Other Assets

The Company had the following Other Assets as of dates shown:



	March 31, 2012			December 31, 2011
Property loans receivable	$	19,973,803		$	19,808,803
Less: Loan loss reserves	(17,102,352		)	(16,782,918		)
Deferred financing costs - net	3,763,626			3,894,071
Fair value of derivative contracts	993,930			1,323,270
Taxable bonds at fair market value	780,634			774,946
Other assets	877,840			664,216
Total Other Assets	$	9,287,481		$	9,682,388

In addition to the tax-exempt mortgage revenue bonds held by the Company, taxable property loans have been made to the owners of the properties which secure the bonds and are reported as Other Assets, net of loan loss reserves. The Company periodically, or as changes in circumstances or operations dictate, evaluates such taxable loans for impairment. The value of the underlying property assets is ultimately the most relevant measure of value to support the taxable loan values. The Company utilizes a discounted cash flow model in estimating a property 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 fair value. If the estimated fair value of the property after deducting the amortized cost basis of any senior tax-exempt mortgage revenue bond exceeds the principal balance of the property loan then no potential loss is indicated and no allowance for property loans is needed. In estimating the property valuation, the most significant assumptions utilized in the discounted cash flow model remained the same as discussed in the Form 10-K and include revenue and expense projections and capitalization rates.

During the first quarter of 2012, the Partnership advanced additional funds to Cross Creek and Iona Lakes of approximately $100,000 and $65,000, respectively. During the first quarter of 2012, the Partnership recorded loan loss reserves equal to the accrued interest on the Ashley Square, Cross Creek, Iona Lakes and Woodland Park property loans.

The following is a summary of the taxable loans, accrued interest and allowance on the amounts due at March 31, 2012 and December 31, 2011, respectively:



	March 31, 2012
	Outstanding Balance		Accrued Interest		Loan Loss Reserves			Net Taxable Loans
Ashley Square	$	4,786,342	$	1,398,866	$	(4,995,208	)	$	1,190,000
Cross Creek	6,869,227		1,424,053		(4,628,525		)	3,664,755
Iona Lakes	7,404,118		2,363,135		(6,364,757		)	3,402,496
Woodland Park	914,116		199,746		(1,113,862		)	—
	$	19,973,803	$	5,385,800	$	(17,102,352	)	$	8,257,251

	December 31, 2011
	Outstanding Balance		Accrued Interest		Loan Loss Reserves			Net Taxable Loans
Ashley Square	$	4,786,342	$	1,331,186	$	(4,927,528	)	$	1,190,000
Cross Creek	6,769,227		1,360,270		(4,564,742		)	3,564,755
Iona Lakes	7,339,118		2,207,301		(6,208,923		)	3,337,496
Woodland Park	914,116		167,609		(1,081,725		)	—
	$	19,808,803	$	5,066,366	$	(16,782,918	)	$	8,092,251

The following is a detail of loan loss reserves for the three months and year ended March 31, 2012 and December 31, 2011:



	March 31, 2012		December 31, 2011
Balance, beginning of period	$	16,782,918	$	9,899,719
Provision for loan loss	—		4,242,571
Deconsolidation of VIEs	—		1,861,051
Accrued interest not recognized	319,434		779,577
Balance, end of period	$	17,102,352	$	16,782,918

Accrued interest not recognized represents interest accrued that the Partnership has determined they are not reasonably assured of collecting. During first quarter 2012 and the year ended 2011, the Partnership recorded an allowance for accrued interest not recognized on Ashley Square, Cross Creek, Iona Lakes, and Woodland Park taxable loans.