0000711642-13-000080.txt : 20130401 0000711642-13-000080.hdr.sgml : 20130401 20130401162205 ACCESSION NUMBER: 0000711642-13-000080 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130401 DATE AS OF CHANGE: 20130401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL TAX CREDIT INVESTORS II CENTRAL INDEX KEY: 0000859921 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510] IRS NUMBER: 931017959 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20610 FILM NUMBER: 13731443 BUSINESS ADDRESS: STREET 1: 9090 WILSHIRE BLVD 2ND FLR STREET 2: STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 3102782191 MAIL ADDRESS: STREET 1: 9090 WILSHIRE BLVD SUITE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 10-K 1 ntci21212_10k.htm FORM 10-K SECURITIES AND EXCHANGE COMMISSION

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-K

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2012

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

Commission File Number 0-20610

NATIONAL TAX CREDIT INVESTORS II

(Exact name of registrant as specified in its charter)

California	93-1017959
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

80 International Drive

Greenville, South Carolina 29615

(Address of principal executive offices)

Registrant’s telephone number, including area code (864) 239-1000

Securities registered pursuant to Section 12(b) of the Act:

None

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interests

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes [ ] No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer £

Accelerated filer £

Non-accelerated filer £(Do not check if a

smaller reporting company)

Smaller reporting company S

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [ ] No [X]

State the aggregate market value of the voting and non-voting partnership units held by non-affiliates computed by reference to the price at which the partnership units were last sold, or the average bid and asked price of such partnership units as of the last business day of the registrant’s most recently completed second fiscal quarter. No market exists for the limited partnership units of the Registrant, and, therefore, no aggregate market value can be determined.

DOCUMENTS INCORPORATED BY REFERENCE

None

FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Annual Report contains or may contain information that is forward-looking within the meaning of the federal securities laws. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond the Partnership’s control, including, without limitation: financing risks, including the availability and cost of financing and the risk that the Partnership’s cash flows from operations may be insufficient to meet required payments of principal and interest; national and local economic conditions, including the pace of job growth and the level of unemployment; the terms of governmental regulations that affect the Partnership and its investment in limited partnerships and interpretations of those regulations; the competitive environment in which the Partnership operates; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for residents in such markets ; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by the limited partnerships in which the Partnership has invested. Readers should carefully review the Partnership’s financial statements and the notes thereto, as well as the other documents the Partnership files from time to time with the Securities and Exchange Commission.

PART I

Item 1. Business

National Tax Credit Investors II (“NTCI-II” or the “Partnership”) is a limited partnership formed under the California Revised Local Partnership Act as of January 12, 1990. The Partnership was formed to invest primarily in other limited partnerships (“Local Partnerships”) which own and operate multifamily housing complexes that are eligible for low income housing federal income tax credits (the “Housing Tax Credit”). The general partner of the Partnership is National Partnership Investments, LLC (the “General Partner” or “NAPICO”), a California limited liability company. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The business of the Partnership is conducted primarily by NAPICO. The Partnership shall continue in full force and effect until December 31, 2030, unless terminated earlier pursuant to the Partnership Agreement or law.

On April 23, 1990, the Partnership offered 100,000 Units of Limited Partnership Interests (“Units”) at $1,000 per Unit through a public offering managed by Paine Webber Incorporated. The term of the offering expired on April 22, 1992, at which date a total of 72,404 Units had been sold amounting to $72,404,000 in capital contributions. Offering expenses of approximately $9,413,000 were incurred in connection with the sale of such limited partner interests. Since its initial offering, the Partnership has not received, nor are limited partners required to make additional capital contributions.

The Partnership has no employees. Services are performed for the Partnership by the General Partner and agents retained by the General Partner.

In general, an owner of a low-income housing project is entitled to receive the Housing Tax Credit in each year of a ten-year period (the "Credit Period"). The projects are subject to a minimum compliance period of not less than fifteen years (the "Compliance Period"). Tax Credits are available to the limited partners to reduce their federal income taxes. The ability of a limited partner to utilize such credits may be restricted by the passive activity loss limitation and the general business tax credit

limitation rules. NTCI-II has made capital contributions to 37 Local Partnerships.

Prior to 2011, the Partnership lost its interest in 28 Local Partnerships through the sale of the property held by the Local Partnership, foreclosure, or the sale of Partnership interests. During 2011, the Partnership sold its limited partnership interest in four of the Local Partnerships owning residential projects consisting of 237 apartment units. During 2012, the Partnership sold its limited partnership interest in one of the Local Partnerships owning residential projects consisting of 180 apartment units. As of December 31, 2012, the Partnership holds limited partnership interests in four Local Partnerships located in four states. Each of these Local Partnerships owns a project that is eligible for the Housing Tax Credit. One of the Local Partnerships also benefits from government programs promoting low or moderate income housing.

The projects owned by the Local Partnerships in which NTCI-II has invested were developed by the local operating general partners (the “Local Operating General Partners”) who acquired the sites and applied for applicable mortgages and subsidies, if any. NTCI-II became the principal limited partner in these Local Partnerships pursuant to arm's-length negotiations with the Local Operating General Partners. As a limited partner, NTCI-II's liability for obligations of the Local Partnership is limited to NTCI-II’s investment. The Local Operating General Partner of the Local Partnership retains responsibility for developing, constructing, maintaining, operating and managing the Projects. Under certain circumstances, an affiliate of NAPICO or NTCI-II may act as the Local Operating General Partner. An affiliate of NAPICO, National Tax Credit Inc. II ("NTC-II") is acting either as a special limited partner or non-managing administrative general partner (the “Administrative General Partner”) of each Local Partnership in which the Partnership has an investment.

A further description of the Partnership's business is included in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" included in this Form 10-K.

Item 1A. Risk Factors

Not applicable.

Item 2. Properties

During 2012, most of the projects in which NTCI-II had invested were substantially rented. The following is a schedule of the occupancy status as of December 31, 2012 and 2011 of the projects owned by Local Partnerships in which NTCI-II is a limited partner.

SCHEDULE OF PROJECTS OWNED BY LOCAL PARTNERSHIPS

IN WHICH NTCI-II HAS AN INVESTMENT

DECEMBER 31, 2012

			Units
		Financed,	Authorized	Occupancy
		Insured	for Rental	Percentage
		and	Assistance	for the Years Ended
	No. of	Subsidized	Under	December 31,
Name and Location	Units	Under	Section 8	2012	2011

Jamestown Terrace
Jamestown, CA	56	(A)	43	96%	94%
Lincoln Grove Apartments
Greensboro, NC	116	--	--	77%	76%
Michigan Beach Apartments
Chicago, IL	239	--	--	92%	92%
Virginia Park Meadows
Detroit, MI	83	--	--	77%	81%

	494		43

(A) The mortgage is insured by the Federal Housing Administration under the provisions of Section 515 of the National Housing Act.

The following table details the Partnership’s ownership percentages of the Local Partnerships and the cost of acquisition of such ownership. All interests are limited partner interests. The total mortgage and other encumbrances on each property for each of the Local Partnerships as of December 31, 2012 are also included.

	NTCI-II	Original Cost
	Percentage	of Ownership	Mortgage	Notes
Name and Location	Interest	Interest	Notes	Payable
		(in thousands)	(in thousands)	(in thousands)
Jamestown Terrace
Jamestown, CA	98.90%	$ 183	$ 2,712	$ --
Lincoln Grove Apartments
Greensboro, NC	99.00%	840	2,047	--
Michigan Beach Apartments
Chicago, IL	98.90%	1,575	9,073	3,322
Virginia Park Meadows
Detroit, MI	98.90%	248	3,413	422
		$ 2,846	$17,245	$3,744

Although each Local Partnership in which the Partnership has invested owns a project that must compete with other projects for tenants, government mortgage interest and rent subsidies make it possible for some of the Local Partnerships to rent units to eligible tenants at below market rates. In general, the Partnership believes this insulates the properties from market competition.

During November 2011, the Partnership entered into an assignment and assumption agreement with a third party affiliated with the operating general partner of Countryside North American Partners, L.P. (“Countryside”). The agreement provided for an assignment of the Partnership’s 99% limited partnership interest in Countryside for $3,700,000. The assignment was subject to the consent of the Executive Director of the New Jersey Housing and Mortgage Finance Agency, which was received during December 2011. Upon receipt of approval from the Executive Director of the New Jersey Housing and Mortgage Finance Agency, the assignment of the Partnership’s 99% limited partnership interest in Countryside became effective on December 30, 2011. Pursuant to the terms of the assignment agreement, the Partnership received a deposit of $150,000 in cash and a promissory note in the principal amount of $3,550,000 in December 2011. The promissory note had a maturity date of June 30, 2012 and bore interest at the annual rate of two percent if paid on or before March 31, 2012 and seven percent if paid after March 31, 2012. At December 31, 2011, this sale was accounted for under the deposit method, as it lacked adequate initial investment by the buyer to qualify as a sale transaction. Accordingly, the Partnership recorded deferred revenues of $145,000 (cash portion of the sales price received less $5,000 of expenses incurred in connection with the assignment) and excluded the promissory note from its assets at December 31, 2011. During the year ended December 31, 2012, the Partnership paid approximately $43,000 of New Jersey taxes associated with the sale, which was recognized as a reduction to the gain. During the year ended December 31, 2012, the Partnership received approximately $3,562,000 in payment of the note receivable of approximately $3,550,000 and accrued interest of approximately $12,000. The Partnership recognized a gain from sale of limited partnership interest of approximately $3,652,000 and interest income of approximately $12,000 during the year ended December 31, 2012. The Partnership had no investment balance remaining in this Local Partnership at the date of assignment and accounted for the investment as an asset held for sale at December 31, 2011.

Item 3. Legal Proceedings

The General Partner is involved in various lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the General Partner, the claims will not result in any material liability to the Partnership.

Item 4. Mine Safety Disclosures

Not applicable.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The limited partnership interests (the “Units”) are not traded on a public exchange but were sold through a public offering managed by PaineWebber Incorporated. It is not anticipated that any active public market will develop for the purchase and sale of any limited partnership interest, therefore an investor may be unable to sell or otherwise dispose of his or her interest in the Partnership. A Unit may not be transferred but can be assigned only if certain requirements in the Partnership Agreement are satisfied. At December 31, 2012, there were 2,927 registered holders of 72,032 Units in the Partnership. The Partnership has invested in certain government assisted projects under programs which in many instances restrict the cash return available to project owners. The Partnership was not designed to provide cash distributions to limited partners in circumstances other than refinancing or disposition of its investments in Local Partnerships. There were no distributions from the Partnership during the years ended December 31, 2012 and 2011.

Bethesda and its affiliates owned 397.0 Units in the Partnership representing 0.55% of the outstanding Units in the Partnership at December 31, 2012. It is possible that Bethesda or its affiliates will acquire additional Units in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Item 6. Selected Financial Data

Not applicable.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This item should be read in conjunction with the financial statements and other items contained elsewhere in this report.

The General Partner monitors developments in the area of legal and regulatory compliance.

Liquidity and Capital Resources

Some of the properties in which the Partnership has invested, through the Partnership’s investment in Local Partnerships, receive one or more forms of assistance from the Federal Government. As a result, a Local Partnership’s ability to transfer funds either to the Partnership or among the Local Partnerships in the form of cash distributions, loans or advances may be restricted by these government assistance programs. These restrictions, however, are not expected to impact the Partnership’s ability to meet its cash obligations.

As of December 31, 2012 and 2011, the Partnership had cash and cash equivalents of approximately $5,163,000 and $2,144,000, respectively. The increase in cash and cash equivalents of approximately $3,019,000 was due to approximately $3,550,000 of cash provided by investing activities, partially offset by approximately $531,000 of cash used in operating activities. Cash provided by investing activities consisted of proceeds from the sale of the Partnership’s limited partnership interest in one Local Partnership.

The Partnership’s primary source of funds is the receipt of distributions from Local Partnerships in which the Partnership has invested. It is not expected that any of the Local Partnerships in which the Partnership invests will generate cash from operations sufficient to provide distributions to the Limited Partners in any material amount. Such cash from operations, if any, would first be used to meet operating expenses of the Local Partnership. The Partnership's investments are not readily marketable and may be affected by adverse general economic conditions which, in turn, could substantially increase the risk of operating losses for the projects, the Local Partnerships and the Partnership. These problems may result from a number of factors, many of which cannot be controlled by the General Partner.

An infrequent source of funds for the Partnership is proceeds received as a result of a sale of a Local Partnership’s investment property or from the sale of the Partnership’s interest in a Local Partnership. In this regard, on February 4, 2011, the Partnership assigned its limited partnership interest in Pineview Terrace for $1,000,000; on June 7, 2011, the Partnership assigned its limited partnership interests in Sitka III Associates and Soldotna Associates for a total of $6,000; and on June 15, 2011, the Partnership sold its limited partnership interest in Torres del Plata II Limited Partnership for approximately $25,000. The Partnership’s investment balances in Pineview Terrace, Sitka III, Soldotna Associates, and Torres del Plata II, were zero at the date of assignment or sale.

During November 2011, the Partnership entered into an assignment and assumption agreement with a third party affiliated with the operating general partner of Countryside. The agreement provided for an assignment of the Partnership’s 99% limited partnership interest in Countryside for $3,700,000. The assignment was subject to the consent of the Executive Director of the New Jersey Housing and Mortgage Finance Agency, which was received during December 2011. Upon receipt of approval from the Executive Director of the New Jersey Housing and Mortgage Finance Agency, the assignment of the Partnership’s 99% limited partnership interest in Countryside became effective on December 30, 2011. Pursuant to the terms of the assignment agreement, the Partnership received a deposit of $150,000 in cash and a promissory note in the principal amount of $3,550,000 in December 2011. The promissory note had a maturity date of June 30, 2012 and bore interest at the annual rate of two percent if paid on or before March 31, 2012 and seven percent if paid after March 31, 2012. At December 31, 2011, this sale was accounted for under the deposit method, as it lacked adequate initial investment by the buyer to qualify as a sale transaction. Accordingly, the Partnership recorded deferred revenues of $145,000 (cash portion of the sales price received less $5,000 of expenses incurred in connection with the assignment) and excluded the promissory note from its assets at December 31, 2011. During the year ended December 31, 2012, the Partnership paid approximately $43,000 of New Jersey taxes associated with the sale, which was recognized as a reduction to the gain. During the year ended December 31, 2012, the Partnership received approximately $3,562,000 in payment of the note receivable of approximately $3,550,000 and accrued interest of approximately $12,000. The Partnership recognized a gain from sale of limited partnership interest of approximately $3,652,000 and interest income of approximately $12,000 during the year ended December 31, 2012. The Partnership had no investment balance remaining in this Local Partnership at the date of assignment and accounted for the investment as an asset held for sale at December 31, 2011.

The General Partner is not obligated to advance funds to the Partnership for operations or to fund Partnership advances to Local Partnerships, but may voluntarily do so from time to time. There were no advances received by the Partnership during the years ended December 31, 2012 and 2011. The Partnership may receive future advances of funds from the General Partner, although the General Partner is not obligated to provide such advances.

The General Partner has the right to cause distributions received by the Partnership from the Local Partnerships (that would otherwise be available for distributions as cash flow) to be dedicated to the increase or replenishment of reserves at the Partnership level. The reserves will generally be available to satisfy working capital or operating expense needs of the Partnership (including payment of partnership management fees) and will also be available to pay any excess third-party costs or expenses incurred by the Partnership in connection with the administration of the Partnership, the preparation of reports to the Limited Partners and other investor servicing obligations of the Partnership. At the discretion of the General Partner, reserves may be available for advances to the Local Partnerships.

The Partnership does not have the ability to assess Limited Partners for additional capital contributions to provide capital if needed by the Partnership or Local Partnerships. Accordingly, if circumstances arise that cause the Local Partnerships to require capital in addition to that contributed by the Partnership and any equity of the local general partners, the only sources from which such capital needs will be able to be satisfied (other than the limited reserves available at the Partnership level) will be (i) third-party debt financing (which may not be available if, as expected, the projects owned by the Local Partnerships are already substantially leveraged), (ii) other equity sources (which could adversely affect the Partnership's interest in operating cash flow and/or proceeds of sale or refinancing of the projects which would result in adverse tax consequences to the Limited Partners), or (iii) the sale or disposition of projects. There can be no assurance that any of such sources would be readily available in sufficient proportions to fund the capital requirements of the Local Partnerships. If such sources are not available, the Local Partnerships would risk foreclosure on their projects if they were unable to renegotiate the terms of their first mortgages and any other debt secured by the projects, which would have significant adverse tax consequences to the Limited Partners.

Results of Operations

The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investment in the Local Partnerships using the equity method. Thus the individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. However, since the Partnership is not legally liable for the obligations of the Local Partnerships, or is not otherwise committed to provide additional support to them, it does not recognize losses once the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. Subsequent distributions received are recognized as income in the statements of operations. For those investments where the Partnership has determined that the carrying value of the Partnership’s investments approximates the estimated fair value of those investments, the Partnership’s policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received, and amortization of acquisition costs from those Local Partnerships. During the years ended December 31, 2012 and 2011, the Partnership recognized equity in loss of approximately $141,000 and $37,000, respectively, from one Local Partnership, Michigan Beach, that reduced the carrying amount of the mortgage note receivable due from the Local Partnership. In addition, the Partnership recognized an impairment of $50,000 during the year ended December 31, 2011 to reduce the mortgage note receivable to its expected value. During the year ended December 31, 2011, the Partnership received approximately $10,000 in operating distributions from three Local Partnerships, which was recognized as income in the statements of operations for the year ended December 31, 2011 as these distributions were received from Local Partnerships in which the Partnership’s investment balance had previously been reduced to zero. There were no such distributions received in 2012.

At times, advances are made to Local Partnerships in order to preserve the ability to receive applicable tax credits. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership’s investment in limited partnerships. Advances made to Local Partnerships in which the investment balance has been reduced to zero are charged to expense. The Partnership made an advance of less than $1,000 to Michigan Beach during the year ended December 31, 2012, for filing fees associated with management of the property. The Partnership did not make any advances during the year ended December 31, 2011. Subsequent to December 31, 2012, the Partnership advanced approximately $206,000 to Michigan Beach for operations and capital expenditures. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.

At December 31, 2012, the investment balance in three of the four Local Partnerships had been reduced to zero and as of December 31, 2011, the investment balance in four of the five Local Partnerships had been reduced to zero.

The Partnership’s net income for the years ended December 31, 2012 and 2011 was approximately $3,300,000 and $536,000, respectively. The increase in net income for the year ended December 31, 2012 is due to an increase in gain from sales of limited partnership interests in Local Partnerships, a decrease in loss from partnership operations and a decrease in impairment loss, partially offset by an increase in equity in loss of Local Partnerships and a decrease in distributions from Local Partnerships.

A recurring Partnership expense is the annual partnership management fee. The fee, as defined in the Partnership Agreement, is payable to the General Partner and is calculated at 0.5% of the Partnership’s invested assets as of the beginning of the year. The management fee represents the annual recurring fee which will be paid to the General Partner for the General Partner’s management of the Partnership’s affairs. For the years ended December 31, 2012 and 2011, management fees were approximately $107,000 and $185,000, respectively. The decrease in management fees is due to the loss of investment in five Local Partnerships during 2011.

Operating expenses, exclusive of the management fee, consist of legal and accounting expenses for services rendered to the Partnership, tax expense and general and administrative expenses. Legal and accounting expenses were approximately $72,000 and $74,000 for the years ended December 31, 2012 and 2011, respectively. General and administrative expenses were approximately $50,000 and $61,000 for the years ended December 31, 2012 and 2011, respectively. The Partnership is subject to a New Jersey partner tax which is included in tax expense. For the years ended December 31, 2012 and 2011, tax expense was approximately $13,000 and $101,000, respectively. The decrease in general and administrative expense is primarily due to a decrease in reimbursements of administrative costs paid to NAPICO. The decrease in tax expense is due to a decrease in the portion of the New Jersey tax that is based on the apportionment of income related to the Partnership’s investment in certain Local Partnerships.

On February 4, 2011, the Partnership assigned its limited partnership interest in Pineview Terrace to a third party and received net proceeds of $1,000,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in Pineview Terrace was zero at the date of the assignment.

On June 7, 2011, the Partnership assigned its limited partnership interest in both Sitka III Associates and Soldotna Associates to a third party and received net proceeds of $3,000 for each interest, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in both Sitka III Associates and Soldotna Associates was zero at the date of the assignment.

On June 15, 2011, the Partnership sold its limited partnership interest in Torres del Plata II Limited Partnership to a third party and received net proceeds of approximately $25,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in Torres del Plata II was zero at the date of sale.

During November 2011, the Partnership entered into an assignment and assumption agreement with a third party affiliated with the operating general partner of Countryside. The agreement provided for an assignment of the Partnership’s 99% limited partnership interest in Countryside for $3,700,000. The assignment was subject to the consent of the Executive Director of the New Jersey Housing and Mortgage Finance Agency, which was received during December 2011. Upon receipt of approval from the Executive Director of the New Jersey Housing and Mortgage Finance Agency, the assignment of the Partnership’s 99% limited partnership interest in Countryside became effective on December 30, 2011. Pursuant to the terms of the assignment agreement, the Partnership received a deposit of $150,000 in cash and a promissory note in the principal amount of $3,550,000 in December 2011. The promissory note had a maturity date of June 30, 2012 and bore interest at the annual rate of two percent if paid on or before March 31, 2012 and seven percent if paid after March 31, 2012. At December 31, 2011, this sale was accounted for under the deposit method, as it lacked adequate initial investment by the buyer to qualify as a sale transaction. Accordingly, the Partnership recorded deferred revenues of $145,000 (cash portion of the sales price received less $5,000 of expenses incurred in connection with the assignment) and excluded the promissory note from its assets at December 31, 2011. During the year ended December 30, 2012, the Partnership paid approximately $43,000 of New Jersey taxes associated with the sale, which was recognized as a reduction to the gain. During the year ended December 31, 2012, the Partnership received approximately $3,562,000 in payment of the note receivable of approximately $3,550,000 and accrued interest of approximately $12,000. The Partnership recognized a gain from sale of limited partnership interest of approximately $3,652,000 and interest income of approximately $12,000 during the year ended December 31, 2012. The Partnership had no investment balance remaining in this Local Partnership at the date of assignment and accounted for the investment as an asset held for sale at December 31, 2011.

