Investments in Partnerships (Tables)

9 Months Ended

Sep. 30, 2013

Equity Method Investments and Joint Ventures [Abstract]

Schedule of apartment communities owned by Local Partnerships

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

PROPERTY	CITY	STATE	UNITS
Tradewinds	Traverse City	MI	122
Westport Village	Freeport	IL	121

Summarized financial information - Statement of Operations

	COMBINED STATEMENTS OF OPERATIONS
	(Unaudited)
	For the nine months ended
	September 30,
	2013								2012
	Equity Method			Suspended		Total			Equity Method		Suspended		Total
Number of Local Partnerships	1 (a)			2 (b)		3			1 (a)		3 (c)		4
Revenue
Rental	$	601,264		$	1,218,727	$	1,819,991		$	533,516	$	3,188,620	$	3,722,136
Other	13,047			68,245		81,292			109,831		173,733		283,564
Total revenue	614,311			1,286,972		1,901,283			643,347		3,362,353		4,005,700
Expenses:
Operating	583,102			925,376		1,508,478			541,715		1,746,770		2,288,485
Interest	—			123,084		123,084			—		468,555		468,555
Depreciation and
amortization	95,270			158,201		253,471			93,251		498,839		592,090
	678,372			1,206,661		1,885,033			634,966		2,714,164		3,349,130
Net (loss) income	$	(64,061	)	$	80,311	$	16,250		$	8,381	$	648,189	$	656,570
Cash distribution	$	9,021		$	128,312	$	137,333		$	—	$	774,234	$	774,234
Cash distribution recorded as income	$	—		$	128,312	$	128,312		$	—	$	774,234	$	774,234
Partnership's share of Local
Partnership net (loss) income	(63,409		)	—		(63,409		)	8,296		—		8,296
Share of (loss) income from partnership	$	(63,409	)	$	128,312	$	64,903		$	8,296	$	774,234	$	782,530

	COMBINED STATEMENTS OF OPERATIONS
	(Unaudited)
		For the three months ended
		September 30,
		2013								2012
		Equity Method			Suspended		Total			Equity Method		Suspended		Total
Number of Local Partnerships		1 (a)			2 (b)		3			1 (a)		3 (c)		4
Revenue
Rental		$	201,175		$	315,723	$	516,898		$	177,839	$	1,075,362	$	1,253,201
Other		3,474			22,718		26,192			36,611		67,306		103,917
Total revenue		204,649			338,441		543,090			214,450		1,142,668		1,357,118
Expenses:
Operating		181,917			232,820		414,737			180,572		579,000		759,572
Interest		—			29,666		29,666			—		156,185		156,185
Depreciation and
amortization		31,757			42,713		74,470			31,083		166,280		197,363
Total expenses		213,674			305,199		518,873			211,655		901,465		1,113,120
Net (loss) income		$	(9,025	)	$	33,242	$	24,217		$	2,795	$	241,203	$	243,998
Cash distribution		$	—		$	—	$	—		$	—	$	177,180	$	177,180
Cash distribution recorded as income		$	—		$	—	$	—		$	—	$	177,180	$	177,180
Partnership's share of Local
Partnership net (loss) income		(8,933		)	—		(8,933		)	2,765		—		2,765
Share of (loss) income from partnership		$	(8,933	)	$	—	$	(8,933	)	$	2,765	$	177,180	$	179,945
(a) Tradewinds
(b) Northridge; Westport Village
(c) Fairway Park; Northridge; Westport Village

Schedule of purchase money note

The purchase money note related to the following property matured and has not been paid or extended as of September 30, 2013.

Property	Principal	Accrued Interest as of September 30, 2013	Maturity
Westport Village (1)	$840,000	$3,253,604	9/1/1999

(1) In receivership.

Reconciliation of investments in partnerships

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

Investments in partnerships at December 31, 2012	$	1,246,665
Impairment loss	(774,400		)
Share of income from partnerships	64,903
Distribution from Local Partnerships	(137,333		)
Investments in partnerships at September 30, 2013	$	399,835