0001215811-12-000046.txt : 20120618 0001215811-12-000046.hdr.sgml : 20120618 20120618172156 ACCESSION NUMBER: 0001215811-12-000046 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120618 DATE AS OF CHANGE: 20120618 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INDEPENDENCE TAX CREDIT PLUS LP III CENTRAL INDEX KEY: 0000924124 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 133746339 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24650 FILM NUMBER: 12913183 BUSINESS ADDRESS: STREET 1: 100 CHURCH STREET, 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10007 BUSINESS PHONE: 2123175700 MAIL ADDRESS: STREET 1: 100 CHURCH STREET, 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10007 10-K 1 f10k_march2012-ind3.htm FORM 10-K MAIN BODY f10k_march2012-ind3.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

______________

FORM 10-K

______________
(Mark One)

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

For the fiscal year ended March 31, 2012

OR

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

Commission File Number 0-24650

INDEPENDENCE TAX CREDIT PLUS L.P. III
(Exact name of registrant as specified in its charter)

Delaware
  
13-3746339
(State or other jurisdiction of incorporation or organization)
  
(I.R.S. Employer Identification No.)
     
100 Church Street, New York, New York
  
10007
(Address of principal executive offices)
  
(Zip Code)

Registrant’s telephone number, including area code (212) 317-5700

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

None

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

Limited Partnership Interests and Beneficial Assignment Certificates

(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  o   No  þ

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 o   No  þ

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  þ   No  o

Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate Website, 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).  Yes   þ   No   o

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 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.   þ

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 definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer  o
  
Accelerated filer  o
Non-accelerated filer  o  (Do not check if a smaller reporting company)
  
Smaller reporting company  þ

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

The approximate aggregate book value of the voting and non-voting common equity held by non-affiliates of the Registrant as of September 30, 2011 was $(27,327,000), based on Limited Partner equity as of such date.

DOCUMENTS INCORPORATED BY REFERENCE

None
 

 
 
- 1 -
 
 
 
PART I
 
Item 1.  Business.
 
General
 
Independence Tax Credit Plus L.P. III (the “Partnership”) is a limited partnership which was formed under the laws of the State of Delaware on December 23, 1993. The general partner of the Partnership is Related Independence Associates III L.P., a Delaware limited partnership (the “General Partner”).  The general partner of the General Partner is Related Independence Associates III Inc., a Delaware corporation (“RIAI III”).  The ultimate parent of the General Partner is Centerline Holding Company (“Centerline”).
 
On June 7, 1994, the Partnership commenced a public offering (the “Offering”) of Beneficial Assignment Certificates (“BACs”) representing assignments of limited partnership interests in the Partnership (“Limited Partnership Interests”), managed by Related Equities Corporation (the “Dealer Manager”), pursuant to a prospectus dated June 7, 1994 (the “Prospectus”).
 
As of the termination of the offering on May 9, 1995, the Partnership had received $43,440,000 of gross proceeds of the Offering (the “Gross Proceeds”) from 2,810 investors (“BACs holders”). (See Item 8, “Financial Statements and Supplementary Data,” Note 1).
 
The Partnership’s business is to invest in other partnerships (“Local Partnerships,” “subsidiaries” or “subsidiary partnerships”) owning leveraged apartment complexes (“Apartment Complexes” or “Properties”) that are eligible for the low-income housing tax credit (“Tax Credit”) enacted in the Tax Reform Act of 1986, some of which may also be eligible for the historic rehabilitation tax credit (“Historic Tax Credit”).  The Partnership’s investment in each Local Partnership represents from 98.99% to 99.98%, other than one Local Partnership.  The Partnership’s investment in New Zion represents 42.39% of the partnership interests in the Local Partnership (the other 57.59% of limited partnership interests is owned by affiliates of the Partnership, with the same management).  The Partnership had originally acquired interests in twenty Local Partnerships.  During the year ended March 31, 2012, the Partnership sold its limited partnership interests in five Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership.  As of March 31, 2012, the Partnership has sold its limited partnership interests in nine Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership.  In addition, as of March 31, 2012, one Local Partnership has entered into an agreement to sell its property and the related assets and liabilities.  Subsequently, the Partnership sold its limited partnership interests in two other Local Partnerships (see Item 8, Note 12).  As of March 31, 2012, approximately $35,051,000 (including approximately $3,000 classified as a loan repayable from sale/refinancing proceeds in accordance with the contribution agreement with one Local Partnership and including acquisition fees of approximately $2,510,000) of the net proceeds of the Offering has been invested in Local Partnerships, of which approximately $120,000 remains to be contributed to the Local Partnerships for payment by them to the original sellers of the Properties (including approximately $115,000 being held in escrow), as certain benchmarks such as occupancy levels must be attained prior to the release of such funds. The Partnership does not intend to acquire interests in additional Local Partnerships.
 
Investment Objectives/General Incentives
 
The Partnership was formed to invest in low-income Apartment Complexes that are eligible for the Tax Credit enacted in the Tax Reform Act of 1986. Some Apartment Complexes may also be eligible for Historic Tax Credits (“Historic Complexes” or “Properties”). The investment objectives of the Partnership are described below.
 
 
1.
Entitle qualified BACs holders to Tax Credits over the period of the Partnership’s entitlement to claim Tax Credits (for each Property, generally ten years from the date of investment or, if later, the date the Property is leased to qualified tenants; referred to herein as the “Credit Period”) with respect to each Apartment Complex.
 
 
2.
Preserve and protect the Partnership’s capital.
 
 
3.
Participate in any capital appreciation in the value of the Properties and provide distributions of sale or refinancing proceeds upon the disposition of the Properties.
 
 
4.
Allocate passive losses to individual BACs holders to offset passive income that they may realize from rental real estate investments and other passive activities, and allocate passive losses to corporate BACs holders to offset business income.
 
One of the Partnership’s objectives is to entitle qualified BACs holders to Tax Credits over the Credit Period. Each of the Local Partnerships in which the Partnership has acquired an interest has been allocated by the relevant state credit agencies the authority to recognize Tax Credits during the Credit Period provided that the Local Partnership satisfies the rent restriction, minimum set-aside and other requirements for recognition of the Tax Credits at all times during such period. Once a Local Partnership has become eligible to recognize Tax Credits, it may lose such eligibility and suffer an event of “recapture” if its Property fails to remain in compliance with the Tax Credit requirements during the 15-year period commencing at the beginning of the Credit Period (“Compliance Period”).  Through December 31, 2009, only Mansion Court Phase II Venture was required to recapture $489,362 of low-income housing tax credits.  As of December 31, 2009, all the Local Partnerships had completed their Credit Periods.  However, each Local Partnership must continue to comply with the Tax Credit requirements until the end of the Compliance Period in order to avoid recapture of the Tax Credits.  The Compliance Periods will continue through December 31, 2014 with respect to the Properties depending upon when the Compliance Period commenced.
 
A loss on impairment of assets is recorded when management estimates amounts recoverable through future operations and sale of the Property on an undiscounted basis are below depreciated cost.  At that time the Property investments themselves are reduced to estimated fair value (generally using the direct capitalization method).  During the year ended March 31, 2012, the Partnership recorded approximately $131,000 as an aggregate loss on impairment of assets or reduction to estimated fair value.  Through March 31, 2012, the Partnership has recorded approximately $30,481,000 as an aggregate loss on impairment of assets or reduction to estimated fair value.
 
 
 
 
 
 
- 2 -
 
 
 
 
While the value of the remaining Tax Credits are a factor in calculating fair value, the expiration of the Credit Period, in and of itself, has not been the only factor in determining whether there is an impairment and generally has not had any adverse impact on the fair value of the Local Partnerships.
 
There can be no assurance that the Partnership will achieve its investment objectives as described above, and it is unlikely that the Partnership will meet objectives 2 and 3, also as noted above.
 
The Partnership is subject to the risks incident to potential losses arising from the management and ownership of improved real estate. The Partnership can also be affected by poor economic conditions generally; however, no more than 30% of the Properties are located in any single state. There are also substantial risks associated with owning interests in properties, as does the Partnership, which receive government assistance, for example the possibility that Congress may not appropriate funds to enable the Department of Housing and Urban Development (“HUD”) to make rental assistance payments. HUD also restricts annual cash distributions to partners based on operating results and a percentage of the owner’s equity contribution. The Partnership cannot sell or substantially liquidate its investments in subsidiary partnerships during the period that the subsidy agreements are in existence without HUD’s approval. Furthermore, there may not be market demand for apartments at full market rents when the rental assistance contracts expire.
 
Sale of Underlying Local Partnerships
 
The Partnership is in the process of disposing of all of its investments.  It is anticipated that this process will continue to take a number of years.  During the year ended March 31, 2012, the Partnership sold its limited partnership interests in five Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership.  As of March 31, 2012, the Partnership has sold its limited partnership interests in nine Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership.  In addition, as of March 31, 2012, one Local Partnership has entered into an agreement to sell its property and the related assets and liabilities.  Subsequently, the Partnership sold its limited partnership interests in two other Local Partnerships (see Item 8, Note 12).  There can be no assurance as to when the Partnership will dispose of its remaining investments or the amount of proceeds which may be received.  However, based on the historical operating results of the Local Partnerships and the current economic conditions, including changes in tax laws, it is unlikely that the proceeds from such sales received by the Partnership will be sufficient to return to the limited partners their original investment.
 
On February 3, 2012, the Partnership sold its limited partnership interest in Brannon Group, L.C. (“Keys”) to an unaffiliated third party purchaser for a sales price of $4,000. The Partnership received $4,000 from the sale.  The sale resulted in a gain of approximately $6,882,000, resulting from the write-off of the basis in the Local Partnership of approximately $6,878,000 at the date of the sale and the $4,000 received from the sale, which was recorded during the quarter ended March 31, 2012.  In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $288,000 as a result of the write-off of fees and loans owed by the Local Partnership to an affiliate of the General Partner.
 
On December 31, 2011, the Partnership sold its limited partnership interests in Mansion Court Phase II Venture (“Mansion Court”) and Aspen-Olive Associates (“Aspen-Olive”), to an affiliate of the Local General Partner for a sales price of $10. The Partnership did not receive any cash after the repayment of other liabilities. The sale resulted in a gain of approximately $3,700,000, resulting from the write-off of the basis in the Local Partnerships of the same amount at the date of the sale, which was recorded during the quarter ended December 31, 2011.  An adjustment to the gain of approximately $29,000 was recorded during the quarter ended March 31, 2012, resulting in an overall gain $3,729,000.  In addition, the sale resulted in a non-cash contribution to the Local Partnerships from the General Partner of approximately $50,000 as a result of the write-off of fees owed by the Local Partnerships to an affiliate of the General Partner.
 
On October 11, 2011, Park Housing Limited Partnership (“Park Terrace”) transferred the deed to the property and the related assets and liabilities to an unaffiliated third party in lieu of foreclosure. The transfer of assets of approximately $244,000 and liabilities of $1,784,000 resulted in a gain of approximately $1,540,000, which was recognized during the quarter ended March 31, 2012. As of the transfer date, Park Terrace had property and equipment, at cost, of approximately $1,201,000, accumulated depreciation of approximately $1,140,000 and mortgage debt of approximately $784,000.  In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $20,000 as a result of the write-off of fees owed by the Local Partnership to an affiliate of the General Partner.
 
On August 23, 2011, the Partnership sold its limited partnership interest in BK-9-A Partners, L.P. (“Lafayette Avenue”) to an affiliate of the Local General Partner for a sales price of $30,000.  The Partnership did not receive any cash after the repayment of other liabilities.  The sale resulted in a gain of approximately $874,000, resulting from the write-off of the basis in the Local Partnership of the same amount at the date of the sale, which was recorded during the quarter ended September 30, 2011.  Adjustments to the gain of approximately $8,000 and $23,000 were recorded during the quarters ended December 31, 2011 and March 31, 2012, respectively, resulting in an overall gain of approximately $905,000.
 
On August 23, 2011, the Partnership sold its limited partnership interest in BK-10K Partners, L.P. (“Knickerbocker Apartments”) to an affiliate of the Local General Partner for a sales price of $250,000.  The Partnership received approximately $236,000 after the repayment of other liabilities of approximately $14,000.  The sale resulted in a loss of approximately $433,000, resulting from the write-off of the basis in the Local Partnership of approximately $669,000 at the date of the sale and the $236,000 cash received from the sale, which was recorded during the quarter ended September 30, 2011. Adjustments to the loss of approximately of $6,000 and $(11,000) were recorded during the quarters ended December 31, 2011 and March 31, 2012, respectively, resulting in an overall loss of approximately $427,000.
 
On December 31, 2010, the Partnership sold its limited partnership interest in Jefferis Square Housing Partnership L.P. (“Jefferis”) to an affiliate of the Local General Partner for a sales price of $25,000.  The Partnership received approximately $2,000 after the repayment of other liabilities of approximately $23,000.  The sale resulted in a gain of approximately $4,832,000, resulting from the write-off of the deficit basis in the Local Partnership of approximately $4,830,000 at the date of the sale and the $2,000 cash received from the sale, which was recorded during the quarter ended December 31, 2010.  An adjustment to the gain of approximately $196,000 was recorded during the quarter ended March 31, 2011, resulting in an overall gain of $5,028,000.  In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $12,500 as a result of the write-off of fees owed by the Local Partnership to an affiliate of the General Partner.
 
 
 
 
 
- 3 -
 
 
 
On March 31, 2010, the Partnership sold its limited partnership interest in Livingston Manor Urban Renewal Associates, L.P. (“Livingston Manor”) to an affiliate of the Local General Partner for a sales price of $20,000.  The Partnership received approximately $7,000 after the repayment of other liabilities of approximately $13,000.  The sale resulted in a loss of approximately $1,870,000, resulting from the write-off of the basis in the Local Partnership of approximately $1,877,000 at the date of the sale and the $7,000 cash received from the sale which was recorded during the year ended March 31, 2010.  An adjustment to the loss of approximately $42,000 was recorded during the quarter ended June 30, 2010, resulting in an overall loss of approximately $1,912,000.  In addition, the sale resulted in a non-cash contribution to the Local Partnership from the Local General Partner of approximately $324,000 as a result of the write-off of fees owed by the Local Partnership to the Local General Partner.
 
Assets Held for Sale
 
On August 29, 2011, New Zion Apartments (“New Zion”) entered into a purchase and sale agreement to sell the property and the related assets and liabilities to an unaffiliated third party purchaser for a sales price of $2,450,000. As of March 31, 2012, New Zion had property and equipment, at cost, of approximately $2,814,000, accumulated depreciation of approximately $1,511,000 and mortgage debt of approximately $562,000.  The Partnership owns a 42.39% limited partnership interest in New Zion. The sale is expected to be consummated during the fourth quarter of 2012. There can be no assurance of when and if the sale will be consummated by this time.
 
Segments
 
The Partnership operates in one segment, which is the investment in multi-family residential property.  Financial information about this segment is set forth in Item 8 hereto.
 
Competition
 
The real estate business is highly competitive and substantially all of the Properties acquired by the Partnership are expected to have active competition from similar properties in their respective vicinities. In addition, various other limited partnerships have, in the past, and may, in the future, be formed by the General Partner and/or its affiliates to engage in businesses which may be competitive with the Partnership.
 
Employees
 
The Partnership does not have any direct employees. All services are performed for the Partnership by the General Partner and its affiliates. The General Partner receives compensation in connection with such activities as set forth in Items 11 and 13. In addition, the Partnership reimburses the General Partner and certain of its affiliates for expenses incurred in connection with the performance by their employees of services for the Partnership in accordance with the Partnership’s Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”).
 
Item 1A.  Risk Factors.
 
Not applicable.
 
Item 1B.  Unresolved Staff Comments.
 
Not applicable.
 
Item 2.  Properties.
 
The Partnership is subject to the risks incidental to potential losses arising from the management and ownership of improved real estate.  The Partnership can also be affected by poor economic conditions.  The Partnership had originally acquired interests in twenty Local Partnerships, all of which have been consolidated for accounting purposes.  During the year ended March 31, 2012, the Partnership has sold its limited partnership interests in five Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership.  As of March 31, 2012, the Partnership has sold its limited partnership interests in nine local partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership. In addition, as of March 31, 2012, one Local Partnership has entered into an agreement to sell its property and the related assets and liabilities.  Subsequently, the Partnership sold its limited partnership interests in another Local Partnership (see Item 8, Note 11). There can be no assurance as to when the Partnership will dispose of its remaining investments or the amount of proceeds which may be received.  Except for the interest in New Zion Apartments, L.P. (“New Zion”), the Partnership’s investment in each Local Partnership represents 98.99% or 99.98% of the partnership interests in the Local Partnership. The Partnership’s investment in New Zion represents 42.39% of the partnership interests in the Local Partnership (the other 57.59% of limited partnership interests is owned by affiliates of the Partnership, with the same management).  Set forth below is a schedule of the Local Partnerships including certain information concerning their respective Apartment Complexes (the “Local Partnership Schedule”). Further information concerning these Local Partnerships and their Properties, including any encumbrances affecting the Properties, may be found in Schedule III to the financial statements which are included herein.
 
 
 
 
 
- 4 -
 
 
 
Local Partnership Schedule
 
Name and Location
 
 
 
% of Units Occupied at May 1,
 (Number of Units)
 
Date Acquired
 
2012 
 
2011 
 
2010 
 
2009 
 
2008 
 
 
 
 
 
 
 
 
 
 
 
 
 
Edward Hotel Limited Partnership
 
 
 
 
 
 
 
 
 
 
 
 
Los Angeles, CA (47)
 
November 1994
 
98 %
 
94 %
 
87 %
 
96 %
 
94 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacific-East L.P.
 
 
 
 
 
 
 
 
 
 
 
 
Brooklyn, NY (39)
 
December 1994
 
(b)
 
(b)
 
(b)
 
89 %
 
92 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Overtown Development Group, Ltd.
 
 
 
 
 
 
 
 
 
 
 
 
Miami, FL (65)
 
December 1994
 
95 %
 
95 %
 
71 %
 
78 %
 
78 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Sumpter Commons Associates, L.P.
 
 
 
 
 
 
 
 
 
 
 
 
Brooklyn, NY (21)
 
April 1995
 
100 %
 
100 %
 
100 %
 
100 %
 
100 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Park Housing Limited Partnership
 
 
 
 
 
 
 
 
 
 
 
 
Hartford, CT (30)
 
May 1995
 
(e)
 
77 %
 
40 %
 
83 %
 
80 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Livingston Manor Urban Renewal Associates, L.P.
 
 
 
 
 
 
 
 
 
 
 
 
New Brunswick, NJ (50)
 
June 1995
 
(b)
 
(b)
 
(b)
 
98 %
 
100 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Jefferis Square Housing Partnership L.P.
 
 
 
 
 
 
 
 
 
 
 
 
Chester, PA (36)
 
June 1995
 
(c)
 
(c)
 
100 %
 
97 %
 
94 %
 
 
 
 
 
 
 
 
 
 
 
 
 
2301 First Avenue Limited Partnership
 
 
 
 
 
 
 
 
 
 
 
 
New York, NY (92)
 
August 1995
 
(a)
 
(a)
 
(a)
 
(a)
 
98 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Lewis Street L.P.
 
 
 
 
 
 
 
 
 
 
 
 
Buffalo, NY (32)
 
October 1995
 
94 %
 
90 %
 
94 %
 
97 %
 
97 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Savannah Park Housing Limited Partnership
 
 
 
 
 
 
 
 
 
 
 
 
Washington, DC (64)
 
October 1995
 
93 %
 
83 %
 
84 %
 
86 %
 
94 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Brannon Group, L.C.
 
 
 
 
 
 
 
 
 
 
 
 
Leisure City, FL (80)
 
December 1995
 
(d)
 
100 %
 
97 %
 
90 %
 
93 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Mansion Court Phase II Venture
 
 
 
 
 
 
 
 
 
 
 
 
Philadelphia, PA (19)
 
December 1995
 
(d)
 
5 %
 
42 %
 
42 %
 
42 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Primm Place Partners, L.P.
 
 
 
 
 
 
 
 
 
 
 
 
St. Louis, MI (128)
 
December 1995
 
99 %
 
98 %
 
97 %
 
95 %
 
97 %
 
 
 
 
 
 
 
 
 
 
 
 
 
BK-9-A Partners L.P.
 
 
 
 
 
 
 
 
 
 
 
 
Brooklyn, NY (23)
 
December 1995
 
(d)
 
96 %
 
100 %
 
100 %
 
96 %
 
 
 
 
 
 
 
 
 
 
 
 
 
BK-10K Partners L.P.
 
 
 
 
 
 
 
 
 
 
 
 
Brooklyn, NY (21)
 
December 1995
 
(d)
 
100 %
 
100 %
 
100 %
 
100 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Aspen-Olive Associates
 
 
 
 
 
 
 
 
 
 
 
 
Philadelphia, PA (22)
 
October 1996
 
(d)
 
95 %
 
100 %
 
100 %
 
95 %
 
 
 
 
 
 
 
 
 
 
 
 
 
West Mill Creek Associates III L.P.
 
 
 
 
 
 
 
 
 
 
 
 
Philadelphia, PA (72)
 
January 1997
 
100 %
 
100 %
 
94 %
 
97 %
 
96 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Universal Court Associates
 
 
 
 
 
 
 
 
 
 
 
 
Philadelphia, PA (32)
 
April 1997
 
100 %
 
91 %
 
91 %
 
100 %
 
100 %
 
 
 
 
 
 
 
 
 
 
 
 
 
New Zion Apartments
 
 
 
 
 
 
 
 
 
 
 
 
Shreveport, LA (100)
 
November 1997
 
100 %
 
99 %
 
99 %
 
98 %
 
99 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Dreitzer House
 
 
 
 
 
 
 
 
 
 
 
 
New York, NY (32)
 
December 1997
 
97 %
 
100 %
 
100 %
 
100 %
 
100 %
 
(a)
The Partnership’s limited partnership interest was sold during the fiscal year ended March 31, 2009 (see Note 10 in Item 8).
(b)
The Partnership’s limited partnership interest was sold during the fiscal year ended March 31, 2010 (see Note 10 in Item 8).
(c)
The Partnership’s limited partnership interest was sold during the fiscal year ended March 31, 2011 (see Note 10 in Item 8).
(d)
The Partnership’s limited partnership interest was sold during the fiscal year ended March 31, 2012 (see Note 10 in Item 8).
(e)
The Partnership transferred the deed to the property and related assets and liabilities in lieu of foreclosure during the fiscal year ended March 31, 2012 (see Note 10 in Item 8).
 
 
All leases are generally for periods not greater than one to two years and no tenant occupies more than 10% of the total rentable square footage in any single Apartment Complex.
 
 
 
 
 
- 5 -
 
 
 
Commercial tenants (to which average rental per square foot applies) comprise less than 5% of the rental revenues of the Partnership. Maximum rents for the residential units are determined annually by HUD and reflect increases/decreases in consumer price indices in various geographic areas. Market conditions, however, determine the amount of rent actually charged.
 
Management continuously reviews the physical state of the Properties and suggests to the respective general partners of the Local Partnerships (“Local General Partners”) budget improvements which are generally funded from cash flow from operations or release of replacement reserve escrows to the extent available.
 
Management continuously reviews the insurance coverage of the Properties and believes such coverage is adequate.
 
See Item 1, Business, above for the general competitive conditions to which the Properties described above are subject.
 
Real estate taxes are calculated using rates and assessed valuations determined by the township or city in which the Property is located. Such taxes have approximated 1% of the aggregate cost of the Properties as shown in Schedule III to the financial statements included herein.
 
In connection with investments in development-stage Apartment Complexes, the General Partner generally required that the Local General Partners provide completion guarantees and/or undertake to repurchase the Partnership’s interest in the Local Partnership if construction or rehabilitation was not completed substantially on time or on budget (“Development Deficit Guarantees”). The Development Deficit Guarantees generally also required the Local General Partner to provide any funds necessary to cover net operating deficits of the Local Partnership until such time as the Apartment Complex had achieved break-even operations. The General Partner generally required that the Local General Partners undertake an obligation to fund operating deficits of the Local Partnership (up to a stated maximum amount) during a limited period of time (typically three to five years) following the achievement of break-even operations (“Operating Deficit Guarantees”).  As of March 31, 2012, the gross amount of the Operating Deficit Guarantees aggregate approximately $5,487,000, of which approximately $3,931,000 have expired.  In cases where the General Partner deemed it appropriate, the obligations of a Local General Partner under the Development Deficit, Operating Deficit and/or Rent-Up Guarantees were secured by letters of credit and/or cash escrow deposits.
 
Tax Credits with respect to a given Apartment Complex were available for a ten-year period that commenced when the property was leased to qualified tenants.  However, the annual Tax Credits available in the year in which the Apartment Complex was leased was prorated based upon the number of months remaining in the year. The amount of the annual Tax Credit not available in the first year was available in the eleventh year. In certain cases, the Partnership acquired its interest in a Local Partnership after the Local Partnership had placed its Apartment Complex in service. In these cases, the Partnership was allocated Tax Credits beginning in the month following the month in which it acquired its interest and Tax Credits allocated in any prior period were not available to the Partnership.
 
Item 3.  Legal Proceedings.
 
None.
 
Item 4.  Mine Safety Disclosures.
 
Not applicable.
 
 
 
 
- 6 -
 
 
 
PART II
 
Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
 
As of March 31, 2012, the Partnership had issued and outstanding 43,440 Limited Partnership Interests, each representing a $1,000 capital contribution to the Partnership, or an aggregate capital contribution of $43,440,000.  All of the issued and outstanding Limited Partnership Interests have been issued to Independence Assignor Inc. (the “Assignor Limited Partner”), which has in turn issued 43,440 BACs to the purchasers thereof for an aggregate purchase price of $43,440,000. Each BAC represents all of the economic and virtually all of the ownership rights attributable to a Limited Partnership Interest held by the Assignor Limited Partner. BACs may be converted into Limited Partnership Interests at no cost to the holder (other than the payment of transfer costs not to exceed $100), but Limited Partnership Interests so acquired are not thereafter convertible into BACs.
 
Neither the BACs nor the Limited Partnership Interests are traded on any established trading market.  The Partnership does not intend to include the BACs for quotation on NASDAQ or for listing on any national or regional stock exchange or any other established securities market. The Revenue Act of 1987 contained provisions which have an adverse impact on investors in “publicly traded partnerships.”  Accordingly, the General Partner has imposed limited restrictions on the transferability of the BACs and the Limited Partnership Interests in secondary market transactions. Implementation of the restrictions should prevent a public trading market from developing and may adversely affect the ability of an investor to liquidate his or her investment quickly. It is expected that these procedures will remain in effect until such time, if ever, as further revision of the Revenue Act of 1987 may permit the Partnership to lessen the scope of the restrictions.
 
As of May 25, 2012, the Partnership has approximately 2,533 registered holders of an aggregate of 43,440 BACs.
 
All of the Partnership’s general partnership interests, representing an aggregate capital contribution of $1,000, are held by the General Partner.
 
There are no material legal restrictions in the Partnership Agreement on the ability of the Partnership to make distributions. However, the Partnership has made no distributions to the BACs holders as of March 31, 2012.  The Partnership does not anticipate providing cash distributions to its BACs holders other than from net refinancing or sales proceeds.
 
Transfer Procedures
 
The Partnership from time to time receives requests by unit holders and others to transfer BACs and/or Limited Partnership Interests.  Such requests may occur in connection with tender offers for the Partnership’s units.  Such requests implicate the Partnership’s policies and procedures concerning transfers generally and tender offers in particular, which were adopted by the Partnership pursuant to the terms of its Partnership Agreement, to ensure compliance with applicable law, avoid adverse tax consequences for the Partnership and its investors, and preserve the Partnership’s advantageous tax status.
 
The Partnership relies on a 2% safe harbor established by an Internal Revenue Service (“IRS”) regulation to avoid being characterized as a “publicly-traded partnership” that is taxed as a corporation.
 
A brief summary of certain of the Partnership’s key policies, practices and requirements with respect to transfers and tender offers is as follows:
 
·  
No transfer (whether for substitution, assignment or otherwise) is effective or binding on the Partnership unless and until it is approved by the General Partner.
 
·  
No transfer will be approved unless the transferor and transferee submit complete and properly executed forms of the Partnership’s own transfer documentation.  The Partnership does not accept forms of transfer documentation other than its own and does not accept signatures made by power of attorney in lieu of original signatures by each of the transferors and transferees.
 
·  
The Partnership will not approve transfers that in the cumulative aggregate for any tax year exceed the IRS 2% safe harbor, unless a financially responsible person provides the Partnership and its partners with (i) an indemnity (in form and substance in all ways acceptable to the General Partner) for all liability (including, without limitation, any adverse tax consequences) arising from or relating to exceeding the 2% safe harbor and (ii) a legal opinion (in form and substance in all ways acceptable to the General Partner) that there will be no adverse tax consequences to the Partnership and its partners from exceeding the 2% safe harbor.
 
·  
In order to avoid the undesirable situation of one or more tender offers consuming the entire safe harbor limitation early in the tax year and leaving the Partnership’s remaining investors with no liquidity opportunity for the rest of that tax year, the Partnership restricts the cumulative aggregate total of transfers made pursuant to all tender offers to 1.5% of its outstanding units in each tax year, unless a financially responsible person conducting such tender offer provides the Partnership with an acceptable indemnity and legal opinion of the type described above.  At the end of each tax year, the General Partner, in its discretion, may allow the cumulative total number of transfers (including those by tender offer) to reach the 2% safe harbor limit.
 
