Discontined Operations

6 Months Ended

Jun. 30, 2012

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

On March 1, 2012, a brokerage contract was executed to list the Churchland property for sale. As a result, this MF Property met the criteria for discontinued operations presentation and has been classified as such in the consolidated financial statements for all periods presented. The proceeds from the sale are expected to be more than the carrying value of the property's assets and the sale is expected to be completed before the end of 2012.

The following represents the components of the assets and liabilities of discontinued operations:

	June 30, 2012			December 31, 2011
Cash and cash equivalents	$	18,281		$	11,840
Restricted cash	69,442			52,615
Land	1,171,146			1,171,146
Buildings and improvements	6,400,557			6,389,200
Real estate assets before accumulated depreciation	7,571,703			7,560,346
Accumulated depreciation	(1,074,977		)	(1,022,197		)
Net real estate assets	6,496,726			6,538,149
Other assets	114,422			162,258
Total assets from discontinued operations	6,698,871			6,764,862
Accounts payable and accrued expenses	53,172			67,634
Mortgage payable	6,078,753			6,151,429
Total liabilities from discontinued operations	6,131,925			6,219,063
Net equity of discontinued operations	$	566,946		$	545,799

The December 31, 2011, balances for Other assets and Assets of discontinued operations have been corrected from the amounts reported in our March 31, 2012, Form 10-Q balance sheet to reflect the elimination of an intercompany balance between ATAX and the Churchland property in the Assets from discontinued operations line instead of Other assets.  The correction resulted in an increase in Other assets and a decrease in Assets from discontinued operations of $529,000 as of December 31, 2011.  This correction had no effect on total assets, net income, or cash flows for the year ended December 31, 2011.

The following presents the revenues, expenses and income from discontinued operations:

	For Three Months Ended June 30,				For Six Months Ended June 30,
	2012		2011		2012		2011
Rental revenues	$	279,043	$	272,526	$	558,147	$	537,546
Expenses	188,930		272,147		422,000		523,163
Income from discontinued operations	$	90,113	$	379	$	136,147	$	14,383