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

6 Months Ended

Jun. 30, 2012

Mortgage Note Receivable:

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 June 30, 2012 and December 31, 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.  No impairment was recognized during the six months ended June 30, 2012 or 2011.  See “Note 3 – Mortgage Note Receivable” for further information.