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Note 8 - Subsequent Event
9 Months Ended
Sep. 30, 2013
Notes  
Note 8 - Subsequent Event

Note 8 - Subsequent Event

 

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

 

In October 2013, the Partnership assigned its limited partnership interest in Jamestown Terrace to an affiliate of the operating General Partner for a total of $30,000. This amount will be recognized as a gain on sales of limited partnership interest in Local Partnerships during the three months ended December 31, 2013 as the Partnership had no investment balance remaining at the date of the assignment.

 

During October 2013, the Partnership entered into an Assignment and Assumption Agreement to assign its limited partnership interest in Virginia Park Meadows to an affiliate of the operating General Partner for no consideration. The agreement is subject to the Partnership paying a $3,000 transfer fee to the state of Michigan. The transaction is expected to close during the fourth quarter of 2013. The Partnership had no investment balance remaining as of the date of the agreement.