apartments 6,829,007 - 6,723,000 - Harden Ranch 7,725,305 - 6,960,000 - Montclair Apartments 3,582,096 - 3,458,000 - Santa Fe Apartments 4,933,037 - 4,736,000 - Seasons at Simi Valley 6,803,653 - 6,320,000 - Sycamore Walk 5,493,352 - 5,447,000 - Tyler Park Apartments 6,636,002 - 6,065,947 - Vantage at Braunfels, LLC - 6,578,789 - 6,578,789 Vantage at Brooks, LLC - 7,406,905 - 7,406,905 Westside Village Market 4,220,252 - 3,964,084 - Willow Run 14,916,596 - 15,221,965 - Woodlyn Village 4,917,283 - 4,351,000 $ 115,579,404 $ 15,467,694 $ 109,262,999 $ 19,064,036 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 - Totals $ 111,052,042 $ 13,004,505 $ 103,483,793 $ 19,464,977 The mortgage revenue bonds are classified on the Condensed Consolidated Balance Sheet as available-for-sale investments and are carried at fair value while property loans are presented on the balance sheet as other assets and are carried at the unpaid principal less any loan loss allowances. See Note 4 for additional information regarding the mortgage revenue bonds and Note 9 for additional information regarding the property loans. The maximum exposure to loss for the mortgage revenue bonds is equal to the unpaid principal balance on March 31, 2016. The maximum exposure to loss on the property loans at March 31, 2016 and December 31, 2015 is equal to the unpaid principal balance plus accrued interest. The difference between the mortgage revenue bond’s carrying value and the maximum exposure to loss is a function of the unrealized gains or losses on the mortgage revenue bonds. The difference between the property loans’ carrying value and the maximum exposure is the value of loan loss allowances that have been previously recorded against the outstanding property loan balances.

Investments in Mortgage Revenue

Investments in Mortgage Revenue Bonds	3 Months Ended
	Mar. 31, 2016
Investments In Mortgage Revenue Bonds [Abstract]
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block]	4. Investments in Mortgage Revenue Bonds Mortgage revenue bonds owned by the Partnership have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties. Mortgage revenue bonds are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 12). The Partnership had the following investments in mortgage revenue bonds on March 31, 2016 and December 31, 2015: March 31, 2016 Description of Mortgage Revenue Bonds Held in Trust Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,546,822 $ 2,000,796 $ - $ 13,547,618 Ashley Square (1) 5,084,000 516,695 - 5,600,695 Avistar at Chase Hill - Series A (3) 9,913,418 1,125,098 - 11,038,516 Avistar at the Crest - Series A (3) 9,616,015 1,498,546 - 11,114,561 Avistar at the Oaks - Series A (3) 7,761,097 996,264 - 8,757,361 Avistar at the Parkway - Series A (4) 13,300,000 583,196 - 13,883,196 Avistar in 09 - Series A (3) 6,701,407 860,235 - 7,561,642 Avistar on the Boulevard - Series A (3) 16,381,921 2,201,078 - 18,582,999 Avistar on the Hills - Series A (3) 5,362,122 726,311 - 6,088,433 Bella Vista (1) 6,430,000 922,898 - 7,352,898 Bridle Ridge (1) 7,565,000 987,233 - 8,552,233 Brookstone (1) 7,467,724 1,569,277 - 9,037,001 Bruton Apartments (2) 18,145,000 2,309,301 - 20,454,301 Columbia Gardens (2) 15,222,003 - (306,411 ) 14,915,592 Concord at Gulfgate - Series A (2) 17,060,000 1,375,668 - 18,435,668 Concord at Little York - Series A (2) 12,480,000 874,828 - 13,354,828 Concord at Williamcrest - Series A (2) 18,020,000 1,453,104 - 19,473,104 Copper Gate Apartments (3) 5,185,000 690,953 - 5,875,953 Cross Creek (1) 6,107,366 3,167,507 - 9,274,873 Decatur Angle (2) 23,000,000 2,080,032 - 25,080,032 Glenview Apartments - Series A (4) 4,670,000 114,116 - 4,784,116 Greens Property - Series A (3) 8,273,000 1,407,067 - 9,680,067 Harden Ranch - Series A (3) 6,960,000 765,305 - 7,725,305 Heritage Square - Series A (4) 11,185,000 1,390,428 - 12,575,428 Lake Forest (1) 8,736,000 1,298,086 - 10,034,086 Live 929 Apartments (2) 40,770,518 6,794,144 - 47,564,662 Montclair Apartments - Series A (4) 2,530,000 125,674 - 2,655,674 Pro Nova 2014-1 (2) 10,044,200 885,700 - 10,929,900 Ohio Properties - Series A (1) 14,287,000 3,197,018 - 17,484,018 Renaissance - Series A (4) 11,425,883 1,462,013 - 12,887,896 Runnymede (1) 10,350,000 1,851,305 - 12,201,305 Santa Fe Apartments - Series A (4) 3,065,000 199,878 - 3,264,878 Silver Moon - Series A (4) 7,971,455 1,432,372 - 9,403,827 Southpark (1) 11,819,121 4,338,026 - 16,157,147 The Palms at Premier Park Apartments (3) 19,958,648 2,902,945 - 22,861,593 Tyler Park Townhomes - Series A (3) 6,065,947 570,055 - 6,636,002 Vantage at Harlingen - Series B (4) 24,575,000 2,268,925 - 26,843,925 Vantage at Judson -Series B (4) 26,507,380 3,166,270 - 29,673,650 Westside Village Market - Series A (3) 3,964,084 256,168 - 4,220,252 Willow Run (2) 15,221,965 - (305,369 ) 14,916,596 Woodlynn Village (1) 4,351,000 566,283 - 4,917,283 Mortgage revenue bonds held in trust $ 475,080,096 $ 60,930,798 $ (611,780 ) $ 535,399,114 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 12 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 12 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 12 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 12 March 31, 2016 Description of Mortgage Revenue Bonds Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill - Series B $ 960,929 $ 98,609 $ - $ 1,059,538 Avistar at the Crest - Series B 755,798 99,068 - 854,866 Avistar at the Oaks - Series B 552,662 72,842 - 625,504 Avistar at the Parkway - Series B 125,000 494 - 125,494 Avistar in 09 - Series B 455,896 60,088 - 515,984 Avistar on the Boulevard - Series B 449,097 58,867 - 507,964 Companion at Thornhill Apartments 11,500,000 1,404,405 - 12,904,405 Concord at Gulfgate - Series B 2,125,000 124,242 - 2,249,242 Concord at Little York - Series B 960,000 3,364 - 963,364 Concord at Williamcrest - Series B 2,800,000 80,041 - 2,880,041 Crossing at 1415 7,925,000 345,376 - 8,270,376 Glenview Apartments - Series B 2,053,000 - (8,109 ) 2,044,891 Greens Property - Series B 942,560 165,321 - 1,107,881 Heights at 515 6,945,000 298,292 - 7,243,292 Heritage Square - Series B 520,000 39,156 - 559,156 Montclair Apartments - Series B 928,000 - (1,578 ) 926,422 Ohio Properties - Series B 3,559,200 614,470 - 4,173,670 Santa Fe Apartments - Series B 1,671,000 - (2,841 ) 1,668,159 Seasons at Simi Valley 6,320,000 483,653 - 6,803,653 Sycamore Walk 5,447,000 46,352 - 5,493,352 Mortgage revenue bonds $ 56,995,142 $ 3,994,640 $ (12,528 ) $ 60,977,254 December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust Cost Unrealized Unrealized Estimated 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) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 12 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 12 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 12 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 12 December 31, 2015 Description of Mortgage Revenue Bonds Cost Unrealized Unrealized 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 In March 2016, the Partnership sold the Pro Nova 2014-2 bond for approximately $9.5 million, which approximated the mortgage revenue bond’s carrying value plus accrued interest. The Partnership used approximately $8.4 million of the proceeds from the sale to pay in full and collapse the TOB Trust, which securitized this mortgage revenue bond (Note 12). The following table includes the details of the mortgage revenue bond acquisitions during the first quarter of 2016: Property Name Month Acquired Location Units Maturity Date Base Interest Rate Principal Outstanding at March 31, 2016 Companion at Thornhill Apartments January Lexington, SC 180 1/1/2052 5.80 % 11,500,000 The following table provides the details of the mortgage revenue bond acquisitions during the first quarter of 2015: Property Name Month Acquired Location Units Maturity Date Base Interest Rate Principal Outstanding at March 31, 2015 Suites on Paseo Series B March San Diego, CA 394 12/1/2033 9.00 % 5,500,000 Concord at Gulfgate - Series A January Houston, TX 288 2/1/2032 6.00 % 17,060,000 Concord at Gulfgate - Series B January Houston, TX 288 3/1/2032 12.00 % 2,125,000 Concord at Little York - Series A January Houston, TX 276 2/1/2032 6.00 % 12,480,000 Concord at Little York - Series B January Houston, TX 276 3/1/2032 12.00 % 960,000 Concord at Williamcrest - Series A January Houston, TX 288 2/1/2032 6.00 % 18,020,000 Concord at Williamcrest - Series B January Houston, TX 288 3/1/2032 12.00 % 2,800,000 The properties securing the Partnership’s mortgage revenue bonds are geographically dispersed throughout the United States with significant concentrations (geographic risk) in California and Texas. On March 31, 2016 and December 31, 2015, the geographic concentration in California, as a percentage of the total mortgage revenue bond principal outstanding, was approximately 8%. On March 31, 2016 and December 31, 2015, the geographic concentration in Texas, as a percentage of total mortgage revenue bond principal outstanding, was approximately 51%. 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 sheet at their estimated fair values. On March 31, 2016, the weighted average base rate of the mortgage revenue bonds reported in the condensed consolidated financial statements was approximately 6.4% 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 if the mortgage revenue bonds were sold. There is no active trading market for the mortgage revenue bonds and price quotes for them are not typically available. On March 31, 2016, management valued all of the Partnership’s mortgage revenue bonds using discounted cash flow and yield to maturity analyses and which encompasses judgment in its application. The key assumption in management’s yield to maturity analysis is the range of effective yields of the individual mortgage revenue bonds. The effective yield analysis for each mortgage revenue bond considers the current market yield on similar mortgage revenue bonds as well as the debt service coverage ratio of each underlying property serving as collateral for the mortgage revenue bond. At March 31, 2016, the range of effective yields on the individual mortgage revenue bonds was 4.0% to 12.0% per annum. At December 31, 2015, the range of effective yields on the individual mortgage revenue bonds was 4.2% to 12.1% per annum. The Partnership calculated the sensitivity of the key assumption used in calculating the fair values of these mortgage revenue bonds. Assuming a 10% adverse change in the key assumption, the effective yields on the individual mortgage revenue bonds would increase to a range of 4.4% to 13.1% per annum and would result in additional unrealized losses on the mortgage revenue bond portfolio of approximately $35.3 million. This sensitivity analysis is hypothetical and is as of a specific point in time. The results of the sensitivity analysis may not be indicative of actual changes in fair value and should be used with caution. If available, the general partner may also consider price quotes on similar mortgage revenue bonds or other information from external sources, such as pricing services. Pricing services, broker quotes and management’s analyses provide indicative pricing only. Unrealized gains or losses on these mortgage revenue bonds are recorded in accumulated other comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the underlying properties.

Public Housing Capital ("PHC")

Public Housing Capital ("PHC") Fund Trust Certificates	3 Months Ended
	Mar. 31, 2016
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]	5. Public Housing Capital (“PHC”) Fund Trust Certificates The Partnership owns 100% of the Residual Participation Receipts (“LIFERs”) in three tender option bond trusts (“PHC TOB Trusts”). At March 31, 2016, the PHC TOB Trusts own approximately $57.8 million of Public Housing Capital Fund Certificates (“PHC Certificates”) issued by three trusts (“PHC Trusts”) sponsored by Deutsche Bank (“DB”). The assets held by the PHC Trusts consist of custodial receipts evidencing loans made to a number of local public housing authorities. Principal and interest on these loans are payable by the respective public housing authorities out of annual appropriations to be made to the public housing authorities by HUD under HUD’s Capital Fund Program established under the Quality Housing and Work Responsibility Act of 1998 (the “Capital Fund Program”). The PHC Trusts have a first lien on these annual Capital Fund Program payments to secure the public housing authorities’ respective obligations to pay principal and interest on their loans. The loans payable by the public housing authorities are not debts of, or guaranteed by, the United States of America or HUD. Interest payable on the public housing authority debt held by the PHC Trusts is exempt from federal income taxes. The PHC Certificates issued by each of the PHC Trusts have been rated investment grade by Standard & Poor’s. The Partnership determined that the three PHC TOB Trusts are VIEs 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 senior floating-rate participation interests The Partnership had the following investments in the PHC Certificates on March 31, 2016 and December 31, 2015: March 31, 2016 Description of PHC Certificates Cost Adjusted for Paydowns Unrealized Unrealized Estimated Fair Value PHC Certificate Trust I $ 26,181,896 $ 1,802,550 $ - $ 27,984,446 PHC Certificate Trust II 11,093,435 556,822 - 11,650,257 PHC Certificate Trust III 20,523,164 347,473 - 20,870,637 $ 57,798,495 $ 2,706,845 $ - $ 60,505,340 December 31, 2015 Description of PHC Certificates Cost Adjusted for Paydowns Unrealized Unrealized 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 Valuation - As all of the Partnership’s investments in PHC Certificates are classified as available-for-sale securities, they are carried on the Condensed Consolidated Balance Sheet at their estimated fair values. On March 31, 2016, 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 PHC Certificates. The estimates of the fair values of these PHC certificates is based on a yield to maturity analysis which begins with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts adjusted largely for unobservable inputs the Partnership believes would be used by market participants. Management’s fair value estimates encompass judgment. Management’s estimates are compared to external pricing services when available. At March 31, 2016 the range of effective yields on the PHC Certificates were 3.7% to 5.4% per annum. Additionally, the Partnership calculated the sensitivity of the key assumption used in calculating the fair values of these PHC Certificates. Assuming a 10% adverse change in the key assumption, the effective yields on the PHC Certificates would increase to a range of 4.1% to 6.0% per annum and would result in additional unrealized losses on the PHC Certificates of approximately $1.9 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. Pricing services and management’s analysis provide indicative pricing only. The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts on March 31, 2016 and December 31, 2015: Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate over Life Principal Outstanding March 31, 2016 Public Housing Capital Fund Trust Certificate I 9.06 AA- 5.33% $ 24,923,137 Public Housing Capital Fund Trust Certificate II 8.42 A+ 4.29% 11,465,660 Public Housing Capital Fund Trust Certificate III 9.56 BBB 5.42% 20,898,432 Total Public Housing Capital Fund Trust Certificates $ 57,287,229 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

Mortgage-Backed Securities

Mortgage-Backed Securities	3 Months Ended
	Mar. 31, 2016
Mortgage Backed Securities [Abstract]
Investments In Debt And Equity Investments Cash And Cash Equivalents Unrealized And Realized Gains Losses Mortgage Backed Securities [Text Block]	6. Mortgage-Backed Securities (“MBS Securities”) In January 2016, the Partnership sold its three remaining MBS Securities for approximating $15.0 million, which approximated the amortized cost, plus interest. The Partnership then collapsed the related three remaining MBS - TOB Trusts, with a carrying value of approximately $11.9 million, which were paid in full from the proceeds of these sales. In addition, the $11.0 million derivative related to the MBS Securities was sold for its current value and resulted in no cash proceeds to the Partnership and no gain or loss was recognized. The sale of the Partnership’s remaining three MBS Securities eliminated the MBS Securities segment in the first quarter of 2016 (Notes 12, 15, and 21). At December 31, 2015, the Partnership determined that the three MBS TOB Trusts were VIEs and that the Partnership was the primary beneficiary of each of the VIEs. As a result, the MBS TOB Trusts were reported on a consolidated basis and the SPEARS as debt financing. In determining the primary beneficiary of these specific VIEs, the Partnership considered who had the power to control the activities of the VIEs which most significantly impacted their financial performance, the risks that the entity was designed to create, and how each risk affected the VIE. The indenture for the MBS TOB Trusts stipulates that the Partnership has the sole right to cause the MBS TOB Trusts to sell the MBS Securities. The carrying value of the Partnership’s MBS Securities on March 31, 2016 was $0. The carrying value of the Partnership’s MBS Securities is 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) 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

Real Estate Assets	3 Months Ended
	Mar. 31, 2016
Real Estate Assets [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	7. Real Estate Assets Recent Transactions In the first quarter of 2016, the Partnership executed three broker agreements to sell three of the MF Properties, Arboretum, Eagle Village, and Woodland Park. Management has determined these potential sale transactions did not meet the criteria for discontinued operation presentation, and, are reported as part of the Partnership’s condensed consolidated financial statements for all periods presented. In March 2016, The Partnership executed an agreement to sell a parcel of land in Florida, carried at a cost of approximately $3.0 million. 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 Partnership’s consolidated financial statements as noncontrolling interests. The Partnership had the following investments in MF Properties on March 31, 2016 and December 31, 2015: MF Properties Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value at March 31, 2016 Arboretum Omaha, NE 145 $ 1,755,148 $ 19,345,349 $ 21,100,497 Eagle Village Evansville, IN 511 567,880 12,595,381 13,163,261 Northern View (f/k/a Meadowview) Highland Heights, KY 270 688,539 8,069,104 8,757,643 Residences of DeCordova Granbury, TX 110 1,160,455 8,070,159 9,230,614 Residences of Weatherford Weatherford, TX 76 1,942,229 5,741,905 7,684,134 Suites on Paseo San Diego, CA 394 3,162,463 38,236,774 41,399,237 The 50/50 MF Property Lincoln, NE 475 - 32,914,926 32,914,926 Woodland Park Topeka, KS 236 1,265,160 14,258,750 15,523,910 $ 149,774,222 Less accumulated depreciation (17,670,045 ) Balance at March 31, 2016 $ 132,104,177 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 (16,023,814 ) Balance at December 31, 2015 $ 133,649,135 Consolidated VIE Properties The owners of the Consolidated VIEs sold the two properties, Bent Tree and Fairmont Oaks, in the fourth quarter of 2015. The Partnership classified the Consolidated VIEs as discontinued operations for the three months ended March 31, 2015 and has eliminated the Consolidated VIE segment as a reportable segment during the fourth quarter of 2015 (Notes 3, 10, and 21). No net income or loss from these properties accrued to the Unitholders or the General Partner. Land Held for Investment and Development On March 31, 2016, the Partnership reported approximately $7.4 million as land held for investment. In March 2016, The Partnership executed an agreement to sell a parcel of land in Florida. At March 31, 2016, the Partnership continues to assess the “highest and best use” of land held for investment and development.