The Partnership, as a limited partner in the Local Partnerships in which it has invested, is subject to the risks incident to the management and ownership of improved real estate. The Partnership investments are also subject to adverse general economic conditions, and accordingly, the status of the national economy, including substantial unemployment and concurrent inflation, could increase vacancy levels, rental payment defaults, and operating expenses, which in turn, could substantially increase the risk of operating losses for the projects.

Because of (i) the nature of the apartment complexes, (ii) the difficulty of predicting the resale market for low-income housing in the future, and (iii) the inability of the Partnership to directly cause the sale of apartment complexes by local general partners, but generally only to require such local general partners to use their respective best efforts to find a purchaser for the apartment complexes, it is not possible at this time to predict whether the liquidation of substantially all of the Partnership’s assets and the disposition of the proceeds, if any, in accordance with the Partnership Agreement will occur. If a Local Partnership is unable to sell an apartment complex, it is anticipated that the local general partner will either continue to operate such apartment complexes or take such other actions as the local general partner believes to be in the best interest of the Local Partnership.

Off-Balance Sheet Arrangements

The Partnership owns limited partnership interests in unconsolidated Local Partnerships, in which the Partnership’s ownership percentage ranges from 98.90% to 99%. However, based on the provisions of the relevant partnership agreements, the Partnership, as a limited partner, does not have control or a contractual relationship with the Local Partnerships that would require or allow for consolidation under accounting principles generally accepted in the United States (see “Note 1 – Organization and Summary of Significant Accounting Policies” of the financial statements in “Item 8. Financial Statements and Supplementary Data”). There are no lines of credit, side agreements or any other derivative financial instruments between the Local Partnerships and the Partnership. Accordingly the Partnership’s maximum risk of loss related to these unconsolidated Local Partnerships is limited to the recorded investments in and receivables from the Local Partnerships. See “Note 2 – Investments in and Advances to Local Partnerships” of the financial statements in “Item 8. Financial Statements and Supplementary Data” for additional information about the Partnership’s investments in unconsolidated Local Partnerships.

Variable Interest Entities

The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Partnership’s investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

At December 31, 2012 and 2011, the Partnership holds variable interests in four and five VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

· the general partners conduct and manage the business of the Local Partnerships;

· the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships’ underlying real estate properties;

· the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships;

· the general partners are obligated to fund any recourse obligations of the Local Partnerships;

· the general partners are authorized to borrow funds on behalf of the Local Partnerships; and

· the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities’ economic performance.

The four VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of four apartment properties with a total of 494 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnership’s recorded investments in and receivables from these VIEs, which was approximately $3,533,000 and $3,674,000 at December 31, 2012 and 2011, respectively. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Critical Accounting Policies and Estimates

A summary of the Partnership’s significant accounting policies is included in "Note 1 – Organization and Summary of Significant Accounting Policies" which is included in the financial statements in "Item 8. Financial Statements and Supplementary Data". The General Partner believes that the consistent application of these policies enables the Partnership to provide readers of the financial statements with useful and reliable information about the Partnership’s operating results and financial condition. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Partnership to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Judgments and assessments of uncertainties are required in applying the Partnership’s accounting policies in many areas. The Partnership believes that of its significant accounting policies, the following may involve a higher degree of judgment and complexity.

Method of Accounting for Investments in Limited Partnerships

The individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. See “Item 8. Financial Statements and Supplementary Data – Note 1 – Organization and Summary of Significant Accounting Policies” for a description of the Partnership’s impairment policy. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the statements of operations.

For those investments where the Partnership has determined that the carrying value of the Partnership’s investments approximates the estimated fair value of those investments, the Partnership’s policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount the Partnership expects to ultimately realize.

Revenue Recognition – Deposit Method

Profit on the sale of limited partnership interests shall not be recognized under the full accrual method until all of the following criteria are met: a sale is consummated, the buyer’s initial and continuing investments are adequate, the seller’s receivable is not subject to future subordination and the risks of ownership have transferred to the buyer. The Partnership recognizes gains on sale of limited partnership interests using the deposit method when all of the criteria for the full accrual method are not met. Under the deposit method, no gain is recognized, no receivable from the buyer is recorded at the closing date and any cash received from the buyer is reported as a deposit liability on the balance sheet. The Partnership continues to carry the investment on its financials at December 31, 2011.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 8. Financial Statements and Supplementary Data

NATIONAL TAX CREDIT INVESTORS II

LIST OF FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm

Balance Sheets – December 31, 2012 and 2011

Statements of Operations – Years ended December 31, 2012 and 2011

Statements of Changes in Partners’ (Deficiency) Capital – Years ended December 31, 2012 and 2011

Statements of Cash Flows – Years ended December 31, 2012 and 2011

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

The Partners

National Tax Credit Investors II

We have audited the accompanying balance sheets of National Tax Credit Investors II as of December 31, 2012 and 2011, and the related statements of operations, changes in partners' (deficiency) capital and cash flows for each of the two years in the period ended December 31, 2012. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Partnership’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, based on our audits, the financial statements referred to above present fairly, in all material respects, the financial position of National Tax Credit Investors II at December 31, 2012 and 2011, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2012, in conformity with U.S. generally accepted accounting principles.

/s/Ernst & Young LLP

Greenville, South Carolina

April 1, 2013

NATIONAL TAX CREDIT INVESTORS II

BALANCE SHEETS

(In thousands)

	December 31,
	2012	2011
ASSETS

Investments in and advances to Local Partnerships	$ --	$ --
Cash and cash equivalents	5,163	2,144
Mortgage note receivable	3,533	3,674
Accounts receivable – limited partners	181	--
Other assets	54	--
Total assets	$ 8,931	$ 5,818

LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities:
Accounts payable and accrued expenses	$ 40	$ 82
Deferred revenue	--	145
Total liabilities	40	227

Contingencies	--	--

Partners' (deficiency) capital:
General partner	(540)	(573)
Limited partners	9,431	6,164
Total partners’ (deficiency) capital	8,891	5,591
Total liabilities and partners' (deficiency) capital	$ 8,931	$ 5,818

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

STATEMENTS OF OPERATIONS

(In thousands, except per interest data)

	Years Ended December 31,
	2012	2011
Revenues:
Interest income	$ 12	$ --
Other income	19	3
Total revenues	31	3

Operating expenses:
Management fees - general partner	107	185
General and administrative	50	61
Tax expense	13	101
Legal and accounting	72	74
Total operating expenses	242	421

Loss from partnership operations	(211)	(418)
Gain from sales of limited partnership interests
in Local Partnerships	3,652	1,031
Distributions from Local Partnerships recognized
as income	--	10
Impairment loss	--	(50)
Equity in loss of Local Partnerships	(141)	(37)

Net income	$ 3,300	$ 536

Net income allocated to general partner (1%)	$ 33	$ 5
Net income allocated to limited partners (99%)	$ 3,267	$ 531

Net income per limited partnership interest	$ 45.25	$ 7.35

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

STATEMENTS OF CHANGES IN PARTNERS'(DEFICIENCY) CAPITAL

(In thousands)

	General	Limited
	Partner	Partners	Total
Partners’ (deficiency) capital at
December 31, 2010	$ (578)	$ 5,633	$ 5,055

Net income for the year ended December 31, 2011	5	531	536

Partners’ (deficiency) capital at
December 31, 2011	(573)	6,164	5,591

Net income for the year ended December 31, 2012	33	3,267	3,300

Partners’ (deficiency) capital at
December 31, 2012	$ (540)	$ 9,431	$ 8,891

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

STATEMENTS OF CASH FLOWS

(In thousands)

	Years Ended December 31,
	2012	2011
Cash flows from operating activities:
Net income	$ 3,300	$ 536
Adjustments to reconcile net income to net cash
used in operating activities:
Gain from sales of limited partnership interests in
Local Partnerships	(3,652)	(1,031)
Impairment loss	--	50
Equity in loss of Local Partnerships	141	37
Change in accounts:
Accounts receivable – limited partners	(181)	--
Other assets	(54)	--
Accounts payable and accrued expenses	(85)	8
Net cash used in operating activities	(531)	(400)

Cash flows from investing activities:
Sale deposit received – sale of limited partnership
interest in Local Partnership	--	145
Proceeds from sales of limited partnership interests in
Local Partnerships	3,550	1,031
Net cash provided by investing activities	3,550	1,176

Net increase in cash and cash equivalents	3,019	776
Cash and cash equivalents, beginning of year	2,144	1,368
Cash and cash equivalents, end of year	$ 5,163	$ 2,144

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

Note 1 - Organization and Summary of Significant Accounting Policies

Organization

National Tax Credit Investors II (“NTCI II” or the “Partnership”) is a limited partnership formed under the California Revised Local Partnership Act as of January 12, 1990. The Partnership was formed to invest primarily in other limited partnerships (“Local Partnerships”) which own and operate multifamily housing complexes that are eligible for low income housing federal income tax credits (the “Housing Tax Credit”). The general partner of the Partnership is National Partnership Investments, LLC (the “General Partner” or “NAPICO”), a California limited liability company. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The business of NTCI II is conducted primarily by NAPICO. The Partnership shall continue in full force and effect until December 31, 2030, unless terminated earlier pursuant to the Partnership Agreement or law.

The General Partner has a one percent interest in operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99 percent interest in proportion to their respective investments.

Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the General Partner will be entitled to a property disposition fee as mentioned in the partnership agreement. The limited partners will have a priority item equal to their invested capital plus 6 percent priority return as defined in the partnership agreement. This property disposition fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions plus the 6 percent priority return. No disposition fees have been paid or accrued.

At December 31, 2012 and 2011, the Partnership had outstanding 72,032 and 72,205 limited partnership interests, respectively.

Basis of Presentation

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.

The Partnership’s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.

Method of Accounting for Investments in Local Partnerships

The investments in Local Partnerships are accounted for using the equity method. Acquisition fees, selection fees and other costs related to the acquisition of the projects have been capitalized as part of the investment account and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Net Income Per Limited Partnership Interest

Net income per limited partnership interest was computed by dividing the limited partners' share of net income by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 72,205 and 72,270 for the years ended December 31, 2012 and 2011, respectively.

Abandoned Interests

During 2012 and 2011, the number of limited partnership interests decreased by 173 and 65 units, respectively, due to limited partners abandoning their interests. In abandoning his or her partnership interests, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.

Mortgage Note Receivable

The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Partnership has recorded its mortgage note receivable at December 31, 2012 and 2011 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note. During the year ended December 31, 2011, the Partnership recognized an impairment loss of $50,000 related to the mortgage note receivable. No impairment was recognized during the year ended December 31, 2012. See “Note 3 – Mortgage Note Receivable” for further information.

Impairment of Long-Lived Assets

The Partnership reviews long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. Other than the impairment of the mortgage note receivable as discussed above, the Partnership did not recognize any impairment losses during the years ended December 31, 2012 and 2011.

Fair Value of Financial Instruments

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2012, the Partnership believes that the carrying amount of other assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Segment Reporting

ASC Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.

Variable Interest Entities

At December 31, 2012 and 2011, the Partnership holds variable interests in 4 and 5 VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

· the general partners conduct and manage the business of the Local Partnerships;

· the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships’ underlying real estate properties;

· the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships;

· the general partners are obligated to fund any recourse obligations of the Local Partnerships;

· the general partners are authorized to borrow funds on behalf of the Local Partnerships; and

The 4 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 494 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnership’s recorded investments in and receivables from these VIEs, which was approximately $3,533,000 and $3,674,000 at December 31, 2012 and 2011, respectively. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Revenue Recognition – Deposit Method

Profit on the sale of limited partnership interests shall not be recognized under the full accrual method until all of the following criteria are met: a sale is consummated, the buyer’s initial and continuing investments are adequate, the seller’s receivable is not subject to future subordination and the risks of ownership have transferred to the buyer. The Partnership recognizes gains on sale of limited partnership interests using the deposit method when all of the criteria for the full accrual method are not met. Under the deposit method no gain is recognized, no receivable from the buyer is recorded at the closing date and any cash received from the buyer is reported as a deposit liability on the balance sheet. The Partnership continues to carry the investment on its financials at December 31, 2011.

Note 2 - Investments In and Advances to Local Partnerships

As of December 31, 2012 and 2011, the Partnership holds limited partnership interests in 4 and 5 Local Partnerships, respectively, located in four and five states, respectively. As a limited partner of the Local Partnerships, the Partnership does not have authority over day-to-day management of the Local Partnerships or their properties (the "Apartment Complexes"). The general partners responsible for management of the Local Partnerships (the "Local Operating General Partners") are not affiliated with the General Partner of the Partnership, except as discussed below.

At December 31, 2012 and 2011, the Local Partnerships own residential projects consisting of 494 and 674 apartment units, respectively. During the year ended December 31, 2012, the Partnership sold its limited partnership interest in one of the Local Partnerships owning residential projects consisting of 180 apartment units.

The projects owned by the Local Partnerships in which the Partnership has invested were developed by the Local Operating General Partners who acquired the sites and applied for applicable mortgages and subsidies, if any. The Partnership became the principal limited partner in these Local Partnerships pursuant to arm's-length negotiations with the Local Operating General Partners. As a limited partner, the Partnership’s liability for obligations of the Local Partnerships is limited to its investment. The Local Operating General Partner of the Local Partnerships retains responsibility for developing, constructing, maintaining, operating and managing the Projects. Under certain circumstances, an affiliate of NAPICO or the Partnership may act as the Local Operating General Partner. An affiliate of NAPICO, National Tax Credit Inc. II ("NTC-II") is acting either as a special limited partner or non-managing administrative general partner (the “Administrative General Partner”) of each Local Partnership in which the Partnership had an investment.

The individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. See “Note 1 – Organization and Summary of Significant Accounting Policies” for a description of the impairment policy. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, the Partnership does not recognize losses once the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying statements of operations. During the year ended December 31, 2011, the Partnership received approximately $10,000 in operating distributions from three Local Partnerships in which the Partnership does not have an investment balance, which was recognized as income in the statements of operations for the year ended December 31, 2011, as these distributions were received from Local Partnerships in which the Partnership’s investment balance had previously been reduced to zero. There were no such distributions received in 2012.

As of December 31, 2012 and 2011, the investment balance in three of the four and four of the five Local Partnerships, respectively, had been reduced to zero. The Partnership’s remaining investment balance relates to the mortgage note receivable, which is discussed in “Note 3 – Mortgage Note Receivable”.

At times, advances are made to Local Partnerships in order to preserve the ability to receive applicable tax credits. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership’s investment in limited partnerships. Advances made to Local Partnerships in which the investment balance has been reduced to zero are charged to expense. The Partnership made an advance of less than $1,000 to Michigan Beach during the year ended December 31, 2012, for filing fees associated with management of the property. The Partnership did not make any advances during the year ended December 31, 2011. Subsequent to December 31, 2012 the Partnership advanced approximately $206,000 to Michigan Beach for operations and capital expenditures. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.

The difference between the investment per the accompanying balance sheets at December 31, 2012 and 2011 and the equity per the Local Partnerships' condensed combined financial statements is due primarily to cumulative unrecognized equity in losses of certain Local Partnerships, costs capitalized to the investment account, and cumulative distributions recognized as income.

The Partnership’s value of its investments and its equity in the income/loss and/or distributions from the Local Partnerships are, for certain Local Partnerships, individually, not material to the overall financial position of the Partnership. The financial information from the unaudited condensed combined financial statements of such Local Partnerships at December 31, 2012 and 2011 and for each of the two years in the period then ended is presented below. The Partnership’s value of its investment in Michigan Beach Limited Partnership, (the “Material Investee”) is considered material to the Partnership’s financial position and amounts included below for the Material Investee are included on an audited basis.

The following are estimated unaudited condensed combined statements of operations for the years ended December 31, 2012 and 2011 for the Local Partnerships in which the Partnership has investments. The 2012 and 2011 amounts exclude Pineview Terrace, for which the Partnership sold its limited partnership interest in February 2011; Sitka III, Soldotna Apartments, and Torres Del Plata II, for which the Partnership sold its limited partnership interests in June 2011; and Countryside Place, for which the Partnership sold its limited partnership interest in April 2012.


Condensed Combined Balance Sheets of the Local Partnerships
(in thousands)
	December 31, 2012
Assets:	Unaudited	Material Investee	Total

Land	$ 562	$ 843	$ 1,405
Building and improvements	13,125	8,222	21,347
Accumulated depreciation	(8,578)	(3,967)	(12,545)
Other assets	665	736	1,401
Total assets	$ 5,774	$ 5,834	$ 11,608

Liabilities and Partners Deficit:
Liabilities:
Mortgage notes payable	$ 8,172	$ 9,073	$ 17,245
Other liabilities	1,310	9,032	10,342
Partners’ deficit	(3,708)	(12,271)	(15,979)

Total liabilities and partners' deficit	$ 5,774	$ 5,834	$ 11,608




	December 31, 2011
Assets	Unaudited	Material Investee	Total

Land	$ 562	$ 843	$ 1,405
Building and improvements	13,065	7,714	20,779
Accumulated depreciation	(8,195)	(3,555)	(11,750)
Other assets	619	1,002	1,621
Total assets	$ 6,051	$ 6,004	$ 12,055

Liabilities and Partners Deficit:
Liabilities:
Mortgage notes payable	$ 8,179	$ 9,124	$ 17,303
Other liabilities	1,269	9,201	10,470
Partners’ deficit	(3,397)	(12,321)	(15,718)

Total liabilities and partners' deficit	$ 6,051	$ 6,004	$ 12,055


Condensed Combined Results of Operations of the Local Partnerships
(in thousands)

	For the year Ended December 31, 2012			For the year Ended December 31, 2011
	Unaudited	Material Investee	Total	Unaudited	Material Investee	Total
Rental and other revenue	$ 1,406	$ 2,288	$ 3,694	$ 1,442	$ 2,200	$ 3,642

Expenses:
Operating expenses	1,085	1,837	2,922	1,096	1,574	2,670
Interest	245	(15)	230	250	673	923
Depreciation and amortization	387	417	804	399	437	836
Total expenses	1,717	2,239	3,956	1,745	2,684	4,429

Income (loss) from continuing operations	$ (311)	$ 49	$ (262)	$ (303)	$ (484)	$ (787)

Real Estate and Accumulated Depreciation of Local Partnerships

The following tables exclude the Local Partnerships sold in 2012 and 2011 as described above.


(1) Schedule of Encumbrances and Investment Properties (all amounts unaudited except for those amounts relative to the Material Investee and are the gross amounts at which carried at December 31, 2012) (in thousands):

Description	Encumbrances	Land	Buildings And Related Personal Property	Total	Accumulated Depreciation

Lincoln Grove	$ 2,047	$ 185	$ 4,025	$ 4,210	$ 2,242
Michigan Beach	9,073	843	8,222	9,065	3,967
Virginia Park Meadows	3,413	79	5,397	5,476	4,351
Jamestown Terrace	2,712	298	3,703	4,001	1,985
Total	$17,245	$ 1,405	$21,347	$22,752	$12,545


(2) Reconciliation of real estate (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

	Year Ended December 31, 2012			Year Ended December 31, 2011
	Unaudited	Material Investee	Total	Unaudited	Material Investee	Total
Real estate:
Balance at beginning of year	$13,627	$ 8,557	$22,184	$13,597	$ 8,428	$22,025
Improvements	60	508	568	30	129	159
Balance at end of year	$13,687	$ 9,065	$22,752	$13,627	$ 8,557	$22,184


(3) Reconciliation of accumulated depreciation (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

	Year Ended December 31, 2012			Year Ended December 31, 2011
	Unaudited	Material Investee	Total	Unaudited	Material Investee	Total
Accumulated depreciation:
Balance at beginning of year	$ 8,195	$ 3,555	$11,750	$ 7,821	$ 3,118	$10,939
Depreciation expense	383	412	795	374	437	811
Balance at end of year	$ 8,578	$ 3,967	$12,545	$ 8,195	$ 3,555	$11,750

An affiliate of the General Partner is currently the Local Operating General Partner in one of the Partnership’s four Local Partnerships included above, and a former affiliate received property management fees of approximately 5 percent of gross revenues from the same Local Partnership (See “Note 4 – Transactions with Affiliated Parties”).

Note 3 – Mortgage Note Receivable

On May 30, 2006, the Partnership purchased the second mortgage for a Local Partnership, Michigan Beach, from the second mortgage holder, PAMI Midatlantic, LLC (“PAMI”) for a purchase price of $4,320,000. The second mortgage had a principal balance of approximately $3,596,000 and accrued interest outstanding at the time of the purchase. PAMI had filed an action for foreclosure and the appointment of a receiver for the alleged failure to make surplus cash payments and provide required financial reporting. As a result of the purchase, the Partnership was substituted in place of PAMI in the foreclosure action and then the Partnership dismissed the foreclosure action with prejudice on June 9, 2006. The Partnership is the sole limited partner in Michigan Beach.

The second mortgage accrues interest at a fixed rate of 6.11%. Semiannual payments from 50% of surplus cash are required and the note matures in July of 2031. There is an option to the noteholder to accelerate maturity of the second mortgage after October of 2008. There have been no payments made on the loan. The Partnership recognized approximately $141,000 and $37,000 in equity in loss from Michigan Beach during the years ended December 31, 2012 and 2011, respectively, and reduced the carrying value of the mortgage note receivable. In addition, the Partnership recognized an impairment charge of $50,000 during the year ended December 31, 2011 to reduce the mortgage note receivable to its estimated value. With respect to the second mortgage from Michigan Beach, the Partnership has fully reserved any accrued interest.


