Greystone Housing Impact Investors (GHI) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 04, 2016
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	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	ATAX
Entity Common Stock, Units Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 43,013,538	$ 17,035,782
Restricted cash	9,563,167	8,950,374
Interest receivable	5,781,748	5,220,859
Mortgage revenue bonds held in trust, at fair value (Note 5)	587,291,915	536,316,481
Mortgage revenue bonds, at fair value (Note 5)	61,105,457	47,366,656
Public housing capital fund trusts, at fair value (Note 6)	62,180,059	60,707,290
Mortgage-backed securities, at fair value (Note 7)		14,775,309
Real estate assets: (Note 8)
Land and improvements	14,946,348	16,622,345
Buildings and improvements	105,768,345	124,906,654
Real estate assets before accumulated depreciation	120,714,693	141,528,999
Accumulated depreciation	(13,682,124)	(14,532,168)
Net real estate assets	107,032,569	126,996,831
Investment in an unconsolidated entity (Note 9)	3,463,215
Property loans, net of loan loss allowance (Note 10)	28,603,951	22,775,709
Assets held for sale, net (Note 11)	13,745,698	14,020,559
Other assets (Note 13)	23,907,596	12,944,633
Total Assets	945,688,913	867,110,483
Liabilities
Accounts payable, accrued expenses and other liabilities	6,546,162	5,667,948
Income taxes payable	4,100,000
Distribution payable	9,683,408	8,759,343
Unsecured lines of credit (Note 15)	23,997,000	17,497,000
Debt financing, net (Note 16)	430,063,339	451,496,716
Mortgages payable and other secured financing (Note 17)	52,067,325	69,247,574
Derivative swap, at fair value (Note 19)	2,647,457	1,317,075
Total Liabilities	529,104,691	553,985,656
Commitments and Contingencies (Note 21)
Redeemable Series A preferred units, approximately $23.9 million redemption value, 10.0 million authorized, 2.4 million and 0.0 million issued and outstanding, respectively (Note 22)	23,819,869
Partnersʼ Capital
General Partner (Note 1)	1,195,475	399,077
Beneficial Unit Certificate holders	391,563,505	312,720,264
Total Partnersʼ Capital	392,758,980	313,119,341
Noncontrolling interest (Note 8)	5,373	5,486
Total Capital	392,764,353	313,124,827
Total Liabilities and Partnersʼ Capital	$ 945,688,913	$ 867,110,483

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Condensed Consolidated Balance Sheets [Abstract]
Redeemable preferred units redemption value	$ 23.9	$ 23.9
Redeemable preferred units, authorized	10,000,000	10,000,000
Redeemable preferred units, issued	2,400,000	0
Redeemable preferred units, outstanding	2,400,000	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Property revenues	$ 4,994,868	$ 4,086,061	$ 10,068,972	$ 8,388,362
Investment income	9,009,907	9,388,661	18,167,141	17,368,445
Contingent interest income	45,000		219,396
Other interest income	883,346	227,383	1,397,471	451,923
Total revenues	14,933,121	13,702,105	29,852,980	26,208,730
Expenses:
Real estate operating (exclusive of items shown below)	2,369,455	2,275,275	5,006,132	4,746,305
Provision for loss on receivables		98,431		98,431
Impairment expense	61,506		61,506
Depreciation and amortization	1,806,732	1,436,585	3,931,630	2,890,764
Amortization of deferred financing costs	392,493	306,732	924,680	645,331
Interest	4,322,054	2,993,134	9,092,189	6,929,310
General and administrative	2,764,981	2,026,115	5,097,352	3,833,596
Total expenses	11,717,221	9,136,272	24,113,489	19,143,737
Other Income:
Gain on sale of MF Properties	12,442,929	3,417,462	12,442,929	3,417,462
Gain on sale of securities			8,097
Income before income taxes	15,658,829	7,983,295	18,190,517	10,482,455
Income tax expense	4,653,000		4,653,000
Income from continuing operations	11,005,829	7,983,295	13,537,517	10,482,455
Income from discontinued operations		238,287		262,715
Net income	11,005,829	8,221,582	13,537,517	10,745,170
Net (loss) income attributable to noncontrolling interest	(101)	311	(113)	(580)
Partnership net income	11,005,930	8,221,271	13,537,630	10,745,750
Redeemable Series A preferred unit distribution and accretion	(124,982)		(126,666)
Net income available to Partners	10,880,948	8,221,271	13,410,964	10,745,750
Net income (loss) available to Partners and noncontrolling interest allocated to:
General Partner	2,121,913	901,724	2,189,068	928,430
Limited Partners - Unitholders	8,759,035	7,251,593	11,221,896	9,895,532
Unallocated loss of Consolidated VIEs		67,954		(78,212)
Net (loss) income attributable to noncontrolling interest	(101)	311	(113)	(580)
Net income available to Partners and noncontrolling interest	$ 10,880,847	$ 8,221,582	$ 13,410,851	$ 10,745,170
Unitholdersʼ interest in net income per unit (basic and diluted):
Income from continuing operations	$ 0.15	$ 0.12	$ 0.19	$ 0.16
Net income, basic and diluted, per unit	0.15	0.12	0.19	0.16
Distributions declared, per unit	$ 0.125	$ 0.125	$ 0.25	$ 0.25
Weighted average number of units outstanding, basic and diluted	60,252,928	60,252,928	60,252,928	60,252,928

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income	$ 11,005,829	$ 8,221,582	$ 13,537,517	$ 10,745,170
Reversal of net unrealized gain on sale of securities			(236,439)
Unrealized gain (loss) on bond purchase commitments			11,584,459	(4,896,414)
Comprehensive income (loss)	80,836,804	(13,305,479)	97,057,293	(12,415,351)
Comprehensive income (loss) allocated to noncontrolling interest	(101)	311	(113)	(580)
Partnership comprehensive income (loss)	80,836,905	(13,305,790)	97,057,406	(12,414,771)
Accumulated Other Comprehensive Income (Loss) [Member]
Net income	11,005,829	8,221,582	13,537,517	10,745,170
Reversal of net unrealized gain on sale of securities			(236,439)
Unrealized gain (loss) on securities	59,834,329	(17,206,872)	72,171,756	(18,264,107)
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized gain (loss) on bond purchase commitments	$ 9,996,646	$ (4,320,189)	$ 11,584,459	$ (4,896,414)

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - USD ($)	Total	General Partner	Limited Partner [Member]	Unallocated Deficit of Consolidated VIEs	Accumulated Other Comprehensive Income (Loss) [Member]	Number of Units	Noncontrolling Interest
Balance at Dec. 31, 2014	$ 309,927,904	$ 578,238	$ 330,457,117	$ (21,091,456)	$ 51,698,418		$ (15,995)
Partners' Capital Account, Units at Dec. 31, 2014						60,252,928
Distributions paid or accrued	(16,043,861)	(980,629)	(15,063,232)
Net income (loss) allocated to Partners
Sale of MF Property	12,749						12,749
Net income (loss)	10,745,170	928,430	9,895,532	(78,212)			(580)
Unrealized gain (loss) on securities	(18,264,107)	(182,641)	(18,081,466)		(18,264,107)
Unrealized gain (loss) on bond purchase commitment	(4,896,414)	(48,964)	(4,847,450)		(4,896,414)
Balance at Jun. 30, 2015	281,481,441	294,434	302,360,501	$ (21,169,668)	28,537,897		(3,826)
Partners' Capital Account, Units at Jun. 30, 2015						60,252,928
Balance at Dec. 31, 2015	313,124,827	399,077	312,720,264		60,963,687		5,486
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	(17,291,101)	(2,227,869)	(15,063,232)
Net income (loss) allocated to Partners
Net income (loss)	13,410,851	2,189,068	11,221,896				(113)
Unrealized gain (loss) on securities	72,171,756	721,718	71,450,038		72,171,756
Unrealized gain (loss) on bond purchase commitment	11,584,459	115,845	11,468,614		11,584,459
Balance at Jun. 30, 2016	$ 392,764,353	$ 1,195,475	$ 391,563,505		$ 144,483,463		$ 5,373
Partners' Capital Account, Units at Jun. 30, 2016						60,252,928

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 13,537,517	$ 10,745,170
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	3,931,630	3,129,884
Gain on sale of MF Property	(12,442,929)	(3,417,462)
Gain on sale of securities	(8,097)
Non-cash loss on derivatives	1,641,796	701,130
Bond premium/discount amortization	(73,805)	(73,787)
Amortization of deferred financing costs	924,680	645,331
Deferred income tax benefit and current income tax expense	4,653,000
Change in preferred return receivable from unconsolidated entity	(90,876)
Changes in operating assets and liabilities, net of effect of acquisitions
Increase in interest receivable	(560,889)	(1,204,664)
(Increase) Decrease in other assets	133,327	33,095
(Decrease) Increase in accounts payable and accrued expenses	(377,158)	496,386
Net cash provided by operating activities	11,268,196	11,055,083
Cash flows from investing activities:
Capital expenditures	(362,841)	(1,166,051)
Acquisition of mortgage revenue bonds	(11,500,000)	(131,485,000)
Restructure and acquisition of interest rate derivative		10,500
Proceeds from sale of MF Property	30,200,000	10,696,510
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	(3,372,339)
Restricted cash - debt collateral paid	(1,674,484)
Restricted cash - debt collateral released	935,022	6,222,977
Principal payments received on mortgage revenue bonds	7,346,473	16,182,752
Decrease (increase) in restricted cash	126,669	(42,138)
Acquisition of taxable bonds		(500,000)
Principal payments received on taxable loans		70,819
Assets purchased - held for investment		166,112
Funding of notes receivable	(5,836,758)	(3,376,531)
Repayments of notes receivable	8,516
Net cash provided by (used in) investing activities	40,162,327	(103,552,274)
Cash flows from financing activities:
Distributions paid	(16,368,703)	(15,225,083)
Proceeds from the sale of redeemable Series A Preferred Units	23,869,000
Payment of offering costs related to the sale of redeemable Series A preferred units	(44,427)
Principal payments on debt financing	(22,190,196)	(27,498,106)
Principal borrowing on other secured financing		48,285,000
Principal payments on mortgages payable	(17,295,585)	(8,012,906)
Principal borrowing on unsecured lines of credit	19,987,639	61,764,261
Principal payments on unsecured lines of credit	(13,487,639)	(12,931,000)
Decrease in security deposit liability related to restricted cash	126,970	42,138
Debt financing and other deferred costs	(49,826)	(479,278)
Net cash (used in) provided by financing activities	(25,452,767)	45,945,026
Net increase (decrease) in cash and cash equivalents	25,977,756	(46,552,165)
Cash and cash equivalents at beginning of period, including cash and cash equivalents of assets held for sale and discontinued operations of $0 and $35,772, respectively	17,035,782	49,193,343
Cash and cash equivalents at end of period, including cash and cash equivalents of discontinued operations of $0 and $12,364, respectively	43,013,538	2,641,178
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	7,519,155	6,236,193
Supplemental disclosure of non cash investing and financing activities:
Distributions declared but not paid	9,808,407	8,436,168
Capital expenditures financed through accounts payable	$ 16,646	$ 78,141

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows Parenthetical - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Statement Of Cash Flows [Abstract]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 0	$ 0	$ 12,364	$ 35,772

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 may or may not be 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 Burlington Capital LLC (“Burlington”). The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partner interests to investors (“Unitholders”). In March and May of 2016, the Partnership issued, in a private placement, approximately 1.0 and 1.4 million, respectively, of newly-designated non-cumulative, non-voting, non-convertible Series A Preferred Units (“Series A Preferred Units”) which are redeemable and represent limited partnership interests in the Partnership pursuant to a subscription agreement with two financial institutions resulting in approximately $23.9 million in aggregate proceeds to the Partnership (Note 22).

Summary of Significant Accounti

Summary of Significant Accounting Policies Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Summary Of Significant Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P. and its wholly-owned subsidiaries. The “wholly-owned subsidiaries” include the MF Properties owned by a limited partnership in which one of the wholly-owned subsidiaries (“The Greens Hold Co”) holds a 99% limited partner interest. All intercompany transactions are eliminated. On June 30, 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 16). · 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 16). · 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 (Note 16). · ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership committed to loan money or provide equity for the development of multifamily properties (Notes 9 and 10). · Seven MF Properties which are either wholly or majority owned by the Partnership or subsidiaries of the Partnership (Notes 8 and 11). For the three and six months ended June 30, 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 and six months ended June 30, 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 4 and 8). 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”). Investment in an unconsolidated entity During the six months ended June 30, 2016, the Partnership made an initial investment in 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 Assets held for sale In July 2016, one of the MF Properties, Woodland Park, was sold to an unrelated third party. The Partnership determined the transaction met the accounting guidance as an asset held for sale on June 30, 2016. As such, Woodland Park’s real estate assets, net of accumulated depreciation, are reported as assets held for sale, net, for all periods presented. Management also reviewed the discontinued operations accounting guidance and determined the sale did not qualify as a discontinued operation (Note 11). Redeemable Series A preferred units 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 Series A Preferred Units are recorded as mezzanine equity due to the holder’s 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 (Note 22). Estimates and assumptions 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 June 30, 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. Income Taxes The Greens Hold Co, a wholly-owned subsidiary of the Partnership, is a corporation which is subject to federal and state income taxes. Accordingly, the Partnership will recognize income tax expense or benefit for the federal and state income taxes incurred by The Greens Hold Co on the Partnership’s condensed consolidated financial statements. However, no provision is necessary, or has been recorded, for the Partnership excluding The Greens Hold Co as the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes. The Partnership evaluates its tax positions taken in the Partnership’s condensed consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Partnership may recognize a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities. Deferred income tax expense or benefit is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes) and the utilization of tax net operating losses (“NOL”) generated in prior years that had been previously recognized as deferred income tax assets. The Partnership provides for a valuation allowance for deferred income tax assets if it believes all or some portion of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred tax expense (Note 12). 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 and six months ended June 30, 2015, the Partnership has reclassified the amortization of deferred financing costs and has included them in conformity for the periods presented herein. 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. In the second quarter of 2016, the Partnership began to classify its property loans net of loan losses as a separate line item within the Partnership’s Condensed Consolidated Balance Sheets. Previously this amount had been classified within Other assets. Accordingly, on June 30, 2016 and December 31, 2015, the Partnership has reclassified the property loans net of loan losses and has included them in conformity for the periods presented herein. 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. Recently Issued Accounting Pronouncements, Adopted and Pending In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)”, In August, 2015 and March through May 2016, the FASB issued ASU 2015-14, ASU 2016-12, ASU 2016-10, and ASU 2016-08, “Revenue from Contracts with Customers (Topic 606)”, In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718)”, 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 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, “ Presentation of Financial Statements-Going Concern