Investment in an Unconsolidated

Investment in an Unconsolidated Entity	3 Months Ended
	Mar. 31, 2016
Equity Method Investments And Joint Ventures [Abstract]
Investment in an Unconsolidated Entity	8. Investment in an Unconsolidated Entity In March 2016, ATAX Vantage Holdings, LLC, a subsidiary of the Partnership, closed on the first commitment, approximately $2.4 million, to provide equity totaling approximately $9.6 million to Vantage to build a new 288 unit multifamily residential property in Corpus Christi, Texas. The investment of approximately $2.4 million on March 31, 2016, which represents the Partnership’s maximum exposure to loss, is reported in Investment in an unconsolidated entity on the Partnership’s Condensed Consolidated Balance Sheets. The Partnership, through its wholly owned subsidiary, ATAX Vantage Holdings, LLC, is the only limited equity investor in this limited liability company. The Partnership does not control Vantage and the Partnership will account for its investment by the equity method of accounting. An affiliate of Vantage provided the guarantee for ATAX Vantage Holdings, LLC’s return on its investment. The return on the investment earned by the Partnership will be reported as investment income (Note 1).

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	9. Other Assets The Partnership had the following Other Assets on March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Property loans receivable $ 35,702,765 $ 29,874,523 Less: Loan loss allowance (7,098,814 ) (7,098,814 ) Deferred financing costs - net 489,712 487,023 Fair value of derivative contracts 143,370 344,177 Taxable bonds at fair market value 4,938,104 4,824,060 Bond purchase commitments - fair value adjustment (Notes 4 & 17) 7,222,173 5,634,360 Other assets 1,594,835 1,655,013 Total other assets $ 42,992,145 $ 35,720,342 In addition to the mortgage revenue bonds held by the Partnership, property loans have been made to the owners of certain properties which secure the mortgage revenue bonds and are reported as property loans receivable in Other assets, net of loan loss allowance. The Partnership periodically, or as changes in circumstances or operations dictate, evaluates such property loans receivable for impairment. The value of the underlying property assets is ultimately the most relevant measure of value to support the property loan values. The Partnership utilizes a discounted cash flow model in estimating a property’s fair value. Discounted cash flow models containing varying assumptions are considered. The various models may assume multiple revenue and expense scenarios, various capitalization rates and multiple discount rates. Other information, such as independent appraisals, may be considered in estimating a property’s fair value. If the estimated fair value of the property, after deducting the amortized cost basis of any senior mortgage revenue bond, exceeds the principal balance of the property loan then no potential loss is indicated and no loan loss allowance for property loans is recorded by the Partnership. In estimating the property valuation, the most significant assumptions utilized in the discounted cash flow model remain the same as discussed in the Form 10-K and include revenue and expense projections and capitalization rates. See the Fair Value Measurement footnote (Note 16) for the detailed description of the fair value estimation process for all taxable mortgage bonds. During the first quarter of 2016, the Partnership advanced net funds to Cross Creek, Foundation for Affordable Housing (“FAH”), Vantage at Brooks, LLC, and Vantage at Braunfels, LLC of approximately $6,000, $2,500, $3.7 million, and $2.1 million, respectively. During the first quarter of 2015, the Partnership advanced additional funds to Cross Creek of approximately $57,500. In addition, the Partnership received approximately $18,000 of principal from FAH during the first quarter of 2015. During the three months ended March 31, 2016, the Partnership placed interest to be earned on the Ashley Square, Cross Creek, and the Lake Forest operating property loans receivable on nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest earned since inception was not probable. On December 31, 2015, the Partnership reported an interest allowance equal to the accrued interest on Ashley Square, Cross Creek, and the Lake Forest operating property loans. In addition, the Partnership deferred less than 100% of the interest earned on the property loans on the Ohio Properties as, in management’s opinion, the remainder was considered to be collectible at December 31, 2015. The following is a summary of the net taxable property loans due at March 31, 2016 and December 31, 2015: March 31, 2016 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Arbors at Hickory Ridge $ 191,264 $ 43,563 $ - $ - $ 234,827 Ashley Square 5,078,342 - (3,596,342 ) - 1,482,000 Avistar (February 2013 portfolio) 274,496 61,162 - - 335,658 Avistar (June 2013 portfolio) 251,622 56,065 - - 307,687 Cross Creek 7,078,087 - (3,447,472 ) - 3,630,615 Foundation for Affordable Housing 1,418,075 - - - 1,418,075 Greens Property 850,000 373,440 - - 1,223,440 Lake Forest 4,623,704 - (55,000 ) - 4,568,704 Ohio Properties 2,390,446 848,249 - - 3,238,695 Vantage at Brooks LLC 7,199,424 207,481 - - 7,406,905 Vantage at Braunfels LLC 6,347,305 231,484 - - 6,578,789 $ 35,702,765 $ 1,821,444 $ (7,098,814 ) $ - $ 30,425,395 December 31, 2015 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property 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 $ 10,185,405 $ (7,098,814 ) $ (8,718,387 ) $ 24,242,727 Based on the annual impairment analysis and the discounted cash flow analysis performed at December 31, 2015 and the related analysis of each property loan during the first quarter of 2016, a provision for loan loss was recorded during the three months ended March 31, 2016, in the amount of approximately $21,000 for interest accrued on the notes receivable on the Lake Forest property. In management’s opinion, this amount was considered to be uncollectible. There was no provision for loan loss recorded during the three months ended March 31, 2015.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Discontinued Operations [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	10. Discontinued Operations 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 Partnership’s condensed 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 the three months ended March 31, 2015. No net income or loss from these property operations or sale accrued to the Unitholders or the General Partner during the first three months of 2016. The following presents the revenues, expenses and income from discontinued operations for the three months ended March 31, 2015: 2015 Rental revenues $ 804,068 Expenses 779,640 Net income from discontinued operations $ 24,428

Unsecured Lines of Credit

Unsecured Lines of Credit	3 Months Ended
	Mar. 31, 2016
Lines Of Credit [Abstract]
Unsecured Lines of Credit	11. Unsecured Lines of Credit On March 31, 2016 and December 31, 2015, the Partnership reported unsecured outstanding lines of credit (“LOC”) which total approximately $28.0 million and $17.5, respectively. Included in this balance are two unsecured LOC extended to the Partnership. 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 unsecured line of credit by $2.5 million, to a total commitment of $40.0 million. During the three months ended March 31, 2016, the Partnership borrowed $11.5 million on this unsecured LOC to finance the purchase of the Companion at Thornhill Apartments mortgage revenue bond (Note 4). On March 31, 2016 the Partnership had outstanding debt of approximately $24.0 million at a rate of approximately 3.4% on this unsecured LOC. On December 31, 2015, the Partnership held two $5.0 million LOCs. The first revolving LOC carried a variable interest rate which was approximately 3.5% and was paid in full and retired upon maturity in March 2016. The second revolving LOC also carries a variable interest rate which was approximately 3.7% on March 31, 2016 and matures in May 2017. The Partnership is required to make prepayments of the principal to reduce the second revolving LOC to $0 for fifteen consecutive calendar days during each calendar quarter. For the three months ended March 31, 2016, the Partnership fulfilled its prepayment obligation. On March 31, 2016 the Partnership had outstanding debt of approximately $4.0 million on this LOC. The Partnership has also fulfilled its second quarter 2016 prepayment obligation.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2016
Debt Financing [Abstract]
Debt Disclosure [Text Block]	12. Debt Financing On March 31, 2016 and December 31, 2015, the Partnership reported outstanding debt financing of approximately $430.3 million and approximately $451.5 million, respectively, through the use of various credit facilities. Tender Option Bond Financings TOB Trusts Securitization Outstanding TOB Trust Financing at March 31, 2016 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Period End Rate PHC Certificates (1) $ 43,145,000 2012 June-16 Variable Weekly 0.95 % 1.62 % 2.57 % Decatur Angle 22,848,215 2014 October-16 Fixed N/A N/A N/A 4.26 % Live 929 37,911,261 2014 July-19 Fixed N/A N/A N/A 4.39 % Bruton Apartments 17,247,389 2014 July-17 Fixed N/A N/A N/A 4.51 % Pro Nova 2014-1 9,007,389 2014 July-17 Fixed N/A N/A N/A 4.01 % Concord at Gulfgate 14,937,068 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Little York 11,232,068 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Williamcrest 15,607,068 2015 February-18 Fixed N/A N/A N/A 2.76 % Columbia Gardens 11,684,439 2015 December-17 Fixed N/A N/A N/A 2.76 % Willow Run 11,684,022 2015 December-17 Fixed N/A N/A N/A 2.76 % Total TOB Trust Financing\Period End Rate $ 195,303,919 3.42 % (1) Comprised of three TOB Trusts TOB Trusts Securitization Outstanding TOB Trust Financing at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Period 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 22,847,450 2014 October-16 Fixed N/A N/A N/A 4.26 % Live 929 37,935,981 2014 July-19 Fixed N/A N/A N/A 4.39 % Bruton Apartments 17,246,899 2014 July-17 Fixed N/A N/A N/A 4.51 % Pro Nova 2014-1 9,006,899 2014 July-17 Fixed N/A N/A N/A 4.01 % Pro Nova 2014-2 8,371,899 2014 July-17 Fixed N/A N/A N/A 4.01 % Concord at Gulfgate 14,936,685 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Little York 11,231,685 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Williamcrest 15,606,685 2015 February-18 Fixed N/A N/A N/A 2.76 % Columbia Gardens 11,699,209 2015 December-17 Fixed N/A N/A N/A 2.76 % Willow Run 11,698,732 2015 December-17 Fixed N/A N/A N/A 2.76 % Total TOB Trust Financing\Period End Rate $ 216,512,124 3.26 % (1) The Partnership executed a Master Trust Agreement with Deutsche Bank (“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. Due to certain restrictions imposed by the Volcker Rule, the Partnership and DB executed a Master Trust Agreement and related documents to create Term TOB Trusts (“Term TOB Trusts”). The TOB Trustee issues SPEARS and LIFERS which represent beneficial interests in the securitized asset held by the TOB trustee. The Partnership purchases the LIFERS from each of these TOB Trusts which grants them certain rights to the securitized assets. The Master Trust Agreement with DB has covenants with which the Partnership is required to maintain compliance. If the Partnership were to be out of compliance with any of these covenants, it would trigger a termination event of the financing facilities. 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 March 31, 2016 the Partnership was in compliance with all of these covenants. The Partnership owns the PHC Certificate LIFERS issued by the PHC TOB Trusts and pledged the LIFERS to the trustee to secure certain reimbursement obligations of the Partnership as the holder of LIFERS. The Partnership is consolidating the PHC TOB Trust as it has determined it is the primary beneficiary of these variable interest entities. The PHC TOB Trusts issued SPEARS to unaffiliated investors. The SPEARS represent senior interests in the PHC TOB Trusts and have been credit enhanced by DB. The LIFERS entitle the Partnership to all principal and interest payments received by the PHC TOB Trusts. On March 31, 2016 and December 31, 2015, the Partnership posted approximately $2.2 million and $1.5 million of cash collateral in connection with the interest rate swaps (Note 15). TEBS Financings The following tables provide the detail related to the outstanding TEBS Financing, year acquired, stated maturity, and annual interest rates at March 31, 2016 and December 31, 2015. Outstanding TEBS Financing at March 31, 2016 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Period End Rate M24 TEBS Financing $ 60,787,787 2010 September-17 Variable Weekly 0.46 % 1.91 % 2.37 % M31 TEBS Financing (1) 92,191,475 2014 July-19 Variable Weekly 0.44 % 1.42 % 1.86 % M33 TEBS Financing (1) 82,024,241 2015 July-20 Variable Weekly 0.44 % 1.26 % 1.70 % Total TEBS Financing\Period End Rate $ 235,003,503 1.94 % (1) Facility fees are variable Outstanding TEBS Financing at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Period End Rate M24 TEBS Financing $ 60,735,743 2010 September-17 Variable Weekly 0.04 % 1.91 % 1.95 % M31 TEBS Financing (1) 92,280,069 2014 July-19 Variable Weekly 0.02 % 1.42 % 1.44 % M33 TEBS Financing (1) 81,968,780 2015 July-20 Variable Weekly 0.02 % 1.26 % 1.28 % Total TEBS Financing\Period End Rate $ 234,984,592 1.51 % (1) Facility fees are variable To mitigate its exposure to interest rate fluctuations on the variable rate M33, M31, and M24 TEBS financings, the 2015, 2014, and 2010 Sponsors also entered into interest rate cap agreements (see Note 15). At March 31, 2016 and December 31, 2015, the Partnership reported approximately $4.9 million and $4.8 million, respectively, as restricted cash on the Partnership’s Condensed Consolidated Balance Sheets related to the M33 TEBS Financing facility. At March 31, 2016 and December 31, 2015, the Partnership reported approximately $146,000 and $163,000, respectively, as restricted cash on the Partnership’s Condensed Consolidated Balance Sheets related to the M31 TEBS Financing facility. At March 31, 2016 and December 31, 2015, the Partnership reported approximately $35,100 and $365,000, respectively, as restricted cash on the Partnership’s Condensed Consolidated Balance Sheets related to the M24 TEBS Financing facility. 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. During the first quarter of 2016, the Partnership implemented Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest (Subtopic 835-30)”. The following tables provide summaries of the pre-adoption and post-adoption effects of this change on the Partnership’s condensed consolidated financial statements on March 31, 2016 and December 31, 2015: Pre-adoption balance sheet March 31, 2016 December 31, 2015 Assets: Other assets $ 47,944,524 $ 41,124,454 Liabilities: Debt financing $ 434,830,925 $ 456,431,288 Mortgages payable and other secured financing $ 69,482,362 $ 69,717,114 Post-adoption balance sheet March 31, 2016 December 31, 2015 Assets: Other assets $ 42,992,145 $ 35,720,342 Liabilities: Debt financing 1 $ 430,307,422 $ 451,496,716 Mortgages payable and other secured financing 2 $ 69,053,487 $ 69,247,574 1 2 The Partnership’s aggregate borrowings on March 31, 2016 contractually mature over the next five years and thereafter as follows: 2016 $ 68,468,998 2017 154,181,206 2018 2,287,714 2019 129,045,308 2020 80,847,700 Total $ 434,830,926 The three MBS TOB Trusts and the TOB Trust collateralized by the Pro Nova 2014-2 mortgage revenue bond were paid in full and collapsed in January 2016 and March 2016, respectively. The Partnership expects to renew each TOB financing facility maturing in 2016 for another six-month term as it has the discretion to renew for six month periods per the terms of the agreement with DB. In addition, the Partnership plans to renew the M24 TEBS financing facility when it matures in 2017.

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing	3 Months Ended
	Mar. 31, 2016
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing [Text Block]	13. Mortgages Payable and Other Secured Financing The Partnership reports the mortgage loans secured by certain MF Properties on its condensed consolidated financial statements as Mortgages payable and other secured financing. On March 31, 2016 and December 31, 2015, the outstanding mortgage loans totaled approximately $69.1 million and $69.3 million, respectively. The following is a summary of the Mortgages payable and other secured financing on the MF Properties: MF Property Mortgage Payables Outstanding Mortgage Payable at March 31, 2016 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Arboretum $ 16,582,688 2011 March 2017 Fixed N/A N/A N/A 3.75 % Eagle Village (1) 7,989,154 2010 September 2018 Variable Monthly 0.50 % 3.00 % 3.50 % Residences of DeCordova 1,791,995 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,763,979 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 UNL Student Housing-- Mortgage (2) 25,371,844 2013 March 2020 Variable Monthly 3.50 % N/A 3.50 % The 50/50 UNL Student Housing-- TIF Loan 4,053,827 2014 December 2019 Fixed N/A N/A N/A 4.65 % Woodland Park (1) 7,500,000 2014 August 2017 Variable Monthly 0.44 % 2.75 % 3.19 % Total Mortgage Payable\Period End Rate $ 69,053,487 3.73 % (1) (2) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Arboretum 16,683,146 2011 March 2017 Fixed N/A N/A N/A 3.75 % Eagle Village (1) 8,037,133 2010 September 2018 Variable Monthly 0.25 % 3.00 % 3.25 % Residences of DeCordova 1,807,246 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) 25,363,647 2013 March 2020 Variable Monthly 3.25 % N/A 3.25 % The 50/50 UNL Student Housing-- TIF Loan 4,035,779 2014 December 2019 Fixed N/A N/A N/A 4.65 % Woodland Park (1) 7,500,000 2014 August 2017 Variable Monthly 0.19 % 2.75 % 2.94 % Total Mortgage Payable\Period End Rate $ 69,247,574 3.58 % (1) (2) Included in Mortgages Payable and Other Secured Financing is a $7.5 million secured LOC. The $7.5 million secured LOC matures on August 1, 2017 and carries a fixed interest rate of approximately 2.8% per annum plus the 30-day London Interbank Offered Rate ("LIBOR") which was approximately 0.1% per annum on March 31, 2016 and approximately 0.2% on December 31, 2015. The total borrowed on March 31, 2016 is $7.5 million and is secured by the Woodland Park MF Property, which has a carrying value of the total assets of approximately $14.2 million. In the event that the value of this property would not be sufficient to retire the secured line of credit, it is cross collateralized by assets owned by the Partnership’s wholly owned subsidiary. The carrying value of the total assets of the wholly owned subsidiary is approximately $83.4 million. The Partnership’s mortgages payable and other secured financing on March 31, 2016 contractually mature over the next five years and thereafter as follows: 2016 $ 17,127,962 2017 14,947,499 2018 7,606,911 2019 29,799,990 Total $ 69,482,362 The majority of the 2016 mortgages payable and secured financing will be fully paid and retired if Arboretum is sold. If the sale is not executed, the Partnership plans to refinance the mortgage.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2016
Transactions With Related Parties [Abstract]
Related Party Transactions Disclosure [Text Block]	14. Transactions with Related Parties The general partner of the Partnership, AFCA 2, is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its mortgage revenue bonds, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. For the quarters ended March 31, 2016 and 2015 the Partnership paid or accrued administrative fees to AFCA 2 of approximately $687,000 and $620,000, respectively. In addition to the administrative fees paid directly by the Partnership, AFCA 2 receives administrative fees directly from the owners of properties financed by certain of the mortgage revenue bonds held by the Partnership. These administrative fees also equal 0.45% per annum of the outstanding principal balance of these mortgage revenue bonds and totaled approximately $16,500 for the quarter ended March 31, 2015. There were no such administrative fees received in for the quarter ended March 31, 2016 as the properties financed by these mortgage revenue bonds were sold in 2015. AFCA 2 earns mortgage placement fees in connection with the acquisition of certain mortgage revenue bonds. These mortgage placement fees were paid by the owners of the respective properties and, accordingly, have not been reflected in the accompanying condensed consolidated financial statements because these properties are not considered consolidated VIEs. During the quarters ended March 31, 2016 and 2015, AFCA 2 earned mortgage placement fees of approximately $388,000 and $534,000, respectively. An affiliate of AFCA 2, America First Properties Management Company, LLC (“Properties Management”) provided property management services for seven of the MF Properties and seven of the properties collateralized by the mortgage revenue bonds, earning management fees of approximately $312,000 and $324,000 for the quarters ended March 31, 2016 and 2015, respectively. For the seven properties collateralized by the mortgage revenue bonds, these property management fees are not Partnership expenses, but are paid in each case by the owner of the Residential Properties. For MF Properties, the property management fees are reflected as real estate operating expenses on the Partnership’s condensed consolidated financial statements. The property management fees are paid out of the revenues generated by the respective property prior to the payment of debt service on the Partnership's mortgage revenue bonds and property loans, if applicable. An affiliate of AFCA 2, Farnam Capital Advisors, LLC, acts as an origination advisor and consultant to the borrowers when mortgage revenue bonds and financing facilities are acquired by the Partnership. For the quarters ended March 31, 2016 and 2015, approximately $194,000 and $267,000, respectively, in origination fees were paid by the borrower of certain acquired bonds and have not been reflected in the accompanying condensed consolidated financial statements.