The following is a summary of the mortgage note receivable activity for the years ended December 31, 2012 and 2011 (in thousands):
	2012	2011
Mortgage note receivable balance, beginning of year	$ 3,674	$ 3,761
Equity in losses of Local Partnership	(141)	(37)
Impairment loss	--	(50)
Mortgage note receivable balance, end of year	$ 3,533	$ 3,674

Note 4 – Transactions with Affiliated Parties

Under the terms of its Partnership Agreement, the Partnership is obligated to the General Partner for the following fees:

(a) An annual Partnership management fee in an amount equal to 0.5 percent of invested assets (as defined in the Partnership Agreement) at the beginning of the year is payable to the General Partner. For the years ended December 31, 2012 and 2011, partnership management fees in the amount of approximately $107,000 and $185,000, respectively, were recorded as an expense.

(b) A property disposition fee is payable to the General Partner in an amount equal to the lesser of (i) one-half of the competitive real estate commission that would have been charged by unaffiliated third parties providing comparable services in the area where the apartment complex is located, or (ii) 3 percent of the sale price received in connection with the sale or disposition of the apartment complex or local partnership interest, but in no event will the property disposition fee and all amounts payable to unaffiliated real estate brokers in connection with any such sale exceed in the aggregate, the lesser of the competitive rate (as described above) or 6 percent of such sale price. Receipt of the property disposition fee will be subordinated to the distribution of sale or refinancing proceeds by the Partnership until the limited partners have received distributions of sale or refinancing proceeds in an aggregate amount equal to (i) their 6 percent priority return for any year not theretofore satisfied (as defined in the Partnership Agreement) and (ii) an amount equal to the aggregate adjusted investment (as defined in the Partnership Agreement) of the limited partners. No disposition fees have been paid or accrued.

(c) The Partnership reimburses NAPICO for certain expenses. The reimbursement to NAPICO was approximately $29,000 and $41,000 for the years ended December 31, 2012 and 2011, respectively, and is included in general and administrative expenses.

NTC-II or another affiliate of the General Partner is the Local Operating General Partner in one of the Partnership's four Local Partnerships at December 31, 2012. In addition, NTC-II is typically either a special limited partner or an administrative general partner in each Local Partnership in which the Partnership has an investment.

A former affiliate of the General Partner managed one property owned by a Local Partnership during the years ended December 31, 2012 and 2011. The Local Partnership paid the affiliate property management fees in the amount of five percent of its gross rental revenues and data processing fees. The amounts paid were approximately $91,000 and $105,000 for the years ended December 31, 2012 and 2011, respectively. On October 31, 2012, the former affiliate ceased to manage the property and management was transferred to a third party.

The General Partner is not obligated to advance funds to the Partnership for operations or to fund Partnership advances to Local Partnerships, but may voluntarily do so from time to time. There were no advances received by the Partnership during the years ended December 31, 2012 and 2011. The Partnership may receive future advances of funds from the General Partner although the General Partner is not obligated to provide such advances.

Bethesda and its affiliates owned 397.0 limited partnership interests (the "Units") in the Partnership representing 0.55% of the outstanding Units in the Partnership at December 31, 2012. It is possible that Bethesda or its affiliates will acquire additional Units in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Note 5 - Income Taxes

The Partnership is not taxed on its income. The partners are taxed in their individual capacities based upon their distributive share of the Partnership's taxable income or loss and are allowed the benefits to be derived from off-setting their distributive share of the tax losses against taxable income from other sources subject to passive loss limitations. The taxable income or loss differs from amounts included in the statements of operations because different methods are used in determining the losses of the Local Partnerships as discussed below. The taxable income or loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.


A reconciliation between the Partnership’s reported net income and the net income (loss) per tax return follows (in thousands, except per limited partnership interest):

	Years Ended December 31,
	2012	2011
Net income per financial statements	$ 3,300	$ 536
Sale of partnership interest	(3,612)	5,513
Other	(177)	(90)
Investment in Local Partnerships	(289)	(496)
Net income (loss) per tax return	$ (778)	$ 5,463

Net income (loss) per limited partnership interest	$ (53.36)	$343.46


The following is a reconciliation between the Partnership’s reported amounts and the Federal tax basis of net assets at December 31, 2012 and 2011 (in thousands):
	2012	2011
Net assets as reported	$ 8,891	$ 5,591
Add (deduct):
Deferred offering costs	9,367	9,367
Investment in Local Partnerships	(13,392)	(9,319)
Other	3,673	3,708
Net assets – Federal tax basis	$ 8,539	$ 9,347

The Partnership is subject to a New Jersey tax based upon the number of resident and non-resident limited partners and apportionment of income related to the Partnership’s investment in certain Local Partnerships. For the years ended December 31, 2012 and 2011, the expense related to this tax is reflected in tax expense in the accompanying statements of operations. At December 31, 2011, the Partnership’s estimate of the balance of the tax due for 2011 to the state of New Jersey was approximately $44,000 and this amount was included in accounts payable and accrued expenses on the accompanying balance sheet as of December 31, 2011. The actual balance of the tax due for 2011 was approximately $87,000 and was paid during the year ended December 31, 2012. The additional tax of approximately $43,000 owed for 2011 taxes is attributable to the sale of interest in Countryside and is included as a reduction of gain on sale during the year ended December 31, 2012. In addition, during the year ended December 31, 2012, the Partnership paid approximately $66,000 as a required deposit for estimated 2012 New Jersey taxes, which is based on half of the previous year’s taxes. However, the Partnership’s estimate of the actual tax due for 2012 is approximately $12,000 which has been recognized as expense during the year ended December 31, 2012. The remaining balance paid of approximately $54,000 is reflected as an other asset on the accompanying balance sheet at December 31, 2012.

Note 6 - Contingencies

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

(a) Disclosure Controls and Procedures

The Partnership’s management, with the participation of the Senior Managing Director and Director of Reporting of Bethesda, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, has evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Senior Managing Director and Director of Reporting of Bethesda, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, have concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures are effective.

Management’s Report on Internal Control Over Financial Reporting

The Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act as a process designed by, or under the supervision of, the Senior Managing Director and Director of Reporting of Bethesda, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, and effected by the Partnership’s management and other personnel, including third-party public accountants engaged by Bethesda to provide such services, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

· pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets;

· provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of the Partnership’s management; and

· provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Partnership’s management assessed the effectiveness of the Partnership’s internal control over financial reporting as of December 31, 2012. In making this assessment, the Partnership’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.

Based on the Partnership’s management’s assessment, the Partnership’s management concluded that, as of December 31, 2012, the Partnership’s internal control over financial reporting is effective.

This annual report does not include an attestation report of the Partnership’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Partnership’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Partnership to provide only management’s report in this annual report.

(b) Changes in Internal Control Over Financial Reporting

There has been no change in the Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of 2012 that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

Item 9B. Other Information

None.

PART III

Item 10. Directors, Executive Officers, and Corporate Governance.

National Tax Credit Investors II (the “Partnership” or the “Registrant”) has no directors. The general partner responsible for conducting the business of the Partnership is National Partnership Investments, LLC, a California limited liability company (“NAPICO” or the “General Partner”).

The names and ages of, as well as the positions and offices held by, the present officers of NAPICO are set forth below: The General Partner manages and controls substantially all of the Partnership’s affairs and has general responsibility and ultimate authority in all matters affecting its business. There are no family relationships between or among any officers.

Name	Age	Position
Brian Flaherty	44	Senior Managing Director
Edward Schmidt	28	Director of Reporting

Brian Flaherty is the Senior Managing Director of the General Partner and Bethesda Holdings II, LLC and has served as the equivalent of the chief executive officer of the Partnership since December 19, 2012. In February 2012, Mr. Flaherty was appointed to Senior Managing Director with McGrath Investment Management, LLC with responsibilities for asset management and transactions. Previously, Mr. Flaherty served in various positions at Aimco, which he joined in 2002, most recently serving as Senior Vice President with responsibilities for asset management and transactions, from January 2009 to February 2012, and in various acquisition, asset management, and disposition functions within Aimco covering both conventional and affordable portfolios from 2002 through 2012. Prior to joining Aimco, Mr. Flaherty was Vice President of Acquisitions for NAPICO, responsible for originating, structuring, and underwriting equity investments in multi-family Low Income Housing Tax Credit Projects.

Edward Schmidt is the Director of Reporting of the General Partner and Bethesda Holdings II, LLC, and has served as the equivalent of the chief financial officer of the Partnership since February 28, 2013. Since February 2012, Mr. Schmidt has worked with McGrath Investment Management, LLC, most recently as a Director with responsibilities for fund management and investor reporting. From 2010 through 2012, Mr. Schmidt served as a senior analyst for Aimco, a public reporting real estate investment trust, working in various management capacities, including within the finance function, the transaction finance and analytics department and the fund management department, which handled the internal investor reporting for Aimco. Prior to that, Mr. Schmidt worked in public accounting with Clifton Gunderson, LLP, now known as Clifton Larson Allen, LLP, where he served as a financial accountant for Special District Services, local government consultant, and, from 2008 to 2010, as auditor for the California State Revolving Fund. Mr. Schmidt received a Bachelor of Science Degree with a double concentration in Finance and Accounting from Colorado State University.

The Registrant is not aware of the involvement in any legal proceedings with respect to the executive officers listed in this Item 10.

The General Partner does not have a separate audit committee. As such, the officers of the General Partner fulfill the functions of an audit committee. The General Partner has determined that Edward Schmidt meets the requirement of an "audit committee financial expert".

The Partnership has adopted a code of ethics that is attached hereto as Exhibit 14.

Item 11. Executive Compensation

None of the officers received any remuneration from the Partnership for the year ended December 31, 2012.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

(a) Security Ownership of Certain Beneficial Owners

The General Partner owns all of the outstanding general partnership interests of the Partnership. No person or entity is known to own beneficially in excess of 5 percent of the outstanding limited partnership interests.

(b) None of the officers of the General Partner own directly or beneficially any limited partnership interests in the Partnership.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Under the terms of its Partnership Agreement, the Partnership is obligated to the General Partner for the following fees:

(b) A property disposition fee is payable to the General Partner in an amount equal to the lesser of (i) one-half of the competitive real estate commission that would have been charged by unaffiliated third parties providing comparable services in the area where the apartment complex is located, or (ii) 3 percent of the sale price received in connection with the sale or disposition of the apartment complex or local partnership interest, but in no event will the property disposition fee and all amounts payable to unaffiliated real estate brokers in connection with any such sale exceed in the aggregate, the lesser of the competitive rate (as described above) or 6 percent of such sale price. Receipt of the property disposition fee will be subordinated to the distribution of sale or refinancing proceeds by the Partnership until the limited partners have received distributions of sale or refinancing proceeds in an aggregate amount equal to (i) their 6 percent priority return for any year not theretofore satisfied (as defined in the partnership agreement) and (ii) an amount equal to the aggregate adjusted investment (as defined in the Partnership Agreement) of the limited partners. No disposition fees have been paid or accrued.

The General Partner has no directors.

Item 14. Principal Accounting Fees and Services

The General Partner has reappointed Ernst & Young LLP as independent auditors to audit the financial statements of the Partnership for 2013. The aggregate fees billed for services rendered by Ernst & Young LLP for 2012 and 2011 are described below.

Audit Fees. Fees for audit services totaled approximately $35,000 and $33,000 for 2012 and 2011, respectively. Fees for audit services also include fees for the reviews of the Partnership’s Quarterly Reports on Form 10-Q.

Tax Fees. Fees for tax services totaled approximately $19,000 and $20,000 for 2012 and 2011, respectively.

PART IV

Item 15. Exhibits, Financial Statement Schedules

(a) The following financial statements of the Partnership are included in Item 8:

Balance Sheets - December 31, 2012 and 2011.

Statements of Operations - Years ended December 31, 2012 and 2011.

Statements of Changes in Partners' (Deficiency) Capital - Years ended December 31, 2012 and 2011.

Statements of Cash Flows - Years ended December 31, 2012 and 2011.

Notes to Financial Statements.

Schedules are omitted for the reason that they are inapplicable or equivalent information has been included elsewhere herein.

(b) Exhibits:

See Exhibit Index.

The agreements included as exhibits to this Form 10-K contain representations and warranties by each of the parties to each applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

may apply standards of materiality in a way that is different from what may be viewed as material to an investor; and

were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, such representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. The Partnership acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this Form 10-K not misleading. Additional information about the Partnership may be found elsewhere in this Form 10-K and the Partnership’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

SIGNATURES

Pursuant to the requirements of Section 13 or Section 15(d) the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NATIONAL TAX CREDIT INVESTORS II
	(a California limited partnership)

	By: National Partnership Investments, LLC.
	General Partner

Date: April 1, 2013	By: /s/Brian Flaherty
	Brian Flaherty
	Senior Managing Director

Date: April 1, 2013	By: /s/Edward Schmidt
	Edward Schmidt
	Director of Reporting

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/Brian Flaherty	Senior Managing Director	Date: April 1, 2013
Brian Flaherty

/s/Edward Schmidt	Director of Reporting	Date: April 1, 2013
Edward Schmidt

NATIONAL TAX CREDIT INVESTORS II

EXHIBIT INDEX

Exhibit Description of Exhibit

3 Partnership Agreement (herein incorporated by reference to the Partnership's Form S-11 Registration No. 33-27658)

10 Loan Sale Agreement between Pami Midatlantic LLC, a Delaware limited liability company and National Tax Credit Investors II, a California limited partnership dated May 30, 2006. Incorporated by reference to the Partnership’s Current Report on Form 8-K dated May 30, 2006.

10.11 Assignment and Assumption Agreement by and between National Tax Credit Investors II, a California limited partnership and National Tax Credit, Inc. II, a California corporation, Munson Pineview Associates, a Texas general partnership and RCC Pineview Associates, L.P., a Delaware limited partnership, effective February 1, 2011. Incorporated by reference to the Partnership’s Current Report on Form 8-K dated February 3, 2011.

10.12 Assignment and Assumption Agreement by and between National Tax Credit Investors II, a California limited partnership; National Tax Credit, Inc. II, a California corporation; Tailored Management Services, LLC, an Idaho limited liability company and Marty D. Frantz, an individual, effective June 7, 2011. Incorporated by reference to the Partnership’s Current Report on Form 8-K dated June 7, 2011.

10.13 Assignment and Assumption Agreement by and between National Tax Credit Investors II, a California limited partnership; National Tax Credit, Inc. II, a California corporation; Tailored Management Services, LLC, an Idaho limited liability company and Marty D. Frantz, an individual, effective June 7, 2011. Incorporated by reference to the Partnership’s Current Report on Form 8-K dated June 7, 2011.

10.14 First Amendment to Amended and Restated Certificate and Agreement of Limited Partnership by and between National Tax Credit Investors II, a California limited partnership; National Tax Credit, Inc. II, a California corporation; Futura Development of Puerto Rico, Inc. a Puerto Rico corporation and Alta Helena Investment, Inc., a Puerto Rico corporation, effective June 15, 2011. Incorporated by reference to the Partnership’s Current Report on Form 8-K dated June 15, 2011.

10.15 Assignment and Assumption Agreement by and between National Tax Credit Investors II, a California limited partnership; National Tax Credit, Inc. II, a California corporation; HCI Properties LLC, a New Jersey limited liability company; Howell Countryside, Inc., a New Jersey corporation and A.A.H. Management Company, Inc., a New Jersey corporation, dated November 28, 2011. Incorporated by reference to the Partnership’s Current Report on Form 8-K dated November 28, 2011.

10.16 First Amendment to Amended and Restated Certificate and Agreement of Limited Partnership of Countryside North American Partners, L.P., dated December 23, 2011. Incorporated by reference to the Partnership’s Current Report on Form 8-K dated December 30, 2011.

10.17 Secured Promissory Note between Howell Countryside Inc., a New Jersey corporation, HCI Properties LLC, a New Jersey limited liability company, A.A.H. Management Company, Inc., a New Jersey corporation, National Tax Credit Investors II, a California limited partnership; and National Tax Credit, Inc. II, a California corporation, dated December 23, 2011. Incorporated by reference to the Partnership’s Current Report on Form 8-K dated December 30, 2011.

10.18 Pledge and Security Agreement between Howell Countryside Inc., a New Jersey corporation, HCI Properties LLC, a New Jersey limited liability company, A.A.H. Management Company, Inc., a New Jersey corporation, National Tax Credit Investors II, a California limited partnership; and National Tax Credit, Inc. II, a California corporation, dated December 23, 2011. Incorporated by reference to the Partnership’s Current Report on Form 8-K dated December 30, 2011.

14 Code of Ethics of National Tax Credit Investors II

31.1 Certification of equivalent of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification of equivalent of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Certification of the equivalent of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101 XBRL (Extensible Business Reporting Language). The following materials from National Tax Credit Investors II’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, formatted in XBRL: (i) balance sheets, (ii) statements of operations, (iii) statements of changes in partners’ (deficiency) capital, (iv) statements of cash flows, and (v) notes to financial statements (1)

(1) As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

EX-14 2 ntci2_ex14.htm EXHIBIT 14

Exhibit 14

NATIONAL TAX CREDIT INVESTORS II

CODE OF BUSINESS CONDUCT AND ETHICS

Introduction

This code of business conduct and ethics (this “Code”) has been adopted by National Tax Credit Investors II, on behalf of itself (collectively, the “Company”) pursuant to Item 406 of Regulation S-K (“Regulation S-K”) of the Securities and Exchange Commission (“SEC”), referred to herein as the “Applicable Rules,” in order to provide written standards and guidance to the Company’s directors, officers and employees (collectively, the “Covered Persons”) and covers a wide range of business practices and procedures. While it does not cover every issue that may arise, it sets out basic principles to guide the way Covered Persons conduct the Company’s business. All Covered Persons must conduct themselves accordingly and seek to avoid even the appearance of improper behavior.

The Company is committed to maintaining the highest standards of business conduct and ethics. This Code reflects the business practices and principles of behavior that support this commitment. We expect every Covered Person to read and understand this Code and its application to the performance of your business responsibilities.

Officers, managers and other supervisors are expected to develop in employees a sense of commitment to the spirit, as well as the letter, of this Code. Supervisors are also expected to use best efforts to ensure that all agents and contractors conform to Code standards when working for or on behalf of the Company. The compliance environment within each supervisor’s assigned area of responsibility will be a significant factor in evaluating the quality of that individual’s performance. In addition, any Covered Person who makes an exemplary effort to implement and uphold the Company’s legal and ethical standards will be recognized for that effort in their performance review. Nothing in this Code alters the employment at-will policy of the Company applicable to employees.

This Code cannot possibly describe every practice or principle related to honest and ethical conduct. This Code addresses conduct that is particularly important to proper dealings with the people and entities with which we interact on behalf of the Company, but reflects only a part of our commitment. The Company’s employee handbook contains additional policies of the Company that supplement or amplify this Code in certain areas and should be read in conjunction with this Code.

Action by members of your immediate family, significant others or other persons who live in your household also may potentially result in ethical issues to the extent that they involve Companybusiness. For example, acceptance of inappropriate gifts by a family member from one of the Company’s suppliers could create a conflict of interest and result in a Code violation attributable to you. Consequently, in complying with this Code, you should consider not only your own conduct, but also that of your immediate family members, significant others and other persons who live in your household.

The integrity and reputation of the Company depends on the honesty, fairness and integrity brought to the job by each person associated with us. It is the responsibility of each Covered Person to apply common sense, together with their own highest personal ethical standards, in making business decisions where there is no stated guideline in this Code. Unyielding personal integrity is the foundation of corporate integrity.

You should not hesitate to ask questions about whether any conduct may violate this Code, voice concerns or clarify ambiguous areas. Section 14 below details the compliance resources available to you. In addition, you should be alert to potential violations of this Code by others and report suspected violations, without fear of any form of retaliation, as further described in Section 14.Violations of this Code will not be tolerated. Any Covered Person who violates the standards in this Code may be subject to disciplinary action, up to and including termination of employment and, in appropriate cases, civil legal action or referral for criminal prosecution.

1. Legal Compliance

Obeying the law, both in letter and in spirit, is the foundation of this Code. Our success depends upon each employee operating within legal guidelines and cooperating with local, national and international authorities. It is therefore essential that you understand the legal and regulatory requirements applicable to your business unit and area of responsibility. We will hold periodic training sessions to ensure that all Covered Persons understand the relevant laws, rules and regulations associated with their employment, including laws prohibiting insider trading (which are discussed in further detail in Section 2 below). While we do not expect you to memorize every detail of these laws, rules and regulations, we want you to be able to determine when to seek advice from others. If you do have a question in the area of legal compliance, it is important that you not hesitate to seek answers from your supervisor or the Company’s legal counsel.

Disregard of the law will not be tolerated. Violation of domestic or foreign laws, rules and regulations may subject an individual, as well as the Company, to civil and/or criminal penalties. You should be aware that conduct and records, including emails, are subject to internal and external audits, and to discovery by third parties in the event of a government investigation or civil litigation. It is in everyone’s best interests to know and comply with our legal and ethical obligations.

2. Insider Trading

Covered Persons who have access to confidential (or “inside”) information of the Company are not permitted to use or share that information for trading purposes or for any other purpose except to conduct our business. All non-public information about the Company or about companies with which we do business is considered confidential information of the Company. To use material non-public information in connection with buying or selling securities, including “tipping” others who might make an investment decision on the basis of this information, is not only unethical, it is illegal. Covered Persons must exercise the utmost care when handling material inside information.

3. Environment Compliance

Federal law imposes criminal liability on any person or company that contaminates the environment with any hazardous substance that could cause injury to the community or environment. Violation of environmental laws can be a criminal offense and can involve monetary fines and imprisonment. We expect Covered Persons to comply with all applicable environmental laws.

It is our policy to conduct our business in an environmentally responsible way that minimizes environmental impacts. We are committed to minimizing and, if possible, eliminating the use of any substance or material that may cause environmental damage, reducing waste generation and disposing of all waste through safe and responsible methods, minimizing environmental risks by employing safe technologies and operating procedures, and being prepared to respond appropriately to accidents and emergencies.