Partnership Income, Expense and

Partnership Income, Expense and Cash Distributions	6 Months Ended
	Jun. 30, 2016
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income Expenses and Cash Distributions Text Block	3. Partnership Income, Expenses and Cash Distributions The Amended and Restated LP Agreement 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 on that 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 8) will be included in the Partnership’s Net Interest Income and cash distributions received by the Partnership from the sale of such properties will be included in the Partnership’s Net 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. This Amendment was filed as Exhibit 3.1 to Form 8-K filed on March 31, 2016 and is incorporated by reference herein. Cash distributions are currently made on a quarterly basis. AFCA 2 can elect to make distributions on a monthly or semi-annual basis. On each distribution date, Net Interest Income is distributed 99% to the Unitholders and 1% to AFCA 2 and Net Residual Proceeds are distributed 100% to Unitholders except that Net Interest Income and Net Residual Proceeds representing contingent interest in an amount equal to 0.9% per annum of the principal amount of the mortgage revenue bonds on a cumulative basis (defined as Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2), respectively) are distributed 75% to the Unitholders and 25% to AFCA 2.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities [Text Block]	4. Variable Interest Entities In the first quarter of 2016, the Partnership made an equity investment in Vantage. The Partnership determined its limited membership interest in Vantage is a variable interest, but it is not the primary beneficiary of the entity. Vantage is a VIE at June 30, 2016. The Partnership determined the TOB Trusts and TEBs Financings are VIEs and the Partnership is the primary beneficiary of each of the Trusts. As a result, the Partnership reports the TOB Trusts and TEBs Financings on a consolidated basis and the senior floating-rate participation interests Prior to 2016, the Partnership concluded it was the primary beneficiary of two properties, Bent Tree and Fairmont Oaks, and reported these properties as Consolidated VIEs. The Partnership did not hold an ownership interest but owned the mortgage revenue bonds which financed these two properties. In the fourth quarter of 2015, the two properties were sold and as a result, these entities met the criteria for discontinued operations presentation in the Partnership’s condensed consolidated financial statements for the three and six months ended June 30, 2015. Upon the sale of the two properties, the Partnership eliminated the Consolidated VIE segment in the fourth quarter of 2015 (Note 24). The following table presents information regarding the Partnership’s variable interests in VIEs held by the Partnership on June 30, 2016 and December 31, 2015 that the Partnership did not consolidate: Maximum Exposure to Loss June 30, 2016 December 31, 2015 Mortgage revenue bonds $ 104,532,460 $ 103,483,793 Property loans $ 15,820,259 $ 19,464,977 Investment in an unconsolidated entity $ 3,463,215 $ - 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 at the unpaid principal less any loan loss allowances. See Note 5 for additional information regarding the mortgage revenue bonds and Note 10 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 June 30, 2016 and December 31, 2016. The maximum exposure to loss on the property loans at June 30, 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	6 Months Ended
	Jun. 30, 2016
Investments In Mortgage Revenue Bonds [Abstract]
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block]	5. Investments in Mortgage Revenue Bonds 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 16). The Partnership had the following investments in mortgage revenue bonds on June 30, 2016 and December 31, 2015: June 30, 2016 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Glenview Apartments - Series A (4) CA $ 4,670,000 $ 498,774 $ - $ 5,168,774 Harden Ranch - Series A (3) CA 6,944,405 1,227,246 - 8,171,651 Montclair Apartments - Series A (4) CA 2,530,000 340,097 - 2,870,097 Santa Fe Apartments - Series A (4) CA 3,065,000 464,138 - 3,529,138 Tyler Park Townhomes - Series A (3) CA 6,052,204 561,638 - 6,613,842 Westside Village Market - Series A (3) CA 3,955,103 386,514 - 4,341,617 Lake Forest (1) FL 8,705,000 2,042,441 - 10,747,441 Ashley Square (1) IA 5,069,000 862,753 - 5,931,753 Brookstone (1) IL 7,466,415 2,847,137 - 10,313,552 Copper Gate Apartments (3) IN 5,185,000 1,294,228 - 6,479,228 Renaissance - Series A (4) LA 11,400,429 2,830,779 - 14,231,208 Live 929 Apartments (2) MD 40,734,483 12,548,602 - 53,283,085 Woodlynn Village (1) MN 4,331,000 1,275,826 - 5,606,826 Greens Property - Series A (3) NC 8,252,000 2,364,424 - 10,616,424 Silver Moon - Series A (4) NM 7,958,913 1,826,837 - 9,785,750 Ohio Properties - Series A (1) OH 14,263,000 5,014,838 - 19,277,838 Bridle Ridge (1) SC 7,565,000 2,236,819 - 9,801,819 Columbia Gardens (2) SC 15,219,410 1,139,508 - 16,358,918 Cross Creek (1) SC 6,112,742 4,064,771 - 10,177,513 The Palms at Premier Park Apartments (3) SC 19,915,355 5,290,046 - 25,205,401 Willow Run (2) SC 15,219,338 1,122,876 - 16,342,214 Arbors at Hickory Ridge (3) TN 11,518,875 3,126,099 - 14,644,974 Pro Nova 2014-1 (2) TN 10,043,442 1,781,758 - 11,825,200 Avistar at Chase Hill - Series A (3) TX 9,890,950 2,283,756 - 12,174,706 Avistar at the Crest - Series A (3) TX 9,594,222 2,447,726 - 12,041,948 Avistar at the Oaks - Series A (3) TX 7,744,004 1,929,740 - 9,673,744 Avistar at the Parkway - Series A (4) TX 13,300,000 2,064,647 - 15,364,647 Avistar in 09 - Series A (3) TX 6,686,648 1,666,255 - 8,352,903 Avistar on the Boulevard - Series A (3) TX 16,344,793 4,169,968 - 20,514,761 Avistar on the Hills - Series A (3) TX 5,350,313 1,377,357 - 6,727,670 Bella Vista (1) TX 6,365,000 1,837,512 - 8,202,512 Bruton Apartments (2) TX 18,145,000 3,625,651 - 21,770,651 Concord at Gulfgate - Series A (2) TX 17,060,000 3,166,706 - 20,226,706 Concord at Little York - Series A (2) TX 12,480,000 2,316,547 - 14,796,547 Concord at Williamcrest - Series A (2) TX 18,020,000 3,668,443 - 21,688,443 Decatur Angle (2) TX 23,000,000 3,680,548 - 26,680,548 Heritage Square - Series A (4) TX 11,185,000 2,762,703 - 13,947,703 Runnymede (1) TX 10,300,000 2,364,880 - 12,664,880 Southpark (1) TX 11,838,368 6,538,686 - 18,377,054 Vantage at Harlingen - Series B (4) TX 24,575,000 5,261,111 - 29,836,111 Vantage at Judson -Series B (4) TX 26,457,837 6,468,281 - 32,926,118 Mortgage revenue bonds held in trust $ 474,513,249 $ 112,778,666 $ - $ 587,291,915 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 16 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 16 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 16 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 16 June 30, 2016 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Seasons at Simi Valley CA $ 6,320,000 $ 880,895 $ - $ 7,200,895 Sycamore Walk CA 5,447,000 411,805 - 5,858,805 Greens Property - Series B NC 941,887 245,283 - 1,187,170 Ohio Properties - Series B OH 3,556,140 965,230 - 4,521,370 Companion at Thornhill Apartments SC 11,500,000 3,005,857 - 14,505,857 Avistar at Chase Hill - Series B TX 959,853 208,115 - 1,167,968 Avistar at the Crest - Series B TX 754,952 173,648 - 928,600 Avistar at the Oaks - Series B TX 552,067 127,771 - 679,838 Avistar at the Parkway - Series B TX 125,000 8,892 - 133,892 Avistar in 09 - Series B TX 455,406 105,399 - 560,805 Avistar on the Boulevard - Series B TX 448,594 103,183 - 551,777 Concord at Gulfgate - Series B TX 2,125,000 276,129 - 2,401,129 Concord at Little York - Series B TX 960,000 124,741 - 1,084,741 Concord at Williamcrest - Series B TX 2,800,000 363,838 - 3,163,838 Crossing at 1415 TX 7,925,000 1,227,108 - 9,152,108 Heights at 515 TX 6,945,000 1,061,664 - 8,006,664 Mortgage revenue bonds held by the Partnership $ 51,815,899 $ 9,289,558 $ - $ 61,105,457 December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust State Cost Unrealized Unrealized Estimated Glenview Apartments - Series A (4) CA $ 4,670,000 $ 210,572 $ - $ 4,880,572 Harden Ranch - Series A (3) CA 6,960,000 668,981 - 7,628,981 Montclair Apartments - Series A (4) CA 2,530,000 114,079 - 2,644,079 Santa Fe Apartments - Series A (4) CA 3,065,000 154,067 - 3,219,067 Tyler Park Townhomes - Series A (3) CA 6,075,000 487,209 - 6,562,209 Westside Village Market - Series A (3) CA 3,970,000 202,340 - 4,172,340 Lake Forest (1) FL 8,766,000 1,177,745 - 9,943,745 Ashley Square (1) IA 5,099,000 508,163 - 5,607,163 Brookstone (1) IL 7,468,668 1,436,203 - 8,904,871 Copper Gate Apartments (3) IN 5,185,000 616,341 - 5,801,341 Renaissance - Series A (4) LA 11,450,959 1,233,077 - 12,684,036 Live 929 Apartments (2) MD 40,801,557 5,829,855 - 46,631,412 Woodlynn Village (1) MN 4,351,000 466,471 - 4,817,471 Greens Property - Series A (3) NC 8,294,000 1,138,270 - 9,432,270 Silver Moon - Series A (4) NM 7,983,811 1,246,349 - 9,230,160 Ohio Properties - Series A (1) OH 14,311,000 2,690,867 - 17,001,867 Bridle Ridge (1) SC 7,595,000 817,222 - 8,412,222 Columbia Gardens (2) SC 15,224,597 - - 15,224,597 Cross Creek (1) SC 6,101,605 2,932,689 - 9,034,294 The Palms at Premier Park Apartments (3) SC 20,001,272 2,505,091 - 22,506,363 Willow Run (2) SC 15,224,591 - - 15,224,591 Arbors at Hickory Ridge (3) TN 11,565,657 1,767,508 - 13,333,165 Pro Nova 2014-1 and 2014-2 (2) TN 19,379,489 1,182,900 - 20,562,389 Avistar at Chase Hill - Series A (3) TX 9,935,552 1,133,024 - 11,068,576 Avistar at the Crest - Series A (3) TX 9,637,485 1,301,224 - 10,938,709 Avistar at the Oaks - Series A (3) TX 7,777,936 840,159 - 8,618,095 Avistar at the Parkway - Series A (4) TX 13,300,000 330,251 - 13,630,251 Avistar in 09 - Series A (3) TX 6,715,948 725,445 - 7,441,393 Avistar on the Boulevard - Series A (3) TX 16,418,497 1,872,323 - 18,290,820 Avistar on the Hills - Series A (3) TX 5,373,756 693,096 - 6,066,852 Bella Vista (1) TX 6,430,000 766,135 - 7,196,135 Bruton Apartments (2) TX 18,145,000 1,901,839 - 20,046,839 Concord at Gulfgate - Series A (2) TX 17,060,000 852,612 - 17,912,612 Concord at Little York - Series A (2) TX 12,480,000 688,441 - 13,168,441 Concord at Williamcrest - Series A (2) TX 18,020,000 1,182,543 - 19,202,543 Decatur Angle (2) TX 23,000,000 1,582,083 - 24,582,083 Heritage Square - Series A (4) TX 11,185,000 273,488 - 11,458,488 Runnymede (1) TX 10,350,000 1,600,938 - 11,950,938 Southpark (1) TX 11,799,874 3,990,882 - 15,790,756 Vantage at Harlingen - Series B (4) TX 24,575,000 1,765,139 - 26,340,139 Vantage at Judson -Series B (4) TX 26,540,000 2,613,606 - 29,153,606 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 16 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 16 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 16 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 16 December 31, 2015 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Glenview Apartments - Series B CA $ 2,053,000 $ - $ (7,329 ) $ 2,045,671 Montclair Apartments - Series B CA 928,000 - (2,506 ) 925,494 Santa Fe Apartments - Series B CA 1,671,000 - (5,965 ) 1,665,035 Seasons at Simi Valley CA 6,320,000 404,110 - 6,724,110 Sycamore Walk CA 5,447,000 - - 5,447,000 Greens Property - Series B NC 943,214 142,442 - 1,085,656 Ohio Properties - Series B OH 3,562,190 514,997 - 4,077,187 Avistar at Chase Hill - Series B TX 961,981 109,878 - 1,071,859 Avistar at the Crest - Series B TX 756,626 86,428 - 843,054 Avistar at the Oaks - Series B TX 553,244 63,533 - 616,777 Avistar at the Parkway - Series B TX 125,000 - (979 ) 124,021 Avistar in 09 - Series B TX 456,376 52,409 - 508,785 Avistar on the Boulevard - Series B TX 449,589 51,356 - 500,945 Concord at Gulfgate - Series B TX 2,125,000 76,802 - 2,201,802 Concord at Little York - Series B TX 960,000 - (6,711 ) 953,289 Concord at Williamcrest - Series B TX 2,800,000 - (19,573 ) 2,780,427 Crossing at 1415 TX 7,925,000 214,091 - 8,139,091 Heights at 515 TX 6,945,000 185,268 - 7,130,268 Heritage Square - Series B TX 520,000 6,185 - 526,185 Mortgage revenue bonds held by the Partnership $ 45,502,220 $ 1,907,499 $ (43,063 ) $ 47,366,656 In May 2016, the Partnership redeemed the following Series B mortgage revenue bonds for approximately $5.2 million which approximated their carrying value plus accrued interest. Property Name Month Redeemed Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Glenview Apartments - Series B May Cameron, CA 88 12/1/2016 8.00 % $ 2,053,000 Montclair Apartments - Series B May Lemoore, CA 80 12/1/2016 8.00 % $ 928,000 Santa Fe Apartments - Series B May Hesperia, CA 89 12/1/2016 8.00 % $ 1,671,000 Heritage Square - Series B May Edinburg, TX 204 10/1/2051 12.00 % $ 520,000 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 securitizing this mortgage revenue bond (Note 16). Property Name Month Sold Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Sale Pro Nova - 2014B 1 March Knoxville, TN - 5/1/2025 5.25 % $ 9,295,000 1 The following table includes the details of the mortgage revenue bond acquisitions during the six months ended June 30, 2016: Property Name Month Acquired Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition 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 six months ended June 30, 2015: Property Name Month Acquired Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Avistar at the Parkway Apartments - Series A April San Antonio, TX 236 5/1/2052 6.00 % $ 13,300,000 Avistar at the Parkway Apartments - Series B April San Antonio, TX 236 6/1/2052 12.00 % $ 125,000 Renaissance June Baton Rouge, LA 208 6/1/2050 6.00 % $ 11,500,000 Vantage at Harlingen June San Antonio, TX 288 9/1/2053 6.00 % $ 24,575,000 Vantage at Judson June San Antonio, TX 288 1/1/2053 6.00 % $ 26,540,000 Silver Moon - Series A June Albuquerque, 151 8/1/2055 6.00 % $ 8,000,000 Silver Moon - Series B June Albuquerque, NM 151 8/1/2055 12.00 % $ 500,000 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 Valuation - As all of the Partnership’s investments in mortgage revenue bonds are classified as available-for-sale securities, they are reported on the balance sheet at their estimated fair values. On June 30, 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 June 30, 2016, management valued all of the Partnership’s mortgage revenue bonds using discounted cash flow and yield to maturity analyses, 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. On June 30, 2016, the range of effective yields on the individual mortgage revenue bonds was 3.8% to 11.2% per annum. At December 31, 2015, the range of effective yields on the individual mortgage revenue bonds was 4.6% to 12.1% per annum. Unrealized gains or losses on these mortgage revenue bonds are recorded in the Condensed Consolidated Statements of 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	6 Months Ended
	Jun. 30, 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]	6. 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 June 30, 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 had the following investments in the PHC Certificates on June 30, 2016 and December 31, 2015: June 30, 2016 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value PHC Certificate Trust I 8.81 AA- 5.37% $ 26,146,984 $ 2,607,338 $ - $ 28,754,322 PHC Certificate Trust II 8.17 A+ 4.30% 11,104,883 829,952 - 11,934,835 PHC Certificate Trust III 9.31 BBB 5.42% 20,532,976 957,926 - 21,490,902 $ 57,784,843 $ 4,395,216 $ - $ 62,180,059 December 31, 2015 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value PHC Certificate Trust I 9.25 AA- 5.33% $ 27,274,451 $ 1,482,376 $ - $ 28,756,827 PHC Certificate Trust II 8.67 A+ 4.29% 11,081,987 365,443 - 11,447,430 PHC Certificate Trust III 9.81 BBB 5.42% 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 June 30, 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 June 30, 2016 the range of effective yields on the PHC Certificates were 3.3% to 5.0% per annum. At December 31, 2015 the range of effective yields on the PHC Certificates were 3.9% to 5.7% per annum.

Mortgage-Backed Securities

Mortgage-Backed Securities	6 Months Ended
	Jun. 30, 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]	7. Mortgage-Backed Securities (“MBS Securities”) In January 2016, the Partnership sold its three remaining MBS Securities for approximately $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 16, 19, and 24). The carrying value of the Partnership’s MBS Securities on June 30, 2016 was zero. On December 31, 2015, the carrying value of the Partnership’s MBS Securities was 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	6 Months Ended
	Jun. 30, 2016
Real Estate Assets [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	8. Real Estate Assets Recent Transactions In June 2016, the Partnership sold the Arboretum, an MF Property, for $30.2 million and realized a gain of approximately $12.4 million, before income taxes. The Greens Hold Co, which owned Arboretum, applied its net operating loss carryforward to this gain and reported a current tax liability of approximately $4.1 million related to this sale on the Partnership’s condensed consolidated financial statements (Note 12). Distributions were recorded in accordance with the Amended and Restated LP Agreement (Note 3), 25% of Net Residual Proceeds (Tier 2) was distributed to General Partner and 75% was distributed to Unit Holders. The Partnership has two of its MF Properties, Eagle Village, and Woodland Park, which are being marketed for sale as previously reported in the first quarter of 2016. Management determined the Arboretum sale and potential Eagle Village and Woodland Park sale transactions do not meet the criteria for discontinued operation presentation, during the quarter ended June 30, 2016, but Woodland Park did meet the held for sale accounting guidance criteria and its real estate assets net of accumulated depreciation are classified as held for sale (Note 11). In March 2016, the Partnership executed an agreement to sell a parcel of land in St. Petersburg, Florida, carried at a cost of approximately $3.1 million, which is part of the Land Held for Investment and Development. Due to this event, on June 30, 2016, the asset has been evaluated for impairment. The Partnership determined the carrying value of this asset is greater than its fair market value and recorded an impairment expense of approximately $62,000 on its Condensed Consolidated Statements of Operations for the three months ended June 30, 2016. MF Properties To facilitate its investment strategy of acquiring additional mortgage revenue bonds, that may be secured by MF Properties, on June 30, 2016 the Partnership owns, through its subsidiary, a 99% limited partner position in one limited partnership, 100% member positions in five 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. Woodland Park is not listed in the tables below as it is reported as an asset held for sale on the Partnership’s Condensed Consolidated Balance Sheets. The Partnership had the following investments in MF Properties on June 30, 2016 and December 31, 2015: MF Properties on June 30, 2016 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on June 30, 2016 Eagle Village Evansville, IN 511 567,880 12,614,234 $ 13,182,114 Northern View (f/k/a Meadowview) Highland Heights, KY 270 688,539 8,081,350 8,769,889 Residences of DeCordova Granbury, TX 110 1,160,455 8,089,537 9,249,992 Residences of Weatherford Weatherford, TX 76 1,942,229 5,746,070 7,688,299 Suites on Paseo San Diego, CA 394 3,162,463 38,319,064 41,481,527 The 50/50 MF Property Lincoln, NE 475 - 32,918,089 32,918,089 $ 113,289,910 Less accumulated depreciation (13,682,124 ) Total MF Properties $ 99,607,786 MF Properties on December 31, 2015 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on 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 $ 134,160,744 Less accumulated depreciation (14,532,168 ) Total MF Properties $ 119,628,576 The 50/50 MF Property has a ground lease with the University of Nebraska-Lincoln with an initial lease term expiring in March 2038. There is also an option to extend the lease for an additional five-year period. Annual lease payments are $100 per year. Consolidated VIE Properties In the fourth quarter of 2015, the owners of the Consolidated VIEs sold Bent Tree and Fairmont Oaks. The Partnership classified the Consolidated VIEs as discontinued operations for the three and six months ended June 30, 2015 and has eliminated the Consolidated VIE segment as a reportable segment during the fourth quarter of 2015 (Note 24). No net income or loss from these properties accrued to the Unitholders or the General Partner. Land Held for Investment and Development On June 30, 2016, the Partnership reported approximately $7.4 million as land held for investment. In March 2016, The Partnership executed a Purchase and Sale Agreement to sell a parcel of land in St. Petersburg, Florida. At June 30, 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	6 Months Ended
	Jun. 30, 2016
Equity Method Investments And Joint Ventures [Abstract]
Investment in an Unconsolidated Entity	9. Investment in an Unconsolidated Entity In March 2016, ATAX Vantage Holdings, LLC, a subsidiary of the Partnership, closed on a commitment and for the period ended June 30, 2016, contributed approximately $3.4 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 $3.4 million on June 30, 2016 represents the Partnership’s maximum exposure to loss and 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 provides a guarantee for ATAX Vantage Holdings, LLC’s return on its investment. The return on the investment earned by the Partnership is reported as investment income (Note 1).

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances	6 Months Ended
	Jun. 30, 2016
Property Loans Net Of Loan Loss Allowances [Abstract]
Property Loans, Net of Loan Loss Allowances Disclosure [Text Block]	10. Property Loans, Net of Loan Loss Allowances The Partnership had the following Property Loans, Net of Loan Loss Allowances on June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Property loans receivable $ 35,702,765 $ 29,874,523 Less: Loan loss allowance (7,098,814 ) (7,098,814 ) Total property loans receivable $ 28,603,951 $ 22,775,709 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, net of loan loss allowances. The Partnership periodically, or as changes in circumstances or operations dictate, evaluates its 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. During the first six months of 2016, the Partnership advanced net funds to Cross Creek and Foundation for Affordable Housing (“FAH”), of approximately $6,000 and $2,500, respectively. In addition, the Partnership advanced Vantage at Brooks, LLC and Vantage at Braunfels, LLC $3.7 million and $2.1 million, respectively. During the first six months of 2015, the Partnership advanced additional funds to Cross Creek of approximately $64,500 and received approximately $69,000 of principal from FAH. During the six months ended June 30, 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 represents the net taxable property loans outstanding at June 30, 2016 and December 31, 2015: June 30, 2016 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 47,232 $ - $ - $ 238,496 Ashley Square 5,078,342 - (3,596,342 ) - 1,482,000 Avistar (February 2013 portfolio) 274,496 70,939 - - 345,435 Avistar (June 2013 portfolio) 251,622 65,027 - - 316,649 Cross Creek 7,078,087 - (3,447,472 ) - 3,630,615 Foundation for Affordable Housing 1,418,075 25,907 - - 1,443,982 Greens Property 850,000 404,026 - - 1,254,026 Lake Forest 4,623,704 - (55,000 ) - 4,568,704 Ohio Properties 2,390,446 904,650 - - 3,295,096 Vantage at Brooks, LLC 7,199,424 394,201 - - 7,593,625 Vantage at Braunfels, LLC 6,347,305 397,329 - - 6,744,634 Total $ 35,702,765 $ 2,309,311 $ (7,098,814 ) $ - $ 30,913,262 December 31, 2015 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 39,950 $ - $ - $ 231,214 Ashley Square 5,078,342 2,864,130 (3,596,342 ) (2,864,130 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 51,386 - - 325,882 Avistar (June 2013 portfolio) 251,622 47,104 - - 298,726 Cross Creek 7,072,087 2,352,851 (3,447,472 ) (2,352,852 ) 3,624,614 Foundation for Affordable Housing 1,415,590 - - - 1,415,590 Greens Property 850,000 343,600 - - 1,193,600 Lake Forest 4,623,704 3,080,446 (55,000 ) (3,059,610 ) 4,589,540 Ohio Properties 2,390,448 1,235,017 - (441,795 ) 3,183,670 Vantage at Brooks LLC 3,454,664 78,440 - - 3,533,104 Vantage at Braunfels LLC 4,272,306 92,481 - - 4,364,787 Total $ 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 six months ended June 30, 2016, a provision for loan loss related to the accrued interest was recorded during the six months ended June 30, 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 and six months ended June 30, 2015.

