Related Party Disclosures

6 Months Ended

Jun. 30, 2011

Related Party Disclosures

Related Party Transactions Disclosure [Text Block]

Note C – Transactions with Affiliated Parties

The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for payments to affiliates for property management services and for reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.

Affiliates of the Managing General Partner received 5% of gross receipts from the Partnership's property as compensation for providing property management services. Total property management fees of approximately $75,000 for the six months ended June 30, 2010 were charged to expense and were included in operating expense.

An affiliate of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $24,000 for the six months ended June 30, 2010, which was included in general and administrative expenses and investment property for the six months ended June 30, 2010. The portion of these reimbursements included in investment property for the six months ended June 30, 2010 were construction management services provided by an affiliate of the Managing General Partner of approximately $7,000.

The Partnership insured its property up to certain limits through coverage provided by Aimco which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability and vehicle liability.  The Partnership insured its property above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the year ended December 31, 2010, the Partnership was charged by Aimco and its affiliates approximately $52,000 for insurance coverage and fees associated with policy claims administration.