4. Conflicts of Interest

A “conflict of interest” occurs when an individual’s personal interest (or the interest of a member of his or her family) may interfere in any way with the performance of his or her duties or the interests of the Company as a whole. A conflict of interest can arise when a Covered Person (or a member of his or her family) takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when a Covered Person (or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company. We expect our employees, officers and directors to be free from influences that conflict with the interests of the Company. Even the appearance of a conflict of interest where none actually exists can be damaging and should be avoided. Whether or not a conflict of interest exists or will exist can be unclear.

If you have any questions about a potential conflict or if you become aware of an actual or potential conflict and you are not an officer or director of the Company, you should discuss the matter with your supervisor or the Company’s legal counsel. Conflicts of interest are prohibited unless specifically approved by authorized persons. Supervisors are not authorized to approve a conflict of interest without first seeking the approval of the Company’s legal counsel and filing with the Company’s legal counsel a written description of the approved activity. If your supervisor is involved in the potential or actual conflict, initially, you should discuss the matter directly with the Company’s legal counsel. Officers and directors may seek authorization from individuals serving in roles functioning as the principal executive officer (the “PEO”) or the principal financial officer (the “PFO”) of the Company. Factors that may be considered in evaluating a potential conflict of interest are, among others:

· whether it may interfere with the Covered Person’s job performance, responsibilities or morale;

· whether the Covered Person has access to confidential information;

· whether it may interfere with the job performance, responsibilities or morale of others within the organization;

· any potential adverse or beneficial impact on our business;

· any potential adverse or beneficial impact on our relationships with our customers or suppliers or other service providers;

· whether it would enhance or support a competitor’s position;

· the extent to which it would result in financial or other benefit (direct or indirect) to the Covered Person;

· the extent to which it would result in financial or other benefit (direct or indirect) to one of our customers, suppliers or other service providers; and

· the extent to which it would appear improper to an outside observer.

The following are examples of situations that may, depending on the facts and circumstances, involve conflicts of interests:

· Employment by (including consulting for) or service on the board of a competitor, customer or supplier or other service provider.Activity that enhances or supports the position of a competitor to the detriment of the Company is prohibited, including employment by or service on the board of a competitor. Employment by or service on the board of a customer or supplier or other service provider is generally discouraged and you must seek authorization in advance if you plan to take such action.

· Lending to, borrowing from or having a material interest (equity or otherwise) in any entity that does business, seeks to do business or competes with us. In addition to the factors described above, persons evaluating ownership for conflicts of interest will consider the size and nature of the investment; the nature of the relationship between the other entity and the Company; the Covered Person’s access to confidential information and the Covered Person’s ability to influence the Company’s decisions. If you would like to acquire a financial interest of that kind, you must seek approval in advance.

· Soliciting or accepting gifts, favors, loans or preferential treatment from any person or entity that does business or seeks to do business with us. See Section 8 for further discussion of the issues involved in this type of conflict.

· Soliciting contributions to any charity or for any political candidate from any person or entity that does business or seeks to do business with us.

· Taking personal advantage of corporate opportunities. See Section 5 for further discussion of the issues involved in this type of conflict.

· Moonlighting without permission.

· Conducting our business transactions with your family member, significant other or person who shares your household or a business in which you have a significant financial interest. Material related-party transactions approved by the Audit Committee and involving any executive officer or director will be publicly disclosed as required by applicable laws and regulations.

· Accepting compensation (in any form) for services performed for the Company from any source other than the Company.

Loans to, or guarantees of obligations of, Covered Persons or their Family Members by the Companycould constitute an improper personal benefit to the recipients of these loans or guarantees, depending on the facts and circumstances. Some loans are expressly prohibited by law and applicable law requires that our Board of Directors approve all loans and guarantees to Covered Persons. As a result, all loans and guarantees by the Companymust be approved in advance by the Audit Committee.

5. Corporate Opportunities

You may not take personal advantage of opportunities that are presented to you or discovered by you as a result of your position with usor through your use of corporate property or information, unless authorized by the PEO, the PFO or the Company’s legal counsel. Even opportunities that are acquired privately by you may be questionable if they are related to the Company’s existing or proposed lines of business. You cannot use your position with usor corporate property or information for improper personal gain. Unless otherwise set forth in any agreement between you and the Company or otherwise approved by the PEO, the PFO or the Company’s legal counsel, you may not compete with us in any way during the term of your engagement with the Company.

6. Maintenance of Corporate Books, Records, Documents and Accounts; Financial Integrity; Public Reporting

The integrity of our records and public disclosure depends on the validity, accuracy and completeness of the information supporting the entries to our books of account. Therefore, our corporate and business records should be completed accurately and honestly. The making of false or misleading entries, whether they relate to financial results or test results, is strictly prohibited. Our records serve as a basis for managing our business and are important in meeting our obligations to customers, suppliers, creditors, employees and others with whom we do business. As a result, it is important that our books, records and accounts accurately and fairly reflect, in reasonable detail, our assets, liabilities, revenues, costs and expenses, as well as all transactions and changes in assets and liabilities.

Our accounting records are also relied upon to produce reports for our management, unitholders and creditors, as well as for governmental agencies. In particular, we rely upon our accounting and other business and corporate records in preparing the periodic and current reports that we file with the SEC. These reports must provide full, fair, accurate, timely and understandable disclosure and fairly present our financial condition and results of operations. Covered Persons who collect, provide or analyze information for or otherwise contribute in any way in preparing or verifying these reports should strive to ensure that our financial disclosure is accurate and transparent and that our reports contain all of the information about the Company that would be important to enable unitholders and potential investors to assess the soundness and risks of our business and finances and the quality and integrity of our accounting and disclosures. In addition:

· no Covered Person may take or authorize any action that would cause our financial records or financial disclosure to fail to comply with generally accepted accounting principles, the rules and regulations of the SEC or other applicable laws, rules and regulations;

· all Covered Persons must cooperate fully with our independent public accountants and counsel, respond to their questions with candor and provide them with complete and accurate information to help ensure that our books and records, as well as our reports filed with the SEC, are accurate and complete; and

· no Covered Person should knowingly make (or cause or encourage any other person to make) any false or misleading statement in any of our reports filed with the SEC or knowingly omit (or cause or encourage any other person to omit) any information necessary to make the disclosure in any of our reports accurate in all material respects.

Any Covered Person who becomes aware of any departure from these standards has a responsibility to report his or her knowledge promptly to a supervisor or one of the other compliance resources described in Section 14. In addition, each Covered Person must promptly bring to the attention of the PEO, the PFO or the Company’s legal counsel any information that the Covered Person may have concerning (a) significant deficiencies in the design or operation of internal control over financial reporting that could adversely affect the Company’s ability to record, process, summarize and report financial data or (b) any fraud, whether or not material, that involves management, directors, or other Covered Persons who have a significant role in the Company’s financial reporting, disclosures or internal controls.

7. Fair Dealing

Each Covered Person must endeavor to deal fairly with the Company’s customers, suppliers, competitors and employees. No Covered Person should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

The purpose of business entertainment and gifts in a commercial setting is to create good will and sound working relationships, not to gain unfair advantage. No business gift or entertainment should ever be offered, given, provided or accepted by any Covered Person unless it:

is not a cash or cash equivalent gift;
is consistent with customary business practices;
is objectively not excessive in value;
cannot be construed as a bribe, a payoff, or as otherwise intended to inappropriately influence a business decision; and
does not violate any laws, regulations, or applicable policies.

Please discuss with your supervisor or the Company’s legal counsel any business entertainment or gifts which you are not certain are appropriate.

8. Health and Safety

The Company strives to provide each employee with a safe and healthy work environment. Each Covered Person has responsibility for maintaining a safe and healthy workplace for all employees by following security, health and safety rules. Suspicious or criminal activity, accidents, injuries and unsafe equipment, practices or conditions should be immediately reported to your supervisor. Performing work while under the influence of alcohol, illegal drugs or improperly used prescription medication is unsafe and puts us all at risk. This is prohibited, and working under the influence of such substances will not be tolerated. The only exception to this rule is when alcohol is used responsibly and in moderation at business dinners and at certain authorized events. Violence and threatening behavior are not permitted. Any acts or threatened acts of violence must be immediately reported to your supervisor and Human Resources.

9. Political Involvement or Contributions

The Company respects your right to be involved in, and to participate in, the political process as you see fit. However, when engaging in personal civic and political affairs, your views and actions are your own, and not those of the Company. You may not use the Company’s resources (including work time) to support political parties, causes or candidates, or to promote your personal political views.

10. Protection and Proper Use of Company Assets

All Covered Persons are expected to protect our assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on our profitability. Company property is expected to be used only for legitimate business purposes, although incidental personal use may be permitted. Covered Persons should be mindful of the fact that we retain the right to access, review, monitor and disclose any information transmitted, received or stored using our electronic equipment, with or without an employee’s or third party’s knowledge, consent or approval. Any misuse or suspected misuse of ourassets must be immediately reported to your supervisor or the Company’s legal counsel.

11. Confidentiality

One of our most important assets is our confidential information. Covered Persons who have received or have access to confidential information about the Company should take care to keep this information confidential. Except when disclosure is authorized or legally mandated, you must not share our or our affiliates’ or customers’ confidential information with third parties or others within the Company who have no legitimate business purpose for receiving that information. Unauthorized use or distribution of this information could also be illegal and result in civil liability and/or criminal penalties.

You should also take care not to inadvertently disclose confidential information about the Company. Materials that contain confidential information, such as memos, notebooks and computers should be stored securely. Unauthorized posting or discussion of any information concerning our business, information or prospects on the Internet is prohibited. Be cautious when discussing sensitive information in public places like elevators or airports. All business relatedemails, voicemails and other communications are presumed confidential and should not be forwarded or otherwise disseminated outside of the Company, except where required for legitimate business purposes.

12. Encouraging the Reporting of any Illegal or Unethical Behavior

When there is any ambiguity about the proper ethical or legal action to take in a particular situation, Company employees and other Covered Persons should talk to supervisors or other appropriate personnel. Covered Persons must promptly report potential violations of applicable laws, rules, regulations or this Code (“Potential Violations”). Reports of Potential Violations may be submitted to the Company’s legal counsel anonymously if the Covered Person so desires. The Company will not allow retaliation for reports of Potential Violations that are made in good faith.

13. Waivers

Any waiver of this Code for any Covered Person, including the executive officers (including our principal executive officer, principa l financial officer, principal accounting officer or controller (or persons performing similar functions)) or directors may be authorized only by our general partner. All waivers of this Code will be disclosed to unitholders as required by applicable laws, rules and regulations.

14. Compliance Standards and Procedures

Compliance Resources

The PEO, the PFO and the Company’s legal counsel are responsible for:

· investigating Potential Violations;

· training new employees in Code policies;

· conducting annual training sessions to refresh employees’ familiarity with this Code;

· distributing copies of this Code annually via email to each employee with a reminder that each employee is responsible for reading, understanding and complying with this Code;

· updating this Code as needed and alerting employees to any updates, with appropriate approval of the Audit Committee of the Board of Directors, to reflect changes in the law, the Company operations and in recognized best practices, and to reflect the Company’s experience; and

· otherwise promoting an atmosphere of responsible and ethical conduct.

Your most immediate resource for any matter related to this Code is your supervisor. Your supervisor may have the information you need, or may be able to refer the question to another appropriate source. There may, however, be times when you prefer not to go to your supervisor. In these instances, you should feel free to discuss your concern with the PEO, the PFO or the Company’s legal counsel.

Clarifying Questions and Concerns; Reporting Potential Violations

If you encounter a situation or are considering a course of action and its appropriateness is unclear, discuss the matter promptly with your supervisor; even the appearance of impropriety can be very damaging and should be avoided.

If you are aware of Potential Violation of Code standards by others, you have a responsibility to report it. You are expected to promptly provide a compliance resource with a specific description of the Potential Violation that you believe has occurred, including any information you have about the persons involved and the time of the Potential Violation.Whether you choose to speak with your supervisor or the Compliance Hotline, you should do so without fear of any form of retaliation. We will take prompt disciplinary action against any employee who retaliates against you, up to and including termination of employment.

Supervisors must promptly report any complaints or observations of Potential Violations tothe PEO, the PFO or the Company’s legal counsel, who will report to the designated Company contacts your concern for investigation promptly and with the highest degree of confidentiality that is possible under the specific circumstances. Your cooperation in the investigation will be expected. As needed, the PEO or the PFO will consult with legal counsel and/or the general partner.

If the investigation indicates that a violation of this Code has probably occurred, we will take such action as we believe to be appropriate under the circumstances. If we determine that an employee is responsible for a Code violation, he or she will be subject to disciplinary action up to , and including, termination of employment and , in appropriate cases, civil action or referral for criminal prosecution. Appropriate action may also be taken to deter any future Code violations.

EX-31.1 3 ntci2_ex311.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Brian Flaherty, certify that:

1. I have reviewed this annual report on Form 10-K of National Tax Credit Investors II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 1, 2013

/s/Brian Flaherty

Brian Flaherty

Senior Managing Director of National Partnership Investments, LLC, equivalent of the chief executive officer of the Partnership

EX-31.2 4 ntci2_ex312.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, Edward Schmidt, certify that:

1. I have reviewed this annual report on Form 10-K of National Tax Credit Investors II;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 1, 2013

/s/Edward Schmidt

Edward Schmidt

Director of Reporting of National Partnership Investments, LLC, equivalent of the chief financial officer of the Partnership

EX-32.1 5 ntci2_ex321.htm EXHIBIT 32.1

Exhibit 32.1

Certification of CEO and CFO

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report on Form 10-K of National Tax Credit Investors II (the "Partnership"), for the fiscal year ended December 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Brian Flaherty, as the equivalent of the chief executive officer of the Partnership, and Edward Schmidt, as the equivalent of the chief financial officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

	/s/Brian Flaherty
	Name: Brian Flaherty
	Date: April 1, 2013

	/s/Edward Schmidt
	Name: Edward Schmidt
	Date: April 1, 2013

This certification is furnished with this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Partnership for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

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Note 1 - Organization and Summary of Significant Accounting Policies   Organization   National Tax Credit Investors II (NTCI II or the Partnership) is a limited partnership formed under the California Revised Local Partnership Act as of January 12, 1990. The Partnership was formed to invest primarily in other limited partnerships (Local Partnerships) which own and operate multifamily housing complexes that are eligible for low income housing federal income tax credits (the Housing Tax Credit). The general partner of the Partnership is National Partnership Investments, LLC (the General Partner or NAPICO), a California limited liability company. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (Bethesda). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (Aimco), a publicly traded real estate investment trust.  The business of NTCI II is conducted primarily by NAPICO. The Partnership shall continue in full force and effect until December 31, 2030, unless terminated earlier pursuant to the Partnership Agreement or law.   The General Partner has a one percent interest in operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99 percent interest in proportion to their respective investments.   Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the General Partner will be entitled to a property disposition fee as mentioned in the partnership agreement.  The limited partners will have a priority item equal to their invested capital plus 6 percent priority return as defined in the partnership agreement. This property disposition fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions plus the 6 percent priority return. No disposition fees have been paid or accrued.   At December 31, 2012 and 2011, the Partnership had outstanding 72,032 and 72,205 limited partnership interests, respectively.   Basis of Presentation   The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.   The Partnerships management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.   Cash and Cash Equivalents   Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.   Method of Accounting for Investments in Local Partnerships   The investments in Local Partnerships are accounted for using the equity method. Acquisition fees, selection fees and other costs related to the acquisition of the projects have been capitalized as part of the investment account and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.   Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.   Net Income Per Limited Partnership Interest   Net income per limited partnership interest was computed by dividing the limited partners' share of net income by the number of limited partnership interests outstanding at the beginning of the year.  The number of limited partnership interests used was 72,205 and 72,270 for the years ended December 31, 2012 and 2011, respectively.   Abandoned Interests   During 2012 and 2011, the number of limited partnership interests decreased by 173 and 65 units, respectively, due to limited partners abandoning their interests. In abandoning his or her partnership interests, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.   Mortgage Note Receivable   The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  The Partnership has recorded its mortgage note receivable at December 31, 2012 and 2011 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note. During the year ended December 31, 2011, the Partnership recognized an impairment loss of $50,000 related to the mortgage note receivable. No impairment was recognized during the year ended December 31, 2012. See Note 3 Mortgage Note Receivable for further information.   Impairment of Long-Lived Assets   The Partnership reviews long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. Other than the impairment of the mortgage note receivable as discussed above, the Partnership did not recognize any impairment losses during the years ended December 31, 2012 and 2011.   Fair Value of Financial Instruments   Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2012, the Partnership believes that the carrying amount of other assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.   Segment Reporting   ASC Topic 280-10, Segment Reporting, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.   Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   At December 31, 2012 and 2011, the Partnership holds variable interests in 4 and 5 VIEs, respectively, for which the Partnership is not the primary beneficiary.  The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership.  In making this determination, the Partnership considered the following factors:   ·        the general partners conduct and manage the business of the Local Partnerships; ·        the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·        the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·        the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·        the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·        the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The 4 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 494 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnerships maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnerships recorded investments in and receivables from these VIEs, which was approximately $3,533,000 and $3,674,000 at December 31, 2012 and 2011, respectively. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.   Revenue Recognition Deposit Method   Profit on the sale of limited partnership interests shall not be recognized under the full accrual method until all of the following criteria are met:  a sale is consummated, the buyers initial and continuing investments are adequate, the sellers receivable is not subject to future subordination and the risks of ownership have transferred to the buyer.  The Partnership recognizes gains on sale of limited partnership interests using the deposit method when all of the criteria for the full accrual method are not met. Under the deposit method no gain is recognized, no receivable from the buyer is recorded at the closing date and any cash received from the buyer is reported as a deposit liability on the balance sheet. The Partnership continues to carry the investment on its financials at December 31, 2011.