Assets Held for Sale

Assets Held for Sale	6 Months Ended
	Jun. 30, 2016
Assets Held for Sale [Text Block]	14. Discontinued Operations In April 2015, the owners of the Consolidated VIEs, Bent Tree and Fairmont Oaks, entered into brokerage contracts to sell the Consolidated VIEs. As a result, these entities met the criteria for discontinued operations and are 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 and six months ended June 30, 2015. No net income or loss from these property operations or sales accrued to the Unitholders or the General Partner during the first three or six months of 2016. The following presents the revenues, expenses and income from discontinued operations for the three and six months ended June 30, 2015: Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 Rental revenues $ 817,533 $ 1,621,601 Expenses 579,246 1,358,886 Net income from discontinued operations $ 238,287 $ 262,715
Woodland Park [Member]
Assets Held for Sale [Text Block]	11. Assets Held for Sale The commercial Purchase and Sale Agreement to sell Woodland Park, an MF Property, was executed in July 2016. On June 30, 2016, the buyer had completed due diligence and management has determined the transaction met the conditions required to report the real estate assets as “held for sale”. Accordingly, its real estate assets, net of accumulated depreciation are reported as such on the Partnership’s Condensed Consolidated Balance Sheet for all periods presented (Note 23). June 30, 2016 December 31, 2015 Land and improvements $ 1,265,160 $ 1,265,160 Buildings and improvements 14,274,464 14,247,045 Real estate assets before accumulated depreciation 15,539,624 15,512,205 Accumulated depreciation (1,793,926 ) (1,491,646 ) Net real estate assets $ 13,745,698 $ 14,020,559

Income Tax Provision

Income Tax Provision	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	12. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by our taxable subsidiary, The Greens Hold Co, which owns all the MF Properties except the Suites on Paseo. The Partnership’s income tax expense fluctuates from period to period based on the timing of the taxable income. Deferred income tax expense is generally a function of the period’s temporary differences and the utilization of net operating losses generated in prior years that had been previously recognized as a deferred income tax asset. The net operating loss carryover reported on The Greens Hold Co’s 2015 tax return will be utilized in its entirety due to the gain on the June 2016 sale of the Arboretum. As a result, the $405,000 valuation allowance was reversed and a tax provision has been recorded during the three months ended June 30, 2016. The following table summarizes our income tax expense for the three and six months ended June 30, 2016 and 2015: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Current income tax expense: Current income tax expense $ - $ - $ - $ - Current income tax expense on dispositions 4,100,000 - 4,100,000 - Deferred income tax expense: Deferred income tax expense: 553,000 - 553,000 - Total income tax expense $ 4,653,000 $ - $ 4,653,000 $ -

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2016
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	13. Other Assets The Partnership had the following Other Assets on June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Deferred financing costs - net $ 422,388 $ 487,023 Fair value of derivative contracts 32,364 344,177 Taxable bonds at fair market value (Note 20) 5,294,229 4,824,060 Bond purchase commitments - fair value (Notes 5 & 20) 17,218,819 5,634,360 Other assets 939,796 1,655,013 Total other assets $ 23,907,596 $ 12,944,633

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2016
Discontinued Operations [Abstract]
Assets Held for Sale [Text Block]	14. Discontinued Operations In April 2015, the owners of the Consolidated VIEs, Bent Tree and Fairmont Oaks, entered into brokerage contracts to sell the Consolidated VIEs. As a result, these entities met the criteria for discontinued operations and are 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 and six months ended June 30, 2015. No net income or loss from these property operations or sales accrued to the Unitholders or the General Partner during the first three or six months of 2016. The following presents the revenues, expenses and income from discontinued operations for the three and six months ended June 30, 2015: Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 Rental revenues $ 817,533 $ 1,621,601 Expenses 579,246 1,358,886 Net income from discontinued operations $ 238,287 $ 262,715

Unsecured Lines of Credit

Unsecured Lines of Credit	6 Months Ended
	Jun. 30, 2016
Lines Of Credit [Abstract]
Unsecured Lines of Credit	15. Unsecured Lines of Credit The following represents the unsecured lines of credit (“LOC”) on June 30, 2016 and December 31, 2015: Unsecured Lines of Credit Outstanding on June 30, 2016 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 23,997,000 $ 40,000,000 May-17 Variable Monthly 3.47 % Bankers Trust operating - 7,500,000 October-16 Variable Monthly 3.72 % Total unsecured lines of credit $ 23,997,000 $ 47,500,000 Unsecured Lines of Credit Outstanding on December Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 12,497,000 $ 37,500,000 May-17 Variable Monthly 2.90 % Bankers Trust operating - 5,000,000 March-16 Variable Monthly 3.50 % Five Points Bank operating 5,000,000 5,000,000 March-16 Variable Monthly 3.40 % Total unsecured lines of credit $ 17,497,000 $ 47,500,000 In January 2016, the Partnership borrowed $11.5 million on the Bankers Trust unsecured LOC to finance the purchase of the Companion at Thornhill Apartments mortgage revenue bond (Note 5). The Partnership is required to make prepayments of the principal to reduce the Bankers Trust Operating LOC to zero for fifteen consecutive calendar days during each calendar quarter. For all periods presented the Partnership fulfilled its prepayment obligation. In addition, the Partnership has fulfilled its third quarter of 2016 prepayment obligation as it has maintained a zero balance in this LOC for the first fifteen days of July 2016.

Debt Financing

Debt Financing	6 Months Ended
	Jun. 30, 2016
Debt Financing [Abstract]
Debt Disclosure [Text Block]	16. Debt Financing The following table provides the details related to the total Debt Financing on June 30, 2016 and December 31, 2015. Outstanding Financings on June 30, 2016 Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB Trusts Securitization Fixed $ 152,141,820 $ - 2014 - 2015 Oct 2016 - Jul 2019 N/A N/A N/A 2.76 - 4.51% Variable $ 43,145,000 $ 2,613,141 2012 June 2016 Weekly 0.96 - 1.08% 1.62% 2.57% TEBS Financings Variable $ 234,776,519 $ 5,428,028 2010 - 2015 Sept 2017 - July 2020 Weekly 0.44 - 0.46% 1.39 - 1.91% 1.83 - 2.37% Total Debt Financings $ 430,063,339 (1) Facility fees are variable Outstanding Financings on December 31, 2015 Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB Trusts Securitization Fixed $ 160,582,124 $ - 2014 - 2015 Oct 2016 - Jul 2019 N/A N/A N/A 2.76 - 4.51% Variable $ 55,930,000 $ 1,930,027 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable $ 234,984,592 $ 5,371,680 2010 - 2015 Sept 2017 - July 2020 Weekly 0.02 - 0.04% 1.26 - 1.91% 1.28 - 1.95% Total Debt Financings $ 451,496,716 (1) Facility fees are variable On June 30, 2016 and December 31, 2015, the Partnership posted cash collateral, (i.e. restricted cash) in connection with the interest rate swaps related to the TOBs as noted in the tables above. In addition, 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 (Note 19). 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 A/B TOB Trusts (“TOB Trusts”) established under the laws of the Cayman Islands. 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 June 30, 2016 the Partnership was in compliance with 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 after payment of the SPEARS and expenses. 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 June 30, 2016 and December 31, 2015: Pre-adoption balance sheet June 30, 2016 December 31, 2015 Assets: Other assets $ 28,439,553 $ 18,348,745 Liabilities: Debt financings $ 434,241,092 $ 456,431,288 Mortgages payable and other secured financing $ 52,421,530 $ 69,717,114 Post-adoption balance sheet June 30, 2016 December 31, 2015 Assets: Other assets $ 23,907,596 $ 12,944,633 Liabilities: Debt financings 1 $ 430,063,339 $ 451,496,716 Mortgages payable and other secured financing 2 $ 52,067,325 $ 69,247,574 1 Reflects a reduction of $4.2 million and $4.9 million on June 30, 2016 and December 31, 2015, respectively. 2 Reflects a reduction of $0.4 million and $0.5 million on June 30, 2016 and December 31, 2015, respectively. The Partnership’s aggregate borrowings on June 30, 2016 contractually mature over the next five years and thereafter as follows: 2016 $ 68,749,259 2017 153,856,796 2018 2,333,071 2019 128,711,737 2020 80,590,229 Total $ 434,241,092 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	6 Months Ended
	Jun. 30, 2016
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing [Text Block]	17. 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. 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 June 30, 2016 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Eagle Village (1) 7,941,341 2010 September 2018 Variable Monthly 0.50 % 3.00 % 3.50 % Residences of DeCordova 1,776,560 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,706,621 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--Mortgage (2) 25,422,722 2013 March 2020 Variable Monthly 3.50 % N/A 3.50 % The 50/50 MF Property--TIF Loan 3,720,081 2014 December 2019 Fixed N/A N/A N/A 4.65 % Woodland Park (1) 7,500,000 2014 August 2017 Variable Monthly 0.47 % 2.75 % 3.22 % Total Mortgage Payable\Period End Rate $ 52,067,325 3.72 % (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 MF Property--Mortgage (2) 25,363,647 2013 March 2020 Variable Monthly 3.25 % N/A 3.25 % The 50/50 MF Property--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) The Partnership’s mortgages payable and other secured financing on June 30, 2016 contractually mature over the next five years and thereafter as follows: 2017 $ 15,810,807 2018 951,618 2019 8,348,826 2020 27,310,278 Total mortgages payable and other secured financings $ 52,421,529

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2016
Transactions With Related Parties [Abstract]
Related Party Transactions Disclosure [Text Block]	18. 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 three and six months ended June 30, 2016 the Partnership paid or accrued administrative fees to AFCA 2 of approximately $678,000 and $1.4 million, respectively. For the three and six months ended June 30, 2015, the Partnership paid or accrued administrative fees to AFCA2 of approximately $615,000 and $1.2 million, respectively. In addition to the administrative fees paid directly by the Partnership, AFCA 2 receives administrative fees directly from the owners of properties financed by certain of the mortgage revenue bonds held by the Partnership. These administrative fees also equal 0.45% per annum of the outstanding principal balance of these mortgage revenue bonds and totaled approximately $12,500 and $29,000 for the three and six months ended June 30, 2015, respectively. There were no such administrative fees received in for the six months ended June 30, 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 and investments in unconsolidated entities and select notes receivable. 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 or related parties. During the three and six months ended June 30, 2016, AFCA 2 earned mortgage placement fees of approximately zero and $388,000, respectively. During the three and six months ended June 30, 2015, AFCA2 earned mortgage placement fees of approximately $221,000 and $756,000, respectively. In addition, AFCA 2 received a one-time $125,000 negotiated mortgage placement fee related to work performed for a transaction that did not materialize during the second quarter of 2016. 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 $298,000 and $609,000 for the three and six months ended June 30, 2016, respectively. Properties Management provided property management services for nine MF Properties (including The Colonial that was sold in May 2015), the two Consolidated VIEs reported as discontinued operations, and six properties collateralized by mortgage revenue bonds, earning management fees of approximately $314,000 and $638,000 For the three and six months ended June 30, 2015, respectively. For the 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, investments in unconsolidated entities, select notes receivable, and financing facilities are acquired by the Partnership. For the three and six months ended June 30, 2016, approximately zero and $194,000, respectively, in origination fees were paid by the borrower of certain acquired mortgage revenue bonds and equity investments and have not been reflected in the accompanying condensed consolidated financial statements. For the three and six months ended June 30, 2015, approximately $111,000 and $378,000, respectively, in origination fees were paid by the borrower of certain acquired bonds and have not been reflected in the accompanying condensed consolidated financial statements. In addition, Farnam Capital Advisors, LLC received a $125,000 origination fee for work performed related to a transaction that did not materialize during the second quarter of 2016.

Interest Rate Derivative Agreem

Interest Rate Derivative Agreements	6 Months Ended
	Jun. 30, 2016
Interest Rate Derivative Agreements [Abstract]
Interest Rate Derivative Agreements [Text Block]	19. Interest Rate Derivative Agreements On June 30, 2016, the Partnership has eleven derivative agreements in order to mitigate its exposure to increases in interest rates on its variable-rate debt financing and they 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 $ - M24 TEBS 5.0 % Bank of New York Mellon September-10 $ 31,936,667 3.00 % September-17 $ 845,600 $ - M24 TEBS 5.0 % Barclays Bank PLC September-10 $ 31,936,667 3.00 % September-17 $ 928,000 $ - M24 TEBS 5.0 % Royal Bank of Canada August-13 $ 93,305,000 1.50 % September-17 $ 793,000 $ 669 M24 TEBS 3.5 % Deutsche Bank February-14 $ 41,250,000 1.00 % March-17 $ 230,500 $ 78 PHC TOB Trusts 3.3 % SMBC Capital Markets, Inc July-14 $ 31,565,000 3.00 % August-19 $ 315,200 $ 936 M31 TEBS 4.4 % Barclays Bank PLC July-14 $ 31,565,000 3.00 % August-19 $ 343,000 $ 936 M31 TEBS 4.4 % Royal Bank of Canada July-14 $ 31,565,000 3.00 % August-19 $ 333,200 $ 936 M31 TEBS 4.4 % SMBC Capital Markets, Inc July-15 $ 28,095,000 3.00 % August-20 $ 210,000 $ 9,603 M33 TEBS 4.3 % Wells Fargo Bank July-15 $ 28,095,000 3.00 % August-20 $ 187,688 $ 9,603 M33 TEBS 4.3 % Royal Bank of Canada July-15 $ 28,095,000 3.00 % August-20 $ 174,900 $ 9,603 M33 TEBS 4.3 % SMBC Capital Markets, Inc (1) For additional details, see Note 20 to the Partnership's consolidated financial statements. 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 a notational value of approximately $18.1 million, 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 June 30, 2016 and December 31, 2015, the fair value of the Decatur Angle swap was a liability of approximately $1.5 million and $737,000, respectively. On June 30, 2016 and December 31, 2015, the fair value of the Bruton swap was a liability of approximately $1.2 million and $580,000, respectively. The fair value of these swaps is reported as a liability on the Partnership’s Condensed Consolidated Balance Sheets. The Partnership’s 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 $531,000 and $1.6 million for the three and six months ended June 30, 2016, respectively. The change in the fair value of these derivative contracts resulted in a decrease in interest expense of approximately $198,000 for the three months ended June 30, 2015 and an increase in interest expense of approximately $701,000 for the six months ended June 30, 2015. The valuation methodology used to estimate the fair value of the Partnership’s interest rate derivative agreements is disclosed in Note 20.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements [Abstract]
Fair Value Disclosures [Text Block]	20. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: · Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and · Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. · Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Investments in Mortgage Revenue Bonds 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 ‘A’ rated municipal bond rates on similar mortgage revenue bonds as well as changes in the operating performance of the underlying property serving as collateral for each mortgage revenue 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. On June 30, 2016, the range of effective yields on the individual mortgage revenue bonds was 3.8% to 11.2% per annum. At December 31, 2015, the range of effective yields on the individual mortgage revenue bonds was 4.6% to 12.1% per annum. The fair value of the bond purchase commitments is determined in the same manner as the mortgage revenue bonds. On June 30, 2016, the range of effective yields on the bond purchase commitments was 4.4% to 9.9% per annum. At December 31, 2015, the range of effective yields on the bond purchase commitments was 5.4% to 10.9% per annum. 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. At June 30, 2016 the range of effective yields on the PHC Certificates were 3.3% to 5.0% per annum. At December 31, 2015 the range of effective yields on the PHC Certificates were 3.9% to 5.7% per annum. Investments in Mortgage-Backed Securities. On December 31, 2015 and for the three and six months ended June 30, 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. The Partnership validates 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. On June 30, 2016, the range of effective yields on the taxable bonds was 3.2% to 10.4% per annum. At December 31, 2015, the range of effective yields on the taxable bonds was 4.2% to 10.5% per annum. 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 June 30, 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 $ 648,397,372 $ - $ - $ 648,397,372 Bond purchase commitments 17,218,819 - - 17,218,819 PHC Certificates 62,180,059 - - 62,180,059 Taxable bonds 5,294,229 - - 5,294,229 Interest rate derivatives, net (2,615,093 ) - - (2,615,093 ) Total Assets and Liabilities at Fair Value, net $ 730,475,386 $ - $ - $ 730,475,386 For Three Months Ended June 30, 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 April 1, 2016 $ 596,376,369 $ 7,222,173 $ 60,505,340 $ 4,938,104 $ (2,083,704 ) $ 666,958,282 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (531,389 ) (531,389 ) Included in other comprehensive (loss) income 57,767,098 9,996,646 1,688,370 378,861 - 69,830,975 Settlements (5,746,096 ) - (13,651 ) (22,736 ) - (5,782,483 ) Ending Balance June 30, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2016 $ - $ - $ - $ - $ (531,389 ) $ (531,389 ) For Six Months Ended June 30, 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 (interest expense) - - - - (1,641,796 ) (1,641,796 ) Included in other comprehensive (loss) income 69,118,725 11,584,459 2,557,714 495,317 - 83,756,215 Purchases 11,500,000 - - - - 11,500,000 Sale of securities (9,747,124 ) - - - (399 ) (9,747,523 ) Settlements (6,157,366 ) - (1,084,945 ) (25,148 ) - (7,267,459 ) Ending Balance June 30, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2016 $ - $ - $ - $ - $ (1,641,796 ) $ (1,641,796 ) 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 June 30, 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 April 1, 2015 $ 507,898,698 $ 5,204,188 $ 60,272,941 $ 4,411,214 $ (642,704 ) $ 577,144,337 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - 198,743 198,743 Included in other comprehensive income (16,544,139 ) (4,320,189 ) (304,327 ) (128,709 ) - (21,297,364 ) Purchases 72,540,000 - - 500,000 - 73,040,000 Settlements (14,958,574 ) - (977,177 ) (70,818 ) - (16,006,569 ) Ending Balance June 30, 2015 $ 548,935,985 $ 883,999 $ 58,991,437 $ 4,711,687 $ (443,961 ) $ 613,079,147 Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities held on June 30, 2015 $ - $ - $ - $ - $ 198,743 $ 198,743 For Six Months Ended June 30, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue 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 (interest expense) - - - - (701,130 ) (701,130 ) Included in other comprehensive income (16,469,539 ) (4,896,414 ) (1,280,859 ) (334,060 ) - (22,980,872 ) Purchases 131,485,000 - - 500,000 - 131,985,000 Refund of interest rate derivative cost - - - - (10,500 ) (10,500 ) Settlements (15,103,613 ) - (990,827 ) (70,818 ) - (16,165,258 ) Ending Balance June 30, 2015 $ 548,935,985 $ 883,999 $ 58,991,437 $ 4,711,687 $ (443,961 ) $ 613,079,147 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2016 $ - $ - $ - $ - $ (701,130 ) $ (701,130 ) Total gains and losses included in earnings for the periods shown above are included in the Partnership’s Condensed Consolidated Statements of Operations as 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 June 30, 2016 and December 31, 2015, respectively. June 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and unsecured LOCs $ 454,060,339 $ 455,804,190 $ 468,993,716 $ 475,415,345 Mortgages payable and other secured financing $ 52,067,325 $ 51,968,567 $ 69,247,574 $ 67,735,213

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies [Abstract]
Commitments and Contingencies Disclosure [Text Block]	21. 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 mortgage revenue bond purchase commitments related to mortgage revenue bonds to be issued secured by properties under construction. Upon execution of the forward mortgage revenue bond purchase commitment, the proceeds from the mortgage revenue bonds issued will be used to pay off the construction related debt and any mortgage revenue bonds that may have been issued. The Partnership accounts for the forward mortgage revenue bond purchase agreements as an available-for-sale security and, as such, records the estimated value of the forward mortgage revenue bond purchase commitment as an asset or liability with changes in such valuation recorded in other comprehensive income. On June 30, 2016 and December 31, 2015 the forward mortgage revenue bond purchase commitments outstanding and their related fair values are as follows: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 2018 Maximum Committed Amounts for 2016 Rate Closing Date (1) Fair Value at June 30, 2016 Fair Value at December 31, 2015 15 West Apartments July-14 $ - $ 9,850,000 6.25 % Q3 2016 $ 2,031,956 $ 945,009 Villas at Plano Gateway Apartments December-14 20,000,000 - 6.00 % Q2 2017 3,726,000 1,469,213 Palo Alto July-15 19,540,000 - 5.80 % Q3 2017 5,217,962 1,439,600 Village at Rivers Edge May-15 11,000,000 - 6.00 % Q2 2017 2,083,950 636,560 Village at Avalon November-15 16,400,000 - 5.80 % Q2 2018 4,158,951 1,143,978 Total $ 66,940,000 $ 9,850,000 $ 17,218,819 $ 5,634,360 (1) In March 2016, ATAX Vantage Holdings, LLC, a subsidiary of the Partnership, closed on the first commitment and contributed approximately $3.4 million during the six months ended June 30, 2016, 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 $6.2 million at June 30, 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, Vantage at Brooks, LLC and Vantage at Braunfels, LLC, both located in Texas. The Partnership will fulfill its note commitment and fund approximately $3.5 million in 2016 (Note 10). 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 a property loan of approximately $1.4 million 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 $430.1 million prior to the consideration of the proceeds from the sale of the trust collateral. The Partnership has never been, and does not expect to in the future, to be 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 June 30, 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 June 30, 2016, under the guarantee provision of the repurchase clause is approximately $4.8 million and represents 75% of the equity contributed by BC Partners. In conjunction with the ground lease (Note 8), The 50/50 MF Property has entered into an agreement whereby it is required to make regular payments to the University of Nebraska-Lincoln based on its revenues. At June 30, 2016, the minimum aggregate annual payment due under the agreement is approximately $122,000. The minimum aggregate annual payment increases 2% annually until July 31, 2034 and increases of 3% annually thereafter. The 50/50 MF Property may be required to make additional payments under the agreement if it’s gross revenues exceed certain thresholds. The agreement will terminate upon termination of the ground lease. During the three and six months ended June 30, 2016, The 50/50 MF Property reported expenses related to the agreement of $30,600 and $61,200, respectively. During the three and six months ended June 30, 2015, The 50/50 MF Property reported expenses of $30,000 and $60,000, respectively.