Interest Rate Derivative Agreem

Interest Rate Derivative Agreements	3 Months Ended
	Mar. 31, 2016
Interest Rate Derivative Agreements [Abstract]
Interest Rate Derivative Agreements [Text Block]	15. Interest Rate Derivative Agreements On March 31, 2016, the Partnership has eleven derivative agreements in order to mitigate its exposure to increases in interest rates on its variable-rate debt financing. At March 31, 2016, the terms of the eleven 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 $ 24 M24 TEBS 5.0 % Bank of New York Mellon September-10 $ 31,936,667 3.00 % September-17 $ 845,600 $ 24 M24 TEBS 5.0 % Barclays Bank PLC September-10 $ 31,936,667 3.00 % September-17 $ 928,000 $ 24 M24 TEBS 5.0 % Royal Bank of Canada August-13 $ 93,305,000 1.50 % September-17 $ 793,000 $ 5,759 M24 TEBS 3.5 % Deutsche Bank February-14 $ 41,250,000 1.00 % March-17 $ 230,500 $ 710 PHC TOB Trusts 3.3 % SMBC Capital Markets, Inc July-14 $ 31,565,000 3.00 % August-19 $ 315,200 $ 9,584 M31 TEBS 4.4 % Barclays Bank PLC July-14 $ 31,565,000 3.00 % August-19 $ 343,000 $ 9,594 M31 TEBS 4.4 % Royal Bank of Canada July-14 $ 31,565,000 3.00 % August-19 $ 333,200 $ 9,594 M31 TEBS 4.4 % SMBC Capital Markets, Inc July-15 $ 28,095,000 3.00 % August-20 $ 210,000 $ 36,019 M33 TEBS 4.3 % Wells Fargo Bank July-15 $ 28,095,000 3.00 % August-20 $ 187,688 $ 36,019 M33 TEBS 4.3 % Royal Bank of Canada July-15 $ 28,095,000 3.00 % August-20 $ 174,900 $ 36,019 M33 TEBS 4.3 % SMBC Capital Markets, Inc (1) For additional details, see Note 16 to the Partnership's consolidated financial statements. 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 proceeds and no gain or loss was recognized (Note 6). The Partnership contracted for two no-cost interest rate swaps with DB related to the Decatur Angle and Bruton TOB financing facilities collateralized by mortgage revenue bonds that are used to provide financing for the construction of these properties. The swap related to the Decatur Angle TOB financing facility has a $23.0 million notional value, an October 15, 2016 effective date, and an October 15, 2021 termination date. The swap related to the Bruton TOB financing facility has an approximate $18.1 million notional value, an April 15, 2017 effective date, and an April 15, 2022 termination date. Both swaps are in place to mitigate the possible interest rate increases and swaps a variable rate based on LIBOR for an approximate 2% fixed rate. On March 31, 2016 and December 31, 2015, the fair value of the Decatur Angle swap was a liability at approximately $1.2 million and $737,000, respectively. On March 31, 2016 and December 31, 2015, the fair value of the Bruton swap was a liability of approximately $988,000 and $580,000, respectively. The fair value of these swaps is reported as a liability on the Partnership’s Condensed Consolidated Balance Sheets. These interest rate derivatives do not qualify for hedge accounting and, accordingly, they are carried at fair value, with changes in fair value included in current period earnings within interest expense. The change in the fair value of these derivative contracts resulted in an increase in interest expense of approximately $1.1 million and $900,000 for the quarters ended March 31, 2016 and 2015, respectively. The valuation methodology used to estimate the fair value of the Partnership’s interest rate derivative agreements is disclosed in Note 16.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements [Abstract]
Fair Value Disclosures [Text Block]	16. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: · Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and · Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability 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 and Bond Purchase Commitments. The fair values of the Partnership’s investments in mortgage revenue bonds and mortgage bond purchase commitments have each been based on a discounted cash flow or yield to maturity analysis. There is no active trading market for the mortgage revenue bonds and price quotes for the mortgage revenue bonds are not available. If available, the Partnership may also consider price quotes on similar mortgage revenue bonds or other information from external sources, such as pricing services. The estimates of the fair values of these mortgage revenue bonds, whether estimated by the 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. There is also an approximately $1.6 million estimated fair market value adjustment related to forward bond purchase commitments that are categorized as a Level 3 input which were recorded in other comprehensive income during the quarter ended March 31, 2016. The fair value of the bond purchase commitment is determined in the same manner as the mortgage revenue bonds. Investments in Public Housing Capital Fund Trust Certificates. The fair value of the Partnership’s investment in Public Housing Capital Fund Trust 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 it 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 mortgage revenue municipal bonds with terms of similar length. 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. Investments in Mortgage-Backed Securities. On and for the three months ended December 31, 2015, the fair value of the Partnership’s investment in mortgage-backed securities was 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 considered the underlying characteristics of each security, which were 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, ensuring they were within a tolerable range of difference which the Partnership estimates as 7.5%. The Partnership also looked at observations of trading activity in the market place when available. Given these facts, the fair value measurements of the Partnership’s investment in mortgage-backed securities were categorized as Level 2 inputs. 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, management looks at the key inputs such as changes in the current market yields on similar bonds as well as changes in the operating performance of the underlying property serving as collateral for each bond. We validate that the changes in the estimated fair value of the taxable bonds move with the changes in these monitored factors. Given these facts the fair value measurement of the 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 is to change a variable rate debt obligation to a fixed rate for that portion of the debt equal to the notional amount of the derivative agreement. The interest rate derivatives are recorded at fair value with changes in fair value included in current period earnings within interest expense. The fair value of the interest rate derivatives is based on a model whose inputs is not observable and therefore is categorized as a Level 3 input. The inputs in the valuation model include three-month LIBOR rates, unobservable adjustments to account for the SIFMA index, as well as any recent interest rate cap trades with similar terms. Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at March 31, 2016 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 $ 596,376,368 $ - $ - $ 596,376,368 Bond purchase commitments 7,222,173 - - 7,222,173 PHC Certificates 60,505,340 - - 60,505,340 Taxable bonds 4,938,104 - - 4,938,104 Interest rate derivatives (2,083,704 ) - - (2,083,704 ) Total Assets and Liabilities at Fair Value $ 666,958,281 $ - $ - $ 666,958,281 For Three Months Ended March 31, 2016 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, 2016 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 Total gains (losses) (realized/unrealized) Included in earnings - - - - (1,110,407 ) (1,110,407 ) Included in other comprehensive (loss) income 11,351,627 1,587,813 869,344 116,456 - 13,925,240 Purchases 11,500,000 - - - - 11,500,000 Sale of securities (9,747,125 ) - - - (399 ) (9,747,524 ) Settlements (411,270 ) - (1,071,294 ) (2,412 ) - (1,484,976 ) Ending Balance March 31, 2016 $ 596,376,369 $ 7,222,173 $ 60,505,340 $ 4,938,104 $ (2,083,704 ) $ 666,958,282 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 March 31, 2016 $ - $ - $ - $ - $ (1,110,407 ) $ (1,110,407 ) 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 Three Months Ended March 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 - - - - (899,873 ) (899,873 ) Included in other comprehensive income 74,600 (576,225 ) (976,532 ) (205,351 ) - (1,683,508 ) Purchases 58,945,000 - - - - 58,945,000 Refund of interest rate derivative cost - - - - (10,500 ) (10,500 ) Settlements (145,039 ) - (13,650 ) - - (158,689 ) Ending Balance March 31, 2015 $ 507,898,698 $ 5,204,188 $ 60,272,941 $ 4,411,214 $ (642,704 ) $ 577,144,337 Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2015 $ - $ - $ - $ - $ (899,873 ) $ (899,873 ) Gains and losses included in earnings for the period shown above are included in interest expense. The Partnership calculates a fair value of each financial instrument using a discounted cash flow model based on the debt amortization schedules at the effective rate of interest for each period represented. This estimate of fair value is based on Level 3 inputs. The table below represents the fair value of the financial liabilities held on the Condensed Consolidated Balance Sheets for March 31, 2016 and December 31, 2015, respectively. March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and unsecured LOCs $ 458,292,061 $ 460,227,159 $ 468,993,716 $ 475,415,345 Mortgages payable and other secured financing $ 69,053,487 $ 68,999,002 $ 69,247,574 $ 67,735,213

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies [Abstract]
Commitments and Contingencies Disclosure [Text Block]	17. 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, the estimated amount of the loss is accrued in the condensed consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material effect on the Partnership’s condensed consolidated financial statements. As part of the Partnership’s strategy of acquiring mortgage revenue bonds, the Partnership will enter into forward bond purchase commitments related to mortgage revenue bonds to be issued secured by properties under construction. Upon execution of the forward bond purchase commitment, the proceeds from the mortgage revenue bonds issued will be used to pay off the construction related debt and mortgage revenue bonds. The Partnership accounts for the forward bond purchase agreements as an available-for-sale security and, as such, records the estimated value of the forward bond purchase commitment as an asset or liability with changes in such valuation recorded in other comprehensive income. On March 31, 2016 and December 31, 2015 the forward bond purchase commitments outstanding and the related fair values are as follows: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 through 2018 Maximum Committed Amounts for 2016 Rate Closing Date (1) Fair Value at March 31, 2016 Fair Value at December 31, 2015 15 West Apartments July-14 $ - $ 9,900,000 6.25 % Q2 2016 1,101,821 945,009 Villas at Plano Gateway Apartments December-14 - 20,000,000 6.00 % Q3 2016 1,772,800 1,469,213 Palo Alto July-15 19,540,000 - 5.80 % Q3 2017 1,995,034 1,439,600 Village at Rivers Edge May-15 11,000,000 - 6.00 % Q2 2017 785,062 636,560 Village at Avalon November-15 17,900,000 - 5.80 % Q2 2018 1,567,456 1,143,978 Total $ 48,440,000 $ 29,900,000 $ 7,222,173 $ 5,634,360 (1) In March 2016, ATAX Vantage Holdings, LLC, a subsidiary of the Partnership, closed on the first commitment, approximately $2.4 million, to provide equity totaling approximately $9.6 million to Vantage to build a new 288 unit multifamily residential property in Corpus Christi, Texas. The outstanding commitment is approximately $7.2 million at March 31, 2016. 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 $3.5 million in 2016 (Note 9). The Partnership provided a guarantee on the $2.8 million mortgage secured by the Abbington at Stones River, a 96 unit multifamily property located in Tennessee, in addition to providing an approximately $1.4 million property loan to FAH, the not-for-profit owner of the property. Based on the historical financial performance of the property and its estimated fair value, the Partnership estimates there is no value to record for this mortgage guarantee. As the holder of residual interests issued in connection with its TEBS and TOB bond financing arrangements, the Partnership is required to guarantee certain losses that can be incurred by the trusts created in connection with these financings. These guarantees may result from a downgrade in the investment rating of mortgage revenue bonds held by the trust or of the senior securities issued by the trust, a ratings downgrade of the liquidity provider for the trust, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the trust. In the case of the TEBS, Freddie Mac 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 $430.3 million prior to the consideration of the proceeds from the sale of the trust collateral. The Partnership has never been required to reimburse the financing facilities for any shortfall. In connection with the sale of the Greens Property in 2012, 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 March 31, 2016, under the guarantee provision of the repurchase clause is approximately $3.0 million and 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 March 31, 2016, under the guarantee provision of the repurchase clause is approximately $4.8 million and represents 75% of the equity contributed by BC Partners.

Redeemable Preferred Units

Redeemable Preferred Units	3 Months Ended
	Mar. 31, 2016
Temporary Equity Disclosure [Abstract]
Redeemable Preferred Units [Text Block]	18. Redeemable Preferred Units In March 2016, the Partnership issued, in a private placement, 1.0 million newly-designated Series A Preferred Units which are redeemable and represents limited partnership interests in the Partnership. Holders of the Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units The Series A Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless repurchased or redeemed by the Partnership or holder. Upon the sixth anniversary of the closing of the sale of Series A Preferred Units to a subscriber, and upon each anniversary thereafter, the Partnership and each holder of Series A Preferred Units will have the right to redeem, in whole or in part, the Series A Preferred Units held by such holder at a per unit redemption price equal to $10.00 per unit plus an amount equal to all declared and unpaid distributions. The redeemable preferred units are recorded as mezzanine equity due to the holders redemption option which is outside the Partnership’s control. In addition, the costs of issuing the Series A Preferred Units are netted against the carrying value and amortized over the period until the first redemption date.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Recently Issued Accounting Pronouncements [Abstract]
Description of New Accounting Pronouncements Adopted and Not yet Adopted [Text Block]	19. Recently Issued Accounting Pronouncements In March 2016, the FASB issued ASU 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323)” In March 2016, the FASB issued ASU 2016-05, “Derivatives and Hedging (Topic 815)”, 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 August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606)”, In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, “ Presentation of Financial Statements-Going Concern

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	20. Subsequent Events On April 15, the Partnership entered into a Commercial Property Purchase Agreement to sell the Arboretum MF Property. A sixty day Inspection Period has commenced and, if successfully completed by the buyer, the transaction is expected to close in the second quarter of 2016.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	21. Segments The Partnership consists of four reportable segments, Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and MBS Investments. In addition to the four reportable segments, the Partnership also separately reports its consolidation and elimination information because it does not allocate certain items to the segments. Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties in their market areas. Such mortgage revenue bonds are held as investments. On March 31, 2016, the Partnership held sixty-four mortgage revenue bonds. The Residential Properties financed by sixty-three mortgage revenue bonds contain a total of 8,787 rental units. In addition, one bond is collateralized by commercial real estate (Note 3). In addition, the return earned on the Investment in an unconsolidated entity has been included in this segment (Note 8). 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 does not believe it is probable a sale will occur and there is no definitive purchase agreement in existence that, under current guidance, can be recognized as a sale of real estate assets and, therefore, no sale is expected in the next twelve months. During the time the Partnership holds an interest in an MF Property, any net rental income generated by the MF Properties in excess of debt service will be available for distribution to the Partnership in accordance with its interest in the MF Property. On March 31, 2016, the Partnership consolidated the results of eight MF Properties containing a total of 2,217 rental units (Note 7). Management’s goals with respect to the properties constituting the MF Properties reportable segments is to generate increasing amounts of net rental income from these properties that will allow them to (i) make all payments of base interest, and possibly pay contingent interest, on the properties, and (ii) distribute net rental income to the Partnership from the MF Properties segment until such properties can be refinanced with additional mortgage revenue bonds meeting the Partnership’s investment criteria. In order to achieve these goals, management of these multifamily residential properties is focused on: (i) maintaining high economic occupancy and increasing rental rates through effective leasing, reduced turnover rates and providing quality maintenance and services to maximize resident satisfaction; (ii) managing operating expenses and achieving cost reductions through operating efficiencies and economies of scale generally inherent in the management of a portfolio of multiple properties; and (iii) emphasizing regular programs of repairs, maintenance and property improvements to enhance the competitive advantage and value of its properties in their respective market areas. Other Investments The Amended and Restated LP Agreement authorizes the Partnership to make investments other than in mortgage revenue bonds provided that these other investments are rated in one of the four highest rating categories by a national securities rating agency and do not constitute more than 25% of the Partnership’s assets at the time of acquisition as required under the Amended and Restated LP Agreement. In addition, the amount of other investments is limited based on the conditions to the exemption from registration under the Investment Company Act of 1940. The Partnership owned 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. The MBS Securities segment consisted 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 were backed by residential mortgage loans. In January 2016, the Partnership sold 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. The sale of the Partnership’s remaining three MBS Securities eliminates this operating segment in the first quarter of 2016 (Note 6). The following table details certain key financial information for the Partnership’s reportable segments for the three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016 2015 Total revenues Mortgage Revenue Bond Investments $ 9,074,195 $ 7,318,561 MF Properties 5,074,104 4,302,301 Public Housing Capital Fund Trust 730,902 732,903 MBS Securities Investments 48,755 152,860 Consolidation/eliminations - - Total revenues $ 14,927,956 $ 12,506,625 Interest expense Mortgage Revenue Bond Investments $ 3,784,390 $ 2,889,120 MF Properties 670,333 712,899 Public Housing Capital Fund Trust 300,720 296,460 MBS Securities Investments 14,692 37,697 Consolidation/eliminations - - Total interest expense $ 4,770,135 $ 3,936,176 Depreciation expense Mortgage Revenue Bond Investments $ - $ - MF Properties 1,646,231 1,454,179 Public Housing Capital Fund Trust - - MBS Securities Investments - - Consolidation/eliminations - - Total depreciation expense $ 1,646,231 $ 1,454,179 Income from continuing operations Mortgage Revenue Bond Investments $ 2,317,325 $ 2,349,522 MF Properties (267,803 ) (394,532 ) Public Housing Capital Fund Trust 430,182 429,148 MBS Securities Investments 51,984 115,022 Consolidation/eliminations - - Income from continuing operations $ 2,531,688 $ 2,499,160 Net income (loss) Mortgage Revenue Bond Investments $ 2,317,337 $ 2,349,522 MF Properties (267,803 ) (393,641 ) Public Housing Capital Fund Trust 430,182 429,148 MBS Securities Investments 51,984 115,022 Discontinued Operations - 24,428 Consolidation/eliminations - - Net income - America First Multifamily Investors, L. P. $ 2,531,700 $ 2,524,479 The following table details certain key financial information for the Partnership’s reportable segments on March 31, 2016 and December 31, 2015: Total assets March 31, 2016 December 31, 2015 Mortgage Revenue Bond Investments $ 875,819,690 $ 849,226,911 MF Properties 139,905,856 141,704,103 Public Housing Capital Fund Trust Certificates 60,920,496 61,021,462 MBS Securities Investments - 15,035,061 Consolidation/eliminations (202,193,204 ) (199,877,054 ) Total assets $ 874,452,838 $ 867,110,483

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entity, Classification Of Carrying Amount, Assets [Table Text Block]	With the exception of Vantage, the PHCs (Note 5), MBS Securities (Note 6) and TEBS and TOB Trusts, the following table presents information regarding the Partnership’s variable interests in VIEs held by the Partnership on March 31, 2016 and December 31, 2015 that the Partnership did not consolidate: March 31, 2016 Balance Sheet Classification Maximum Exposure to Loss Mortgage Revenue Bond Property Loan Mortgage Revenue Bond Property Loan Ashley Square Apartments $ 5,600,695 $ 1,482,000 $ 5,084,000 $ 5,078,342 Bridle Ridge 8,552,233 - 7,565,000 - Bruton Apartments 20,454,301 - 18,145,000 - Columbia Gardens 14,915,592 - 15,222,003 - Glenview Apartments 6,829,007 - 6,723,000 - Harden Ranch 7,725,305 - 6,960,000 - Montclair Apartments 3,582,096 - 3,458,000 - Santa Fe Apartments 4,933,037 - 4,736,000 - Seasons at Simi Valley 6,803,653 - 6,320,000 - Sycamore Walk 5,493,352 - 5,447,000 - Tyler Park Apartments 6,636,002 - 6,065,947 - Vantage at Braunfels, LLC - 6,578,789 - 6,578,789 Vantage at Brooks, LLC - 7,406,905 - 7,406,905 Westside Village Market 4,220,252 - 3,964,084 - Willow Run 14,916,596 - 15,221,965 - Woodlyn Village 4,917,283 - 4,351,000 $ 115,579,404 $ 15,467,694 $ 109,262,999 $ 19,064,036 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 - Totals $ 111,052,042 $ 13,004,505 $ 103,483,793 $ 19,464,977