Note 2 - Investments In and Advances to Local Partnerships   As of December 31, 2012 and 2011, the Partnership holds limited partnership interests in 4 and 5 Local Partnerships, respectively, located in four and five states, respectively. As a limited partner of the Local Partnerships, the Partnership does not have authority over day-to-day management of the Local Partnerships or their properties (the "Apartment Complexes"). The general partners responsible for management of the Local Partnerships (the "Local Operating General Partners") are not affiliated with the General Partner of the Partnership, except as discussed below.   At December 31, 2012 and 2011, the Local Partnerships own residential projects consisting of 494 and 674 apartment units, respectively. During the year ended December 31, 2012, the Partnership sold its limited partnership interest in one of the Local Partnerships owning residential projects consisting of 180 apartment units.   The projects owned by the Local Partnerships in which the Partnership has invested were developed by the Local Operating General Partners who acquired the sites and applied for applicable mortgages and subsidies, if any. The Partnership became the principal limited partner in these Local Partnerships pursuant to arm's-length negotiations with the Local Operating General Partners.  As a limited partner, the Partnerships liability for obligations of the Local Partnerships is limited to its investment. The Local Operating General Partner of the Local Partnerships retains responsibility for developing, constructing, maintaining, operating and managing the Projects.  Under certain circumstances, an affiliate of NAPICO or the Partnership may act as the Local Operating General Partner.  An affiliate of NAPICO, National Tax Credit Inc. II ("NTC-II") is acting either as a special limited partner or non-managing administrative general partner (the Administrative General Partner) of each Local Partnership in which the Partnership had an investment.   The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (between 98.90% and 99%). The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships partnership agreements. These agreements usually limit the Partnerships distributions to an amount substantially less than its ownership percentage in the Local Partnership.   The individual investments are carried at cost plus the Partnerships share of the Local Partnerships profits less the Partnerships share of the Local Partnerships losses, distributions and impairment charges. See Note 1 Organization and Summary of Significant Accounting Policies for a description of the impairment policy. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, the Partnership does not recognize losses once the Partnerships investment in each of the Local Partnerships reaches zero.  Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying statements of operations. During the year ended December 31, 2011, the Partnership received approximately $10,000 in operating distributions from three Local Partnerships in which the Partnership does not have an investment balance, which was recognized as income in the statements of operations for the year ended December 31, 2011, as these distributions were received from Local Partnerships in which the Partnerships investment balance had previously been reduced to zero. There were no such distributions received in 2012.   For those investments where the Partnership has determined that the carrying value of the Partnerships investments approximates the estimated fair value of those investments, the Partnerships policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Partnerships.  Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize.   As of December 31, 2012 and 2011, the investment balance in three of the four and four of the five Local Partnerships, respectively, had been reduced to zero. The Partnerships remaining investment balance relates to the mortgage note receivable, which is discussed in Note 3 Mortgage Note Receivable.   At times, advances are made to Local Partnerships in order to preserve the ability to receive applicable tax credits. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnerships investment in limited partnerships.  Advances made to Local Partnerships in which the investment balance has been reduced to zero are charged to expense. The Partnership made an advance of less than $1,000 to Michigan Beach during the year ended December 31, 2012, for filing fees associated with management of the property. The Partnership did not make any advances during the year ended December 31, 2011. Subsequent to December 31, 2012 the Partnership advanced approximately $206,000 to Michigan Beach for operations and capital expenditures.  While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.   The difference between the investment per the accompanying balance sheets at December 31, 2012 and 2011 and the equity per the Local Partnerships' condensed combined financial statements is due primarily to cumulative unrecognized equity in losses of certain Local Partnerships, costs capitalized to the investment account, and cumulative distributions recognized as income.   The Partnerships value of its investments and its equity in the income/loss and/or distributions from the Local Partnerships are, for certain Local Partnerships, individually, not material to the overall financial position of the Partnership. The financial information from the unaudited condensed combined financial statements of such Local Partnerships at December 31, 2012 and 2011 and for each of the two years in the period then ended is presented below.  The Partnerships value of its investment in Michigan Beach Limited Partnership, (the Material Investee) is considered material to the Partnerships financial position and amounts included below for the Material Investee are included on an audited basis.   The following are estimated unaudited condensed combined statements of operations for the years ended December 31, 2012 and 2011 for the Local Partnerships in which the Partnership has investments. The 2012 and 2011 amounts exclude Pineview Terrace, for which the Partnership sold its limited partnership interest in February 2011; Sitka III, Soldotna Apartments, and Torres Del Plata II, for which the Partnership sold its limited partnership interests in June 2011; and Countryside Place, for which the Partnership sold its limited partnership interest in April 2012.   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="858" colspan="4" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="858" colspan="4" valign="top" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Condensed Combined Balance Sheets of the Local Partnerships </td> </tr> <tr style='height:12.25pt'> <td width="858" colspan="4" valign="top" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands) </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="438" colspan="3" valign="top" style='width:262.55pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> December 31, 2012 </td> </tr> <tr style='height:.35in'> <td width="420" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Assets: </td> <td width="161" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Unaudited </td> <td width="131" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Material Investee </td> <td width="146" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Total </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Land </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    562 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    843 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  1,405 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Building and improvements </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   13,125 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    8,222 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   21,347 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Accumulated depreciation </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (8,578) </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,967) </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,545) </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other assets </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      665 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     736 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,401 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total assets </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,774 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,834 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 11,608 </td> </tr> <tr style='height:.1in'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficit: </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Mortgage notes payable </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  8,172 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  9,073 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 17,245 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other liabilities </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,310 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    9,032 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   10,342 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partners deficit </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,708) </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,271) </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (15,979) </td> </tr> <tr style='height:2.9pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total liabilities and partners' deficit </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,774 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,834 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 11,608 </td> </tr> </table>       <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="858" colspan="4" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="438" colspan="3" valign="top" style='width:262.55pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> December 31, 2011 </td> </tr> <tr style='height:22.5pt'> <td width="420" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Assets </td> <td width="161" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Unaudited </td> <td width="131" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Material Investee </td> <td width="146" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Total </td> </tr> <tr style='height:8.65pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Land </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    562 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    843 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  1,405 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Building and improvements </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   13,065 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    7,714 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   20,779 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Accumulated depreciation </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (8,195) </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,555) </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (11,750) </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other assets </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      619 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,002 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,621 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total assets </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,051 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,004 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 12,055 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficit: </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Mortgage notes payable </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  8,179 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  9,124 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 17,303 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other liabilities </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,269 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    9,201 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   10,470 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partners deficit </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,397) </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,321) </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (15,718) </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total liabilities and partners' deficit </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,051 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,004 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 12,055 </td> </tr> </table>     <table border="0" cellspacing="0" cellpadding="0" width="855" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td width="855" colspan="8" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="855" colspan="8" valign="top" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Condensed Combined Results of Operations of the Local Partnerships </td> </tr> <tr style='height:12.25pt'> <td width="855" colspan="8" valign="top" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands)   </td> </tr> <tr style='height:6.3pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="120" colspan="2" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="315" colspan="4" valign="top" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> For the year Ended December 31, 2012 </td> <td width="330" colspan="3" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> For the year Ended December 31, 2011 </td> </tr> <tr style='height:.3in'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="113" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Rental and other revenue </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,406 </td> <td width="113" colspan="2" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,288 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 3,694 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 1,442 </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 2,200 </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 3,642 </td> </tr> <tr style='height:9.35pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Expenses: </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  Operating expenses </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,085 </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,837 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,922 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,096 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,574 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    2,670 </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  Interest </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     245 </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (15) </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     230 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      250 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      673 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      923 </td> </tr> <tr style='height:19.45pt'> <td width="210" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>  Depreciation and amortization </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     387 </td> <td width="113" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     417 </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     804 </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>      399 </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>      437 </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>      836 </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Total expenses </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,717 </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,239 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   3,956 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,745 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    2,684 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    4,429 </td> </tr> <tr style='height:5.05pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> </tr> <tr style='height:19.45pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> Income (loss) from continuing operations </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $  (311) </td> <td width="113" colspan="2" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $    49 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $  (262) </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>  $  (303) </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>  $  (484) </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>  $  (787) </td> </tr> <tr align="left"> <td width="210" style='border:none'></td> <td width="105" style='border:none'></td> <td width="15" style='border:none'></td> <td width="98" style='border:none'></td> <td width="98" style='border:none'></td> <td width="105" style='border:none'></td> <td width="113" style='border:none'></td> <td width="113" style='border:none'></td> </tr> </table>   Real Estate and Accumulated Depreciation of Local Partnerships   The following tables exclude the Local Partnerships sold in 2012 and 2011 as described above.   <table border="0" cellspacing="0" cellpadding="0" width="840" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:12.0pt'> <td width="233" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="135" colspan="2" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="98" colspan="2" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> </tr> <tr style='height:.3in'> <td width="840" colspan="9" valign="top" style='width:7.0in;padding:0in 5.4pt 0in 5.4pt;height:.3in'> (1) Schedule of Encumbrances and Investment Properties (all amounts unaudited except for those amounts relative to the Material Investee and are the gross amounts at which carried at December 31, 2012) (in thousands): </td> </tr> <tr style='height:.1in'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="128" colspan="2" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:42.3pt'> <td width="240" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'>       Description </td> <td width="128" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Encumbrances </td> <td width="90" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Land </td> <td width="135" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Buildings And Related Personal Property </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Total </td> <td width="143" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Accumulated Depreciation </td> </tr> <tr style='height:.1in'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:12.95pt'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Lincoln Grove </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $ 2,047 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $   185 </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    $ 4,025 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $ 4,210 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $ 2,242 </td> </tr> <tr style='height:12.95pt'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Michigan Beach </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     9,073 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     843 </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>      8,222 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    9,065 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    3,967 </td> </tr> <tr style='height:12.95pt'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Virginia Park Meadows </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     3,413 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>      79 </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>      5,397 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    5,476 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    4,351 </td> </tr> <tr style='height:12.95pt'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Jamestown Terrace </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     2,712 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     298 </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>      3,703 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    4,001 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    1,985 </td> </tr> <tr style='height:12.95pt'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Total </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $17,245 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 1,405 </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    $21,347 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $22,752 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $12,545 </td> </tr> <tr align="left"> <td width="233" style='border:none'></td> <td width="8" style='border:none'></td> <td width="128" style='border:none'></td> <td width="90" style='border:none'></td> <td width="8" style='border:none'></td> <td width="120" style='border:none'></td> <td width="8" style='border:none'></td> <td width="105" style='border:none'></td> <td width="143" style='border:none'></td> </tr> </table>     <table border="0" cellspacing="0" cellpadding="0" width="894" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="894" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="894" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (2) Reconciliation of real estate (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands): </td> </tr> <tr style='height:8.55pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="623" colspan="6" valign="top" style='width:373.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="293" colspan="3" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> <td width="330" colspan="3" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2011 </td> </tr> <tr style='height:.3in'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="90" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Real estate: </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $13,627 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 8,557 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $22,184 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $13,597 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 8,428 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $22,025 </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Improvements </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      60 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     508 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     568 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      30 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     129 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     159 </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $13,687 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 9,065 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $22,752 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $13,627 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 8,557 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $22,184 </td> </tr> </table>     <table border="0" cellspacing="0" cellpadding="0" width="894" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="894" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="894" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="left" style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:31.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:-31.5pt;layout-grid-mode:line;margin-left:0in;text-align:left;text-indent:0in'>(3) Reconciliation of accumulated depreciation (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands): </td> </tr> <tr style='height:.1in'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="623" colspan="6" valign="top" style='width:373.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="308" colspan="3" valign="top" style='width:184.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> <td width="315" colspan="3" valign="top" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2011 </td> </tr> <tr style='height:.3in'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Accumulated depreciation: </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 8,195 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 3,555 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $11,750 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $ 7,821 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 3,118 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $10,939 </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Depreciation expense </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      383 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      412 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     795 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       374 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     437 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     811 </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 8,578 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 3,967 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $12,545 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $ 8,195 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 3,555 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $11,750 </td> </tr> </table>   An affiliate of the General Partner is currently the Local Operating General Partner in one of the Partnerships four Local Partnerships included above, and a former affiliate received property management fees of approximately 5 percent of gross revenues from the same Local Partnership (See Note 4 Transactions with Affiliated Parties).   On February 4, 2011, the Partnership assigned its limited partnership interest in Pineview Terrace to a third party and received net proceeds of $1,000,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnerships investment balance in Pineview Terrace was zero at the date of the assignment.   On June 7, 2011, the Partnership assigned its limited partnership interest in both Sitka III Associates and Soldotna Associates to a third party and received net proceeds of $3,000 for each interest, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnerships investment balance in both Sitka III Associates and Soldotna Associates was zero at the date of the assignment.   On June 15, 2011, the Partnership sold its limited partnership interest in Torres del Plata II Limited Partnership to a third party and received net proceeds of approximately $25,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnerships investment balance in Torres del Plata II was zero at the date of the sale.   During November 2011, the Partnership entered into an assignment and assumption agreement with a third party affiliated with the operating general partner of Countryside North American Partners, L.P. (Countryside). The agreement provided for an assignment of the Partnerships 99% limited partnership interest in Countryside for $3,700,000. The assignment was subject to the consent of the Executive Director of the New Jersey Housing and Mortgage Finance Agency, which was received during December 2011. Upon receipt of approval from the Executive Director of the New Jersey Housing and Mortgage Finance Agency, the assignment of the Partnerships 99% limited partnership interest in Countryside became effective on December 30, 2011. Pursuant to the terms of the assignment agreement, the Partnership received a deposit of $150,000 in cash and a promissory note in the principal amount of $3,550,000 in December 2011. The promissory note had a maturity date of June 30, 2012 and bore interest at the annual rate of two percent if paid on or before March 31, 2012 and seven percent if paid after March 31, 2012. At December 31, 2011, this sale was accounted for under the deposit method, as it lacked adequate initial investment by the buyer to qualify as a sale transaction. Accordingly, the Partnership recorded deferred revenues of $145,000 (cash portion of the sales price received less $5,000 of expenses incurred in connection with the assignment) and excluded the promissory note from its assets at December 31, 2011. During the year ended December 31, 2012, the Partnership paid approximately $43,000 of New Jersey taxes associated with the sale, which was recognized as a reduction to the gain. During the year ended December 31, 2012, the Partnership received approximately $3,562,000 in payment of the note receivable of approximately $3,550,000 and accrued interest of approximately $12,000. The Partnership recognized a gain from sale of limited partnership interest of approximately $3,652,000 and interest income of approximately $12,000 during the year ended December 31, 2012. The Partnership had no investment balance remaining in this Local Partnership at the date of assignment and accounted for the investment as an asset held for sale at December 31, 2011.

Note 3 Mortgage Note Receivable   On May 30, 2006, the Partnership purchased the second mortgage for a Local Partnership, Michigan Beach, from the second mortgage holder, PAMI Midatlantic, LLC (PAMI) for a purchase price of $4,320,000. The second mortgage had a principal balance of approximately $3,596,000 and accrued interest outstanding at the time of the purchase. PAMI had filed an action for foreclosure and the appointment of a receiver for the alleged failure to make surplus cash payments and provide required financial reporting. As a result of the purchase, the Partnership was substituted in place of PAMI in the foreclosure action and then the Partnership dismissed the foreclosure action with prejudice on June 9, 2006.  The Partnership is the sole limited partner in Michigan Beach.    The second mortgage accrues interest at a fixed rate of 6.11%.  Semiannual payments from 50% of surplus cash are required and the note matures in July of 2031.  There is an option to the noteholder to accelerate maturity of the second mortgage after October of 2008. There have been no payments made on the loan. The Partnership recognized approximately $141,000 and $37,000  in equity in loss from Michigan Beach during the years ended December 31, 2012 and 2011, respectively, and reduced the carrying value of the mortgage note receivable. In addition, the Partnership recognized an impairment charge of $50,000 during the year ended December 31, 2011 to reduce the mortgage note receivable to its estimated value. With respect to the second mortgage from Michigan Beach, the Partnership has fully reserved any accrued interest.     <table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:24.3pt'> <td width="818" colspan="3" valign="top" style='width:490.5pt;padding:0in 5.4pt 0in 5.4pt;height:24.3pt'> The following is a summary of the mortgage note receivable activity for the years ended December 31, 2012 and 2011 (in thousands): </td> </tr> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2011 </td> </tr> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Mortgage note receivable balance, beginning of year </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,674 </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,761 </td> </tr> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Equity in losses of Local Partnership </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       (141) </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>        (37) </td> </tr> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Impairment loss </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>         -- </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>        (50) </td> </tr> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Mortgage note receivable balance, end of year </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,533 </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,674 </td> </tr> </table>

Note 4 Transactions with Affiliated Parties   Under the terms of its Partnership Agreement, the Partnership is obligated to the General Partner for the following fees:   (a)   An annual Partnership management fee in an amount equal to 0.5 percent of invested assets (as defined in the Partnership Agreement) at the beginning of the year is payable to the General Partner. For the years ended December 31, 2012 and 2011, partnership management fees in the amount of approximately $107,000 and $185,000, respectively, were recorded as an expense.   (b)   A property disposition fee is payable to the General Partner in an amount equal to the lesser of (i) one-half of the competitive real estate commission that would have been charged by unaffiliated third parties providing comparable services in the area where the apartment complex is located, or (ii) 3 percent of the sale price received in connection with the sale or disposition of the apartment complex or local partnership interest, but in no event will the property disposition fee and all amounts payable to unaffiliated real estate brokers in connection with any such sale exceed in the aggregate, the lesser of the competitive rate (as described above) or 6 percent of such sale price. Receipt of the property disposition fee will be subordinated to the distribution of sale or refinancing proceeds by the Partnership until the limited partners have received distributions of sale or refinancing proceeds in an aggregate amount equal to (i) their 6 percent priority return for any year not theretofore satisfied (as defined in the Partnership Agreement) and (ii) an amount equal to the aggregate adjusted investment (as defined in the Partnership Agreement) of the limited partners.  No disposition fees have been paid or accrued.   (c)   The Partnership reimburses NAPICO for certain expenses. The reimbursement to NAPICO was approximately $29,000 and $41,000 for the years ended December 31, 2012 and 2011, respectively, and is included in general and administrative expenses.   NTC-II or another affiliate of the General Partner is the Local Operating General Partner in one of the Partnership's four Local Partnerships at December 31, 2012. In addition, NTC-II is typically either a special limited partner or an administrative general partner in each Local Partnership in which the Partnership has an investment.   A former affiliate of the General Partner managed one property owned by a Local Partnership during the years ended December 31, 2012 and 2011.  The Local Partnership paid the affiliate property management fees in the amount of five percent of its gross rental revenues and data processing fees. The amounts paid were approximately $91,000 and $105,000 for the years ended December 31, 2012 and 2011, respectively.  On October 31, 2012, the former affiliate ceased to manage the property and management was transferred to a third party.   The General Partner is not obligated to advance funds to the Partnership for operations or to fund Partnership advances to Local Partnerships, but may voluntarily do so from time to time. There were no advances received by the Partnership during the years ended December 31, 2012 and 2011. The Partnership may receive future advances of funds from the General Partner although the General Partner is not obligated to provide such advances.   Bethesda and its affiliates owned 397.0 limited partnership interests (the "Units") in the Partnership representing 0.55% of the outstanding Units in the Partnership at December 31, 2012. It is possible that Bethesda or its affiliates will acquire additional Units in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Note 5 - Income Taxes   The Partnership is not taxed on its income. The partners are taxed in their individual capacities based upon their distributive share of the Partnership's taxable income or loss and are allowed the benefits to be derived from off-setting their distributive share of the tax losses against taxable income from other sources subject to passive loss limitations. The taxable income or loss differs from amounts included in the statements of operations because different methods are used in determining the losses of the Local Partnerships as discussed below. The taxable income or loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="489" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="308" colspan="3" valign="top" style='width:184.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:31.05pt'> <td width="797" colspan="4" valign="top" style='width:477.9pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> A reconciliation between the Partnerships reported net income and the net income (loss) per tax return follows (in thousands, except per limited partnership interest): </td> </tr> <tr style='height:7.65pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:7.65pt'>   </td> <td width="293" colspan="2" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.65pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="293" colspan="2" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Years Ended December 31, </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2011 </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income per financial statements </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 3,300 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   536 </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Sale of partnership interest </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,612) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   5,513 </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (177) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (90) </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Investment in Local Partnerships </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (289) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (496) </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per tax return </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   $  (778) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 5,463 </td> </tr> <tr style='height:5.75pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per limited partnership interest </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ (53.36) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $343.46 </td> </tr> <tr align="left"> <td width="454" style='border:none'></td> <td width="14" style='border:none'></td> <td width="157" style='border:none'></td> <td width="124" style='border:none'></td> </tr> </table>       <table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td width="375" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:32.85pt'> <td width="780" colspan="3" valign="top" style='width:6.5in;padding:0in 5.4pt 0in 5.4pt;height:32.85pt'> The following is a reconciliation between the Partnerships reported amounts and the Federal tax basis of net assets at December 31, 2012 and 2011 (in thousands): </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2011 </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net assets as reported </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  8,891 </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  5,591 </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Add (deduct): </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Deferred offering costs </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        9,367 </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        9,367 </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Investment in Local Partnerships </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (13,392) </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       (9,319) </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        3,673 </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        3,708 </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net assets Federal tax basis </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  8,539 </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  9,347 </td> </tr> </table>   The Partnership is subject to a New Jersey tax based upon the number of resident and non-resident limited partners and apportionment of income related to the Partnerships investment in certain Local Partnerships.  For the years ended December 31, 2012 and 2011, the expense related to this tax is reflected in tax expense in the accompanying statements of operations.  At December 31, 2011, the Partnerships estimate of the balance of the tax due for 2011 to the state of New Jersey was approximately $44,000 and this amount was included in accounts payable and accrued expenses on the accompanying balance sheet as of December 31, 2011. The actual balance of the tax due for 2011 was approximately $87,000 and was paid during the year ended December 31, 2012. The additional tax of approximately $43,000 owed for 2011 taxes is attributable to the sale of interest in Countryside and is included as a reduction of gain on sale during the year ended December 31, 2012. In addition, during the year ended December 31, 2012, the Partnership paid approximately $66,000 as a required deposit for estimated 2012 New Jersey taxes, which is based on half of the previous years taxes. However, the Partnerships estimate of the actual tax due for 2012 is approximately $12,000 which has been recognized as expense during the year ended December 31, 2012. The remaining balance paid of approximately $54,000 is reflected as an other asset on the accompanying balance sheet at December 31, 2012.

Note 6 - Contingencies   The General Partner is involved in various lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the General Partner, the claims will not result in any material liability to the Partnership.

Organization   National Tax Credit Investors II (NTCI II or the Partnership) is a limited partnership formed under the California Revised Local Partnership Act as of January 12, 1990. The Partnership was formed to invest primarily in other limited partnerships (Local Partnerships) which own and operate multifamily housing complexes that are eligible for low income housing federal income tax credits (the Housing Tax Credit). The general partner of the Partnership is National Partnership Investments, LLC (the General Partner or NAPICO), a California limited liability company. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (Bethesda). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (Aimco), a publicly traded real estate investment trust.  The business of NTCI II is conducted primarily by NAPICO. The Partnership shall continue in full force and effect until December 31, 2030, unless terminated earlier pursuant to the Partnership Agreement or law.   The General Partner has a one percent interest in operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99 percent interest in proportion to their respective investments.   Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the General Partner will be entitled to a property disposition fee as mentioned in the partnership agreement.  The limited partners will have a priority item equal to their invested capital plus 6 percent priority return as defined in the partnership agreement. This property disposition fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions plus the 6 percent priority return. No disposition fees have been paid or accrued.   At December 31, 2012 and 2011, the Partnership had outstanding 72,032 and 72,205 limited partnership interests, respectively.

Basis of Presentation   The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.   The Partnerships management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.

Cash and Cash Equivalents   Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.

Method of Accounting for Investments in Local Partnerships   The investments in Local Partnerships are accounted for using the equity method. Acquisition fees, selection fees and other costs related to the acquisition of the projects have been capitalized as part of the investment account and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.

Net Income Per Limited Partnership Interest   Net income per limited partnership interest was computed by dividing the limited partners' share of net income by the number of limited partnership interests outstanding at the beginning of the year.  The number of limited partnership interests used was 72,205 and 72,270 for the years ended December 31, 2012 and 2011, respectively. Abandoned Interests   During 2012 and 2011, the number of limited partnership interests decreased by 173 and 65 units, respectively, due to limited partners abandoning their interests. In abandoning his or her partnership interests, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.

Mortgage Note Receivable   The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  The Partnership has recorded its mortgage note receivable at December 31, 2012 and 2011 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note. During the year ended December 31, 2011, the Partnership recognized an impairment loss of $50,000 related to the mortgage note receivable. No impairment was recognized during the year ended December 31, 2012. See Note 3 Mortgage Note Receivable for further information.

Impairment of Long-Lived Assets   The Partnership reviews long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. Other than the impairment of the mortgage note receivable as discussed above, the Partnership did not recognize any impairment losses during the years ended December 31, 2012 and 2011.

Fair Value of Financial Instruments   Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2012, the Partnership believes that the carrying amount of other assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Segment Reporting   ASC Topic 280-10, Segment Reporting, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.

Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   At December 31, 2012 and 2011, the Partnership holds variable interests in 4 and 5 VIEs, respectively, for which the Partnership is not the primary beneficiary.  The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership.  In making this determination, the Partnership considered the following factors:   ·        the general partners conduct and manage the business of the Local Partnerships; ·        the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·        the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·        the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·        the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·        the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The 4 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 494 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnerships maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnerships recorded investments in and receivables from these VIEs, which was approximately $3,533,000 and $3,674,000 at December 31, 2012 and 2011, respectively. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Revenue Recognition Deposit Method   Profit on the sale of limited partnership interests shall not be recognized under the full accrual method until all of the following criteria are met:  a sale is consummated, the buyers initial and continuing investments are adequate, the sellers receivable is not subject to future subordination and the risks of ownership have transferred to the buyer.  The Partnership recognizes gains on sale of limited partnership interests using the deposit method when all of the criteria for the full accrual method are not met. Under the deposit method no gain is recognized, no receivable from the buyer is recorded at the closing date and any cash received from the buyer is reported as a deposit liability on the balance sheet. The Partnership continues to carry the investment on its financials at December 31, 2011.

