Form 10-K

0001376474-14-000114.txt : 20140415 0001376474-14-000114.hdr.sgml : 20140415 20140415165907 ACCESSION NUMBER: 0001376474-14-000114 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20131231 FILED AS OF DATE: 20140415 DATE AS OF CHANGE: 20140415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REAL ESTATE ASSOCIATES LTD/CA CENTRAL INDEX KEY: 0000225789 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 953187912 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09262 FILM NUMBER: 14765610 BUSINESS ADDRESS: STREET 1: 9090 WILSHIRE BLVD STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 3102782191 MAIL ADDRESS: STREET 1: 9090 WILSHIRE BLVD STREET 2: STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 FORMER COMPANY: FORMER CONFORMED NAME: REAL ESTATE ASSOCIATES LTD DATE OF NAME CHANGE: 19900828 10-K 1 rea1_10k.htm FORM 10-K Form 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)

[X]

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

For the fiscal year ended December 31, 2013

[ ]

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

For the transition period from _________to _________

Commission file number 0-09262

REAL ESTATE ASSOCIATES LIMITED

(Exact name of registrant as specified in its charter)


California	95-3187912
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

PO Box 91274

Los Angeles, California 90009

(Address of principal executive offices)

(720) 387-8135

(Registrant’s telephone number, including area code)

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

None

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

Units of Limited Partnership Interest

(Title of class)

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

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

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

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

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not

contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

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

Large accelerated filer £

Accelerated filer £

Non-accelerated filer £ (Do not check if a

smaller reporting company)

Smaller reporting company S

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

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

DOCUMENTS INCORPORATED BY REFERENCE

None

FORWARD-LOOKING STATEMENTS

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

PART I

Item 1.

Business

Real Estate Associates Limited ("REAL" or the "Partnership") is a limited partnership formed under the laws of the State of California on September 15, 1977. On October 27, 1978, Real Estate Associates Limited offered 16,500 units of Limited Partnership Interests through a public offering managed by E.F. Hutton Inc. The Partnership received $16,500,000 in subscriptions for units of Limited Partnership Interests (at $1,000 per unit) during the period October 27, 1978 to August 31, 1979, pursuant to a registration statement on Form S-11. Since this transaction, the Partnership has not received, nor are limited partners required to make, additional capital contributions.

The Partnership shall be dissolved only upon the expiration of 53 complete calendar years (December 31, 2031) from the date of the formation of the Partnership or the occurrence of other events as specified in the terms of the Partnership Agreement. The principal business of the Partnership is to invest, directly or indirectly, in other limited partnerships which own or lease and operate federal, state and local government-assisted housing projects.

The general partner of Real Estate Associates Limited is National Partnership Investments, LLC ("NAPICO" or the “General Partner”), a California limited liability company. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The business of REAL is conducted primarily by NAPICO.

REAL does not hold any limited partnership interests in local limited partnerships (the "Local Partnerships") as of December 31, 2013. In December 1998, the Partnership sold its interest in nine Local Partnerships and its interest in one Local Partnership was redeemed in September 1998. During 2003, the Partnership sold its interest in one Local Partnership. During 2004, the properties in two Local Partnerships were sold. During 2009 the property in one Local Partnership was sold. During 2013, the Partnership sold its remaining interest in the last four Local Partnerships. Each of the Local Partnerships owned a low income housing project which is subsidized and/or has a mortgage note payable to or insured by agencies of the federal or local government.

The Local Partnerships in which REAL has invested were, at least initially, organized by private developers who acquired the sites, or options thereon, and applied for applicable mortgage insurance and subsidies. REAL became the principal limited partner in these Local Partnerships pursuant to arm's-length negotiations with these developers, or others, who act as general partners. As a limited partner, REAL's liability for obligations of the Local Partnership is limited to its investment. The local general partner of the Local Partnership retains responsibility for developing, constructing, maintaining, operating and managing the property owned by the Local Partnership. Under certain circumstances of default, REAL has the right to replace the general partner of the Local Partnerships, but

otherwise does not exercise control over the activities and operations, including refinancing or selling decisions of the Local Partnerships.