Investments in Bonds (Tables)

Investments in Bonds (Tables)	3 Months Ended
	Mar. 31, 2016
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The Partnership had the following investments in mortgage revenue bonds on March 31, 2016 and December 31, 2015: March 31, 2016 Description of Mortgage Revenue Bonds Held in Trust Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,546,822 $ 2,000,796 $ - $ 13,547,618 Ashley Square (1) 5,084,000 516,695 - 5,600,695 Avistar at Chase Hill - Series A (3) 9,913,418 1,125,098 - 11,038,516 Avistar at the Crest - Series A (3) 9,616,015 1,498,546 - 11,114,561 Avistar at the Oaks - Series A (3) 7,761,097 996,264 - 8,757,361 Avistar at the Parkway - Series A (4) 13,300,000 583,196 - 13,883,196 Avistar in 09 - Series A (3) 6,701,407 860,235 - 7,561,642 Avistar on the Boulevard - Series A (3) 16,381,921 2,201,078 - 18,582,999 Avistar on the Hills - Series A (3) 5,362,122 726,311 - 6,088,433 Bella Vista (1) 6,430,000 922,898 - 7,352,898 Bridle Ridge (1) 7,565,000 987,233 - 8,552,233 Brookstone (1) 7,467,724 1,569,277 - 9,037,001 Bruton Apartments (2) 18,145,000 2,309,301 - 20,454,301 Columbia Gardens (2) 15,222,003 - (306,411 ) 14,915,592 Concord at Gulfgate - Series A (2) 17,060,000 1,375,668 - 18,435,668 Concord at Little York - Series A (2) 12,480,000 874,828 - 13,354,828 Concord at Williamcrest - Series A (2) 18,020,000 1,453,104 - 19,473,104 Copper Gate Apartments (3) 5,185,000 690,953 - 5,875,953 Cross Creek (1) 6,107,366 3,167,507 - 9,274,873 Decatur Angle (2) 23,000,000 2,080,032 - 25,080,032 Glenview Apartments - Series A (4) 4,670,000 114,116 - 4,784,116 Greens Property - Series A (3) 8,273,000 1,407,067 - 9,680,067 Harden Ranch - Series A (3) 6,960,000 765,305 - 7,725,305 Heritage Square - Series A (4) 11,185,000 1,390,428 - 12,575,428 Lake Forest (1) 8,736,000 1,298,086 - 10,034,086 Live 929 Apartments (2) 40,770,518 6,794,144 - 47,564,662 Montclair Apartments - Series A (4) 2,530,000 125,674 - 2,655,674 Pro Nova 2014-1 (2) 10,044,200 885,700 - 10,929,900 Ohio Properties - Series A (1) 14,287,000 3,197,018 - 17,484,018 Renaissance - Series A (4) 11,425,883 1,462,013 - 12,887,896 Runnymede (1) 10,350,000 1,851,305 - 12,201,305 Santa Fe Apartments - Series A (4) 3,065,000 199,878 - 3,264,878 Silver Moon - Series A (4) 7,971,455 1,432,372 - 9,403,827 Southpark (1) 11,819,121 4,338,026 - 16,157,147 The Palms at Premier Park Apartments (3) 19,958,648 2,902,945 - 22,861,593 Tyler Park Townhomes - Series A (3) 6,065,947 570,055 - 6,636,002 Vantage at Harlingen - Series B (4) 24,575,000 2,268,925 - 26,843,925 Vantage at Judson -Series B (4) 26,507,380 3,166,270 - 29,673,650 Westside Village Market - Series A (3) 3,964,084 256,168 - 4,220,252 Willow Run (2) 15,221,965 - (305,369 ) 14,916,596 Woodlynn Village (1) 4,351,000 566,283 - 4,917,283 Mortgage revenue bonds held in trust $ 475,080,096 $ 60,930,798 $ (611,780 ) $ 535,399,114 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 12 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 12 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 12 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 12 March 31, 2016 Description of Mortgage Revenue Bonds Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill - Series B $ 960,929 $ 98,609 $ - $ 1,059,538 Avistar at the Crest - Series B 755,798 99,068 - 854,866 Avistar at the Oaks - Series B 552,662 72,842 - 625,504 Avistar at the Parkway - Series B 125,000 494 - 125,494 Avistar in 09 - Series B 455,896 60,088 - 515,984 Avistar on the Boulevard - Series B 449,097 58,867 - 507,964 Companion at Thornhill Apartments 11,500,000 1,404,405 - 12,904,405 Concord at Gulfgate - Series B 2,125,000 124,242 - 2,249,242 Concord at Little York - Series B 960,000 3,364 - 963,364 Concord at Williamcrest - Series B 2,800,000 80,041 - 2,880,041 Crossing at 1415 7,925,000 345,376 - 8,270,376 Glenview Apartments - Series B 2,053,000 - (8,109 ) 2,044,891 Greens Property - Series B 942,560 165,321 - 1,107,881 Heights at 515 6,945,000 298,292 - 7,243,292 Heritage Square - Series B 520,000 39,156 - 559,156 Montclair Apartments - Series B 928,000 - (1,578 ) 926,422 Ohio Properties - Series B 3,559,200 614,470 - 4,173,670 Santa Fe Apartments - Series B 1,671,000 - (2,841 ) 1,668,159 Seasons at Simi Valley 6,320,000 483,653 - 6,803,653 Sycamore Walk 5,447,000 46,352 - 5,493,352 Mortgage revenue bonds $ 56,995,142 $ 3,994,640 $ (12,528 ) $ 60,977,254 December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust Cost Unrealized Unrealized Estimated 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) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 12 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 12 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 12 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 12 December 31, 2015 Description of Mortgage Revenue Bonds Cost Unrealized Unrealized 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
Investments Classified by Contractual Maturity Date [Table Text Block]	The following table includes the details of the mortgage revenue bond acquisitions during the first quarter of 2016: Property Name Month Acquired Location Units Maturity Date Base Interest Rate Principal Outstanding at March 31, 2016 Companion at Thornhill Apartments January Lexington, SC 180 1/1/2052 5.80 % 11,500,000 The following table provides the details of the mortgage revenue bond acquisitions during the first quarter of 2015: Property Name Month Acquired Location Units Maturity Date Base Interest Rate Principal Outstanding at March 31, 2015 Suites on Paseo Series B March San Diego, CA 394 12/1/2033 9.00 % 5,500,000 Concord at Gulfgate - Series A January Houston, TX 288 2/1/2032 6.00 % 17,060,000 Concord at Gulfgate - Series B January Houston, TX 288 3/1/2032 12.00 % 2,125,000 Concord at Little York - Series A January Houston, TX 276 2/1/2032 6.00 % 12,480,000 Concord at Little York - Series B January Houston, TX 276 3/1/2032 12.00 % 960,000 Concord at Williamcrest - Series A January Houston, TX 288 2/1/2032 6.00 % 18,020,000 Concord at Williamcrest - Series B January Houston, TX 288 3/1/2032 12.00 % 2,800,000

Public Housing Capital ("PHC"32

Public Housing Capital ("PHC") Fund Trust Certificates (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015: March 31, 2016 Description of PHC Certificates Cost Adjusted for Paydowns Unrealized Unrealized Estimated Fair Value PHC Certificate Trust I $ 26,181,896 $ 1,802,550 $ - $ 27,984,446 PHC Certificate Trust II 11,093,435 556,822 - 11,650,257 PHC Certificate Trust III 20,523,164 347,473 - 20,870,637 $ 57,798,495 $ 2,706,845 $ - $ 60,505,340 December 31, 2015 Description of PHC Certificates Cost Adjusted for Paydowns Unrealized Unrealized 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
Marketable Securities [Table Text Block]	The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts on March 31, 2016 and December 31, 2015: Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate over Life Principal Outstanding March 31, 2016 Public Housing Capital Fund Trust Certificate I 9.06 AA- 5.33% $ 24,923,137 Public Housing Capital Fund Trust Certificate II 8.42 A+ 4.29% 11,465,660 Public Housing Capital Fund Trust Certificate III 9.56 BBB 5.42% 20,898,432 Total Public Housing Capital Fund Trust Certificates $ 57,287,229 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

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The Partnership had the following investments in mortgage revenue bonds on March 31, 2016 and December 31, 2015: March 31, 2016 Description of Mortgage Revenue Bonds Held in Trust Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Arbors at Hickory Ridge (3) $ 11,546,822 $ 2,000,796 $ - $ 13,547,618 Ashley Square (1) 5,084,000 516,695 - 5,600,695 Avistar at Chase Hill - Series A (3) 9,913,418 1,125,098 - 11,038,516 Avistar at the Crest - Series A (3) 9,616,015 1,498,546 - 11,114,561 Avistar at the Oaks - Series A (3) 7,761,097 996,264 - 8,757,361 Avistar at the Parkway - Series A (4) 13,300,000 583,196 - 13,883,196 Avistar in 09 - Series A (3) 6,701,407 860,235 - 7,561,642 Avistar on the Boulevard - Series A (3) 16,381,921 2,201,078 - 18,582,999 Avistar on the Hills - Series A (3) 5,362,122 726,311 - 6,088,433 Bella Vista (1) 6,430,000 922,898 - 7,352,898 Bridle Ridge (1) 7,565,000 987,233 - 8,552,233 Brookstone (1) 7,467,724 1,569,277 - 9,037,001 Bruton Apartments (2) 18,145,000 2,309,301 - 20,454,301 Columbia Gardens (2) 15,222,003 - (306,411 ) 14,915,592 Concord at Gulfgate - Series A (2) 17,060,000 1,375,668 - 18,435,668 Concord at Little York - Series A (2) 12,480,000 874,828 - 13,354,828 Concord at Williamcrest - Series A (2) 18,020,000 1,453,104 - 19,473,104 Copper Gate Apartments (3) 5,185,000 690,953 - 5,875,953 Cross Creek (1) 6,107,366 3,167,507 - 9,274,873 Decatur Angle (2) 23,000,000 2,080,032 - 25,080,032 Glenview Apartments - Series A (4) 4,670,000 114,116 - 4,784,116 Greens Property - Series A (3) 8,273,000 1,407,067 - 9,680,067 Harden Ranch - Series A (3) 6,960,000 765,305 - 7,725,305 Heritage Square - Series A (4) 11,185,000 1,390,428 - 12,575,428 Lake Forest (1) 8,736,000 1,298,086 - 10,034,086 Live 929 Apartments (2) 40,770,518 6,794,144 - 47,564,662 Montclair Apartments - Series A (4) 2,530,000 125,674 - 2,655,674 Pro Nova 2014-1 (2) 10,044,200 885,700 - 10,929,900 Ohio Properties - Series A (1) 14,287,000 3,197,018 - 17,484,018 Renaissance - Series A (4) 11,425,883 1,462,013 - 12,887,896 Runnymede (1) 10,350,000 1,851,305 - 12,201,305 Santa Fe Apartments - Series A (4) 3,065,000 199,878 - 3,264,878 Silver Moon - Series A (4) 7,971,455 1,432,372 - 9,403,827 Southpark (1) 11,819,121 4,338,026 - 16,157,147 The Palms at Premier Park Apartments (3) 19,958,648 2,902,945 - 22,861,593 Tyler Park Townhomes - Series A (3) 6,065,947 570,055 - 6,636,002 Vantage at Harlingen - Series B (4) 24,575,000 2,268,925 - 26,843,925 Vantage at Judson -Series B (4) 26,507,380 3,166,270 - 29,673,650 Westside Village Market - Series A (3) 3,964,084 256,168 - 4,220,252 Willow Run (2) 15,221,965 - (305,369 ) 14,916,596 Woodlynn Village (1) 4,351,000 566,283 - 4,917,283 Mortgage revenue bonds held in trust $ 475,080,096 $ 60,930,798 $ (611,780 ) $ 535,399,114 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 12 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 12 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 12 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 12 March 31, 2016 Description of Mortgage Revenue Bonds Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Avistar at Chase Hill - Series B $ 960,929 $ 98,609 $ - $ 1,059,538 Avistar at the Crest - Series B 755,798 99,068 - 854,866 Avistar at the Oaks - Series B 552,662 72,842 - 625,504 Avistar at the Parkway - Series B 125,000 494 - 125,494 Avistar in 09 - Series B 455,896 60,088 - 515,984 Avistar on the Boulevard - Series B 449,097 58,867 - 507,964 Companion at Thornhill Apartments 11,500,000 1,404,405 - 12,904,405 Concord at Gulfgate - Series B 2,125,000 124,242 - 2,249,242 Concord at Little York - Series B 960,000 3,364 - 963,364 Concord at Williamcrest - Series B 2,800,000 80,041 - 2,880,041 Crossing at 1415 7,925,000 345,376 - 8,270,376 Glenview Apartments - Series B 2,053,000 - (8,109 ) 2,044,891 Greens Property - Series B 942,560 165,321 - 1,107,881 Heights at 515 6,945,000 298,292 - 7,243,292 Heritage Square - Series B 520,000 39,156 - 559,156 Montclair Apartments - Series B 928,000 - (1,578 ) 926,422 Ohio Properties - Series B 3,559,200 614,470 - 4,173,670 Santa Fe Apartments - Series B 1,671,000 - (2,841 ) 1,668,159 Seasons at Simi Valley 6,320,000 483,653 - 6,803,653 Sycamore Walk 5,447,000 46,352 - 5,493,352 Mortgage revenue bonds $ 56,995,142 $ 3,994,640 $ (12,528 ) $ 60,977,254 December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust Cost Unrealized Unrealized Estimated 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) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 12 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 12 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 12 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 12 December 31, 2015 Description of Mortgage Revenue Bonds Cost Unrealized Unrealized 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
Trust Portfolio M B S Bonds
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The carrying value of the Partnership’s MBS Securities on March 31, 2016 was $0. The carrying value of the Partnership’s MBS Securities is 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) 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 (Tables)

Real Estate Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate Assets [Abstract]
Schedule of Real Estate Properties [Table Text Block]	The Partnership had the following investments in MF Properties on March 31, 2016 and December 31, 2015: MF Properties Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value at March 31, 2016 Arboretum Omaha, NE 145 $ 1,755,148 $ 19,345,349 $ 21,100,497 Eagle Village Evansville, IN 511 567,880 12,595,381 13,163,261 Northern View (f/k/a Meadowview) Highland Heights, KY 270 688,539 8,069,104 8,757,643 Residences of DeCordova Granbury, TX 110 1,160,455 8,070,159 9,230,614 Residences of Weatherford Weatherford, TX 76 1,942,229 5,741,905 7,684,134 Suites on Paseo San Diego, CA 394 3,162,463 38,236,774 41,399,237 The 50/50 MF Property Lincoln, NE 475 - 32,914,926 32,914,926 Woodland Park Topeka, KS 236 1,265,160 14,258,750 15,523,910 $ 149,774,222 Less accumulated depreciation (17,670,045 ) Balance at March 31, 2016 $ 132,104,177 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 (16,023,814 ) Balance at December 31, 2015 $ 133,649,135

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	The Partnership had the following Other Assets on March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Property loans receivable $ 35,702,765 $ 29,874,523 Less: Loan loss allowance (7,098,814 ) (7,098,814 ) Deferred financing costs - net 489,712 487,023 Fair value of derivative contracts 143,370 344,177 Taxable bonds at fair market value 4,938,104 4,824,060 Bond purchase commitments - fair value adjustment (Notes 4 & 17) 7,222,173 5,634,360 Other assets 1,594,835 1,655,013 Total other assets $ 42,992,145 $ 35,720,342
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The following is a summary of the net taxable property loans due at March 31, 2016 and December 31, 2015: March 31, 2016 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Arbors at Hickory Ridge $ 191,264 $ 43,563 $ - $ - $ 234,827 Ashley Square 5,078,342 - (3,596,342 ) - 1,482,000 Avistar (February 2013 portfolio) 274,496 61,162 - - 335,658 Avistar (June 2013 portfolio) 251,622 56,065 - - 307,687 Cross Creek 7,078,087 - (3,447,472 ) - 3,630,615 Foundation for Affordable Housing 1,418,075 - - - 1,418,075 Greens Property 850,000 373,440 - - 1,223,440 Lake Forest 4,623,704 - (55,000 ) - 4,568,704 Ohio Properties 2,390,446 848,249 - - 3,238,695 Vantage at Brooks LLC 7,199,424 207,481 - - 7,406,905 Vantage at Braunfels LLC 6,347,305 231,484 - - 6,578,789 $ 35,702,765 $ 1,821,444 $ (7,098,814 ) $ - $ 30,425,395 December 31, 2015 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property 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 $ 10,185,405 $ (7,098,814 ) $ (8,718,387 ) $ 24,242,727

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2016
Discontinued Operations [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	The following presents the revenues, expenses and income from discontinued operations for the three months ended March 31, 2015: 2015 Rental revenues $ 804,068 Expenses 779,640 Net income from discontinued operations $ 24,428