<table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:24.3pt'> <td width="818" colspan="3" valign="top" style='width:490.5pt;padding:0in 5.4pt 0in 5.4pt;height:24.3pt'> The following is a summary of the mortgage note receivable activity for the years ended December 31, 2012 and 2011 (in thousands): </td> </tr> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2011 </td> </tr> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Mortgage note receivable balance, beginning of year </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,674 </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,761 </td> </tr> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Equity in losses of Local Partnership </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       (141) </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>        (37) </td> </tr> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Impairment loss </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>         -- </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>        (50) </td> </tr> <tr style='height:13.7pt'> <td width="533" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Mortgage note receivable balance, end of year </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,533 </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,674 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="858" colspan="4" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="858" colspan="4" valign="top" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Condensed Combined Balance Sheets of the Local Partnerships </td> </tr> <tr style='height:12.25pt'> <td width="858" colspan="4" valign="top" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands) </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="438" colspan="3" valign="top" style='width:262.55pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> December 31, 2012 </td> </tr> <tr style='height:.35in'> <td width="420" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Assets: </td> <td width="161" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Unaudited </td> <td width="131" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Material Investee </td> <td width="146" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Total </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Land </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    562 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    843 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  1,405 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Building and improvements </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   13,125 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    8,222 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   21,347 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Accumulated depreciation </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (8,578) </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,967) </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,545) </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other assets </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      665 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     736 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,401 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total assets </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,774 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,834 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 11,608 </td> </tr> <tr style='height:.1in'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficit: </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Mortgage notes payable </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  8,172 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  9,073 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 17,245 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other liabilities </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,310 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    9,032 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   10,342 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partners deficit </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,708) </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,271) </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (15,979) </td> </tr> <tr style='height:2.9pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total liabilities and partners' deficit </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,774 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,834 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 11,608 </td> </tr> </table>       <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="858" colspan="4" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="438" colspan="3" valign="top" style='width:262.55pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> December 31, 2011 </td> </tr> <tr style='height:22.5pt'> <td width="420" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Assets </td> <td width="161" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Unaudited </td> <td width="131" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Material Investee </td> <td width="146" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Total </td> </tr> <tr style='height:8.65pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Land </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    562 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    843 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  1,405 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Building and improvements </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   13,065 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    7,714 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   20,779 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Accumulated depreciation </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (8,195) </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,555) </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (11,750) </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other assets </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      619 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,002 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,621 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total assets </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,051 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,004 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 12,055 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficit: </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Mortgage notes payable </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  8,179 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  9,124 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 17,303 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other liabilities </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,269 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    9,201 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   10,470 </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partners deficit </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,397) </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,321) </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (15,718) </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="420" valign="top" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total liabilities and partners' deficit </td> <td width="161" valign="top" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,051 </td> <td width="131" valign="top" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,004 </td> <td width="146" valign="top" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 12,055 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="855" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td width="855" colspan="8" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="855" colspan="8" valign="top" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Condensed Combined Results of Operations of the Local Partnerships </td> </tr> <tr style='height:12.25pt'> <td width="855" colspan="8" valign="top" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands)   </td> </tr> <tr style='height:6.3pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="120" colspan="2" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="315" colspan="4" valign="top" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> For the year Ended December 31, 2012 </td> <td width="330" colspan="3" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> For the year Ended December 31, 2011 </td> </tr> <tr style='height:.3in'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="113" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Rental and other revenue </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,406 </td> <td width="113" colspan="2" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,288 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 3,694 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 1,442 </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 2,200 </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 3,642 </td> </tr> <tr style='height:9.35pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Expenses: </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  Operating expenses </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,085 </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,837 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,922 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,096 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,574 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    2,670 </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  Interest </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     245 </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (15) </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     230 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      250 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      673 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      923 </td> </tr> <tr style='height:19.45pt'> <td width="210" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>  Depreciation and amortization </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     387 </td> <td width="113" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     417 </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     804 </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>      399 </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>      437 </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>      836 </td> </tr> <tr style='height:12.25pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Total expenses </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,717 </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,239 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   3,956 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,745 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    2,684 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    4,429 </td> </tr> <tr style='height:5.05pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> </tr> <tr style='height:19.45pt'> <td width="210" valign="top" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> Income (loss) from continuing operations </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $  (311) </td> <td width="113" colspan="2" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $    49 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $  (262) </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>  $  (303) </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>  $  (484) </td> <td width="113" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>  $  (787) </td> </tr> <tr align="left"> <td width="210" style='border:none'></td> <td width="105" style='border:none'></td> <td width="15" style='border:none'></td> <td width="98" style='border:none'></td> <td width="98" style='border:none'></td> <td width="105" style='border:none'></td> <td width="113" style='border:none'></td> <td width="113" style='border:none'></td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="840" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:12.0pt'> <td width="233" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="135" colspan="2" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="98" colspan="2" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> </tr> <tr style='height:.3in'> <td width="840" colspan="9" valign="top" style='width:7.0in;padding:0in 5.4pt 0in 5.4pt;height:.3in'> (1) Schedule of Encumbrances and Investment Properties (all amounts unaudited except for those amounts relative to the Material Investee and are the gross amounts at which carried at December 31, 2012) (in thousands): </td> </tr> <tr style='height:.1in'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="128" colspan="2" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="113" colspan="2" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:42.3pt'> <td width="240" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'>       Description </td> <td width="128" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Encumbrances </td> <td width="90" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Land </td> <td width="135" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Buildings And Related Personal Property </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Total </td> <td width="143" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Accumulated Depreciation </td> </tr> <tr style='height:.1in'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:12.95pt'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Lincoln Grove </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $ 2,047 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $   185 </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    $ 4,025 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $ 4,210 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $ 2,242 </td> </tr> <tr style='height:12.95pt'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Michigan Beach </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     9,073 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     843 </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>      8,222 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    9,065 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    3,967 </td> </tr> <tr style='height:12.95pt'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Virginia Park Meadows </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     3,413 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>      79 </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>      5,397 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    5,476 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    4,351 </td> </tr> <tr style='height:12.95pt'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Jamestown Terrace </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     2,712 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     298 </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>      3,703 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    4,001 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    1,985 </td> </tr> <tr style='height:12.95pt'> <td width="240" colspan="2" valign="top" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Total </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $17,245 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 1,405 </td> <td width="135" colspan="3" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    $21,347 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $22,752 </td> <td width="143" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $12,545 </td> </tr> <tr align="left"> <td width="233" style='border:none'></td> <td width="8" style='border:none'></td> <td width="128" style='border:none'></td> <td width="90" style='border:none'></td> <td width="8" style='border:none'></td> <td width="120" style='border:none'></td> <td width="8" style='border:none'></td> <td width="105" style='border:none'></td> <td width="143" style='border:none'></td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="894" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="894" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="894" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (2) Reconciliation of real estate (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands): </td> </tr> <tr style='height:8.55pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="623" colspan="6" valign="top" style='width:373.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="293" colspan="3" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> <td width="330" colspan="3" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2011 </td> </tr> <tr style='height:.3in'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="90" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Real estate: </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $13,627 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 8,557 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $22,184 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $13,597 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 8,428 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $22,025 </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Improvements </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      60 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     508 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     568 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      30 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     129 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     159 </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $13,687 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 9,065 </td> <td width="90" valign="top" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $22,752 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $13,627 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 8,557 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $22,184 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="894" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="894" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="894" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="left" style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:31.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:-31.5pt;layout-grid-mode:line;margin-left:0in;text-align:left;text-indent:0in'>(3) Reconciliation of accumulated depreciation (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands): </td> </tr> <tr style='height:.1in'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="623" colspan="6" valign="top" style='width:373.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="308" colspan="3" valign="top" style='width:184.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> <td width="315" colspan="3" valign="top" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2011 </td> </tr> <tr style='height:.3in'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="113" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Accumulated depreciation: </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 8,195 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 3,555 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $11,750 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $ 7,821 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 3,118 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $10,939 </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Depreciation expense </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      383 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      412 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     795 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       374 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     437 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     811 </td> </tr> <tr style='height:13.7pt'> <td width="272" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 8,578 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 3,967 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $12,545 </td> <td width="113" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $ 8,195 </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 3,555 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $11,750 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="489" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="308" colspan="3" valign="top" style='width:184.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:31.05pt'> <td width="797" colspan="4" valign="top" style='width:477.9pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> A reconciliation between the Partnerships reported net income and the net income (loss) per tax return follows (in thousands, except per limited partnership interest): </td> </tr> <tr style='height:7.65pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:7.65pt'>   </td> <td width="293" colspan="2" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.65pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="293" colspan="2" valign="top" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Years Ended December 31, </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2011 </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income per financial statements </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 3,300 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   536 </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Sale of partnership interest </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,612) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   5,513 </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (177) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (90) </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Investment in Local Partnerships </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (289) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (496) </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per tax return </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   $  (778) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 5,463 </td> </tr> <tr style='height:5.75pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="504" colspan="2" valign="top" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per limited partnership interest </td> <td width="165" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ (53.36) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $343.46 </td> </tr> <tr align="left"> <td width="454" style='border:none'></td> <td width="14" style='border:none'></td> <td width="157" style='border:none'></td> <td width="124" style='border:none'></td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td width="375" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:32.85pt'> <td width="780" colspan="3" valign="top" style='width:6.5in;padding:0in 5.4pt 0in 5.4pt;height:32.85pt'> The following is a reconciliation between the Partnerships reported amounts and the Federal tax basis of net assets at December 31, 2012 and 2011 (in thousands): </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2011 </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net assets as reported </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  8,891 </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  5,591 </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Add (deduct): </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Deferred offering costs </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        9,367 </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        9,367 </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Investment in Local Partnerships </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (13,392) </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       (9,319) </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        3,673 </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        3,708 </td> </tr> <tr style='height:12.25pt'> <td width="375" valign="top" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net assets Federal tax basis </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  8,539 </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  9,347 </td> </tr> </table>

12000

0000

19000

3000

31000

3000

107000 185000

50000

61000

13000

101000

72000

74000

242000

421000

-211000

-418000

3652000

1031000

0000

10000

0000

-50000

-141000

-37000

33000

5000

3267000

531000

45.25

7.35

72032 72032 72205 72205 72270 173 65 50000 4 5 4 494 3533000 3674000 4 5 494 674 180 10000 206000

562000

843000

1405000

13125000

8222000

21347000

-8578000

-3967000

-12545000

665000 736000 1401000 5774000 5834000 11608000 8172000 9073000 17245000

1310000

9032000

10342000

-3708000 -12271000 -15979000 5774000 5834000 11608000

562000

843000

1405000

13065000

7714000

20779000

-8195000

-3555000

-11750000

619000 1002000 1621000 6051000 6004000 12055000 8179000 9124000 17303000

1269000

9201000

10470000

-3397000 -12321000 -15718000 6051000 6004000 12055000 1406000 2288000 3694000 1442000 2200000 3642000 1085000 1837000 2922000 1096000 1574000 2670000 245000 -15000 230000 250000 673000 923000 387000 417000 804000 399000 437000 836000 1717000 2239000 3956000 1745000 2684000 4429000 -311000 49000 -262000 -303000 -484000 -787000

2047000

185000

4025000

4210000

2242000

9073000

843000

8222000

9065000

3967000

3413000

79000

5397000

5476000

4351000

2712000

298000

3703000

4001000

1985000

17245000

1405000

21347000

22752000

12545000

13627000 8557000 22184000 13597000 8428000 22025000

60000

508000

568000

30000

129000

159000

13687000 9065000 22752000 13627000 8557000 22184000 8195000 3555000 11750000 7821000 3118000 10939000

383000

412000

795000

374000

437000

811000

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Income Taxes Cash flows from investing activities: Accounts payable and accrued expenses {1} Accounts payable and accrued expenses Impairment loss {1} Impairment loss Net income Net income Total revenues Total revenues Liabilities and Partner's (Deficiency) Capital Current Fiscal Year End Date Payment of required deposit for NJ estimated 2012 taxes Carrying value of mortgage note reduced by equity in loss of Michigan Beach Depreciation and amortization Limited partnership interests abandoned during the year Reconciliation of Book Net Assets (Liabilities) to Federal tax basis of Net Assets (Liabilties) Schedule of Encumbrances and Investment Properties for Local Partnerships Fair Value of Financial Instruments Net cash provided by investing activities Net cash provided by investing activities Change in accounts: Statement, Equity Components General partner Partners' (deficiency) capital: Deferred revenue Cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Net assets - Federal tax basis NJ 2012 tax expense recognized for reporting period Recognition of equity in losses of Local Partnerhip Operating expenses of Local Partnerships Partnership interest in Torres del Plata sale proceeds June 2011 Limited Partnership Interests held by Partnership Cash and Cash Equivalents Equity in loss of Local Partnerships Impairment loss Distributions from Local Partnerships recognized as income Entity Current Reporting Status Other book tax income or expense differences Expense reimbursements - related party Impairment loss mortgage note receivable Accumulated Depreciation balance beginning of year - Local Partnerships Lincoln Grove Real Estate Accumulated Depreciation Deferred revenue,net December 2011 Countryside sale Deposit Method Number of Variable Interest Entities held by Parnterhip Use of Estimates Accounts receivable - limited partners {1} Accounts receivable - limited partners Statement of Shareholders Equity (Deficit) Limited partners Entity Central Index Key Portion of 2011 NJ tax paid in 2012 included in gain on sale of Countryside interest Land Cash received in 2012 principal payment Countryside note Operating distributions received from Investment Partnerships Partnership's exposure to loss with respect to VIEs Condensed Combined Balance Sheets of the Local Partnerships Other assets {1} Other assets Gain from sales of limited partnership interests in Local Partnerships {1} Gain from sales of limited partnership interests in Local Partnerships Net income allocated to general partner (1%) Tax expense Operating expenses: Investment in Local Partnerships book tax differences Real Estate and Accumulated Depreciation, Amount of Encumbrances Total expenses Total Equity Interest income recognized in 2012 Countryside interest sale Revenue Recognition - Deposit Method Sale deposit received - sale of limited partnership interest in Local Partnership Total operating expenses Total operating expenses Other income Revenues: Accounts payable and accrued expenses Mortgage note receivable Balance Sheets Carrying value of mortgage note reduced by impairment charge of Michigan Beach Depreciation Real Estate balance beginning of year - Local Partnerships Real Estate and Accumulated Depreciation, Accumulated Depreciation Income (Loss) from continuing operations Buildings and Improvements, Gross Material Investee - Local Partnership Investment Partnership interest in Countryside assignment contract November 2011 - Deposit Method Reconciliation of real estate of Local Partnerships Note 6 - Contingencies Note 1 - Organization and Summary of Significant Accounting Policies Net increase in cash and cash equivalents Net increase in cash and cash equivalents Gain from sales of limited partnership interests in Local Partnerships Statements of Operations Total liabilities and partners' (deficiency) capital Total liabilities and partners' (deficiency) capital Entity Filer Category Document and Entity Information: Mortage note receivable balance, end of period Principal balance of mortgage acquired, Michigan Beach - 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Note 2 - Investments in and Advances To Local Partnerships: Condensed Combined Balance Sheets of the Local Partnerships (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Unaudited Local Partnerships Investments
Land	$ 562	$ 562
Buildings and Improvements, Gross	13,125	13,065
Real Estate Accumulated Depreciation	(8,578)	(8,195)
Other assets - Local Partnerships	665	619
Total assets	5,774	6,051
Mortgage notes payable	8,172	8,179
Other Liabilities	1,310	1,269
Total Equity	(3,708)	(3,397)
Total liabilities and partners' equity	5,774	6,051
Material Investee - Local Partnership Investment
Land	843	843
Buildings and Improvements, Gross	8,222	7,714
Real Estate Accumulated Depreciation	(3,967)	(3,555)
Other assets - Local Partnerships	736	1,002
Total assets	5,834	6,004
Mortgage notes payable	9,073	9,124
Other Liabilities	9,032	9,201
Total Equity	(12,271)	(12,321)
Total liabilities and partners' equity	5,834	6,004
Total
Land	1,405	1,405
Buildings and Improvements, Gross	21,347	20,779
Real Estate Accumulated Depreciation	(12,545)	(11,750)
Other assets - Local Partnerships	1,401	1,621
Total assets	11,608	12,055
Mortgage notes payable	17,245	17,303
Other Liabilities	10,342	10,470
Total Equity	(15,979)	(15,718)
Total liabilities and partners' equity	$ 11,608	$ 12,055

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Note 5 - Income Taxes: Reconciliation of Book Net Income (Loss) to Federal Taxable Income (Loss) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Net income	$ 3,300	$ 536
Sale of partnership interest book tax difference	(3,612)	5,513
Other book tax income or expense differences	(177)	(90)
Investment in Local Partnerships book tax differences in operations	(289)	(496)
Net income (loss) per tax return	$ (778)	$ 5,463
Net income (loss) per limited partnership interest per tax return	$ (53.36)	$ 343.46

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

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Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

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-Appendix A

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

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+ Details

XML 14 R46.htm IDEA: XBRL DOCUMENT

Note 4 - Transactions With Affiliated Parties (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Management fee expense - related party	$ 107,000	$ 185,000
Expense reimbursements - related party	29,000	41,000
Investment Partnership payment of property management fees to affiliate of Partnership	$ 91,000	$ 105,000
Limited partnership interests owned by Affiliates	397.0
Limited partnership percentage owned by Affiliates	0.55%

XML 15 R33.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Summary of Significant Accounting Policies: Organization (Details)	Dec. 31, 2012	Dec. 31, 2011
Outstanding Limited Partnership Interests	72,032	72,205

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Note 2 - Investments in and Advances To Local Partnerships: Condensed Combined Balance Sheets of the Local Partnerships (Tables)

12 Months Ended

Dec. 31, 2012

Tables/Schedules

Condensed Combined Balance Sheets of the Local Partnerships


Condensed Combined Balance Sheets of the Local Partnerships
(in thousands)
	December 31, 2012
Assets:	Unaudited	Material Investee	Total

Land	$ 562	$ 843	$ 1,405
Building and improvements	13,125	8,222	21,347
Accumulated depreciation	(8,578)	(3,967)	(12,545)
Other assets	665	736	1,401
Total assets	$ 5,774	$ 5,834	$ 11,608

Liabilities and Partners Deficit:
Liabilities:
Mortgage notes payable	$ 8,172	$ 9,073	$ 17,245
Other liabilities	1,310	9,032	10,342
Partners’ deficit	(3,708)	(12,271)	(15,979)

Total liabilities and partners' deficit	$ 5,774	$ 5,834	$ 11,608




	December 31, 2011
Assets	Unaudited	Material Investee	Total

Land	$ 562	$ 843	$ 1,405
Building and improvements	13,065	7,714	20,779
Accumulated depreciation	(8,195)	(3,555)	(11,750)
Other assets	619	1,002	1,621
Total assets	$ 6,051	$ 6,004	$ 12,055

Liabilities and Partners Deficit:
Liabilities:
Mortgage notes payable	$ 8,179	$ 9,124	$ 17,303
Other liabilities	1,269	9,201	10,470
Partners’ deficit	(3,397)	(12,321)	(15,718)

Total liabilities and partners' deficit	$ 6,051	$ 6,004	$ 12,055

XML 18 R42.htm IDEA: XBRL DOCUMENT

Note 2 - Investments in and Advances To Local Partnerships: Reconciliation of real estate of Local Partnerships (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Unaudited Local Partnerships Investments
Real Estate balance beginning of year - Local Partnerships	$ 13,627	$ 13,597
Property, Plant and Equipment, Additions	60	30
Real Estate balance end of year - Local Partnerships	13,687	13,627
Material Investee - Local Partnership Investment
Real Estate balance beginning of year - Local Partnerships	8,557	8,428
Property, Plant and Equipment, Additions	508	129
Real Estate balance end of year - Local Partnerships	9,065	8,557
Total
Real Estate balance beginning of year - Local Partnerships	22,184	22,025
Property, Plant and Equipment, Additions	568	159
Real Estate balance end of year - Local Partnerships	$ 22,752	$ 22,184

XML 19 R37.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Summary of Significant Accounting Policies: Variable Interest Entities (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Number of Variable Interest Entities held by Parnterhip	4	5
Number of apartment properties held by VIEs	4
Number of apartment untis within VIEs	494
Partnership's exposure to loss with respect to VIEs	$ 3,533,000	$ 3,674,000

XML 20 R47.htm IDEA: XBRL DOCUMENT

Note 5 - Income Taxes (Details) (USD $)	12 Months Ended
Note 5 - Income Taxes (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
NJ estimated 2011 tax balance due included in accrued expenses		$ 44,000
Payment in 2012 of 2011 actual NJ tax balance due	87,000
Portion of 2011 NJ tax paid in 2012 included in gain on sale of Countryside interest	43,000
Payment of required deposit for NJ estimated 2012 taxes	66,000
Partnership's estimate of actual NJ tax due for 2012	12,000
NJ 2012 tax expense recognized for reporting period	12,000
NJ 2012 prepaid tax deposit	$ 54,000

XML 21 R9.htm IDEA: XBRL DOCUMENT

Note 4 - Transactions With Affiliated Parties

12 Months Ended

Dec. 31, 2012

Notes

Note 4 - Transactions With Affiliated Parties

Note 4 – Transactions with Affiliated Parties

Under the terms of its Partnership Agreement, the Partnership is obligated to the General Partner for the following fees:

The General Partner is not obligated to advance funds to the Partnership for operations or to fund Partnership advances to Local Partnerships, but may voluntarily do so from time to time. There were no advances received by the Partnership during the years ended December 31, 2012 and 2011. The Partnership may receive future advances of funds from the General Partner although the General Partner is not obligated to provide such advances.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Note 2 - Investments in and Advances To Local Partnerships: Reconciliation of accumulated depreciation of Local Partnerships (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Unaudited Local Partnerships Investments