Although each of the Local Partnerships in which REAL has invested generally owns a project which must compete in the market place for tenants, interest subsidies and rent supplements from governmental agencies make it possible to offer these dwelling units to eligible "low income" tenants at a cost significantly below the market rate for comparable conventionally financed dwelling units in the area.

The Partnership does not have any employees. Services are performed for the Partnership by the General Partner and agents retained by the General Partner.

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

Item 1A.

Risk Factors

Not applicable.

Item 2.

Properties

During 2013, the projects in which REAL had invested were substantially rented. During 2013, the Partnership sold its remaining interest in the last four Local Partnerships. On December 10, 2013, the Partnership sold Bethel Towers.

Item 3.

Legal Proceedings

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

Item 4.

Mine Safety Disclosures

Not applicable.

PART II

Item 5.

Market for the Registrant's Common Equity, Related Security Holder Matters and Issuer Purchases of Equity Securities

The limited partnership interests are not traded on a public exchange but were sold through a public offering managed by E.F. Hutton Inc. It is not anticipated that any public market will develop for the purchase and sale of any Partnership interest, therefore an investor may be unable to sell or otherwise dispose of his or her interest in the Partnership. Limited partnership interests may be transferred only if certain requirements are satisfied. At December 31, 2013, there were 799 registered holders of 16,216.45 limited partnership interests in the Partnership. The Partnership has invested in certain government assisted projects under programs which in many instances restrict the cash return available to Project owners. The Partnership was not designed to provide cash distributions to investors in circumstances other than refinancing or disposition of its investment in the Local Partnerships.

There were no distributions made by the Partnership to its limited partners during the years ended December 31, 2013 and 2012.

Item 6.

Selected Financial Data

Not applicable.

Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

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

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

Liquidity and Capital Resources

The Partnership’s primary source of funds is the receipt of distributions received from Local Partnerships in which the Partnership has invested. The Partnership received operating distributions of approximately $148,000 and $136,000 from three and two Local Partnerships during the years ended December 31, 2013 and 2012, respectively. Subsequent to December 31, 2013, the Partnership received an operating distribution of approximately $62,000 from one Local Partnership. An infrequent source of funds is funds received by the Partnership as its share of any proceeds from the sale of a property owned by a Local Partnership or the Partnership’s sale of its interest in a Local Partnership.

The properties in which the Partnership has invested, through the Partnership’s investments in the Local Partnerships, receive one or more forms of assistance from the Federal Government. As a result, the Local Partnerships' ability to transfer funds either to the Partnership or among the Local Partnerships in the form of cash distributions, loans or advances is generally restricted by these government assistance programs.

As of December 31, 2013 and 2012, the Partnership had cash and cash equivalents of approximately $1,292,000 and $185,000, respectively. The increase in cash and cash equivalents of approximately $1,107,000 is primarily due to approximately $1,079,000 of cash provided by the sale of Bethel Towers.

The Partnership’s assets are thought to be generally sufficient for any of its near-term needs (exclusive of repayment of accrued fees owed to the General Partner and advances and accrued interest owed to the General Partner or affiliates).

Results of Operations

Effective December 10, 2012, the Partnership designated itself as the operating general partner of Bethel Towers Limited Dividend Housing Association (“Bethel Towers”), pursuant to the terms of the partnership agreement for Bethel Towers whereby the Partnership is to be named the operating general partner of Bethel Towers upon the death of the existing operating general partner. Accordingly, the 0.99% local operating general partner interest in Bethel Towers was assigned to the Partnership as of December 10, 2012. As a result of this assignment, the Partnership consolidated this Local Partnership (see Note 2 to the consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data”). Therefore, the 2012 consolidated financial statements reflect the consolidation of Bethel Towers, whereas the 2011 financial statements reflect Bethel Towers as an equity method investment.

At December 31, 2013 and 2012, the Partnership had investments in zero and five Local Partnerships, respectively. The Local Partnerships as of December 31, 2013 and 2012 owned residential low income rental projects consisting of zero and 350 apartment units, respectively. The mortgage loans for these projects were payable to, or insured by various government agencies.