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Period End Rate PHC Certificates (1) $ 43,145,000 2012 June-16 Variable Weekly 0.95 % 1.62 % 2.57 % Decatur Angle 22,848,215 2014 October-16 Fixed N/A N/A N/A 4.26 % Live 929 37,911,261 2014 July-19 Fixed N/A N/A N/A 4.39 % Bruton Apartments 17,247,389 2014 July-17 Fixed N/A N/A N/A 4.51 % Pro Nova 2014-1 9,007,389 2014 July-17 Fixed N/A N/A N/A 4.01 % Concord at Gulfgate 14,937,068 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Little York 11,232,068 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Williamcrest 15,607,068 2015 February-18 Fixed N/A N/A N/A 2.76 % Columbia Gardens 11,684,439 2015 December-17 Fixed N/A N/A N/A 2.76 % Willow Run 11,684,022 2015 December-17 Fixed N/A N/A N/A 2.76 % Total TOB Trust Financing\Period End Rate $ 195,303,919 3.42 % (1) Comprised of three TOB Trusts TOB Trusts Securitization Outstanding TOB Trust Financing at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Period 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 22,847,450 2014 October-16 Fixed N/A N/A N/A 4.26 % Live 929 37,935,981 2014 July-19 Fixed N/A N/A N/A 4.39 % Bruton Apartments 17,246,899 2014 July-17 Fixed N/A N/A N/A 4.51 % Pro Nova 2014-1 9,006,899 2014 July-17 Fixed N/A N/A N/A 4.01 % Pro Nova 2014-2 8,371,899 2014 July-17 Fixed N/A N/A N/A 4.01 % Concord at Gulfgate 14,936,685 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Little York 11,231,685 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Williamcrest 15,606,685 2015 February-18 Fixed N/A N/A N/A 2.76 % Columbia Gardens 11,699,209 2015 December-17 Fixed N/A N/A N/A 2.76 % Willow Run 11,698,732 2015 December-17 Fixed N/A N/A N/A 2.76 % Total TOB Trust Financing\Period End Rate $ 216,512,124 3.26 % (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 March 31, 2016 and December 31, 2015. Outstanding TEBS Financing at March 31, 2016 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Period End Rate M24 TEBS Financing $ 60,787,787 2010 September-17 Variable Weekly 0.46 % 1.91 % 2.37 % M31 TEBS Financing (1) 92,191,475 2014 July-19 Variable Weekly 0.44 % 1.42 % 1.86 % M33 TEBS Financing (1) 82,024,241 2015 July-20 Variable Weekly 0.44 % 1.26 % 1.70 % Total TEBS Financing\Period End Rate $ 235,003,503 1.94 % (1) Facility fees are variable Outstanding TEBS Financing at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Period End Rate M24 TEBS Financing $ 60,735,743 2010 September-17 Variable Weekly 0.04 % 1.91 % 1.95 % M31 TEBS Financing (1) 92,280,069 2014 July-19 Variable Weekly 0.02 % 1.42 % 1.44 % M33 TEBS Financing (1) 81,968,780 2015 July-20 Variable Weekly 0.02 % 1.26 % 1.28 % Total TEBS Financing\Period End Rate $ 234,984,592 1.51 % (1) Facility fees are variable
Summary of Pre-adoption and Post-adoption Condensed Financial Statements [Table Text Block]	The following tables provide summaries of the pre-adoption and post-adoption effects of this change on the Partnership’s condensed consolidated financial statements on March 31, 2016 and December 31, 2015: Pre-adoption balance sheet March 31, 2016 December 31, 2015 Assets: Other assets $ 47,944,524 $ 41,124,454 Liabilities: Debt financing $ 434,830,925 $ 456,431,288 Mortgages payable and other secured financing $ 69,482,362 $ 69,717,114 Post-adoption balance sheet March 31, 2016 December 31, 2015 Assets: Other assets $ 42,992,145 $ 35,720,342 Liabilities: Debt financing 1 $ 430,307,422 $ 451,496,716 Mortgages payable and other secured financing 2 $ 69,053,487 $ 69,247,574 1 2
Schedule of Maturities of Long-term Debt [Table Text Block]	The Partnership’s aggregate borrowings on March 31, 2016 contractually mature over the next five years and thereafter as follows: 2016 $ 68,468,998 2017 154,181,206 2018 2,287,714 2019 129,045,308 2020 80,847,700 Total $ 434,830,926

Mortgages Payable and Other S38

Mortgages Payable and Other Secured Financing (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	Tender Option Bond Financings TOB Trusts Securitization Outstanding TOB Trust Financing at March 31, 2016 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Period End Rate PHC Certificates (1) $ 43,145,000 2012 June-16 Variable Weekly 0.95 % 1.62 % 2.57 % Decatur Angle 22,848,215 2014 October-16 Fixed N/A N/A N/A 4.26 % Live 929 37,911,261 2014 July-19 Fixed N/A N/A N/A 4.39 % Bruton Apartments 17,247,389 2014 July-17 Fixed N/A N/A N/A 4.51 % Pro Nova 2014-1 9,007,389 2014 July-17 Fixed N/A N/A N/A 4.01 % Concord at Gulfgate 14,937,068 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Little York 11,232,068 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Williamcrest 15,607,068 2015 February-18 Fixed N/A N/A N/A 2.76 % Columbia Gardens 11,684,439 2015 December-17 Fixed N/A N/A N/A 2.76 % Willow Run 11,684,022 2015 December-17 Fixed N/A N/A N/A 2.76 % Total TOB Trust Financing\Period End Rate $ 195,303,919 3.42 % (1) Comprised of three TOB Trusts TOB Trusts Securitization Outstanding TOB Trust Financing at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency SIFMA Based Rate Facility Fees Period 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 22,847,450 2014 October-16 Fixed N/A N/A N/A 4.26 % Live 929 37,935,981 2014 July-19 Fixed N/A N/A N/A 4.39 % Bruton Apartments 17,246,899 2014 July-17 Fixed N/A N/A N/A 4.51 % Pro Nova 2014-1 9,006,899 2014 July-17 Fixed N/A N/A N/A 4.01 % Pro Nova 2014-2 8,371,899 2014 July-17 Fixed N/A N/A N/A 4.01 % Concord at Gulfgate 14,936,685 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Little York 11,231,685 2015 February-18 Fixed N/A N/A N/A 2.76 % Concord at Williamcrest 15,606,685 2015 February-18 Fixed N/A N/A N/A 2.76 % Columbia Gardens 11,699,209 2015 December-17 Fixed N/A N/A N/A 2.76 % Willow Run 11,698,732 2015 December-17 Fixed N/A N/A N/A 2.76 % Total TOB Trust Financing\Period End Rate $ 216,512,124 3.26 % (1)
Schedule of Maturities of Long-term Debt [Table Text Block]	The Partnership’s aggregate borrowings on March 31, 2016 contractually mature over the next five years and thereafter as follows: 2016 $ 68,468,998 2017 154,181,206 2018 2,287,714 2019 129,045,308 2020 80,847,700 Total $ 434,830,926
Mortgages payable [Member]
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	The following is a summary of the Mortgages payable and other secured financing on the MF Properties: MF Property Mortgage Payables Outstanding Mortgage Payable at March 31, 2016 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Arboretum $ 16,582,688 2011 March 2017 Fixed N/A N/A N/A 3.75 % Eagle Village (1) 7,989,154 2010 September 2018 Variable Monthly 0.50 % 3.00 % 3.50 % Residences of DeCordova 1,791,995 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,763,979 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 UNL Student Housing-- Mortgage (2) 25,371,844 2013 March 2020 Variable Monthly 3.50 % N/A 3.50 % The 50/50 UNL Student Housing-- TIF Loan 4,053,827 2014 December 2019 Fixed N/A N/A N/A 4.65 % Woodland Park (1) 7,500,000 2014 August 2017 Variable Monthly 0.44 % 2.75 % 3.19 % Total Mortgage Payable\Period End Rate $ 69,053,487 3.73 % (1) (2) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Arboretum 16,683,146 2011 March 2017 Fixed N/A N/A N/A 3.75 % Eagle Village (1) 8,037,133 2010 September 2018 Variable Monthly 0.25 % 3.00 % 3.25 % Residences of DeCordova 1,807,246 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) 25,363,647 2013 March 2020 Variable Monthly 3.25 % N/A 3.25 % The 50/50 UNL Student Housing-- TIF Loan 4,035,779 2014 December 2019 Fixed N/A N/A N/A 4.65 % Woodland Park (1) 7,500,000 2014 August 2017 Variable Monthly 0.19 % 2.75 % 2.94 % Total Mortgage Payable\Period End Rate $ 69,247,574 3.58 % (1) (2)
Schedule of Maturities of Long-term Debt [Table Text Block]	The Partnership’s mortgages payable and other secured financing on March 31, 2016 contractually mature over the next five years and thereafter as follows: 2016 $ 17,127,962 2017 14,947,499 2018 7,606,911 2019 29,799,990 Total $ 69,482,362

Interest Rate Derivative Agre39

Interest Rate Derivative Agreements (Tables)	3 Months Ended
	Mar. 31, 2016
Interest Rate Derivative Agreements [Abstract]
Schedule of Derivative Instruments [Table Text Block]	At March 31, 2016, the terms of the eleven 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 $ 24 M24 TEBS 5.0 % Bank of New York Mellon September-10 $ 31,936,667 3.00 % September-17 $ 845,600 $ 24 M24 TEBS 5.0 % Barclays Bank PLC September-10 $ 31,936,667 3.00 % September-17 $ 928,000 $ 24 M24 TEBS 5.0 % Royal Bank of Canada August-13 $ 93,305,000 1.50 % September-17 $ 793,000 $ 5,759 M24 TEBS 3.5 % Deutsche Bank February-14 $ 41,250,000 1.00 % March-17 $ 230,500 $ 710 PHC TOB Trusts 3.3 % SMBC Capital Markets, Inc July-14 $ 31,565,000 3.00 % August-19 $ 315,200 $ 9,584 M31 TEBS 4.4 % Barclays Bank PLC July-14 $ 31,565,000 3.00 % August-19 $ 343,000 $ 9,594 M31 TEBS 4.4 % Royal Bank of Canada July-14 $ 31,565,000 3.00 % August-19 $ 333,200 $ 9,594 M31 TEBS 4.4 % SMBC Capital Markets, Inc July-15 $ 28,095,000 3.00 % August-20 $ 210,000 $ 36,019 M33 TEBS 4.3 % Wells Fargo Bank July-15 $ 28,095,000 3.00 % August-20 $ 187,688 $ 36,019 M33 TEBS 4.3 % Royal Bank of Canada July-15 $ 28,095,000 3.00 % August-20 $ 174,900 $ 36,019 M33 TEBS 4.3 % SMBC Capital Markets, Inc (1) For additional details, see Note 16 to the Partnership's consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements [Abstract]
Fair Value Measurement, Recurring	Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at March 31, 2016 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 $ 596,376,368 $ - $ - $ 596,376,368 Bond purchase commitments 7,222,173 - - 7,222,173 PHC Certificates 60,505,340 - - 60,505,340 Taxable bonds 4,938,104 - - 4,938,104 Interest rate derivatives (2,083,704 ) - - (2,083,704 ) Total Assets and Liabilities at Fair Value $ 666,958,281 $ - $ - $ 666,958,281 For Three Months Ended March 31, 2016 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, 2016 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 Total gains (losses) (realized/unrealized) Included in earnings - - - - (1,110,407 ) (1,110,407 ) Included in other comprehensive (loss) income 11,351,627 1,587,813 869,344 116,456 - 13,925,240 Purchases 11,500,000 - - - - 11,500,000 Sale of securities (9,747,125 ) - - - (399 ) (9,747,524 ) Settlements (411,270 ) - (1,071,294 ) (2,412 ) - (1,484,976 ) Ending Balance March 31, 2016 $ 596,376,369 $ 7,222,173 $ 60,505,340 $ 4,938,104 $ (2,083,704 ) $ 666,958,282 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 March 31, 2016 $ - $ - $ - $ - $ (1,110,407 ) $ (1,110,407 ) 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 Three Months Ended March 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 - - - - (899,873 ) (899,873 ) Included in other comprehensive income 74,600 (576,225 ) (976,532 ) (205,351 ) - (1,683,508 ) Purchases 58,945,000 - - - - 58,945,000 Refund of interest rate derivative cost - - - - (10,500 ) (10,500 ) Settlements (145,039 ) - (13,650 ) - - (158,689 ) Ending Balance March 31, 2015 $ 507,898,698 $ 5,204,188 $ 60,272,941 $ 4,411,214 $ (642,704 ) $ 577,144,337 Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2015 $ - $ - $ - $ - $ (899,873 ) $ (899,873 )
Fair Value, by Balance Sheet Grouping	The table below represents the fair value of the financial liabilities held on the Condensed Consolidated Balance Sheets for March 31, 2016 and December 31, 2015, respectively. March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and unsecured LOCs $ 458,292,061 $ 460,227,159 $ 468,993,716 $ 475,415,345 Mortgages payable and other secured financing $ 69,053,487 $ 68,999,002 $ 69,247,574 $ 67,735,213

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies [Abstract]
Long-term Purchase Commitment [Table Text Block]	On March 31, 2016 and December 31, 2015 the forward bond purchase commitments outstanding and the related fair values are as follows: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 through 2018 Maximum Committed Amounts for 2016 Rate Closing Date (1) Fair Value at March 31, 2016 Fair Value at December 31, 2015 15 West Apartments July-14 $ - $ 9,900,000 6.25 % Q2 2016 1,101,821 945,009 Villas at Plano Gateway Apartments December-14 - 20,000,000 6.00 % Q3 2016 1,772,800 1,469,213 Palo Alto July-15 19,540,000 - 5.80 % Q3 2017 1,995,034 1,439,600 Village at Rivers Edge May-15 11,000,000 - 6.00 % Q2 2017 785,062 636,560 Village at Avalon November-15 17,900,000 - 5.80 % Q2 2018 1,567,456 1,143,978 Total $ 48,440,000 $ 29,900,000 $ 7,222,173 $ 5,634,360 (1)

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following table details certain key financial information for the Partnership’s reportable segments for the three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016 2015 Total revenues Mortgage Revenue Bond Investments $ 9,074,195 $ 7,318,561 MF Properties 5,074,104 4,302,301 Public Housing Capital Fund Trust 730,902 732,903 MBS Securities Investments 48,755 152,860 Consolidation/eliminations - - Total revenues $ 14,927,956 $ 12,506,625 Interest expense Mortgage Revenue Bond Investments $ 3,784,390 $ 2,889,120 MF Properties 670,333 712,899 Public Housing Capital Fund Trust 300,720 296,460 MBS Securities Investments 14,692 37,697 Consolidation/eliminations - - Total interest expense $ 4,770,135 $ 3,936,176 Depreciation expense Mortgage Revenue Bond Investments $ - $ - MF Properties 1,646,231 1,454,179 Public Housing Capital Fund Trust - - MBS Securities Investments - - Consolidation/eliminations - - Total depreciation expense $ 1,646,231 $ 1,454,179 Income from continuing operations Mortgage Revenue Bond Investments $ 2,317,325 $ 2,349,522 MF Properties (267,803 ) (394,532 ) Public Housing Capital Fund Trust 430,182 429,148 MBS Securities Investments 51,984 115,022 Consolidation/eliminations - - Income from continuing operations $ 2,531,688 $ 2,499,160 Net income (loss) Mortgage Revenue Bond Investments $ 2,317,337 $ 2,349,522 MF Properties (267,803 ) (393,641 ) Public Housing Capital Fund Trust 430,182 429,148 MBS Securities Investments 51,984 115,022 Discontinued Operations - 24,428 Consolidation/eliminations - - Net income - America First Multifamily Investors, L. P. $ 2,531,700 $ 2,524,479 The following table details certain key financial information for the Partnership’s reportable segments on March 31, 2016 and December 31, 2015: Total assets March 31, 2016 December 31, 2015 Mortgage Revenue Bond Investments $ 875,819,690 $ 849,226,911 MF Properties 139,905,856 141,704,103 Public Housing Capital Fund Trust Certificates 60,920,496 61,021,462 MBS Securities Investments - 15,035,061 Consolidation/eliminations (202,193,204 ) (199,877,054 ) Total assets $ 874,452,838 $ 867,110,483

Basis of Presentation Percentag

Basis of Presentation Percentage of Ownership (Details) shares in Millions	3 Months Ended
	Mar. 31, 2016USD ($)Propertyshares
Issuance of preferred units through private placement | shares	1
Proceeds from the sale of redeemable Series A Preferred Units | $	$ 10,000,000
Consolidated Properties [Member]
Number of Real Estate Properties | Property	8
Consolidated Properties [Member] | Limited Partner [Member]
Noncontrolling Interest, Ownership Percentage by Parent	99.00%
Number of Real Estate Properties | Property	1
Series A Preferred Stock [Member]
Issuance of preferred units through private placement | shares	1

Partnership Income, Expense a44

Partnership Income, Expense and Cash Distributions (Details)	3 Months Ended
	Mar. 31, 2016$ / shares
Non-cumulative cash distribution rate per annum	3.00%
Percent of Regular Distributions	100.00%
Penalty on Outstanding Contingent Interest	0.90%
Limited Partner [Member]
Percent of Regular Distributions	99.00%
Special Distribution	75.00%
General Partner [Member]
Percent of Regular Distributions	1.00%
Special Distribution	25.00%
Series A Preferred Stock [Member]
Non-cumulative cash distribution rate per annum	3.00%
Units purchase price	$ 10

Variable Interest Entities Narr

Variable Interest Entities Narrative Tagging (Details)	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities [Abstract]
Available-for-Sale Securities, Ownership Percentage	100.00%

Variable Interest Entities Prop

Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	$ 115,579,404	$ 111,052,042
Available for Sale Security and Property Loan Receivable, Maximum Exposure	109,262,999	103,483,793
Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	15,467,694	13,004,505
Available for Sale Security and Property Loan Receivable, Maximum Exposure	19,064,036	19,464,977
Ashley Square [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	5,600,695	5,607,163
Available for Sale Security and Property Loan Receivable, Maximum Exposure	5,084,000	5,099,000
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	5,078,342	7,942,472
Bridle Ridge [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	8,552,233
Available for Sale Security and Property Loan Receivable, Maximum Exposure	7,565,000
Bruton Apts [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	20,454,301	20,046,839
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	14,915,592	15,224,597
Available for Sale Security and Property Loan Receivable, Maximum Exposure	15,222,003	15,224,597
Cross Creek [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value		9,034,294
Available for Sale Security and Property Loan Receivable, Maximum Exposure		6,101,605
Cross Creek [Member] | Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value		3,624,614
Available for Sale Security and Property Loan Receivable, Maximum Exposure		3,624,614
Glenview Apts [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	6,829,007	6,926,243
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	7,725,305	7,628,981
Available for Sale Security and Property Loan Receivable, Maximum Exposure	6,960,000	6,960,000
Montclair Apts [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	3,582,096	3,569,573
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	4,933,037	4,884,102
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	6,803,653	6,724,110
Available for Sale Security and Property Loan Receivable, Maximum Exposure	6,320,000	6,320,000
Sycamore Walk [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	5,493,352	5,447,000
Available for Sale Security and Property Loan Receivable, Maximum Exposure	5,447,000	5,447,000
Tyler Park Apartments [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	6,636,002	6,562,209
Available for Sale Security and Property Loan Receivable, Maximum Exposure	6,065,947	6,075,000
Vantage at Braunfels LLC [Member] | Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	6,578,789	4,364,787
Available for Sale Security and Property Loan Receivable, Maximum Exposure	6,578,789	4,364,787
Vantage at Brooks LLC [Member] | Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	7,406,905	3,533,104
Available for Sale Security and Property Loan Receivable, Maximum Exposure	7,406,905	3,533,104
Westside Village Market [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	4,220,252	4,172,340
Available for Sale Security and Property Loan Receivable, Maximum Exposure	3,964,084	3,970,000
Willow Run [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	14,916,596	15,224,591
Available for Sale Security and Property Loan Receivable, Maximum Exposure	15,221,965	$ 15,224,591
Woodlynn Village [Member] | Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Carrying Value	4,917,283
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 4,351,000

Investments in Bonds (Details)