Accumulated Depreciation balance beginning of year - Local Partnerships $ 8,195 $ 7,821

Depreciation 383 374

Accumulated Depreciation balance end of year - Local Partnerships 8,578 8,195

Material Investee - Local Partnership Investment

Accumulated Depreciation balance beginning of year - Local Partnerships 3,555 3,118

Depreciation 412 437

Accumulated Depreciation balance end of year - Local Partnerships 3,967 3,555

Total

Accumulated Depreciation balance beginning of year - Local Partnerships 11,750 10,939

Depreciation 795 811

Accumulated Depreciation balance end of year - Local Partnerships $ 12,545 $ 11,750

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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

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Note 2 - Investments in and Advances To Local Partnerships: Reconciliation of accumulated depreciation of Local Partnerships (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconciliation of accumulated depreciation of Local Partnerships

(3) Reconciliation of accumulated depreciation (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

Year Ended December 31, 2012

Year Ended December 31, 2011

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

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Balance at beginning of year

$ 8,195

$ 3,555

$11,750

$ 7,821

$ 3,118

$10,939

Depreciation expense

 383

 412

 795

 374

 437

 811

Balance at end of year

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$ 3,967

$12,545

$ 8,195

$ 3,555

$11,750

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Note 2 - Investments in and Advances To Local Partnerships: Reconciliation of real estate of Local Partnerships (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconciliation of real estate of Local Partnerships

(2) Reconciliation of real estate (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

Year Ended December 31, 2012

Year Ended December 31, 2011

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

Real estate:

Balance at beginning of year

$13,627

$ 8,557

$22,184

$13,597

$ 8,428

$22,025

Improvements

 60

 508

 568

 30

 129

 159

Balance at end of year

$13,687

$ 9,065

$22,752

$13,627

$ 8,557

$22,184

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Note 3 - Mortgage Note Receivable (Details) (USD $)
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Purchase price for mortgage of investment partnership, Michigan Beach - 2006 $ 4,320,000 $ 4,320,000

Principal balance of mortgage acquired, Michigan Beach - 2006 3,596,000 3,596,000

Carrying value of mortgage note reduced by equity in loss of Michigan Beach 141,000 37,000

Carrying value of mortgage note reduced by impairment charge of Michigan Beach $ 50,000

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Note 3 - Mortgage Note Receivable: Summary of the mortgage note receivable activity (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Summary of the mortgage note receivable activity

The following is a summary of the mortgage note receivable activity for the years ended December 31, 2012 and 2011 (in thousands):

2012

2011

Mortgage note receivable balance, beginning of year

 $ 3,674

 $ 3,761

Equity in losses of Local Partnership

 (141)

 (37)

Impairment loss

 --

 (50)

Mortgage note receivable balance, end of year

 $ 3,533

 $ 3,674

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Note 5 - Income Taxes: Reconciliation of Book Net Income (Loss) to Federal Taxable Income (Loss) (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconciliation of Book Net Income (Loss) to Federal Taxable Income (Loss)

A reconciliation between the Partnership’s reported net income and the net income (loss) per tax return follows (in thousands, except per limited partnership interest):

Years Ended December 31,

2012

2011

Net income per financial statements

$ 3,300

$ 536

Sale of partnership interest

 (3,612)

5,513

Other

 (177)

 (90)

Investment in Local Partnerships

 (289)

 (496)

Net income (loss) per tax return

$ (778)

$ 5,463

Net income (loss) per limited partnership interest

$ (53.36)

$343.46

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Note 3 - Mortgage Note Receivable
12 Months Ended

Dec. 31, 2012

Notes

Note 3 - Mortgage Note Receivable
Note 3 – Mortgage Note Receivable

On May 30, 2006, the Partnership purchased the second mortgage for a Local Partnership, Michigan Beach, from the second mortgage holder, PAMI Midatlantic, LLC (“PAMI”) for a purchase price of $4,320,000. The second mortgage had a principal balance of approximately $3,596,000 and accrued interest outstanding at the time of the purchase. PAMI had filed an action for foreclosure and the appointment of a receiver for the alleged failure to make surplus cash payments and provide required financial reporting. As a result of the purchase, the Partnership was substituted in place of PAMI in the foreclosure action and then the Partnership dismissed the foreclosure action with prejudice on June 9, 2006. The Partnership is the sole limited partner in Michigan Beach.

The second mortgage accrues interest at a fixed rate of 6.11%. Semiannual payments from 50% of surplus cash are required and the note matures in July of 2031. There is an option to the noteholder to accelerate maturity of the second mortgage after October of 2008. There have been no payments made on the loan. The Partnership recognized approximately $141,000 and $37,000 in equity in loss from Michigan Beach during the years ended December 31, 2012 and 2011, respectively, and reduced the carrying value of the mortgage note receivable. In addition, the Partnership recognized an impairment charge of $50,000 during the year ended December 31, 2011 to reduce the mortgage note receivable to its estimated value. With respect to the second mortgage from Michigan Beach, the Partnership has fully reserved any accrued interest.

The following is a summary of the mortgage note receivable activity for the years ended December 31, 2012 and 2011 (in thousands):

2012

2011

Mortgage note receivable balance, beginning of year

 $ 3,674

 $ 3,761

Equity in losses of Local Partnership

 (141)

 (37)

Impairment loss

 --

 (50)

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 $ 3,674

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Note 5 - Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Federal tax basis of Net Assets (Liabilties) (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconciliation of Book Net Assets (Liabilities) to Federal tax basis of Net Assets (Liabilties)

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2012

2011

Net assets as reported

 $ 8,891

 $ 5,591

Add (deduct):

Deferred offering costs

 9,367

 9,367

Investment in Local Partnerships

 (13,392)

 (9,319)

Other

 3,673

 3,708

Net assets – Federal tax basis

 $ 8,539

 $ 9,347

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Note 2 - Investments in and Advances To Local Partnerships: Condensed Combined Results of Operations of the Local Partnerships (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Unaudited Local Partnerships Investments

Rental and other income $ 1,406 $ 1,442

Operating expenses of Local Partnerships 1,085 1,096

Interest 245 250

Depreciation and amortization 387 399

Total expenses 1,717 1,745

Income (Loss) from continuing operations (311) (303)

Material Investee - Local Partnership Investment

Rental and other income 2,288 2,200

Operating expenses of Local Partnerships 1,837 1,574

Interest (15) 673

Depreciation and amortization 417 437

Total expenses 2,239 2,684

Income (Loss) from continuing operations 49 (484)

Total

Rental and other income 3,694 3,642

Operating expenses of Local Partnerships 2,922 2,670

Interest 230 923

Depreciation and amortization 804 836

Total expenses 3,956 4,429

Income (Loss) from continuing operations $ (262) $ (787)

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Balance Sheets (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Dec. 31, 2011

Assets

Investments in and advances to Local Partnerships $ 0 $ 0

Cash and cash equivalents 5,163 2,144

Mortgage note receivable 3,533 3,674

Accounts receivable - limited partners 181 0

Other assets 54 0

Total assets 8,931 5,818

Liabilities:

Accounts payable and accrued expenses 40 82

Deferred revenue 0 145

Total liabilities 40 227

Contingencies 0 0

Partners' (deficiency) capital:

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Limited partners 9,431 6,164

Total partners' (deficiency) capital 8,891 5,591

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Note 3 - Mortgage Note Receivable: Summary of the mortgage note receivable activity (Details) (USD $)
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Dec. 31, 2011

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Note 1 - Organization and Summary of Significant Accounting Policies
12 Months Ended

Dec. 31, 2012

Notes

Note 1 - Organization and Summary of Significant Accounting Policies

Note 1 - Organization and Summary of Significant Accounting Policies

Organization

National Tax Credit Investors II (“NTCI II” or the “Partnership”) is a limited partnership formed under the California Revised Local Partnership Act as of January 12, 1990. The Partnership was formed to invest primarily in other limited partnerships (“Local Partnerships”) which own and operate multifamily housing complexes that are eligible for low income housing federal income tax credits (the “Housing Tax Credit”). The general partner of the Partnership is National Partnership Investments, LLC (the “General Partner” or “NAPICO”), a California limited liability company. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The business of NTCI II is conducted primarily by NAPICO. The Partnership shall continue in full force and effect until December 31, 2030, unless terminated earlier pursuant to the Partnership Agreement or law.

The General Partner has a one percent interest in operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99 percent interest in proportion to their respective investments.

Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the General Partner will be entitled to a property disposition fee as mentioned in the partnership agreement. The limited partners will have a priority item equal to their invested capital plus 6 percent priority return as defined in the partnership agreement. This property disposition fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions plus the 6 percent priority return. No disposition fees have been paid or accrued.

At December 31, 2012 and 2011, the Partnership had outstanding 72,032 and 72,205 limited partnership interests, respectively.

Basis of Presentation

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.

The Partnership’s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.

Method of Accounting for Investments in Local Partnerships

The investments in Local Partnerships are accounted for using the equity method. Acquisition fees, selection fees and other costs related to the acquisition of the projects have been capitalized as part of the investment account and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Net Income Per Limited Partnership Interest

Net income per limited partnership interest was computed by dividing the limited partners' share of net income by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 72,205 and 72,270 for the years ended December 31, 2012 and 2011, respectively.

Abandoned Interests

During 2012 and 2011, the number of limited partnership interests decreased by 173 and 65 units, respectively, due to limited partners abandoning their interests. In abandoning his or her partnership interests, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.

Mortgage Note Receivable

The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Partnership has recorded its mortgage note receivable at December 31, 2012 and 2011 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note. During the year ended December 31, 2011, the Partnership recognized an impairment loss of $50,000 related to the mortgage note receivable. No impairment was recognized during the year ended December 31, 2012. See “Note 3 – Mortgage Note Receivable” for further information.

Impairment of Long-Lived Assets

The Partnership reviews long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. Other than the impairment of the mortgage note receivable as discussed above, the Partnership did not recognize any impairment losses during the years ended December 31, 2012 and 2011.

Fair Value of Financial Instruments

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2012, the Partnership believes that the carrying amount of other assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Segment Reporting

ASC Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.

Variable Interest Entities

The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Partnership’s investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

At December 31, 2012 and 2011, the Partnership holds variable interests in 4 and 5 VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

· the general partners conduct and manage the business of the Local Partnerships;

· the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships’ underlying real estate properties;

· the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships;

· the general partners are obligated to fund any recourse obligations of the Local Partnerships;

· the general partners are authorized to borrow funds on behalf of the Local Partnerships; and

· the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities’ economic performance.

The 4 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 494 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnership’s recorded investments in and receivables from these VIEs, which was approximately $3,533,000 and $3,674,000 at December 31, 2012 and 2011, respectively. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Revenue Recognition – Deposit Method

Profit on the sale of limited partnership interests shall not be recognized under the full accrual method until all of the following criteria are met: a sale is consummated, the buyer’s initial and continuing investments are adequate, the seller’s receivable is not subject to future subordination and the risks of ownership have transferred to the buyer. The Partnership recognizes gains on sale of limited partnership interests using the deposit method when all of the criteria for the full accrual method are not met. Under the deposit method no gain is recognized, no receivable from the buyer is recorded at the closing date and any cash received from the buyer is reported as a deposit liability on the balance sheet. The Partnership continues to carry the investment on its financials at December 31, 2011.

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Note 1 - Organization and Summary of Significant Accounting Policies: Segment Reporting (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Segment Reporting
Segment Reporting

ASC Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.

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-Name Accounting Standards Codification

-Topic 235

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XML 38 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6

Note 1 - Organization and Summary of Significant Accounting Policies: Mortgage Note Receivable (Details) (USD $)
12 Months Ended

Dec. 31, 2011

Impairment loss recognized on mortgage note receivable $ 50,000

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XML 39 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6

Note 1 - Organization and Summary of Significant Accounting Policies: Revenue Recognition - Deposit Method (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Revenue Recognition - Deposit Method
Revenue Recognition – Deposit Method

Profit on the sale of limited partnership interests shall not be recognized under the full accrual method until all of the following criteria are met: a sale is consummated, the buyer’s initial and continuing investments are adequate, the seller’s receivable is not subject to future subordination and the risks of ownership have transferred to the buyer. The Partnership recognizes gains on sale of limited partnership interests using the deposit method when all of the criteria for the full accrual method are not met. Under the deposit method no gain is recognized, no receivable from the buyer is recorded at the closing date and any cash received from the buyer is reported as a deposit liability on the balance sheet. The Partnership continues to carry the investment on its financials at December 31, 2011.

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Note 2 - Investments in and Advances To Local Partnerships
12 Months Ended

Dec. 31, 2012

Notes

Note 2 - Investments in and Advances To Local Partnerships
Note 2 - Investments In and Advances to Local Partnerships

As of December 31, 2012 and 2011, the Partnership holds limited partnership interests in 4 and 5 Local Partnerships, respectively, located in four and five states, respectively. As a limited partner of the Local Partnerships, the Partnership does not have authority over day-to-day management of the Local Partnerships or their properties (the "Apartment Complexes"). The general partners responsible for management of the Local Partnerships (the "Local Operating General Partners") are not affiliated with the General Partner of the Partnership, except as discussed below.

At December 31, 2012 and 2011, the Local Partnerships own residential projects consisting of 494 and 674 apartment units, respectively. During the year ended December 31, 2012, the Partnership sold its limited partnership interest in one of the Local Partnerships owning residential projects consisting of 180 apartment units.

The projects owned by the Local Partnerships in which the Partnership has invested were developed by the Local Operating General Partners who acquired the sites and applied for applicable mortgages and subsidies, if any. The Partnership became the principal limited partner in these Local Partnerships pursuant to arm's-length negotiations with the Local Operating General Partners. As a limited partner, the Partnership’s liability for obligations of the Local Partnerships is limited to its investment. The Local Operating General Partner of the Local Partnerships retains responsibility for developing, constructing, maintaining, operating and managing the Projects. Under certain circumstances, an affiliate of NAPICO or the Partnership may act as the Local Operating General Partner. An affiliate of NAPICO, National Tax Credit Inc. II ("NTC-II") is acting either as a special limited partner or non-managing administrative general partner (the “Administrative General Partner”) of each Local Partnership in which the Partnership had an investment.

The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (between 98.90% and 99%). The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships’ partnership agreements. These agreements usually limit the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Partnership.

The individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. See “Note 1 – Organization and Summary of Significant Accounting Policies” for a description of the impairment policy. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, the Partnership does not recognize losses once the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying statements of operations. During the year ended December 31, 2011, the Partnership received approximately $10,000 in operating distributions from three Local Partnerships in which the Partnership does not have an investment balance, which was recognized as income in the statements of operations for the year ended December 31, 2011, as these distributions were received from Local Partnerships in which the Partnership’s investment balance had previously been reduced to zero. There were no such distributions received in 2012.

For those investments where the Partnership has determined that the carrying value of the Partnership’s investments approximates the estimated fair value of those investments, the Partnership’s policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize.

As of December 31, 2012 and 2011, the investment balance in three of the four and four of the five Local Partnerships, respectively, had been reduced to zero. The Partnership’s remaining investment balance relates to the mortgage note receivable, which is discussed in “Note 3 – Mortgage Note Receivable”.

At times, advances are made to Local Partnerships in order to preserve the ability to receive applicable tax credits. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership’s investment in limited partnerships. Advances made to Local Partnerships in which the investment balance has been reduced to zero are charged to expense. The Partnership made an advance of less than $1,000 to Michigan Beach during the year ended December 31, 2012, for filing fees associated with management of the property. The Partnership did not make any advances during the year ended December 31, 2011. Subsequent to December 31, 2012 the Partnership advanced approximately $206,000 to Michigan Beach for operations and capital expenditures. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.

The difference between the investment per the accompanying balance sheets at December 31, 2012 and 2011 and the equity per the Local Partnerships' condensed combined financial statements is due primarily to cumulative unrecognized equity in losses of certain Local Partnerships, costs capitalized to the investment account, and cumulative distributions recognized as income.

The Partnership’s value of its investments and its equity in the income/loss and/or distributions from the Local Partnerships are, for certain Local Partnerships, individually, not material to the overall financial position of the Partnership. The financial information from the unaudited condensed combined financial statements of such Local Partnerships at December 31, 2012 and 2011 and for each of the two years in the period then ended is presented below. The Partnership’s value of its investment in Michigan Beach Limited Partnership, (the “Material Investee”) is considered material to the Partnership’s financial position and amounts included below for the Material Investee are included on an audited basis.

The following are estimated unaudited condensed combined statements of operations for the years ended December 31, 2012 and 2011 for the Local Partnerships in which the Partnership has investments. The 2012 and 2011 amounts exclude Pineview Terrace, for which the Partnership sold its limited partnership interest in February 2011; Sitka III, Soldotna Apartments, and Torres Del Plata II, for which the Partnership sold its limited partnership interests in June 2011; and Countryside Place, for which the Partnership sold its limited partnership interest in April 2012.

Condensed Combined Balance Sheets of the Local Partnerships

(in thousands)

December 31, 2012

Assets:

Unaudited

Material Investee

Total

Land

$ 562

$ 843

$ 1,405

Building and improvements

13,125

 8,222

21,347

Accumulated depreciation

 (8,578)

 (3,967)

(12,545)

Other assets

 665

 736

 1,401

Total assets

$ 5,774

$ 5,834

$ 11,608

Liabilities and Partners Deficit:

Liabilities:

Mortgage notes payable

$ 8,172

$ 9,073

$ 17,245

Other liabilities

 1,310

 9,032

10,342

Partners’ deficit

(3,708)

(12,271)

(15,979)

Total liabilities and partners' deficit

$ 5,774

$ 5,834

$ 11,608

December 31, 2011

Assets

Unaudited

Material Investee

Total

Land

$ 562

$ 843

$ 1,405

Building and improvements

13,065

 7,714

20,779

Accumulated depreciation

 (8,195)

 (3,555)

(11,750)

Other assets

 619

 1,002

 1,621

Total assets

$ 6,051

$ 6,004

$ 12,055

Liabilities and Partners Deficit:

Liabilities:

Mortgage notes payable

$ 8,179

$ 9,124

$ 17,303

Other liabilities

 1,269

 9,201

10,470

Partners’ deficit

(3,397)

(12,321)

(15,718)

Total liabilities and partners' deficit

$ 6,051

$ 6,004

$ 12,055

Condensed Combined Results of Operations of the Local Partnerships

(in thousands)

For the year Ended December 31, 2012

For the year Ended December 31, 2011

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

Rental and other revenue

$ 1,406

$ 2,288

$ 3,694

$ 1,442

$ 2,200

$ 3,642

Expenses:

Operating expenses

1,085

1,837

2,922

 1,096

 1,574

 2,670

Interest

 245

 (15)

 230

 250

 673

 923

Depreciation and amortization

 387

 417

 804

 399

 437

 836

 Total expenses

 1,717

 2,239

 3,956

1,745

2,684

4,429

Income (loss) from continuing operations

$ (311)

$ 49

$ (262)

$ (303)

$ (484)

$ (787)

Real Estate and Accumulated Depreciation of Local Partnerships

The following tables exclude the Local Partnerships sold in 2012 and 2011 as described above.

(1) Schedule of Encumbrances and Investment Properties (all amounts unaudited except for those amounts relative to the Material Investee and are the gross amounts at which carried at December 31, 2012) (in thousands):

 Description

Encumbrances

Land

Buildings And Related Personal Property

Total

Accumulated Depreciation

Lincoln Grove

$ 2,047

$ 185

 $ 4,025

$ 4,210

$ 2,242

Michigan Beach

 9,073

 843

 8,222

 9,065

 3,967

Virginia Park Meadows

 3,413

 79

 5,397

 5,476

 4,351

Jamestown Terrace

 2,712

 298

 3,703

 4,001

 1,985

Total

$17,245

$ 1,405

 $21,347

$22,752

$12,545

(2) Reconciliation of real estate (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

Year Ended December 31, 2012

Year Ended December 31, 2011

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

Real estate:

Balance at beginning of year

$13,627

$ 8,557

$22,184

$13,597

$ 8,428

$22,025

Improvements

 60

 508

 568

 30

 129

 159

Balance at end of year

$13,687

$ 9,065

$22,752

$13,627

$ 8,557

$22,184

(3) Reconciliation of accumulated depreciation (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

Year Ended December 31, 2012

Year Ended December 31, 2011

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

Accumulated depreciation:

Balance at beginning of year

$ 8,195

$ 3,555

$11,750

$ 7,821

$ 3,118

$10,939

Depreciation expense

 383

 412

 795

 374

 437

 811

Balance at end of year

$ 8,578

$ 3,967

$12,545

$ 8,195

$ 3,555

$11,750

An affiliate of the General Partner is currently the Local Operating General Partner in one of the Partnership’s four Local Partnerships included above, and a former affiliate received property management fees of approximately 5 percent of gross revenues from the same Local Partnership (See “Note 4 – Transactions with Affiliated Parties”).

On February 4, 2011, the Partnership assigned its limited partnership interest in Pineview Terrace to a third party and received net proceeds of $1,000,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in Pineview Terrace was zero at the date of the assignment.

On June 7, 2011, the Partnership assigned its limited partnership interest in both Sitka III Associates and Soldotna Associates to a third party and received net proceeds of $3,000 for each interest, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in both Sitka III Associates and Soldotna Associates was zero at the date of the assignment.

On June 15, 2011, the Partnership sold its limited partnership interest in Torres del Plata II Limited Partnership to a third party and received net proceeds of approximately $25,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in Torres del Plata II was zero at the date of the sale.