·  
The Partnership requires that all tender offers for its units be conducted in accordance with all applicable law including, without limitation, the federal securities laws.
 
The foregoing is solely a summary of the Partnership’s policies, requirements and practices with respect to transfers and tender offers.  More complete information, including a copy of the Partnership’s transfer documentation package, may be obtained from the Partnership.
 
Item 6.  Selected Financial Data.
 
Not applicable.
 
 
 
 
- 7 -
 
 
 
Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.
 
Liquidity and Capital Resources
 
The Partnership had originally invested approximately $35,051,000 (including approximately $3,000 classified as loans repayable from sale/refinancing proceeds in accordance with the contribution agreement with one Local Partnership and not including acquisition fees of approximately $2,510,000) of the net proceeds of its Offering in twenty Local Partnerships of which approximately $120,000 remains to be contributed to the Local Partnerships for payment by them to the original sellers of the Properties (not including approximately $115,000 being held in escrow) as certain benchmarks, such as occupancy level, must be attained prior to the release of the funds. The Partnership does not intend to acquire additional Properties. During the year ended March 31, 2012, the Partnership did not make any advances to the Local Partnerships.
 
The Partnership is in the process of disposing of all of its investments.  During the year ended March 31, 2012, the Partnership sold its limited partnership interests in five Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership.  As of March 31, 2012, the Partnership has sold its limited partnership interests in nine Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership.  In addition, as of March 31, 2012, one Local Partnership has entered into an agreement to sell its property and the related assets and liabilities.  Subsequently, the Partnership sold its limited partnership interests in two other Local Partnerships (see Item 8, Note 12).  There can be no assurance as to when the Partnership will dispose of its remaining investments or the amount of proceeds which may be received.  However, based on the historical operating results of the Local Partnerships and the current economic conditions, including changes in tax laws, it is unlikely that the proceeds from such sales received by the Partnership will be sufficient to return to the limited partners their original investments.  All gains and losses on sales are included in discontinued operations.
 
Short-term
 
During the year ended March 31, 2012, the Partnership’s primary sources of funds included:  (i) working capital reserves; (ii) interest earned on the working capital reserves; (iii) cash distributions from operations of the Local Partnerships; and (iv) sales proceeds and distributions.  Such funds are available to meet the obligations of the Partnership.  The Partnership does not anticipate providing cash distributions to BACs holders in circumstances other than refinancing or sales.  Cash distributions received from the Local Partnerships, as well as the working capital reserves referred to above, will be used towards the future operating expenses of the Partnership.  During the years ended March 31, 2012 and 2011, the amounts received from operations of the Local Partnerships were approximately $117,000 and $91,000, respectively.  Additionally, during the years ended March 31, 2012 and 2011, the Partnership received approximately $225,000 and $0, respectively, in net proceeds from the sale of Local Partnerships’ limited partnership interest.  The Partnership does not anticipate being able to make distributions sufficient to return to BACs holders their original capital contributions.
 
For the year ended March 31, 2012, cash and cash equivalents of the Partnership and its consolidated Local Partnerships decreased approximately ($260,000).  This decrease was due to the repayment of mortgage notes ($306,000), costs related to sale of properties ($59,000), purchase of property and equipment ($50,000), a net decrease in due to local general partners and affiliates relating to financing activities ($6,000) and a decrease in capitalization of consolidated subsidiaries attributable to noncontrolling interests ($240,000), which exceeded net cash provided by operating activities ($115,000), proceeds from sale of properties ($284,000) and a decrease in cash held in escrow relating to investing activities ($2,000).  Included in the adjustments to reconcile the net income to net cash provided by operating activities is depreciation and amortization in the amount of approximately ($588,000), gain on sale of properties of approximately $12,629,000 and loss on impairment of fixed assets of approximately ($131,000).
 
Total expenses for the year ended March 31, 2012 and 2011, respectively, excluding depreciation and amortization, interest, general and administrative – related parties and loss on impairment of fixed assets, totaled $3,282,896 and $3,176,913, respectively.
 
Accounts payable as of March 31, 2012 and 2011 were $327,110 and $1,018,576, respectively. Accounts payable from discontinued operations totaled $9,016 and $0 as of March 31, 2012 and March 31, 2011, respectively. Accounts payable are short term liabilities which are expected to be paid from operating cash flows, working capital balances at the Local Partnership level, Local General Partner advances and in certain circumstances advances from the Partnership. Accrued interest as of March 31, 2012 and 2011 was $4,602,247 and $9,248,146, respectively. Accrued interest payable from discontinued operations totaled $3,282 and $0 as of March 31, 2012 and March 31, 2011, respectively.  Such amount represents the accrued interest on all mortgage loans, which include primary and secondary loans. Certain secondary loans have provisions such that interest is accrued but not payable until a future date.  The Partnership anticipates the payment of accrued interest on the secondary loans (which make up the majority of the accrued interest payable amount and which have been accumulating since the Partnership’s investment in the respective Local Partnership) will be made from future refinancings or sales proceeds of the respective Local Partnerships. In addition, each Local Partnership’s mortgage notes are collateralized by the land and buildings of the respective Local Partnership, and are without further recourse to the Partnership.
 
Because the provisions of the secondary loans defer the payment of accrued interest of the respective Local Partnerships, the Partnership believes it (and the applicable Local Partnerships) has sufficient liquidity and ability to generate cash and to meet existing and known or reasonably likely future cash requirements over both the short and long term.  In addition, assuming the General Partner continues to defer the payment of fees as discussed below and in Note 8 to the Financial Statements in Item 8, the Partnership believes it has sufficient liquidity and ability to generate cash and to meet existing and known or reasonably likely future cash requirements over both the short and long term.
 
The Partnership has an unconsolidated working capital reserve of approximately $842,000 at March 31, 2012.
 
Long-term
 
Partnership management fees owed to the General Partner amounting to approximately $2,957,000 and $3,520,000 were accrued and unpaid as of March 31, 2012 and 2011, respectively, and are included in the line item Due to general partner and affiliates in the consolidated balance sheets.  During the year ended March 31, 2012, management deemed the unpaid partnership management fees that were related to the properties sold during the year ended March 31, 2012, uncollectible and as a result, wrote them off in the amount of approximately $757,000, resulting in a non-cash General Partner contribution of the same amount.  Unpaid partnership management fees for any year are to be deferred without interest and will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all Partnership liabilities have been made other than to those owed to the General Partner and its affiliates, and after the Limited Partners have received a 10% return on their capital contributions.
 
 
 
 
 
- 8 -
 
 
 
All other payables included in Due to general partner and affiliates are expected to be paid, if at all, from working capital reserves.  See Note 12 in Item 8 for further discussion of amounts due to the General Partner and its affiliates.  The General Partner does not anticipate advancing going forward any operating funds to any of the Local Partnerships in which the Partnership has invested.  Even if a situation arose where the General Partner and its affiliates needed to but were not able to make operating advances in the future due to lack of funds, the only impact on the Partnership would be that it would lose its investment in that particular Local Partnership.  The Partnership’s ability to continue its operations would not be affected.
 
For discussion of contingencies affecting certain subsidiary partnerships, see Results of Operations of Certain Local Partnerships, below. Since the maximum loss the Partnership would be liable for is its net investment in the respective subsidiary partnerships, the resolution of the existing contingencies is not anticipated to impact future results of operations, liquidity or financial condition in a material way.  However, the Partnership’s loss of its investment in a Local Partnership may result in recapture of Tax Credits if the investment is lost before the expiration of the Compliance Period.  Through December 31, 2011, only Mansion Court Phase II Venture (“Mansion Court”) was required to recapture $489,362 of low-income housing Tax Credits.
 
Except as described above, management is not aware of any trends or events, commitments or uncertainties, which have not otherwise been disclosed that will or are likely to impact liquidity in a material way. Management believes the only impact would be for laws that have not yet been adopted. The portfolio is diversified by the location of the Properties around the United States so that if one area of the country is experiencing downturns in the economy, the remaining Properties in the portfolio may be experiencing upswings.  However, the geographic diversification of the portfolio may not protect against a general downturn in the national economy. The Partnership has invested the proceeds of its Offering in twenty Local Partnerships, all of which, other than Mansion Court, had their Tax Credits fully in place.  As of December 31, 2009, the Credit Periods had expired and the Partnership has met its objective of generating Tax Credits for qualified BACs holders.  The Compliance Periods will continue through December 31, 2014 with respect to the Properties depending upon when the Credit Period commenced.
 
Off Balance Sheet Arrangements
 
The Partnership has no off-balance sheet arrangements.
 
Critical Accounting Policies
 
In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.  Actual results could differ from those estimates. Set forth below is a summary of the accounting policies that management believes are critical to the preparation of the consolidated financial statements. The summary should be read in conjunction with the more complete discussion of the Partnership’s accounting policies included in Item 8, Note 2 to the consolidated financial statements in this annual report on Form 10-K.
 
Property and Equipment
 
Property and equipment to be held and used are carried at cost which includes the purchase price, acquisition fees and expenses, construction period interest and any other costs incurred in acquiring the properties. The cost of property and equipment is depreciated over their estimated useful lives using accelerated and straight-line methods. Expenditures for repairs and maintenance are charged to expense as incurred; major renewals and betterments are capitalized. At the time property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the assets and accumulated depreciation accounts and the profit or loss on such disposition is reflected in earnings.  The Partnership complies with ASC 360, Property, Plant and Equipment.  A loss on impairment of assets is recorded when management estimates amounts recoverable through future operations and sale of the property on an undiscounted basis are below depreciated cost. At that time, property investments themselves are reduced to estimated fair value (generally using the direct capitalization method) when the Property is considered to be impaired and the depreciation cost exceeds estimated fair value.
 
During the year ended March 31, 2012, the Partnership recorded $131,000 as a loss on impairment of assets or reduction to estimated fair value.  Through March 31, 2012, the Partnership has recorded approximately $30,481,000 as an aggregate loss on impairment of assets or reduction to estimated fair value.
 
At the time management commits to a plan to dispose of assets, said assets are adjusted to the lower of carrying amount or fair value less costs to sell. These assets are classified as property and equipment-held for sale and are not depreciated.  The assets of one Local Partnership are classified as property and equipment as held for sale as of March 31, 2012.
 
Revenue Recognition
 
Rental income is earned primarily under standard residential operating leases and is typically due the first day of each month, but can vary by property due to the terms of the tenant leases. Rental income is recognized when earned and charged to tenants’ accounts receivable if not received by the due date. Rental payments received in advance of the due date are deferred until earned.  Rental subsidies are recognized as rental income during the month in which it is earned.
 
Other revenues are recorded when earned and consist of the following items:  Interest income earned on cash and cash equivalent balances and cash held in escrow balances, income from forfeited security deposits, late charges, laundry and vending income and other rental related items (see Note 2e in Item 8).
 
 
 
 
 
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Income Taxes
 
The Partnership is not required to provide for, or pay, any federal income taxes. Net income or loss generated by the Partnership is passed through to the partners and is required to be reported by them. The Partnership may be subject to state and local taxes in jurisdictions in which it operates. For income tax purposes, the Partnership has a fiscal year ending December 31.
 
Results of Operations
 
The following is a summary of the results of operations of the Partnership for the years ended March 31, 2012 and 2011 (the 2011 and 2010 Fiscal Years) excluding the results of its discontinued operation which are not reflected in the following discussion (see Item 8, Note 13).
 
The net income for the 2011 and 2010 Fiscal Years aggregated $(11,327,889) and $(1,071,859), respectively.
 
The Partnership and BACs holders began recognizing Tax Credits with respect to a Property when the Credit Period for such Property commenced. Because of the time required for the acquisition, completion and rent-up of Properties, the amount of Tax Credits per BAC gradually increased over the first three years of the Partnership.  Tax Credits not recognized in the first three years were recognized in the 11th through 13th years.  As of December 31, 2009, Credit Periods had expired for all properties.
 
2011 vs. 2010
 
Rental income increased by approximately 7% for the 2011 Fiscal Year as compared to the 2010 Fiscal Year, primarily due to an increase in rental rates, occupancies and tenant assistance payments at several Local Partnerships.
 
Total expenses excluding depreciation and amortization and loss on impairment of fixed assets remained consistent with an increase of less than 2% for the 2011 Fiscal Year as compared to the 2010 Fiscal Year.
 
Depreciation and amortization expense decreased approximately $83,000 for the 2011 Fiscal Year as compared to the 2010 Fiscal Year, primarily due to the reduction in carrying amounts relating to impairment of assets recorded during the 2010 Fiscal Year at six Local Partnerships.
 
Loss on impairment of fixed assets amounted to approximately $131,000 and $1,570,000 for the 2011 and 2010 Fiscal Year, respectively.  See Note 4 in Item 8 for detailed discussion on impairments.
 
Results of Operations of Certain Local Partnerships
 
Subsidiary Partnerships – Going Concerns and Uncertainties
 
Mansion Court Phase II Venture (“Mansion Court”)
 
On December 31, 2011, the Partnership sold its limited partnership interest in Mansion Court.  The financial statements for Mansion Court were prepared in conformity with accounting principles generally accepted in the United States of America, which contemplated continuation of Mansion Court as a going concern.  In prior years and in 2011, Mansion Court sustained operating losses and did not generate sufficient cash flow from operations to meet its obligations.  The Local General Partner provided funding in the past years; however, there was no obligation to do so.  Mansion Court also experienced a high number of vacancies due to deteriorating conditions in the area.
 
During the year ended March 31, 2011, in accordance with ASC 360, Property, Plant and Equipment, the Partnership deemed the building of Mansion Court impaired and wrote it down to its fair value of zero, which resulted in a loss on impairment of approximately $194,000.  Fair value was obtained from an assessment made by management after indications that the carrying value of the assets were not recoverable, evidenced by a history of net operating losses over the past few years.
 
Brannon Group, L.C. (“Keys”)
 
On February 3, 2012, the Partnership sold its limited partnership interest in Keys.  The financial statements for Keys were prepared in conformity with accounting principles generally accepted in the United States of America, which contemplated continuation of Keys as a going concern.  Keys had obligations that matured on January 1, 2012 in the amount of $1,199,501. However, on January 17, 2012, Keys closed on the refinancing of its mortgages.
 
Other
 
The Partnership’s investment as a limited partner in the Local Partnerships is subject to the risks of potential losses arising from management and ownership of improved real estate. The Partnership’s investments also could be adversely affected by poor economic conditions generally, which could increase vacancy levels and rental payment defaults, and increase operating expenses, any or all of which could threaten the financing viability of one or more of the Local Partnerships.
 
There also are substantial risks associated with the operation of Apartment Complexes receiving government assistance. These include governmental regulations concerning tenant eligibility, which may make it more difficult to rent apartments in the Apartment Complexes; difficulties in obtaining government approval for rent increases; limitations on the percentage of income which low and moderate-income tenants may pay as rent; the possibility that Congress may not appropriate funds to enable HUD to make the rental assistance payments it has contracted to make; and that when the rental assistance contracts expire there may not be market demand for apartments at full market rents in a Local Partnership’s Apartment Complex.
 
 
 
 
 
- 10 -
 
 
 
The Local Partnerships are impacted by inflation in several ways. Inflation allows for increases in rental rates generally to reflect the impact of higher operating and replacement costs. Inflation also affects the Local Partnerships adversely by increasing operating costs, for example, for such items as fuel, utilities and labor.
 
Item 7A.  Quantitative and Qualitative Disclosures about Market Risk.
 
Not applicable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Item 8.
Financial Statements and Supplementary Data.
    
     
Sequential
Page
       
 
Consolidated Financial Statements
    
       
 
Report of Independent Registered Public Accounting Firm
  
13
       
 
Consolidated Balance Sheets at March 31, 2012 and 2011
  
36
       
 
Consolidated Statements of Operations for the Years Ended March 31, 2012 and 2011
  
37
       
 
Consolidated Statements of Changes in Partners’ Capital (Deficit) for the Years Ended March 31, 2012 and 2011
  
38
       
 
Consolidated Statements of Cash Flows for the Years Ended March 31, 2012 and 2011
  
39
       
 
Notes to Consolidated Financial Statements
  
40
 
 
 
 
 
 
 
 
 
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Partners of
Independence Tax Credit Plus L.P. III and Subsidiaries
(a Delaware limited partnership)
 
We have audited the consolidated balance sheet of Independence Tax Credit Plus L.P. III and Subsidiaries (a Delaware limited partnership) as of March 31, 2012, and the related consolidated statements of operations, changes in partners' capital (deficit), and cash flows for the year ended March 31, 2012 (the 2011 Fiscal Year).  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 did not audit the financial statements for fourteen subsidiary partnerships whose income aggregated $12,226,776 for the year ended March 31, 2012, and whose assets constituted 51% of the Partnership's assets at March 31, 2012, presented in the accompanying consolidated financial statements.  The financial statements for thirteen of these subsidiary partnerships were audited by other auditors whose reports thereon have been furnished to us and our opinion expressed herein, insofar as it relates to the amounts included for these subsidiary partnerships, is based solely upon the reports of the other auditors.  The financial statement for one of these subsidiary partnerships is unaudited.
 
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.
 
In our opinion, based upon our audit, and the reports of the other auditors referred to above, the consolidated financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of Independence Tax Credit Plus L.P. III and Subsidiaries at March 31, 2012, and the results of their operations and their cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.
 
As discussed in Note 12(b), the consolidated financial statements include the financial statements of two subsidiary partnerships with significant uncertainties.  The financial statements of these subsidiary partnerships were prepared assuming that they will continue as going concerns.  These two subsidiary partnerships’ net income aggregated $8,450,604 (2011 Fiscal Year) and their assets aggregated $0 at March 31, 2012.  Management’s plan in regard to this matter is also described in Note 12(b).  The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
 
/s/ RAICH ENDE MALTER & CO. LLP
RAICH ENDE MALTER & CO. LLP
 
New York, New York
June 18, 2012
 
 
 
 
 
 
 
 
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Partners of
Independence Tax Credit Plus L.P. III and Subsidiaries
(a Delaware limited partnership)
 
We have audited the consolidated balance sheet of Independence Tax Credit Plus L.P. III and Subsidiaries (a Delaware limited partnership) as of March 31, 2011, and the related consolidated statements of operations, changes in partners' capital (deficit), and cash flows for the year ended March 31, 2011 (the 2010 Fiscal Year).  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 did not audit the financial statements for fifteen subsidiary partnerships whose income aggregated $2,857,967 for the year ended March 31, 2011, and whose assets constituted 63% of the Partnership's assets at March 31, 2011, presented in the accompanying consolidated financial statements.  The financial statements for fourteen of these subsidiary partnerships were audited by other auditors whose reports thereon have been furnished to us and our opinion expressed herein, insofar as it relates to the amounts included for these subsidiary partnerships, is based solely upon the reports of the other auditors.  The financial statement for one of these subsidiary partnerships is unaudited.
 
We conducted our audit 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.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.
 
In our opinion, based upon our audit, and the reports of the other auditors referred to above, the consolidated financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of Independence Tax Credit Plus L.P. III and Subsidiaries at March 31, 2011, and the results of their operations and their cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.
 
As discussed in Note 12(b), the consolidated financial statements include the financial statements of two subsidiary partnerships with significant uncertainties.  The financial statements of these subsidiary partnerships were prepared assuming that they will continue as going concerns.  These two subsidiary partnerships’ net losses aggregated $413,927 (2010 Fiscal Year) and their assets aggregated $1,715,468 at March 31, 2011.  Management’s plan in regard to this matter is also described in Note 12(b).  The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
 
/s/TRIEN ROSENBERG
WEINBERG CIULLO & FAZZARI LLP
 
New York, New York
June 27, 2011
 

 
 
 
 
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[HOLTHOUSE CARLIN & VAN TRIGT LLP LETTERHEAD]

Independent Auditors’ Report

To the Partners of the
Edward Hotel Limited Partnership:

We have audited the accompanying balance sheets of Edward Hotel Limited Partnership (a California limited partnership) as of December 31, 2011 and 2010, and the related statements of operations, changes in partners' deficit and cash flows for the years then ended. Three 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 we free of material misstatement The Partnership has determined that it is not required to have, nor we were engaged to perform, an audit of Its internal control over financial reporting. Our audit 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 the test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fatly, in all material respects, the financial position of Edward Hotel Limited Partnership as of December 31, 2011 and 2010, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.


/s/ Holthouse Carlin & Van Trigt LLP
Los Angeles, California
February 29, 2012
 
 
 
 
 

 
 
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[SMITH, BUZZI & ASSOCIATES, LLC. LETTERHEAD]

INDEPENDENT AUDITORS' REPORT

The Partners
Overtown Development Group, Ltd.
(A Limited Partnership):

We have audited the accompanying balance sheets of Overtown Development Group, Ltd. (A Limited Partnership) as of December 31, 2011 and 2010, and the related statement of operations, changes in partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of Overtown Development Group, Ltd. 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership has determined that it is not required to have, nor we were engaged to perform, an audit of its internal control over financial reporting. Our audit 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 includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides 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 Overtown Development Group, Ltd. as of December 31, 2011 and 2010, and the results of its operations changes in partners' equity and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.


/s/ Smith, Buzzi & Associates, LLC.
Miami, Florida
February 2, 2012
 
 
 
 
 
 
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[D. F. O’BRIEN & CO. LETTERHEAD]

INDEPENDENT AUDITORS' REPORT

To the Partners
Sumpter Commons Associates, L.P.

We have audited the accompanying balance sheet of Sumpter Commons Associates, L.P. as of December 31, 2011, and 2010 and the related statements of operations, changes in partners' (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion an 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. The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit 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 includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sumpter Commons Associates, L.P. as of December 31, 2011, and 2010 and the results of its operations, changes in partners' (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles in the United States of America.


/s/ D. F. O’Brien & Co.
Totowa, New Jersey
February 15, 2012
 
 
 
 
 
- 17 -
 
 
 
[REZNICK GROUP, P.C. LETTERHEAD]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners
Livingston Manor Urban Renewal Associates, L.P.

We have audited the accompanying balance sheet of Livingston Manor Urban Renewal Associates, L.P. as of March 9, 2010, and the related statements of operations, changes in partners’ equity (deficit) and cash flows for the period January 1, 2010 through March 9, 2010 (date of investor transfer).  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 audit.

We conducted our audit 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.  The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit 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, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Livingston Manor Urban Renewal Associates, L.P. as of March 9, 2010, and the results of its operations, the changes in partners’ equity (deficit) and its cash flows for the period January 1, 2010 through March 9, 2010 (date of investor transfer), in conformity with accounting principles generally accepted in the United States of America.


/s/ Reznick Group, P.C.
Baltimore, Maryland
September 22, 2010

 
 
 
 
- 18 -
 

 
[REZNICK GROUP, P.C. LETTERHEAD]

REPORT OF INDEPENDENT REGISTERED ACCOUNTING FIRM

To the Partners
Jefferis Square Housing Partnership, L.P.

We have audited the accompanying balance sheet of Jefferis Square Housing Partnership, L.P. as of December 31, 2010, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the year then ended.  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 audit.

We conducted our audit 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.  The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit 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, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Jefferis Square Housing Partnership, L.P. as of December 31, 2010, and the results of its operations, the changes in partners' equity (deficit) and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The 2010 supplemental information on pages 18 and 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and,' in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.


/s/ Reznick Group, P.C.
Baltimore, Maryland
March 10, 2011
 
 
 
 
 
 
- 19 -
 

 
[TOSKI & CO., P.C. LETTERHEAD]

INDEPENDENT AUDITORS’ REPORT

The Partners
Lewis Street Limited Partnership:

We have audited the accompanying balance sheets of Lewis Street Limited Partnership as of December 31, 2011 and 2010 and the related statements of operations, partners' equity and cash flows for the years then ended. 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 The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit 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 includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lewis Street Limited Partnership as of December 31, 2011 and 2010 and the results of its operations, changes in partners' equity and cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. in our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.


/s/ Toski & Co., CPAs, P.C.
Williamsville, New York
January 27, 2012
 
 
 
 
 
 
- 20 -
 

 
[ROMANO & MITCHELL, CHARTERED CERTIFIED PUBLIC ACCOUNTANTS/MANAGEMENT CONSULTANTS LETTERHEAD]

INDEPENDENT AUDITOR’S REPORT

To the Partners
Savannah Park Housing Limited Partnership
Washington, D.C.

We have audited the accompanying balance sheets of Savannah Park Housing Limited Partnership as of December 31, 2011 and 2010 and the related statements of operations, partners' capital and cash flows for the years then ended. We also have audited Savannah Park Housing Limited Partnership's internal control over financial reporting as of December 31, 2011 and 2010 based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Partnership's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in management's report on internal control over financial reporting dated February 24, 2012. Our responsibility is to express an opinion on these financial statements and an opinion on the Partnership's internal control over financial reporting 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included 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. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exits, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

An organization's internal control over financial reporting is a process designed 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. An organization's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the organization; (2) 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 of the organization are being made only in accordance with authorizations of management and owners of the organization; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the organization's 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. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Savannah Park Housing Limited Partnership as of December 31, 2011 and 2010, and the results of its operations and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles. Also in our opinion, Savannah Park Housing Limited Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011 and 2010, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).


/s/ Romano & Mitchell, Chartered Certified Public Accountants
Bethesda, Maryland
February 24, 2012

 
 
 
 
 
 
- 21 -
 

 
 
[NOVOGRADAC & COMPANY LLP CERTIFIED PUBLIC ACCOUNTANTS LETTERHEAD]

REPORT OF INDEPENDENT AUDITORS

To the Members of
Brannon Group, L.C.:

We have audited the accompanying balance sheets of Brannon Group, L.C., a Florida limited liability company, as of December 31, 2011 and 2010, and the related statements of operations, members' deficit and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards as established by the Auditing Standards Board (United States) and in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its 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 Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit 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, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Brannon Group, L.C. as of December 31, 2011 and 2010, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules are presented for purposes of additional analysis and are not a required part of the financial statements of Brannon Group, L.C. Such information has been subjected to the auditing procedures applied in the audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.


/s/ Novogradac & Company LLP
San Francisco, California
March 19, 2012
 
 
 
 
 
 
- 22 -
 

 
 
[REZNICK GROUP, P.C. LETTERHEAD]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners
Mansion Court Phase II Venture

We have audited the accompanying balance sheet of Mansion Court Phase II Venture as of December 31, 2011, and the related statements of operations, changes in partners' deficit and cash flows for the year then ended. 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 audit.

We conducted our audit 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. The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit 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. An audit also includes assessing the accounting principles used and significant estimates made by the Partnership's management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Mansion Court Phase II Venture as of December 31, 2011 and the results of its operations, the changes in partners' deficit and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. The project has sustained operating losses over the years and has not generated sufficient cash flow from operations to meet its obligations. Furthermore, the Partnership has a net deficiency in partners' equity. Those conditions raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in note 9. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying supplemental information on pages 17 and 18 is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.


/s/ Reznick Group, P.C.
Baltimore, Maryland
February 28, 2012
 
 
 
 
 
- 23 -
 
 
[REZNICK GROUP, P.C. LETTERHEAD]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners
Mansion Court Phase II Venture

We have audited the accompanying balance sheet of Mansion Court Phase II Venture as of December 31, 2010, and the related statement of operations, changes in partners' equity (deficit) and cash flows for the year then ended.  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 audit.

We conducted our audit 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.  The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit 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.  An audit also includes assessing the accounting principles used and significant estimates made by the Partnership's management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Mansion Court Phase II Venture as of December 31, 2010 and the results of its operations, the changes in partners' equity (deficit) and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern.  The project has sustained operating losses over the years and has not generated sufficient cash flow from operations to meet its obligations.  Furthermore, the Partnership has a net deficiency in partners' equity.  Those conditions raise substantial doubt about its ability to continue as a going concern.  Management's plans in regard to these matters are also described in note 11.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental information on pages 18 and 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.


/s/ Reznick Group, P.C.
Baltimore, Maryland
March 15, 2011
 
 
 
 
 
 
- 24 -
 

 
[RAINES AND FISCHER LLP CERTIFIED PUBLIC ACCOUNTANTS LETTERHEAD]

INDEPENDENT AUDITORS' REPORT

To the Partners of BK-9-A Partners, L.P.:

We have audited the accompanying balance sheet of BK-9-A Partners, L.P. (A New York Limited Partnership) as of August 23, 2011, and the related statements of operations, changes in partners' capital (deficit), and cash flows for the period then ended. 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 audit.

We conducted our audit 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. An audit includes 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, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BK-9-A Partners, L.P. (A New York Limited Partnership) as of August 23, 2011, and the results of its operations and its cash flows for the period then ended, in conformity with accounting principles generally accepted in the United States of America.


/s/ Raines & Fischer LLP
New York, New York
May 23, 2012
 
 
 
 
 
- 25 -
 
 
 
[RAINES AND FISCHER LLP CERTIFIED PUBLIC ACCOUNTANTS LETTERHEAD]

INDEPENDENT AUDITORS' REPORT

To the Partners of BK-9-A Partners, L.P.:

We have audited the accompanying balance sheet of BK-9-A Partners, L.P. (A New York Limited Partnership) as of December 31, 2010, and the related statements of operations, changes in partners' capital (deficit), and cash flows for the year then ended.  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 audit.

We conducted our audit 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.  An audit includes 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, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BK-9-A Partners, L.P. (A New York Limited Partnership) as of December 31, 2010, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.