Investments in Bonds (Details) - USD ($)		Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value, held in trust		$ 60,977,254	$ 47,366,656
Mortgage Revenue Bonds Held In Trust
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		475,080,096	484,817,254
Unrealized Gain, held in trust		60,930,798	51,499,227
Unrealized Loss, held in trust		(611,780)
Estimated Fair Value, held in trust		535,399,114	536,316,481
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		475,080,096	484,817,254
Mortgage Revenue Bonds Held In Trust | Arbors at Hickory Ridge [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	11,546,822	11,565,657
Unrealized Gain, held in trust	[1]	2,000,796	1,767,508
Estimated Fair Value, held in trust	[1]	13,547,618	13,333,165
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	11,546,822	11,565,657
Mortgage Revenue Bonds Held In Trust | Ashley Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	5,084,000	5,099,000
Unrealized Gain, held in trust	[2]	516,695	508,163
Estimated Fair Value, held in trust	[2]	5,600,695	5,607,163
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	5,084,000	5,099,000
Mortgage Revenue Bonds Held In Trust | 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	6,430,000
Unrealized Gain, held in trust	[2]	922,898	766,135
Estimated Fair Value, held in trust	[2]	7,352,898	7,196,135
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	6,430,000	6,430,000
Mortgage Revenue Bonds Held In Trust | Bridle Ridge [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	7,565,000	7,595,000
Unrealized Gain, held in trust	[2]	987,233	817,222
Estimated Fair Value, held in trust	[2]	8,552,233	8,412,222
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	7,565,000	7,595,000
Mortgage Revenue Bonds Held In Trust | Brookstone [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	7,467,724	7,468,668
Unrealized Gain, held in trust	[2]	1,569,277	1,436,203
Estimated Fair Value, held in trust	[2]	9,037,001	8,904,871
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	7,467,724	7,468,668
Mortgage Revenue Bonds Held In Trust | 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
Unrealized Gain, held in trust	[3]	2,309,301
Estimated Fair Value, held in trust	[3]	20,454,301
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	18,145,000
Mortgage Revenue Bonds Held In Trust | Columbia Gardens [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	15,222,003	15,224,597
Unrealized Loss, held in trust	[3]	(306,411)
Estimated Fair Value, held in trust	[3]	14,915,592	15,224,597
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	15,222,003	15,224,597
Mortgage Revenue Bonds Held In Trust | 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	5,185,000
Unrealized Gain, held in trust	[1]	690,953	616,341
Estimated Fair Value, held in trust	[1]	5,875,953	5,801,341
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	5,185,000	5,185,000
Mortgage Revenue Bonds Held In Trust | Cross Creek [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	6,107,366	6,101,605
Unrealized Gain, held in trust	[2]	3,167,507	2,932,689
Estimated Fair Value, held in trust	[2]	9,274,873	9,034,294
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	6,107,366	6,101,605
Mortgage Revenue Bonds Held In Trust | 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]	2,080,032	1,582,083
Estimated Fair Value, held in trust	[3]	25,080,032	24,582,083
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	23,000,000	23,000,000
Mortgage Revenue Bonds Held In Trust | Lake Forest [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	8,736,000	8,766,000
Unrealized Gain, held in trust	[2]	1,298,086	1,177,745
Estimated Fair Value, held in trust	[2]	10,034,086	9,943,745
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	8,736,000	8,766,000
Mortgage Revenue Bonds Held In Trust | Live 929 Apartments [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	40,770,518	40,801,557
Unrealized Gain, held in trust	[3]	6,794,144	5,829,855
Estimated Fair Value, held in trust	[3]	47,564,662	46,631,412
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	40,770,518	40,801,557
Mortgage Revenue Bonds Held In Trust | Pro Nova [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	10,044,200	19,379,489
Unrealized Gain, held in trust	[3]	885,700	1,182,900
Estimated Fair Value, held in trust	[3]	10,929,900	20,562,389
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	10,044,200	19,379,489
Mortgage Revenue Bonds Held In Trust | Runnymede [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	10,350,000	10,350,000
Unrealized Gain, held in trust	[2]	1,851,305	1,600,938
Estimated Fair Value, held in trust	[2]	12,201,305	11,950,938
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	10,350,000	10,350,000
Mortgage Revenue Bonds Held In Trust | Southpark [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	11,819,121	11,799,874
Unrealized Gain, held in trust	[2]	4,338,026	3,990,882
Estimated Fair Value, held in trust	[2]	16,157,147	15,790,756
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	11,819,121	11,799,874
Mortgage Revenue Bonds Held In Trust | 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]	19,958,648	20,001,272
Unrealized Gain, held in trust	[1]	2,902,945	2,505,091
Estimated Fair Value, held in trust	[1]	22,861,593	22,506,363
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	19,958,648	20,001,272
Mortgage Revenue Bonds Held In Trust | Willow Run [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	15,221,965	15,224,591
Unrealized Loss, held in trust	[3]	(305,369)
Estimated Fair Value, held in trust	[3]	14,916,596	15,224,591
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	15,221,965	15,224,591
Mortgage Revenue Bonds Held In Trust | 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	4,351,000
Unrealized Gain, held in trust	[2]	566,283	466,471
Estimated Fair Value, held in trust	[2]	4,917,283	4,817,471
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	4,351,000	4,351,000
Mortgage Revenue Bonds Held In Trust | 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
Unrealized Gain, held in trust	[3]		1,901,839
Estimated Fair Value, held in trust	[3]		20,046,839
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]		18,145,000
Mortgage Revenue Bonds Held In Trust | 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]	9,913,418	9,935,552
Unrealized Gain, held in trust	[1]	1,125,098	1,133,024
Estimated Fair Value, held in trust	[1]	11,038,516	11,068,576
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	9,913,418	9,935,552
Mortgage Revenue Bonds Held In Trust | 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]	9,616,015	9,637,485
Unrealized Gain, held in trust	[1]	1,498,546	1,301,224
Estimated Fair Value, held in trust	[1]	11,114,561	10,938,709
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	9,616,015	9,637,485
Mortgage Revenue Bonds Held In Trust | 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]	7,761,097	7,777,936
Unrealized Gain, held in trust	[1]	996,264	840,159
Estimated Fair Value, held in trust	[1]	8,757,361	8,618,095
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	7,761,097	7,777,936
Mortgage Revenue Bonds Held In Trust | 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	13,300,000
Unrealized Gain, held in trust	[4]	583,196	330,251
Estimated Fair Value, held in trust	[4]	13,883,196	13,630,251
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	13,300,000	13,300,000
Mortgage Revenue Bonds Held In Trust | 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]	6,701,407	6,715,948
Unrealized Gain, held in trust	[1]	860,235	725,445
Estimated Fair Value, held in trust	[1]	7,561,642	7,441,393
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	6,701,407	6,715,948
Mortgage Revenue Bonds Held In Trust | 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]	16,381,921	16,418,497
Unrealized Gain, held in trust	[1]	2,201,078	1,872,323
Estimated Fair Value, held in trust	[1]	18,582,999	18,290,820
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	16,381,921	16,418,497
Mortgage Revenue Bonds Held In Trust | 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]	5,362,122	5,373,756
Unrealized Gain, held in trust	[1]	726,311	693,096
Estimated Fair Value, held in trust	[1]	6,088,433	6,066,852
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	5,362,122	5,373,756
Mortgage Revenue Bonds Held In Trust | 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	17,060,000
Unrealized Gain, held in trust	[3]	1,375,668	852,612
Estimated Fair Value, held in trust	[3]	18,435,668	17,912,612
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	17,060,000	17,060,000
Mortgage Revenue Bonds Held In Trust | 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	12,480,000
Unrealized Gain, held in trust	[3]	874,828	688,441
Estimated Fair Value, held in trust	[3]	13,354,828	13,168,441
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	12,480,000	12,480,000
Mortgage Revenue Bonds Held In Trust | 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	18,020,000
Unrealized Gain, held in trust	[3]	1,453,104	1,182,543
Estimated Fair Value, held in trust	[3]	19,473,104	19,202,543
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	18,020,000	18,020,000
Mortgage Revenue Bonds Held In Trust | 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	4,670,000
Unrealized Gain, held in trust	[4]	114,116	210,572
Estimated Fair Value, held in trust	[4]	4,784,116	4,880,572
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	4,670,000	4,670,000
Mortgage Revenue Bonds Held In Trust | 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]	8,273,000	8,294,000
Unrealized Gain, held in trust	[1]	1,407,067	1,138,270
Estimated Fair Value, held in trust	[1]	9,680,067	9,432,270
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	8,273,000	8,294,000
Mortgage Revenue Bonds Held In Trust | 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]	765,305	668,981
Estimated Fair Value, held in trust	[1]	7,725,305	7,628,981
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	6,960,000	6,960,000
Mortgage Revenue Bonds Held In Trust | 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	11,185,000
Unrealized Gain, held in trust	[4]	1,390,428	273,488
Estimated Fair Value, held in trust	[4]	12,575,428	11,458,488
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	11,185,000	11,185,000
Mortgage Revenue Bonds Held In Trust | 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	2,530,000
Unrealized Gain, held in trust	[4]	125,674	114,079
Estimated Fair Value, held in trust	[4]	2,655,674	2,644,079
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	2,530,000	2,530,000
Mortgage Revenue Bonds Held In Trust | 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]	14,287,000	14,311,000
Unrealized Gain, held in trust	[2]	3,197,018	2,690,867
Estimated Fair Value, held in trust	[2]	17,484,018	17,001,867
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	14,287,000	14,311,000
Mortgage Revenue Bonds Held In Trust | Series A [Member] | Rennaisance [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	11,425,883	11,450,959
Unrealized Gain, held in trust	[4]	1,462,013	1,233,077
Estimated Fair Value, held in trust	[4]	12,887,896	12,684,036
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	11,425,883	11,450,959
Mortgage Revenue Bonds Held In Trust | 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	3,065,000
Unrealized Gain, held in trust	[4]	199,878	154,067
Estimated Fair Value, held in trust	[4]	3,264,878	3,219,067
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	3,065,000	3,065,000
Mortgage Revenue Bonds Held In Trust | 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]	7,971,455	7,983,811
Unrealized Gain, held in trust	[4]	1,432,372	1,246,349
Estimated Fair Value, held in trust	[4]	9,403,827	9,230,160
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	7,971,455	7,983,811
Mortgage Revenue Bonds Held In Trust | 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]	6,065,947	6,075,000
Unrealized Gain, held in trust	[1]	570,055	487,209
Estimated Fair Value, held in trust	[1]	6,636,002	6,562,209
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	6,065,947	6,075,000
Mortgage Revenue Bonds Held In Trust | 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]	3,964,084	3,970,000
Unrealized Gain, held in trust	[1]	256,168	202,340
Estimated Fair Value, held in trust	[1]	4,220,252	4,172,340
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	3,964,084	3,970,000
Mortgage Revenue Bonds Held In Trust | 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	24,575,000
Unrealized Gain, held in trust	[4]	2,268,925	1,765,139
Estimated Fair Value, held in trust	[4]	26,843,925	26,340,139
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	24,575,000	24,575,000
Mortgage Revenue Bonds Held In Trust | 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]	26,507,380	26,540,000
Unrealized Gain, held in trust	[4]	3,166,270	2,613,606
Estimated Fair Value, held in trust	[4]	29,673,650	29,153,606
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	26,507,380	26,540,000
Mortgage Revenue Bonds
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		56,995,142	45,502,220
Unrealized Gain, held in trust		3,994,640	1,907,499
Unrealized Loss, held in trust		(12,528)	(43,063)
Estimated Fair Value, held in trust		60,977,254	47,366,656
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		56,995,142	45,502,220
Mortgage Revenue Bonds | Companion At Thornhill Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		11,500,000
Unrealized Gain, held in trust		1,404,405
Estimated Fair Value, held in trust		12,904,405
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		11,500,000
Mortgage Revenue Bonds | Crossing at 1415 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		7,925,000	7,925,000
Unrealized Gain, held in trust		345,376	214,091
Estimated Fair Value, held in trust		8,270,376	8,139,091
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		7,925,000	7,925,000
Mortgage Revenue Bonds | Heights at 515 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		6,945,000	6,945,000
Unrealized Gain, held in trust		298,292	185,268
Estimated Fair Value, held in trust		7,243,292	7,130,268
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		6,945,000	6,945,000
Mortgage Revenue Bonds | Seasons at Simi Valley [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		6,320,000	6,320,000
Unrealized Gain, held in trust		483,653	404,110
Estimated Fair Value, held in trust		6,803,653	6,724,110
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		6,320,000	6,320,000
Mortgage Revenue Bonds | Sycamore Walk [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		5,447,000	5,447,000
Unrealized Gain, held in trust		46,352
Estimated Fair Value, held in trust		5,493,352	5,447,000
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		5,447,000	5,447,000
Mortgage Revenue Bonds | Series B [Member] | Avistar at Chase Hill - [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		960,929	961,981
Unrealized Gain, held in trust		98,609	109,878
Estimated Fair Value, held in trust		1,059,538	1,071,859
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		960,929	961,981
Mortgage Revenue Bonds | Series B [Member] | Avistar at the Crest [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		755,798	756,626
Unrealized Gain, held in trust		99,068	86,428
Estimated Fair Value, held in trust		854,866	843,054
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		755,798	756,626
Mortgage Revenue Bonds | Series B [Member] | Avistar at the Oaks [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		552,662	553,244
Unrealized Gain, held in trust		72,842	63,533
Estimated Fair Value, held in trust		625,504	616,777
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		552,662	553,244
Mortgage Revenue Bonds | Series B [Member] | Avistar at the Parkway [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		125,000	125,000
Unrealized Gain, held in trust		494
Unrealized Loss, held in trust			(979)
Estimated Fair Value, held in trust		125,494	124,021
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		125,000	125,000
Mortgage Revenue Bonds | Series B [Member] | Avistar in 09 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		455,896	456,376
Unrealized Gain, held in trust		60,088	52,409
Estimated Fair Value, held in trust		515,984	508,785
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		455,896	456,376
Mortgage Revenue Bonds | Series B [Member] | Avistar on the Boulevard [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		449,097	449,589
Unrealized Gain, held in trust		58,867	51,356
Estimated Fair Value, held in trust		507,964	500,945
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		449,097	449,589
Mortgage Revenue Bonds | Series B [Member] | Concord at Gulfgate [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		2,125,000	2,125,000
Unrealized Gain, held in trust		124,242	76,802
Estimated Fair Value, held in trust		2,249,242	2,201,802
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		2,125,000	2,125,000
Mortgage Revenue Bonds | Series B [Member] | Concord at Little York [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		960,000	960,000
Unrealized Gain, held in trust		3,364
Unrealized Loss, held in trust			(6,711)
Estimated Fair Value, held in trust		963,364	953,289
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		960,000	960,000
Mortgage Revenue Bonds | Series B [Member] | Concord at Williamcrest [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		2,800,000	2,800,000
Unrealized Gain, held in trust		80,041
Unrealized Loss, held in trust			(19,573)
Estimated Fair Value, held in trust		2,880,041	2,780,427
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		2,800,000	2,800,000
Mortgage Revenue Bonds | Series B [Member] | Glenview Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		2,053,000	2,053,000
Unrealized Loss, held in trust		(8,109)	(7,329)
Estimated Fair Value, held in trust		2,044,891	2,045,671
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		2,053,000	2,053,000
Mortgage Revenue Bonds | Series B [Member] | Greens of Pine Glen [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		942,560	943,214
Unrealized Gain, held in trust		165,321	142,442
Estimated Fair Value, held in trust		1,107,881	1,085,656
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		942,560	943,214
Mortgage Revenue Bonds | Series B [Member] | Heritage Square [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		520,000	520,000
Unrealized Gain, held in trust		39,156	6,185
Estimated Fair Value, held in trust		559,156	526,185
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		520,000	520,000
Mortgage Revenue Bonds | Series B [Member] | Montclair Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		928,000	928,000
Unrealized Loss, held in trust		(1,578)	(2,506)
Estimated Fair Value, held in trust		926,422	925,494
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		928,000	928,000
Mortgage Revenue Bonds | Series B [Member] | Ohio Properties [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		3,559,200	3,562,190
Unrealized Gain, held in trust		614,470	514,997
Estimated Fair Value, held in trust		4,173,670	4,077,187
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		3,559,200	3,562,190
Mortgage Revenue Bonds | Series B [Member] | Santa Fe Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		1,671,000	1,671,000
Unrealized Loss, held in trust		(2,841)	(5,965)
Estimated Fair Value, held in trust		1,668,159	1,665,035
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		$ 1,671,000	$ 1,671,000
[1]	Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 12
[2]	Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 12
[3]	Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 12
[4]	Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 12

Investments in Mortgage Reven48

Investments in Mortgage Revenue Bonds Investment in Bonds Narrative Tagging (Details) - USD ($)	1 Months Ended		3 Months Ended
	Mar. 31, 2016	Jan. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Proceeds from sale of mortgage revenue bond		$ 15,000,000	$ 9,295,000
Debt financing	$ 430,307,422		$ 430,307,422	$ 451,496,716
Weighted Average Base Rate of Mortgage Revenue Bonds	6.40%		6.40%
Adverse Change Rate	10.00%		10.00%
10% adverse [Member]
Available-for-sale Securities, Gross Unrealized Loss			$ 35,300,000
Effective rate - minimum [Member]
Effective rate	4.00%		4.00%	4.20%
Effective rate - minimum [Member] | 10% adverse [Member]
Effective rate	4.40%		4.40%
Effective rate - maximum [Member]
Effective rate	12.00%		12.00%	12.10%
Effective rate - maximum [Member] | 10% adverse [Member]
Effective rate	13.10%		13.10%
CALIFORNIA
Percentage of Available for Sale Securities by Location	8.00%		8.00%	8.00%
San Antonio, Texas [Member]
Percentage of Available for Sale Securities by Location	51.00%		51.00%	51.00%
TOB Facility [Member]
Debt financing		$ 11,900,000
Pro Nova 2014-1 [Member]
Proceeds from sale of mortgage revenue bond	$ 9,500,000
Pro Nova 2014-1 [Member] | TOB Facility [Member]
Debt financing	$ 8,400,000		$ 8,400,000

Investments in Mortgage Reven49

Investments in Mortgage Revenue Bonds Acquisitions (Details)	3 Months Ended
	Mar. 31, 2016USD ($)Unit	Mar. 31, 2015USD ($)Unit	Dec. 31, 2015Unit
Companion At Thornhill Apts [Member]
Schedule of Available-for-sale Securities [Line Items]
Units	180
Maturity Date	Jan. 1, 2052
Base Interest Rate	5.80%
Principal Outstanding | $	$ 11,500,000
Suites on Paseo [Member]
Schedule of Available-for-sale Securities [Line Items]
Units	394		394
Suites on Paseo [Member] | Series B [Member]
Schedule of Available-for-sale Securities [Line Items]
Units		394
Maturity Date		Dec. 1, 2033
Base Interest Rate		9.00%
Principal Outstanding | $		$ 5,500,000
Concord at Gulfgate [Member] | Series B [Member]
Schedule of Available-for-sale Securities [Line Items]
Units		288
Maturity Date		Mar. 1, 2032
Base Interest Rate		12.00%
Principal Outstanding | $		$ 2,125,000
Concord at Gulfgate [Member] | Series A [Member]
Schedule of Available-for-sale Securities [Line Items]
Units		288
Maturity Date		Feb. 1, 2032
Base Interest Rate		6.00%
Principal Outstanding | $		$ 17,060,000
Concord at Little York [Member] | Series B [Member]
Schedule of Available-for-sale Securities [Line Items]
Units		276
Maturity Date		Mar. 1, 2032
Base Interest Rate		12.00%
Principal Outstanding | $		$ 960,000
Concord at Little York [Member] | Series A [Member]
Schedule of Available-for-sale Securities [Line Items]
Units		276
Maturity Date		Feb. 1, 2032
Base Interest Rate		6.00%
Principal Outstanding | $		$ 12,480,000
Concord at Williamcrest [Member] | Series B [Member]
Schedule of Available-for-sale Securities [Line Items]
Units		288
Maturity Date		Mar. 1, 2032
Base Interest Rate		12.00%
Principal Outstanding | $		$ 2,800,000
Concord at Williamcrest [Member] | Series A [Member]
Schedule of Available-for-sale Securities [Line Items]
Units		288
Maturity Date		Feb. 1, 2032
Base Interest Rate		6.00%
Principal Outstanding | $		$ 18,020,000