With the exception of its investment in Bethel Towers, the Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investment in the Local Partnerships, except for Bethel Towers, using the equity method. Thus the individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. However, since the Partnership is not legally liable for the obligations of the Local Partnerships, or is not otherwise committed to provide additional support to them, it does not recognize losses once the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. Subsequent distributions received are recognized as income in the consolidated statements of operations. For those investments where the Partnership has determined that the carrying value of the Partnership’s investments approximates the estimated fair value of those investments, the Partnership’s policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount the Partnership expects to ultimately realize. During the years ended December 31, 2013 and 2012, the Partnership did not recognize any equity in income of the Local Partnerships. During the years ended December 31, 2013 and 2012, the Partnership received approximately $148,000 and $136,000, respectively, in operating distributions from three and two Local Partnerships that were recognized as income in the statements of operations since the Partnership’s investment in the Local Partnerships had been reduced to zero.

At December 31, 2013 and 2012, the investment balance in all of the Local Partnerships had been reduced to zero. The Partnership consolidated its investment in Bethel Towers at December 31, 2012.

In July 2013, the Partnership sold its limited partnership interest in New-Bel-Mo Enterprises L.P. (Belleville Manor) to an affiliate of the Local Operating General Partner. The Partnership received $20,500 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.

In July 2013, the Partnership sold its limited partnership interest in Clinton Apartments, Ltd. to an affiliate of the Local Operating General Partner. The Partnership received $37,000 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.

In July 2013, the Partnership sold its limited partnership interest in Emporia Limited (Northwood Village) to an affiliate of the Local Operating General Partner. The Partnership received $400,000 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.

In August 2013, the Partnership sold its limited partnership interest in Williamson Towers to an affiliate of the Local Operating General Partner. The Partnership received $25,000 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.

In December 2013, the Partnership sold Bethel Towers to a third party. The Partnership received approximately $1,079,000 in proceeds from the sale.

The Partnership recognized net income of approximately $592,000 for the year ended December 31, 2013, compared to net income of approximately $1,258,000 for the year ended December 31, 2012. The decrease in net income is due primarily to the recognition of a

gain on consolidation associated with taking over the general partner interest of Bethel Towers during December 2012, partially offset by an increase in operational expenses in 2013. Legal and accounting fees were approximately $149,000 and $162,000 for the years ended December 31, 2013 and 2012, respectively.

An annual management fee is payable to the General Partner of the Partnership and is calculated at 0.5 percent of the Partnership's original remaining invested assets of the Local Partnerships and is calculated at the beginning of each year. The management fee is paid to the General Partner for the General Partner’s management of the Partnership’s affairs. The fee is payable beginning with the month following the Partnership's initial investment in a Local Partnership. Management fees were approximately $54,000 for both of the years ended December 31, 2013 and 2012.

The General Partner and its affiliates made no advances to the Partnership during the years ended December 31, 2013 and 2012. Interest on advances is charged at prime plus 2%, or 5.25% at December 31, 2013. Interest expense was approximately $42,000 and $45,000 for the years ended December 31, 2013 and 2012, respectively. There were accrued interest payments of $226,000 made during the year ended December 31, 2013. No payments were made in 2012. At December 31, 2013 and 2012, the Partnership owed approximately $543,000 and $877,000, respectively, in advances and related accrued interest to the General Partner and its affiliates.

At times, advances are made to the Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership's investment in the Local Partnerships. Advances made to Local Partnerships for which the investment has been reduced to zero are charged to expense. During the years ended December 31, 2013 and 2012, the Partnership made no such advances.

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

Off-Balance Sheet Arrangements

With the exception of Bethel Towers, the Partnership owned limited partnership interests in unconsolidated Local Partnerships in which the Partnership’s ownership percentage ranges from 95% to 99%. However, based on the provisions of the relevant partnership agreements, the Partnership, as a limited partner, does not have control or a contractual relationship with the Local Partnerships that would require or allow for consolidation under accounting principles generally accepted in the United States (see “Note 1 – Organization and Summary of Significant Accounting Policies” of the consolidated financial statements in “Item 8. Financial Statements and Supplementary Data”). There are no lines of credit, side agreements or any other derivative financial instruments between the Local Partnerships and the Partnership. Accordingly the Partnership’s maximum risk of loss related to these unconsolidated Local Partnerships is limited to the recorded investments in and receivables from the Local Partnerships. See “Note 2 – Investments in and Advances to Local Partnerships” of the consolidated financial statements in “Item 8. Financial Statements and Supplementary Data” for additional information about the Partnership’s investments in unconsolidated Local Partnerships.