/s/ Raines & Fischer LLP
New York, New York
May 5, 2011
 
 
 
 
 
 
- 26 -
 

 
[RAINES AND FISCHER LLP CERTIFIED PUBLIC ACCOUNTANTS LETTERHEAD]

INDEPENDENT AUDITORS' REPORT

To the Partners of BK-10K Partners, L.P.:

We have audited the accompanying balance sheet of BK-10K Partners, L.P. (A New York Limited Partnership) as of August 23, 2011, and the related statements of operations, changes in partners' capital (deficit), and cash flows for the period then ended. 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 audit.

We conducted our audit 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. An audit includes 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, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BK-10K Partners, L.P. (A New York Limited Partnership) as of August 23, 2011, and the results of its operations and its cash flows for the period then ended in conformity with accounting principles generally accepted in the United States of America.


/s/ Raines & Fischer LLP
New York, New York
March 23, 2012
 
 
 
 
 
 
- 27 -
 
 
 
[RAINES AND FISCHER LLP CERTIFIED PUBLIC ACCOUNTANTS LETTERHEAD]

INDEPENDENT AUDITORS' REPORT

To the Partners of BK-10K Partners, L.P.:

We have audited the accompanying balance sheet of BK-10K Partners, L.P. (A New York Limited Partnership) as of December 31, 2010, and the related statements of operations, changes in partners' capital (deficit), and cash flows for the year then ended.  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 audit.

We conducted our audit 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.  An audit includes 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, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BK-10K Partners, L.P. (A New York Limited Partnership) as of December 31, 2010, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.


/s/ Raines & Fischer LLP
New York, New York
March 28, 2011
 
 
 
 
 
 
- 28 -
 
 

 
[REZNICK GROUP, P.C. LETTERHEAD]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners
Aspen-Olive Associates

We have audited the accompanying balance sheet of Aspen-Olive Associates as of December 31, 2011, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the year then ended. 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 audit.

We conducted our audit 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. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit 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, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Aspen-Olive Associates as of December 31, 2011 and the results of its operations, the changes in partners' equity (deficit) and cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information on pages 18 and 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.


/s/ Reznick Group, P.C.
Baltimore, Maryland
February 27, 2012
 
 
 
 
 
- 29 -
 
 
 
[REZNICK GROUP, P.C. LETTERHEAD]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners
Aspen-Olive Associates

We have audited the accompanying balance sheet of Aspen-Olive Associates as of December 31, 2010, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the year then ended.  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 audit.

We conducted our audit 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.  The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit 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, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Aspen-Olive Associates as of December 31, 2010 and the results of its operations, the changes in partners' equity (deficit) and cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The accompanying supplemental information on pages 18 and 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.


/s/ Reznick Group, P.C.
Baltimore, Maryland
March 9, 2011
 
 
 
 
 
- 30 -
 
 

 
[REZNICK GROUP, P.C. LETTERHEAD]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners
Universal Court Associates

We have audited the accompanying balance sheet of Universal Court Associates as of December 31, 2011, and the related statements of operations, change in partners' equity (deficit) and cash flows for the year then ended. 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 audit.

We conducted our audit 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. The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit 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, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Universal Court Associates as of December 31, 2011, and the results of its operations, the changes in partners' equity (deficit) and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying supplemental information on pages 19 and 20 is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.



/s/ Reznick Group, P.C.
Baltimore, Maryland
February 27, 2012
 
 
 
 
 
 
- 31 -
 
 
 
[REZNICK GROUP, P.C. LETTERHEAD]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners
Universal Court Associates

We have audited the accompanying balance sheet of Universal Court Associates as of December 31, 2010, and the related statements of operations, change in partners' equity (deficit) and cash flows for the year then ended.  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 audit.

We conducted our audit 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.  The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit 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, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Universal Court Associates as of December 31, 2010, and the results of its operations, the changes in partners' equity (deficit) and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The 2010 supplemental information on pages 19 and 20 is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.


/s/ Reznick Group, P.C.
Baltimore, Maryland
March 9, 2011
 
 
 
 
 
- 32 -
 
 

 
[REZNICK GROUP, P.C. LETTERHEAD]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners
New Zion Apartments Limited Partnership

We have audited the accompanying balance sheet of New Zion Apartments Limited Partnership, HUD Project No. LA48E000011, as of December 31, 2011, and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. 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 audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the 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. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit 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, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As described in note 1 to the financial statements, the Partnership's financial statements have been prepared on the basis of accounting and reporting practices prescribed by the U.S. Department of Housing and Urban Development (HUD). These prescribed practices are a comprehensive basis of accounting other than accounting principles accepted in the United States of America.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of New Zion Apartments Limited Partnership as of December 31, 2011, and the results of its operations, the changes in partners' equity (deficit), and cash flows for the year then ended, in conformity with the basis of accounting discussed in note 1.

In accordance with Government Auditing Standard, we have also issued a report, dated February 14, 2012 on our consideration of New Zion Apartments Limited Partnership's internal control over financial reporting. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and the results of that testing and not to provide an opinion on the internal control over financial reporting. In accordance with Government Auditing Standards, we have also issued an opinion dated February 14, 2012, on New Zion Apartments Limited Partnership's compliance with certain provisions of laws, regulations, contracts, and grant agreements, and other matters applicable with certain transactions for certain nonmajor HUD-assisted programs. Those reports are an integral part of an audit in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying supplemental information on pages 24 through 36 is presented for purposes of additional analysis as required by the Consolidated Audit Guide for Audits of HUD Programs issued by the U.S. Department of Housing and Urban Development, Office of the Inspector General, and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.


/s/ Reznick Group, P.C.
Taxpayer Identification Number:
52-1088612
Baltimore, Maryland
February 14, 2012
Lead Auditor:  Scott H. Szeliga, CPA
 
 
 
 
 
- 33 -
 
 
 
[REZNICK GROUP, P.C. LETTERHEAD]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners
New Zion Apartments Limited Partnership

We have audited the accompanying balance sheet of New Zion Apartments Limited Partnership, HUD Project No. LA48E000011, as of December 31, 2010, and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended.  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 audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the 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 The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit 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, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of New Zion Apartments Limited Partnership as of December 31, 2010, and the results of its operations, the changes in partners' equity (deficit), and cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued a report, dated March 22, 2011 on our consideration of New Zion Apartments Limited Partnership's internal control over financial reporting.  The purpose of that report is to describe the scope of our testing of internal control over financial reporting and the results of that testing and not to provide an opinion on the internal control over financial reporting.  In accordance with Government Auditing Standards, we have also issued an opinion dated March 22, 2011, on New Zion Apartments Limited Partnership's compliance with certain provisions of laws, regulations, contracts, and grant agreements, and other matters that could have a direct and material effect on a major HUD-assisted program.  Those reports are an integral part of an audit in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The accompanying supplemental information on pages 24 through 36 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership.  Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.


/s/ Reznick Group, P.C.
Taxpayer Identification Number:
52-1088612
Baltimore, Maryland
March 22, 2011
Lead Auditor:  Scott H. Szeliga, CPA
 
 
 
 
 
 
 
- 34 -
 

 
[PKF O’CONNOR DAVIES LETTERHEAD]

Independent Auditors’ Report

To The Partners
Dreitzer Limited Partnership

We have audited the accompanying balance sheets of Dreitzer Limited Partnership ("the Partnership') as of December 31, 2011 and 2010, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. 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 generally accepted auditing standards as established by the Auditing Standards Board (United States) and in accordance with the auditing 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. The Partnership is not required to have, nor were we engaged to perform, an audit of its 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 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, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Dreitzer Limited Partnership as of December 31, 2011 and 2010, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The schedules of excess income analysis on page 17 is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.


/s/ PKF O’Connor Davies
New York, New York
February 15, 2012

 
 
 
 
 
 
 
 
- 35 -

 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
 
 
 
March 31,
 
 
 
2012 
 
2011 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
Property and equipment – at cost, less accumulated depreciation (Notes 2 and 4)
 
$
5,943,626 
 
$
11,596,805 
Cash and cash equivalents (Note 2 and 12)
 
 
1,489,623 
 
 
1,854,271 
Cash held in escrow (Note 5)
 
 
3,993,172 
 
 
4,688,130 
Deferred costs, less accumulated amortization (Notes 2 and 6)
 
 
224,695 
 
 
366,667 
Other assets
 
 
457,933 
 
 
749,674 
 
 
 
 
 
 
 
 
Total operating assets
 
 
12,109,049 
 
 
19,255,547 
 
 
 
 
 
 
 
 
Assets from discontinued operations (Note 13)
 
 
 
 
 
 
 
Property and equipment held for sale, net of accumulated depreciation (Note 4)
 
 
1,285,678 
 
 
- 
 
Net assets held for sale
 
 
411,857 
 
 
- 
 
 
 
 
 
 
 
 
Total assets from discontinued operations
 
 
1,697,535 
 
 
- 
 
 
 
 
 
 
 
 
Total assets
 
$
13,806,584 
 
$
19,255,547 
 
 
 
 
 
 
 
 
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Mortgage notes payable (Note 7)
 
$
19,963,691 
 
$
30,836,027 
 
Accounts payable
 
 
327,110 
 
 
1,018,576 
 
Accrued interest payable
 
 
4,602,247 
 
 
9,248,146 
 
Security deposit payable
 
 
205,617 
 
 
359,273 
 
Due to local general partners and affiliates (Note 8)
 
 
1,118,738 
 
 
2,079,679 
 
Due to general partner and affiliates (Note 8)
 
 
4,246,100 
 
 
5,434,965 
 
  
 
 
 
 
 
 
Total operating liabilities
 
 
30,463,503 
 
 
48,976,666 
 
  
 
 
 
 
 
 
Liabilities from discontinued operations (Note 13)
 
 
 
 
 
 
 
Mortgage note payable of assets held for sale
 
 
562,445 
 
 
- 
 
Net liabilities held for sale
 
 
298,669 
 
 
- 
 
 
 
 
 
 
 
 
Total liabilities from discontinued operations
 
 
861,114 
 
 
- 
 
 
 
 
 
 
 
 
Total liabilities
 
 
31,324,617 
 
 
48,976,666 
 
 
 
 
 
 
 
 
Commitments and contingencies (Notes 7,  8 and 12)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Partners’ capital (deficit)
 
 
 
 
 
 
 
Limited partners (43,440 BACs issued and outstanding) (Note 1)
 
 
(19,124,560)
 
 
(26,875,523)
 
General partner
 
 
1,519,586 
 
 
326,474 
 
 
 
 
 
 
 
 
Independence Tax Credit Plus L.P. III total
 
 
(17,604,974)
 
 
(26,549,049)
 
 
 
 
 
 
 
 
Noncontrolling interests (Note 2)
 
 
86,941 
 
 
(3,172,070)
 
 
 
 
 
 
 
 
Total partners’ capital (deficit)
 
 
(17,518,033)
 
 
(29,721,119)
 
 
 
 
 
 
 
 
Total liabilities and partners’ capital (deficit)
 
$
13,806,584 
 
$
19,255,547 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
 
 
- 36 -
 
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
  
AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF OPERATIONS
  
 
  
 
    
 
  
 
  
 
  
 
  
Years Ended March 31
  
 
  
2012
     2011*  
 
  
 
          
Operations:
  
 
          
Revenues
  
 
          
Rental income
   $ 3,674,818     $ 3,432,053  
Other (Note 2)
     188,920       175,615  
 
                
Total revenues
     3,863,738       3,607,668  
 
                
Expenses
                
General and administrative
     1,640,755       1,532,162  
General and administrative-related parties (Note 8)
     576,486       600,484  
Repairs and maintenance
     758,778       775,569  
Operating and other
     526,735       527,227  
Real estate taxes
     141,792       137,196  
Insurance
     214,836       204,759  
Financial, primarily interest
     666,640       663,360  
Depreciation and amortization
     329,807       413,056  
Loss on impairment of fixed assets (Note 4)
     130,661       1,570,035  
 
                
Total expenses
     4,986,490       6,423,848  
 
                
Loss from operations
     (1,122,752 )     (2,816,180 )
 
                
Income from discontinued operations
     12,450,641       3,888,039  
 
                
Net income
     11,327,889       1,071,859  
 
                
Net loss attributable to noncontrolling interests from operations
     4,409       17,315  
Net (income) loss attributable to noncontrolling interests from discontinued operations
     (3,503,042 )     174,844  
 
                
Net (income) loss attributable to noncontrolling interests
     (3,498,633 )     192,159  
 
                
Net income attributable to Independence Tax Credit Plus L.P. III
   $ 7,829,256     $ 1,264,018  
 
                
Loss from operations – limited partners
     (1,107,160 )     (2,770,876 )
Income from discontinued operations – limited partners
     8,858,123       4,022,254  
 
                
Net income – limited partners
   $ 7,750,963     $ 1,251,378  
 
                
Number of BACs outstanding
     43,440       43,440  
 
                
Loss from operation per BAC
   $ (25.49 )   $ (63.78 )
Income from discontinued operations per BAC
     203.92       92.59  
 
                
Income per BAC
   $ 178.43     $ 28.81  
 
                
*  Reclassified for comparative purposes.
  
 
See accompanying notes to consolidated financial statements.
 
 
 
- 37 -
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited
 
General
 
Noncontrolling
 
 
Total
 
Partners
 
Partner
 
Interests
 
 
 
 
 
 
 
 
 
 
 
 
 
Partners capital (deficit) – April 1, 2010
$
 (31,275,627)
 
$
 (28,126,901)
 
$
 (273,217)
 
$
 (2,875,509)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 1,071,859 
 
 
 1,251,378 
 
 
 12,640 
 
 
 (192,159)
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions
 
 (104,402)
 
 
 - 
 
 
 - 
 
 
 (104,402)
 
 
 
 
 
 
 
 
 
 
 
 
Contributions - write-off of partnership management fees related to the sold properties (Note 8)
 
 574,551 
 
 
 - 
 
 
 574,551 
 
 
 - 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contributions – write-off of related party debt (Note 10)
 
 12,500 
 
 
 - 
 
 
 12,500 
 
 
 - 
 
 
 
 
 
 
 
 
 
 
 
 
Partners capital (deficit) – March 31, 2011
$
 (29,721,119)
 
$
 (26,875,523)
 
$
 326,474 
 
$
 (3,172,070)
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
11,327,889 
 
 
 7,750,963 
 
 
 78,294 
 
 
 3,498,632 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions
 
 (239,621)
 
 
 - 
 
 
 - 
 
 
 (239,621)
 
 
 
 
 
 
 
 
 
 
 
 
 
Contributions – write-off of Partnership management fees related to the sold properties (Note 8)
 
 756,986 
 
 
 - 
 
 
 756,986 
 
 
 - 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contributions – write-off of related party debt (Note 10)
 
 357,832 
 
 
 - 
 
 
 357,832 
 
 
 - 
 
 
 
 
 
 
 
 
 
 
 
 
 
Partners capital (deficit) – March 31, 2012
$
 (17,518,033)
 
$
 (19,124,560)
 
$
 1,519,586 
 
$
 86,941 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
 
- 38 -
 
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
  
AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF CASH FLOWS
  
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
  
 
  
 
    
 
  
 
  
 
  
 
  
Years Ended March 31
  
 
  
2012
    
2011
  
 
  
 
    
 
  
Cash flows from operating activities:
  
 
    
 
  
Net income
   $ 11,327,889     $ 1,071,859  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Gain on sale of properties
     (12,628,877 )     (4,985,357 )
Depreciation and amortization
     587,699       829,947  
Loss on impairment of assets
     130,661       1,877,504  
(Increase) decrease in assets:
                
Cash held in escrow
     (74,621 )     (95,253 )
Other assets
     53,541       94,738  
Increase (decrease) in liabilities:
                
Accounts payable
     (235,045 )     25,774  
Accrued interest
     734,380       1,087,034  
Security deposit payable
     1,597       5,128  
Due to local general partners and affiliates
     (19,545 )     (14,901 )
Due to general partner and affiliates
     237,518       258,215  
 
                
Total adjustments
     (11,212,692 )     (917,171 )
 
                
Net cash provided by operating activities
     115,197       154,688  
 
                
Cash flows from investing activities:
                
Acquisition of property and equipment
     (49,891 )     (105,582 )
Proceeds from sale of properties
     284,000       25,000  
Costs related to sale of properties
     (58,814 )     (25,840 )
Decrease in cash held in escrow
     (2,636 )     36,624  
Increase in due to local general partners and affiliates
     -       22,890  
 
                
Net cash provided by (used in) investing activities
     172,659       (46,908 )
 
                
Cash flows from financing activities:
                
Principal payments of mortgage notes
     (306,371 )     (320,023 )
(Decrease) increase in due to local general partners and affiliates
     (6,000 )     2,000  
Decrease in capitalization of consolidated subsidiaries attributable to noncontrolling interests
     (239,621 )     (104,402 )
 
                
Net cash used in financing activities
     (551,992 )     (422,425 )
 
                
Net decrease in cash and cash equivalents
     (264,136 )     (314,645 )
 
                
Cash and cash equivalents at beginning of year
     1,854,271       2,168,916  
 
                
Cash and cash equivalents at end of year
   $ 1,590,135     $ 1,854,271  
 
                
Supplemental disclosure of cash flows information:
                
 
                
Cash paid during the year for interest
   $ 502,783     $ 545,467  
 
                
Summarized below are the components of the gain on sale of properties:
                
(Proceeds from) cost of sale of properties – net
   $ (225,186 )   $ 840  
Decrease in property and equipment, net of accumulated depreciation
     3,752,417       70,215  
Decrease in deferred costs
     88,588       5,369  
Decrease in cash held in escrow
     471,417       14,254  
Decrease in other assets
     227,654       80,338  
(Decrease) increase in accounts payable and other liabilities
     (447,407 )     37,664  
Decrease in accrued interest payable
     (5,376,997 )     (3,248,545 )
Decrease in security deposit payable
     (141,636 )     (17,992 )
Decrease in mortgage note payable
     (10,003,520 )     (1,900,000 )
Decrease in due to Local General Partners and affiliates
     (928,227 )     (5,000 )
Decrease in due to general partner and affiliates
     (403,812 )     (35,000 )
Capital contribution – General Partners
     357,832       12,500  
 
                
Supplemental disclosures of non-cash investing and financing activities:
                
Contribution from write-off of partnership management fees related to sold properties
   $ 756,986     $ 574,551  
 
                
*  Cash and cash equivalents at end of period, includes cash and cash equivalents from discontinued operations of $100,512 and $0, respectively.
          
 
 
See accompanying notes to consolidated financial statements.
 
 
 
- 39 -
 
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


NOTE 1 – General
 
Independence Tax Credit Plus L.P. III (the “Partnership”) is a limited partnership which was formed under the laws of the State of Delaware on December 23, 1993.  The general partner of the Partnership is Related Independence Associates III L.P., a Delaware limited partnership (the “General Partner”).  The general partner of the General Partner is Related Independence Associates III Inc., a Delaware corporation (“RIAI III”).  The ultimate parent of the General Partner is Centerline Holding Company (“Centerline”). For information on Centerline’s audited balance sheet for the most recent fiscal year, see http://sec.gov.

The Partnership’s business is to invest in other partnerships (“Local Partnerships,” “subsidiaries” or “subsidiary partnerships”) owning leveraged apartment complexes (“Apartment Complexes” or “Properties”) that are eligible for the low-income housing tax credit (“Tax Credit”) under Section 42 of the Internal Revenue Code, some of which may also be eligible for the historic rehabilitation tax credit.
 
The Partnership had originally acquired interests in twenty subsidiary partnerships.  During the year ended March 31, 2012, the Partnership sold its limited partnership interests in five Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership.  As of March 31, 2012, the Partnership has sold its limited partnership interests in nine Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership.  In addition, as of March 31, 2012, one Local Partnership has entered into an agreement to sell its property and the related assets and liabilities.  Subsequently, the Partnership sold its limited partnership interests in two other Local Partnerships (see Note 12).  There can be no assurance as to when the Partnership will dispose of its remaining investments or the amount of proceeds which may be received.
 
The Partnership was authorized to issue a total of 100,000 ($100,000,000) Beneficial Assignment Certificates (“BACs”) which were registered with the Securities and Exchange Commission for sale to the public. Each BAC represents all of the economic and virtually all of the ownership rights attributable to a limited partnership interest in the Partnership. As of the termination of the offering on May 9, 1995, the Partnership had received $43,440,000 of gross proceeds of its offering (the “Gross Proceeds”) from 2,810 investors (“BACs holders”).
 
The terms of the Partnership’s Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) provide, among other things, that net profits or losses and distributions of cash flow are, in general, allocated 99% to the limited partners and BACs holders and 1% to the general partner.
 
 
NOTE 2 – Summary of Significant Accounting Policies
 
a)
Basis of Accounting
 
For financial reporting purposes the Partnership’s fiscal year ends on March 31. All subsidiaries have fiscal years ending December 31. Accounts of the subsidiaries have been adjusted for intercompany transactions from January 1 through March 31. The Partnership’s fiscal year ends March 31 in order to allow adequate time for the subsidiaries’ financial statements to be prepared and consolidated. The books and records of the Partnership are maintained on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
 
b)
Basis of Consolidation
 
The consolidated financial statements include the accounts of the Partnership and seventeen and nineteen subsidiary partnerships in which the Partnership is a limited partner for the years ended March 31, 2012 and 2011, respectively, (the 2011 and 2010 Fiscal Years). Through the rights of the Partnership and/or an affiliate of the General Partner, which affiliate has a contractual obligation to act on behalf of the Partnership, to remove the general partners of the subsidiary local partnerships (“Local General Partners”) and to approve certain major operating and financial decisions, the Partnership has a controlling financial interest in the subsidiary partnerships. All intercompany accounts and transactions with the subsidiary partnerships have been eliminated in consolidation.
 
In accordance with FASB Accounting Standards Codification (“ASC”) Topic 810, Noncontrolling Interests in Consolidated Financial Statements (“ASC 810”), (income) loss attributable to noncontrolling interests amounted to approximately ($3,499,000) and $192,000 for the year ended March 31, 2012 and 2011, respectively. The Partnership’s investment in each subsidiary is equal to the respective subsidiary’s partners’ equity less noncontrolling interest capital, if any.
 
c)
Cash and Cash Equivalents
 
Cash and cash equivalents include cash on hand, cash in banks, and investments in short-term highly liquid investments purchased with original maturities of three months or less.
 
d)
Property and Equipment
 
Property and equipment to be held and used are carried at cost which includes the purchase price, acquisition fees and expenses, construction period interest and any other costs incurred in acquiring the properties. The cost of property and equipment is depreciated over their estimated useful lives using accelerated and straight-line methods. Expenditures for repairs and maintenance are charged to expense as incurred; major renewals and betterments are capitalized. At the time property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the assets and accumulated depreciation accounts and the profit or loss on such disposition is reflected in earnings. A loss on impairment of assets is recorded when management estimates amounts recoverable through future operations and sale of the property on an undiscounted basis are below depreciated cost. At that time, property investments themselves are reduced to estimated fair value (generally using the direct capitalization method).
 
 
 
 
 
- 40 -
 
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012
 
 
During the year ended March 31, 2012, the Partnership recorded approximately $131,000 as a loss on impairment of assets or reduction to estimated fair value. Through March 31, 2012, the Partnership has recorded approximately $30,481,000 as an aggregate loss on impairment of assets or reduction to estimated fair value for several Local Partnerships.
 
At the time management commits to a plan to dispose of assets, said assets are adjusted to the lower of carrying amount or fair value less costs to sell. These assets are classified as property and equipment-held for sale and are not depreciated. The assets of one Local Partnership are classified as property and equipment held for sale as of March 31, 2012.
 
e)
Revenue Recognition
 
Rental income is earned primarily under standard residential operating leases and is typically due the first day of each month, but can vary by property due to the terms of the tenant leases. Rental income is recognized when earned and charged to tenants’ accounts receivable if not received by the due date. Rental payments received in advance of the due date are deferred until earned. Rental subsidies are recognized as rental income during the month in which it is earned.
 
Other revenues are recorded when earned and consist of the following items:  Interest income earned on cash and cash equivalent balances and cash held in escrow balances, income from forfeited security deposits, late charges, laundry and vending income and other rental related items.
 
Other revenues from operations include the following amounts at both the Partnership and Local Partnership level:
 
 
 
 
Years Ended March 31,
 
 
 
 
2012 
 
2011 
 
 
 
 
 
 
 
 
 
 
 
Interest
$
94,092 
 
$
94,058 
 
 
Other
 
94,828 
 
 
81,557 
 
 
 
 
 
 
 
 
 
 
 
 
Total other revenue
$
188,920 
 
$
175,615 
 
 
Other revenues from discontinued operation include the following amounts at both the Partnership and Local Partnership level:
 
 
 
 
Years Ended March 31,
 
 
 
 
2012 
 
2011 *
 
 
 
 
 
 
 
 
 
 
 
Interest
$
318 
 
$
810 
 
 
Other
 
53,730 
 
 
91,334 
 
 
 
 
 
 
 
 
 
 
 
 
Total other revenue
$
54,048 
 
$
92,144 
 
 
 
 
 
 
 
 
 
 
 
*
Reclassified for comparative purposes.
 
 
f)
Income Taxes
 
The Partnership is not required to provide for, or pay, any federal income taxes. Net income or loss generated by the Partnership is passed through to the partners and is required to be reported by them. The Partnership may be subject to state and local taxes in jurisdictions in which it operates. For income tax purposes, the Partnership has a fiscal year ending December 31 (See Note 9).
 
The Partnership’s management has analyzed the Partnership’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded for positions taken on returns filed for open tax years. As of and during the year ended March 31, 2012, the Partnership did not have a liability for any unrecognized tax benefits or related interest and penalties. Such related interest and penalties, if any, would be included in general and administrative expense.
 
The Partnership relies on, among other things, a 2% safe harbor established by an Internal Revenue Service (“IRS”) regulation to avoid being characterized as a “publicly-traded partnership” that is taxed as a corporation.
 
In the normal course of business the Partnership or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates where applicable. At March 31, 2012, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations is from the year 2008 forward.
 
 
 
 
 
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INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


g)
Loss Contingencies
 
The Partnership records loss contingencies as a charge to income when information becomes available which indicates that it is probable that an asset has been impaired or a liability has been incurred as of the date of the financial statements and the amount of loss can be reasonably estimated.
 
h)
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
 
i)
Recent Accounting Pronouncements
 
In December 2011, the FASB issued under Topic 220, Comprehensive Income, ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05”.  The amendments in this ASU are being made to allow the Board time to redeliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented.  While the Board is considering the operational concerns about the presentation requirements for reclassification adjustments and the needs of financial statement users for additional information about reclassification adjustments, entities should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before Update 2011-05. All other requirements in Update 2011-05 are not affected by this Update.  For public entities, the amendments are effective for fiscal years and interim periods within those years, beginning after December 15, 2011.  However, early adoption is permitted.  The adoption of this accounting standard will not have a material effect on the Partnership’s consolidated financial statements.
 
In December 2011, the FASB issued under Topic 210, Balance Sheet, ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities”.  The amendments require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.  An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of this accounting standard will not have a material effect on the Partnership’s consolidated financial statements.
 
In December 2011, the FASB issued under Topic 360, Property, Plant, and Equipment, ASU 2011-10, “Derecognition of in Substance Real Estate—a Scope Clarification (a consensus of the FASB Emerging Issues Task Force)”.  Under the amendments in this Update, when a parent (reporting entity) ceases to have a controlling financial interest (as described in Subtopic 810-10) in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt, the reporting entity should apply the guidance in Subtopic 360-20 to determine whether it should derecognize the in substance real estate. For public entities, the amendments in this Update are effective for fiscal years, and interim periods within those years, beginning on or after June 15, 2012.  The adoption of this accounting standard will not have a material effect on the Partnership’s consolidated financial statements.
 
 
NOTE 3 – Fair Value of Financial Instruments
 
The following methods and assumptions were used to estimate the fair value of each class of financial instruments (all of which are held for nontrading purposes) for which it is practicable to estimate that value:
 
Cash and Cash Equivalents and Cash Held in Escrow
 
The carrying amount approximates fair value.
 
Mortgage Notes Payable
The Partnership adopted FASB ASC 820 – “Fair Value Measurements” for financial assets and liabilities.  ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.  ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances.
 
As permitted, the Partnership chose not to elect the fair value option as prescribed by ASC 825 – “Financial Instruments” – Including an Amendment of ASC 320 – “Investments – Debt and Equity Securities”, for our financial assets and liabilities that had not been previously carried at fair value.  Therefore, the Partnership did not elect to fair value any additional items under ASC 825.
 
The estimated fair value of financial instruments has been determined using available market information or other appropriate valuation methodologies.  However, considerable judgment is required in interpreting market data to develop estimates of fair value.  Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange.  The following are financial instruments for which the Partnership’s estimate of fair value differs from the carrying amounts:
 
 
 
 
- 42 -
 
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


 
 
 
 
At March 31, 2012
 
At March 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carrying
 
 
 
 
Carrying
 
 
 
 
 
 
 
 
Amount
 
Fair Value
 
Amount
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage notes
 
$
 20,526,136 
 
$
 9,428,398 
 
$
 30,836,027 
 
$
 15,030,431 
 
 
 
For the mortgage notes, fair value is calculated using present value cash flow models based on a discount rate.  It was determined that the Tender Option Bond market, through which these bonds have been securitized in the past, continued to see a dramatic slowdown with limited liquidity and significantly reduced transaction levels.  To assist in valuing these notes, the Partnership held separate discussions with various third party investment banks who are leaders in the municipal bond business.  The discussions produced assumptions that were based on market conditions as well as the credit quality of the underlying property partnerships, which held the mortgage notes, to determine what discount rates to utilize.
 