Redeemable Preferred Units

Redeemable Preferred Units	6 Months Ended
	Jun. 30, 2016
Temporary Equity Disclosure [Abstract]
Redeemable Preferred Units [Text Block]	22. Redeemable Preferred Units In March and May of 2016, the Partnership issued, in a private placement, approximately 1.0 and 1.4 million, respectively, 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 holder’s 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	23. Subsequent Events In July 2016, the Partnership entered into a commercial property Purchase and Sale Agreement to purchase Jade Park, an MF Property. A thirty day due diligence period commenced and, if successfully completed, the transaction is expected to close in the third quarter of 2016. In July 2016, the Partnership closed on the sale of Woodland Park, an MF property. The proceeds from the sale were approximately $15.7 million, which is greater than the total asset value of approximately $14.0 million. The proceeds from the sale will be used to pay in full the $7.5 million mortgage which was collateralized by this MF Property. This sale transaction will result in the payment of income tax as this MF Property is wholly owned by the Holding Company.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	24. Segments Due to the increased investments in ATAX Vantage Holding, LLC, the Partnership added a new segment, Other Investments, during the second quarter of 2016. The Partnership consists of five reportable segments, Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, MBS Investments, and Other Investments. In addition to the five reportable segments, the Partnership also separately reports its consolidation and elimination information because it does not allocate certain items to the segments. In January 2016, the Partnership sold its three remaining MBS Securities and eliminated this operating segment in the first quarter of 2016. Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of mortgage revenue bonds and related property loans 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 and the related property loans, net of loan loss are reported as such on the Partnership’s Condensed Consolidated Balance Sheets. On June 30, 2016, the Partnership held sixty-four mortgage revenue bonds. The Residential Properties financed by sixty-three mortgage revenue bonds contain a total of 8,784 rental units. In addition, one bond is collateralized by commercial real estate (Note 5). MF Properties Segment The MF Properties segment consists of indirect equity interests in multifamily, student housing, and senior citizen residential properties which are not currently financed by mortgage revenue bonds held by the Partnership but which the Partnership eventually intends to finance by such bonds through a restructuring. In connection with any such restructuring, the Partnership will be required to dispose of any equity interest held in such MF Properties. The Partnership’s interests in its current MF Properties are not currently classified as Assets held for sale because the Partnership does not believe it is probable a sale will occur 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 June 30, 2016, the Partnership consolidated the results of six MF Properties containing a total of 1,847 rental units. In addition Woodland Park, an MF Property, is reported as held for sale and contains 236 rental units. 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, MBS Securities, and Other Investments which are reported as three separate segments. Public Housing Capital Fund Trust Segment The Public Housing Capital Fund Trust 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. MBS Securities Investment Segment 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 three remaining MBS Securities eliminated this operating segment in the first quarter of 2016 (Note 7). Other Investments Segment The Other investments segment consists of ATAX Vantage Holding, LLC, which is invested in Vantage, an unconsolidated entity (Note 9), and has issued property notes receivable to the Vantage at Brooks LLC and Vantage at Braunfels LLC. The assets and income the Partnership realizes from these investments pursuant to their executed agreements have been included in this segment (Note 10). The following table details certain key financial information for the Partnership’s reportable segments for the three and six months ended June 30, 2016 and 2015: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Revenues Mortgage Revenue Bond Investments $ 8,790,823 $ 8,678,337 $ 17,569,877 $ 15,996,898 MF Properties 4,994,868 4,086,061 10,068,972 8,388,362 Public Housing Capital Fund Trust 722,990 784,846 1,453,892 1,517,749 MBS Securities Investments - 152,861 48,755 305,721 Other Investments 424,440 - 711,484 - Total revenues $ 14,933,121 $ 13,702,105 $ 29,852,980 $ 26,208,730 Interest expense Mortgage Revenue Bond Investments $ 3,391,149 $ 2,010,745 $ 7,175,539 $ 4,899,865 MF Properties 596,360 640,909 1,266,693 1,353,808 Public Housing Capital Fund Trust 334,545 300,580 635,265 597,040 MBS Securities Investments - 40,900 14,692 78,597 Total interest expense $ 4,322,054 $ 2,993,134 $ 9,092,189 $ 6,929,310 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 1,649,891 1,389,700 3,296,122 2,843,879 Public Housing Capital Fund Trust - - - - MBS Securities Investments - - - - Total depreciation expense $ 1,649,891 $ 1,389,700 $ 3,296,122 $ 2,843,879 Income from continuing operations Mortgage Revenue Bond Investments $ 2,220,622 $ 4,256,767 $ 4,250,903 $ 6,606,289 MF Properties 7,972,322 3,138,054 7,704,519 2,743,522 Public Housing Capital Fund Trust 388,445 476,813 818,627 905,961 MBS Securities Investments - 111,661 51,984 226,683 Other Investments 424,440 - 711,484 - Total income from continuing operations $ 11,005,829 $ 7,983,295 $ 13,537,517 $ 10,482,455 Partnership net income Mortgage Revenue Bond Investments $ 2,220,723 $ 4,256,767 $ 4,251,016 $ 6,606,289 MF Properties 7,972,322 3,137,743 7,704,519 2,744,102 Public Housing Capital Fund Trust 388,445 476,813 818,627 905,961 MBS Securities Investments - 111,661 51,984 226,683 Other Investments 424,440 - 711,484 - Discontinued Operations - 238,287 - 262,715 Partnership net income $ 11,005,930 $ 8,221,271 $ 13,537,630 $ 10,745,750 The following table details certain key financial information for the Partnership’s reportable segments on June 30, 2016 and December 31, 2015: Total assets June 30, 2016 December 31, 2015 Mortgage Revenue Bond Investments $ 941,641,883 $ 841,499,941 MF Properties 107,534,611 127,683,544 Public Housing Capital Fund Trust Certificates 62,488,641 61,021,462 MBS Securities Investments - 15,035,061 Other Investments 17,009,944 7,726,970 Assets held for sale 13,745,698 14,020,559 Consolidation/eliminations (196,731,864 ) (199,877,054 ) Total assets $ 945,688,913 $ 867,110,483

Summary of Significant Accoun33

Summary of Significant Accounting Policies Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P. and its wholly-owned subsidiaries. The “wholly-owned subsidiaries” include the MF Properties owned by a limited partnership in which one of the wholly-owned subsidiaries (“The Greens Hold Co”) holds a 99% limited partner interest. All intercompany transactions are eliminated. On June 30, 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 16). · 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 16). · 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 (Note 16). · ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership committed to loan money or provide equity for the development of multifamily properties (Notes 9 and 10). · Seven MF Properties which are either wholly or majority owned by the Partnership or subsidiaries of the Partnership (Notes 8 and 11). For the three and six months ended June 30, 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 and six months ended June 30, 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 4 and 8). 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”).
Investment, Policy [Policy Text Block]	Investment in an unconsolidated entity During the six months ended June 30, 2016, the Partnership made an initial investment in 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
Assets Held For Sale [Policy Text Block]	Assets held for sale In July 2016, one of the MF Properties, Woodland Park, was sold to an unrelated third party. The Partnership determined the transaction met the accounting guidance as an asset held for sale on June 30, 2016. As such, Woodland Park’s real estate assets, net of accumulated depreciation, are reported as assets held for sale, net, for all periods presented. Management also reviewed the discontinued operations accounting guidance and determined the sale did not qualify as a discontinued operation (Note 11).
Redeemable Series A Preferred Units [Policy Text Block]	Redeemable Series A preferred units 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 Series A Preferred Units are recorded as mezzanine equity due to the holder’s 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 (Note 22).
Use of Estimates, Policy [Policy Text Block]	Estimates and assumptions 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 June 30, 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.
Income Tax, Policy [Policy Text Block]	Income Taxes The Greens Hold Co, a wholly-owned subsidiary of the Partnership, is a corporation which is subject to federal and state income taxes. Accordingly, the Partnership will recognize income tax expense or benefit for the federal and state income taxes incurred by The Greens Hold Co on the Partnership’s condensed consolidated financial statements. However, no provision is necessary, or has been recorded, for the Partnership excluding The Greens Hold Co as the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes. The Partnership evaluates its tax positions taken in the Partnership’s condensed consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Partnership may recognize a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities. Deferred income tax expense or benefit is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes) and the utilization of tax net operating losses (“NOL”) generated in prior years that had been previously recognized as deferred income tax assets. The Partnership provides for a valuation allowance for deferred income tax assets if it believes all or some portion of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred tax expense (Note 12).
Reclassification, Policy [Policy Text Block]	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 and six months ended June 30, 2015, the Partnership has reclassified the amortization of deferred financing costs and has included them in conformity for the periods presented herein. 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. In the second quarter of 2016, the Partnership began to classify its property loans net of loan losses as a separate line item within the Partnership’s Condensed Consolidated Balance Sheets. Previously this amount had been classified within Other assets. Accordingly, on June 30, 2016 and December 31, 2015, the Partnership has reclassified the property loans net of loan losses and has included them in conformity for the periods presented herein. 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements, Adopted and Pending In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)”, In August, 2015 and March through May 2016, the FASB issued ASU 2015-14, ASU 2016-12, ASU 2016-10, and ASU 2016-08, “Revenue from Contracts with Customers (Topic 606)”, In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718)”, 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 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, “ Presentation of Financial Statements-Going Concern

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2016
Variable Interest Entities [Abstract]
Variable Interest Entity Classification Of Carrying Amount Assets [Table Text Block]	The following table presents information regarding the Partnership’s variable interests in VIEs held by the Partnership on June 30, 2016 and December 31, 2015 that the Partnership did not consolidate: Maximum Exposure to Loss June 30, 2016 December 31, 2015 Mortgage revenue bonds $ 104,532,460 $ 103,483,793 Property loans $ 15,820,259 $ 19,464,977 Investment in an unconsolidated entity $ 3,463,215 $ -

Investments in Bonds (Tables)

Investments in Bonds (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015: June 30, 2016 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Glenview Apartments - Series A (4) CA $ 4,670,000 $ 498,774 $ - $ 5,168,774 Harden Ranch - Series A (3) CA 6,944,405 1,227,246 - 8,171,651 Montclair Apartments - Series A (4) CA 2,530,000 340,097 - 2,870,097 Santa Fe Apartments - Series A (4) CA 3,065,000 464,138 - 3,529,138 Tyler Park Townhomes - Series A (3) CA 6,052,204 561,638 - 6,613,842 Westside Village Market - Series A (3) CA 3,955,103 386,514 - 4,341,617 Lake Forest (1) FL 8,705,000 2,042,441 - 10,747,441 Ashley Square (1) IA 5,069,000 862,753 - 5,931,753 Brookstone (1) IL 7,466,415 2,847,137 - 10,313,552 Copper Gate Apartments (3) IN 5,185,000 1,294,228 - 6,479,228 Renaissance - Series A (4) LA 11,400,429 2,830,779 - 14,231,208 Live 929 Apartments (2) MD 40,734,483 12,548,602 - 53,283,085 Woodlynn Village (1) MN 4,331,000 1,275,826 - 5,606,826 Greens Property - Series A (3) NC 8,252,000 2,364,424 - 10,616,424 Silver Moon - Series A (4) NM 7,958,913 1,826,837 - 9,785,750 Ohio Properties - Series A (1) OH 14,263,000 5,014,838 - 19,277,838 Bridle Ridge (1) SC 7,565,000 2,236,819 - 9,801,819 Columbia Gardens (2) SC 15,219,410 1,139,508 - 16,358,918 Cross Creek (1) SC 6,112,742 4,064,771 - 10,177,513 The Palms at Premier Park Apartments (3) SC 19,915,355 5,290,046 - 25,205,401 Willow Run (2) SC 15,219,338 1,122,876 - 16,342,214 Arbors at Hickory Ridge (3) TN 11,518,875 3,126,099 - 14,644,974 Pro Nova 2014-1 (2) TN 10,043,442 1,781,758 - 11,825,200 Avistar at Chase Hill - Series A (3) TX 9,890,950 2,283,756 - 12,174,706 Avistar at the Crest - Series A (3) TX 9,594,222 2,447,726 - 12,041,948 Avistar at the Oaks - Series A (3) TX 7,744,004 1,929,740 - 9,673,744 Avistar at the Parkway - Series A (4) TX 13,300,000 2,064,647 - 15,364,647 Avistar in 09 - Series A (3) TX 6,686,648 1,666,255 - 8,352,903 Avistar on the Boulevard - Series A (3) TX 16,344,793 4,169,968 - 20,514,761 Avistar on the Hills - Series A (3) TX 5,350,313 1,377,357 - 6,727,670 Bella Vista (1) TX 6,365,000 1,837,512 - 8,202,512 Bruton Apartments (2) TX 18,145,000 3,625,651 - 21,770,651 Concord at Gulfgate - Series A (2) TX 17,060,000 3,166,706 - 20,226,706 Concord at Little York - Series A (2) TX 12,480,000 2,316,547 - 14,796,547 Concord at Williamcrest - Series A (2) TX 18,020,000 3,668,443 - 21,688,443 Decatur Angle (2) TX 23,000,000 3,680,548 - 26,680,548 Heritage Square - Series A (4) TX 11,185,000 2,762,703 - 13,947,703 Runnymede (1) TX 10,300,000 2,364,880 - 12,664,880 Southpark (1) TX 11,838,368 6,538,686 - 18,377,054 Vantage at Harlingen - Series B (4) TX 24,575,000 5,261,111 - 29,836,111 Vantage at Judson -Series B (4) TX 26,457,837 6,468,281 - 32,926,118 Mortgage revenue bonds held in trust $ 474,513,249 $ 112,778,666 $ - $ 587,291,915 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 16 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 16 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 16 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 16 June 30, 2016 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Seasons at Simi Valley CA $ 6,320,000 $ 880,895 $ - $ 7,200,895 Sycamore Walk CA 5,447,000 411,805 - 5,858,805 Greens Property - Series B NC 941,887 245,283 - 1,187,170 Ohio Properties - Series B OH 3,556,140 965,230 - 4,521,370 Companion at Thornhill Apartments SC 11,500,000 3,005,857 - 14,505,857 Avistar at Chase Hill - Series B TX 959,853 208,115 - 1,167,968 Avistar at the Crest - Series B TX 754,952 173,648 - 928,600 Avistar at the Oaks - Series B TX 552,067 127,771 - 679,838 Avistar at the Parkway - Series B TX 125,000 8,892 - 133,892 Avistar in 09 - Series B TX 455,406 105,399 - 560,805 Avistar on the Boulevard - Series B TX 448,594 103,183 - 551,777 Concord at Gulfgate - Series B TX 2,125,000 276,129 - 2,401,129 Concord at Little York - Series B TX 960,000 124,741 - 1,084,741 Concord at Williamcrest - Series B TX 2,800,000 363,838 - 3,163,838 Crossing at 1415 TX 7,925,000 1,227,108 - 9,152,108 Heights at 515 TX 6,945,000 1,061,664 - 8,006,664 Mortgage revenue bonds held by the Partnership $ 51,815,899 $ 9,289,558 $ - $ 61,105,457 December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust State Cost Unrealized Unrealized Estimated Glenview Apartments - Series A (4) CA $ 4,670,000 $ 210,572 $ - $ 4,880,572 Harden Ranch - Series A (3) CA 6,960,000 668,981 - 7,628,981 Montclair Apartments - Series A (4) CA 2,530,000 114,079 - 2,644,079 Santa Fe Apartments - Series A (4) CA 3,065,000 154,067 - 3,219,067 Tyler Park Townhomes - Series A (3) CA 6,075,000 487,209 - 6,562,209 Westside Village Market - Series A (3) CA 3,970,000 202,340 - 4,172,340 Lake Forest (1) FL 8,766,000 1,177,745 - 9,943,745 Ashley Square (1) IA 5,099,000 508,163 - 5,607,163 Brookstone (1) IL 7,468,668 1,436,203 - 8,904,871 Copper Gate Apartments (3) IN 5,185,000 616,341 - 5,801,341 Renaissance - Series A (4) LA 11,450,959 1,233,077 - 12,684,036 Live 929 Apartments (2) MD 40,801,557 5,829,855 - 46,631,412 Woodlynn Village (1) MN 4,351,000 466,471 - 4,817,471 Greens Property - Series A (3) NC 8,294,000 1,138,270 - 9,432,270 Silver Moon - Series A (4) NM 7,983,811 1,246,349 - 9,230,160 Ohio Properties - Series A (1) OH 14,311,000 2,690,867 - 17,001,867 Bridle Ridge (1) SC 7,595,000 817,222 - 8,412,222 Columbia Gardens (2) SC 15,224,597 - - 15,224,597 Cross Creek (1) SC 6,101,605 2,932,689 - 9,034,294 The Palms at Premier Park Apartments (3) SC 20,001,272 2,505,091 - 22,506,363 Willow Run (2) SC 15,224,591 - - 15,224,591 Arbors at Hickory Ridge (3) TN 11,565,657 1,767,508 - 13,333,165 Pro Nova 2014-1 and 2014-2 (2) TN 19,379,489 1,182,900 - 20,562,389 Avistar at Chase Hill - Series A (3) TX 9,935,552 1,133,024 - 11,068,576 Avistar at the Crest - Series A (3) TX 9,637,485 1,301,224 - 10,938,709 Avistar at the Oaks - Series A (3) TX 7,777,936 840,159 - 8,618,095 Avistar at the Parkway - Series A (4) TX 13,300,000 330,251 - 13,630,251 Avistar in 09 - Series A (3) TX 6,715,948 725,445 - 7,441,393 Avistar on the Boulevard - Series A (3) TX 16,418,497 1,872,323 - 18,290,820 Avistar on the Hills - Series A (3) TX 5,373,756 693,096 - 6,066,852 Bella Vista (1) TX 6,430,000 766,135 - 7,196,135 Bruton Apartments (2) TX 18,145,000 1,901,839 - 20,046,839 Concord at Gulfgate - Series A (2) TX 17,060,000 852,612 - 17,912,612 Concord at Little York - Series A (2) TX 12,480,000 688,441 - 13,168,441 Concord at Williamcrest - Series A (2) TX 18,020,000 1,182,543 - 19,202,543 Decatur Angle (2) TX 23,000,000 1,582,083 - 24,582,083 Heritage Square - Series A (4) TX 11,185,000 273,488 - 11,458,488 Runnymede (1) TX 10,350,000 1,600,938 - 11,950,938 Southpark (1) TX 11,799,874 3,990,882 - 15,790,756 Vantage at Harlingen - Series B (4) TX 24,575,000 1,765,139 - 26,340,139 Vantage at Judson -Series B (4) TX 26,540,000 2,613,606 - 29,153,606 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 16 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 16 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 16 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 16 December 31, 2015 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Glenview Apartments - Series B CA $ 2,053,000 $ - $ (7,329 ) $ 2,045,671 Montclair Apartments - Series B CA 928,000 - (2,506 ) 925,494 Santa Fe Apartments - Series B CA 1,671,000 - (5,965 ) 1,665,035 Seasons at Simi Valley CA 6,320,000 404,110 - 6,724,110 Sycamore Walk CA 5,447,000 - - 5,447,000 Greens Property - Series B NC 943,214 142,442 - 1,085,656 Ohio Properties - Series B OH 3,562,190 514,997 - 4,077,187 Avistar at Chase Hill - Series B TX 961,981 109,878 - 1,071,859 Avistar at the Crest - Series B TX 756,626 86,428 - 843,054 Avistar at the Oaks - Series B TX 553,244 63,533 - 616,777 Avistar at the Parkway - Series B TX 125,000 - (979 ) 124,021 Avistar in 09 - Series B TX 456,376 52,409 - 508,785 Avistar on the Boulevard - Series B TX 449,589 51,356 - 500,945 Concord at Gulfgate - Series B TX 2,125,000 76,802 - 2,201,802 Concord at Little York - Series B TX 960,000 - (6,711 ) 953,289 Concord at Williamcrest - Series B TX 2,800,000 - (19,573 ) 2,780,427 Crossing at 1415 TX 7,925,000 214,091 - 8,139,091 Heights at 515 TX 6,945,000 185,268 - 7,130,268 Heritage Square - Series B TX 520,000 6,185 - 526,185 Mortgage revenue bonds held by the Partnership $ 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 six months ended June 30, 2016: Property Name Month Acquired Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition 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 six months ended June 30, 2015: Property Name Month Acquired Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Avistar at the Parkway Apartments - Series A April San Antonio, TX 236 5/1/2052 6.00 % $ 13,300,000 Avistar at the Parkway Apartments - Series B April San Antonio, TX 236 6/1/2052 12.00 % $ 125,000 Renaissance June Baton Rouge, LA 208 6/1/2050 6.00 % $ 11,500,000 Vantage at Harlingen June San Antonio, TX 288 9/1/2053 6.00 % $ 24,575,000 Vantage at Judson June San Antonio, TX 288 1/1/2053 6.00 % $ 26,540,000 Silver Moon - Series A June Albuquerque, 151 8/1/2055 6.00 % $ 8,000,000 Silver Moon - Series B June Albuquerque, NM 151 8/1/2055 12.00 % $ 500,000 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"36

Public Housing Capital ("PHC") Fund Trust Certificates (Tables)	6 Months Ended
	Jun. 30, 2016
Public Housing Capital Fund Trusts [Abstract]
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments Public Housing Authority Table Text Block	The Partnership had the following investments in the PHC Certificates on June 30, 2016 and December 31, 2015: June 30, 2016 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value PHC Certificate Trust I 8.81 AA- 5.37% $ 26,146,984 $ 2,607,338 $ - $ 28,754,322 PHC Certificate Trust II 8.17 A+ 4.30% 11,104,883 829,952 - 11,934,835 PHC Certificate Trust III 9.31 BBB 5.42% 20,532,976 957,926 - 21,490,902 $ 57,784,843 $ 4,395,216 $ - $ 62,180,059 December 31, 2015 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value PHC Certificate Trust I 9.25 AA- 5.33% $ 27,274,451 $ 1,482,376 $ - $ 28,756,827 PHC Certificate Trust II 8.67 A+ 4.29% 11,081,987 365,443 - 11,447,430 PHC Certificate Trust III 9.81 BBB 5.42% 20,513,351 - (10,318 ) 20,503,033 $ 58,869,789 $ 1,847,819 $ (10,318 ) $ 60,707,290