Variable Interest Entities

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

In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Partnership’s investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.

Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

On December 10, 2012, the Partnership became the operating general partner of Bethel Towers, as a result of the assignment of the local operating general partner interest in Bethel Towers to the Partnership. Therefore, effective December 10, 2012, the Partnership began consolidating this Local Partnership and it is no longer considered a VIE (see Note 2 to the consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data”).

At December 31, 2013 and 2012, the Partnership held variable interests in zero and four VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The Partnership was involved with those VIEs as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnership’s recorded investments in and receivables from these VIEs, which were zero at December 31, 2013 and 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Critical Accounting Policies and Estimates

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

Method of Accounting for Investments in Limited Partnerships

With the exception of Bethel Towers, the Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships, except for Bethel Towers, using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (between 95% and 99%). Distributions of surplus cash from operations from most of the Local Partnerships are restricted by the Local Partnerships’ Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”). These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships’ partnership agreements. These agreements usually limit the Partnership’s distributions to an amount substantially less than its ownership percentage in each Local Partnership.

The individual investments are carried at cost plus the Partnership’s share of each Local Partnership’s profits less the Partnership’s share of such Local Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once its investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the consolidated statements of operations.

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

Impairment of Long-Lived Assets

At December 31, 2012, investment property was stated at fair value as of the date the Partnership began consolidating Bethel Towers, less accumulated depreciation, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of the property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnership’s estimate of the undiscounted future cash flows, excluding interest charges, of the property. If the carrying amount exceeds the estimated aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property.

Real property investment is subject to varying degrees of risk. Several factors may adversely affect the economic performance and value of the Partnership’s investment property. These factors include, but are not limited to, general economic climate; competition from other apartment communities and other housing options; local conditions, such as loss of jobs or an increase in the supply of apartments that might adversely affect apartment occupancy or rental rates; changes in governmental regulations and the related cost of compliance; increases in operating costs (including real estate taxes) due to inflation and other factors, which may not be offset by increased rents; changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multi-family housing; and changes in interest rates and the availability of financing. Any adverse changes in these and other factors could cause an impairment of the Partnership’s asset.

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 8.

Financial Statements and Supplementary Data

REAL ESTATE ASSOCIATES LIMITED

LIST OF FINANCIAL STATEMENTS

Reports of Independent Registered Public Accounting Firms

Consolidated Balance Sheets - December 31, 2013 and 2012

Consolidated Statements of Operations - Years ended December 31, 2013 and 2012

Consolidated Statements of Changes in Partners' Capital (Deficiency) - Years ended December 31, 2013 and 2012

Consolidated Statements of Cash Flows - Years ended December 31, 2013 and 2012

Notes to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

The Partners

Real Estate Associates Limited

We have audited the accompanying consolidated balance sheet of Real Estate Associates Limited as of December 31, 2013, and the related consolidated statements of operations, changes in partners’ capital (deficiency) and cash flows for the year ended December 31, 2013. 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. 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, and 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 consolidated financial position of Real Estate Associates Limited at December 31, 2013, and the consolidated results of its operations and its cash flows for the year ended December 31, 2013, in conformity with U.S. generally accepted accounting principles.

/s/Carter & Company, CPA, LLC

Destin, Florida

April 15, 2014

Report of Independent Registered Public Accounting Firm

The Partners

Real Estate Associates Limited

We have audited the accompanying consolidated balance sheet of Real Estate Associates Limited as of December 31, 2012, and the related consolidated statements of operations, changes in partners’ capital (deficiency) and cash flows for the year ended December 31, 2012. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Real Estate Associates Limited at December 31, 2012, and the consolidated results of its operations and its cash flows for the year ended December 31, 2012, in conformity with U.S. generally accepted accounting principles.

