Investments In and Advances to Partnerships (Tables)

6 Months Ended

Jun. 30, 2013

Equity Method Investements and Joint Ventures [Abstract]

Schedule of apartment complexes owned

A schedule of the apartment complexes owned by the Local Partnerships at June 30, 2013 in which the Partnership is invested is provided below:

PROPERTY	CITY	STATE	UNITS
Chestnut	Fresno	CA	90
Westwood Village	New Haven	CT	48

Summarized financial information, statement of operations

	For the three months ended
	June 30,
	2013										2012
	Equity Method				Suspended			Total			Equity Method			Suspended			Total
Number of Local Partnerships	2			(a)	1		(b)	3			3		(c)	3		(d)	6
Revenue:
Rental	$	394,453			$	—		$	394,453		$	932,244		$	346,443		$	1,278,687
Other	19,723				—			19,723			90,169			13,097			103,266
Total revenue	414,176				—			414,176			1,022,413			359,540			1,381,953
Expenses:
Operating	310,070				—			310,070			512,845			251,356			764,201
Interest	(4,481		)		—			(4,481		)	57,568			40,883			98,451
Depreciation and amortization	22,696				—			22,696			101,943			32,441			134,384
Total expenses	328,285				—			328,285			672,356			324,680			997,036
Net income	$	85,891			$	—		$	85,891		$	350,057		$	34,860		$	384,917
Cash distributions	$	41,104			$	6,928		$	48,032		$	—		$	—		$	—
Cash distributions recorded as reduction of investments
in partnerships	$	41,104			$	—		$	41,104		$	—		$	—		$	—
Cash distribution recorded as income	$	—			6,928			$	6,928		$	—		$	—		$	—
Partnership’s share of Local Partnership net income	84,166				—			84,166			343,035			—			343,035
Share of income from partnerships	$	84,166			$	6,928		$	91,094		$	343,035		$	—		$	343,035

	For the six months ended
	June 30,
	2013									2012
	Equity Method			Suspended				Total		Equity Method			Suspended			Total
Number of Local Partnerships	2		(a)	1			(b)	3		3		(c)	3		(d)	6
Revenue:
Rental	$	796,272		$	165,558			$	961,830	$	1,853,488		$	669,794		$	2,523,282
Other	32,681			2,311				34,992		180,485			19,260			199,745
Total revenue	828,953			167,869				996,822		2,033,973			689,054			2,723,027
Expenses:
Operating	568,688			114,333				683,021		1,018,484			494,386			1,512,870
Interest	2,971			36,878				39,849		115,136			81,766			196,902
Depreciation and amortization	47,530			17,340				64,870		203,886			64,882			268,768
Total expenses	619,189			168,551				787,740		1,337,506			641,034			1,978,540
Net income (loss)	$	209,764		$	(682	)		$	209,082	$	696,467		$	48,020		$	744,487
Cash distributions	$	57,763		$	14,147			$	71,910	$	—		$	—		$	—
Cash distributions recorded as reduction
of investments in partnerships	$	57,763		$	—			$	57,763	$	—		$	—		$	—
Cash distribution recorded as income	$	—		14,147				$	14,147	$	—		$	—		$	—
Partnership’s share of Local Partnership net income	205,554			—				205,554		682,494			—			682,494
Share of income from Partnerships	$	205,554		$	14,147			$	219,701	$	682,494		$	—		$	682,494

(a)     Westwood Village, Chestnut

(b)    New Sharon Woods, Shallowford Oaks

(c)    Capital Commons, Chestnut, Westwood Village

(d)    Hillview Terrace, New Sharon Woods, Shallowford Oaks

Reconciliation of investments

The following is a reconciliation of investments in partnerships at June 30, 2013.

Investments in partnerships at December 31, 2012	$	1,597,027
Distributions	(71,910		)
Share of income from partnerships	219,701
Investments in partnerships at June 30, 2013	$	1,744,818