During November 2011, the Partnership entered into an assignment and assumption agreement with a third party affiliated with the operating general partner of Countryside North American Partners, L.P. (“Countryside”). The agreement provided for an assignment of the Partnership’s 99% limited partnership interest in Countryside for $3,700,000. The assignment was subject to the consent of the Executive Director of the New Jersey Housing and Mortgage Finance Agency, which was received during December 2011. Upon receipt of approval from the Executive Director of the New Jersey Housing and Mortgage Finance Agency, the assignment of the Partnership’s 99% limited partnership interest in Countryside became effective on December 30, 2011. Pursuant to the terms of the assignment agreement, the Partnership received a deposit of $150,000 in cash and a promissory note in the principal amount of $3,550,000 in December 2011. The promissory note had a maturity date of June 30, 2012 and bore interest at the annual rate of two percent if paid on or before March 31, 2012 and seven percent if paid after March 31, 2012. At December 31, 2011, this sale was accounted for under the deposit method, as it lacked adequate initial investment by the buyer to qualify as a sale transaction. Accordingly, the Partnership recorded deferred revenues of $145,000 (cash portion of the sales price received less $5,000 of expenses incurred in connection with the assignment) and excluded the promissory note from its assets at December 31, 2011. During the year ended December 31, 2012, the Partnership paid approximately $43,000 of New Jersey taxes associated with the sale, which was recognized as a reduction to the gain. During the year ended December 31, 2012, the Partnership received approximately $3,562,000 in payment of the note receivable of approximately $3,550,000 and accrued interest of approximately $12,000. The Partnership recognized a gain from sale of limited partnership interest of approximately $3,652,000 and interest income of approximately $12,000 during the year ended December 31, 2012. The Partnership had no investment balance remaining in this Local Partnership at the date of assignment and accounted for the investment as an asset held for sale at December 31, 2011.

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Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Revenues:

Interest income $ 12 $ 0

Other income 19 3

Total revenues 31 3

Operating expenses:

Management fees - general partner 107 185

General and administrative 50 61

Tax expense 13 101

Legal and accounting 72 74

Total operating expenses 242 421

Loss from partnership operations (211) (418)

Gain from sales of limited partnership interests in Local Partnerships 3,652 1,031

Distributions from Local Partnerships recognized as income 0 10

Impairment loss 0 (50)

Equity in loss of Local Partnerships (141) (37)

Net income 3,300 536

Net income allocated to general partner (1%) 33 5

Net income allocated to limited partners (99%) $ 3,267 $ 531

Net income per limited partnership interest $ 45.25 $ 7.35

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Note 1 - Organization and Summary of Significant Accounting Policies: Net Income Per Limited Partnership Interest (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Net Income Per Limited Partnership Interest
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Net income per limited partnership interest was computed by dividing the limited partners' share of net income by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 72,205 and 72,270 for the years ended December 31, 2012 and 2011, respectively.

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Document and Entity Information
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Dec. 31, 2012

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During 2012 and 2011, the number of limited partnership interests decreased by 173 and 65 units, respectively, due to limited partners abandoning their interests. In abandoning his or her partnership interests, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.

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Statement of Shareholders Equity (Deficit) (USD $)
In Thousands

General Partner

Limited Partners

Total

Partners' (deficiency) capital, beginning balance at Dec. 31, 2010 $ (578) $ 5,633 $ 5,055

Net income 5 531 536

Partners' (deficiency) capital, ending balance at Dec. 31, 2011 (573) 6,164 5,591

Net income 33 3,267 3,300

Partners' (deficiency) capital, ending balance at Dec. 31, 2012 $ (540) $ 9,431 $ 8,891

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Note 1 - Organization and Summary of Significant Accounting Policies: Organization (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Organization
Organization

National Tax Credit Investors II (“NTCI II” or the “Partnership”) is a limited partnership formed under the California Revised Local Partnership Act as of January 12, 1990. The Partnership was formed to invest primarily in other limited partnerships (“Local Partnerships”) which own and operate multifamily housing complexes that are eligible for low income housing federal income tax credits (the “Housing Tax Credit”). The general partner of the Partnership is National Partnership Investments, LLC (the “General Partner” or “NAPICO”), a California limited liability company. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The business of NTCI II is conducted primarily by NAPICO. The Partnership shall continue in full force and effect until December 31, 2030, unless terminated earlier pursuant to the Partnership Agreement or law.

The General Partner has a one percent interest in operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99 percent interest in proportion to their respective investments.

Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the General Partner will be entitled to a property disposition fee as mentioned in the partnership agreement. The limited partners will have a priority item equal to their invested capital plus 6 percent priority return as defined in the partnership agreement. This property disposition fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions plus the 6 percent priority return. No disposition fees have been paid or accrued.

At December 31, 2012 and 2011, the Partnership had outstanding 72,032 and 72,205 limited partnership interests, respectively.

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Note 6 - Contingencies
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Dec. 31, 2012

Notes

Note 6 - Contingencies
Note 6 - Contingencies

The General Partner is involved in various lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the General Partner, the claims will not result in any material liability to the Partnership.

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The entire disclosure for commitments and contingencies.

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Note 1 - Organization and Summary of Significant Accounting Policies: Variable Interest Entities (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Variable Interest Entities
Variable Interest Entities

The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Partnership’s investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

At December 31, 2012 and 2011, the Partnership holds variable interests in 4 and 5 VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

· the general partners conduct and manage the business of the Local Partnerships;

· the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships’ underlying real estate properties;

· the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships;

· the general partners are obligated to fund any recourse obligations of the Local Partnerships;

· the general partners are authorized to borrow funds on behalf of the Local Partnerships; and

· the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities’ economic performance.

The 4 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 494 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnership’s recorded investments in and receivables from these VIEs, which was approximately $3,533,000 and $3,674,000 at December 31, 2012 and 2011, respectively. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

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Disclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined).

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Note 1 - Organization and Summary of Significant Accounting Policies: Mortgage Note Receivable (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Mortgage Note Receivable
Mortgage Note Receivable

The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Partnership has recorded its mortgage note receivable at December 31, 2012 and 2011 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note. During the year ended December 31, 2011, the Partnership recognized an impairment loss of $50,000 related to the mortgage note receivable. No impairment was recognized during the year ended December 31, 2012. See “Note 3 – Mortgage Note Receivable” for further information.

X

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Disclosure of accounting policy for finance, loan and lease receivables, including those held for investment and those held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the allowance for loan and lease losses is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition (revenues, expenses and gains and losses arising from committing to issue, issuing, granting, collecting, terminating, modifying and holding loans) policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions.

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Note 1 - Organization and Summary of Significant Accounting Policies: Method of Accounting For Investments in Local Partnerships (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Method of Accounting For Investments in Local Partnerships
Method of Accounting for Investments in Local Partnerships

The investments in Local Partnerships are accounted for using the equity method. Acquisition fees, selection fees and other costs related to the acquisition of the projects have been capitalized as part of the investment account and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.

X

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Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment.

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Note 1 - Organization and Summary of Significant Accounting Policies: Basis of Presentation (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Basis of Presentation
Basis of Presentation

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.

The Partnership’s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.

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Note 1 - Organization and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.

X

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Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.

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Note 1 - Organization and Summary of Significant Accounting Policies: Use of Estimates (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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Note 1 - Organization and Summary of Significant Accounting Policies: Net Income Per Limited Partnership Interest (Details)
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Limited Partnership Interests Outstanding for net income (loss) per unit calculation 72,205 72,270

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Note 1 - Organization and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Fair Value of Financial Instruments
Fair Value of Financial Instruments

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2012, the Partnership believes that the carrying amount of other assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

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Disclosure of accounting policy for determining the fair value of financial instruments.

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Note 2 - Investments in and Advances To Local Partnerships: Condensed Combined Results of Operations of the Local Partnerships (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Condensed Combined Results of Operations of the Local Partnerships

Condensed Combined Results of Operations of the Local Partnerships

(in thousands)

For the year Ended December 31, 2012

For the year Ended December 31, 2011

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

Rental and other revenue

$ 1,406

$ 2,288

$ 3,694

$ 1,442

$ 2,200

$ 3,642

Expenses:

Operating expenses

1,085

1,837

2,922

 1,096

 1,574

 2,670

Interest

 245

 (15)

 230

 250

 673

 923

Depreciation and amortization

 387

 417

 804

 399

 437

 836

 Total expenses

 1,717

 2,239

 3,956

1,745

2,684

4,429

Income (loss) from continuing operations

$ (311)

$ 49

$ (262)

$ (303)

$ (484)

$ (787)

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Note 5 - Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Federal tax basis of Net Assets (Liabilties) (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Dec. 31, 2011

Assets, Net $ 8,891 $ 5,591

Deferred Offering Costs 9,367 9,367

Investment in Local Partnerships book tax differences (13,392) (9,319)

Other book tax differences - balance sheet 3,673 3,708

Net assets - Federal tax basis $ 8,539 $ 9,347

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Note 2 - Investments in and Advances To Local Partnerships: Schedule of Encumbrances and Investment Properties for Local Partnerships (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Real Estate and Accumulated Depreciation, Amount of Encumbrances $ 17,245

Real Estate and Accumulated Depreciation, Carrying Amount of Land 1,405

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 21,347

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 22,752

Real Estate and Accumulated Depreciation, Accumulated Depreciation 12,545

Lincoln Grove

Real Estate and Accumulated Depreciation, Amount of Encumbrances 2,047

Real Estate and Accumulated Depreciation, Carrying Amount of Land 185

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 4,025

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 4,210

Real Estate and Accumulated Depreciation, Accumulated Depreciation 2,242

Michigan Beach

Real Estate and Accumulated Depreciation, Amount of Encumbrances 9,073

Real Estate and Accumulated Depreciation, Carrying Amount of Land 843

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 8,222

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 9,065

Real Estate and Accumulated Depreciation, Accumulated Depreciation 3,967

Virginia Park Meadows

Real Estate and Accumulated Depreciation, Amount of Encumbrances 3,413

Real Estate and Accumulated Depreciation, Carrying Amount of Land 79

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 5,397

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 5,476

Real Estate and Accumulated Depreciation, Accumulated Depreciation 4,351

Jamestown Terrace

Real Estate and Accumulated Depreciation, Amount of Encumbrances 2,712

Real Estate and Accumulated Depreciation, Carrying Amount of Land 298

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 3,703

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 4,001

Real Estate and Accumulated Depreciation, Accumulated Depreciation $ 1,985

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Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Cash flows from operating activities:

Net income $ 3,300 $ 536

Adjustments to reconcile net income to net cash used in operating activities:

Gain from sales of limited partnership interests in Local Partnerships (3,652) (1,031)

Impairment loss 0 50

Equity in loss of Local Partnerships 141 37

Change in accounts:

Accounts receivable - limited partners (181) 0

Other assets (54) 0

Accounts payable and accrued expenses (85) 8

Net cash used in operating activities (531) (400)

Cash flows from investing activities:

Sale deposit received - sale of limited partnership interest in Local Partnership 0 145

Proceeds from sales of limited partnership interests in Local Partnerships 3,550 1,031

Net cash provided by investing activities 3,550 1,176

Net increase in cash and cash equivalents 3,019 776

Cash and cash equivalents, beginning of period 2,144 1,368

Cash and cash equivalents, end of period $ 5,163 $ 2,144

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Note 5 - Income Taxes
12 Months Ended

Dec. 31, 2012

Notes

Note 5 - Income Taxes
Note 5 - Income Taxes

The Partnership is not taxed on its income. The partners are taxed in their individual capacities based upon their distributive share of the Partnership's taxable income or loss and are allowed the benefits to be derived from off-setting their distributive share of the tax losses against taxable income from other sources subject to passive loss limitations. The taxable income or loss differs from amounts included in the statements of operations because different methods are used in determining the losses of the Local Partnerships as discussed below. The taxable income or loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.

A reconciliation between the Partnership’s reported net income and the net income (loss) per tax return follows (in thousands, except per limited partnership interest):

Years Ended December 31,

2012

2011

Net income per financial statements

$ 3,300

$ 536

Sale of partnership interest

 (3,612)

5,513

Other

 (177)

 (90)

Investment in Local Partnerships

 (289)

 (496)

Net income (loss) per tax return

$ (778)

$ 5,463

Net income (loss) per limited partnership interest

$ (53.36)

$343.46

The following is a reconciliation between the Partnership’s reported amounts and the Federal tax basis of net assets at December 31, 2012 and 2011 (in thousands):

2012

2011

Net assets as reported

 $ 8,891

 $ 5,591

Add (deduct):

Deferred offering costs

 9,367

 9,367

Investment in Local Partnerships

 (13,392)

 (9,319)

Other

 3,673

 3,708

Net assets – Federal tax basis

 $ 8,539

 $ 9,347

The Partnership is subject to a New Jersey tax based upon the number of resident and non-resident limited partners and apportionment of income related to the Partnership’s investment in certain Local Partnerships. For the years ended December 31, 2012 and 2011, the expense related to this tax is reflected in tax expense in the accompanying statements of operations. At December 31, 2011, the Partnership’s estimate of the balance of the tax due for 2011 to the state of New Jersey was approximately $44,000 and this amount was included in accounts payable and accrued expenses on the accompanying balance sheet as of December 31, 2011. The actual balance of the tax due for 2011 was approximately $87,000 and was paid during the year ended December 31, 2012. The additional tax of approximately $43,000 owed for 2011 taxes is attributable to the sale of interest in Countryside and is included as a reduction of gain on sale during the year ended December 31, 2012. In addition, during the year ended December 31, 2012, the Partnership paid approximately $66,000 as a required deposit for estimated 2012 New Jersey taxes, which is based on half of the previous year’s taxes. However, the Partnership’s estimate of the actual tax due for 2012 is approximately $12,000 which has been recognized as expense during the year ended December 31, 2012. The remaining balance paid of approximately $54,000 is reflected as an other asset on the accompanying balance sheet at December 31, 2012.

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Note 2 - Investments in and Advances To Local Partnerships: Schedule of Encumbrances and Investment Properties for Local Partnerships (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Schedule of Encumbrances and Investment Properties for Local Partnerships

(1) Schedule of Encumbrances and Investment Properties (all amounts unaudited except for those amounts relative to the Material Investee and are the gross amounts at which carried at December 31, 2012) (in thousands):

 Description

Encumbrances

Land

Buildings And Related Personal Property

Total

Accumulated Depreciation

Lincoln Grove

$ 2,047

$ 185

 $ 4,025

$ 4,210

$ 2,242

Michigan Beach

 9,073

 843

 8,222

 9,065

 3,967

Virginia Park Meadows

 3,413

 79

 5,397

 5,476

 4,351

Jamestown Terrace

 2,712

 298

 3,703

 4,001

 1,985

Total

$17,245

$ 1,405

 $21,347

$22,752

$12,545

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Note 2 - Investments in and Advances To Local Partnerships (Details) (USD $)
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Limited Partnership Interests held by Partnership 4 5

Apartment units within Investment Partnerships 494 674

Apartment units in sold Investment Partnership Interest 180

Operating distributions received from Investment Partnerships $ 10,000

Advance to Local Partnership subsequent to reporting period 206,000

Partnership interest in Pineview Terrace assignment proceeds February 2011 1,000,000

Partnership interest in Sitka III assignment proceeds June 2011 3,000

Partnership interest in Soldotna assignment proceeds June 2011 3,000

Partnership interest in Torres del Plata sale proceeds June 2011 25,000

Partnership interest in Countryside assignment contract November 2011 - Deposit Method 3,700,000

Deposit received interest sale of Countryside December 2011 150,000

Promissory note interest sale of Countryside December 2011 - Deposit Method 3,550,000

Deferred revenue,net December 2011 Countryside sale Deposit Method 145,000

Taxes paid in 2012 related to Countryside interest sale 43,000

Cash received in 2012 principal & interest Countryside note 3,562,000

Cash received in 2012 principal payment Countryside note 3,550,000

Cash received in 2012 interest earned on Countryside note 12,000

Gain recognzied in 2012 Countryside interest sale 3,652,000

Interest income recognized in 2012 Countryside interest sale $ 12,000

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Note 1 - Organization and Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Impairment of Long-lived Assets
Impairment of Long-Lived Assets

The Partnership reviews long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. Other than the impairment of the mortgage note receivable as discussed above, the Partnership did not recognize any impairment losses during the years ended December 31, 2012 and 2011.

X

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Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 7-15, 26, 30-37

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 5

-Section CC

-Subsection 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2155824

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Note 3 - Mortgage Note Receivable (Details) (USD $)	12 Months Ended
Note 3 - Mortgage Note Receivable (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Purchase price for mortgage of investment partnership, Michigan Beach - 2006	$ 4,320,000	$ 4,320,000
Principal balance of mortgage acquired, Michigan Beach - 2006	3,596,000	3,596,000
Carrying value of mortgage note reduced by equity in loss of Michigan Beach	141,000	37,000
Carrying value of mortgage note reduced by impairment charge of Michigan Beach		$ 50,000

Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Assets
Investments in and advances to Local Partnerships	$ 0	$ 0
Cash and cash equivalents	5,163	2,144
Mortgage note receivable	3,533	3,674
Accounts receivable - limited partners	181	0
Other assets	54	0
Total assets	8,931	5,818
Liabilities:
Accounts payable and accrued expenses	40	82
Deferred revenue	0	145
Total liabilities	40	227
Contingencies	0	0
Partners' (deficiency) capital:
General partner	(540)	(573)
Limited partners	9,431	6,164
Total partners' (deficiency) capital	8,891	5,591
Total liabilities and partners' (deficiency) capital	$ 8,931	$ 5,818

Note 3 - Mortgage Note Receivable: Summary of the mortgage note receivable activity (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Mortage note receivable balance, beginning of period	$ 3,674	$ 3,761
Recognition of equity in losses of Local Partnerhip	(141)	(37)
Impairment loss mortgage note receivable		(50)
Mortage note receivable balance, end of period	$ 3,533	$ 3,674

Note 1 - Organization and Summary of Significant Accounting Policies: Abandoned Interests (Details)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Limited partnership interests abandoned during the year	173	65

Note 1 - Organization and Summary of Significant Accounting Policies: Mortgage Note Receivable (Details) (USD $)	12 Months Ended
	Dec. 31, 2011
Impairment loss recognized on mortgage note receivable	$ 50,000

Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Revenues:
Interest income	$ 12	$ 0
Other income	19	3
Total revenues	31	3
Operating expenses:
Management fees - general partner	107	185
General and administrative	50	61
Tax expense	13	101
Legal and accounting	72	74
Total operating expenses	242	421
Loss from partnership operations	(211)	(418)
Gain from sales of limited partnership interests in Local Partnerships	3,652	1,031
Distributions from Local Partnerships recognized as income	0	10
Impairment loss	0	(50)
Equity in loss of Local Partnerships	(141)	(37)
Net income	3,300	536
Net income allocated to general partner (1%)	33	5
Net income allocated to limited partners (99%)	$ 3,267	$ 531
Net income per limited partnership interest	$ 45.25	$ 7.35

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2012
Document and Entity Information:
Entity Registrant Name	NATIONAL TAX CREDIT INVESTORS II
Document Type	10-K
Document Period End Date	Dec. 31, 2012
Amendment Flag	false
Entity Central Index Key	0000859921
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	72,032
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY

Statement of Shareholders Equity (Deficit) (USD $) In Thousands	General Partner	Limited Partners	Total
Partners' (deficiency) capital, beginning balance at Dec. 31, 2010	$ (578)	$ 5,633	$ 5,055
Net income	5	531	536
Partners' (deficiency) capital, ending balance at Dec. 31, 2011	(573)	6,164	5,591
Net income	33	3,267	3,300
Partners' (deficiency) capital, ending balance at Dec. 31, 2012	$ (540)	$ 9,431	$ 8,891

Note 1 - Organization and Summary of Significant Accounting Policies: Net Income Per Limited Partnership Interest (Details)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Limited Partnership Interests Outstanding for net income (loss) per unit calculation	72,205	72,270

Note 5 - Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Federal tax basis of Net Assets (Liabilties) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Assets, Net	$ 8,891	$ 5,591
Deferred Offering Costs	9,367	9,367
Investment in Local Partnerships book tax differences	(13,392)	(9,319)
Other book tax differences - balance sheet	3,673	3,708
Net assets - Federal tax basis	$ 8,539	$ 9,347

Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Net income	$ 3,300	$ 536
Adjustments to reconcile net income to net cash used in operating activities:
Gain from sales of limited partnership interests in Local Partnerships	(3,652)	(1,031)
Impairment loss	0	50
Equity in loss of Local Partnerships	141	37
Change in accounts:
Accounts receivable - limited partners	(181)	0
Other assets	(54)	0
Accounts payable and accrued expenses	(85)	8
Net cash used in operating activities	(531)	(400)
Cash flows from investing activities:
Sale deposit received - sale of limited partnership interest in Local Partnership	0	145
Proceeds from sales of limited partnership interests in Local Partnerships	3,550	1,031
Net cash provided by investing activities	3,550	1,176
Net increase in cash and cash equivalents	3,019	776
Cash and cash equivalents, beginning of period	2,144	1,368
Cash and cash equivalents, end of period	$ 5,163	$ 2,144

Note 2 - Investments in and Advances To Local Partnerships (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Limited Partnership Interests held by Partnership	4	5
Apartment units within Investment Partnerships	494	674
Apartment units in sold Investment Partnership Interest	180
Operating distributions received from Investment Partnerships		$ 10,000
Advance to Local Partnership subsequent to reporting period	206,000
Partnership interest in Pineview Terrace assignment proceeds February 2011		1,000,000
Partnership interest in Sitka III assignment proceeds June 2011		3,000
Partnership interest in Soldotna assignment proceeds June 2011		3,000
Partnership interest in Torres del Plata sale proceeds June 2011		25,000
Partnership interest in Countryside assignment contract November 2011 - Deposit Method		3,700,000
Deposit received interest sale of Countryside December 2011		150,000
Promissory note interest sale of Countryside December 2011 - Deposit Method		3,550,000
Deferred revenue,net December 2011 Countryside sale Deposit Method		145,000
Taxes paid in 2012 related to Countryside interest sale	43,000
Cash received in 2012 principal & interest Countryside note	3,562,000
Cash received in 2012 principal payment Countryside note	3,550,000
Cash received in 2012 interest earned on Countryside note	12,000
Gain recognzied in 2012 Countryside interest sale	3,652,000
Interest income recognized in 2012 Countryside interest sale	$ 12,000