Public Housing Capital ("PHC"50

Public Housing Capital ("PHC") Fund Trust Certificates Narrative Tagging (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)Integer	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-Sale Securities, Ownership Percentage	100.00%
Adverse change rate	10.00%
10% adverse [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Gross Unrealized Losses	$ 35.3
Effective rate - minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	4.00%	4.20%
Effective rate - minimum [Member] | 10% adverse [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	4.40%
Effective rate - maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	12.00%	12.10%
Effective rate - maximum [Member] | 10% adverse [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	13.10%
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, Including Premiums	$ 57.8
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	$ 1.9
Public housing capital fund trusts [Member] | Effective rate - minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	3.70%
Public housing capital fund trusts [Member] | Effective rate - minimum [Member] | 10% adverse [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	4.10%
Public housing capital fund trusts [Member] | Effective rate - maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	5.40%
Public housing capital fund trusts [Member] | Effective rate - maximum [Member] | 10% adverse [Member]
Schedule of Available-for-sale Securities [Line Items]
Effective rate	6.00%

Public Housing Capital ("PHC"51

Public Housing Capital ("PHC") Fund Trust Certificates Mark to Market PHC (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value, held in trust	$ 60,977,254	$ 47,366,656
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	57,798,495	58,869,789
Unrealized Gain, held in trust	2,706,845	1,847,819
Unrealized Loss, held in trust		(10,318)
Estimated Fair Value, held in trust	60,505,340	60,707,290
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	57,798,495	58,869,789
Public Housing Capital Fund Trust I [Member] | Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	26,181,896	27,274,451
Unrealized Gain, held in trust	1,802,550	1,482,376
Estimated Fair Value, held in trust	27,984,446	28,756,827
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	26,181,896	27,274,451
Public Housing Capital Fund Trust II [Member] | Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	11,093,435	11,081,987
Unrealized Gain, held in trust	556,822	365,443
Estimated Fair Value, held in trust	11,650,257	11,447,430
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	11,093,435	11,081,987
Public Housing Capital Fund Trust III [Member] | Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	20,523,164	20,513,351
Unrealized Gain, held in trust	347,473
Unrealized Loss, held in trust		(10,318)
Estimated Fair Value, held in trust	20,870,637	20,503,033
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	$ 20,523,164	$ 20,513,351

Public Housing Capital ("PHC"52

Public Housing Capital ("PHC") Fund Trust Certificates Information Table on Public Housing Capital Fund Trusts (Details) - Public housing capital fund trusts [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Weighted Average Interest Rate over Life	5.20%
Principal Outstanding	$ 57,287,229	$ 58,344,872
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 22 days	9 years 3 months
Investment Rating	AA-	AA-
Weighted Average Interest Rate over Life	5.33%	5.33%
Principal Outstanding	$ 24,923,137	$ 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 5 months 1 day	8 years 8 months 1 day
Investment Rating	A+	A+
Weighted Average Interest Rate over Life	4.29%	4.29%
Principal Outstanding	$ 11,465,660	$ 11,465,660
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 6 months 22 days	9 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

Mortgage-Backed Securities Narr

Mortgage-Backed Securities Narrative Tagging (Details)	Jan. 31, 2016USD ($)Integer	Jan. 31, 2016USD ($)Integer	Mar. 31, 2016USD ($)
Proceeds from Sale of Available-for-sale Securities		$ 15,000,000	$ 9,295,000
Number of Available for Sale Securities, Held in a Trust | Integer	3	3
Repayment of debt financing			5,000,000
Available-for-sale Securities, Carrying Value, Mortgage-backed Securities			0
Trust Portfolio M B S Bonds
Proceeds from Sale of Available-for-sale Securities	$ 15,000,000
Number of Available for Sale Securities, Held in a Trust | Integer	3	3
Repayment of debt financing	$ 11,900,000
Proceeds from Sale of Available-for-sale Securities	11,000,000		11,000,000
Available-for-sale Securities, Gross Realized Gain (Loss)	$ 0		$ 0

Mortgage-Backed Securities Carr

Mortgage-Backed Securities Carrying Value of Asset (Details) - Trust Portfolio M B S Bonds	12 Months Ended
	Dec. 31, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Cost adjusted for pay-downs	$ 14,953,030
Unrealized Loss	(177,721)
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	$ 14,775,309
Standard & Poor's, AAA Rating [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Credit Rating	“AAA”	[1]
Cost adjusted for pay-downs	$ 5,052,348	[1]
Unrealized Loss	(34,648)	[1]
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	$ 5,017,700	[1]
Standard & Poor's, AA Rating [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Instrument, Credit Rating	“AA”	[1]
Cost adjusted for pay-downs	$ 9,900,682	[1]
Unrealized Loss	(143,073)	[1]
Available-for-sale Securities, Fair Value Disclosure, Mortgage-backed Securities	$ 9,757,609	[1]
[1]	MBS Securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.

Real Estate Assets Narrative Ta

Real Estate Assets Narrative Tagging (Details)	3 Months Ended
	Mar. 31, 2016USD ($)PropertyBrokerAgreement	Dec. 31, 2015Property
Real Estate Properties [Line Items]
Number of broker agreements | BrokerAgreement	3
Number of MF properties for sale	3
Gain (Loss) on Sale of Properties | $	$ 0
Consolidated VIEs [Member]
Real Estate Properties [Line Items]
Number of properties sold		2
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	8
Limited Partner [Member] | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	99.00%
Number of Real Estate Properties	1
Limited Liability Company [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%
Number of Limited Liability Companies	6
General Partner [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	1.00%
Available-for-sale Securities [Member]
Real Estate Properties [Line Items]
Land | $	$ 7,400,000
St. Petersburg [Member] | Available-for-sale Securities [Member]
Real Estate Properties [Line Items]
Land | $	$ 3,000,000

Real Estate Assets MF Propertie

Real Estate Assets MF Properties (Details)	Mar. 31, 2016USD ($)Unit	Dec. 31, 2015USD ($)Unit
Property, Plant and Equipment [Line Items]
Land and Land Improvements	$ 17,983,300	$ 17,887,505
Buildings and improvements	139,232,348	139,153,699
Carrying Value	157,215,648	157,041,204
MF Property, Plant and Equipment	149,774,222	149,672,949
Accumulated Depreciation - MF Properties	(17,670,045)	(16,023,814)
Property, Plant and Equipment, Net	$ 132,104,177	$ 133,649,135
Arboretum [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	145	145
Land and Land Improvements	$ 1,755,148	$ 1,755,147
Buildings and improvements	19,345,349	19,317,284
Carrying Value	$ 21,100,497	$ 21,072,431
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	12,595,381	12,594,935
Carrying Value	$ 13,163,261	$ 13,162,815
Northern View (f/k/a Meadowview) [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	270	270
Land and Land Improvements	$ 688,539	$ 688,539
Buildings and improvements	8,069,104	8,062,973
Carrying Value	$ 8,757,643	$ 8,751,512
Residences at DeCordova [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	110	110
Land and Land Improvements	$ 1,160,455	$ 1,137,832
Buildings and improvements	8,070,159	8,065,977
Carrying Value	$ 9,230,614	$ 9,203,809
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	5,741,905	5,738,697
Carrying Value	$ 7,684,134	$ 7,680,926
Suites on Paseo [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit	394	394
Land and Land Improvements	$ 3,162,463	$ 3,162,463
Buildings and improvements	38,236,774	38,216,364
Carrying Value	$ 41,399,237	$ 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	$ 32,914,926	$ 32,910,424
Carrying Value	$ 32,914,926	$ 32,910,424
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	14,258,750	14,247,045
Carrying Value	$ 15,523,910	$ 15,512,205

Investment in an Unconsolidat57

Investment in an Unconsolidated Entity (Details)	Mar. 31, 2016USD ($)Unit	Dec. 31, 2015USD ($)	Oct. 31, 2015USD ($)
Schedule Of Equity Method Investments [Line Items]
Property loan receivable, gross	$ 35,702,765	$ 29,874,523
Partnership's investment in an unconsolidated entity	2,442,846
Vantage at Brooks and Vantage at New Braunfels [Member]
Schedule Of Equity Method Investments [Line Items]
Property loan receivable, gross	2,400,000		$ 17,000,000
Investments provide to equity	$ 9,600,000
Units | Unit	288
Partnership's investment in an unconsolidated entity	$ 2,400,000

Other Assets Other Assets (Deta

Other Assets Other Assets (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Other Assets [Abstract]
Property loan receivable, gross	$ 35,702,765	$ 29,874,523
Less: Loan loss allowance	(7,098,814)	(7,098,814)
Deferred financing costs - net	489,712	487,023
Fair value of derivative contracts	143,370	344,177
Taxable bonds at fair market value	4,938,104	4,824,060
Bond purchase commitments - fair value adjustment (Notes 4 & 17)	7,222,173	5,634,360
Other assets	1,594,835	1,655,013
Total other assets	$ 42,992,145	$ 35,720,342

Other Assets Narrative Tagging

Other Assets Narrative Tagging (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Impairment of Intangible Assets (Excluding Goodwill)		$ 0
Cross Creek [Member]
Advances to Affiliate	$ 6,000	57,500
Foundation for Affordable Housing [Member]
Advances to Affiliate	2,500
Net increase in notes receivable		$ 18,000
Vantage at Brooks LLC [Member]
Advances to Affiliate	3,700,000
Vantage at Braunfels LLC [Member]
Advances to Affiliate	2,100,000
Lake Forest [Member]
Impairment of Intangible Assets (Excluding Goodwill)	$ 21,000
Maximum [Member] | Ohio Properties [Member]
Deferred interest earned			100.00%

Other Assets Loan Receivable an

Other Assets Loan Receivable and Allowance (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	$ 35,702,765	$ 29,874,523
Accrued Interest	1,821,444	10,185,405
Loan Loss Allowances	(7,098,814)	(7,098,814)
Interest Allowance	0	(8,718,387)
Net Taxable Property Loans	30,425,395	24,242,727
Arbors at Hickory Ridge [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	191,264	191,264
Accrued Interest	43,563	39,950
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	234,827	231,214
Ashley Square [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	5,078,342	5,078,342
Accrued Interest	0	2,864,130
Loan Loss Allowances	(3,596,342)	(3,596,342)
Interest Allowance	0	(2,864,130)
Net Taxable Property Loans	1,482,000	1,482,000
Avistar (February 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	274,496	274,496
Accrued Interest	61,162	51,386
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	335,658	325,882
Avistar (June 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	251,622	251,622
Accrued Interest	56,065	47,104
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	307,687	298,726
Cross Creek [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	7,078,087	7,072,087
Accrued Interest	0	2,352,851
Loan Loss Allowances	(3,447,472)	(3,447,472)
Interest Allowance	0	(2,352,852)
Net Taxable Property Loans	3,630,615	3,624,614
Foundation for Affordable Housing [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	1,418,075	1,415,590
Accrued Interest	0	0
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	1,418,075	1,415,590
Greens of Pine Glen [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	850,000	850,000
Accrued Interest	373,440	343,600
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	1,223,440	1,193,600
Lake Forest [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	4,623,704	4,623,704
Accrued Interest	0	3,080,446
Loan Loss Allowances	(55,000)	(55,000)
Interest Allowance	0	(3,059,610)
Net Taxable Property Loans	4,568,704	4,589,540
Ohio Properties [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	2,390,446	2,390,448
Accrued Interest	848,249	1,235,017
Loan Loss Allowances	0	0
Interest Allowance	0	(441,795)
Net Taxable Property Loans	3,238,695	3,183,670
Vantage at Brooks LLC [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	7,199,424	3,454,664
Accrued Interest	207,481	78,440
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	7,406,905	3,533,104
Vantage at Braunfels LLC [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	6,347,305	4,272,306
Accrued Interest	231,484	92,481
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	$ 6,578,789	$ 4,364,787

Discontinued Operations Discont

Discontinued Operations Discontinued Operations Income Statement (Details)	3 Months Ended
	Mar. 31, 2015USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net income from discontinued operations	$ 24,428
Discontinued Operations [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Rental revenues	804,068
Expenses	779,640
Net income from discontinued operations	$ 24,428

Unsecured Lines of Credit (Deta

Unsecured Lines of Credit (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Feb. 29, 2016	Dec. 31, 2015
Lines of credit	$ 27,984,639		$ 17,497,000
Line of credit facility, interest rate during period	3.40%
Proceeds from lines of credit	$ 11,500,000
Five Points Bank [Member]
Line of credit facility maximum borrowing capacity	$ 5,000,000
Line of credit facility, interest rate during period	3.50%
Debt instrument, maturity date	Mar. 1, 2016
Bankers Trust [Member]
Line of credit facility maximum borrowing capacity	$ 5,000,000
Line of credit facility, interest rate during period	3.70%
Debt instrument, maturity date	Mar. 1, 2017
Revolving Credit Facility [Member]
Lines of credit	$ 4,000,000
Second Revolving Credit Facility [Member]
Lines of credit	0
May 2015 Credit Agreement [Member]
Line of credit facility, remaining borrowing capacity		$ 2,500,000
Line of credit facility maximum borrowing capacity		$ 40,000,000
3.4% Interest Bearing Line of Credit [Member]
Line of credit, current	$ 24,000,000

Debt Financing Footnote XBRL de

Debt Financing Footnote XBRL details (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Debt financing	$ 430,307,422	$ 451,496,716
M33 TEBS Financing [Member]
Restricted Cash and Cash Equivalents	4,900,000	4,800,000
M31 TEBS Financing [Member]
Restricted Cash and Cash Equivalents	146,000	163,000
M24 TEBS Financing [Member]
Restricted Cash and Cash Equivalents	35,100	365,000
Interest Rate Swaps [Member]
Cash Collateral for Borrowed Securities	$ 2,200,000	$ 1,500,000

Debt Financing Total Debt Finan

Debt Financing Total Debt Financing (Details) - Trading Securities [Member] - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Short Term Debt [Line Items]
TOB Trust Financing		$ 195,303,919	$ 216,512,124
Debt Instrument, Total Rate of Borrowing		3.42%	3.26%
TOB facility-2 [Member]
Short Term Debt [Line Items]
TOB Trust Financing	[1]	$ 43,145,000	$ 43,985,000
Date of Debt Borrowing	[1]	2,012	2,012
Available-for-sale Security, Maturity Date at a point in time	[1]	Jun. 1, 2016	Jun. 1, 2016
Debt Instrument, Interest rate terms	[1]	Variable	Variable
Debt Instrument, Reset Frequency	[1]	Weekly	Weekly
Debt Instrument, Basis Spread on Variable Rate	[1]	0.95%	0.68%
Debt Instrument, Facility Fees	[1]	1.62%	1.62%
Debt Instrument, Total Rate of Borrowing	[1]	2.57%	2.30%
TOB Facility-10 [Member]
Short Term Debt [Line Items]
TOB Trust Financing		$ 22,848,215	$ 22,847,450
Date of Debt Borrowing		2,014	2,014
Available-for-sale Security, Maturity Date at a point in time		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%	4.26%
TOB Facility-11 [Member]
Short Term Debt [Line Items]
TOB Trust Financing		$ 37,911,261	$ 37,935,981
Date of Debt Borrowing		2,014	2,014
Available-for-sale Security, Maturity Date at a point in time		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%	4.39%
TOB Facility-12 [Member] [Member]
Short Term Debt [Line Items]
TOB Trust Financing		$ 17,247,389	$ 17,246,899
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		4.51%	4.51%
TOB facility-13 [Member]
Short Term Debt [Line Items]
TOB Trust Financing		$ 9,007,389	$ 9,006,899
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%	4.01%
TOB Facility-15 [Member]
Short Term Debt [Line Items]
TOB Trust Financing		$ 14,937,068	$ 14,936,685
Date of Debt Borrowing		2,015	2,015
Available-for-sale Security, Maturity Date at a point in time		Feb. 1, 2018	Feb. 1, 2018
Debt Instrument, Interest rate terms		Fixed	Fixed
Debt Instrument, Reset Frequency		N/A	N/A
Debt Instrument, Total Rate of Borrowing		2.76%	2.76%
TOB Facility-16 [Member]
Short Term Debt [Line Items]
TOB Trust Financing		$ 11,232,068	$ 11,231,685
Date of Debt Borrowing		2,015	2,015
Available-for-sale Security, Maturity Date at a point in time		Feb. 1, 2018	Feb. 1, 2018
Debt Instrument, Interest rate terms		Fixed	Fixed
Debt Instrument, Reset Frequency		N/A	N/A
Debt Instrument, Total Rate of Borrowing		2.76%	2.76%
TOB Facility-17 [Member]
Short Term Debt [Line Items]
TOB Trust Financing		$ 15,607,068	$ 15,606,685
Date of Debt Borrowing		2,015	2,015
Available-for-sale Security, Maturity Date at a point in time		Feb. 1, 2018	Feb. 1, 2018
Debt Instrument, Interest rate terms		Fixed	Fixed
Debt Instrument, Reset Frequency		N/A	N/A
Debt Instrument, Total Rate of Borrowing		2.76%	2.76%
TOB Facility-18 [Member]
Short Term Debt [Line Items]
TOB Trust Financing		$ 11,684,439	$ 11,699,209
Date of Debt Borrowing		2,015	2,015
Available-for-sale Security, Maturity Date at a point in time		Dec. 1, 2017	Dec. 1, 2017
Debt Instrument, Interest rate terms		Fixed	Fixed
Debt Instrument, Reset Frequency		N/A	N/A
Debt Instrument, Total Rate of Borrowing		2.76%	2.76%
TOB Facility-19 [Member]
Short Term Debt [Line Items]
TOB Trust Financing		$ 11,684,022	$ 11,698,732
Date of Debt Borrowing		2,015	2,015
Available-for-sale Security, Maturity Date at a point in time		Dec. 1, 2017	Dec. 1, 2017
Debt Instrument, Interest rate terms		Fixed	Fixed
Debt Instrument, Reset Frequency		N/A	N/A
Debt Instrument, Total Rate of Borrowing		2.76%	2.76%
TOB facility-3 [Member] | Mortgage Backed Security 1 [Member]
Short Term Debt [Line Items]
TOB Trust Financing			$ 2,585,000
Date of Debt Borrowing			2,012
Available-for-sale Security, Maturity Date at a point in time			Apr. 1, 2016
Debt Instrument, Interest rate terms			Variable
Debt Instrument, Reset Frequency			Weekly
Debt Instrument, Basis Spread on Variable Rate			0.16%
Debt Instrument, Facility Fees			0.94%
Debt Instrument, Total Rate of Borrowing			1.10%
TOB facility-3 [Member] | Mortgage Backed Security 2 [Member]
Short Term Debt [Line Items]
TOB Trust Financing			$ 4,090,000
Date of Debt Borrowing			2,012
Available-for-sale Security, Maturity Date at a point in time			Apr. 1, 2016
Debt Instrument, Interest rate terms			Variable
Debt Instrument, Reset Frequency			Weekly
Debt Instrument, Basis Spread on Variable Rate			0.16%
Debt Instrument, Facility Fees			0.94%
Debt Instrument, Total Rate of Borrowing			1.10%
TOB facility-3 [Member] | Mortgage Backed Security Trust 3 [Member]
Short Term Debt [Line Items]
TOB Trust Financing			$ 5,270,000
Date of Debt Borrowing			2,012
Available-for-sale Security, Maturity Date at a point in time			Apr. 1, 2016
Debt Instrument, Interest rate terms			Variable
Debt Instrument, Reset Frequency			Weekly
Debt Instrument, Basis Spread on Variable Rate			0.16%
Debt Instrument, Facility Fees			0.94%
Debt Instrument, Total Rate of Borrowing			1.10%
TOB Facility-14 [Member]
Short Term Debt [Line Items]
TOB Trust Financing			$ 8,371,899
Date of Debt Borrowing			2,014
Available-for-sale Security, Maturity Date at a point in time			Jul. 1, 2017
Debt Instrument, Interest rate terms			Fixed
Debt Instrument, Reset Frequency			N/A
Debt Instrument, Total Rate of Borrowing			4.01%
[1]	Comprised of three TOB Trusts