NOTE 4 – Property and Equipment
 
The components of property and equipment from operations and their estimated useful lives are as follows:
 
 
 
 
March 31,
 
Estimated
 
 
 
 
 
 
 
 
 
 
Useful Lives
 
 
 
 
2012 
 
2011 
 
(Years)
 
 
 
 
 
 
 
 
 
 
 
 
 
Land
 
$
219,041 
 
$
653,477 
 
-
 
 
Building and improvements
 
 
19,247,274 
 
 
33,566,625 
 
20-40
 
 
Furniture and fixtures
 
 
974,362 
 
 
1,243,386 
 
5-12
 
 
 
 
 
20,440,677 
 
 
35,463,488 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less:  Accumulated depreciation
 
 
 (14,497,051)
 
 
 (23,866,683)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
5,943,626 
 
$
11,596,805 
 
 
 
 

 
Depreciation expense for the years ended March 31, 2012 and 2011 amounted to $295,714 and $378,962, respectively.
 
During the years ended March 31, 2012 and 2011, there was a decrease in accumulated depreciation in the amount of $6,730,264 and $1,786,295, respectively, which related to discontinued assets.  In addition, during the years ended March 31, 2012 and 2011, there was a decrease in accumulated depreciation in the amount of $1,632,287 and $26,458, respectively, related to impairments.
 
The components of property and equipment from discontinued operations and their estimated useful lives are as follows:
 
 
 
 
March 31,
 
Estimated
 
 
 
 
 
 
 
 
 
 
Useful Lives
 
 
 
 
2012 
 
2011 
 
(Years)
 
 
 
 
 
 
 
 
 
 
 
 
 
Land
 
$
20,618 
 
$
 - 
 
-
 
 
Building and improvements
 
 
2,722,876 
 
 
 - 
 
15-27.5
 
 
Furniture and fixtures
 
 
83,579 
 
 
 - 
 
5-7
 
 
 
 
 
2,827,073 
 
 
 - 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less:  Accumulated depreciation
 
 
 (1,541,395)
 
 
 - 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
1,285,678 
 
$
 - 
 
 
 

Depreciation expense for the discontinued property and equipment for the years ended March 31, 2012 and 2011 amounted to $238,601 and $392,722, respectively.
 
 
 
 
 
- 43 -
 
 

INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


Impairments
 
During the years ended March 31, 2012 and 2011, the Partnership performed a fair value analysis on all of its remaining investments due to the current deteriorating market conditions in the real estate industry.  Impairment of assets is a two-step process.  First, management estimated amounts recoverable trough future operations and sale of the Property on an undiscounted basis.  If such estimates were below depreciated cost, Property investments themselves were reduced to estimated fair value (generally using the direct capitalization method).  Each Local Partnership must continue to comply with its Tax Credit requirements until the end of the Compliance Period in order to avoid recapture of the Tax Credits.  Therefore, a 5-year cash flow projection was used, as this period is indicative of the average holding period left of the remaining investments.  A net operating income projection was prepared to calculate a residual value at the end of the 5-year period.  Based on this analysis, the Partnership deemed the properties of the below Local Partnerships impaired and wrote them down to their estimated fair value which resulted in $130,661 and $1,877,504 of losses on impairment for the year ended March 31, 2012 and 2011, respectively.
 
Impairments from operations recorded for the year ended March 31, 2012 were as follows:
 
 
 
 
 
 
Edward Hotel Limited Partnership
 
$
6,661 
 
Savannah Park Housing Limited Partnership
 
 
124,000 
 
 
 
 
 
 
 
 
$
130,661 
 


 
 
 
 
 
Impairments from operations recorded for the year ended March 31, 2011 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lewis Street L.P.
 
$
134,127 
 
Edward Hotel Limited Partnership
 
 
278,600 
 
Dreitzer House
 
 
57,371 
 
Savannah Park Housing Limited Partnership
 
 
144,508 
 
Universal Court Associates
 
 
143,893 
 
West Mill Creek Associates III LP
 
 
811,536 
 
 
 
 
 
 
 
 
$
1,570,035 
 
 
 
Impairments from discontinued operations recorded for the year ended March 31, 2011 were as follows:
Aspen-Olive Associates
 
$
113,301 
 
Mansion Court Phase II Venture
 
 
194,168 
 
 
 
 
 
 
 
 
$
307,469 
 
 
 
 
 
- 44 -
 
 

INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


NOTE 5 – Cash Held in Escrow
 
Cash held in escrow from operations consists of the following:
 
 
 
March 31,
 
 
 
2012
 
 
2011
 
 
 
 
 
 
 
 
 
 
Purchase price payments*
 
$
115,345 
 
 
$
115,345 
 
Real estate taxes, insurance and other
 
 
3,010,003 
 
 
 
3,174,223 
 
Reserve for replacements
 
 
667,130 
 
 
 
1,130,796 
 
Tenant security deposits
 
 
200,694 
 
 
 
267,766 
 
 
 
 
 
 
 
 
 
 
 
 
$
3,993,172 
 
 
$
4,688,130 
 
 
 
 
 
 
 
 
 
 
*  Represents amounts to be paid to seller upon meeting specified rental achievement criteria.


Cash held in escrow from discontinued operations consists of the following:
 
 
 
March 31,
 
 
 
2012
 
 
2011
 
 
 
 
 
 
 
 
 
 
Real estate taxes, insurance and other
 
$
63,417 
 
 
$
 - 
 
Reserve for replacements
 
 
219,396 
 
 
 
 - 
 
Tenant security deposits
 
 
17,985 
 
 
 
 - 
 
 
 
 
 
 
 
 
 
 
 
 
$
300,798 
 
 
$
 - 
 
 
 
 
 
 
 
 
 
 
 

NOTE 6 – Deferred Costs
 
The components of deferred costs from operations and their periods of amortization are as follows:
 
 
 
March 31,
 
 
 
 
 
2012 
 
 
2011 
 
 
Period
 
 
 
 
 
 
 
 
 
 
 
Financing costs
 
$
 591,714 
 
 
$
 979,620 
 
 
*
Less:  Accumulated amortization
 
 
 (367,019)
 
 
 
 (612,953)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
 224,695 
 
 
$
 366,667 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Over the life of the related mortgages.
 

 
Amortization expense from operations for the years ended March 3, 2012 and 2011 amounted to $34,093 and $34,094, respectively.
 
Amortization expense from discontinued operations for the years ended March 31, 2012 and 2011 amounted to $19,291 and $24,169, respectively.
 
During the 2011 and 2010 Fiscal Years, there was a decrease in deferred costs and accumulated amortization in the amount of $17,500 and $29,936, respectively, which related to discontinued assets.
 
 
NOTE 7 – Mortgage Notes Payable
 
The mortgage notes from operations, which are collateralized by land and buildings, are payable in aggregate monthly installments of approximately $31,000 including principal and interest at rates varying from 0% to 10% per annum, through the year 2046.  The mortgage notes from discontinued operations, which are collateralized by land and buildings, are payable in aggregate monthly installments of approximately $9,000 including principal and interest a 7% per annum, through the year 2018.  Each subsidiary partnership’s mortgage note payable is collateralized by the land and buildings of the respective subsidiary partnership, the assignment of each certain subsidiary partnership’s rents and leases, and is without further recourse.
 
 
 
 
 
- 45 -
 
 

 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


Accrued interest from operations payable as of March 31, 2012 and 2011 was approximately $4,602,000 and $9,248,000 respectively.  Accrued interest payable from discontinued operations as of March 31, 2012 and 2011 was approximately $3,000 and $0, respectively.  Interest accrues on all mortgage loans, which include primary and secondary loans.  Certain secondary loans have provisions such that interest is accrued but not payable until a future date.  The Partnership anticipates the payment of accrued interest on the secondary loans (which make up the majority of the accrued interest payable amount and which have been accumulating since the Partnership’s investment in the respective Local Partnership) will be made from future refinancings or sales proceeds from the respective Local Partnerships.
 
The mortgage agreements from operations require monthly deposits to replacement reserves of approximately $10,000 and monthly deposits to escrow accounts for real estate taxes, hazard and mortgage insurance and other.  The mortgage agreements from discontinued operations require monthly deposits to replacement reserves of approximately $2,000 and monthly deposits to escrow accounts for real estate taxes, hazard and mortgage insurance and other (see Note 5).
 
Annual principal payment requirements for mortgage notes from operations payable by the subsidiary partnerships for each of the next five years and thereafter, are as follows:
 
December 31,
 
Amount
 
 
 
 
 
 
2012 
 
$
1,221,797 
 
2013 
 
 
105,325 
 
2014 
 
 
113,321 
 
2015 
 
 
3,820,020 
 
2016 
 
 
186,286 
 
Thereafter
 
 
14,516,942 
 
 
 
 
 
 
 
 
$
19,963,691 
 
 

 
Annual principal payment requirements from mortgage notes from discontinued operations payable by the subsidiary partnerships for each of the next five years and thereafter, are as follows:
 

December 31,
 
Amount
 
 
 
 
 
 
2012 
 
$
73,177 
 
2013 
 
 
78,466 
 
2014 
 
 
84,139 
 
2015 
 
 
90,221 
 
2016 
 
 
96,743 
 
Thereafter
 
 
139,699 
 
 
 
 
 
 
 
 
$
562,445 
 


NOTE 8 – Related Party Transactions
 
An affiliate of the General Partner has a .01% interest as a special limited partner in each of the Local Partnerships.
 
Pursuant to the Partnership Agreement and the partnership agreements of the Local Partnerships (“Local Partnership Agreements”), the General Partner and its affiliates receive their pro rata shares of profits, losses and Tax Credits.
 
A) Guarantees
 
In connection with investments in development-stage Apartment Complexes, the General Partner generally required that the Local General Partners provide completion guarantees and/or undertake to repurchase the Partnership’s interest in the Local Partnership if construction or rehabilitation was not completed substantially on time or on budget (“Development Deficit Guarantees”).  The Development Deficit Guarantees generally also required the Local General Partner to provide any funds necessary to cover net operating deficits of the Local Partnership until such time as the Apartment Complex had achieved break-even operations. The General Partner generally required that the Local General Partners undertake an obligation to fund operating deficits of the Local Partnership (up to a stated maximum amount) during a limited period of time (typically three to five years) following the achievement of break-even operations (“Operating Deficit Guarantees”).  As of March 31, 2012, the gross amount of the Operating Deficit Guarantees aggregate approximately $5,487,000, of which approximately $3,931,000 have expired.  In cases where the General Partner deemed it appropriate, the obligations of a Local General Partner under the Development Deficit, Operating Deficit and/or Rent-Up Guarantees were secured by letters of credit and/or cash escrow deposits.
 
 
 
 
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INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


B)  Other Related Party Expenses
 
The General Partner and its affiliates perform services for the Partnership. The costs incurred to the General Partner from operations and other related parties from operations for the years ended March 31, 2012 and 2011 were as follows:
 
 
  
Years Ended March 31,
  
 
  
2012
     2011*  
 
  
 
          
Partnership management fees (a)
   $ 194,345     $ 249,443  
Expense reimbursement (b)
     196,110       193,281  
Local administrative fees (c)
     40,500       25,500  
 
                
Total general and administrative - General Partner
     430,955       468,224  
 
                
Property management fees incurred to affiliates of the
                
subsidiary partnerships’ general partners
     145,531       132,260  
 
                
Total general and administrative-related parties
   $ 576,486     $ 600,484  
 

 
Expenses incurred to related parties from discontinued operation for the years ended March 31, 2012 and 2011 were as follows:
 
 
  
Years Ended March 31,
  
 
  
2012
     2011*  
 
  
 
          
Local administrative fees (c)
   $ 22,500     $ 26,750  
 
                
Total general and administrative – General Partner
     22,500       26,750  
 
                
Property management fees incurred to affiliates of
                
the subsidiary partnerships’ general partners
     94,449       133,127  
 
                
Total general and administrative-related parties
   $ 116,949     $ 159,877  
 
                
*  Reclassified for comparative purposes.
  
 
                
(a)
The General Partner is entitled to receive a partnership management fee, after payment of all Partnership expenses, which together with the annual local administrative fees will not exceed a maximum of 0.5% per annum of invested assets (as defined in the Partnership Agreement), for administering the affairs of the Partnership. Subject to the foregoing limitation, the partnership management fee will be determined by the General Partner in its sole discretion based upon its review of the Partnership’s investments.  Unpaid partnership management fees for any year are to be deferred without interest and will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all Partnership liabilities have been made other than to those owed to the General Partner and its affiliates, and after the Limited Partners have received a 10% return on their capital contributions.  Partnership management fees owed to the General Partner amounting to approximately $2,957,000 and $3,520,000 were accrued and unpaid as of March 31, 2012 and 2011, respectively, and are included in the line item Due to general partner and affiliates in the consolidated balance sheets.  Current year partnership management fees may be paid out of operating reserves or refinancing and sales proceeds.  As such the General Partner cannot demand payment of the deferred fees except as noted above.  During the year ended March 31, 2012, management deemed the unpaid partnership management fees that were related to the properties sold and the transfer of the deed-in-lieu of foreclosure of one property during the year ended March 31, 2012, uncollectible and as a result, wrote them off in the amount of approximately $757,000, resulting in a non-cash General Partner contribution of the same amount.
 
(b)
The Partnership reimburses the General Partner and its affiliates for actual Partnership operating expenses incurred by the General Partner and its affiliates on the Partnership’s behalf. The amount of reimbursement from the Partnership is limited by the provisions of the Partnership Agreement. Another affiliate of the General Partner performs asset monitoring for the Partnership. These services include site visits and evaluations of the subsidiary partnerships’ performance.  Expense reimbursements and asset monitoring fees owed to the General Partners and its affiliates amounting to approximately $849,000 and $860,000 were accrued and unpaid as of March 31, 2012 and 2011, respectively.  The General Partner does not intend to demand payment of the deferred payables beyond the Partnership’s ability to pay them. The Partnership anticipates that these will be paid from working capital reserves or future sales proceeds.
 
 
 
 
 
- 47 -
 

 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


(c)
Independence SLP III L.P., a limited partner of the subsidiary partnerships, is entitled to receive a local administrative fee of up to $5,000 per year from each subsidiary partnership.  Local administrative fee owed to Independence SLP III L.P. amounting to $360,000 and $561,000 were accrued and unpaid as of March 31, 2012 and 2011, respectively.  These fees have been deferred in certain cases and the Partnership anticipates that they will be paid from working capital reserves or future sales proceeds.
 
As of March 31, 2012 and March 31, 2011, the Partnership owed the General Partner and its affiliates approximately $86,000 for expenditures paid on its behalf and voluntary operating advances made by the General Partner and its affiliates to fund operations of the Partnership. Payment of these operating advances have been deferred and may be paid out of operating reserves or refinancing and sales proceeds. The General Partner does not intend to demand payment of the deferred advances beyond the Partnership’s ability pay them.
 
As of March 31, 2012 and 2011, the amounts payable totaling approximately $259,000 and $408,000, respectively, represent loans made to the subsidiary partnerships by the affiliates of the General Partner.
 
 
C)  Due to Local General Partners and Affiliates
 
Due to local general partners and affiliates from operating liabilities consists of the following:
 
 
 
  
March 31,
  
 
  
2012
    
2011
  
 
  
 
    
 
  
Operating advances
   $ 617,772     $ 649,651  
Development fee payable
     52,249       834,964  
Other capitalized costs
     16,335       16,335  
Construction costs payable
     146,487       146,487  
General Partner loan payable
     198,008       204,008  
Management and other operating advances
     87,887       228,234  
 
                
 
   $ 1,118,738     $ 2,079,679  
 
 
Due to local general partners and affiliates from discontinued liabilities consists of the followings:
 
 
 
March 31,
 
 
2012 
 
2011 
 
 
 
 
 
 
 
Management and other operating advances
 
$
 7,169 
 
$
 - 
 
 
D)  Advances from Partnership to Local Partnerships
 
As of March 31, 2012, the Partnership has advanced certain Local Partnership operating loans (non-interest bearing) amounting to approximately $8,000 primarily in conjunction with the Local Partnership’s contribution agreements.  Such advances are eliminated in consolidation and are included in the line item Due to local general partners and affiliates.  The following table summarizes these advances:
 
 
  
March 31,
  
 
  
2012
    
2011
  
 
  
 
    
 
  
New Zion
   $ 2,655     $ 2,655  
Knickerbocker Avenue
     -       454,441  
Lafayette Avenue
     -       416,094  
Sumpter Commons
     5,075       5,075  
 
                
 
   $ 7,730     $ 878,265  
 
 
 
 
 
- 48 -
 

 
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012

 
NOTE 9 – Taxable Net Loss
 
Our adoption of FASB interpretation (“FIN”) No. 48 did not have a material impact on the consolidated financial statements and does not impact our financial position at March 31, 2012.
 
A reconciliation of the financial statement net loss to the taxable net loss for the Partnership and its consolidated subsidiaries is as follows:
 
 
 
Years Ended March 31,
 
 
2012 
 
2011 
 
 
 
 
 
 
 
Financial statement net income
$
 7,829,256 
 
$
 1,264,018 
 
 
 
 
 
 
 
Differences between depreciation and amortization expense records for financial reporting
 
 
 
 
 
 
purposes and the accelerated costs recovery system utilized for income tax purposes
 
 (1,593,309)
 
 
 (1,681,605)
 
 
 
 
 
 
 
Differences between gain on sale of properties for financial reporting purposes and
 
 
 
 
 
 
 gain on sale for income tax reporting purposes
 
 (11,464,098)
 
 
 (1,814,909)
 
 
 
 
 
 
 
Loss on impairment of property for financial reporting purposes not deductible for tax purposes
 
 130,661 
 
 
 1,877,504 
 
 
 
 
 
 
 
Write-off of Partnership management fees included in income for tax purposes
 
 358,131 
 
 
 574,551 
 
 
 
 
 
 
 
Other, including accruals for financial reporting not deductible for tax purposes until
 
 
 
 
 
 
paid and losses allocated to minority interests for tax purposes
 
 3,758,660 
 
 
 642,770 
 
 
 
 
 
 
 
Net (loss) income as shown on the income tax return for the calendar year ended
$
 (980,699)
 
$
 862,329 

 
No provision for income taxes related to the operations of the Partnership has been included in the accompanying financial statements because, as a partnership, it is not subject to federal or material state income taxes and the tax effect of its activities accrues to the BACs holders.  Net income for financial statement purposes may differ significantly from taxable income reportable to BACs holders as a result of differences between the tax bases and financial reporting bases of assets and liabilities and the taxable income allocation requirements under its Partnership Agreement.  In the event of an examination of the Partnership’s tax return, the tax liability of the partners could be changed if an adjustment in the Partnership’s income is ultimately sustained by the taxing authorities.  At March 31, 2012, the tax basis net assets exceeded the financial statement net assets by approximately $14,097,167 due to depreciation differences, impairments of property and equipment and related party accruals.
 

NOTE 10 – Sale of Properties
 
The Partnership is in the process of disposing of all of its investments.  It is anticipated that this process will continue to take a number of years.  During the year ended March 31, 2012, the Partnership sold its limited partnership interests in five Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership.  As of March 31, 2012, the Partnership has sold its limited partnership interests in nine Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership.  In addition, as of March 31, 2012, one Local Partnership has entered into an agreement to sell its property and the related assets and liabilities.  Subsequently, the Partnership sold its limited partnership interests in two other Local Partnerships (see Note 12).  There can be no assurance as to when the Partnership will dispose of its remaining investments or the amount of proceeds which may be received.  However, based on the historical operating results of the Local Partnerships and the current economic conditions, including changes in tax laws, it is unlikely that the proceeds from such sales received by the Partnership will be sufficient to return to the limited partners their original investment.
 
On February 3, 2012, the Partnership sold its limited partnership interest in Brannon Group, L.C. (“Keys”) to an unaffiliated third party purchaser for a sales price of $4,000. The Partnership received $4,000 from the sale.  The sale resulted in a gain of approximately $6,882,000, resulting from the write-off of the basis in the Local Partnership of approximately $6,878,000 at the date of the sale and the $4,000 received from the sale, which was recorded during the quarter ended March 31, 2012.  In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $288,000 as a result of the write-off of fees and loans owed by the Local Partnership to an affiliate of the General Partner.
 
On December 31, 2011, the Partnership sold its limited partnership interests in Mansion Court Phase II Venture (“Mansion Court”) and Aspen-Olive Associates (“Aspen-Olive”), to an affiliate of the Local General Partner for a sales price of $10. The Partnership did not receive any cash after the repayment of other liabilities. The sale resulted in a gain of approximately $3,700,000, resulting from the write-off of the basis in the Local Partnerships of the same amount at the date of the sale, which was recorded during the quarter ended December 31, 2011.  An adjustment to the gain of approximately $29,000 was recorded during the quarter ended March 31, 2012, resulting in an overall gain $3,729,000.  In addition, the sale resulted in a non-cash contribution to the Local Partnerships from the General Partner of approximately $50,000 as a result of the write-off of fees owed by the Local Partnerships to an affiliate of the General Partner.
 
 
 
 
 
- 49 -
 
 

 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


 
On October 11, 2011, Park Housing Limited Partnership (“Park Terrace”) transferred the deed to the property and the related assets and liabilities to an unaffiliated third party in lieu of foreclosure. The transfer of assets of approximately $244,000 and liabilities of $1,784,000 resulted in a gain of approximately $1,540,000, which was recognized during the quarter ended March 31, 2012. As of the transfer date, Park Terrace had property and equipment, at cost, of approximately $1,201,000, accumulated depreciation of approximately $1,140,000 and mortgage debt of approximately $784,000.  In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $20,000 as a result of the write-off of fees owed by the Local Partnership to an affiliate of the General Partner.
 
On August 23, 2011, the Partnership sold its limited partnership interest in BK-9-A Partners, L.P. (“Lafayette Avenue”) to an affiliate of the Local General Partner for a sales price of $30,000.  The Partnership did not receive any cash after the repayment of other liabilities.  The sale resulted in a gain of approximately $874,000, resulting from the write-off of the basis in the Local Partnership of the same amount at the date of the sale, which was recorded during the quarter ended September 30, 2011.  Adjustments to the gain of approximately $8,000 and $23,000 were recorded during the quarters ended December 31, 2011 and March 31, 2012, respectively, resulting in an overall gain of approximately $905,000.
 
On August 23, 2011, the Partnership sold its limited partnership interest in BK-10K Partners, L.P. (“Knickerbocker Apartments”) to an affiliate of the Local General Partner for a sales price of $250,000.  The Partnership received approximately $236,000 after the repayment of other liabilities of approximately $14,000.  The sale resulted in a loss of approximately $433,000, resulting from the write-off of the basis in the Local Partnership of approximately $669,000 at the date of the sale and the $236,000 cash received from the sale, which was recorded during the quarter ended September 30, 2011. Adjustments to the loss of approximately of $6,000 and $(11,000) were recorded during the quarters ended December 31, 2011 and March 31, 2012, respectively, resulting in an overall loss of approximately $427,000.
 
On December 31, 2010, the Partnership sold its limited partnership interest in Jefferis Square Housing Partnership L.P. (“Jefferis”) to an affiliate of the Local General Partner for a sales price of $25,000.  The Partnership received approximately $2,000 after the repayment of other liabilities of approximately $23,000.  The sale resulted in a gain of approximately $4,832,000, resulting from the write-off of the deficit basis in the Local Partnership of approximately $4,830,000 at the date of the sale and the $2,000 cash received from the sale, which was recorded during the quarter ended December 31, 2010.  An adjustment to the gain of approximately $196,000 was recorded during the quarter ended March 31, 2011, resulting in an overall gain of $5,028,000.  In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $12,500 as a result of the write-off of fees owed by the Local Partnership to an affiliate of the General Partner.
 
On March 31, 2010, the Partnership sold its limited partnership interest in Livingston Manor Urban Renewal Associates, L.P. (“Livingston Manor”) to an affiliate of the Local General Partner for a sales price of $20,000.  The Partnership received approximately $7,000 after the repayment of other liabilities of approximately $13,000.  The sale resulted in a loss of approximately $1,870,000, resulting from the write-off of the basis in the Local Partnership of approximately $1,877,000 at the date of the sale and the $7,000 cash received from the sale which was recorded during the year ended March 31, 2010.  An adjustment to the loss of approximately $42,000 was recorded during the quarter ended June 30, 2010, resulting in an overall loss of approximately $1,912,000.  In addition, the sale resulted in a non-cash contribution to the Local Partnership from the Local General Partner of approximately $324,000 as a result of the write-off of fees owed by the Local Partnership to the Local General Partner.
 

NOTE 11 – Asset Held for Sale
 
On August 29, 2011, New Zion Apartments (“New Zion”) entered into a purchase and sale agreement to sell the property and the related assets and liabilities to an unaffiliated third party purchaser for a sales price of $2,450,000. As of March 31, 2012, New Zion had property and equipment, at cost, of approximately $2,814,000, accumulated depreciation of approximately $1,511,000 and mortgage debt of approximately $562,000. The Partnership owns a 42.39% limited partnership interest in New Zion. The sale is expected to be consummated during the fourth quarter of 2012. There can be no assurance of when and if the sale will be consummated by this time.
 
 
NOTE 12 – Commitments and Contingencies
 
a)  Going Concern Consideration
 
At March 31, 2012, the Partnership’s liabilities exceeded assets by $17,518,033 for the 2011 Fiscal Year recognized net income of $11,327,889, including gain on sale of properties of $12,628,877 and loss on impairment of properties of $130,661.  These factors raise substantial doubt about the Partnership’s ability to continue as a going concern. As discussed in Note 8, partnership management fees of approximately $2,957,000 will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all other Partnership liabilities have been made and after the Limited Partners have received a 10% return on their capital contributions.  As such, the General Partner cannot demand payment of these deferred fees beyond the Partnership’s ability to pay them.  In addition, where the Partnership has unpaid partnership management fees related to sold properties, such management fees are written off and recorded as capital contributions.  During the year ended March 31, 2012, the Partnership wrote off approximately $757,000 of such management fees.
 
 
 
 
 
- 50 -
 
 

 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


All of the mortgage payable balance of $20,526,136 and the accrued interest payable balance of $4,605,529 is of a nonrecourse nature and secured by the respective properties.  The Partnership is currently in the process of developing a plan to dispose all of its investments.  Historically, the mortgage notes and accrued interest thereon have been assumed by the buyer in instances of sales of the Partnership’s interest or have been paid off from sales proceeds in instances of sales of the property.  In most instances when the Partnership’s interest was sold and liabilities were assumed, the Partnership recognized a gain from the sale.  The Partnership owns the limited partner interest in all its investments, and as such has no financial responsibility to fund operating losses incurred by the Local Partnerships.  The maximum loss the Partnership would incur is its net investment in the respective Local Partnerships.  Dispositions of any investment in a Local Partnership should not impact the future results of operations, liquidity, or financial condition of The Partnership.
 
The Partnership has working capital reserves of approximately $842,000 at March 31, 2012.  Such amount is considered sufficient to cover the Partnership’s day to day operating expenses, excluding fees to the General Partner, for at least the next year.  The Partnership’s operating expenses, excluding the Local Partnerships’ expenses and related party expenses amounted to approximately $175,000 for the year ended March 31, 2012.
 
Management believes the above mitigating factors enable the Partnership to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
 
b)  Subsidiary Partnerships – Going Concerns and Uncertainties
 
Mansion Court Phase II Venture (“Mansion Court”)
 
On December 31, 2011, the Partnership sold its limited partnership interest in Mansion Court.  The financial statements for Mansion Court were prepared in conformity with accounting principles generally accepted in the United States of America, which contemplated continuation of Mansion Court as a going concern.  In prior years and in 2011, Mansion Court sustained operating losses and did not generate sufficient cash flow from operations to meet its obligations.  The Local General Partner provided funding in the past years; however, there was no obligation to do so.  Mansion Court also experienced a high number of vacancies due to deteriorating conditions in the area.
 
During the year ended March 31, 2011, in accordance with ASC 360, Property, Plant and Equipment, the Partnership deemed the building of Mansion Court impaired and wrote it down to its fair value of zero, which resulted in a loss on impairment of approximately $194,000.  Fair value was obtained from an assessment made by management after indications that the carrying value of the assets were not recoverable, evidenced by a history of net operating losses over the past few years.
 
Brannon Group, L.C. (“Keys”)
 
On February 3, 2012, the Partnership sold its limited partnership interest in Keys.  The financial statements for Keys were prepared in conformity with accounting principles generally accepted in the United States of America, which contemplated continuation of Keys as a going concern.  Keys had obligations that matured on January 1, 2012 in the amount of $1,199,501. However, on January 17, 2012, Keys closed on the refinancing of its mortgages.
 
c)  Leases
 
Savannah Park Housing Limited Partnership is leasing the land on which its apartment complex is located for a term of 50 years, which commenced in August 1996, with monthly rent payments of $1,449. Additional rent of $322 per month, up to $100,000, will be paid reimburse the District of Columbia Department of Housing and Community Development for site improvement costs.   Estimated future minimum payments due under the terms of the lease are as follows:
 
 
December 31,
 
Amount
 
 
 
 
 
 
 
 
2012 
 
$
21,252 
 
 
2013 
 
 
21,252 
 
 
2014 
 
 
21,252 
 
 
2015 
 
 
21,252 
 
 
2016 
 
 
21,252 
 
 
Thereafter
 
 
630,476 
 
 
 
 
 
 
 
 
 
 
$
736,736 
 

As of December 31, 2011, the lease agreement was current.  For the years ended December 31, 2011 and 2010, $21,252 and $21,252, respectively, have been paid under the terms of the lease and $0 and $0, respectively, remained payable.
 
d)  Uninsured Cash and Cash Equivalents
 
The Partnership maintains its cash and cash equivalents in various banks.  The accounts at each bank are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”).  The Partnership did not have any uninsured cash and cash equivalents at March 31, 2012.
 
 
 
 
 
- 51 -
 
 

 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


e)  Property Management Fees
 
Property management fees incurred by Local Partnerships amounted to $411,762 and $423,182 for the years ended March 31, 2012 and 2011, respectively.  Of these fees, $239,980 and $265,387 were incurred to affiliates of the subsidiary partnerships’ general partners, which include $94,449 and $133,127 of fees relating to discontinued operations.
 
f)  Cash Distributions
 
Cash distributions from the Local Partnerships to the Partnership are restricted by the provisions of the respective Local Partnership Agreements and/or HUD based on operating results and a percentage of the owner’s equity contribution.  Such cash distributions are typically made from surplus cash flow.
 
g)  Other
 
The Partnership and BACs holders began to recognize Tax Credits with respect to a property when the credit period for such Property (generally ten years from the date of investment or, if later, the date the property was leased to qualified tenants) commenced. Because of the time required for the acquisition, completion and rent-up of Properties, the amount of Tax Credits per BAC gradually increased over the first three years of the Partnership.  Tax Credits not recognized in the first three years were recognized in the 11th through 13th years.  As of December 31, 2009, all the Local Partnerships have completed their Credit Periods.
 
The Partnership is subject to the risks incident to potential losses arising from the management and ownership of improved real estate. The Partnership can also be affected by poor economic conditions generally; however, no more than 30% of the Properties are located in any single state. There are also substantial risks associated with owning interests in properties, as does the Partnership, which receive government assistance, for example the possibility that Congress may not appropriate funds to enable the Department of Housing and Urban Development (“HUD”) to make rental assistance payments. HUD also restricts annual cash distributions to partners based on operating results and a percentage of the owner’s equity contribution.  The Partnership cannot sell or substantially liquidate its investments in subsidiary partnerships during the period that the subsidy agreements are in existence without HUD’s approval.  Furthermore, there may not be market demand for apartments at full market rents when the rental assistance contracts expire.
 
h)
Subsequent Events
 
We evaluated all subsequent events from the date of the balance sheet through June 15, 2012, which represents the issuance date of these financial statements.  There were no events or transactions occurring during this subsequent event reporting period, other than Jameson and Universal discussed below, which require recognition or disclosure in the financial statements.
 
West Mill Creek Associates III L.P.
 
On May 1, 2012, the Partnership sold its limited partnership interest in West Mill Creek Associates III L.P. (“Jameson”) to an affiliate of the Local General Partner for a sales price of $24,990. The sale will result in a gain of approximately $4,723,000, resulting from the write-off of the deficit basis in the Local Partnership of approximately $4,698,000 and $24,990 cash received from the sale, which will be recognized on the Partnership’s Form 10-Q for the quarter ending June 30, 2012.
 
Universal Court Associates.
 
On June 11, 2012, the Partnership sold its limited partnership interest in Universal Court Associates (“Universal”) to an affiliate of the Local General Partner for a sales price of $1. The sale will result in a gain of approximately $2,137,000, resulting from the write-off of the deficit basis in the Local Partnership of approximately $2,137,000, which will be recognized on the Partnership’s Form 10-Q for the quarter ending June 30, 2012.
 
 
 
 
 
 
 
- 52 -
 


 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


 
NOTE 13 – Discontinued Operations
 
The following table summarizes the financial position of the Local Partnership that is classified as discontinued operations because the respective Local Partnership was classified as asset held for sale or was sold.  As of March 31, 2012, New Zion, which was classified as assets held for sale, was classified as discontinued operations on the consolidated balance sheet.  As of March 31, 2011, there were no assets classified as discontinued operations on the consolidated balance sheet.
 
Consolidated Balance Sheets:
 
 
  
March 31,
    
March 31,
  
 
  
2012
    
2011
  
 
  
 
    
 
  
Assets
  
 
    
 
  
Property and equipment – less accumulated depreciation of $1,541,395 and $0, respectively
   $ 1,285,678     $ -  
Cash and cash equivalents
     100,512       -  
Cash held in escrow
     300,798       -  
Other assets
     10,547       -  
Total assets
   $ 1,697,535     $ -  
 
                
Liabilities
                
 
                
Mortgage notes payable
   $ 562,445     $ -  
Accounts payable
     9,016       -  
Accrued interest payable
     3,282       -  
Security deposit payable
     13,617       -  
Due to local general partners and affiliates
     7,169       -  
Due to general partners and affiliates
     265,585       -  
Total liabilities
   $ 861,114     $ -  
 
 
 
 
 
 
 
 
- 53 -
 
 


 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012


The following table summarizes the results of operations of the Local Partnerships that are classified as discontinued operations.  For the year ended March 31, 2012, Lafayette Avenue, Knickerbocker Apartments, Mansion Court, Aspen-Olive and Keys, which were sold during the year ended March 31, 2012, and New Zion, which was classified as asset held for sale, were classified as discontinued operations in the consolidated statements of operations.  For the year ended March 31, 2011, Jefferis Square, which was sold during the year ended March 31, 2011 and Lafayette Avenue, Knickerbocker Apartments, Mansion Court, Aspen-Olive, Keys and New Zion, in order to present comparable results to the year ended 2012, were classified as discontinued operations in the consolidated statements of operations.
 
Consolidated Statements of Discontinued Operations:
 
 
 
 
 
 
Years Ended March 31,
 
 
2012 
 
2011 *
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental income
 
$
 2,246,357 
 
$
 2,750,600 
Other (Note 2)
 
 
 54,048 
 
 
 92,144 
Gain on sale of properties (Note 10)
 
 
12,628,877 
 
 
4,985,357 
 
 
 
 
 
 
 
Total revenue
 
 
 14,929,282 
 
 
 7,828,101 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative
 
 
 621,956 
 
 
 855,324 
General and administrative-related parties (Note 8)
 
 
 116,949 
 
 
 159,877 
Repairs and maintenance
 
 
 349,527 
 
 
 444,338 
Operating and other
 
 
 250,939 
 
 
 365,518 
Real estate taxes
 
 
 67,110 
 
 
 140,539 
Insurance
 
 
 164,862 
 
 
 189,332 
Financial, primarily interest
 
 
 649,406 
 
 
 1,060,774 
Depreciation and amortization
 
 
 257,892 
 
 
 416,891 
Loss on impairment of fixed assets
 
 
 - 
 
 
 307,469 
 
 
 
 
 
 
 
Total expenses
 
 
 2,478,641 
 
 
 3,940,062 
 
 
 
 
 
 
 
Income from discontinued operations
 
$
 12,450,641 
 
$
 3,888,039 
 
 
 
 
 
 
 
Noncontrolling interest in (income) loss of subsidiaries from discontinued operations
 
 
 (3,503,042)
 
 
 174,844 
 
 
 
 
 
 
 
Income from discontinued operations – Independence Tax Credit Plus L.P. III
 
$
 8,947,599 
 
$
 4,062,883 
 
 
 
 
 
 
 
Income – limited partners from discontinued operations
 
$
 8,858,123 
 
$
 4,022,254 
 
 
 
 
 
 
 
Number of BACs outstanding
 
 
 43,440 
 
 
 43,440 
 
 
 
 
 
 
 
Income from discontinued operations
 
$
 203.92 
 
$
 92.59 
 
 
 
 
 
 
 

 
 
 
 
 
Years Ended March 31,
 
 
2012 
 
2011 *
Cash flows from Discontinued Operations:
 
 
 
 
 
 
Net cash (used in) provided by operating activities
 
$
 (997,487)
 
$
1,781,684 
Net cash provided by investing activities
 
$
 941,164 
 
$
317,011 
Net cash used in financing activities
 
$
 (141,651)
 
$
(2,071,348)
 
 
 
 
 
 
 
* Reclassified for comparative purposes.
 
 
 
 
- 54 -
 
 
 
Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
 
None.
 
Item 9A.  Controls and Procedures.
 
(a)  Evaluation of Disclosure Controls and Procedures.  The Chief Executive Officer and Chief Financial Officer of Related Independence Associates III, L.P., the general partner of the Partnership, have evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”) as of the end of the period covered by this report.  Based on such evaluation, such officers have concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures are effective.
 
(b)  Management’s Report on Internal Control over Financial Reporting.  Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f).  In evaluating the Partnership’s internal control over financial reporting, management has adopted the framework in Internal Control-Integrated Framework issued by the Committee of Sponsoring organizations of the Treadway Commission (the “COSO Framework”).  Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer of the General Partner, the Partnership conducted an evaluation of the effectiveness of its internal control over financial reporting as of March 31, 2012.  The Partnership’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles.  Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the  Partnership; (2) 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 of the Partnership are being made only in accordance with authorizations of management and directors of the Partnership; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Partnership’s assets that could have a material effect on the financial statements.  However, because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 
Based on management’s evaluation under the COSO Framework, it has concluded that the Partnership’s internal control over financial reporting, was, as of the end of the period covered by this report, (1) effective at the Partnership level, in that they provide reasonable assurance that information required to be disclosed by the Partnership in the reports it files or submits under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (2) ineffective at the subsidiary level due to certain deficiencies. Management will attempt to cause the Local General Partner’s to remedy such deficiencies; however, the General Partner does not have control over the internal controls at the subsidiary level.  Management believes they have sufficient controls at the Partnership level to mitigate these deficiencies, and such deficiencies do not have a material impact on the consolidated financial statements.
 
(c)  Changes in Internal Controls over Financial Reporting.  Except as noted in (b) above, during the year ended March 31, 2012, there were no changes in the Partnership’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.
 
Item 9B.  Other Information.
 
Not applicable.
 
 
 
 
 
 
- 55 -
 
 
 
PART III
 
 
Item 10.  Directors, Executive Officers and Corporate Governance.
 
The Partnership has no directors or executive officers. The general partner of the Partnership is Related Independence Associates III L.P., a Delaware limited partnership (the “General Partner”). The general partner of the General Partner is Related Independence Associates III Inc., a Delaware corporation (“RIAI III”).  The Partnership’s affairs are managed and controlled by the General Partner.  The Partnership has not adopted a separate code of ethics because the Partnership has no directors or executive officers.  However, Centerline Holding Company (“Centerline”), the ultimate parent of the General Partner, has adopted a code of ethics (see http://www.centerline.com).
 
Certain information concerning the directors and executive officers of RIAI III is set forth below.
 
Name
  
Position
     
Robert A. Pace
  
Chief Financial Officer
 
Robert L. Levy
  
 
President and Chief Executive Officer

 
ROBERT A. PACE, 39, is the Chief Financial Officer of RIAI III and a Director of Centerline Capital Group (“Centerline”).  Mr. Pace oversees the accounting operations of the General Partner, and is also responsible for overseeing the accounting operations of Centerline’s Affordable Housing Group.  Mr. Pace joined Centerline’s predecessor in January of 2003 as an Assistant Controller.  Prior to joining Centerline’s predecessor, Mr. Pace worked for KPMG in the financial services real estate group as an audit manager.  He received a Bachelor of Science Degree from Wagner College in 1994 and is a Certified Public Accountant.
 
ROBERT L. LEVY, 46, is the President and Chief Executive Officer of RIAI III and is also a managing trustee and President and Chief Operating Officer of Centerline.  Mr. Levy was appointed as Chief Financial Officer of Centerline in November 2006 and stepped down from that position in May 2012. He was also appointed as President and Chief Operating Officer in April 2010.  He directs the day-to-day operations of Centerline and is also responsible for overseeing all of Centerline’s business and operations. Mr. Levy joined Centerline in November of 2001 as the Director of Capital Markets.  From 1998 through 2001, he was a Vice President in the Real Estate Equity Research and Investment Banking Departments at Robertson Stephens, an investment banking firm in San Francisco. Prior to 1998, Mr. Levy was employed by Prudential Securities in the Real Estate Equity Research Group and at the Prudential Realty Group, the real estate investment arm of the Prudential Insurance Company.  He received his Master’s in Business Administration from the Leonard N. Stern School of Business at New York University and his Bachelor of Arts from Northwestern University.
 

Item 11.  Executive Compensation.
 
The Partnership has no officers or directors. The Partnership does not pay or accrue any fees, salaries or other forms of compensation to directors or officers of the General Partner for their services.  However, under the terms of the Partnership Agreement, the Partnership has entered into certain arrangements with the General Partner and its affiliates, which provide for compensation to be paid to the General Partner and its affiliates. Such arrangements include (but are not limited to) agreements to pay annual partnership management fees, nonrecurring acquisition fees, a nonaccountable acquisition expense allowance, an accountable expense reimbursement and subordinated disposition fees to the General Partner and/or its affiliates. In addition, the General Partner is entitled to a subordinated interest in cash from sales or refinancings and a 1% interest in net income, net loss, distributions of adjusted cash from operations and cash from sales or refinancings. Certain directors and officers of the General Partner receive compensation from the General Partner and its affiliates for services performed for various affiliated entities which may include services performed for the Partnership. The maximum annual partnership management fee paid to the General Partner is 0.5% of invested assets.  See Note 8 in Item 8 above, which is incorporated herein by reference.
 
Tabular information concerning salaries, bonuses and other types of compensation payable to executive officers has not been included in this annual report. As noted above, the Partnership has no executive officers. The levels of compensation payable to the General Partner and/or its affiliates is limited by the terms of the Partnership Agreement and may not be increased therefrom on a discretionary basis.
 

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 
Title of Class
  
Name and Address of
Beneficial Ownership
  
Amount and Nature of
Beneficial Ownership
  
Percentage
of Class
             
General Partnership Interest in the Partnership
  
Related Independence Associates III L.P.
100 Church Street
New York, NY 10007
  
$1,000 capital contribution – directly owned
  
100%

 
Independence SLP III L.P., a limited partnership whose general partner is the general partner of the General Partner of the Partnership and which acts as the special limited partner of each Local Partnership, holds a .01% limited partnership interest in each Local Partnership. See Note 8 to the Financial Statements in Item 8 above, which information is incorporated herein by reference thereto. The following table sets forth the number of BACs beneficially owned, as of May 28, 2012, by (i) each BACs holder known to the Partnership to be a beneficial owner of more than 5% of the BACs, (ii) each executive officer of the general partner of the General Partner and (iii) the executive officers of the general partner of the General Partner as a group. Unless otherwise noted, all BACs are owned directly with sole voting and dispositive powers.
 
 
 
 
- 56 -
 
 
Except as set forth below, no person is known by the Partnership to be the beneficial owner of more than five percent of the Limited Partnership Interests in the Partnership and/or BACs, and neither the General Partner nor any officer of the General Partner beneficially owns any Limited Partnership Interests in the Partnership or BACs.
 
Name of Beneficial Owner (1)
  
Amount and Nature of
Beneficial Ownership
  
Percentage of
Class
             
Lehigh Tax Credit Partners, Inc.
  
3,242.94
(2)
  
7.5
%
             
J. Michael Fried
  
3,242.94
(2)(3)
  
7.5
%
             
Alan P. Hirmes
  
3,242.94
(2)(3)
  
7.5
%
             
Stuart J. Boesky
  
3,242.94
(2)(3)
  
7.5
%
             
Stephen M. Ross
  
3,242.94
(2)(3)
  
7.5
%
             
Marc D. Schnitzer
  
3,242.94
(2)(3)
  
7.5
%
             
Denise L. Kiley
  
3,242.94
(2)(3)
  
7.5
%
             
Robert A. Pace
  
-
    
-
  
             
Robert L. Levy
  
-
    
-
  
             
All directors and executive officers of the general partner of the Related General Partner as a group (two persons)
  
-
    
-
  

 
(1)
The address for each of the persons in the table is 100 Church Street, New York, New York 10007.
 
(2)
As set forth in Schedule 13D filed by Lehigh Tax Credit Partners III L.L.C. (“Lehigh III”) and Lehigh Tax Credit Partners, Inc. on January 25, 1999 with the Securities and Exchange Commission (the “Commission”).
 
(3)
Each own only an economic interest.
 

Item 13.  Certain Relationships and Related Transactions, and Director Independence.
 
The Partnership has and will continue to have certain relationships with the General Partner and its affiliates, as discussed in Item 11 and also Note 8 in Item 8 above, which are incorporated herein by reference thereto. However, there have been no direct financial transactions between the Partnership and the officers of the General Partner.
 

Item 14.  Principal Accountant Fees and Services.
 
Audit Fees
 
The aggregate fees billed by Trien Rosenberg Rosenberg Weinberg Ciullo and Fazzari LLP and its affiliates for professional services rendered for the audit of the Partnership’s annual financial statements for the years ended March 31, 2012 and 2011 and for the reviews of the financial statements included in the Partnership’s quarterly reports on Form 10-Q for those years were $60,500 and $57,000, respectively.
 
Audit Related Fees
 
None.
 
Tax Fees
 
None.
 
All Other Fees
 
None.
 
The Partnership is not required to have, and does not have, a standalone audit committee.
 
 
 
- 57 -
 
 
 
 
PART IV
 

Item 15.
Exhibits and Financial Statement Schedules.
      
     
Sequential
Page
  
         
(a) 1.
Consolidated Financial Statements.
      
         
 
Report of Independent Registered Public Accounting Firm
  
13
  
         
 
Consolidated Balance Sheets at March 31, 2012 and 2011
  
36
  
         
 
Consolidated Statements of Operations for the Years Ended March 31, 2012 and 2011
  
37
  
         
 
Consolidated Statements of Changes in Partners’ Capital (Deficit) for the Years Ended March 31, 2012 and 2011
  
38
  
         
 
Consolidated Statements of Cash Flows for the Years Ended March 31, 2012 and 2011
  
39
  
         
 
Notes to Consolidated Financial Statements
  
40
  
         
(a) 2.
Consolidated Financial Statement Schedules.
      
         
 
Report of Independent Registered Public Accounting Firm
  
62
  
         
 
Schedule I - Condensed Financial Information of Registrant
  
64
  
         
 
Schedule III - Real Estate and Accumulated Depreciation
  
67
  
         
 
All other schedules have been omitted because they are not required or because the required information is contained in the financial statements or notes thereto.
      
         
(a) 3.
Exhibits.
      
         
(3A)
Agreement of Limited Partnership of Independence Tax Credit Plus L.P. III as adopted on December 23, 1993*
      
         
(3B)
Form of Amended and Restated Agreement of Limited Partnership of Independence Tax Credit Plus L.P. III, attached to the Prospectus as Exhibit A**
      
         
(3C)
Certificate of Limited Partnership of Independence Tax Credit Plus L.P. III as filed on December 23, 1993*
      
         
(10A)
Form of Subscription Agreement attached to the Prospectus as Exhibit B**
      
         
(10B)
Escrow Agreement between Independence Tax Credit Plus L.P. III and Bankers Trust Company*
      
         
(10C)
Form of Purchase and Sales Agreement pertaining to the Partnership’s acquisition of Local Partnership Interests*
      
         
(10D)
Form of Amended and Restated Agreement of Limited Partnership of Local Partnerships*
      
         
(21)
Subsidiaries of the Registrant
  
59
  
         
(31.1)+
      
         
(31.2) +
      
         
(32.1) +
      
         
(32.2) +
      
         
 
*Incorporated herein as an exhibit by reference to exhibits filed with Post-Effective Amendment No. 4 to the Registration Statement on Form S-11 (Registration No. 33-37704)
      
         
 
**Incorporated herein as an exhibit by reference to exhibits filed with Post-Effective Amendment No. 8 to the Registration Statement on Form S-11 (Registration No. 33-37704)
      
         
 
+Filed herewith.
 
 
      
 
 
 
 
- 58 -
 
 
 
Item 15.
Exhibits and Financial Statement Schedules (continued).
  
 
 
Subsidiaries of the Registrant (Exhibit 21)
Jurisdiction
of Organization
     
 
Edward Hotel Limited Partnership
CA
 
Overtown Development Group, Ltd.
FL
 
Sumpter Commons Associates, L.P.
NY
 
Lewis Street Limited Partnership
NY
 
Savannah Park Housing Limited Partnership
DC
 
Primm Place Partners, L.P.
MI
 
West Mill Creek Associates, III L.P.
PA
 
Universal Court Associates
PA
 
New Zion Apartments
LA
 
Dreitzer House
NY
 
 
 
 
 
 
 
 
- 59 -
 
 
 
 

SIGNATURES



Pursuant to the requirements of Section 13 or 15(d) of 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.



INDEPENDENCE TAX CREDIT PLUS L.P. III
(Registrant)



     
By:
RELATED INDEPENDENCE ASSOCIATES III L.P.,
       
General Partner
               
               
               
       
By:
RELATED INDEPENDENCE ASSOCIATES III INC.,
         
General Partner
               
               
               
Date:
June 18, 2012
      
By:
/s/ Robert A. Pace
  
           
Robert A. Pace
  
           
Chief Financial Officer and Principal Accounting Officer
           
 
  
               
               
Date:
June 18, 2012
      
By:
/s/ Robert L. Levy
  
           
Robert L. Levy
  
           
President and Chief Executive Officer

 
 
 
 
 
 
 
 
- 60 -
 
 

 
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:



Signature
  
Title
  
Date
         
/s/ Robert A. Pace
Robert A. Pace
  
 
Chief Financial Officer and Principal Accounting Officer of Related Independence Associates III Inc.
  
June 18, 2012
         
 
 
/s/ Robert L. Levy
Robert L. Levy
  
 
 
President (Chief Executive Officer) of Related Independence Associates III Inc.
  
June 18, 2012
         
 
 
 
 
 
 
 
 
 
 
- 61 -
 
 
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
To the Partners of
Independence Tax Credit Plus L.P. III and Subsidiaries
(A Delaware Limited Partnership)
 
In connection with our audit of the consolidated financial statements of Independence Tax Credit Plus L.P. III and Subsidiaries (A Delaware Limited Partnership) included in the Form 10-K as presented in our opinion dated June 18, 2012 on page 14, and based on the reports of other auditors, we have also audited supporting Schedule I for the 2011 Fiscal Year and Schedule III as of March 31, 2012.  In our opinion, and based on the reports of the other auditors, these consolidated schedules present fairly, when read in conjunction with the related consolidated financial statements, the financial data required to be set forth therein.
 
As discussed in Note 12(b), the consolidated financial statements include the financial statements of two subsidiary partnerships with significant uncertainties.  The financial statements of these subsidiary partnerships were prepared assuming that they will continue as going concerns.  These two subsidiary partnerships’ net income aggregated $8,450,604 (2011 Fiscal Year) and their assets aggregated $0 at March 31, 2012.  Management’s plan in regard to this matter is also described in Note 12(b).  The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
 
 
/s/ RAICH ENDE MALTER & CO. LLP
RAICH ENDE MALTER & CO. LLP
 
New York, New York
June 18, 2012
 
 
 
 
 
 
 
- 62 -
 
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
To the Partners of
Independence Tax Credit Plus L.P. III and Subsidiaries
(A Delaware Limited Partnership)
 
In connection with our audit of the consolidated financial statements of Independence Tax Credit Plus L.P. III and Subsidiaries (A Delaware Limited Partnership) included in the Form 10-K as presented in our opinion dated June 27 on page 14, and based on the reports of other auditors, we have also audited supporting Schedule I for the 2010 Fiscal Year.  In our opinion, and based on the reports of the other auditors, these consolidated schedules present fairly, when read in conjunction with the related consolidated financial statements, the financial data required to be set forth therein.
 
As discussed in Note 12(b), the consolidated financial statements include the financial statements of two subsidiary partnerships with significant uncertainties.  The financial statements of these subsidiary partnerships were prepared assuming that they will continue as going concerns.  These two subsidiary partnerships’ net losses aggregated $413,927 (2010 Fiscal Year) and their assets aggregated $1,715,468 at March 31, 2011.  Management’s plan in regard to this matter is also described in Note 12(b).  The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
 
 
/s/TRIEN ROSENBERG
WEINBERG CIULLO & FAZZARI LLP
 
New York, New York
June 27, 2011
 
 
 
 
 
 
- 63 -
 
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
SCHEDULE I
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(Not Including Consolidated Subsidiary Partnerships)


CONDENSED BALANCE SHEETS




ASSETS
 
 
 
 
March 31,
 
 
2012 
 
2011 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
847,241 
 
$
887,382 
Investment in subsidiary partnerships
 
 
517,623 
 
 
1,218,139 
Cash held in escrow
 
 
115,345 
 
 
115,345 
 
 
 
 
 
 
 
Total assets
 
$
1,480,209 
 
$
2,220,866 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND PARTNERS' CAPITAL
 
 
 
 
 
 
 
Due to general partner and affiliates
 
$
3,892,397 
 
$
4,466,373 
Other liabilities
 
 
44,996 
 
 
44,996 
 
 
 
 
 
 
 
Total liabilities
 
 
3,937,393 
 
 
4,511,369 
 
 
 
 
 
 
 
Partners’ deficit
 
 
(2,457,184)
 
 
(2,290,503)
 
 
 
 
 
 
 
Total liabilities and partners’ capital
 
$
1,480,209 
 
$
2,220,866 

Investments in Subsidiary Partnerships are recorded in accordance with the equity method of accounting, wherein the investments are not reduced below zero.  Accordingly, partners’ capital on the consolidated balance sheet will differ from partners’ capital shown above.
 
 
 
 
 
- 64 -
 
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
SCHEDULE I
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(Not Including Consolidated Subsidiary Partnerships)


CONDENSED STATEMENTS OF OPERATIONS



 
  
Years Ended March 31,
  
 
  
2012
    
2011
  
 
  
 
    
 
  
Revenues
  
 
    
 
  
 
  
 
    
 
  
Other income
   $ 26,144     $ 4,452  
 
                
Total revenues
     26,144       4,452  
 
                
Expenses
                
 
                
Administrative and management
     174,866       160,860  
Administrative and management-related parties
     390,455       442,724  
 
                
Total expenses
     565,321       603,584  
 
                
Loss from operations
     (539,177 )     (599,132 )
 
                
Equity in loss of subsidiary partnerships*
     (13,062,874 )     (5,058,110 )
 
                
Gain on sale of investment in subsidiary partnership
     12,678,384       5,048,115  
 
                
Net loss
   $ (923,667 )   $ (609,127 )

*
Includes suspended prior year losses in excess of investment in accordance with the equity method of accounting amounting to $(13,169,211) and $(5,059,894) for 2012 and 2011, respectively.
 
 
 
 
 
 
 
 
- 65 -
 
 
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
SCHEDULE I
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


CONDENSED STATEMENTS OF CASH FLOWS



 
 
Years Ended March 31,
 
 
2012 
 
2011*
 
 
 
 
 
 
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(923,677)
 
$
(609,127)
 
 
 
 
 
 
 
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of investment in subsidiary partnership
 
 
(12,678,384)
 
 
(5,048,115)
Equity in loss of subsidiary partnerships
 
 
13,062,874 
 
 
5,058,110 
Distribution income from subsidiary partnerships
 
 
25,744 
 
 
 - 
Decrease in other assets
 
 
 - 
 
 
47 
(Decrease) increase in liabilities:
 
 
 
 
 
 
Due to general partners and affiliates
 
 
183,010 
 
 
237,626 
Other liabilities
 
 
7,336 
 
 
22,426 
 
 
 
 
 
 
 
Total adjustments
 
 
600,580 
 
 
270,094 
 
 
 
 
 
 
 
Net cash used in operating activities
 
 
(323,097)
 
 
(339,033)
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
Proceeds from sale of investments in subsidiary partnerships
 
 
225,186 
 
 
25,000 
Costs related to sale of subsidiary parnterships
 
 
(58,814)
 
 
(25,840)
Distributions from subsidiary partnerships
 
 
116,584 
 
 
90,735 
 
 
 
 
 
 
 
Net cash provided by investing activities
 
 
282,956 
 
 
89,895 
 
 
 
 
 
 
 
Net decrease in cash and cash equivalents
 
 
(40,141)
 
 
(249,138)
 
 
 
 
 
 
 
Cash and cash equivalents, beginning of year
 
 
887,382 
 
 
1,136,520 
 
 
 
 
 
 
 
Cash and cash equivalents, end of year
 
$
847,241 
 
$
887,382 
 
 
 
 
 
 
 
Supplemental disclosure of non-cash investing and financing activities:
 
 
 
 
 
 
Contributions from write-off of partnership management fees related to sold properties
 
$
756,986 
 
$
574,551 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*   Reclassified for comparative purposes.
 