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015: June 30, 2016 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Glenview Apartments - Series A (4) CA $ 4,670,000 $ 498,774 $ - $ 5,168,774 Harden Ranch - Series A (3) CA 6,944,405 1,227,246 - 8,171,651 Montclair Apartments - Series A (4) CA 2,530,000 340,097 - 2,870,097 Santa Fe Apartments - Series A (4) CA 3,065,000 464,138 - 3,529,138 Tyler Park Townhomes - Series A (3) CA 6,052,204 561,638 - 6,613,842 Westside Village Market - Series A (3) CA 3,955,103 386,514 - 4,341,617 Lake Forest (1) FL 8,705,000 2,042,441 - 10,747,441 Ashley Square (1) IA 5,069,000 862,753 - 5,931,753 Brookstone (1) IL 7,466,415 2,847,137 - 10,313,552 Copper Gate Apartments (3) IN 5,185,000 1,294,228 - 6,479,228 Renaissance - Series A (4) LA 11,400,429 2,830,779 - 14,231,208 Live 929 Apartments (2) MD 40,734,483 12,548,602 - 53,283,085 Woodlynn Village (1) MN 4,331,000 1,275,826 - 5,606,826 Greens Property - Series A (3) NC 8,252,000 2,364,424 - 10,616,424 Silver Moon - Series A (4) NM 7,958,913 1,826,837 - 9,785,750 Ohio Properties - Series A (1) OH 14,263,000 5,014,838 - 19,277,838 Bridle Ridge (1) SC 7,565,000 2,236,819 - 9,801,819 Columbia Gardens (2) SC 15,219,410 1,139,508 - 16,358,918 Cross Creek (1) SC 6,112,742 4,064,771 - 10,177,513 The Palms at Premier Park Apartments (3) SC 19,915,355 5,290,046 - 25,205,401 Willow Run (2) SC 15,219,338 1,122,876 - 16,342,214 Arbors at Hickory Ridge (3) TN 11,518,875 3,126,099 - 14,644,974 Pro Nova 2014-1 (2) TN 10,043,442 1,781,758 - 11,825,200 Avistar at Chase Hill - Series A (3) TX 9,890,950 2,283,756 - 12,174,706 Avistar at the Crest - Series A (3) TX 9,594,222 2,447,726 - 12,041,948 Avistar at the Oaks - Series A (3) TX 7,744,004 1,929,740 - 9,673,744 Avistar at the Parkway - Series A (4) TX 13,300,000 2,064,647 - 15,364,647 Avistar in 09 - Series A (3) TX 6,686,648 1,666,255 - 8,352,903 Avistar on the Boulevard - Series A (3) TX 16,344,793 4,169,968 - 20,514,761 Avistar on the Hills - Series A (3) TX 5,350,313 1,377,357 - 6,727,670 Bella Vista (1) TX 6,365,000 1,837,512 - 8,202,512 Bruton Apartments (2) TX 18,145,000 3,625,651 - 21,770,651 Concord at Gulfgate - Series A (2) TX 17,060,000 3,166,706 - 20,226,706 Concord at Little York - Series A (2) TX 12,480,000 2,316,547 - 14,796,547 Concord at Williamcrest - Series A (2) TX 18,020,000 3,668,443 - 21,688,443 Decatur Angle (2) TX 23,000,000 3,680,548 - 26,680,548 Heritage Square - Series A (4) TX 11,185,000 2,762,703 - 13,947,703 Runnymede (1) TX 10,300,000 2,364,880 - 12,664,880 Southpark (1) TX 11,838,368 6,538,686 - 18,377,054 Vantage at Harlingen - Series B (4) TX 24,575,000 5,261,111 - 29,836,111 Vantage at Judson -Series B (4) TX 26,457,837 6,468,281 - 32,926,118 Mortgage revenue bonds held in trust $ 474,513,249 $ 112,778,666 $ - $ 587,291,915 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 16 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 16 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 16 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 16 June 30, 2016 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Seasons at Simi Valley CA $ 6,320,000 $ 880,895 $ - $ 7,200,895 Sycamore Walk CA 5,447,000 411,805 - 5,858,805 Greens Property - Series B NC 941,887 245,283 - 1,187,170 Ohio Properties - Series B OH 3,556,140 965,230 - 4,521,370 Companion at Thornhill Apartments SC 11,500,000 3,005,857 - 14,505,857 Avistar at Chase Hill - Series B TX 959,853 208,115 - 1,167,968 Avistar at the Crest - Series B TX 754,952 173,648 - 928,600 Avistar at the Oaks - Series B TX 552,067 127,771 - 679,838 Avistar at the Parkway - Series B TX 125,000 8,892 - 133,892 Avistar in 09 - Series B TX 455,406 105,399 - 560,805 Avistar on the Boulevard - Series B TX 448,594 103,183 - 551,777 Concord at Gulfgate - Series B TX 2,125,000 276,129 - 2,401,129 Concord at Little York - Series B TX 960,000 124,741 - 1,084,741 Concord at Williamcrest - Series B TX 2,800,000 363,838 - 3,163,838 Crossing at 1415 TX 7,925,000 1,227,108 - 9,152,108 Heights at 515 TX 6,945,000 1,061,664 - 8,006,664 Mortgage revenue bonds held by the Partnership $ 51,815,899 $ 9,289,558 $ - $ 61,105,457 December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust State Cost Unrealized Unrealized Estimated Glenview Apartments - Series A (4) CA $ 4,670,000 $ 210,572 $ - $ 4,880,572 Harden Ranch - Series A (3) CA 6,960,000 668,981 - 7,628,981 Montclair Apartments - Series A (4) CA 2,530,000 114,079 - 2,644,079 Santa Fe Apartments - Series A (4) CA 3,065,000 154,067 - 3,219,067 Tyler Park Townhomes - Series A (3) CA 6,075,000 487,209 - 6,562,209 Westside Village Market - Series A (3) CA 3,970,000 202,340 - 4,172,340 Lake Forest (1) FL 8,766,000 1,177,745 - 9,943,745 Ashley Square (1) IA 5,099,000 508,163 - 5,607,163 Brookstone (1) IL 7,468,668 1,436,203 - 8,904,871 Copper Gate Apartments (3) IN 5,185,000 616,341 - 5,801,341 Renaissance - Series A (4) LA 11,450,959 1,233,077 - 12,684,036 Live 929 Apartments (2) MD 40,801,557 5,829,855 - 46,631,412 Woodlynn Village (1) MN 4,351,000 466,471 - 4,817,471 Greens Property - Series A (3) NC 8,294,000 1,138,270 - 9,432,270 Silver Moon - Series A (4) NM 7,983,811 1,246,349 - 9,230,160 Ohio Properties - Series A (1) OH 14,311,000 2,690,867 - 17,001,867 Bridle Ridge (1) SC 7,595,000 817,222 - 8,412,222 Columbia Gardens (2) SC 15,224,597 - - 15,224,597 Cross Creek (1) SC 6,101,605 2,932,689 - 9,034,294 The Palms at Premier Park Apartments (3) SC 20,001,272 2,505,091 - 22,506,363 Willow Run (2) SC 15,224,591 - - 15,224,591 Arbors at Hickory Ridge (3) TN 11,565,657 1,767,508 - 13,333,165 Pro Nova 2014-1 and 2014-2 (2) TN 19,379,489 1,182,900 - 20,562,389 Avistar at Chase Hill - Series A (3) TX 9,935,552 1,133,024 - 11,068,576 Avistar at the Crest - Series A (3) TX 9,637,485 1,301,224 - 10,938,709 Avistar at the Oaks - Series A (3) TX 7,777,936 840,159 - 8,618,095 Avistar at the Parkway - Series A (4) TX 13,300,000 330,251 - 13,630,251 Avistar in 09 - Series A (3) TX 6,715,948 725,445 - 7,441,393 Avistar on the Boulevard - Series A (3) TX 16,418,497 1,872,323 - 18,290,820 Avistar on the Hills - Series A (3) TX 5,373,756 693,096 - 6,066,852 Bella Vista (1) TX 6,430,000 766,135 - 7,196,135 Bruton Apartments (2) TX 18,145,000 1,901,839 - 20,046,839 Concord at Gulfgate - Series A (2) TX 17,060,000 852,612 - 17,912,612 Concord at Little York - Series A (2) TX 12,480,000 688,441 - 13,168,441 Concord at Williamcrest - Series A (2) TX 18,020,000 1,182,543 - 19,202,543 Decatur Angle (2) TX 23,000,000 1,582,083 - 24,582,083 Heritage Square - Series A (4) TX 11,185,000 273,488 - 11,458,488 Runnymede (1) TX 10,350,000 1,600,938 - 11,950,938 Southpark (1) TX 11,799,874 3,990,882 - 15,790,756 Vantage at Harlingen - Series B (4) TX 24,575,000 1,765,139 - 26,340,139 Vantage at Judson -Series B (4) TX 26,540,000 2,613,606 - 29,153,606 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 16 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 16 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 16 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 16 December 31, 2015 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Unrealized Gain Unrealized Loss Estimated Fair Value Glenview Apartments - Series B CA $ 2,053,000 $ - $ (7,329 ) $ 2,045,671 Montclair Apartments - Series B CA 928,000 - (2,506 ) 925,494 Santa Fe Apartments - Series B CA 1,671,000 - (5,965 ) 1,665,035 Seasons at Simi Valley CA 6,320,000 404,110 - 6,724,110 Sycamore Walk CA 5,447,000 - - 5,447,000 Greens Property - Series B NC 943,214 142,442 - 1,085,656 Ohio Properties - Series B OH 3,562,190 514,997 - 4,077,187 Avistar at Chase Hill - Series B TX 961,981 109,878 - 1,071,859 Avistar at the Crest - Series B TX 756,626 86,428 - 843,054 Avistar at the Oaks - Series B TX 553,244 63,533 - 616,777 Avistar at the Parkway - Series B TX 125,000 - (979 ) 124,021 Avistar in 09 - Series B TX 456,376 52,409 - 508,785 Avistar on the Boulevard - Series B TX 449,589 51,356 - 500,945 Concord at Gulfgate - Series B TX 2,125,000 76,802 - 2,201,802 Concord at Little York - Series B TX 960,000 - (6,711 ) 953,289 Concord at Williamcrest - Series B TX 2,800,000 - (19,573 ) 2,780,427 Crossing at 1415 TX 7,925,000 214,091 - 8,139,091 Heights at 515 TX 6,945,000 185,268 - 7,130,268 Heritage Square - Series B TX 520,000 6,185 - 526,185 Mortgage revenue bonds held by the Partnership $ 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 June 30, 2016 was zero. On December 31, 2015, the carrying value of the Partnership’s MBS Securities was 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)	6 Months Ended
	Jun. 30, 2016
Real Estate Assets [Abstract]
Schedule of Real Estate Properties [Table Text Block]	The Partnership had the following investments in MF Properties on June 30, 2016 and December 31, 2015: MF Properties on June 30, 2016 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on June 30, 2016 Eagle Village Evansville, IN 511 567,880 12,614,234 $ 13,182,114 Northern View (f/k/a Meadowview) Highland Heights, KY 270 688,539 8,081,350 8,769,889 Residences of DeCordova Granbury, TX 110 1,160,455 8,089,537 9,249,992 Residences of Weatherford Weatherford, TX 76 1,942,229 5,746,070 7,688,299 Suites on Paseo San Diego, CA 394 3,162,463 38,319,064 41,481,527 The 50/50 MF Property Lincoln, NE 475 - 32,918,089 32,918,089 $ 113,289,910 Less accumulated depreciation (13,682,124 ) Total MF Properties $ 99,607,786 MF Properties on December 31, 2015 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on 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 $ 134,160,744 Less accumulated depreciation (14,532,168 ) Total MF Properties $ 119,628,576

Property Loans, Net of Loan L39

Property Loans, Net of Loan Loss Allowances (Tables)	6 Months Ended
	Jun. 30, 2016
Property Loans Net Of Loan Loss Allowances [Abstract]
Schedule of Property Loans, Net of Loan Loss Allowances [Table Text Block]	The Partnership had the following Property Loans, Net of Loan Loss Allowances on June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Property loans receivable $ 35,702,765 $ 29,874,523 Less: Loan loss allowance (7,098,814 ) (7,098,814 ) Total property loans receivable $ 28,603,951 $ 22,775,709
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The following represents the net taxable property loans outstanding at June 30, 2016 and December 31, 2015: June 30, 2016 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 47,232 $ - $ - $ 238,496 Ashley Square 5,078,342 - (3,596,342 ) - 1,482,000 Avistar (February 2013 portfolio) 274,496 70,939 - - 345,435 Avistar (June 2013 portfolio) 251,622 65,027 - - 316,649 Cross Creek 7,078,087 - (3,447,472 ) - 3,630,615 Foundation for Affordable Housing 1,418,075 25,907 - - 1,443,982 Greens Property 850,000 404,026 - - 1,254,026 Lake Forest 4,623,704 - (55,000 ) - 4,568,704 Ohio Properties 2,390,446 904,650 - - 3,295,096 Vantage at Brooks, LLC 7,199,424 394,201 - - 7,593,625 Vantage at Braunfels, LLC 6,347,305 397,329 - - 6,744,634 Total $ 35,702,765 $ 2,309,311 $ (7,098,814 ) $ - $ 30,913,262 December 31, 2015 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 39,950 $ - $ - $ 231,214 Ashley Square 5,078,342 2,864,130 (3,596,342 ) (2,864,130 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 51,386 - - 325,882 Avistar (June 2013 portfolio) 251,622 47,104 - - 298,726 Cross Creek 7,072,087 2,352,851 (3,447,472 ) (2,352,852 ) 3,624,614 Foundation for Affordable Housing 1,415,590 - - - 1,415,590 Greens Property 850,000 343,600 - - 1,193,600 Lake Forest 4,623,704 3,080,446 (55,000 ) (3,059,610 ) 4,589,540 Ohio Properties 2,390,448 1,235,017 - (441,795 ) 3,183,670 Vantage at Brooks LLC 3,454,664 78,440 - - 3,533,104 Vantage at Braunfels LLC 4,272,306 92,481 - - 4,364,787 Total $ 29,874,523 $ 10,185,405 $ (7,098,814 ) $ (8,718,387 ) $ 24,242,727

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Fixed Assets Net of Accumulated Depreciation Held for Sale	The following presents the revenues, expenses and income from discontinued operations for the three and six months ended June 30, 2015: Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 Rental revenues $ 817,533 $ 1,621,601 Expenses 579,246 1,358,886 Net income from discontinued operations $ 238,287 $ 262,715
Woodland Park [Member]
Schedule of Fixed Assets Net of Accumulated Depreciation Held for Sale	The commercial Purchase and Sale Agreement to sell Woodland Park, an MF Property, was executed in July 2016. On June 30, 2016, the buyer had completed due diligence and management has determined the transaction met the conditions required to report the real estate assets as “held for sale”. Accordingly, its real estate assets, net of accumulated depreciation are reported as such on the Partnership’s Condensed Consolidated Balance Sheet for all periods presented (Note 23). June 30, 2016 December 31, 2015 Land and improvements $ 1,265,160 $ 1,265,160 Buildings and improvements 14,274,464 14,247,045 Real estate assets before accumulated depreciation 15,539,624 15,512,205 Accumulated depreciation (1,793,926 ) (1,491,646 ) Net real estate assets $ 13,745,698 $ 14,020,559

Income Tax Provision (Tables)

Income Tax Provision (Tables)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	The following table summarizes our income tax expense for the three and six months ended June 30, 2016 and 2015: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Current income tax expense: Current income tax expense $ - $ - $ - $ - Current income tax expense on dispositions 4,100,000 - 4,100,000 - Deferred income tax expense: Deferred income tax expense: 553,000 - 553,000 - Total income tax expense $ 4,653,000 $ - $ 4,653,000 $ -

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	The Partnership had the following Other Assets on June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Deferred financing costs - net $ 422,388 $ 487,023 Fair value of derivative contracts 32,364 344,177 Taxable bonds at fair market value (Note 20) 5,294,229 4,824,060 Bond purchase commitments - fair value (Notes 5 & 20) 17,218,819 5,634,360 Other assets 939,796 1,655,013 Total other assets $ 23,907,596 $ 12,944,633

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations [Abstract]
Schedule of Fixed Assets Net of Accumulated Depreciation Held for Sale	The following presents the revenues, expenses and income from discontinued operations for the three and six months ended June 30, 2015: Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 Rental revenues $ 817,533 $ 1,621,601 Expenses 579,246 1,358,886 Net income from discontinued operations $ 238,287 $ 262,715

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)	6 Months Ended
	Jun. 30, 2016
Lines Of Credit [Abstract]
Summary of Unsecured Lines of Credit [Table Text Block]	The following represents the unsecured lines of credit (“LOC”) on June 30, 2016 and December 31, 2015: Unsecured Lines of Credit Outstanding on June 30, 2016 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 23,997,000 $ 40,000,000 May-17 Variable Monthly 3.47 % Bankers Trust operating - 7,500,000 October-16 Variable Monthly 3.72 % Total unsecured lines of credit $ 23,997,000 $ 47,500,000 Unsecured Lines of Credit Outstanding on December Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 12,497,000 $ 37,500,000 May-17 Variable Monthly 2.90 % Bankers Trust operating - 5,000,000 March-16 Variable Monthly 3.50 % Five Points Bank operating 5,000,000 5,000,000 March-16 Variable Monthly 3.40 % Total unsecured lines of credit $ 17,497,000 $ 47,500,000

Debt Financing (Tables)

Debt Financing (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Financing [Abstract]
Schedule of Total Debt Financing [Table Text Block]	The following table provides the details related to the total Debt Financing on June 30, 2016 and December 31, 2015. Outstanding Financings on June 30, 2016 Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB Trusts Securitization Fixed $ 152,141,820 $ - 2014 - 2015 Oct 2016 - Jul 2019 N/A N/A N/A 2.76 - 4.51% Variable $ 43,145,000 $ 2,613,141 2012 June 2016 Weekly 0.96 - 1.08% 1.62% 2.57% TEBS Financings Variable $ 234,776,519 $ 5,428,028 2010 - 2015 Sept 2017 - July 2020 Weekly 0.44 - 0.46% 1.39 - 1.91% 1.83 - 2.37% Total Debt Financings $ 430,063,339 (1) Facility fees are variable Outstanding Financings on December 31, 2015 Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB Trusts Securitization Fixed $ 160,582,124 $ - 2014 - 2015 Oct 2016 - Jul 2019 N/A N/A N/A 2.76 - 4.51% Variable $ 55,930,000 $ 1,930,027 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable $ 234,984,592 $ 5,371,680 2010 - 2015 Sept 2017 - July 2020 Weekly 0.02 - 0.04% 1.26 - 1.91% 1.28 - 1.95% Total Debt Financings $ 451,496,716 (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 June 30, 2016 and December 31, 2015: Pre-adoption balance sheet June 30, 2016 December 31, 2015 Assets: Other assets $ 28,439,553 $ 18,348,745 Liabilities: Debt financings $ 434,241,092 $ 456,431,288 Mortgages payable and other secured financing $ 52,421,530 $ 69,717,114 Post-adoption balance sheet June 30, 2016 December 31, 2015 Assets: Other assets $ 23,907,596 $ 12,944,633 Liabilities: Debt financings 1 $ 430,063,339 $ 451,496,716 Mortgages payable and other secured financing 2 $ 52,067,325 $ 69,247,574
Schedule of Maturities of Long-term Debt [Table Text Block]	The Partnership’s aggregate borrowings on June 30, 2016 contractually mature over the next five years and thereafter as follows: 2016 $ 68,749,259 2017 153,856,796 2018 2,333,071 2019 128,711,737 2020 80,590,229 Total $ 434,241,092

