XML 67 R10.htm IDEA: XBRL DOCUMENT
v2.4.1.9

NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES | 12 Months Ended
--- | ---
Dec. 31, 2014
NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES |
NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES | NOTE 3. NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES Notes and interest receivable from related parties is comprised of junior mortgage loans, which are loans secured by mortgages that are subordinate to one or more prior liens on the underlying real estate. Recourse on the loans ordinarily includes the real estate which secures the loan, other collateral and personal guarantees of the borrower. All of the Company’s notes receivable are with Unified Housing Foundation, Inc. (“UHF”). UHF is determined to be a related party to the Company due to our significant investment in the performance of the collateral secured under the notes receivable. As of January 1, 2013, the Company agreed to extend the maturity on the notes receivable from UHF for an additional term of five years for the early termination of the preferred interest rate period. The original notes gave a five-year period of preferred interest rate at 5.25%, before returning to the original note rate of 12.0%. The notes mature in December 2032 and have interest rates of 12.0%. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired. At December 2014 and 2013, notes and interest receivable from related parties, net of allowances, totaled $25.6 million and $28.9 million, respectively. As of December 31, 2014 and 2013, we recognized interest income of $3.0 million and $4.8 million, respectively, related to these notes. Below is a summary of notes and interest receivable from related parties (dollars in thousands):
|  | Maturity | Interest |  |
Borrower | Date |  | Rate |  | Amount |  | Security
Performing loans: |  |  |  |  |  |  |
| Unified Housing Foundation, Inc. (Echo Station) | 12/32 |  | 12.00% |  | $ 1,481 |  | 100% Interest in Unified Housing of Temple, LLC
| Unified Housing Foundation, Inc. (Lakeshore Villas) | 12/32 |  | 12.00% |  | 2,000 |  | Unsecured
| Unified Housing Foundation, Inc. (Lakeshore Villas) | 12/32 |  | 12.00% |  | 6,363 |  | Membership interest in Housing for Seniors of Humble, LLC
| Unified Housing Foundation, Inc. (Limestone Canyon) | 12/32 |  | 12.00% |  | 3,057 |  | 100% Interest in Unified Housing of Austin, LLC
| Unified Housing Foundation, Inc. (Limestone Ranch) | 12/32 |  | 12.00% |  | 2,250 |  | 100% Interest in Unified Housing of Vista Ridge, LLC
| Unified Housing Foundation, Inc. (Parkside Crossing) | 12/32 |  | 12.00% |  | 1,936 |  | 100% Interest in Unified Housing of Parkside Crossing, LLC
| Unified Housing Foundation, Inc. (Sendero Ridge) | 12/32 |  | 12.00% |  | 5,174 |  | 100% Interest in Unified Housing of Sendero Ridge, LLC
| Unified Housing Foundation, Inc. (Timbers of Terrell) | 12/32 |  | 12.00% |  | 1,323 |  | 100% Interest in Unified Housing of Terrell, LLC
| Unified Housing Foundation, Inc. (Tivoli) | 12/32 |  | 12.00% |  | 1,826 |  | 100% Interest in Unified Housing of Tivoli, LLC
| Accrued interest |  |  |  |  | 2,051 |  |
Total Performing |  |  |  |  | $ 27,461 |  |
| Allowance for estimated losses |  |  |  |  | (1,826) |  |
Total |  |  |  |  | $ 25,635 |  |
All are related party notes. |  |  |  |  |  |  |

X
- Details
Name: | fil_NotesAndInterestReceivableFromAffiliateAbstract
Namespace Prefix: | fil_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35738203&loc=d3e5074-111524 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35738203&loc=d3e5066-111524 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35738203&loc=d3e5162-111524 + Details
Name: | us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration