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Subsequent Events
3 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events

NOTE 4 – SUBSEQUENT EVENTS

 

Subsequent to June 30, 2012, the Local Limited Partnership Interest in Arizona I, L.P. (“Arizona”) was identified to be sold to an affiliate of the Local General Partner. The buyer offered $25,000 to purchase the Local Limited Partnership Interest. Arizona I was appraised for $785,000  and had a mortgage note balance of $1,412,689 as of June 30, 2012. The Partnership has incurred $3,000 in sales related expenses which will be netted against the proceeds from calculating the gain on sale. The Partnership will use all of the cash proceeds to pay the remaining accrued asset management fees. The Partnership’s investment balance is zero; therefore a gain of $22,000 will be recorded during the respective period. No cash distribution will be made to the Limited Partners as a result of this sale. The Compliance Period has been completed therefore there is no risk of recapture and investor approval is not required. The sale of the Local Limited Partnership is expected to close on August 31, 2012.

 

 

Subsequent to June 30, 2012, the Local Limited Partnership Interest in Casa Alegre Apartments (“Casa Alegre”) was identified to be sold to an affiliate of the Local General Partner. The buyer offered $25,000 to purchase the Local Limited Partnership Interest. Casa Alegre was appraised for $925,000  and had a mortgage note balance of $1,206,354 as of December 31, 2011. The partnership has incurred $12,900 in sales related expenses which will be netted against the proceeds from calculating the gain on sale. The Partnership will use all cash proceeds to pay accrued asset management fees and reimburse the General Partner or affiliates for operating expenses paid on its behalf. The Partnership’s investment balance is zero. No cash distribution will be made to the Limited Partners as a result of this sale. The Compliance Period has been completed therefore there is no risk of recapture and investor approval is not required. The sale of the Local Limited Partnership is expected to close on August 31, 2012.