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MORTGAGE NOTES PAYABLE (Line of Credit) (Details) |  |  |  |  | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Dec. 03, 2021 USD ($) | Oct. 29, 2021 USD ($) | Sep. 30, 2015 | Jul. 31, 2014 USD ($) | Aug. 31, 2014 | Jun. 30, 2022 USD ($) property | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) property | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 31, 2017 USD ($) | Mar. 07, 2005 item
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  | $ 3,623,714 | $ 3,378,942 | $ 7,078,349 | $ 6,743,111 |  |  |
Hamilton Essex 81 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  | $ 79,158 | $ 61,402 | $ 141,388 | $ 122,715 |  |  |
Number of properties in which borrowing amount collateralized | item |  |  |  |  |  |  |  |  |  |  |  | 1
Mortgages payable | Hamilton Essex 81 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Term of debt |  |  | 10 years |  |  |  |  |  |  |  |  |
Mortgages payable | Hamilton on Main Apartments, LLC |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Term of debt |  |  |  |  | 10 years |  |  |  |  |  |  |
Mortgages payable | LIBOR | Hamilton Essex 81 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Variable interest rate spread |  |  | 2.18% |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Maximum borrowings |  | $ 25,000,000 |  | $ 25,000,000 |  |  |  |  |  |  |  |
Maximum borrowings during modification period |  | $ 17,000,000 |  |  |  |  |  |  |  |  |  |
Term of debt |  | 3 years |  | 3 years |  |  |  |  |  |  |  |
Payment on line of credit | $ 17,000,000 |  |  |  |  |  |  |  |  |  |  |
Additional applicable margin rate |  |  |  | 2.50% |  |  |  |  |  |  |  |
Amount of refinancing costs |  | $ 179,000 |  |  |  |  |  |  |  |  |  |
Line of credit extension period |  |  |  |  |  |  |  |  |  | 1 year |  |
Extension fees paid |  |  |  |  |  |  |  |  |  | $ 37,500 | $ 128,000 |
Number of properties in which borrowing amount collateralized | property |  |  |  |  |  | 23 |  | 23 |  |  |  |
Debt yield |  |  |  |  |  |  |  | 7.70% |  |  |  |
Line of Credit | Current covenants |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Leverage ratio |  | 65.00% |  |  |  |  |  |  |  |  |  |
Tangible net worth |  | $ 200,000,000 |  |  |  |  |  |  |  |  |  |
Debt yield |  | 9.50% |  |  |  |  |  |  |  |  |  |
Debt service coverage ratio |  | 1.60 |  |  |  |  |  |  |  |  |  |
Line of Credit | Revised covenants inplace until September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Leverage ratio |  | 70.00% |  |  |  |  |  |  |  |  |  |
Tangible net worth |  | $ 175,000,000 |  |  |  |  |  |  |  |  |  |
Debt yield |  | 8.50% |  |  |  |  |  |  |  |  |  |
Debt service coverage ratio |  | 1.35 |  |  |  |  |  |  |  |  |  |
Line of Credit | Revised Covenants in place until December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Debt yield |  | 9.00% |  |  |  |  |  |  |  |  |  |
Line of Credit | Federal Funds Rate |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Variable interest rate spread |  |  |  | 0.50% |  |  |  |  |  |  |  |
Line of Credit | LIBOR |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Variable interest rate spread |  | 3.00% |  | 1.00% |  |  |  |  |  |  |  |
Line of Credit | Minimum |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Pledged interest ownership percentage |  |  |  |  |  |  |  | 49.00% |  |  |  |
Line of Credit | Maximum |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Pledged interest ownership percentage |  |  |  |  |  |  |  | 100.00% |  |  |  |

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