 
 
 
 
 
 
 
 
 
 
- 66 -
 
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
Partnership Property Pledged as Collateral
MARCH 31, 2012
 
 
 
 
Initial Cost to Partnership
 
 
 
 
Gross Amount at which Carried at Close of Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Life on which
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation in
 
 
 
 
 
 
 
 
 
 
 
 
Subsequent to
 
 
 
 
 
 
 
 
 
 
 
 
 
Year of
 
 
 
Latest Income
 
 
 
 
 
 
 
 
 
Buildings and
 
Acquisition:
 
 
 
 
Buildings and
 
 
 
 
Accumulated
 
Construction/
 
Date
 
Statements is
Description
 
Encumbrances
 
Land
 
Improvements
 
Improvements
 
Land
 
Improvements
 
Total
 
Depreciation
 
Renovation
 
Acquired
 
Computed(a)(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apartment Complexes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Edward Hotel Limited Partnership
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Los Angeles, CA
 
$
(2,399,459)
 
$
275,000 
 
$
591,240 
 
$
(743,070)
 
$
6,123 
 
$
117,047 
 
$
123,170 
 
$
36,229 
 
1994-95
 
Nov. 1994
 
27.5  years
Pacific East, L.P. (d)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brooklyn, NY
 
 
- 
 
 
1,950 
 
 
3,125,584 
 
 
(3,127,534)
 
 
- 
 
 
- 
 
 
- 
 
 
- 
 
1994-95
 
Dec. 1994
 
27.5  years
Overtown Development Group, Ltd.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Miami, FL
 
 
(1,243,575)
 
 
52,284 
 
 
2,627,099 
 
 
(618,811)
 
 
58,408 
 
 
2,002,164 
 
 
2,060,572 
 
 
1,185,751 
 
1994-95
 
Dec. 1994
 
40  years
Sumpter Commons Associates, L.P.
 
 
(1,139,411)
 
 
500 
 
 
1,862,916 
 
 
(436,549)
 
 
3,673 
 
 
1,423,194 
 
 
1,426,867 
 
 
1,060,583 
 
1995-96
 
Apr. 1995
 
27.5  years
Park Housing Limited Partnership (g)
 
 
- 
 
 
5,000 
 
 
2,343,351 
 
 
(2,348,351)
 
 
- 
 
 
- 
 
 
- 
 
 
- 
 
1995-96
 
May-95
 
27.5  years
Livingston Manor Urban Renewal Associates, L.P. (d)
 
 
- 
 
 
119,988 
 
 
7,047,532 
 
 
(7,167,520)
 
 
- 
 
 
- 
 
 
- 
 
 
- 
 
1995-96
 
Jun-95
 
15-40   years
Jefferis Square Housing Partnership, L.P. ( e)
 
 
- 
 
 
55,158 
 
 
- 
 
 
(55,158)
 
 
- 
 
 
- 
 
 
- 
 
 
- 
 
1995-96
 
Jun-95
 
20-40   years
2301 First Avenue Limited Partnership ( c)
 
 
- 
 
 
64,350 
 
 
5,818,269 
 
 
(5,882,619)
 
 
- 
 
 
- 
 
 
- 
 
 
- 
 
1995-96
 
Aug. 1995
 
27.5  years
Lewis Street Limited Partnership
 
 
(1,600,000)
 
 
7,000 
 
 
- 
 
 
1,458,587 
 
 
10,173 
 
 
1,455,414 
 
 
1,465,587 
 
 
1,436,662 
 
1995-96
 
Oct. 1995
 
27.5  years
Savannah Park Housing Limited Partnership
 
 
(483,240)
 
 
- 
 
 
2,049,888 
 
 
(1,892,582)
 
 
3,173 
 
 
154,133 
 
 
157,306 
 
 
35,223 
 
1995-96
 
Oct. 1995
 
27.5  years
Brannon Group, L.C. (f)
 
 
- 
 
 
380,000 
 
 
2,598,402 
 
 
(2,978,402)
 
 
- 
 
 
- 
 
 
- 
 
 
- 
 
1995-96
 
Dec. 1995
 
40  years
Independence Tax Credit Fund L.P.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Mansion Court Phase II Venture and Aspen Olive Associates Consolidated) (f)
 
 
- 
 
 
1,732 
 
 
339,661 
 
 
(341,393)
 
 
- 
 
 
- 
 
 
- 
 
 
- 
 
1995-96
 
Dec. 1995
 
20-40   years
Primm Place Partners, L.P.
 
 
(4,476,108)
 
 
168,258 
 
 
- 
 
 
6,991,440 
 
 
67,577 
 
 
7,092,121 
 
 
7,159,698 
 
 
2,678,020 
 
1995-96
 
Dec. 1995
 
10-40   years
BK-9-A Partners L.P. (f)
 
 
- 
 
 
- 
 
 
1,517,313 
 
 
(1,517,313)
 
 
- 
 
 
- 
 
 
- 
 
 
- 
 
1995-96
 
Dec. 1995
 
40  years
BK-10K Partners L.P. (f)
 
 
- 
 
 
11,000 
 
 
1,637,762 
 
 
(1,648,762)
 
 
- 
 
 
- 
 
 
- 
 
 
- 
 
1995-96
 
Dec. 1995
 
40  years
Westmill Creek Associates III L.P.
 
 
(2,696,898)
 
 
37,031 
 
 
6,922,563 
 
 
(3,105,128)
 
 
37,649 
 
 
3,816,817 
 
 
3,854,466 
 
 
3,833,694 
 
1997-98
 
Dec. 1996
 
27.5  years
Universal Court Associates
 
 
(1,650,000)
 
 
31,024 
 
 
279,220 
 
 
1,162,710 
 
 
31,642 
 
 
1,441,312 
 
 
1,472,954 
 
 
1,491,892 
 
1997-98
 
Apr. 1997
 
20-40   years
New Zion Apartments
 
 
(562,445)
 
 
20,000 
 
 
2,688,770 
 
 
118,303 
 
 
20,618 
 
 
2,806,455 
 
 
2,827,073 
 
 
1,541,394 
 
1997-98
 
Nov. 1997
 
15-27.5   years
Dreitzer House
 
 
(4,275,000)
 
 
5 
 
 
- 
 
 
2,720,052 
 
 
623 
 
 
2,719,434 
 
 
2,720,057 
 
 
2,738,998 
 
1997-99
 
Dec. 1997
 
27.5  years
Less discontinued operation and dispositions
 
 
- 
 
 
(639,178)
 
 
(24,427,874)
 
 
25,067,052 
 
 
- 
 
 
- 
 
 
- 
 
 
- 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
(20,526,136)
 
$
591,102 
 
$
17,021,696 
 
$
5,654,952 
 
$
239,659 
 
$
23,028,091 
 
$
23,267,750 
 
$
16,038,446 
 
 
 
 
 
 
 
(a)
Depreciation is computed using primarily the straight-line method over the estimated useful lives determined by the Partnership date of acquisition.
(b)
Personal property is depreciated primarily by the straight-line method over the estimated useful lives of 5 – 12 years.
(c)
The Partnership’s limited partnership interest was sold during the fiscal year ended March 31, 2009.
(d)
The Partnership’s limited partnership interest was sold during the fiscal year ended March 31, 2010.
(e)
The Partnership’s limited partnership interest was sold during the fiscal year ended March 31, 2011.
(f)
The Partnership’s limited partnership interest was sold during the fiscal year ended March 31, 2012.
(g)
The Partnership transferred the deed to the property and related assets and liabilities in lieu of foreclosure during the fiscal year ended March 31, 2012.
 
 
 
 
- 67 -
 
 
 
INDEPENDENCE TAX CREDIT PLUS L.P. III
AND SUBSIDIARIES
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
Partnership Property Pledged as Collateral
MARCH 31, 2012
(continued)

 
  
Cost of Property and Equipment
    
Accumulated Depreciation
  
 
  
Years Ended March 31,
  
 
  
2012
    
2011
    
2012
    
2011
  
 
  
 
    
 
    
 
    
 
  
Balance at beginning of period
   $ 35,463,488     $ 39,118,378     $ 23,866,683     $ 24,907,752  
Additions during period:
                                
Improvements
     49,891       105,582                  
Depreciation expense
                     534,315       771,684  
Reductions during period:
                                
Discontinued operation, dispositions and impairment loss
     (12,245,629 )     (3,760,472 )     (8,362,552 )     (1,812,753 )
 
                                
Balance at close of period
   $ 23,267,750     $ 35,463,488     $ (16,038,446 )   $ 23,866,683  
 

 
At the time the local partnerships were acquired by Independence Tax Credit Plus III Limited Partnership, the entire purchase price paid by Independence Tax Credit Plus III Limited Partnership was pushed down to the local partnerships as property and equipment with an offsetting credit to capital. Since the projects were in the construction phase at the time of acquisition, the capital accounts were insignificant at the time of purchase. Therefore, there are no material differences between the original cost basis for tax and GAAP.
 
 
 
 
 
 
 
- 68 -
 
 
 
 EX-31.1 2 exhibit31-1.htm CFO CERTIFICATION exhibit31-1.htm
 


CERTIFICATION PURSUANT TO RULE
13a-14(a) OR RULE 15d-14(a)


I, Robert A. Pace, certify that:
 
1.
I have reviewed this report on Form 10-K for the period ended March 31, 2012 of Independence Tax Credit Plus L.P. III;
     
 
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:
June 18, 2012
      
By:
/s/ Robert A. Pace
             
Robert A. Pace
             
Chief Financial Officer

 
 
 
 
 
 
 
 
EX-31.2 3 exhibit31-2.htm CEO CERTIFICATION exhibit31-2.htm



CERTIFICATION PURSUANT TO RULE
13a-14(a) OR RULE 15d-14(a)


I, Robert L. Levy, certify that:
 
1.
I have reviewed this report on Form 10-K for the period ended March 31, 2012 of Independence Tax Credit Plus L.P. III;
     
 
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:
June 18, 2012
      
By:
/s/ Robert L. Levy
             
Robert L. Levy
             
Chief Executive Officer

 
 
 
 
 
 
 
EX-32.1 4 exhibit32-1.htm SECTION 1350 CFO CERTIFICATION exhibit32-1.htm
 



CERTIFICATION PURSUANT
TO RULE 13a-14(b) OR RULE 15d-14(b)
AND SECTION 1350 OF TITLE 18
OF THE UNITED STATES CODE (18 U.S.C. 1350)



In connection with the Annual Report of Independence Tax Credit Plus L.P. III on Form 10-K for the year ended March 31, 2012 as filed with the Securities and Exchange Commission (“SEC”) on the date hereof (the “Report”), I, Robert A. Pace, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
                 
                 
(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 result of operations of the registrant.
                 
                 
A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.
                 
                 
                 
             
By:
/s/ Robert A. Pace
               
Robert A. Pace
               
Chief Financial Officer
               
June 18, 2012

 
 
 
 
 
 
 
EX-32.2 5 exhibit32-2.htm SECTION 1350 CEO CERTIFICATION exhibit32-2.htm



CERTIFICATION PURSUANT
TO SECTION 1350 OF TITLE 18
OF THE UNITED STATES CODE (18 U.S.C. 1350)



In connection with the Annual Report of Independence Tax Credit Plus L.P. III on Form 10-K for the year ended March 31, 2012 as filed with the Securities and Exchange Commission (“SEC”) on the date hereof (the “Report”), I, Robert L. Levy, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
                 
                 
(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 result of operations of the registrant.
                 
                 
A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.
                 
                 
                 
             
By:
/s/ Robert L. Levy
               
Robert L. Levy
               
Chief Executive Officer
               
June 18, 2012

 
 
 
 
 
 
 
 
 
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III (the &#8220;Partnership&#8221;) is a limited partnership which was formed under the laws of the State of Delaware on December 23, 1993. The general partner of the Partnership is Related Independence Associates III L.P., a Delaware limited partnership (the &#8220;General Partner&#8221;). The general partner of the General Partner is Related Independence Associates III Inc., a Delaware corporation (&#8220;RIAI III&#8221;). The ultimate parent of the General Partner is Centerline Holding Company (&#8220;Centerline</font><font style="font-family:Times New Roman;font-size:8pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:8pt;">). </font><font style="font-family:Times New Roman;font-size:8pt;">For information on Centerline's audited balance sheet for the most recent fiscal year, see </font><font style="font-family:Times New Roman;font-size:8pt;text-decoration:underline;"> HYPERLINK "http://sec.gov" </font><font style="font-family:Times New Roman;font-size:8pt;text-decoration:underline;">http://sec.gov</font><font style="font-family:Times New Roman;font-size:8pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">The Partnership's business is to invest in other partnerships (&#8220;Local Partnerships,&#8221; &#8220;subsidiaries&#8221; or &#8220;subsidiary partnerships&#8221;) owning leveraged apartment complexes (&#8220;Apartment Complexes&#8221; or &#8220;Properties&#8221;) that are eligible for the low-income housing tax credit (&#8220;Tax Credit&#8221;) under Section 42 of the Internal Revenue Code, some of which may also be eligible for the historic rehabilitation tax credit.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">The Partnership had originally acquired interests in twenty subsidiary partnerships. </font><font style="font-family:Times New Roman;font-size:8pt;">During the year ended March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012</font><font style="font-family:Times New Roman;font-size:8pt;">, the Partnership sold its limited partnership interests in five Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership. </font><font style="font-family:Times New Roman;font-size:8pt;">As</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">of</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012,</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">the</font><font style="font-family:Times New Roman;font-size:8pt;"> Partnership has sold its limited partnership interests in nine Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership. </font><font style="font-family:Times New Roman;font-size:8pt;">In addition, as of March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012</font><font style="font-family:Times New Roman;font-size:8pt;">, one Local Partnership has entered into an agreement to sell its property and the related assets and liabilities. </font><font style="font-family:Times New Roman;font-size:8pt;">Subsequently, the Partnership sold its lim</font><font style="font-family:Times New Roman;font-size:8pt;">it</font><font style="font-family:Times New Roman;font-size:8pt;">ed partnership interests in </font><font style="font-family:Times New Roman;font-size:8pt;">two other </font><font style="font-family:Times New Roman;font-size:8pt;">Local Partnership</font><font style="font-family:Times New Roman;font-size:8pt;">s</font><font style="font-family:Times New Roman;font-size:8pt;"> (see </font><font style="font-family:Times New Roman;font-size:8pt;">Note 12</font><font style="font-family:Times New Roman;font-size:8pt;">).</font><font style="font-family:Times New Roman;font-size:8pt;"> There can be no assurance as to when the Partnership will dispose of its remaining investments or the amount of proceeds which may be received. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">The Partnership was authorized to issue a total of 100,000 ($100,000,000) Beneficial Assignment Certificates (&#8220;BACs&#8221;) which were registered with the Securities and Exchange Commission for sale to the public. Each BAC represents all of the economic and virtually all of the ownership rights attributable to a limited partnership interest in the Partnership. As of the termination of the offering on May 9, 1995, the Partnership had received $43,440,000 of gross proceeds of its offering (the &#8220;Gross Proceeds&#8221;) from 2,810 investors (&#8220;BACs holders&#8221;).</font></p><p style='margin-top:0pt; margin-bottom:18pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">The terms of the Partnership's Amended and Restated Agreement of Limited Partnership (the &#8220;Partnership Agreement&#8221;) provide, among other things, that net profits or losses and distributions of cash flow are, in general, allocated 99% to the limited partners and BACs holders and 1% to the general partner.</font></p> <p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">NOTE </font><font style="font-family:Times New Roman;font-size:8pt;">2</font><font style="font-family:Times New Roman;font-size:8pt;"> &#8211; Summary of Significant Accounting Policies</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Basis of Accounting</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">For financial reporting purposes the Partnership's fiscal year ends on March 31. All subsidiaries have fiscal years ending December 31. Accounts of the subsidiaries have been adjusted for intercompany transactions from January 1 through March 31. The Partnership's fiscal year ends March 31 in order to allow adequate time for the subsidiaries' financial statements to be prepared and consolidated. The books and records of the Partnership are maintained on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;).</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Basis of Consolidation</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">The consolidated financial statements include the accounts of the Partnership and seventeen and nineteen subsidiary partnerships in which the Partnership is a limited partner for the years ended March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012</font><font style="font-family:Times New Roman;font-size:8pt;"> and </font><font style="font-family:Times New Roman;font-size:8pt;">2011,</font><font style="font-family:Times New Roman;font-size:8pt;"> respectively, (the </font><font style="font-family:Times New Roman;font-size:8pt;">2011</font><font style="font-family:Times New Roman;font-size:8pt;"> and </font><font style="font-family:Times New Roman;font-size:8pt;">2010</font><font style="font-family:Times New Roman;font-size:8pt;"> Fiscal Years). Through the rights of the Partnership and/or an affiliate of the General Partner, which affiliate has a contractual obligation to act on behalf of the Partnership, to remove the general partners of the subsidiary local partnerships (&#8220;Local General Partners&#8221;) and to approve certain major operating and financial decisions, the Partnership has a controlling financial interest in the subsidiary partnerships. All intercompany accounts and transactions with the subsidiary partnerships have been eliminated in consolidation.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">In accordance with </font><font style="font-family:Times New Roman;font-size:8pt;">FASB</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">Accounting</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">Standards</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">Codification</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">(&#8220;ASC&#8221;)</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">Topic</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">810,</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;">Noncontrolling</font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;">Interests</font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;">in</font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;">Consolidated</font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;">Financial</font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;">Statements</font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:8pt;">(&#8220;ASC</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">810&#8221;),</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">(</font><font style="font-family:Times New Roman;font-size:8pt;">income</font><font style="font-family:Times New Roman;font-size:8pt;">) </font><font style="font-family:Times New Roman;font-size:8pt;">loss </font><font style="font-family:Times New Roman;font-size:8pt;">attributable</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">to</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">noncontrolling</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">interests</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">amounted</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">to</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">approximately</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">(</font><font style="font-family:Times New Roman;font-size:8pt;">$</font><font style="font-family:Times New Roman;font-size:8pt;">3,</font><font style="font-family:Times New Roman;font-size:8pt;">499</font><font style="font-family:Times New Roman;font-size:8pt;">,000</font><font style="font-family:Times New Roman;font-size:8pt;">)</font><font style="font-family:Times New Roman;font-size:8pt;"> and $</font><font style="font-family:Times New Roman;font-size:8pt;">192</font><font style="font-family:Times New Roman;font-size:8pt;">,000 </font><font style="font-family:Times New Roman;font-size:8pt;">for</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">the</font><font style="font-family:Times New Roman;font-size:8pt;"> year </font><font style="font-family:Times New Roman;font-size:8pt;">ended</font><font style="font-family:Times New Roman;font-size:8pt;"> March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012</font><font style="font-family:Times New Roman;font-size:8pt;"> and </font><font style="font-family:Times New Roman;font-size:8pt;">2011,</font><font style="font-family:Times New Roman;font-size:8pt;"> respectively. </font><font style="font-family:Times New Roman;font-size:8pt;">The</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">Partnership's</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">investment</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">in</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">each</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">subsidiary</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">is</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">equal</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">to</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">the</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">respective</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">subsidiary's</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">partners'</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">equity</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">less</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">noncontrolling</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">interest</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">capital,</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">if</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">any</font><font style="font-family:Times New Roman;font-size:8pt;">. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Cash and Cash Equivalents</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">Cash and cash equivalents include cash on hand, cash in banks, and investments in short-term highly liquid investments purchased with original maturities of three months or less.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Property and Equipment</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">Property and equipment to be held and used are carried at cost which includes the purchase price, acquisition fees and expenses, construction period interest and any other costs incurred in acquiring the properties. The cost of property and equipment is depreciated over their estimated useful lives using accelerated and straight-line methods. Expenditures for repairs and maintenance are charged to expense as incurred; major renewals and betterments are capitalized. At the time property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the assets and accumulated depreciation accounts and the profit or loss on such disposition is reflected in earnings. A loss on impairment of assets is recorded when management estimates amounts recoverable through future operations and sale of the property on an undiscounted basis are below depreciated cost. At that time, property investments themselves are reduced to estimated fair value (generally using </font><font style="font-family:Times New Roman;font-size:8pt;">the direct capitalization method</font><font style="font-family:Times New Roman;font-size:8pt;">). </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">During the year ended March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012,</font><font style="font-family:Times New Roman;font-size:8pt;"> the Partnership recorded approximately $</font><font style="font-family:Times New Roman;font-size:8pt;">131,000</font><font style="font-family:Times New Roman;font-size:8pt;"> as a loss on impairment of assets or reduction to estimated fair value. Through March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012,</font><font style="font-family:Times New Roman;font-size:8pt;"> the Partnership has recorded approximately $30,</font><font style="font-family:Times New Roman;font-size:8pt;">481</font><font style="font-family:Times New Roman;font-size:8pt;">,000 as an aggregate loss on impairment of assets or reduction to estimated fair value for several Local Partnerships. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">At the time management commits to a plan to dispose of assets, said assets are adjusted to the lower of carrying amount or fair value less costs to sell. 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Rental subsidies are recognized as rental income during the month in which it is earned. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">Other revenues are recorded when earned and </font><font style="font-family:Times New Roman;font-size:8pt;">consist</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">of</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">the</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">following</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">items:</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">Interest</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">income</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">earned</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">on</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">cash</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">and</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">cash</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">equivalent</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">balances</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">and</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">cash</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">held</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">in</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">escrow</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">balances,</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">income</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">from</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">forfeited</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">security</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">deposits</font><font style="font-family:Times New Roman;font-size:8pt;">, late charges, laundry and vending income and other rental related items. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">Other revenues from operations include the following amounts at both the Partnership and Local Partnership level: </font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 12px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 245px; text-align:center;border-color:#000000;min-width:245px;">&#160;</td><td colspan="5" style="width: 170px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:170px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Years Ended March 31,</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;" /></td><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 100px; text-align:left;border-color:#000000;min-width:100px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 245px; text-align:center;border-color:#000000;min-width:245px;">&#160;</td><td colspan="2" style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td colspan="2" style="width: 75px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:75px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;" /></td><td style="width: 100px; 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It was determined that the Tender Option Bond market, through which these bonds have been securitized in the past, continued to see a dramatic slowdown with limited liquidity and significantly reduced transaction levels. To assist in valuing these notes, the Partnership held separate discussions with various third party investment banks who are leaders in the municipal bond business. 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text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 65px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:65px;">&#160;</td><td style="width: 50px; text-align:right;border-color:#000000;min-width:50px;">&#160;</td></tr><tr style="height: 12px"><td style="width: 50px; text-align:left;border-color:#000000;min-width:50px;">&#160;</td><td style="width: 335px; text-align:left;border-color:#000000;min-width:335px;">&#160;</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;">&#160;</td><td style="width: 10px; border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">$</font></td><td style="width: 65px; 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Subject to the foregoing limitation, the partnership management fee will be determined by the General Partner in its sole discretion based upon its </font><font style="font-family:Times New Roman;font-size:8pt;">review of the Partnership's investments. Unpaid partnership management fees for any year are to be deferred without interest and will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all Partnership liabilities have been made other than to those owed to the General Partner and its affiliates, and after the Limited Partners have received a 10% return on their capital contributions. 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Current year partnership management fees may be paid out of operating reserves or refinancing and sales proceeds. As such the General Partner cannot demand payment of the deferred fees except as noted above. 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Net income for financial statement purposes may differ significantly from taxable income reportable to BACs holders as a result of differences between the tax bases and financial reporting bases of assets and liabilities and the taxable income allocation requirements under its Partnership Agreement. In the event of an examination of the Partnership's tax return, the tax liability of the partners could be changed if an adjustment in the Partnership's income is ultimately sustained by the taxing authorities. At March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012,</font><font style="font-family:Times New Roman;font-size:8pt;"> the tax basis net assets exceeded the financial statement net assets by approximately $1</font><font style="font-family:Times New Roman;font-size:8pt;">4,097,167 </font><font style="font-family:Times New Roman;font-size:8pt;">due to depreciation differences, impairments </font><font style="font-family:Times New Roman;font-size:8pt;">of property and equipment </font><font style="font-family:Times New Roman;font-size:8pt;">and related party accruals. </font></p> <p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">NOTE </font><font style="font-family:Times New Roman;font-size:8pt;">1</font><font style="font-family:Times New Roman;font-size:8pt;">0</font><font style="font-family:Times New Roman;font-size:8pt;"> &#8211; Sale of Properties</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">The Partnership is in the process of disposing of all of its investments. It is anticipated that this process will continue to take a number of years. During the year ended March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012</font><font style="font-family:Times New Roman;font-size:8pt;">, the Partnership sold its limited partnership interests in five Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership. As of March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012</font><font style="font-family:Times New Roman;font-size:8pt;">, the Partnership has sold its limited partnership interests in nine Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership. In addition, as of March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012</font><font style="font-family:Times New Roman;font-size:8pt;">, one Local Partnership has entered into an agreement to sell its property and the related assets and liabilities. Subsequently, the Partnership sold its limi</font><font style="font-family:Times New Roman;font-size:8pt;">ted partnership interests in </font><font style="font-family:Times New Roman;font-size:8pt;">two other </font><font style="font-family:Times New Roman;font-size:8pt;">Local Partnership</font><font style="font-family:Times New Roman;font-size:8pt;">s</font><font style="font-family:Times New Roman;font-size:8pt;"> (</font><font style="font-family:Times New Roman;font-size:8pt;">see Note</font><font style="font-family:Times New Roman;font-size:8pt;"> 12</font><font style="font-family:Times New Roman;font-size:8pt;">). There can be no assurance as to when the Partnership will dispose of its remaining investments or the amount of proceeds which may be received. However, based on the historical operating results of the Local Partnerships and the current economic conditions, including changes in tax laws, it is unlikely that the proceeds from such sales received by the Partnership will be sufficient to return to the limited partners their original investment. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">On February 3, 2012, the Partnership sold i</font><font style="font-family:Times New Roman;font-size:8pt;">ts limited partnership interest</font><font style="font-family:Times New Roman;font-size:8pt;"> in Brannon Group, L.C. (&#8220;Keys&#8221;) to an unaffiliated third party purchaser for a sales price of $4,000. The Partnership received $4,000 from the sale. The sale resulted in a gain of approximately $6,882,000, resulting from the write-off of the basis in the Local Par</font><font style="font-family:Times New Roman;font-size:8pt;">tnership of approximately $6,878</font><font style="font-family:Times New Roman;font-size:8pt;">,000 at the date of the sale and the $4,000 received from the sale, which was recorded during the quarter ended March 31, 2012. In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $288,000 as a result of the write-off of fees and loans owed by the Local Partnership to an affiliate of the General Partner. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">On December 31, 2011, the Partnership sold its limited partnership interests in Mansion Court Phase II Venture (&#8220;Mansion Court&#8221;) and Aspen-Olive Associates (&#8220;Aspen-Olive&#8221;), to an affiliate of the Local General Partner for a sales price of $10. The Partnership did not receive any cash after the repayment of other liabilities. The sale resulted in a gain of approximately $3,700,000, resulting from the write-off of the basis in the Local Partnership</font><font style="font-family:Times New Roman;font-size:8pt;">s</font><font style="font-family:Times New Roman;font-size:8pt;"> of the same amount at the date of the sale, which was recorded during the quarter ended December 31, 2011. An adjustment to the gain of approximately $29,000 was recorded during the quarter ended </font><font style="font-family:Times New Roman;font-size:8pt;">March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012</font><font style="font-family:Times New Roman;font-size:8pt;">, resulting in an overall gain $3,729,000.</font><font style="font-family:Times New Roman;font-size:8pt;"> In addition, the sale resulted in a non-cash contribution to the Local Partnerships from the General Partner of approximately $50,000 as a result of the write-off of fees owed by the Local Partnerships to an affiliate of the General Partner. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">On October 11, 2011, Park Housing Limited Partnership (&#8220;Park Terrace&#8221;) transferred the deed to the property and the related assets and liabilities to an unaffiliated third party in </font><font style="font-family:Times New Roman;font-size:8pt;">lieu of foreclosure. The</font><font style="font-family:Times New Roman;font-size:8pt;"> transfer of assets of approximately $244,000 and liabilities of $1,784,000 resulted in a gain of approximately $1,540,000, which was recognized during the quarter ended March 31, 2012. As of the transfer date, Park Terrace had property and equipment, at cost, of approximately $1,201,000, accumulated depreciation of approximately $1,140,000 and mortgage debt of approximately $784,000. In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $20,000 as a result of the write-off of fees owed by the Local Partnership to an affiliate of the General Partner.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">On August 23, 2011, the Partnership sold its limited partnership interest in BK-9-A Partners, L.P. (&#8220;Lafayette Avenue&#8221;) to an affiliate of the Local General Partner for a sales price of $30,000. The Partnership did not receive any cash after the repayment of other liabilities. The sale resulted in a gain of approximately $874,000, resulting from the write-off of the basis in the Local Partnership of the same amount at the date of the sale, which was recorded during the quarter ended September 30, 2011. Adjustments to the gain of approximately $8,000 and $23,000 were recorded during the quarters ended December 31, 2011 and </font><font style="font-family:Times New Roman;font-size:8pt;">March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012</font><font style="font-family:Times New Roman;font-size:8pt;">, respectively</font><font style="font-family:Times New Roman;font-size:8pt;">, resulting in an overall gain of approximately $905,000.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">On August 23, 2011, the Partnership sold its limited partnership interest in BK-10K Partners, L.P. (&#8220;Knickerbocker Apartments&#8221;) to an affiliate of the Local General Partner for a sales price of $250,000. The Partnership received approximately $236,000 after the repayment of other liabilities of approximately $14,000. The sale resulted in a loss of approximately $433,000, resulting from the write-off of the basis in the Local Partnership of approximately $669,000 at the date of the sale</font><font style="font-family:Calibri;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">and the $236,000 cash received from the sale, which was recorded during the quarter ended September 30, 2011. Adjustments to the loss of approximately of $6,000 and $(11,000) were recorded during the quarters ended December 31, 2011 and </font><font style="font-family:Times New Roman;font-size:8pt;">March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012</font><font style="font-family:Times New Roman;font-size:8pt;">, respectively</font><font style="font-family:Times New Roman;font-size:8pt;">, resulting in an overall loss of approximately $427,000.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">On December 31, 2010, the Partnership sold its limited partnership interest in Jefferis Square Housing Partnership L.P. (&#8220;Jefferis&#8221;) to an affiliate of the Local General Partner for a sales price of $25,000. The Partnership received approximately $2,000 after the repayment of other liabilities of approximately $23,000. The sale resulted in a gain of approximately $4,832,000, resulting from the write-off of the deficit basis in the Local Partnership of approximately $4,830,000 at the date of the sale and the $2,000 cash received from the sale, which was recorded during the quarter ended December 31, 2010. An adjustment to the gain of approximately $196,000 was recorded during the quarter ended March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2011</font><font style="font-family:Times New Roman;font-size:8pt;">, resulting in an overall gain of $5,028,000. In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $12,500 as a result of the write-off of fees owed by the Local Partnership to an affiliate of the General Partner.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">On March 31, 2010, the Partnership sold its limited partnership interest in Livingston Manor Urban Renewal Associates, L.P. (&#8220;Livingston Manor&#8221;) to an affiliate of the Local General Partner for a sales price of $20,000. The Partnership received approximately $7,000 after the repayment of other liabilities of approximately $13,000. The sale resulted in a loss of approximately $1,870,000, resulting from the write-off of the basis in the Local Partnership of approximately $1,877,000 at the date of the sale and the $7,000 cash received from the sale which was recorded during the year ended March 31, 2010. An adjustment to the loss of approximately $42,000 was recorded during the quarter ended June 30, 2010, resulting in an overall loss of approximately $1,912,000. In addition, the sale resulted in a non-cash contribution to the Local Partnership from the Local General Partner of approximately $324,000 as a result of the write-off of fees owed by the Local Partnership to the Local General Partner. </font></p><p style='margin-top:0pt; margin-bottom:9pt'>&#160;</p> <p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">NOTE </font><font style="font-family:Times New Roman;font-size:8pt;">11</font><font style="font-family:Times New Roman;font-size:8pt;"> &#8211; Asset Held for Sale</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">On August 29, 2011, New Zion Apartments (&#8220;New Zion&#8221;) entered into a purchase and sale agreement to sell the property and the related assets and liabilities to an unaffiliated third party purchaser for a sales price of $2,450,000. As of March 31, 2012, New Zion had property and equipment, at cost, of approximately $2,814,000, accumulated depreciation of approximately $1,511,000 and mortgage debt of approximately $562,000. </font><font style="font-family:Times New Roman;font-size:8pt;">The Partnership owns a 42.39% limited partnership interest in New Zion.</font><font style="font-family:Times New Roman;font-size:8pt;"> The sale is expected to be consummated during the fourth quarter of 2012. There can be no assurance of when and if the sale will be consummated by this time. </font></p> <p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">NOTE </font><font style="font-family:Times New Roman;font-size:8pt;">12</font><font style="font-family:Times New Roman;font-size:8pt;"> &#8211; Commitments and Contingencies</font></p><p style='margin-top:0pt; margin-bottom:9pt'>&#160;</p> <p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">NOTE </font><font style="font-family:Times New Roman;font-size:8pt;">12</font><font style="font-family:Times New Roman;font-size:8pt;"> &#8211; Commitments and Contingencies</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">a) Going Concern Consideration</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">At March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012,</font><font style="font-family:Times New Roman;font-size:8pt;"> the Partnership's liabilities exceeded assets by $</font><font style="font-family:Times New Roman;font-size:8pt;">17,</font><font style="font-family:Times New Roman;font-size:8pt;">518,033</font><font style="font-family:Times New Roman;font-size:8pt;"> for the </font><font style="font-family:Times New Roman;font-size:8pt;">2011</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">Fiscal </font><font style="font-family:Times New Roman;font-size:8pt;">Y</font><font style="font-family:Times New Roman;font-size:8pt;">ear recognized net income of $</font><font style="font-family:Times New Roman;font-size:8pt;">11,</font><font style="font-family:Times New Roman;font-size:8pt;">327,889</font><font style="font-family:Times New Roman;font-size:8pt;">, including gain on sale of properties of $</font><font style="font-family:Times New Roman;font-size:8pt;">12,</font><font style="font-family:Times New Roman;font-size:8pt;">628,877</font><font style="font-family:Times New Roman;font-size:8pt;"> and loss on impairment of properties of $</font><font style="font-family:Times New Roman;font-size:8pt;">130,661</font><font style="font-family:Times New Roman;font-size:8pt;">. These factors raise substantial doubt about the Partnership's ability to continue as a going concern. As discussed in Note </font><font style="font-family:Times New Roman;font-size:8pt;">8</font><font style="font-family:Times New Roman;font-size:8pt;">, partnership management fees of approximately $</font><font style="font-family:Times New Roman;font-size:8pt;">2,957</font><font style="font-family:Times New Roman;font-size:8pt;">,000 will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all other Partnership liabilities have been made and after the Limited Partners have received a 10% return on their capital contributions. As such, the General Partner cannot demand payment of these deferred fees beyond the Partnership's ability to pay them. In addition, where the Partnership has unpaid partnership management fees related to sold properties, such management fees are written off and recorded as capital contributions. During the year ended March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012,</font><font style="font-family:Times New Roman;font-size:8pt;"> the Partnership wrote off approximately $</font><font style="font-family:Times New Roman;font-size:8pt;">757</font><font style="font-family:Times New Roman;font-size:8pt;">,000 of such management fees.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">All of the mortgage payable balance of $</font><font style="font-family:Times New Roman;font-size:8pt;">20,526,136</font><font style="font-family:Times New Roman;font-size:8pt;"> and the accrued interest payable balance of $</font><font style="font-family:Times New Roman;font-size:8pt;">4,605,529</font><font style="font-family:Times New Roman;font-size:8pt;"> </font><font style="font-family:Times New Roman;font-size:8pt;">is of a nonrecourse nature and secured by the respective properties. The Partnership is currently in the process of developing a plan to dispose all of its investments. Historically, the mortgage notes and accrued interest thereon have been assumed by the buyer in instances of sales of the Partnership's interest or have been paid off from sales proceeds in instances of sales of the property. In most instances when the Partnership's interest was sold and liabilities were assumed, the Partnership recognized a gain from the sale. The Partnership owns the limited partner interest in all its investments, and as such has no financial responsibility to fund operating losses incurred by the Local Partnerships. The maximum loss the Partnership would incur is its net investment in the respective Local Partnerships. Dispositions of any investment in a Local Partnership should not impact the future results of operations, liquidity, or financial condition of The Partnership.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">The Partnership has working capit</font><font style="font-family:Times New Roman;font-size:8pt;">al reserves of approximately $84</font><font style="font-family:Times New Roman;font-size:8pt;">2,000 at March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012.</font><font style="font-family:Times New Roman;font-size:8pt;"> Such amount is considered sufficient to cover the Partnership's day to day operating expenses, excluding fees to the General Partner, for at least the next year. The Partnership's operating expenses, excluding the Local Partnerships' expenses and related party expenses amounted to approximately $1</font><font style="font-family:Times New Roman;font-size:8pt;">75</font><font style="font-family:Times New Roman;font-size:8pt;">,000 for the year ended March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2012.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">Management believes the above mitigating factors enable the Partnership to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">b) Subsidiary Partnerships &#8211; Going Concerns and Uncertainties</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;text-decoration:underline;margin-left:0px;">Mansion Court Phase II Venture (&#8220;Mansion Court&#8221;)</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">On December 31, 2011, the Partnership sold its limited partnership interest in Mansion Court. The financial statements for Mansion Court </font><font style="font-family:Times New Roman;font-size:8pt;">were</font><font style="font-family:Times New Roman;font-size:8pt;"> prepared in conformity with accounting principles generally accepted in the United State</font><font style="font-family:Times New Roman;font-size:8pt;">s of America, which contemplated</font><font style="font-family:Times New Roman;font-size:8pt;"> continuation of Mansion Court as a going concern. In prior years</font><font style="font-family:Times New Roman;font-size:8pt;"> and in 2011, Mansion Court </font><font style="font-family:Times New Roman;font-size:8pt;">su</font><font style="font-family:Times New Roman;font-size:8pt;">stained operating losses and did not generate</font><font style="font-family:Times New Roman;font-size:8pt;"> sufficient cash flow from operations to meet its obligations. The Local General Partner provided funding in th</font><font style="font-family:Times New Roman;font-size:8pt;">e past years; however, there wa</font><font style="font-family:Times New Roman;font-size:8pt;">s no obligation to do so. Mansion Court also experienced a high number of vacancies due to deteriorating conditions in the area. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:8pt;margin-left:0px;">During the year ended March 31, </font><font style="font-family:Times New Roman;font-size:8pt;">2011</font><font style="font-family:Times New Roman;font-size:8pt;">, in accordance with ASC 360, </font><font style="font-family:Times New Roman;font-size:8pt;font-style:italic;">Property, Plant and Equipment, </font><font style="font-family:Times New Roman;font-size:8pt;">the Partnership deemed the building of Mansion Court impaired and wrote it down to its fair value of zero, which resulted in a loss on impairment of approximately $194,000. 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Fair Value of Financial Instruments
 3 Months Ended 12 Months Ended
Jun. 30, 2011
Mar. 31, 2012
Fair Value Of Financial Instruments [Abstract]    
Fair Value Disclosures Text Block

