Extraordinary and Unusual Items

9 Months Ended

Sep. 30, 2011

Extraordinary and Unusual Items

Unusual or Infrequent Items Disclosure [Text Block]

Note G – Casualty Events

In January 2010, Wood Creek Apartments suffered damages of approximately $16,000 as a result of a severe wind storm. During the three and nine months ended September 30, 2010, the Partnership recognized a casualty gain of approximately $2,000, which is reflected as a reduction of operating expenses, as a result of the receipt of insurance proceeds of approximately $3,000, partially offset by the write off of undepreciated damaged assets of approximately $1,000.

In October 2010, Wood Creek Apartments suffered damages of approximately $24,000 as a result of wind and hail damage. During the three and nine months ended September 30, 2011, the Partnership recognized a casualty gain of approximately $20,000, as a result of the receipt of insurance proceeds of approximately $21,000, partially offset by the write off of undepreciated damaged assets of approximately $1,000. During the three and nine months ended September 30, 2011, Aimco made an overpayment to the Partnership related to this insurance claim of approximately $53,000. The Partnership will return this overpayment to Aimco. At September 30, 2011, the balance of $53,000 is included in other liabilities.