Investments In and Advances to Partnerships (Tables)

9 Months Ended

Sep. 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 September 30, 2013 in which the Partnership is invested is provided below:

PROPERTY	CITY	STATE	UNITS
Chestnut	Fresno	CA	90

Summarized financial information, statement of operations

	For the three months ended
	September 30,
	2013							2012
	Equity Method			Suspended		Total		Equity Method			Suspended			Total
Number of Local Partnerships	2		(a)	—		2		3		(c)	2		(d)	5
Revenue:
Rental	$	350,407		$	—	$	350,407	$	899,941		$	286,080		$	1,186,021
Other	4,928			—		4,928		98,472			6,846			105,318
Gain on sale of property	2,455,833			—		2,455,833		—			—			—
Total revenue	2,811,168			—		2,811,168		998,413			292,926			1,291,339
Expenses:
Operating	154,838			—		154,838		508,667			182,097			690,764
Interest	—			—		—		57,569			39,620			97,189
Depreciation and amortization	22,093			—		22,093		101,942			27,663			129,605
Total expenses	176,931			—		176,931		668,178			249,380			917,558
Net income	$	2,634,237		$	—	$	2,634,237	$	330,235		$	43,546		$	373,781
Cash distributions	$	1,764,047		$	—	$	1,764,047	$	—		$	—		$	—
Cash distributions recorded as reduction of investments
in partnerships	$	1,764,047		$	—	$	1,764,047	$	—		$	—		$	—
Cash distribution recorded as income	$	—		—		$	—	$	—		$	—		$	—
Partnership’s share of Local Partnership net income	1,707,757			—		1,707,757		323,609			—			323,609
Share of income from partnerships	$	1,707,757		$	—	$	1,707,757	$	323,609		$	—		$	323,609

	For the nine months ended
	September 30,
	2013									2012
	Equity Method			Suspended				Total		Equity Method			Suspended			Total
Number of Local Partnerships	2		(a)	1			(b)	3		3		(c)	2		(d)	5
Revenue:
Rental	$	1,146,679		$	165,558			$	1,312,237	$	2,753,429		$	955,874		$	3,709,303
Other	37,609			2,311				39,920		278,957			26,106			305,063
Gain on sale of property	2,455,833			—				2,455,833		—			—			—
Total revenue	3,640,121			167,869				3,807,990		3,032,386			981,980			4,014,366
Expenses:
Operating	723,526			114,333				837,859		1,527,151			676,483			2,203,634
Interest	2,971			36,878				39,849		172,705			121,387			294,092
Depreciation and amortization	69,623			17,340				86,963		305,828			92,545			398,373
Total expenses	796,120			168,551				964,671		2,005,684			890,415			2,896,099
Net income (loss)	$	2,844,001		$	(682	)		$	2,843,319	$	1,026,702		$	91,565		$	1,118,267
Cash distributions	$	1,821,810		$	14,147			$	1,835,957	$	—		$	—		$	—
Cash distributions recorded as reduction
of investments in partnerships	$	1,821,810		$	—			$	1,821,810	$	—		$	—		$	—
Cash distribution recorded as income	$	—		14,147				$	14,147	$	—		$	—		$	—
Partnership’s share of Local Partnership net income	1,913,311			—				1,913,311		1,006,103			—			1,006,103
Share of income from Partnerships	$	1,913,311		$	14,147			$	1,927,458	$	1,006,103		$	—		$	1,006,103

(a)     Chestnut,Westwood Village

(b)    New Sharon Woods

(c)    Capital Commons, Chestnut, Westwood Village

(d)    Hillview Terrace, New Sharon Woods

Reconciliation of investments

The following is a reconciliation of investments in partnerships at September 30, 2013:

Investments in and receivable from partnerships at December 31, 2012	$	1,597,027
Distributions	(1,835,957		)
Share of income from partnerships	1,927,458
Investments in and receivable from partnerships at September 30, 2013	$	1,688,528