Investments in Partnerships (Tables)

12 Months Ended

Dec. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Schedule of amounts due on investments

The remaining amounts due on investments in the Local Partnerships follow.

	December 31,
	2012		2011
Purchase money notes due in:
1999	$	840,000	$	840,000
2025	500,000		500,000
Subtotal	1,340,000		1,340,000
Accrued interest payable	7,723,421		7,225,145
Total	$	9,063,421	$	8,565,145

Schedule of money notes

Property	Principal	Accrued Interest as of December 31, 2012		Maturity
Westport Village (1)	$840,000	$	3,166,365	9/1/1999

(1) In receivership.

Summarized financial information, balance sheets

COMBINED BALANCE SHEETS December 31, 2011
	Equity Method			Suspended				Total
Number of Local Partnerships	2		(a)	3			(b)	5
Rental property, at cost, net of accumulated
depreciation of $2,742,918 and $23,232,543,
respectively	$	710,424		$	3,481,864			$	4,192,288
Land	176,923			2,912,649				3,089,572
Other assets	5,334,742			2,529,541				7,864,283
Total assets	$	6,222,089		$	8,924,054			$	15,146,143
Mortgage notes payable	$	60,516		$	11,927,387			$	11,987,903
Other liabilities	90,588			3,160,711				3,251,299
Due to general partners	—			—				—
Total liabilities	151,104			15,088,098				15,239,202
Partners' capital (deficit)	6,070,985			(6,164,044		)		(93,059		)
Total liabilities and partners' capital	$	6,222,089		$	8,924,054			$	15,146,143

_______________________________

    (a)      Mary Allen West Tower; Tradewinds

    (b)      Fairway Park; Westport Village; Northridge

COMBINED BALANCE SHEETS December 31, 2012
	Equity Method			Suspended				Total
Number of Local Partnerships	1		(a)	2			(b)	3
Rental property, at cost, net of accumulated
depreciation of $2,869,944 and $8,904,400,
respectively	$	602,910		$	1,214,695			$	1,817,605
Land	176,923			1,182,873				1,359,796
Other assets	524,769			727,210				1,251,979
Total assets	$	1,304,602		$	3,124,778			$	4,429,380
Mortgage notes payable	$	—		$	3,898,568			$	3,898,568
Other liabilities	74,752			2,455,132				2,529,884
Due to general partners	—			—				—
Total liabilities	74,752			6,353,700				6,428,452
Partners' capital (deficit)	1,229,850			(3,228,922		)		(1,999,072		)
Total liabilities and partners' capital	$	1,304,602		$	3,124,778			$	4,429,380

_______________________________

    (a)      Tradewinds

    (b)      Northridge; Westport Village

Summarized financial information, statements of operations

COMBINED STATEMENTS OF OPERATIONS For the year ended December 31, 2012
	Equity Method			Suspended			Total
Number of Local Partnerships	1		(a)	3		(c)	4
Revenue:
Rental	$	787,586		$	4,280,411		$	5,067,997
Other	37,836			344,970			382,806
Total revenue	825,422			4,625,381			5,450,803
Expenses:
Operating	643,508			2,477,645			3,121,153
Interest	—			717,999			717,999
Depreciation and amortization	127,026			684,429			811,455
Total expenses	770,534			3,880,073			4,650,607
Net income	$	54,888		$	745,308		$	800,196
Cash distributions	$	—		$	774,234		$	774,234
Cash distributions recorded as reduction of
investments in partnerships	$	—		$	—		$	—
Cash distributions recorded as income	$	—		$	774,234		$	774,234
Partnership’s share of Local Partnership
net income	54,329			—			54,329
Share of income from partnerships	$	54,329		$	774,234		$	828,563

COMBINED STATEMENTS OF OPERATIONS For the year ended December 31, 2011
	Equity Method			Suspended			Total
Number of Local Partnerships	2		(a)	3		(b)	5
Revenue:
Rental	$	1,589,442		$	4,190,158		$	5,779,600
Other	2,386,044			211,299			2,597,343
Total revenue	3,975,486			4,401,457			8,376,943
Expenses:
Operating	1,053,431			2,374,368			3,427,799
Interest	—			624,740			624,740
Depreciation and amortization	124,335			665,119			789,454
Total expenses	1,177,766			3,664,227			4,841,993
Net income	$	2,797,720		$	737,230		$	3,534,950
Cash distributions	$	—		$	415,550		$	415,550
Cash distributions recorded as reduction of
investments in partnerships	$	—		$	—		$	—
Cash distributions recorded as income	$	—		$	415,550		$	415,550
Partnership’s share of Local Partnership
net income	2,769,466			—			2,769,466
Share of income from partnerships	$	2,769,466		$	415,550		$	3,185,016

Reconciliation of net income to taxable income

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

	December 31,
	2012		2011
Financial statement net income	$	800,196	$	3,534,950
Differences between financial statement
and tax depreciation, amortization,
and miscellaneous differences	320,359		7,333,041
Taxable income	$	1,120,555	$	10,867,991

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:	$	1,058,968
Share of income from partnerships	548,918
Distribution from partnerships	(415,550		)
Investments in partnerships at December 31, 2011:	1,192,336
Share of income from partnerships	828,563
Distribution from partnerships	(774,234		)
Investments in partnerships at December 31, 2012:	$	1,246,665

The following is a reconciliation of investments in partnerships held for sale or transfer at December 31, 2012 and 2011:

Investments in partnerships at January 1, 2011:	$	2,348,551
Share of income from partnerships	2,636,098
Write off investment due to sale of property included in share of income from partnerships	(216,940		)
Investments in partnerships at December 31, 2011:	4,767,709
Receipt of proceeds from sale of investment in partnership	(4,767,709		)
Investments in partnerships at December 31, 2012:	$	—