NOTE 3 – Fair Value of Financial Instruments

 

NOTE 3 – Fair Value of Financial Instruments

The following methods and assumptions were used to estimate the fair value of each class of financial instruments (all of which are held for nontrading purposes) for which it is practicable to estimate that value:

Cash and Cash Equivalents and Cash Held in Escrow

The carrying amount approximates fair value.

Mortgage Notes Payable

The Partnership adopted FASB ASC 820 – “Fair Value Measurements” for financial assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances.

As permitted, the Partnership chose not to elect the fair value option as prescribed by ASC 825 – “Financial Instruments” – Including an Amendment of ASC 320 – “Investments – Debt and Equity Securities”, for our financial assets and liabilities that had not been previously carried at fair value. Therefore, the Partnership did not elect to fair value any additional items under ASC 825.

The estimated fair value of financial instruments has been determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The following are financial instruments for which the Partnership's estimate of fair value differs from the carrying amounts:

    At March 31, 2012 At March 31, 2011 
                
    Carrying     Carrying     
    Amount Fair Value Amount Fair Value 
                
 LIABILITIES:             
  Mortgage notes $ 20,526,136 $ 9,428,398 $ 30,836,027 $ 15,030,431 

For the mortgage notes, fair value is calculated using present value cash flow models based on a discount rate. It was determined that the Tender Option Bond market, through which these bonds have been securitized in the past, continued to see a dramatic slowdown with limited liquidity and significantly reduced transaction levels. To assist in valuing these notes, the Partnership held separate discussions with various third party investment banks who are leaders in the municipal bond business. The discussions produced assumptions that were based on market conditions as well as the credit quality of the underlying property partnerships, which held the mortgage notes, to determine what discount rates to utilize.
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Summary of Significant Accounting Policies
 12 Months Ended
Mar. 31, 2012
Accounting Policies [Abstract]  
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Text Block]

NOTE 2 – Summary of Significant Accounting Policies

a)       Basis of Accounting

For financial reporting purposes the Partnership's fiscal year ends on March 31. All subsidiaries have fiscal years ending December 31. Accounts of the subsidiaries have been adjusted for intercompany transactions from January 1 through March 31. The Partnership's fiscal year ends March 31 in order to allow adequate time for the subsidiaries' financial statements to be prepared and consolidated. The books and records of the Partnership are maintained on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

b)       Basis of Consolidation

The consolidated financial statements include the accounts of the Partnership and seventeen and nineteen subsidiary partnerships in which the Partnership is a limited partner for the years ended March 31, 2012 and 2011, respectively, (the 2011 and 2010 Fiscal Years). Through the rights of the Partnership and/or an affiliate of the General Partner, which affiliate has a contractual obligation to act on behalf of the Partnership, to remove the general partners of the subsidiary local partnerships (“Local General Partners”) and to approve certain major operating and financial decisions, the Partnership has a controlling financial interest in the subsidiary partnerships. All intercompany accounts and transactions with the subsidiary partnerships have been eliminated in consolidation.

In accordance with FASB Accounting Standards Codification (“ASC”) Topic 810, Noncontrolling Interests in Consolidated Financial Statements (“ASC 810”), (income) loss attributable to noncontrolling interests amounted to approximately ($3,499,000) and $192,000 for the year ended March 31, 2012 and 2011, respectively. The Partnership's investment in each subsidiary is equal to the respective subsidiary's partners' equity less noncontrolling interest capital, if any.

c)       Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, cash in banks, and investments in short-term highly liquid investments purchased with original maturities of three months or less.

d)       Property and Equipment

Property and equipment to be held and used are carried at cost which includes the purchase price, acquisition fees and expenses, construction period interest and any other costs incurred in acquiring the properties. The cost of property and equipment is depreciated over their estimated useful lives using accelerated and straight-line methods. Expenditures for repairs and maintenance are charged to expense as incurred; major renewals and betterments are capitalized. At the time property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the assets and accumulated depreciation accounts and the profit or loss on such disposition is reflected in earnings. A loss on impairment of assets is recorded when management estimates amounts recoverable through future operations and sale of the property on an undiscounted basis are below depreciated cost. At that time, property investments themselves are reduced to estimated fair value (generally using the direct capitalization method).

During the year ended March 31, 2012, the Partnership recorded approximately $131,000 as a loss on impairment of assets or reduction to estimated fair value. Through March 31, 2012, the Partnership has recorded approximately $30,481,000 as an aggregate loss on impairment of assets or reduction to estimated fair value for several Local Partnerships.

At the time management commits to a plan to dispose of assets, said assets are adjusted to the lower of carrying amount or fair value less costs to sell. These assets are classified as property and equipment-held for sale and are not depreciated. The assets of one Local Partnership are classified as property and equipment held for sale as of March 31, 2012.

e)       Revenue Recognition

Rental income is earned primarily under standard residential operating leases and is typically due the first day of each month, but can vary by property due to the terms of the tenant leases. Rental income is recognized when earned and charged to tenants' accounts receivable if not received by the due date. Rental payments received in advance of the due date are deferred until earned. Rental subsidies are recognized as rental income during the month in which it is earned.

Other revenues are recorded when earned and consist of the following items: Interest income earned on cash and cash equivalent balances and cash held in escrow balances, income from forfeited security deposits, late charges, laundry and vending income and other rental related items.

Other revenues from operations include the following amounts at both the Partnership and Local Partnership level:

   Years Ended March 31, 
   2012 2011 
         
 Interest$94,092 $94,058 
 Other 94,828  81,557 
         
  Total other revenue$188,920 $175,615 

Other revenues from discontinued operation include the following amounts at both the Partnership and Local Partnership level:

   Years Ended March 31, 
   2012 2011* 
         
 Interest$318 $810 
 Other 53,730  91,334 
         
  Total other revenue$54,048 $92,144 
         
 *Reclassified for comparative purposes.

f)       Income Taxes

The Partnership is not required to provide for, or pay, any federal income taxes. Net income or loss generated by the Partnership is passed through to the partners and is required to be reported by them. The Partnership may be subject to state and local taxes in jurisdictions in which it operates. For income tax purposes, the Partnership has a fiscal year ending December 31 (See Note 9).

The Partnership's management has analyzed the Partnership's tax positions and concluded that no liability for unrecognized tax benefits should be recorded for positions taken on returns filed for open tax years. As of and during the year ended March 31, 2012, the Partnership did not have a liability for any unrecognized tax benefits or related interest and penalties. Such related interest and penalties, if any, would be included in general and administrative expense.

The Partnership relies on, among other things, a 2% safe harbor established by an Internal Revenue Service (“IRS”) regulation to avoid being characterized as a “publicly-traded partnership” that is taxed as a corporation.

In the normal course of business the Partnership or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates where applicable. At March 31, 2012, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations is from the year 2008 forward.

g)       Loss Contingencies

The Partnership records loss contingencies as a charge to income when information becomes available which indicates that it is probable that an asset has been impaired or a liability has been incurred as of the date of the financial statements and the amount of loss can be reasonably estimated.

h)       Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statement of Earnings (USD $)
 12 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Revenues [Abstract]    
Rental income $ 3,674,818 $ 3,432,053
Other Income 188,920 175,615
Revenues 3,863,738 3,607,668
Operating Expenses [Abstract]    
General and administrative 1,640,755 1,532,162
General and administrative-related parties 576,486 600,484
Repairs and maintenance 758,778 775,569
Operating 526,735 527,227
Taxes 141,792 137,196
Insurance 214,836 204,759
Financial, principally interest 666,640 663,360
Depreciation and amortization 329,807 413,056
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss 130,661 1,570,035
Total Expenses From Operations 4,986,490 6,423,848
Loss from Operations (1,122,752) (2,816,180)
Discontinued Operation Amount Of Other Income Loss From Disposition Of Discontinued Operations Before Income Tax 12,450,641 3,888,039
Net Loss 11,327,889 1,071,859
Income Loss From Continuing Operations Attributable To Noncontrolling Entity 4,409 17,315
Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest (3,503,042) 174,844
Net Income Loss Attributable To Noncontrolling Interest (3,498,633) 192,159
Net Income Loss Attributable To Independence Tax Credit Plus L.P. IV 7,829,256 1,264,018
Loss From Operations Limited Partners (1,107,160) (2,770,876)
Income Loss From Discontinued Operations Limited Partners 8,858,123 4,022,254
Net Income Loss Allocated To Limited Partners 7,750,963 1,251,378
Number Of BACs Outstanding 43,440 43,440
Loss From Operations Per BAC (25.49) (63.78)
Income Loss From Discontinued Operations Per BAC 203.92 92.59
Net Income Loss Per BAC $ 178.43 $ 28.81
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statement of Shareholders' Equity (USD $)
Total
Limited Partner [Member]
General Partner [Member]
Noncontrolling Interest [Member]
Partners? capital (deficit) ? Opening Balance at Mar. 31, 2010 $ (31,275,627) $ (28,126,901) $ (273,217) $ (2,875,509)
Net Income Loss 1,264,018 1,251,378 12,640 (192,159)
Contribution Writeoff Of Related Party Debt 366,667 0 12,500 0
Distributions (104,402) 0 0 (104,402)
Contribution Writeoff Related Management Fee 574,551   574,551  
Partners? (deficit) capital ? Closing Balance at Mar. 31, 2011 (26,549,049) (26,875,523) 326,474 (3,172,070)
Net Income Loss 7,829,256 7,750,963 78,294 3,498,632
Contribution Writeoff Of Related Party Debt 224,695 0 357,832 0
Distributions (239,621) 0 0 (239,621)
Contribution Writeoff Related Management Fee 756,986      
Partners? (deficit) capital ? Closing Balance at Mar. 31, 2012 $ (17,604,974) $ (19,124,560) $ 1,519,586 $ 86,941
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General
 12 Months Ended
Mar. 31, 2012
General [Abstract]  
Business Description And Basis Of Presentation [Text Block]

NOTE 1 – General

Independence Tax Credit Plus L.P. III (the “Partnership”) is a limited partnership which was formed under the laws of the State of Delaware on December 23, 1993. The general partner of the Partnership is Related Independence Associates III L.P., a Delaware limited partnership (the “General Partner”). The general partner of the General Partner is Related Independence Associates III Inc., a Delaware corporation (“RIAI III”). The ultimate parent of the General Partner is Centerline Holding Company (“Centerline”). For information on Centerline's audited balance sheet for the most recent fiscal year, see HYPERLINK "http://sec.gov" http://sec.gov.

 

The Partnership's business is to invest in other partnerships (“Local Partnerships,” “subsidiaries” or “subsidiary partnerships”) owning leveraged apartment complexes (“Apartment Complexes” or “Properties”) that are eligible for the low-income housing tax credit (“Tax Credit”) under Section 42 of the Internal Revenue Code, some of which may also be eligible for the historic rehabilitation tax credit.

The Partnership had originally acquired interests in twenty subsidiary partnerships. During the year ended March 31, 2012, the Partnership sold its limited partnership interests in five Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership. As of March 31, 2012, the Partnership has sold its limited partnership interests in nine Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership. In addition, as of March 31, 2012, one Local Partnership has entered into an agreement to sell its property and the related assets and liabilities. Subsequently, the Partnership sold its limited partnership interests in two other Local Partnerships (see Note 12). There can be no assurance as to when the Partnership will dispose of its remaining investments or the amount of proceeds which may be received.

The Partnership was authorized to issue a total of 100,000 ($100,000,000) Beneficial Assignment Certificates (“BACs”) which were registered with the Securities and Exchange Commission for sale to the public. Each BAC represents all of the economic and virtually all of the ownership rights attributable to a limited partnership interest in the Partnership. As of the termination of the offering on May 9, 1995, the Partnership had received $43,440,000 of gross proceeds of its offering (the “Gross Proceeds”) from 2,810 investors (“BACs holders”).

The terms of the Partnership's Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) provide, among other things, that net profits or losses and distributions of cash flow are, in general, allocated 99% to the limited partners and BACs holders and 1% to the general partner.
XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statement of Financial Position (USD $)
Mar. 31, 2012
Mar. 31, 2011
Operating Assets [Abstract]    
Property and equipment at cost, net of accumulated depreciation of $23,717,349 and $24,907,752, respectively $ 5,943,626 $ 11,596,805
Cash and cash equivalents 1,489,623 1,854,271
Cash held in escrow 3,993,172 4,688,130
Deferred costs, net of accumulated amortization of $598,799 and $579,257, respectively 224,695 366,667
Other assets 457,933 749,674
Total Operating Assets 12,109,049 19,255,547
Assets of discontinued operations (Note 7)    
Property and equipment held for sale, net of accumulated depreciation of $5,355,102 and $0, respectively 1,285,678 0
Other assets related to discontinued operations 411,857 0
Total discontinued assets 1,697,535 0
Total assets 13,806,584 19,255,547
Operating Liabilities [Abstract]    
Mortgage notes payable 19,963,691 30,836,027
Accounts Payable And Other Accrued Liabilities 327,110 1,018,576
Accrued interest payable 4,602,247 9,248,146
Security deposit payable 205,617 359,273
Due To Local General Partners And Affiliates 1,118,738 2,079,679
Due To General Partners And Affiliates 4,246,100 5,434,965
Total Operating Liabilities 30,463,503 48,976,666
Liabilities Of Disposal Group Including Discontinued Operation Abstract    
Disposal Group Including Discontinued Operation Long Term Debt 562,445 0
Net liabilities held for sale 298,669 0
Total liabilities from discontinued operations 861,114 0
Total liabilities 31,324,617 48,976,666
Partners capital (deficit) [Abstract]    
Limited partners (43,440 BACs issued and outstanding) (19,124,560) (26,875,523)
General partners 1,519,586 326,474
Independence Tax Credit Plus L.P. III total (17,604,974) (26,549,049)
Noncontrolling interests 86,941 (3,172,070)
Total partners capital (deficit) (17,518,033) (29,721,119)
Total liabilities and partners capital (deficit) $ 13,806,584 $ 19,255,547
XML 21 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Assets Held for Sale
 12 Months Ended
Mar. 31, 2012
Assets Held For Sale [Abstract]  
Disclosure Of Long Lived Assets Held For Sale Text Block

NOTE 11 – Asset Held for Sale

On August 29, 2011, New Zion Apartments (“New Zion”) entered into a purchase and sale agreement to sell the property and the related assets and liabilities to an unaffiliated third party purchaser for a sales price of $2,450,000. As of March 31, 2012, New Zion had property and equipment, at cost, of approximately $2,814,000, accumulated depreciation of approximately $1,511,000 and mortgage debt of approximately $562,000. The Partnership owns a 42.39% limited partnership interest in New Zion. The sale is expected to be consummated during the fourth quarter of 2012. There can be no assurance of when and if the sale will be consummated by this time.

XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
 12 Months Ended
Mar. 31, 2012
Document Entity Information [Abstract]  
Entity registrant name INDEPENDENCE TAX CREDIT PLUS LP III
Document Type 10-K
Document period end date Mar. 31, 2012
Amendment flag false
Document Period Focus Q3
Document Fiscal Year Focus 2012
Current fiscal year end date --03-31
Entity central index key 0000924124
Entity current reporting status Yes
Entity filer category Smaller Reporting Company
Entity voluntary filers No
Entity well known seasoned issuer No
Entity common stock shares outstanding 43,440
Entity public float $ (27,327,000)
XML 23 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitment and Contingencies
 3 Months Ended 12 Months Ended
Jun. 30, 2011
Mar. 31, 2012
Commitments And Contingencies [Abstract]    
Commitments And Contingencies Disclosure Text Block

NOTE 12 – Commitments and Contingencies

 

NOTE 12 – Commitments and Contingencies

a) Going Concern Consideration

At March 31, 2012, the Partnership's liabilities exceeded assets by $17,518,033 for the 2011 Fiscal Year recognized net income of $11,327,889, including gain on sale of properties of $12,628,877 and loss on impairment of properties of $130,661. These factors raise substantial doubt about the Partnership's ability to continue as a going concern. As discussed in Note 8, partnership management fees of approximately $2,957,000 will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all other Partnership liabilities have been made and after the Limited Partners have received a 10% return on their capital contributions. As such, the General Partner cannot demand payment of these deferred fees beyond the Partnership's ability to pay them. In addition, where the Partnership has unpaid partnership management fees related to sold properties, such management fees are written off and recorded as capital contributions. During the year ended March 31, 2012, the Partnership wrote off approximately $757,000 of such management fees.

All of the mortgage payable balance of $20,526,136 and the accrued interest payable balance of $4,605,529 is of a nonrecourse nature and secured by the respective properties. The Partnership is currently in the process of developing a plan to dispose all of its investments. Historically, the mortgage notes and accrued interest thereon have been assumed by the buyer in instances of sales of the Partnership's interest or have been paid off from sales proceeds in instances of sales of the property. In most instances when the Partnership's interest was sold and liabilities were assumed, the Partnership recognized a gain from the sale. The Partnership owns the limited partner interest in all its investments, and as such has no financial responsibility to fund operating losses incurred by the Local Partnerships. The maximum loss the Partnership would incur is its net investment in the respective Local Partnerships. Dispositions of any investment in a Local Partnership should not impact the future results of operations, liquidity, or financial condition of The Partnership.

The Partnership has working capital reserves of approximately $842,000 at March 31, 2012. Such amount is considered sufficient to cover the Partnership's day to day operating expenses, excluding fees to the General Partner, for at least the next year. The Partnership's operating expenses, excluding the Local Partnerships' expenses and related party expenses amounted to approximately $175,000 for the year ended March 31, 2012.

Management believes the above mitigating factors enable the Partnership to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

b) Subsidiary Partnerships – Going Concerns and Uncertainties

Mansion Court Phase II Venture (“Mansion Court”)

On December 31, 2011, the Partnership sold its limited partnership interest in Mansion Court. The financial statements for Mansion Court were prepared in conformity with accounting principles generally accepted in the United States of America, which contemplated continuation of Mansion Court as a going concern. In prior years and in 2011, Mansion Court sustained operating losses and did not generate sufficient cash flow from operations to meet its obligations. The Local General Partner provided funding in the past years; however, there was no obligation to do so. Mansion Court also experienced a high number of vacancies due to deteriorating conditions in the area.

During the year ended March 31, 2011, in accordance with ASC 360, Property, Plant and Equipment, the Partnership deemed the building of Mansion Court impaired and wrote it down to its fair value of zero, which resulted in a loss on impairment of approximately $194,000. Fair value was obtained from an assessment made by management after indications that the carrying value of the assets were not recoverable, evidenced by a history of net operating losses over the past few years.

Brannon Group, L.C. (“Keys”)

On February 3, 2012, the Partnership sold its limited partnership interest in Keys. The financial statements for Keys were prepared in conformity with accounting principles generally accepted in the United States of America, which contemplated continuation of Keys as a going concern. Keys had obligations that matured on January 1, 2012 in the amount of $1,199,501. However, on January 17, 2012, Keys closed on the refinancing of its mortgages.

c) Leases

Savannah Park Housing Limited Partnership is leasing the land on which its apartment complex is located for a term of 50 years, which commenced in August 1996, with monthly rent payments of $1,449. Additional rent of $322 per month, up to $100,000, will be paid reimburse the District of Columbia Department of Housing and Community Development for site improvement costs. Estimated future minimum payments due under the terms of the lease are as follows:

 December 31, Amount 
      
 2012 $21,252 
 2013  21,252 
 2014  21,252 
 2015  21,252 
 2016  21,252 
 Thereafter  630,476 
      
   $736,736 

As of December 31, 2011, the lease agreement was current. For the years ended December 31, 2011 and 2010, $21,252 and $21,252, respectively, have been paid under the terms of the lease and $0 and $0, respectively, remained payable.

d) Uninsured Cash and Cash Equivalents

The Partnership maintains its cash and cash equivalents in various banks. The accounts at each bank are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). The Partnership did not have any uninsured cash and cash equivalents at March 31, 2012.

e) Property Management Fees

Property management fees incurred by Local Partnerships amounted to $411,762 and $423,182 for the years ended March 31, 2012 and 2011, respectively. Of these fees, $239,980 and $265,387 were incurred to affiliates of the subsidiary partnerships' general partners, which include $94,449 and $133,127 of fees relating to discontinued operations.

f) Cash Distributions

Cash distributions from the Local Partnerships to the Partnership are restricted by the provisions of the respective Local Partnership Agreements and/or HUD based on operating results and a percentage of the owner's equity contribution. Such cash distributions are typically made from surplus cash flow.

g) Other

The Partnership and BACs holders began to recognize Tax Credits with respect to a property when the credit period for such Property (generally ten years from the date of investment or, if later, the date the property was leased to qualified tenants) commenced. Because of the time required for the acquisition, completion and rent-up of Properties, the amount of Tax Credits per BAC gradually increased over the first three years of the Partnership. Tax Credits not recognized in the first three years were recognized in the 11th through 13th years. As of December 31, 2009, all the Local Partnerships have completed their Credit Periods.