Debt Financing Summary of Tax E

Debt Financing Summary of Tax Exempt Bonds Securitization (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt financing		$ 430,307,422	$ 451,496,716
Period End Rate		3.73%	3.58%
Tax Exempt Bond Securitization [Member]
Debt Instrument [Line Items]
Debt financing		$ 235,003,503	$ 234,984,592
Period End Rate		1.94%	1.51%
Tax Exempt Bond Securitization [Member] | M24 TEBS Financing [Member]
Debt Instrument [Line Items]
Debt financing		$ 60,787,787	$ 60,735,743
Year Acquired		2,010	2,010
Stated Maturity		2017-09	2017-09
Variable / Fixed		Variable	Variable
Reset Frequency		Weekly	Weekly
SIFMA Based Rate		0.46%	0.04%
Facility Fees		1.91%	1.91%
Period End Rate		2.37%	1.95%
Tax Exempt Bond Securitization [Member] | M31 TEBS Financing [Member]
Debt Instrument [Line Items]
Debt financing	[1]	$ 92,191,475	$ 92,280,069
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]	0.44%	0.02%
Facility Fees	[1]	1.42%	1.42%
Period End Rate	[1]	1.86%	1.44%
Tax Exempt Bond Securitization [Member] | M33 TEBS Financing [Member]
Debt Instrument [Line Items]
Debt financing	[1]	$ 82,024,241	$ 81,968,780
Year Acquired	[1]	2,015	2,015
Stated Maturity	[1]	2020-07	2020-07
Variable / Fixed	[1]	Variable	Variable
Reset Frequency	[1]	Weekly	Weekly
SIFMA Based Rate	[1]	0.44%	0.02%
Facility Fees	[1]	1.26%	1.26%
Period End Rate	[1]	1.70%	1.28%
[1]	Facility fees are variable

Debt Financing - Summary of Pre

Debt Financing - Summary of Pre-adoption and Post-adoption Condensed Financial Statements (Details) - USD ($)		Mar. 31, 2016	Dec. 31, 2015
Assets
Other assets		$ 42,992,145	$ 35,720,342
Liabilities
Debt financing		430,307,422	451,496,716
Mortgages payable and other secured financing (Note 13)		69,053,487	69,247,574
Pre Adoption [Member]
Assets
Other assets		47,944,524	41,124,454
Liabilities
Debt financing		434,830,925	456,431,288
Mortgages payable and other secured financing (Note 13)		69,482,362	69,717,114
Post Adoption [Member]
Assets
Other assets		42,992,145	35,720,342
Liabilities
Debt financing	[1]	430,307,422	451,496,716
Mortgages payable and other secured financing (Note 13)	[2]	$ 69,053,487	$ 69,247,574
[1]	Reflects a reduction of $4.5 million and $4.9 million as of March 31, 2016 and December 31, 2015, respectively.
[2]	Reflects a reduction of $0.4 million and $0.5 million as of March 31, 2016 and December 31, 2015, respectively.

Debt Financing - Summary of P67

Debt Financing - Summary of Pre-adoption and Post-adoption Condensed Financial Statements (Parenthetical) (Details) - Post Adoption [Member] - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt financing reduction	$ 4.5	$ 4.9
Mortgages payable and other secured financing reduction	$ 0.4	$ 0.5

Debt Financing Contractual Matu

Debt Financing Contractual Maturities (Details)	Mar. 31, 2016USD ($)
Debt Financing [Abstract]
2,016	$ 68,468,998
2,017	154,181,206
2,018	2,287,714
2,019	129,045,308
2,020	80,847,700
Total	$ 434,830,926

Mortgages Payable and Other S69

Mortgages Payable and Other Secured Financing Footnote Tagging (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Mortgages payable and other secured financing	$ 69,482,362	$ 69,247,574
Mortgages payable	69,053,487	$ 69,247,574
Wholly Owned Subsidiary [Member]
Carrying value of collateralized assets	83,400,000
Secured LOC [Member]
Mortgages payable	$ 7,500,000
Debt instrument, maturity date	Aug. 1, 2017
Debt, fixed interest rate	2.80%
Secured LOC [Member] | LIBOR [Member]
Debt, applicable margin	0.10%	0.20%
Woodland Park MF Property [Member] | Secured LOC [Member]
Carrying value of collateralized assets	$ 14,200,000

Mortgages Payable Mortgage Paya

Mortgages Payable Mortgage Payable and Other Secured Financing by Property (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Mortgages payable		$ 69,053,487	$ 69,247,574
Long-term Debt Year End Rate		3.73%	3.58%
Real Estate [Member] | Arboretum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable		$ 16,582,688	$ 16,683,146
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]	$ 7,989,154	$ 8,037,133
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, 2018
Debt Instrument, Interest rate terms	[1]	Variable	Variable
Long-term Debt Reset Frequency	[1]	Monthly	Monthly
Debt Instrument, Basis Spread on Variable Rate	[1]	0.50%	0.25%
Long-term Debt Facility Fees	[1]	3.00%	3.00%
Long-term Debt Year End Rate	[1]	3.50%	3.25%
Real Estate [Member] | Residences at DeCordova [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable		$ 1,791,995	$ 1,807,246
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		$ 5,763,979	$ 5,820,623
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]	$ 7,500,000	$ 7,500,000
Date of Debt Borrowing	[1]	2,014	2,014
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]	0.44%	0.19%
Long-term Debt Facility Fees	[1]	2.75%	2.75%
Long-term Debt Year End Rate	[1]	3.19%	2.94%
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable	[2]	$ 25,371,844	$ 25,363,647
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]	3.50%	3.25%
Long-term Debt Year End Rate	[2]	3.50%	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		$ 4,053,827	$ 4,035,779
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 and Other S71

Mortgages Payable and Other Secured Financing (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Mortgages Payable [Abstract]
2,016	$ 17,127,962
2,017	14,947,499
2,018	7,606,911
2,019	29,799,990
Total	$ 69,482,362	$ 69,247,574

Transactions with Related Par72

Transactions with Related Parties Transactions with Related Parties Narrative (Details)	3 Months Ended
	Mar. 31, 2016USD ($)Property	Mar. 31, 2015USD ($)
Rate for administration fees	0.45%
Fees and commissions, other	$ 388,000	$ 534,000
Management fees revenue	312,000	324,000
Placement advisory fees	$ 194,000	267,000
MF Properties Managed [Member]
Number of Real Estate Properties | Property	7
Majority-Owned Subsidiary, Unconsolidated [Member]
Payment for administrative fees	$ 687,000	620,000
Affiliated Entity [Member]
Payment for administrative fees	$ 0	$ 16,500

Interest Rate Derivative Agre73

Interest Rate Derivative Agreements Footnote Tagging (Details)	Jan. 31, 2016USD ($)	Mar. 31, 2016USD ($)Derivative	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Derivative [Line Items]
Number of derivative instruments | Derivative		11
Derivative, Loss on Derivative		$ 1.1	$ 900,000
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		$ 1,200,000		$ 737,000
Bruton Apts [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		$ 988,000		$ 580,000
Trust Portfolio M B S Bonds
Derivative [Line Items]
Proceeds from Sale of Available-for-sale Securities	$ 11,000,000	11,000,000
Available-for-sale Securities, Gross Realized Gain (Loss)	$ 0	$ 0

Interest Rate Derivative Agre74

Interest Rate Derivative Agreements (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
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	$ 24	[1]
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	$ 24	[1]
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	$ 24	[1]
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	$ 5,759	[1]
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	$ 710	[1]
Derivative, Variable Debt Financing Facility Hedged	PHC TOB Trusts
Derivative, Maximum Potential Cost of Borrowing	3.30%
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	$ 9,584	[1]
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	$ 9,594	[1]
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	$ 9,594	[1]
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	$ 36,019	[1]
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	$ 36,019	[1]
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	$ 36,019	[1]
Derivative, Variable Debt Financing Facility Hedged	M33 TEBS
Derivative, Maximum Potential Cost of Borrowing	4.30%
[1]	For additional details, see Note 16 to the Partnership's consolidated financial statements.

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements Narrative Tagging (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tolerable Range of Difference in Valuation	7.50%
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets at Fair Value	$ 1.6

Fair Value Measurements Availab

Fair Value Measurements Available for sale securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 666,958,281		$ 666,958,281	$ 668,651,258
Assets at Fair Value	668,651,258
Total gains (losses) (realized/unrealized) [Abstract]
Assets at Fair Value	666,958,281
Estimated Fair Value, held in trust			60,977,254	47,366,656
Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Observable inputs (level 2)				14,775,309
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	653,875,949	$ 520,951,907	666,958,282	653,875,949
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			666,958,281	653,875,949
Assets at Fair Value	653,875,949	520,951,907
Total gains (losses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	(1,110,407)	(899,873)
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	13,925,240	(1,683,508)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	11,500,000	58,945,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities	(9,747,524)
Refund of interest rate derivative cost		(10,500)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(1,484,976)	(158,689)
Assets at Fair Value	666,958,282	577,144,337
Available-for-sale Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	596,376,368		596,376,368	583,683,137
Assets at Fair Value	583,683,137
Total gains (losses) (realized/unrealized) [Abstract]
Assets at Fair Value	596,376,368
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	583,683,137	449,024,137	596,376,369	583,683,137
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			596,376,368	583,683,137
Assets at Fair Value	583,683,137	449,024,137
Total gains (losses) (realized/unrealized) [Abstract]
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	11,351,627	74,600
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	11,500,000	58,945,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities	(9,747,125)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(411,270)	(145,039)
Assets at Fair Value	596,376,369	507,898,698
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	7,222,173		7,222,173	5,634,360
Assets at Fair Value	5,634,360
Total gains (losses) (realized/unrealized) [Abstract]
Assets at Fair Value	7,222,173
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	5,634,360	5,780,413	7,222,173	5,634,360
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			7,222,173	5,634,360
Assets at Fair Value	5,634,360	5,780,413
Total gains (losses) (realized/unrealized) [Abstract]
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	1,587,813	(576,225)
Assets at Fair Value	7,222,173	5,204,188
PHC Certificates [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	60,505,340		60,505,340	60,707,290
Assets at Fair Value	60,707,290
Total gains (losses) (realized/unrealized) [Abstract]
Assets at Fair Value	60,505,340
PHC Certificates [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	60,707,290	61,263,123	60,505,340	60,707,290
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			60,505,340	60,707,290
Assets at Fair Value	60,707,290	61,263,123
Total gains (losses) (realized/unrealized) [Abstract]
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	869,344	(976,532)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(1,071,294)	(13,650)
Assets at Fair Value	60,505,340	60,272,941
Taxable Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	4,938,104		4,938,104	4,824,060
Assets at Fair Value	4,824,060
Total gains (losses) (realized/unrealized) [Abstract]
Assets at Fair Value	4,938,104
Taxable Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	4,824,060	4,616,565	4,938,104	4,824,060
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value			4,938,104	4,824,060
Assets at Fair Value	4,824,060	4,616,565
Total gains (losses) (realized/unrealized) [Abstract]
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	116,456	(205,351)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(2,412)
Assets at Fair Value	4,938,104	4,411,214
Interest rate derivatives [Member]
Schedule of Available-for-sale Securities [Line Items]
Liabilities at fair value	(2,083,704)		(2,083,704)	(972,898)
Liabilities at fair value	(972,898)
Total gains (losses) (realized/unrealized) [Abstract]
Liabilities at fair value	(2,083,704)
Interest rate derivatives [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value		267,669
Liabilities at fair value	(972,898)	(642,704)	(2,083,704)	(972,898)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liabilities Value			$ (2,083,704)	(972,898)
Assets at Fair Value		267,669
Liabilities at fair value	(972,898)
Total gains (losses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	(1,110,407)	(899,873)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities	(399)
Refund of interest rate derivative cost		(10,500)
Liabilities at fair value	(2,083,704)	$ (642,704)
MBS Securities
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	14,775,309			14,775,309
Assets at Fair Value	$ 14,775,309
MBS Securities | Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Observable inputs (level 2)				$ 14,775,309

Fair Value Measurements Fair Ma

Fair Value Measurements Fair Market Value of Liabilities (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Mortgages payable and other secured financing	$ 69,053,487	$ 69,247,574
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Debt financing and unsecured LOCs	458,292,061	468,993,716
Mortgages payable and other secured financing	69,053,487	69,247,574
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Debt financing and unsecured LOCs	460,227,159	475,415,345
Mortgages payable and other secured financing	$ 68,999,002	$ 67,735,213

Commitments and Contingencies F

Commitments and Contingencies Fair Market Value Table (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Maximum Committed Amounts for 2017 through 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 48,440,000
Maximum Committed Amounts for 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	29,900,000
Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 7,222,173	$ 5,634,360
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
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 9,900,000
15 West Apartments [Member] | Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 1,101,821	945,009
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
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 20,000,000
Villas at Plano Gateway [Member] | Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 1,772,800	1,469,213
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 2017 through 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 19,540,000
Palo Alto [Member] | Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 1,995,034	1,439,600
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 2017 through 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 11,000,000
Village at River's Edge [Member] | Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 785,062	636,560
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 2017 through 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 17,900,000
Village at Avalon [Member] | Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 1,567,456	$ 1,143,978

Commitments and Contingencies N

Commitments and Contingencies Narrative Tagging (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)PropertyUnit	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Oct. 31, 2015USD ($)
Property loan receivable, gross	$ 35,702,765			$ 29,874,523
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure	430,300,000
Vantage at Brooks and Vantage at New Braunfels [Member]
Property loan receivable, gross	2,400,000				$ 17,000,000
Investments provide to equity	$ 9,600,000
Units | Unit	288
Outstanding commitment	$ 7,200,000
Vantage at Brooks and Vantage at New Braunfels [Member] | Scenario Forecast
Net increase in notes receivable			$ 3,500,000
Foundation for Affordable Housing [Member]
Property loan receivable, gross	$ 1,418,075			1,415,590
Units | Property	96
Net increase in notes receivable		$ 18,000
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	$ 2,390,446			$ 2,390,448
Percentage of Loss Contingency, Range of Possible Loss, Maximum	75.00%
Loss Contingency, Range of Possible Loss, Maximum	$ 4,800,000

Redeemable Preferred Units (Det

Redeemable Preferred Units (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Temporary Equity Disclosure [Abstract]
Issuance of preferred units through private placement	1
Non-cumulative cash distribution rate per annum	3.00%
Redeemable preferred units redemption value per unit	$ 10	$ 10

Subsequent Events Narrative (De

Subsequent Events Narrative (Details)	Apr. 15, 2016
Subsequent Event [Member]
Subsequent Event [Line Items]
Property purchase agreement, number of inspection period (in days)	60 days

Segment Reporting Footnote Tagg

Segment Reporting Footnote Tagging (Details)	1 Months Ended	3 Months Ended
	Jan. 31, 2016USD ($)Integer	Mar. 31, 2016USD ($)PropertyUnitIntegerSegment	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment		4
Proceeds from Sale of Available-for-sale Securities | $	$ 15,000,000	$ 9,295,000
Number of Available for Sale Securities, Held in a Trust	3
Debt financing | $		$ 430,307,422	$ 451,496,716
TOB Facility [Member]
Segment Reporting Information [Line Items]
Debt financing | $	$ 11,900,000
Other Investments [Member]
Segment Reporting Information [Line Items]
Assets percentage		25.00%
Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities		64
Real Estate [Member]
Segment Reporting Information [Line Items]
Units | Unit		2,217
Number of Real Estate Properties | Property		8
Residential Properties [Member] | Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities		63
Units | Unit		8,787
Commercial Real Estate [Member]
Segment Reporting Information [Line Items]
Number of collateralized securities		1

Segment Reporting Segment Repor

Segment Reporting Segment Reporting (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenues [Abstract]
Total revenues	$ 14,927,956	$ 12,506,625
Interest Expense [Abstract]
Interest expense	4,770,135	3,936,176
Depreciation [Abstract]
Depreciation expense	1,646,231	1,454,179
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	2,531,688	2,499,160
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	2,531,700	2,524,479
Assets
Total assets	874,452,838		$ 867,110,483
Available-for-sale Securities [Member]
Revenues [Abstract]
Total revenues	9,074,195	7,318,561
Interest Expense [Abstract]
Interest expense	3,784,390	2,889,120
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	2,317,325	2,349,522
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	2,317,337	2,349,522
Assets
Total assets	875,819,690		849,226,911
MF Properties [Member]
Revenues [Abstract]
Total revenues	5,074,104	4,302,301
Interest Expense [Abstract]
Interest expense	670,333	712,899
Depreciation [Abstract]
Depreciation expense	1,646,231	1,454,179
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	(267,803)	(394,532)
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	(267,803)	(393,641)
Assets
Total assets	139,905,856		141,704,103
Public Housing Capital Fund Trusts [Member]
Revenues [Abstract]
Total revenues	730,902	732,903
Interest Expense [Abstract]
Interest expense	300,720	296,460
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	430,182	429,148
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	430,182	429,148
Assets
Total assets	60,920,496		61,021,462
MBS Securities Investments [Member]
Revenues [Abstract]
Total revenues	48,755	152,860
Interest Expense [Abstract]
Interest expense	14,692	37,697
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	51,984	115,022
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	51,984	115,022
Assets
Total assets			15,035,061
Consolidation, Eliminations [Member]
Assets
Total assets	$ (202,193,204)		$ (199,877,054)
Discontinued Operations [Member]
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)		$ 24,428