Mortgages Payable and Other S46

Mortgages Payable and Other Secured Financing (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Total Debt Financing [Table Text Block]	The following table provides the details related to the total Debt Financing on June 30, 2016 and December 31, 2015. Outstanding Financings on June 30, 2016 Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB Trusts Securitization Fixed $ 152,141,820 $ - 2014 - 2015 Oct 2016 - Jul 2019 N/A N/A N/A 2.76 - 4.51% Variable $ 43,145,000 $ 2,613,141 2012 June 2016 Weekly 0.96 - 1.08% 1.62% 2.57% TEBS Financings Variable $ 234,776,519 $ 5,428,028 2010 - 2015 Sept 2017 - July 2020 Weekly 0.44 - 0.46% 1.39 - 1.91% 1.83 - 2.37% Total Debt Financings $ 430,063,339 (1) Facility fees are variable Outstanding Financings on December 31, 2015 Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB Trusts Securitization Fixed $ 160,582,124 $ - 2014 - 2015 Oct 2016 - Jul 2019 N/A N/A N/A 2.76 - 4.51% Variable $ 55,930,000 $ 1,930,027 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable $ 234,984,592 $ 5,371,680 2010 - 2015 Sept 2017 - July 2020 Weekly 0.02 - 0.04% 1.26 - 1.91% 1.28 - 1.95% Total Debt Financings $ 451,496,716 (1) Facility fees are variable
Schedule of Maturities of Long-term Debt [Table Text Block]	The Partnership’s aggregate borrowings on June 30, 2016 contractually mature over the next five years and thereafter as follows: 2016 $ 68,749,259 2017 153,856,796 2018 2,333,071 2019 128,711,737 2020 80,590,229 Total $ 434,241,092
Mortgages payable [Member]
Schedule of Total Debt Financing [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 June 30, 2016 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Eagle Village (1) 7,941,341 2010 September 2018 Variable Monthly 0.50 % 3.00 % 3.50 % Residences of DeCordova 1,776,560 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,706,621 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--Mortgage (2) 25,422,722 2013 March 2020 Variable Monthly 3.50 % N/A 3.50 % The 50/50 MF Property--TIF Loan 3,720,081 2014 December 2019 Fixed N/A N/A N/A 4.65 % Woodland Park (1) 7,500,000 2014 August 2017 Variable Monthly 0.47 % 2.75 % 3.22 % Total Mortgage Payable\Period End Rate $ 52,067,325 3.72 % (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 MF Property--Mortgage (2) 25,363,647 2013 March 2020 Variable Monthly 3.25 % N/A 3.25 % The 50/50 MF Property--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 June 30, 2016 contractually mature over the next five years and thereafter as follows: 2017 $ 15,810,807 2018 951,618 2019 8,348,826 2020 27,310,278 Total mortgages payable and other secured financings $ 52,421,529

Interest Rate Derivative Agre47

Interest Rate Derivative Agreements (Tables)	6 Months Ended
	Jun. 30, 2016
Interest Rate Derivative Agreements [Abstract]
Schedule of Derivative Instruments [Table Text Block]	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 $ - M24 TEBS 5.0 % Bank of New York Mellon September-10 $ 31,936,667 3.00 % September-17 $ 845,600 $ - M24 TEBS 5.0 % Barclays Bank PLC September-10 $ 31,936,667 3.00 % September-17 $ 928,000 $ - M24 TEBS 5.0 % Royal Bank of Canada August-13 $ 93,305,000 1.50 % September-17 $ 793,000 $ 669 M24 TEBS 3.5 % Deutsche Bank February-14 $ 41,250,000 1.00 % March-17 $ 230,500 $ 78 PHC TOB Trusts 3.3 % SMBC Capital Markets, Inc July-14 $ 31,565,000 3.00 % August-19 $ 315,200 $ 936 M31 TEBS 4.4 % Barclays Bank PLC July-14 $ 31,565,000 3.00 % August-19 $ 343,000 $ 936 M31 TEBS 4.4 % Royal Bank of Canada July-14 $ 31,565,000 3.00 % August-19 $ 333,200 $ 936 M31 TEBS 4.4 % SMBC Capital Markets, Inc July-15 $ 28,095,000 3.00 % August-20 $ 210,000 $ 9,603 M33 TEBS 4.3 % Wells Fargo Bank July-15 $ 28,095,000 3.00 % August-20 $ 187,688 $ 9,603 M33 TEBS 4.3 % Royal Bank of Canada July-15 $ 28,095,000 3.00 % August-20 $ 174,900 $ 9,603 M33 TEBS 4.3 % SMBC Capital Markets, Inc (1) For additional details, see Note 20 to the Partnership's consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 648,397,372 $ - $ - $ 648,397,372 Bond purchase commitments 17,218,819 - - 17,218,819 PHC Certificates 62,180,059 - - 62,180,059 Taxable bonds 5,294,229 - - 5,294,229 Interest rate derivatives, net (2,615,093 ) - - (2,615,093 ) Total Assets and Liabilities at Fair Value, net $ 730,475,386 $ - $ - $ 730,475,386 For Three Months Ended June 30, 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 April 1, 2016 $ 596,376,369 $ 7,222,173 $ 60,505,340 $ 4,938,104 $ (2,083,704 ) $ 666,958,282 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (531,389 ) (531,389 ) Included in other comprehensive (loss) income 57,767,098 9,996,646 1,688,370 378,861 - 69,830,975 Settlements (5,746,096 ) - (13,651 ) (22,736 ) - (5,782,483 ) Ending Balance June 30, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2016 $ - $ - $ - $ - $ (531,389 ) $ (531,389 ) For Six Months Ended June 30, 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 (interest expense) - - - - (1,641,796 ) (1,641,796 ) Included in other comprehensive (loss) income 69,118,725 11,584,459 2,557,714 495,317 - 83,756,215 Purchases 11,500,000 - - - - 11,500,000 Sale of securities (9,747,124 ) - - - (399 ) (9,747,523 ) Settlements (6,157,366 ) - (1,084,945 ) (25,148 ) - (7,267,459 ) Ending Balance June 30, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2016 $ - $ - $ - $ - $ (1,641,796 ) $ (1,641,796 ) 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 June 30, 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 April 1, 2015 $ 507,898,698 $ 5,204,188 $ 60,272,941 $ 4,411,214 $ (642,704 ) $ 577,144,337 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - 198,743 198,743 Included in other comprehensive income (16,544,139 ) (4,320,189 ) (304,327 ) (128,709 ) - (21,297,364 ) Purchases 72,540,000 - - 500,000 - 73,040,000 Settlements (14,958,574 ) - (977,177 ) (70,818 ) - (16,006,569 ) Ending Balance June 30, 2015 $ 548,935,985 $ 883,999 $ 58,991,437 $ 4,711,687 $ (443,961 ) $ 613,079,147 Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities held on June 30, 2015 $ - $ - $ - $ - $ 198,743 $ 198,743 For Six Months Ended June 30, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue 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 (interest expense) - - - - (701,130 ) (701,130 ) Included in other comprehensive income (16,469,539 ) (4,896,414 ) (1,280,859 ) (334,060 ) - (22,980,872 ) Purchases 131,485,000 - - 500,000 - 131,985,000 Refund of interest rate derivative cost - - - - (10,500 ) (10,500 ) Settlements (15,103,613 ) - (990,827 ) (70,818 ) - (16,165,258 ) Ending Balance June 30, 2015 $ 548,935,985 $ 883,999 $ 58,991,437 $ 4,711,687 $ (443,961 ) $ 613,079,147 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2016 $ - $ - $ - $ - $ (701,130 ) $ (701,130 )
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 June 30, 2016 and December 31, 2015, respectively. June 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and unsecured LOCs $ 454,060,339 $ 455,804,190 $ 468,993,716 $ 475,415,345 Mortgages payable and other secured financing $ 52,067,325 $ 51,968,567 $ 69,247,574 $ 67,735,213

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies [Abstract]
Long-term Purchase Commitment [Table Text Block]	On June 30, 2016 and December 31, 2015 the forward mortgage revenue bond purchase commitments outstanding and their related fair values are as follows: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 2018 Maximum Committed Amounts for 2016 Rate Closing Date (1) Fair Value at June 30, 2016 Fair Value at December 31, 2015 15 West Apartments July-14 $ - $ 9,850,000 6.25 % Q3 2016 $ 2,031,956 $ 945,009 Villas at Plano Gateway Apartments December-14 20,000,000 - 6.00 % Q2 2017 3,726,000 1,469,213 Palo Alto July-15 19,540,000 - 5.80 % Q3 2017 5,217,962 1,439,600 Village at Rivers Edge May-15 11,000,000 - 6.00 % Q2 2017 2,083,950 636,560 Village at Avalon November-15 16,400,000 - 5.80 % Q2 2018 4,158,951 1,143,978 Total $ 66,940,000 $ 9,850,000 $ 17,218,819 $ 5,634,360 (1)

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Revenues Mortgage Revenue Bond Investments $ 8,790,823 $ 8,678,337 $ 17,569,877 $ 15,996,898 MF Properties 4,994,868 4,086,061 10,068,972 8,388,362 Public Housing Capital Fund Trust 722,990 784,846 1,453,892 1,517,749 MBS Securities Investments - 152,861 48,755 305,721 Other Investments 424,440 - 711,484 - Total revenues $ 14,933,121 $ 13,702,105 $ 29,852,980 $ 26,208,730 Interest expense Mortgage Revenue Bond Investments $ 3,391,149 $ 2,010,745 $ 7,175,539 $ 4,899,865 MF Properties 596,360 640,909 1,266,693 1,353,808 Public Housing Capital Fund Trust 334,545 300,580 635,265 597,040 MBS Securities Investments - 40,900 14,692 78,597 Total interest expense $ 4,322,054 $ 2,993,134 $ 9,092,189 $ 6,929,310 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 1,649,891 1,389,700 3,296,122 2,843,879 Public Housing Capital Fund Trust - - - - MBS Securities Investments - - - - Total depreciation expense $ 1,649,891 $ 1,389,700 $ 3,296,122 $ 2,843,879 Income from continuing operations Mortgage Revenue Bond Investments $ 2,220,622 $ 4,256,767 $ 4,250,903 $ 6,606,289 MF Properties 7,972,322 3,138,054 7,704,519 2,743,522 Public Housing Capital Fund Trust 388,445 476,813 818,627 905,961 MBS Securities Investments - 111,661 51,984 226,683 Other Investments 424,440 - 711,484 - Total income from continuing operations $ 11,005,829 $ 7,983,295 $ 13,537,517 $ 10,482,455 Partnership net income Mortgage Revenue Bond Investments $ 2,220,723 $ 4,256,767 $ 4,251,016 $ 6,606,289 MF Properties 7,972,322 3,137,743 7,704,519 2,744,102 Public Housing Capital Fund Trust 388,445 476,813 818,627 905,961 MBS Securities Investments - 111,661 51,984 226,683 Other Investments 424,440 - 711,484 - Discontinued Operations - 238,287 - 262,715 Partnership net income $ 11,005,930 $ 8,221,271 $ 13,537,630 $ 10,745,750 The following table details certain key financial information for the Partnership’s reportable segments on June 30, 2016 and December 31, 2015: Total assets June 30, 2016 December 31, 2015 Mortgage Revenue Bond Investments $ 941,641,883 $ 841,499,941 MF Properties 107,534,611 127,683,544 Public Housing Capital Fund Trust Certificates 62,488,641 61,021,462 MBS Securities Investments - 15,035,061 Other Investments 17,009,944 7,726,970 Assets held for sale 13,745,698 14,020,559 Consolidation/eliminations (196,731,864 ) (199,877,054 ) Total assets $ 945,688,913 $ 867,110,483

Variable Interest Entities Prop

Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 104,532,460	$ 103,483,793
Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	15,820,259	$ 19,464,977
Investment in an Unconsolidated Entity [Member]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 3,463,215

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.

Debt Financing - Summary of Pre

Debt Financing - Summary of Pre-adoption and Post-adoption Condensed Financial Statements (Parenthetical) (Details) - Post Adoption - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt financing reduction	$ 4.2	$ 4.9
Mortgages payable and other secured financing reduction	$ 0.4	$ 0.5

Basis of Presentation Percentag

Basis of Presentation Percentage of Ownership (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2016	Mar. 31, 2016	Jun. 30, 2016
Issuance of preferred units through private placement	1.4	1
Proceeds from the sale of redeemable Series A Preferred Units			$ 23,869,000
Series A Preferred Stock [Member]
Issuance of preferred units through private placement	1.4	1

Summary of Significant Accoun55

Summary of Significant Accounting Policies Narrative Tagging (Details)	6 Months Ended
	Jun. 30, 2016Property$ / shares	Jun. 30, 2015Property
Summary Of Significant Accounting Policies [Line Items]
Non-cumulative cash distribution rate per annum	3.00%
Redeemable preferred units redemption value per unit | $ / shares	$ 10
Series A Preferred Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Non-cumulative cash distribution rate per annum	3.00%
Units purchase price | $ / shares	$ 10
Variable Interest Entity Primary Beneficiary
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties | Property		2
Consolidated Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties | Property	7
Consolidated Properties [Member] | Limited Partner [Member]
Summary Of Significant Accounting Policies [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	99.00%

Partnership Income, Expense a56

Partnership Income, Expense and Cash Distributions (Details)	Jun. 30, 2016
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%

Investments in Bonds (Details)

Investments in Bonds (Details) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value, held in trust		$ 61,105,457	$ 47,366,656
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		474,513,249	484,817,254
Unrealized Gain, held in trust		112,778,666	51,499,227
Estimated Fair Value, held in trust		587,291,915	536,316,481
Mortgage Revenue Bonds Held In Trust [Member] | Arbors at Hickory Ridge [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	11,518,875	11,565,657
Unrealized Gain, held in trust	[1]	3,126,099	1,767,508
Estimated Fair Value, held in trust	[1]	14,644,974	13,333,165
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	10,043,442	19,379,489
Unrealized Gain, held in trust	[2]	1,781,758	1,182,900
Estimated Fair Value, held in trust	[2]	11,825,200	20,562,389
Mortgage Revenue Bonds Held In Trust [Member] | Lake Forest [Member] | FL [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	8,705,000	8,766,000
Unrealized Gain, held in trust	[2]	2,042,441	1,177,745
Estimated Fair Value, held in trust	[2]	10,747,441	9,943,745
Mortgage Revenue Bonds Held In Trust [Member] | Ashley Square [Member] | IA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	5,069,000	5,099,000
Unrealized Gain, held in trust	[2]	862,753	508,163
Estimated Fair Value, held in trust	[2]	5,931,753	5,607,163
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	7,466,415	7,468,668
Unrealized Gain, held in trust	[2]	2,847,137	1,436,203
Estimated Fair Value, held in trust	[2]	10,313,552	8,904,871
Mortgage Revenue Bonds Held In Trust [Member] | Copper Gate [Member] | IN [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]	1,294,228	616,341
Estimated Fair Value, held in trust	[1]	6,479,228	5,801,341
Mortgage Revenue Bonds Held In Trust [Member] | Bella Vista [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	6,365,000	6,430,000
Unrealized Gain, held in trust	[2]	1,837,512	766,135
Estimated Fair Value, held in trust	[2]	8,202,512	7,196,135
Mortgage Revenue Bonds Held In Trust [Member] | Live 929 Apartments [Member] | MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	40,734,483	40,801,557
Unrealized Gain, held in trust	[3]	12,548,602	5,829,855
Estimated Fair Value, held in trust	[3]	53,283,085	46,631,412
Mortgage Revenue Bonds Held In Trust [Member] | Woodlynn Village [Member] | MN [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	4,331,000	4,351,000
Unrealized Gain, held in trust	[2]	1,275,826	466,471
Estimated Fair Value, held in trust	[2]	5,606,826	4,817,471
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apts [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	18,145,000	18,145,000
Unrealized Gain, held in trust	[3]	3,625,651	1,901,839
Estimated Fair Value, held in trust	[3]	21,770,651	20,046,839
Mortgage Revenue Bonds Held In Trust [Member] | Bridle Ridge [Member] | SC [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]	2,236,819	817,222
Estimated Fair Value, held in trust	[2]	9,801,819	8,412,222
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	15,219,410	15,224,597
Unrealized Gain, held in trust	[3]	1,139,508
Estimated Fair Value, held in trust	[3]	16,358,918	15,224,597
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	6,112,742	6,101,605
Unrealized Gain, held in trust	[2]	4,064,771	2,932,689
Estimated Fair Value, held in trust	[2]	10,177,513	9,034,294
Mortgage Revenue Bonds Held In Trust [Member] | The Palms at Premier Park [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	19,915,355	20,001,272
Unrealized Gain, held in trust	[1]	5,290,046	2,505,091
Estimated Fair Value, held in trust	[1]	25,205,401	22,506,363
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [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]	3,680,548	1,582,083
Estimated Fair Value, held in trust	[3]	26,680,548	24,582,083
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	15,219,338	15,224,591
Unrealized Gain, held in trust	[3]	1,122,876
Estimated Fair Value, held in trust	[3]	16,342,214	15,224,591
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	10,300,000	10,350,000
Unrealized Gain, held in trust	[2]	2,364,880	1,600,938
Estimated Fair Value, held in trust	[2]	12,664,880	11,950,938
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	11,838,368	11,799,874
Unrealized Gain, held in trust	[2]	6,538,686	3,990,882
Estimated Fair Value, held in trust	[2]	18,377,054	15,790,756
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Glenview Apartments [Member] | CA [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]	498,774	210,572
Estimated Fair Value, held in trust	[4]	5,168,774	4,880,572
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Harden Ranch [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	6,944,405	6,960,000
Unrealized Gain, held in trust	[1]	1,227,246	668,981
Estimated Fair Value, held in trust	[1]	8,171,651	7,628,981
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Montclair Apts [Member] | CA [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]	340,097	114,079
Estimated Fair Value, held in trust	[4]	2,870,097	2,644,079
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at Chase Hill - [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	9,890,950	9,935,552
Unrealized Gain, held in trust	[1]	2,283,756	1,133,024
Estimated Fair Value, held in trust	[1]	12,174,706	11,068,576
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Santa Fe Apts [Member] | CA [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]	464,138	154,067
Estimated Fair Value, held in trust	[4]	3,529,138	3,219,067
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at the Crest [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	9,594,222	9,637,485
Unrealized Gain, held in trust	[1]	2,447,726	1,301,224
Estimated Fair Value, held in trust	[1]	12,041,948	10,938,709
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Tyler Park Apartments [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	6,052,204	6,075,000
Unrealized Gain, held in trust	[1]	561,638	487,209
Estimated Fair Value, held in trust	[1]	6,613,842	6,562,209
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at the Oaks [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	7,744,004	7,777,936
Unrealized Gain, held in trust	[1]	1,929,740	840,159
Estimated Fair Value, held in trust	[1]	9,673,744	8,618,095
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Westside Village Market [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	3,955,103	3,970,000
Unrealized Gain, held in trust	[1]	386,514	202,340
Estimated Fair Value, held in trust	[1]	4,341,617	4,172,340
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at the Parkway [Member] | TX [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]	2,064,647	330,251
Estimated Fair Value, held in trust	[4]	15,364,647	13,630,251
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar in 09 [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	6,686,648	6,715,948
Unrealized Gain, held in trust	[1]	1,666,255	725,445
Estimated Fair Value, held in trust	[1]	8,352,903	7,441,393
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar on the Boulevard [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	16,344,793	16,418,497
Unrealized Gain, held in trust	[1]	4,169,968	1,872,323
Estimated Fair Value, held in trust	[1]	20,514,761	18,290,820
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar on the Hills [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	5,350,313	5,373,756
Unrealized Gain, held in trust	[1]	1,377,357	693,096
Estimated Fair Value, held in trust	[1]	6,727,670	6,066,852
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Rennaisance [Member] | LA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	11,400,429	11,450,959
Unrealized Gain, held in trust	[4]	2,830,779	1,233,077
Estimated Fair Value, held in trust	[4]	14,231,208	12,684,036
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Greens of Pine Glen [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	8,252,000	8,294,000
Unrealized Gain, held in trust	[1]	2,364,424	1,138,270
Estimated Fair Value, held in trust	[1]	10,616,424	9,432,270
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Silver Moon [Member] | NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	7,958,913	7,983,811
Unrealized Gain, held in trust	[4]	1,826,837	1,246,349
Estimated Fair Value, held in trust	[4]	9,785,750	9,230,160
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Gulfgate [Member] | TX [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]	3,166,706	852,612
Estimated Fair Value, held in trust	[3]	20,226,706	17,912,612
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Ohio Properties [Member] | OH [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	14,263,000	14,311,000
Unrealized Gain, held in trust	[2]	5,014,838	2,690,867
Estimated Fair Value, held in trust	[2]	19,277,838	17,001,867
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Little York [Member] | TX [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]	2,316,547	688,441
Estimated Fair Value, held in trust	[3]	14,796,547	13,168,441
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Williamcrest [Member] | TX [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]	3,668,443	1,182,543
Estimated Fair Value, held in trust	[3]	21,688,443	19,202,543
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Heritage Square [Member] | TX [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]	2,762,703	273,488
Estimated Fair Value, held in trust	[4]	13,947,703	11,458,488
Mortgage Revenue Bonds Held In Trust [Member] | Series B [Member] | Montclair Apts [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	24,575,000
Unrealized Gain, held in trust	[4]	5,261,111
Estimated Fair Value, held in trust	[4]	29,836,111
Mortgage Revenue Bonds Held In Trust [Member] | Series B [Member] | Vantage at Judson [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]	26,457,837	26,540,000
Unrealized Gain, held in trust	[4]	6,468,281	2,613,606
Estimated Fair Value, held in trust	[4]	32,926,118	29,153,606
Mortgage Revenue Bonds Held In Trust [Member] | Series B [Member] | Vantage at Harlingen [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[4]		24,575,000
Unrealized Gain, held in trust	[4]		1,765,139
Estimated Fair Value, held in trust	[4]		26,340,139
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		51,815,899	45,502,220
Unrealized Gain, held in trust		9,289,558	1,907,499
Unrealized Loss, held in trust			(43,063)
Estimated Fair Value, held in trust		61,105,457	47,366,656
Mortgage Revenue Bonds [Member] | Companion At Thornhill Apts [Member] | SC [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		3,005,857
Estimated Fair Value, held in trust		14,505,857
Mortgage Revenue Bonds [Member] | Seasons at Simi Valley [Member] | CA [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		880,895	404,110
Estimated Fair Value, held in trust		7,200,895	6,724,110
Mortgage Revenue Bonds [Member] | Sycamore Walk [Member] | CA [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		411,805
Estimated Fair Value, held in trust		5,858,805	5,447,000
Mortgage Revenue Bonds [Member] | Crossing at 1415 [Member] | TX [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		1,227,108	214,091
Estimated Fair Value, held in trust		9,152,108	8,139,091
Mortgage Revenue Bonds [Member] | Heights at 515 [Member] | TX [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		1,061,664	185,268
Estimated Fair Value, held in trust		8,006,664	7,130,268
Mortgage Revenue Bonds [Member] | Series B [Member] | Glenview Apartments [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust			2,053,000
Unrealized Loss, held in trust			(7,329)
Estimated Fair Value, held in trust			2,045,671
Mortgage Revenue Bonds [Member] | Series B [Member] | Montclair Apts [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust			928,000
Unrealized Loss, held in trust			(2,506)
Estimated Fair Value, held in trust			925,494
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at Chase Hill - [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		959,853	961,981
Unrealized Gain, held in trust		208,115	109,878
Estimated Fair Value, held in trust		1,167,968	1,071,859
Mortgage Revenue Bonds [Member] | Series B [Member] | Santa Fe Apts [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust			1,671,000
Unrealized Loss, held in trust			(5,965)
Estimated Fair Value, held in trust			1,665,035
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at the Crest [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		754,952	756,626
Unrealized Gain, held in trust		173,648	86,428
Estimated Fair Value, held in trust		928,600	843,054
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at the Oaks [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		552,067	553,244
Unrealized Gain, held in trust		127,771	63,533
Estimated Fair Value, held in trust		679,838	616,777
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at the Parkway [Member] | TX [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		8,892
Unrealized Loss, held in trust			(979)
Estimated Fair Value, held in trust		133,892	124,021
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar in 09 [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		455,406	456,376
Unrealized Gain, held in trust		105,399	52,409
Estimated Fair Value, held in trust		560,805	508,785
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar on the Boulevard [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		448,594	449,589
Unrealized Gain, held in trust		103,183	51,356
Estimated Fair Value, held in trust		551,777	500,945
Mortgage Revenue Bonds [Member] | Series B [Member] | Greens of Pine Glen [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		941,887	943,214
Unrealized Gain, held in trust		245,283	142,442
Estimated Fair Value, held in trust		1,187,170	1,085,656
Mortgage Revenue Bonds [Member] | Series B [Member] | Concord at Gulfgate [Member] | TX [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		276,129	76,802
Estimated Fair Value, held in trust		2,401,129	2,201,802
Mortgage Revenue Bonds [Member] | Series B [Member] | Ohio Properties [Member] | OH [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		3,556,140	3,562,190
Unrealized Gain, held in trust		965,230	514,997
Estimated Fair Value, held in trust		4,521,370	4,077,187
Mortgage Revenue Bonds [Member] | Series B [Member] | Concord at Little York [Member] | TX [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		124,741
Unrealized Loss, held in trust			(6,711)
Estimated Fair Value, held in trust		1,084,741	953,289
Mortgage Revenue Bonds [Member] | Series B [Member] | Concord at Williamcrest [Member] | TX [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		363,838
Unrealized Loss, held in trust			(19,573)
Estimated Fair Value, held in trust		$ 3,163,838	2,780,427
Mortgage Revenue Bonds [Member] | Series B [Member] | Heritage Square [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust			520,000
Unrealized Gain, held in trust			6,185
Estimated Fair Value, held in trust			$ 526,185
[1]	Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 16
[2]	Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 16
[3]	Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 16
[4]	Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 16

