Investments In and Advances to Partnerships (Tables)

12 Months Ended

Dec. 31, 2012

Equity Method Investements and Joint Ventures [Abstract]

Summarized financial information, balance sheet

	Equity Method			Suspended				Total
Number of Local Partnerships	2		(a)	1			(b)	3
Rental property, at cost, net of accumulated
depreciation of $4,792,429, $3,873,267,
and $8,665,696, respectively	$	956,676		$	465,476			$	1,422,152
Land	406,000			71,050				477,050
Other assets	642,727			1,157,199				1,799,926
Total assets	$	2,005,403		$	1,693,725			$	3,699,128
Mortgage notes payable	$	129,244		$	3,536,432			$	3,665,676
Other liabilities	217,116			1,076,488				1,293,604
Due to general partners	294,158			36,999				331,157
Total liabilities	640,518			4,649,919				5,290,437
Partners' capital (deficit)	1,364,885			(2,956,194		)		(1,591,309		)
Total liabilities and partners'
capital (deficit)	$	2,005,403		$	1,693,725			$	3,699,128

(a)         Westood Village; Chestnut

(b)         New Sharon Woods

	Equity Method			Suspended				Total
Number of Local Partnerships	3		(a)	3			(b)	6
Rental property, at cost, net of accumulated
depreciation of $11,437,387 and $9,695,715,
respectively	$	1,454,914		$	960,379			$	2,415,293
Land	715,103			303,428				1,018,531
Other assets	4,531,684			1,941,575				6,473,259
Total assets	$	6,701,701		$	3,205,382			$	9,907,083
Mortgage notes payable	$	1,422,457		$	2,812,619			$	4,235,076
Other liabilities	480,041			5,327,515				5,807,556
Due to general partners	294,158			36,999				331,157
Total liabilities	2,196,656			8,177,133				10,373,789
Partners' capital (deficit)	4,505,045			(4,971,751		)		(466,706		)
Total liabilities and partners'
capital (deficit)	$	6,701,701		$	3,205,382			$	9,907,083

(a)         Capital Commons; Chestnut; Westwood Village

(b)         Hillview Terrace; New Sharon Woods; Shallowford Oaks

Summarized financial information, statement of operations

	Equity Method			Suspended				Total
Number of Local Partnerships	3		(a)	3			(b)	6
Revenue:
Rental	$	3,684,975		$	2,150,657			$	5,835,632
Other	361,263			2,918,184				3,279,447
Total revenue	4,046,238			5,068,841				9,115,079
Expenses:
Operating	2,022,557			1,838,509				3,861,066
Interest	230,273			482,462				712,735
Depreciation and amortization	378,171			265,349				643,520
Total expenses	2,631,001			2,586,320				5,217,321
Net income	$	1,415,237		$	2,482,521			$	3,897,758
Cash distributions	$	44,097		$	7,219			$	51,316
Cash distributions recorded as reduction
of investments in partnerships	$	44,097		$	—			$	44,097
Cash distributions recorded as income	$	—		$	7,219			$	7,219
Partnership’s share of Local Partnership
net income	1,320,643			—				1,320,643
Advance to Local Partnership,
including accrued interest	—			(28,390		)		(28,390		)
Share of income (loss) from partnerships	$	1,320,643		$	(21,171	)		$	1,299,472

(a)         Capital Commons; Chestnut; Westwood Village

(b)         Hillview Terrace; New Sharon Woods; Shallowford Oaks

	Equity Method			Suspended			Total
Number of Local Partnerships	3		(a)	2		(b)	5
Revenue:
Rental	$	3,575,298		$	1,350,446		$	4,925,744
Other	405,497			21,164			426,661
Total revenue	3,980,795			1,371,610			5,352,405
Expenses:
Operating	2,061,140			989,221			3,050,361
Interest	75,654			167,966			243,620
Depreciation and amortization	261,243			131,047			392,290
Total expenses	2,398,037			1,288,234			3,686,271
Net income	$	1,582,758		$	83,376		$	1,666,134
Cash distributions	$	27,437		$	—		$	27,437
Cash distributions recorded as reduction
of investments in partnerships	$	27,437		$	—		$	27,437
Partnership’s share of Local Partnership
net income	$	1,510,098		$	—		$	1,510,098
Advance to Local Partnership,
including accrued interest	—			—			—
Share of income from partnerships	$	1,510,098		$	—		$	1,510,098

(a)         Westood Village; Chestnut; Capital Commons ( through the date of sale)

(b)         New Sharon Woods; Hillview Terrace (through the date of sale)

Reconciliation of financial statement net income to taxable income

A reconciliation of the Local Partnerships' financial statement net income reflected above to taxable income follows.

	For the years ended December 31,
	2012			2011
Financial statement net income	$	1,666,134		$	3,897,758
Differences between financial statement
and tax depreciation, amortization,
and miscellaneous differences	(132,478		)	(2,790,616		)
Taxable income	$	1,533,656		$	1,107,142

Reconciliation of investments

The following is a reconciliation of investments in partnerships at December 31, 2012 and 2011:

Investments in partnerships at January 1, 2011:	$	4,021,281
Share of income from partnerships	1,299,472
Distribution from partnerships	(51,316		)
Accrued interest on advance to Local Partnership	28,390
Investments in partnerships at December 31, 2011:	5,297,827
Share of income from partnerships	1,510,098
Distribution from partnerships	(27,437		)
Write off of investment due to sale of interest	(5,183,461		)
Investments in partnerships at December 31, 2012:	$	1,597,027