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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Mortgage Maturities) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014
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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
12/31/2017 | $ 6,207,831 |  |
12/31/2018 | 1,874,727 |  |
12/31/2019 | 80,421,007 |  |
12/31/2020 | 205,532 |  |
12/31/2021 | 213,629 |  |
Thereafter | 41,835,610 |  |
Less: unamortized deferred financing costs | (606,038) |  |
Total | 130,758,336 | $ 135,657,989 |
Debt maturities net of unamortized deferred financing costs | $ 130,152,298 |  | $ 137,317,724
Weighted average interest rate (as a percent) | 4.99% |  |
Effective interest rate (as a percent) | 5.07% |  |
Hamilton Essex 81 |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Thereafter | $ 10,000,000 |  |
Less: unamortized deferred financing costs | (120,654) |  |
Total | 10,000,000 | 9,865,557 |
Debt maturities net of unamortized deferred financing costs | 9,879,346 |  | 8,079,567
345 Franklin |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
12/31/2017 | 183,037 |  |
12/31/2018 | 190,248 |  |
12/31/2019 | 197,742 |  |
12/31/2020 | 205,532 |  |
12/31/2021 | 213,629 |  |
Thereafter | 8,935,610 |  |
Less: unamortized deferred financing costs | (76,573) |  |
Total | 9,925,798 | 9,916,769 |
Debt maturities net of unamortized deferred financing costs | 9,849,225 |  | 9,910,110
Hamilton 1025 |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Total |  | 4,728,751 |
Debt maturities net of unamortized deferred financing costs |  |  | 4,796,446
Hamilton Bay Apts |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
12/31/2017 | 4,431,370 |  |
Less: unamortized deferred financing costs | (796) |  |
Total | 4,431,370 | 4,497,183 |
Debt maturities net of unamortized deferred financing costs | 4,430,574 |  | 4,560,483
Hamilton Minuteman |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Thereafter | 6,000,000 |  |
Less: unamortized deferred financing costs | (120,366) |  |
Total | 6,000,000 | 5,208,820 |
Debt maturities net of unamortized deferred financing costs | 5,879,634 |  | 5,284,499
Hamilton on Main Apts |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Thereafter | 16,900,000 |  |
Less: unamortized deferred financing costs | (123,060) |  |
Total | 16,900,000 | 16,760,889 |
Debt maturities net of unamortized deferred financing costs | 16,776,940 |  | 16,744,838
Dexter Park |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
12/31/2017 | 1,593,424 |  |
12/31/2018 | 1,684,479 |  |
12/31/2019 | 80,223,265 |  |
Less: unamortized deferred financing costs | (164,589) |  |
Total | 83,501,168 | $ 84,680,020 |
Debt maturities net of unamortized deferred financing costs | $ 83,336,579 |  | 85,959,590
Hamilton Essex Development |  |  |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |  |  |
Debt maturities net of unamortized deferred financing costs |  |  | $ 1,982,191

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