Investments in Mortgage Reven58

Investments in Mortgage Revenue Bonds Investment in Bonds Narrative Tagging (Details) - USD ($)	1 Months Ended			6 Months Ended
	May 31, 2016	Mar. 31, 2016	Jan. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Proceeds from sale of mortgage revenue bond	$ 5,200,000		$ 15,000,000	$ 9,295,000
Debt financing				$ 430,063,339	$ 451,496,716
Weighted Average Base Rate of Mortgage Revenue Bonds				6.40%
Effective rate				3.72%	3.58%
Minimum [Member]
Effective rate				3.80%	4.60%
Maximum [Member]
Effective rate				11.20%	12.10%
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

Investments in Mortgage Reven59

Investments in Mortgage Revenue Bonds Acquisitions (Details)		1 Months Ended		6 Months Ended
		May 31, 2016USD ($)Unit	Mar. 31, 2016USD ($)	Jun. 30, 2016USD ($)Unit	Dec. 31, 2015Unit
Pro Nova 2014B [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[1]		May 1, 2025
Base Interest Rate	[1]		5.25%
Principal Outstanding | $	[1]		$ 9,295,000
Companion At Thornhill Apts [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				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 | Unit				394	394
Rennaisance [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				208
Maturity Date				Jun. 1, 2050
Base Interest Rate				6.00%
Principal Outstanding | $				$ 11,500,000
Vantage at Harlingen [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				288
Maturity Date				Sep. 1, 2053
Base Interest Rate				6.00%
Principal Outstanding | $				$ 24,575,000
Vantage at Judson [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				288
Maturity Date				Jan. 1, 2053
Base Interest Rate				6.00%
Principal Outstanding | $				$ 26,540,000
Series B [Member] | Glenview Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit		88
Maturity Date		Dec. 1, 2016
Base Interest Rate		8.00%
Principal Outstanding | $		$ 2,053,000
Series B [Member] | Montclair Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit		80
Maturity Date		Dec. 1, 2016
Base Interest Rate		8.00%
Principal Outstanding | $		$ 928,000
Series B [Member] | Santa Fe Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit		89
Maturity Date		Dec. 1, 2016
Base Interest Rate		8.00%
Principal Outstanding | $		$ 1,671,000
Series B [Member] | Heritage Square [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit		204
Maturity Date		Oct. 1, 2051
Base Interest Rate		12.00%
Principal Outstanding | $		$ 520,000
Series B [Member] | Avistar at Parkway Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				236
Maturity Date				Jun. 1, 2052
Base Interest Rate				12.00%
Principal Outstanding | $				$ 125,000
Series B [Member] | Suites on Paseo [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				394
Maturity Date				Dec. 1, 2033
Base Interest Rate				9.00%
Principal Outstanding | $				$ 5,500,000
Series B [Member] | Concord at Gulfgate [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				288
Maturity Date				Mar. 1, 2032
Base Interest Rate				12.00%
Principal Outstanding | $				$ 2,125,000
Series B [Member] | Concord at Little York [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				276
Maturity Date				Mar. 1, 2032
Base Interest Rate				12.00%
Principal Outstanding | $				$ 960,000
Series B [Member] | Silver Moon [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				151
Maturity Date				Aug. 1, 2055
Base Interest Rate				12.00%
Principal Outstanding | $				$ 500,000
Series B [Member] | Concord at Williamcrest [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				288
Maturity Date				Mar. 1, 2032
Base Interest Rate				12.00%
Principal Outstanding | $				$ 2,800,000
Series A [Member] | Avistar at Parkway Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				236
Maturity Date				May 1, 2052
Base Interest Rate				6.00%
Principal Outstanding | $				$ 13,300,000
Series A [Member] | Concord at Gulfgate [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				288
Maturity Date				Feb. 1, 2032
Base Interest Rate				6.00%
Principal Outstanding | $				$ 17,060,000
Series A [Member] | Concord at Little York [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				276
Maturity Date				Feb. 1, 2032
Base Interest Rate				6.00%
Principal Outstanding | $				$ 12,480,000
Series A [Member] | Silver Moon [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				151
Maturity Date				Aug. 1, 2055
Base Interest Rate				6.00%
Principal Outstanding | $				$ 8,000,000
Series A [Member] | Concord at Williamcrest [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				288
Maturity Date				Feb. 1, 2032
Base Interest Rate				6.00%
Principal Outstanding | $				$ 18,020,000
[1]	This is a commercial property. Accordingly, unit information is not applicable.

Public Housing Capital ("PHC"60

Public Housing Capital ("PHC") Fund Trust Certificates Narrative Tagging (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)Integer	Dec. 31, 2015
Effective rate - minimum [Member]
Schedule Of Available For Sale Securities [Line Items]
Effective rate	3.80%	4.60%
Effective rate - maximum [Member]
Schedule Of Available For Sale Securities [Line Items]
Effective rate	11.20%	12.10%
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%
Public housing capital fund trusts [Member] | Effective rate - minimum [Member]
Schedule Of Available For Sale Securities [Line Items]
Effective rate	3.30%	3.90%
Public housing capital fund trusts [Member] | Effective rate - maximum [Member]
Schedule Of Available For Sale Securities [Line Items]
Effective rate	5.00%	5.70%

Public Housing Capital ("PHC"61

Public Housing Capital ("PHC") Fund Trust Certificates Mark to Market PHC (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value, held in trust	$ 61,105,457	$ 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	57,784,843	58,869,789
Unrealized Gain, held in trust	4,395,216	1,847,819
Unrealized Loss, held in trust		(10,318)
Estimated Fair Value, held in trust	$ 62,180,059	60,707,290
Weighted Average Interest Rate over Life	5.20%
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	$ 26,146,984	27,274,451
Unrealized Gain, held in trust	2,607,338	1,482,376
Estimated Fair Value, held in trust	$ 28,754,322	$ 28,756,827
Public Housing Capital Fund Trust I [Member] | Public housing capital fund trusts [Member] | Standard & Poor's, AA- Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Weighted Average Lives (Years)	8 years 9 months 22 days	9 years 3 months
Investment Rating	AA-	AA-
Weighted Average Interest Rate over Life	5.37%	5.33%
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	$ 11,104,883	$ 11,081,987
Unrealized Gain, held in trust	829,952	365,443
Estimated Fair Value, held in trust	$ 11,934,835	$ 11,447,430
Public Housing Capital Fund Trust II [Member] | Public housing capital fund trusts [Member] | Standard & Poor's, A+ Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Weighted Average Lives (Years)	8 years 2 months 1 day	8 years 8 months 1 day
Investment Rating	A+	A+
Weighted Average Interest Rate over Life	4.30%	4.29%
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	$ 20,532,976	$ 20,513,351
Unrealized Gain, held in trust	957,926
Unrealized Loss, held in trust		(10,318)
Estimated Fair Value, held in trust	$ 21,490,902	$ 20,503,033
Public Housing Capital Fund Trust III [Member] | Public housing capital fund trusts [Member] | Standard & Poor's, BBB Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Weighted Average Lives (Years)	9 years 3 months 22 days	9 years 9 months 22 days
Investment Rating	BBB	BBB
Weighted Average Interest Rate over Life	5.42%	5.42%

Mortgage-Backed Securities Narr

Mortgage-Backed Securities Narrative Tagging (Details)	Jan. 31, 2016USD ($)Integer	May 31, 2016USD ($)	Jan. 31, 2016USD ($)Integer	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Proceeds from Sale of Available-for-sale Securities		$ 5,200,000	$ 15,000,000	$ 9,295,000
Number of Available for Sale Securities, Held in a Trust | Integer	3		3
Repayment of debt financing				13,487,639	$ 12,931,000
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
Available-for-sale Securities, Gross Realized Gain (Loss)	$ 0

Real Estate Assets Narrative Ta

Real Estate Assets Narrative Tagging (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)Property	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Gain (Loss) on Sale of Properties		$ 12,442,929	$ 3,417,462
Number of MF properties for sale | Property	2	2
Impairment expense	$ 61,506	$ 61,506
Net income or loss from properties accrued to Unitholders or General Partner		$ 0
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | Property	7	7
Available-for-sale Securities [Member]
Real Estate Properties [Line Items]
Land	$ 7,400,000	$ 7,400,000
Arboretum [Member]
Real Estate Properties [Line Items]
Proceeds from Sale of Property, Plant, and Equipment		30,200,000
Gain (Loss) on Sale of Properties		12,400,000
Current tax liability	4,100,000	$ 4,100,000
St. Petersburg [Member]
Real Estate Properties [Line Items]
Impairment expense	$ 62,000
St. Petersburg [Member] | Available-for-sale Securities [Member]
Real Estate Properties [Line Items]
Land				$ 3,100,000
General Partner
Real Estate Properties [Line Items]
Special Distribution	25.00%	25.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		1.00%
General Partner | Arboretum [Member]
Real Estate Properties [Line Items]
Special Distribution	25.00%	25.00%
Limited Partner [Member]
Real Estate Properties [Line Items]
Special Distribution	75.00%	75.00%
Limited Partner [Member] | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		99.00%
Number of Real Estate Properties | Property	1	1
Limited Partner [Member] | Arboretum [Member]
Real Estate Properties [Line Items]
Special Distribution	75.00%	75.00%
Limited Liability Company [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%
Number of Limited Liability Companies | Property	5	5

Real Estate Assets MF Propertie

Real Estate Assets MF Properties (Details)	Jun. 30, 2016USD ($)Unit	Dec. 31, 2015USD ($)Unit
Property, Plant and Equipment [Line Items]
Land and Land Improvements	$ 14,946,348	$ 16,622,345
Buildings and improvements	105,768,345	124,906,654
Carrying Value	120,714,693	141,528,999
MF Property, Plant and Equipment	113,289,910	134,160,744
Accumulated Depreciation - MF Properties	(13,682,124)	(14,532,168)
Total MF Properties	$ 99,607,786	$ 119,628,576
Arboretum [Member]
Property, Plant and Equipment [Line Items]
Number of Units | Unit		145
Land and Land Improvements		$ 1,755,147
Buildings and improvements		19,317,284
Carrying Value		$ 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	12,614,234	12,594,935
Carrying Value	$ 13,182,114	$ 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	8,081,350	8,062,973
Carrying Value	$ 8,769,889	$ 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	8,089,537	8,065,977
Carrying Value	$ 9,249,992	$ 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	5,746,070	5,738,697
Carrying Value	$ 7,688,299	$ 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	38,319,064	38,216,364
Carrying Value	$ 41,481,527	$ 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	$ 32,918,089	$ 32,910,424
Carrying Value	$ 32,918,089	$ 32,910,424

Investment in an Unconsolidat65

Investment in an Unconsolidated Entity (Details)	Jun. 30, 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	3,463,215
Vantage at Brooks and Vantage at New Braunfels [Member]
Schedule Of Equity Method Investments [Line Items]
Property loan receivable, gross	3,400,000		$ 17,000,000
Investments provide to equity	$ 9,600,000
Units | Unit	288
Partnership's investment in an unconsolidated entity	$ 3,400,000

Property Loans, Net of Loan L66

Property Loans, Net of Loan Loss Allowances (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Property Loans Net Of Loan Loss Allowances [Abstract]
Property loan receivable, gross	$ 35,702,765	$ 29,874,523
Less: Loan loss allowance	(7,098,814)	(7,098,814)
Total property loans receivable	$ 28,603,951	$ 22,775,709

Property Loans, Net of Loan L67

Property Loans, Net of Loan Loss Allowances Narrative Tagging (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Property Loans Net Of Loan Loss Allowances [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)	$ 0		$ 0
Cross Creek [Member]
Property Loans Net Of Loan Loss Allowances [Line Items]
Advances to Affiliate	$ 64,500	$ 6,000	64,500
Foundation for Affordable Housing [Member]
Property Loans Net Of Loan Loss Allowances [Line Items]
Advances to Affiliate		2,500
Net increase in notes receivable			$ 69,000
Vantage at Brooks LLC [Member]
Property Loans Net Of Loan Loss Allowances [Line Items]
Advances to Affiliate		3,700,000
Vantage at Braunfels LLC [Member]
Property Loans Net Of Loan Loss Allowances [Line Items]
Advances to Affiliate		2,100,000
Lake Forest [Member]
Property Loans Net Of Loan Loss Allowances [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)		$ 21,000
Maximum [Member] | Ohio Properties [Member]
Property Loans Net Of Loan Loss Allowances [Line Items]
Deferred interest earned				100.00%

Property Loans, Net of Loan L68

Property Loans, Net of Loan Loss Allowances Loan Receivable and Allowance (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	$ 35,702,765	$ 29,874,523
Accrued Interest	2,309,311	10,185,405
Loan Loss Allowances	(7,098,814)	(7,098,814)
Interest Allowance	0	(8,718,387)
Net Taxable Property Loans	30,913,262	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	47,232	39,950
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	238,496	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	70,939	51,386
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	345,435	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	65,027	47,104
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	316,649	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	25,907	0
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	1,443,982	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	404,026	343,600
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	1,254,026	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	904,650	1,235,017
Loan Loss Allowances	0	0
Interest Allowance	0	(441,795)
Net Taxable Property Loans	3,295,096	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	394,201	78,440
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	7,593,625	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	397,329	92,481
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	$ 6,744,634	$ 4,364,787

Schedule of Fixed Assets Net of

Schedule of Fixed Assets Net of Accumulated Depreciation Held for Sale (Details) - Discontinued Operations [Member] - Woodland Park [Member] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operations, Land and Land Improvements	$ 1,265,160	$ 1,265,160
Disposal Group, Including Discontinued Operations, Building Improvements and Equipment Gross	14,274,464	14,247,045
Disposal Group, Including Discontinued Operations, Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	15,539,624	15,512,205
Disposal Group, Including Discontinued Operations, Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(1,793,926)	(1,491,646)
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	$ 13,745,698	$ 14,020,559

Income Tax Provision Narrative

Income Tax Provision Narrative Tagging (Details)	3 Months Ended
	Jun. 30, 2016USD ($)
Income Tax Disclosure [Abstract]
Valuation allowance reversed	$ 405,000

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Current income tax expense:
Current income tax expense on dispositions	$ 4,100,000	$ 4,100,000
Deferred income tax expense:
Deferred income tax expense:	553,000	553,000
Total income tax expense	$ 4,653,000	$ 4,653,000

Other Assets Other Assets (Deta

Other Assets Other Assets (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Other Assets [Abstract]
Deferred financing costs - net	$ 422,388	$ 487,023
Fair value of derivative contracts	32,364	344,177
Taxable bonds at fair market value (Note 20)	5,294,229	4,824,060
Bond purchase commitments - fair value (Notes 5 & 20)	17,218,819	5,634,360
Other assets	939,796	1,655,013
Total other assets	$ 23,907,596	$ 12,944,633

Discontinued Operations Discont

Discontinued Operations Discontinued Operations Income Statement (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net income from discontinued operations	$ 238,287	$ 262,715
Discontinued Operations [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Rental revenues	817,533	1,621,601
Expenses	579,246	1,358,886
Net income from discontinued operations	$ 238,287	$ 262,715

Summary of Unsecured Lines of C

Summary of Unsecured Lines of Credit (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Lines of credit	$ 23,997,000	$ 17,497,000
Line of credit facility maximum borrowing capacity	47,500,000	47,500,000
Bankers Trust Operating [Member]
Lines of credit	0
3.47% Interest Bearing Line of Credit [Member] | Bankers Trust [Member]
Lines of credit	23,997,000
Line of credit facility maximum borrowing capacity	$ 40,000,000
Debt instrument, maturity date	May 31, 2017
Variable / Fixed	Variable
Reset Frequency	Monthly
Line of credit facility, interest rate during period	3.47%
3.72% Interest Bearing Line of Credit [Member] | Bankers Trust Operating [Member]
Line of credit facility maximum borrowing capacity	$ 7,500,000
Debt instrument, maturity date	Oct. 31, 2016
Variable / Fixed	Variable
Reset Frequency	Monthly
Line of credit facility, interest rate during period	3.72%
2.90% Interest Bearing Line of Credit [Member] | Bankers Trust [Member]
Lines of credit		12,497,000
Line of credit facility maximum borrowing capacity		$ 37,500,000
Debt instrument, maturity date		May 31, 2017
Variable / Fixed		Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		2.90%
3.5% Interest Bearing Line of Credit [Member] | Bankers Trust Operating [Member]
Line of credit facility maximum borrowing capacity		$ 5,000,000
Debt instrument, maturity date		Mar. 31, 2016
Variable / Fixed		Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		3.50%
3.4% Interest Bearing Line of Credit [Member] | Five Points Bank operating [Member]
Lines of credit		$ 5,000,000
Line of credit facility maximum borrowing capacity		$ 5,000,000
Debt instrument, maturity date		Mar. 31, 2016
Variable / Fixed		Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		3.40%

