Investments in Partnerships (Tables)

12 Months Ended

Dec. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Summarized financial information, balance sheets

COMBINED BALANCE SHEETS

December 31, 2011

	Equity Method			Suspended				Total
Number of Local Partnerships	2		(a)	2			(b)	4
Rental property, at cost, net of accumulated depreciation of $4,236,640 and $2,948,051, respectively	$	1,101,086		$	10,426			$	1,111,512
Land	432,415			237,909				670,324
Other assets	2,422,446			5,466,901				7,889,347
Total assets	$	3,955,947		$	5,715,236			$	9,671,183
Mortgage notes payable	$	1,243,492		$	13,084,259			$	14,327,751
Other liabilities	476,752			1,482,250				1,959,002
Due to general partners	1,183,533			1,470,716				2,654,249
Total liabilities	2,903,777			16,037,225				18,941,002
Partners' capital (deficit)	1,052,170			(10,321,989		)		(9,269,819		)
Total liabilities and partners' capital
(deficit)	$	3,955,947		$	5,715,236			$	9,671,183

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(a)          Meadow Lanes; Villa Mirage I

(b)          Monterey/Hillcrest; Villa Mirage II

BALANCE SHEET

December 31, 2012

	Equity Method
Number of Local Partnerships	1	(a)
Rental property, at cost, net of accumulated depreciation of $4,463,501	$1,144,413
Land	168,760
Other assets	2,198,576
Total assets	$3,511,749
Mortgage notes payable	$251,830
Other liabilities	41,890
Due to general partners	—
Total liabilities	293,720
Partners' capital	3,218,029
Total liabilities and partners' capital	$3,511,749

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    (a)          Meadow Lanes

Summarized financial information, statement of operations

COMBINED STATEMENTS OF OPERATIONS

For the year ended December 31, 2012

	Equity Method				Suspended				Total
Number of Local Partnerships	2			(a)	2			(b)	4
Revenue:
Rental	$	1,242,632			$	633,793			1,876,425
Other	214,957				27,295				242,252
Total revenue	1,457,589				661,088				2,118,677
Expenses:
Operating and other	869,862				445,427				1,315,289
Interest	(18,090		)		110,057				91,967
Depreciation and amortization	267,553				1,713				269,266
Total expenses	1,119,325				557,197				1,676,522
Net income	$	338,264			$	103,891			$	442,155
Cash distribution
Cash distribution recorded as reduction of investments in partnerships	$	11,211			$	—			$	11,211
Partnership’s share of Local Partnership net income	$	331,497			$	—			$	331,497
Advances to Local Partnerships	—				(10,000		)		(10,000		)
Share of income from partnerships	$	331,497			$	(10,000	)		$	321,497

(a) Meadow Lanes; Villa Mirage I (operations through dates of sales)

(b) Monterey/Hillcrest (operations through date of sale); Villa Mirage II (operations through date of sale)

COMBINED STATEMENTS OF OPERATIONS

For the year ended December 31, 2011

	Equity Method			Suspended			Total
Number of Local Partnerships	2		(a)	2		(b)	4
Revenue:
Rental	$	1,372,972		$	3,449,932		$	4,822,904
Other	206,948			219,414			426,362
Total revenue	1,579,920			3,669,346			5,249,266
Expenses:
Operating and other	1,062,690			2,123,914			3,186,604
Interest	33,968			789,475			823,443
Depreciation and amortization	239,712			483,435			723,147
Total expenses	1,336,370			3,396,824			4,733,194
Net income	$	243,550		$	272,522		$	516,072
Cash distributions	$	11,535		$	59,394		$	70,929
Cash distribution recorded as reduction of investments in partnerships	$	11,535		$	—		$	11,535
Cash distribution recorded as share of income from partnerships	$	—		$	59,394		$	59,394
Partnership’s share of Local Partnership net income	238,679			—			238,679
Share of income from partnerships	$	238,679		$	59,394		$	298,073

Reconciliation of 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	$	442,155	$	516,072
Differences between financial statement and tax depreciation, amortization, and other items	21,664,034		221,901
Taxable income	$	22,106,189	$	737,973

Reconciliation of investment

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

Investments in partnerships at January 1, 2011:	$	2,836,317
Share of income from partnerships	298,073
Distribution from partnerships	(70,929		)
Investments in partnerships at December 31, 2011:	3,063,461
Share of income from partnerships	321,497
Advance to Local Partnership	20,000
Disposition of Villa Mirage	(195,662		)
Repayment of advance to Local Partnership	(10,000		)
Impairment loss	(605,612		)
Distribution from partnerships	(11,211		)
Investments in partnerships at December 31, 2012:	$	2,582,473