The Partnership is subject to the risks incident to potential losses arising from the management and ownership of improved real estate. The Partnership can also be affected by poor economic conditions generally; however, no more than 30% of the Properties are located in any single state. There are also substantial risks associated with owning interests in properties, as does the Partnership, which receive government assistance, for example the possibility that Congress may not appropriate funds to enable the Department of Housing and Urban Development (“HUD”) to make rental assistance payments. HUD also restricts annual cash distributions to partners based on operating results and a percentage of the owner's equity contribution. The Partnership cannot sell or substantially liquidate its investments in subsidiary partnerships during the period that the subsidy agreements are in existence without HUD's approval. Furthermore, there may not be market demand for apartments at full market rents when the rental assistance contracts expire.

h)       Subsequent Events

We evaluated all subsequent events from the date of the balance sheet through June 15, 2012, which represents the issuance date of these financial statements. There were no events or transactions occurring during this subsequent event reporting period, other than Jameson and Universal discussed below, which require recognition or disclosure in the financial statements.

XML 24 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statement of Financial Position (Parentheticals) (USD $)
Mar. 31, 2012
Mar. 31, 2011
Statement Of Financial Position [Abstract]    
Accumulated Depreciation From Operations $ 14,497,051 $ 23,866,683
Accumulated Amortization from operations 1,541,395 0
Accumulated Depreciation From Discontinued Operations $ 367,019 $ 612,953
XML 25 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Deferred Costs
 12 Months Ended
Mar. 31, 2012
Deferred Costs [Abstract]  
Deferred Charges, Policy [Policy Text Block]

NOTE 6 – Deferred Costs

The components of deferred costs from operations and their periods of amortization are as follows:

   March 31,    
   2012  2011Period 
             
 Financing costs $ 591,714  $ 979,620  * 
 Less: Accumulated amortization   (367,019)    (612,953)    
             
   $ 224,695  $ 366,667    
             
 * Over the life of the related mortgages. 

Amortization expense from operations for the years ended March 3, 2012 and 2011 amounted to $34,093 and $34,094, respectively.

Amortization expense from discontinued operations for the years ended March 31, 2012 and 2011 amounted to $19,291 and $24,169, respectively.

During the 2011 and 2010 Fiscal Years, there was a decrease in deferred costs and accumulated amortization in the amount of $17,500 and $29,936, respectively, which related to discontinued assets.

XML 26 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cash Held in Escrow
 12 Months Ended
Mar. 31, 2012
Restricted Assets [Abstract]  
Restricted Assets Disclosure [Text Block]

NOTE 5 – Cash Held in Escrow

Cash held in escrow from operations consists of the following:

   March 31, 
   2012  2011 
          
 Purchase price payments* $115,345  $115,345 
 Real estate taxes, insurance and other  3,010,003   3,174,223 
 Reserve for replacements  667,130   1,130,796 
 Tenant security deposits  200,694   267,766 
          
   $3,993,172  $4,688,130 
          
 * Represents amounts to be paid to seller upon meeting specified rental achievement criteria.

Cash held in escrow from discontinued operations consists of the following:

   March 31, 
   2012  2011 
          
 Real estate taxes, insurance and other $63,417  $ - 
 Reserve for replacements  219,396    - 
 Tenant security deposits  17,985    - 
          
   $300,798  $ - 
          
  
XML 27 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Discontinued Operations
 12 Months Ended
Mar. 31, 2012
Discontinued Operations And Disposal Groups [Abstract]  
Discontinued Operation Disclosure [Text Block]

NOTE 13 – Discontinued Operations

The following table summarizes the financial position of the Local Partnership that is classified as discontinued operations because the respective Local Partnership was classified as asset held for sale or was sold. As of March 31, 2012, New Zion, which was classified as assets held for sale, was classified as discontinued operations on the consolidated balance sheet. As of March 31, 2011, there were no assets classified as discontinued operations on the consolidated balance sheet.

          
Consolidated Balance Sheets:
          
    March 31, March 31, 
    2012 2011 
          
 Assets       
  Property and equipment – less accumulated depreciation of $1,541,395 and $0, respectively $ 1,285,678 $0 
  Cash and cash equivalents   100,512  0 
  Cash held in escrow   300,798  0 
  Other assets   10,547  0 
 Total assets $ 1,697,535 $0 
          
 Liabilities       
          
  Mortgage notes payable $ 562,445 $0 
  Accounts payable    9,016  0 
  Accrued interest payable   3,282  0 
  Security deposit payable   13,617  0 
  Due to local general partners and affiliates   7,169  0 
  Due to general partners and affiliates   265,585  0 
 Total liabilities $ 861,114 $0 

The following table summarizes the results of operations of the Local Partnerships that are classified as discontinued operations. For the year ended March 31, 2012, Lafayette Avenue, Knickerbocker Apartments, Mansion Court, Aspen-Olive and Keys, which were sold during the year ended March 31, 2012, and New Zion, which was classified as asset held for sale, were classified as discontinued operations in the consolidated statements of operations. For the year ended March 31, 2011, Jefferis Square, which was sold during the year ended March 31, 2011 and Lafayette Avenue, Knickerbocker Apartments, Mansion Court, Aspen-Olive, Keys and New Zion, in order to present comparable results to the year ended 2012, were classified as discontinued operations in the consolidated statements of operations.

Consolidated Statements of Discontinued Operations:

   
  Years Ended March 31,
  2012 2011*
       
Revenues      
       
Rental income $ 2,246,357 $ 2,750,600
Other (Note ##Note2)   54,048   92,144
Gain on sale of properties (Note ##Note10)  12,628,877  4,985,357
       
Total revenue   14,929,282   7,828,101
       
Expenses      
       
General and administrative   621,956   855,324
General and administrative-related parties (Note ##Note8)   116,949   159,877
Repairs and maintenance   349,527   444,338
Operating and other   250,939   365,518
Real estate taxes   67,110   140,539
Insurance   164,862   189,332
Financial, primarily interest   649,406   1,060,774
Depreciation and amortization   257,892   416,891
Loss on impairment of fixed assets   -   307,469
       
Total expenses   2,478,641   3,940,062
       
Income from discontinued operations $ 12,450,641 $ 3,888,039
       
Noncontrolling interest in (income) loss of subsidiaries from discontinued operations   (3,503,042)   174,844
       
Income from discontinued operations – Independence Tax Credit Plus L.P. III $ 8,947,599 $ 4,062,883
       
Income – limited partners from discontinued operations $ 8,858,123 $ 4,022,254
       
Number of BACs outstanding   43,440   43,440
       
Income from discontinued operations $ 203.92 $ 92.59
       

   
  Years Ended March 31,
  2012 2011*
Cash flows from Discontinued Operations:      
Net cash (used in) provided by operating activities $ (997,487) $1,781,684
Net cash provided by investing activities $ 941,164 $317,011
Net cash used in financing activities $ (141,651) $(2,071,348)
       
* Reclassified for comparative purposes.
XML 28 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Taxable Net Loss
 12 Months Ended
Mar. 31, 2012
Income Tax Disclosure [Abstract]  
Federal Income Tax Note [Table Text Block]

NOTE 9 – Taxable Net Loss

Our adoption of FASB interpretation (“FIN”) No. 48 did not have a material impact on the consolidated financial statements and does not impact our financial position at March 31, 2012.

A reconciliation of the financial statement net loss to the taxable net loss for the Partnership and its consolidated subsidiaries is as follows:

  Years Ended March 31,
  2012 2011
       
Financial statement net income $ 7,829,256 $ 1,264,018
       
Differences between depreciation and amortization expense records for financial reporting      
 purposes and the accelerated costs recovery system utilized for income tax purposes  (1,593,309)   (1,681,605)
       
Differences between gain on sale of properties for financial reporting purposes and     
  gain on sale for income tax reporting purposes  (11,464,098)   (1,814,909)
       
Loss on impairment of property for financial reporting purposes not deductible for tax purposes  130,661   1,877,504
       
Write-off of Partnership management fees included in income for tax purposes  358,131   574,551
       
Other, including accruals for financial reporting not deductible for tax purposes until      
 paid and losses allocated to minority interests for tax purposes  3,758,660   642,770
       
Net (loss) income as shown on the income tax return for the calendar year ended$ (980,699) $ 862,329

No provision for income taxes related to the operations of the Partnership has been included in the accompanying financial statements because, as a partnership, it is not subject to federal or material state income taxes and the tax effect of its activities accrues to the BACs holders. Net income for financial statement purposes may differ significantly from taxable income reportable to BACs holders as a result of differences between the tax bases and financial reporting bases of assets and liabilities and the taxable income allocation requirements under its Partnership Agreement. In the event of an examination of the Partnership's tax return, the tax liability of the partners could be changed if an adjustment in the Partnership's income is ultimately sustained by the taxing authorities. At March 31, 2012, the tax basis net assets exceeded the financial statement net assets by approximately $14,097,167 due to depreciation differences, impairments of property and equipment and related party accruals.

XML 29 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Mortgage Notes Payable
 12 Months Ended
Mar. 31, 2012
Notes and Loans, Noncurrent [Abstract]  
Mortgage Notes Payable Disclosure [Text Block]

NOTE 7 – Mortgage Notes Payable

The mortgage notes from operations, which are collateralized by land and buildings, are payable in aggregate monthly installments of approximately $31,000 including principal and interest at rates varying from 0% to 10% per annum, through the year 2046. The mortgage notes from discontinued operations, which are collateralized by land and buildings, are payable in aggregate monthly installments of approximately $9,000 including principal and interest a 7% per annum, through the year 2018. Each subsidiary partnership's mortgage note payable is collateralized by the land and buildings of the respective subsidiary partnership, the assignment of each certain subsidiary partnership's rents and leases, and is without further recourse.

Accrued interest from operations payable as of March 31, 2012 and 2011 was approximately $4,602,000 and $9,248,000 respectively. Accrued interest payable from discontinued operations as of March 31, 2012 and 2011 was approximately $3,000 and $0, respectively. Interest accrues on all mortgage loans, which include primary and secondary loans. Certain secondary loans have provisions such that interest is accrued but not payable until a future date. The Partnership anticipates the payment of accrued interest on the secondary loans (which make up the majority of the accrued interest payable amount and which have been accumulating since the Partnership's investment in the respective Local Partnership) will be made from future refinancings or sales proceeds from the respective Local Partnerships.

The mortgage agreements from operations require monthly deposits to replacement reserves of approximately $10,000 and monthly deposits to escrow accounts for real estate taxes, hazard and mortgage insurance and other. The mortgage agreements from discontinued operations require monthly deposits to replacement reserves of approximately $2,000 and monthly deposits to escrow accounts for real estate taxes, hazard and mortgage insurance and other (see Note 5).

Annual principal payment requirements for mortgage notes from operations payable by the subsidiary partnerships for each of the next five years and thereafter, are as follows:

 December 31, Amount 
      
 2012 $1,221,797 
 2013  105,325 
 2014  113,321 
 2015  3,820,020 
 2016  186,286 
 Thereafter  14,516,942 
      
   $19,963,691 

Annual principal payment requirements from mortgage notes from discontinued operations payable by the subsidiary partnerships for each of the next five years and thereafter, are as follows:

 December 31, Amount 
      
 2012 $73,177 
 2013  78,466 
 2014  84,139 
 2015  90,221 
 2016  96,743 
 Thereafter  139,699 
      
   $562,445 
XML 30 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
 12 Months Ended
Mar. 31, 2012
Related Party Transaction [Abstract]  
Related Party Transactions Disclosure [Text Block]

NOTE 8 – Related Party Transactions

An affiliate of the General Partner has a .01% interest as a special limited partner in each of the Local Partnerships.

Pursuant to the Partnership Agreement and the partnership agreements of the Local Partnerships (“Local Partnership Agreements”), the General Partner and its affiliates receive their pro rata shares of profits, losses and Tax Credits.

A) Guarantees

In connection with investments in development-stage Apartment Complexes, the General Partner generally required that the Local General Partners provide completion guarantees and/or undertake to repurchase the Partnership's interest in the Local Partnership if construction or rehabilitation was not completed substantially on time or on budget (“Development Deficit Guarantees”). The Development Deficit Guarantees generally also required the Local General Partner to provide any funds necessary to cover net operating deficits of the Local Partnership until such time as the Apartment Complex had achieved break-even operations. The General Partner generally required that the Local General Partners undertake an obligation to fund operating deficits of the Local Partnership (up to a stated maximum amount) during a limited period of time (typically three to five years) following the achievement of break-even operations (“Operating Deficit Guarantees”). As of March 31, 2012, the gross amount of the Operating Deficit Guarantees aggregate approximately $5,487,000, of which approximately $3,931,000 have expired. In cases where the General Partner deemed it appropriate, the obligations of a Local General Partner under the Development Deficit, Operating Deficit and/or Rent-Up Guarantees were secured by letters of credit and/or cash escrow deposits.

B) Other Related Party Expenses

The General Partner and its affiliates perform services for the Partnership. The costs incurred to the General Partner from operations and other related parties from operations for the years ended March 31, 2012 and 2011 were as follows:

    Years Ended March 31, 
    2012 2011* 
          
 Partnership management fees (a) $ 194,345 $ 249,443 
 Expense reimbursement (b)   196,110   193,281 
 Local administrative fees (c)   40,500   25,500 
          
 Total general and administrative - General Partner   430,955   468,224 
          
 Property management fees incurred to affiliates of the        
  subsidiary partnerships’ general partners   145,531   132,260 
          
 Total general and administrative-related parties $ 576,486 $ 600,484 

Expenses incurred to related parties from discontinued operation for the years ended March 31, 2012 and 2011 were as follows:

   Years Ended March 31, 
   2012 2011* 
         
 Local administrative fees (c)$ 22,500 $ 26,750 
         
 Total general and administrative – General Partner  22,500   26,750 
         
 Property management fees incurred to affiliates of       
  the subsidiary partnerships’ general partners 94,449  133,127 
         
 Total general and administrative-related parties$ 116,949 $ 159,877 
         
 * Reclassified for comparative purposes. 
         

(a)       The General Partner is entitled to receive a partnership management fee, after payment of all Partnership expenses, which together with the annual local administrative fees will not exceed a maximum of 0.5% per annum of invested assets (as defined in the Partnership Agreement), for administering the affairs of the Partnership. Subject to the foregoing limitation, the partnership management fee will be determined by the General Partner in its sole discretion based upon its review of the Partnership's investments. Unpaid partnership management fees for any year are to be deferred without interest and will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all Partnership liabilities have been made other than to those owed to the General Partner and its affiliates, and after the Limited Partners have received a 10% return on their capital contributions. Partnership management fees owed to the General Partner amounting to approximately $2,957,000 and $3,520,000 were accrued and unpaid as of March 31, 2012 and 2011, respectively, and are included in the line item Due to general partner and affiliates in the consolidated balance sheets. Current year partnership management fees may be paid out of operating reserves or refinancing and sales proceeds. As such the General Partner cannot demand payment of the deferred fees except as noted above. During the year ended March 31, 2012, management deemed the unpaid partnership management fees that were related to the properties sold and the transfer of the deed-in-lieu of foreclosure of one property during the year ended March 31, 2012, uncollectible and as a result, wrote them off in the amount of approximately $757,000, resulting in a non-cash General Partner contribution of the same amount.

(b)       The Partnership reimburses the General Partner and its affiliates for actual Partnership operating expenses incurred by the General Partner and its affiliates on the Partnership's behalf. The amount of reimbursement from the Partnership is limited by the provisions of the Partnership Agreement. Another affiliate of the General Partner performs asset monitoring for the Partnership. These services include site visits and evaluations of the subsidiary partnerships' performance. Expense reimbursements and asset monitoring fees owed to the General Partners and its affiliates amounting to approximately $849,000 and $860,000 were accrued and unpaid as of March 31, 2012 and 2011, respectively. The General Partner does not intend to demand payment of the deferred payables beyond the Partnership's ability to pay them. The Partnership anticipates that these will be paid from working capital reserves or future sales proceeds.

(c)       Independence SLP III L.P., a limited partner of the subsidiary partnerships, is entitled to receive a local administrative fee of up to $5,000 per year from each subsidiary partnership. Local administrative fee owed to Independence SLP III L.P. amounting to $360,000 and $561,000 were accrued and unpaid as of March 31, 2012 and 2011, respectively. These fees have been deferred in certain cases and the Partnership anticipates that they will be paid from working capital reserves or future sales proceeds.

As of March 31, 2012 and March 31, 2011, the Partnership owed the General Partner and its affiliates approximately $86,000 for expenditures paid on its behalf and voluntary operating advances made by the General Partner and its affiliates to fund operations of the Partnership. Payment of these operating advances have been deferred and may be paid out of operating reserves or refinancing and sales proceeds. The General Partner does not intend to demand payment of the deferred advances beyond the Partnership's ability pay them.

As of March 31, 2012 and 2011, the amounts payable totaling approximately $259,000 and $408,000, respectively, represent loans made to the subsidiary partnerships by the affiliates of the General Partner.

C) Due to Local General Partners and Affiliates

Due to local general partners and affiliates from operating liabilities consists of the following:

         
   March 31, 
   2012 2011 
         
 Operating advances $617,772 $649,651 
 Development fee payable  52,249  834,964 
 Other capitalized costs  16,335  16,335 
 Construction costs payable  146,487  146,487 
 General Partner loan payable  198,008  204,008 
 Management and other operating advances   87,887   228,234 
         
   $ 1,118,738 $ 2,079,679 
         
         
         
Due to local general partners and affiliates from discontinued liabilities consists of the followings: 
         
         
   March 31, 
   2012 2011 
         
 Management and other operating advances $ 7,169 $ - 

D) Advances from Partnership to Local Partnerships

As of March 31, 2012, the Partnership has advanced certain Local Partnership operating loans (non-interest bearing) amounting to approximately $8,000 primarily in conjunction with the Local Partnership's contribution agreements. Such advances are eliminated in consolidation and are included in the line item Due to local general partners and affiliates. The following table summarizes these advances:

         
   March 31, 
   2012 2011 
         
 New Zion $2,655 $2,655 
 Knickerbocker Avenue   -  454,441 
 Lafayette Avenue   -  416,094 
 Sumpter Commons   5,075   5,075 
         
   $ 7,730 $ 878,265 
         
XML 31 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Sale of Properties
 12 Months Ended
Mar. 31, 2012
Sale Of Porperties [Abstract]  
Sale Of Properties [Text Block]

NOTE 10 – Sale of Properties

The Partnership is in the process of disposing of all of its investments. It is anticipated that this process will continue to take a number of years. During the year ended March 31, 2012, the Partnership sold its limited partnership interests in five Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership. As of March 31, 2012, the Partnership has sold its limited partnership interests in nine Local Partnerships and transferred the deed to the property and related assets and liabilities in lieu of foreclosure of one Local Partnership. In addition, as of March 31, 2012, one Local Partnership has entered into an agreement to sell its property and the related assets and liabilities. Subsequently, the Partnership sold its limited partnership interests in two other Local Partnerships (see Note 12). There can be no assurance as to when the Partnership will dispose of its remaining investments or the amount of proceeds which may be received. However, based on the historical operating results of the Local Partnerships and the current economic conditions, including changes in tax laws, it is unlikely that the proceeds from such sales received by the Partnership will be sufficient to return to the limited partners their original investment.

On February 3, 2012, the Partnership sold its limited partnership interest in Brannon Group, L.C. (“Keys”) to an unaffiliated third party purchaser for a sales price of $4,000. The Partnership received $4,000 from the sale. The sale resulted in a gain of approximately $6,882,000, resulting from the write-off of the basis in the Local Partnership of approximately $6,878,000 at the date of the sale and the $4,000 received from the sale, which was recorded during the quarter ended March 31, 2012. In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $288,000 as a result of the write-off of fees and loans owed by the Local Partnership to an affiliate of the General Partner.

On December 31, 2011, the Partnership sold its limited partnership interests in Mansion Court Phase II Venture (“Mansion Court”) and Aspen-Olive Associates (“Aspen-Olive”), to an affiliate of the Local General Partner for a sales price of $10. The Partnership did not receive any cash after the repayment of other liabilities. The sale resulted in a gain of approximately $3,700,000, resulting from the write-off of the basis in the Local Partnerships of the same amount at the date of the sale, which was recorded during the quarter ended December 31, 2011. An adjustment to the gain of approximately $29,000 was recorded during the quarter ended March 31, 2012, resulting in an overall gain $3,729,000. In addition, the sale resulted in a non-cash contribution to the Local Partnerships from the General Partner of approximately $50,000 as a result of the write-off of fees owed by the Local Partnerships to an affiliate of the General Partner.

On October 11, 2011, Park Housing Limited Partnership (“Park Terrace”) transferred the deed to the property and the related assets and liabilities to an unaffiliated third party in lieu of foreclosure. The transfer of assets of approximately $244,000 and liabilities of $1,784,000 resulted in a gain of approximately $1,540,000, which was recognized during the quarter ended March 31, 2012. As of the transfer date, Park Terrace had property and equipment, at cost, of approximately $1,201,000, accumulated depreciation of approximately $1,140,000 and mortgage debt of approximately $784,000. In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $20,000 as a result of the write-off of fees owed by the Local Partnership to an affiliate of the General Partner.

On August 23, 2011, the Partnership sold its limited partnership interest in BK-9-A Partners, L.P. (“Lafayette Avenue”) to an affiliate of the Local General Partner for a sales price of $30,000. The Partnership did not receive any cash after the repayment of other liabilities. The sale resulted in a gain of approximately $874,000, resulting from the write-off of the basis in the Local Partnership of the same amount at the date of the sale, which was recorded during the quarter ended September 30, 2011. Adjustments to the gain of approximately $8,000 and $23,000 were recorded during the quarters ended December 31, 2011 and March 31, 2012, respectively, resulting in an overall gain of approximately $905,000.

On August 23, 2011, the Partnership sold its limited partnership interest in BK-10K Partners, L.P. (“Knickerbocker Apartments”) to an affiliate of the Local General Partner for a sales price of $250,000. The Partnership received approximately $236,000 after the repayment of other liabilities of approximately $14,000. The sale resulted in a loss of approximately $433,000, resulting from the write-off of the basis in the Local Partnership of approximately $669,000 at the date of the sale and the $236,000 cash received from the sale, which was recorded during the quarter ended September 30, 2011. Adjustments to the loss of approximately of $6,000 and $(11,000) were recorded during the quarters ended December 31, 2011 and March 31, 2012, respectively, resulting in an overall loss of approximately $427,000.

On December 31, 2010, the Partnership sold its limited partnership interest in Jefferis Square Housing Partnership L.P. (“Jefferis”) to an affiliate of the Local General Partner for a sales price of $25,000. The Partnership received approximately $2,000 after the repayment of other liabilities of approximately $23,000. The sale resulted in a gain of approximately $4,832,000, resulting from the write-off of the deficit basis in the Local Partnership of approximately $4,830,000 at the date of the sale and the $2,000 cash received from the sale, which was recorded during the quarter ended December 31, 2010. An adjustment to the gain of approximately $196,000 was recorded during the quarter ended March 31, 2011, resulting in an overall gain of $5,028,000. In addition, the sale resulted in a non-cash contribution to the Local Partnership from the General Partner of approximately $12,500 as a result of the write-off of fees owed by the Local Partnership to an affiliate of the General Partner.

On March 31, 2010, the Partnership sold its limited partnership interest in Livingston Manor Urban Renewal Associates, L.P. (“Livingston Manor”) to an affiliate of the Local General Partner for a sales price of $20,000. The Partnership received approximately $7,000 after the repayment of other liabilities of approximately $13,000. The sale resulted in a loss of approximately $1,870,000, resulting from the write-off of the basis in the Local Partnership of approximately $1,877,000 at the date of the sale and the $7,000 cash received from the sale which was recorded during the year ended March 31, 2010. An adjustment to the loss of approximately $42,000 was recorded during the quarter ended June 30, 2010, resulting in an overall loss of approximately $1,912,000. In addition, the sale resulted in a non-cash contribution to the Local Partnership from the Local General Partner of approximately $324,000 as a result of the write-off of fees owed by the Local Partnership to the Local General Partner.

 
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Statement of Cash Flows (USD $)
 12 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net income (loss) $ 11,327,889 $ 1,071,859
Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract]    
Gain on sale of property (12,628,877) (4,985,357)
Depreciation and amortization 587,699 829,947
Increase in accounts payable (235,045) 25,774
Increase in accrued interest payable 734,380 1,087,034
Increase (decrease) in security deposit payable 1,597 5,128
Increase Decrease In Cash Held in Escrow (74,621) (95,253)
Increase Decrease in Other Assets 53,541 94,738
Increase Decrease In Due To Local General Partners And Affiliates (19,545) (14,901)
Increase (decrease) in due to general partner and affiliates 237,518 258,215
Total adjustments (11,212,692) (917,171)
Loss on impairment of assets 130,661 1,877,504
Net Cash Provided By Used In Operating Activities Continuing Operations 115,197 154,688
Net Cash Provided By Used In Investing Activities [Abstract]    
Purchase of property and equipment (49,891) (105,582)
Proceeds from sale of property 284,000 25,000
Costs Related To Sale Of Properties (58,814) (25,840)
Increase (Decrease) in cash held in escrow (2,636) 36,624
Increase Decrease In Due To Local General Partners And Affiliates Investing 0 22,890
Net Cash Provided By Used In Investing Activities 172,659 (46,908)
Net Cash Provided By Used In Financing Activities [Abstract]    
Repayments of mortgage notes (306,371) (320,023)
Repayment of advances/advances to local general partners and affiliates (6,000) 2,000
Distributions to noncontrolling interests (239,621) (104,402)
Net Cash Provided By Used In Financing Activities (551,992) (422,425)
Net decrease in cash and cash equivalents (264,136) (314,645)
Cash and cash equivalents at beginning of period 1,854,271 2,168,916
Cash and cash equivalents at end of period   1,854,271
Supplemental Cash Flow Information [Abstract]    
Decrease in prepaid expenses and other assets $ (53,541) $ (94,738)
XML 34 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Property and Equipment
 12 Months Ended
Mar. 31, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 4 – Property and Equipment

The components of property and equipment from operations and their estimated useful lives are as follows:

   March 31, Estimated 
         Useful Lives 
   2012 2011 (Years) 
           
 Land $219,041 $653,477 - 
 Building and improvements  19,247,274  33,566,625 20-40 
 Furniture and fixtures  974,362  1,243,386 5-12 
    20,440,677  35,463,488   
           
 Less: Accumulated depreciation   (14,497,051)   (23,866,683)   
           
   $5,943,626 $11,596,805   

Depreciation expense for the years ended March 31, 2012 and 2011 amounted to $295,714 and $378,962, respectively.

During the years ended March 31, 2012 and 2011, there was a decrease in accumulated depreciation in the amount of $6,730,264 and $1,786,295, respectively, which related to discontinued assets. In addition, during the years ended March 31, 2012 and 2011, there was a decrease in accumulated depreciation in the amount of $1,632,287 and $26,458, respectively, related to impairments.

 

The components of property and equipment from discontinued operations and their estimated useful lives are as follows:

   March 31, Estimated 
         Useful Lives 
   2012 2011 (Years) 
           
 Land $20,618 $ - - 
 Building and improvements  2,722,876   - 15-27.5 
 Furniture and fixtures  83,579   - 5-7 
    2,827,073   -   
           
 Less: Accumulated depreciation   (1,541,395)   -   
           
   $1,285,678 $ -   

Depreciation expense for the discontinued property and equipment for the years ended March 31, 2012 and 2011 amounted to $238,601 and $392,722, respectively.

 

Impairments

During the years ended March 31, 2012 and 2011, the Partnership performed a fair value analysis on all of its remaining investments due to the current deteriorating market conditions in the real estate industry. Impairment of assets is a two-step process. First, management estimated amounts recoverable trough future operations and sale of the Property on an undiscounted basis. If such estimates were below depreciated cost, Property investments themselves were reduced to estimated fair value (generally using the direct capitalization method). Each Local Partnership must continue to comply with its Tax Credit requirements until the end of the Compliance Period in order to avoid recapture of the Tax Credits. Therefore, a 5-year cash flow projection was used, as this period is indicative of the average holding period left of the remaining investments. A net operating income projection was prepared to calculate a residual value at the end of the 5-year period. Based on this analysis, the Partnership deemed the properties of the below Local Partnerships impaired and wrote them down to their estimated fair value which resulted in $130,661 and $1,877,504 of losses on impairment for the year ended March 31, 2012 and 2011, respectively.

Impairments from operations recorded for the year ended March 31, 2012 were as follows:

        
  Edward Hotel Limited Partnership $6,661  
  Savannah Park Housing Limited Partnership  124,000  
        
    $130,661  

        
Impairments from operations recorded for the year ended March 31, 2011 were as follows:
        
        
        
  Lewis Street L.P. $134,127  
  Edward Hotel Limited Partnership  278,600  
  Dreitzer House  57,371  
  Savannah Park Housing Limited Partnership  144,508  
  Universal Court Associates  143,893  
  West Mill Creek Associates III LP  811,536  
        
    $1,570,035  

        
Impairments from discontinued operations recorded for the year ended March 31, 2011 were as follows:
        
        
  Aspen-Olive Associates $113,301  
  Mansion Court Phase II Venture  194,168  
        
    $307,469  
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