Unsecured Lines of Credit Narra

Unsecured Lines of Credit Narrative (Details) - USD ($)	1 Months Ended
	Jan. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Lines of credit			$ 23,997,000	$ 17,497,000
Bankers Trust [Member]
Proceeds from lines of credit	$ 11,500,000
Bankers Trust Operating [Member]
Lines of credit			$ 0
Bankers Trust Operating [Member] | Scenario, Forecast [Member]
Lines of credit		$ 0

Debt Financing Total Debt Finan

Debt Financing Total Debt Financing (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Short Term Debt [Line Items]
Debt financing		$ 430,063,339	$ 451,496,716
Effective rate		3.72%	3.58%
Minimum [Member]
Short Term Debt [Line Items]
Effective rate		3.80%	4.60%
Maximum [Member]
Short Term Debt [Line Items]
Effective rate		11.20%	12.10%
TOB Trusts Securitization [Member] | Fixed [Member]
Short Term Debt [Line Items]
Debt financing		$ 152,141,820	$ 160,582,124
Reset Frequency		N/A	N/A
TOB Trusts Securitization [Member] | Variable [Member]
Short Term Debt [Line Items]
Debt financing		$ 43,145,000	$ 55,930,000
Restricted Cash		$ 2,613,141	$ 1,930,027
Years Acquired		2,012	2,012
Stated Maturities		2016-06
Reset Frequency		Weekly	Weekly
Facility Fees	[1]	1.62%
Effective rate		2.57%
TOB Trusts Securitization [Member] | Minimum [Member] | Fixed [Member]
Short Term Debt [Line Items]
Years Acquired		2,014	2,014
Stated Maturities		2016-10	2016-10
Effective rate		2.76%	2.76%
TOB Trusts Securitization [Member] | Minimum [Member] | Variable [Member]
Short Term Debt [Line Items]
Stated Maturities			2016-04
SIFMA Based Rates		0.96%	0.16%
Facility Fees	[1]		0.94%
Effective rate			1.10%
TOB Trusts Securitization [Member] | Maximum [Member] | Fixed [Member]
Short Term Debt [Line Items]
Years Acquired		2,015	2,015
Stated Maturities		2019-07	2019-07
Effective rate		4.51%	4.51%
TOB Trusts Securitization [Member] | Maximum [Member] | Variable [Member]
Short Term Debt [Line Items]
Stated Maturities			2016-06
SIFMA Based Rates		1.08%	0.68%
Facility Fees	[1]		1.62%
Effective rate			2.30%
TEBS Financings [Member] | Variable [Member]
Short Term Debt [Line Items]
Debt financing		$ 234,776,519	$ 234,984,592
Restricted Cash		$ 5,428,028	$ 5,371,680
Reset Frequency		Weekly	Weekly
TEBS Financings [Member] | Minimum [Member] | Variable [Member]
Short Term Debt [Line Items]
Years Acquired		2,010	2,010
Stated Maturities		2017-09	2017-09
SIFMA Based Rates		0.44%	0.02%
Facility Fees	[1]	1.39%	1.26%
Effective rate		1.83%	1.28%
TEBS Financings [Member] | Maximum [Member] | Variable [Member]
Short Term Debt [Line Items]
Years Acquired		2,015	2,015
Stated Maturities		2020-07	2020-07
SIFMA Based Rates		0.46%	0.04%
Facility Fees	[1]	1.91%	1.91%
Effective rate		2.37%	1.95%
[1]	Facility fees are variable

Debt Financing - Summary of P77

Debt Financing - Summary of Pre-adoption and Post-adoption Condensed Financial Statements (Details) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Assets
Other assets		$ 23,907,596	$ 12,944,633
Liabilities
Debt financing		430,063,339	451,496,716
Mortgages payable and other secured financing		52,067,325	69,247,574
Pre Adoption [Member]
Assets
Other assets		28,439,553	18,348,745
Liabilities
Debt financing		434,241,092	456,431,288
Mortgages payable and other secured financing		52,421,530	69,717,114
Post Adoption
Assets
Other assets		23,907,596	12,944,633
Liabilities
Debt financing	[1]	430,063,339	451,496,716
Mortgages payable and other secured financing	[1]	$ 52,067,325	$ 69,247,574
[1]

Debt Financing Contractual Matu

Debt Financing Contractual Maturities (Details)	Jun. 30, 2016USD ($)
Debt Financing [Abstract]
2,016	$ 68,749,259
2,017	153,856,796
2,018	2,333,071
2,019	128,711,737
2,020	80,590,229
Total	$ 434,241,092

Mortgages Payable Mortgage Paya

Mortgages Payable Mortgage Payable and Other Secured Financing by Property (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Mortgages payable		$ 52,067,325	$ 69,247,574
Long-term Debt Year End Rate		3.72%	3.58%
Real Estate [Member] | Eagle Village [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable	[1]	$ 7,941,341	$ 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		$ 1,776,560	$ 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		$ 5,706,621	$ 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]	0.47%	0.19%
Long-term Debt Facility Fees	[1]	2.75%	2.75%
Long-term Debt Year End Rate	[1]	3.22%	2.94%
Real Estate [Member] | Arboretum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable			$ 16,683,146
Date of Debt Borrowing			2,011
Long Term Debt, Maturity date at a point in time			Mar. 1, 2017
Debt Instrument, Interest rate terms			Fixed
Long-term Debt Reset Frequency			N/A
Long-term Debt Year End Rate			3.75%
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgages payable	[2]	$ 25,422,722	$ 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		$ 3,720,081	$ 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 S80

Mortgages Payable and Other Secured Financing (Details)	Jun. 30, 2016USD ($)
Mortgages Payable [Abstract]
2,017	$ 15,810,807
2,018	951,618
2,019	8,348,826
2,020	27,310,278
Total mortgages payable and other secured financings	$ 52,421,529

Transactions with Related Par81

Transactions with Related Parties Transactions with Related Parties Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)Property	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)Property
Rate for administration fees			0.45%
Fees and commissions, other	$ 0	$ 221,000	$ 388,000	$ 756,000
One-time mortgage negotiated placement fees	125,000
Management fees revenue	298,000	314,000	609,000	638,000
Placement advisory fees	$ 0	$ 111,000	$ 194,000	$ 378,000
MF Properties Managed [Member]
Number of Real Estate Properties | Property	7	6	7	6
Unconsolidated Properties [Member]
Number of Real Estate Properties | Property		9		9
Variable Interest Entity Primary Beneficiary
Number of Variable Interest Entities | Property		2		2
Majority-Owned Subsidiary, Unconsolidated [Member]
Payment for administrative fees	$ 678,000	$ 615,000	$ 1,400,000	$ 1,200,000
Affiliated Entity [Member]
Payment for administrative fees		$ 12,500	$ 0	$ 29,000
Farnam Capital Advisors, LLC [Member]
Origination fees	$ 125,000

Interest Rate Derivative Agre82

Interest Rate Derivative Agreements Footnote Tagging (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Derivative	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Derivative [Line Items]
Number of derivative instruments | Derivative			11
Derivative, Loss on Derivative	$ 531,000	$ 198,000	$ 1,600,000	$ 701,000
Swap [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.00%		2.00%
Decatur-Angle [Member] | Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 23,000,000		$ 23,000,000
Document Effective Date			Oct. 15, 2016
Derivative, Maturity Date			Oct. 15, 2021
Derivative, Gain on Derivative			$ 1,500,000		$ 737,000
Bruton Apts [Member] | Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 18,100,000		$ 18,100,000
Document Effective Date			Apr. 15, 2017
Derivative, Maturity Date			Apr. 15, 2022
Derivative, Loss on Derivative			$ 1,200,000		$ 580,000

Interest Rate Derivative Agre83

Interest Rate Derivative Agreements (Details)	6 Months Ended
	Jun. 30, 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, 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, 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, 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	$ 669	[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	$ 78	[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	$ 936	[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	$ 936	[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	$ 936	[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	$ 9,603	[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	$ 9,603	[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	$ 9,603	[1]
Derivative, Variable Debt Financing Facility Hedged	M33 TEBS
Derivative, Maximum Potential Cost of Borrowing	4.30%
[1]	For additional details, see Note 20 to the Partnership's consolidated financial statements.

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements Narrative Tagging (Details)	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tolerable Range of Difference in Valuation	7.50%
Effective rate - minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	3.80%	4.60%
Effective rate - minimum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	3.30%	3.90%
Effective rate - minimum [Member] | Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	4.40%	5.40%
Effective rate - minimum [Member] | Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	3.20%	4.20%
Effective rate - maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	11.20%	12.10%
Effective rate - maximum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	5.00%	5.70%
Effective rate - maximum [Member] | Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	9.90%	10.90%
Effective rate - maximum [Member] | Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	10.40%	10.50%

Fair Value Measurements Availab

Fair Value Measurements Available for sale securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 730,475,386		$ 730,475,386		$ 730,475,386	$ 668,651,258
Assets at Fair Value			668,651,258
Total gains (losses) (realized/unrealized) [Abstract]
Assets at Fair Value	730,475,386		730,475,386
Estimated Fair Value, held in trust					61,105,457	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	666,958,282	$ 577,144,337	730,475,386	$ 613,079,147	730,475,386	653,875,949
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value					730,475,386	653,875,949
Assets at Fair Value	666,958,282	577,144,337	653,875,949	520,951,907
Total gains (losses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	(531,389)	198,743	(1,641,796)	(701,130)
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	69,830,975	(21,297,364)	83,756,215	(22,980,872)
Refund of interest rate derivative cost				(10,500)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(5,782,483)	(16,006,569)	(7,267,459)	(16,165,258)
Assets at Fair Value	730,475,386	613,079,147	730,475,386	613,079,147
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		73,040,000	11,500,000	131,985,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities			(9,747,523)
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	648,397,372		648,397,372		648,397,372	583,683,137
Assets at Fair Value			583,683,137
Total gains (losses) (realized/unrealized) [Abstract]
Assets at Fair Value	648,397,372		648,397,372
Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	596,376,369	507,898,698	648,397,372	548,935,985	648,397,372	583,683,137
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value					648,397,372	583,683,137
Assets at Fair Value	596,376,369	507,898,698	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	57,767,098	(16,544,139)	69,118,725	(16,469,539)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(5,746,096)	(14,958,574)	(6,157,366)	(15,103,613)
Assets at Fair Value	648,397,372	548,935,985	648,397,372	548,935,985
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		72,540,000	11,500,000	131,485,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities			(9,747,124)
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	17,218,819		17,218,819		17,218,819	5,634,360
Assets at Fair Value			5,634,360
Total gains (losses) (realized/unrealized) [Abstract]
Assets at Fair Value	17,218,819		17,218,819
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	7,222,173	5,204,188	17,218,819	883,999	17,218,819	5,634,360
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value					17,218,819	5,634,360
Assets at Fair Value	7,222,173	5,204,188	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	9,996,646	(4,320,189)	11,584,459	(4,896,414)
Assets at Fair Value	17,218,819	883,999	17,218,819	883,999
PHC Certificates [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	62,180,059		62,180,059		62,180,059	60,707,290
Assets at Fair Value			60,707,290
Total gains (losses) (realized/unrealized) [Abstract]
Assets at Fair Value	62,180,059		62,180,059
PHC Certificates [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	60,505,340	60,272,941	62,180,059	58,991,437	62,180,059	60,707,290
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value					62,180,059	60,707,290
Assets at Fair Value	60,505,340	60,272,941	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	1,688,370	(304,327)	2,557,714	(1,280,859)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(13,651)	(977,177)	(1,084,945)	(990,827)
Assets at Fair Value	62,180,059	58,991,437	62,180,059	58,991,437
Taxable Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	5,294,229		5,294,229		5,294,229	4,824,060
Assets at Fair Value			4,824,060
Total gains (losses) (realized/unrealized) [Abstract]
Assets at Fair Value	5,294,229		5,294,229
Taxable Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	4,938,104	4,411,214	5,294,229	4,711,687	5,294,229	4,824,060
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value					5,294,229	4,824,060
Assets at Fair Value	4,938,104	4,411,214	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	378,861	(128,709)	495,317	(334,060)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(22,736)	(70,818)	(25,148)	(70,818)
Assets at Fair Value	5,294,229	4,711,687	5,294,229	4,711,687
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		500,000		500,000
Interest rate derivatives [Member]
Schedule of Available-for-sale Securities [Line Items]
Liabilities at fair value	(2,615,094)		(2,615,094)		(2,615,094)	(972,898)
Liabilities at fair value			(972,898)
Total gains (losses) (realized/unrealized) [Abstract]
Liabilities at fair value	(2,615,094)		(2,615,094)
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	(2,083,704)	(642,704)	(2,615,094)	(443,961)	(2,615,094)	(972,898)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liabilities Value					$ (2,615,094)	(972,898)
Assets at Fair Value				267,669
Liabilities at fair value	(2,083,704)	(642,704)	(972,898)
Total gains (losses) (realized/unrealized) [Abstract]
Gain (Loss) on Investments	(531,389)	198,743	(1,641,796)	(701,130)
Refund of interest rate derivative cost				(10,500)
Liabilities at fair value	$ (2,615,094)	$ (443,961)	(2,615,094)	$ (443,961)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities			(399)
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 ($)	Jun. 30, 2016	Dec. 31, 2015
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Mortgages payable and other secured financing	$ 52,067,325	$ 69,247,574
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Debt financing and unsecured LOCs	454,060,339	468,993,716
Mortgages payable and other secured financing	52,067,325	69,247,574
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Debt financing and unsecured LOCs	455,804,190	475,415,345
Mortgages payable and other secured financing	$ 51,968,567	$ 67,735,213

Commitments and Contingencies F

Commitments and Contingencies Fair Market Value Table (Details) - USD ($)	6 Months Ended
	Jun. 30, 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	$ 66,940,000
Maximum Committed Amounts for 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	9,850,000
Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 17,218,819	$ 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	$ 9,850,000
15 West Apartments [Member] | Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 2,031,956	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 2017 through 2018
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	$ 3,726,000	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	$ 5,217,962	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	$ 2,083,950	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	$ 16,400,000
Village at Avalon [Member] | Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 4,158,951	$ 1,143,978

Commitments and Contingencies N

Commitments and Contingencies Narrative Tagging (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)PropertyUnit	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)PropertyUnit	Jun. 30, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)Unit	Oct. 31, 2015USD ($)
Property loan receivable, gross	$ 35,702,765		$ 35,702,765			$ 29,874,523
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure			430,100,000
Vantage at Brooks and Vantage at New Braunfels [Member]
Property loan receivable, gross	3,400,000		3,400,000				$ 17,000,000
Investments provide to equity	$ 9,600,000		$ 9,600,000
Units | Unit	288		288
Outstanding commitment	$ 6,200,000		$ 6,200,000
Vantage at Brooks and Vantage at New Braunfels [Member] | Scenario, Forecast [Member]
Net increase in notes receivable					$ 3,500,000
Foundation for Affordable Housing [Member]
Property loan receivable, gross	$ 1,418,075		$ 1,418,075			1,415,590
Units | Property	96		96
Net increase in notes receivable				$ 69,000
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 2,800,000		$ 2,800,000
Greens of Pine Glen [Member]
Property loan receivable, gross	850,000		850,000			850,000
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 3,000,000		$ 3,000,000
Percentage of Loss Contingency, Range of Possible Loss, Maximum	75.00%		75.00%
Ohio Properties [Member]
Property loan receivable, gross	$ 2,390,446		$ 2,390,446			$ 2,390,448
Percentage of Loss Contingency, Range of Possible Loss, Maximum	75.00%		75.00%
Loss Contingency, Range of Possible Loss, Maximum	$ 4,800,000		$ 4,800,000
The 50/50 Student Housing--UNL [Member]
Units | Unit	475		475			475
Lease agreement minimum term			20 years
Minimum monthly rentals under lease agreement			$ 122,000
Annual increment Percentage in lease rent			2.00%
Lease agreement annual renewable increase percentage			3.00%
Lease expiration date			Jul. 31, 2034
Expenses related to the agreement	$ 30,600	$ 30,000	$ 61,200	$ 60,000

Redeemable Preferred Units (Det

Redeemable Preferred Units (Details) - $ / shares shares in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2016	Mar. 31, 2016	Jun. 30, 2016
Temporary Equity Disclosure [Abstract]
Issuance of preferred units through private placement	1.4	1
Non-cumulative cash distribution rate per annum			3.00%
Redeemable preferred units redemption value per unit			$ 10

Subsequent Events Narrative (De

Subsequent Events Narrative (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jul. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Subsequent Event [Line Items]
Assets		$ 945,688,913		$ 867,110,483
Repayment of debt financing		$ 13,487,639	$ 12,931,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Property purchase agreement, number of inspection period (in days)	30 days
Subsequent Event [Member] | Woodland Park [Member]
Subsequent Event [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	$ 15,700,000
Assets	14,000,000
Repayment of debt financing	$ 7,500,000

Segment Reporting Footnote Tagg

Segment Reporting Footnote Tagging (Details)	1 Months Ended		6 Months Ended
	May 31, 2016USD ($)	Jan. 31, 2016USD ($)IntegerSecurity	Jun. 30, 2016USD ($)PropertyUnitIntegerSegment	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment			5
Proceeds from Sale of Available-for-sale Securities | $	$ 5,200,000	$ 15,000,000	$ 9,295,000
Number of Available for Sale Securities, Held in a Trust		3
Debt financing | $			$ 430,063,339	$ 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%
Commercial Real Estate [Member]
Segment Reporting Information [Line Items]
Number of collateralized securities			1
MBS Securities Investments [Member]
Segment Reporting Information [Line Items]
Number of partnership securities sold and eliminated. | Security		3
Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities			64
Mortgage Revenue Bond Investments Segment [Member] | Residential Properties [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities			63
Units | Unit			8,784
Real Estate [Member]
Segment Reporting Information [Line Items]
Units | Unit			1,847
Number of Real Estate Properties | Property			6
Real Estate [Member] | Woodland Park [Member]
Segment Reporting Information [Line Items]
Units | Unit			236

Segment Reporting Segment Repor

Segment Reporting Segment Reporting (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Revenues [Abstract]
Total revenues	$ 14,933,121	$ 13,702,105	$ 29,852,980	$ 26,208,730
Interest Expense [Abstract]
Interest expense	4,322,054	2,993,134	9,092,189	6,929,310
Depreciation [Abstract]
Depreciation expense	1,649,891	1,389,700	3,296,122	2,843,879
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income from continuing operations	11,005,829	7,983,295	13,537,517	10,482,455
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	11,005,930	8,221,271	13,537,630	10,745,750
Assets
Total assets	945,688,913		945,688,913		$ 867,110,483
Available-for-sale Securities [Member]
Revenues [Abstract]
Total revenues	8,790,823	8,678,337	17,569,877	15,996,898
Interest Expense [Abstract]
Interest expense	3,391,149	2,010,745	7,175,539	4,899,865
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income from continuing operations	2,220,622	4,256,767	4,250,903	6,606,289
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	2,220,723	4,256,767	4,251,016	6,606,289
Assets
Total assets	941,641,883		941,641,883		841,499,941
MF Properties [Member]
Revenues [Abstract]
Total revenues	4,994,868	4,086,061	10,068,972	8,388,362
Interest Expense [Abstract]
Interest expense	596,360	640,909	1,266,693	1,353,808
Depreciation [Abstract]
Depreciation expense	1,649,891	1,389,700	3,296,122	2,843,879
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income from continuing operations	7,972,322	3,138,054	7,704,519	2,743,522
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	7,972,322	3,137,743	7,704,519	2,744,102
Assets
Total assets	107,534,611		107,534,611		127,683,544
Public Housing Capital Fund Trusts [Member]
Revenues [Abstract]
Total revenues	722,990	784,846	1,453,892	1,517,749
Interest Expense [Abstract]
Interest expense	334,545	300,580	635,265	597,040
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income from continuing operations	388,445	476,813	818,627	905,961
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	388,445	476,813	818,627	905,961
Assets
Total assets	62,488,641		62,488,641		61,021,462
MBS Securities Investments [Member]
Revenues [Abstract]
Total revenues		152,861	48,755	305,721
Interest Expense [Abstract]
Interest expense		40,900	14,692	78,597
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income from continuing operations		111,661	51,984	226,683
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)		111,661	51,984	226,683
Assets
Total assets					15,035,061
Other Investments [Member]
Revenues [Abstract]
Total revenues	424,440		711,484
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income from continuing operations	424,440		711,484
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)	424,440		711,484
Assets
Total assets	17,009,944		17,009,944		7,726,970
Discontinued Operations [Member]
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)		$ 238,287		$ 262,715
Assets
Total assets	13,745,698		13,745,698		14,020,559
Consolidation, Eliminations [Member]
Assets
Total assets	$ (196,731,864)		$ (196,731,864)		$ (199,877,054)