/s/Ernst & Young LLP

Greenville, South Carolina

April 15, 2013

REAL ESTATE ASSOCIATES LIMITED

CONSOLIDATED BALANCE SHEETS

(In thousands)


	December 31,
	2013	2012
Assets

Cash and cash equivalents	$ 1,292	$ 185
Investments in and advances to Local Partnerships	--	--
Receivables and deposits	35	91
Restricted escrows	452	412
Other assets	--	163
Investment property:
Land	--	366
Buildings and related personal property	--	3,703
Total investment property	--	4,069
Less accumulated depreciation	--	(7)
Investment property, net	--	4,062
Total assets	$ 1,779	$ 4,913

Liabilities and Partners’ Capital (Deficiency)

Liabilities:
Accounts payable and accrued expenses	$ 49	$ 104
Accrued fees due to General Partner	590	535
Advances and accrued interest due to General Partner
or affiliates	543	877
Tenant security deposit liability	--	63
Accrued property taxes	--	85
Deferred revenue	--	23
Mortgage notes payable	--	3,221
Total liabilities	1,182	4,908

Contingencies	--	--

Partners' Capital (Deficiency):
General partner	(121)	(127)
Limited partners	718	132
Total partners’ capital (deficiency)	597	5
Total liabilities and partners' capital
(deficiency)	$ 1,779	$ 4,913

See Accompanying Notes to Consolidated Financial Statements

REAL ESTATE ASSOCIATES LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per interest data)


	Years Ended December 31,
	2013	2012
Revenues:
Rental income	$ 1,024	$ 50
Other income	300	17
Total revenues	1,324	67
Expenses:
Operating	923	39
Depreciation and amortization	155	12
Property taxes	146	5
Management fees – General Partner	54	54
General and administrative	11	7
Legal and accounting	149	162
Interest expense	129	51
Total expenses	1,567	330

Loss from partnership operations	(243)	(263)
Gain on sale of limited partner interests	483	--
Gain on sale of rental property	204	--
Distributions in excess of investment in Local
Partnerships	148	136
Gain on consolidation of Local Partnership	--	1,385
Net income (loss)	$ 592	$ 1,258

Net income (loss) allocated to general partner (1%)	$ 6	$ 13
Net income (loss) allocated to limited partners (99%)	$ 586	$ 1,245

Net income (loss) per limited partnership interest	$ 36.06	$ 76.53

See Accompanying Notes to Consolidated Financial Statements

REAL ESTATE ASSOCIATES LIMITED

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIENCY)

(In thousands)


	General	Limited
	Partner	Partners	Total

Partners' capital (deficiency),
December 31, 2011	$ (140)	$(1,113)	$(1,253)

Net income for the year ended
December 31, 2012	13	1,245	1,258

Partners’ capital (deficiency),
December 31, 2012	(127)	132	5

Net income for the year ended
December 31, 2013	6	586	592

Partners’ capital (deficiency),	$ (121)	$ 718	$ 597
December 31, 2013

See Accompanying Notes to Consolidated Financial Statements

REAL ESTATE ASSOCIATES LIMITED

CONSOLDIATED STATEMENTS OF CASH FLOWS

(In thousands)


	Years Ended December 31,
	2013	2012
Cash flows from operating activities:
Net income	$ 592	$ 1,258
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Gain on consolidation of Local Partnership	--	(1,385)
Gain on sale of limited partner interests	(483)	--
Gain on sale of rental property	(204)	--
Distribution in excess of investment	(148)	--
Depreciation and amortization	155	12
Change in accounts:
Receivables and deposits	56	(5)
Restricted escrows	(40)	51
Other assets	163	(37)
Accounts payable and accrued expenses	(55)	7
Accrued fees due to General Partner	55	54
Security deposits	(63)	--
Accrued interest on advances	(184)	45
Deferred revenue	(23)	(71)
Accrued property taxes	(85)	5
Net cash provided by (used in) operating
activities	(264)	(66)

Cash flows provided by investing activities:
Proceeds from sale of rental property	4,111	-
Distributions in excess of investment	148	--
Proceeds from sale of Limited Partner Interest	483	--
Increase in cash from consolidation of Local Partnership	--	173
	4,742	173
Cash flow from financing activities:
Decrease in advances from general partner	(150)	--
Decrease in mortgage payable	(3,221)	--
	(3,371)	--

Net increase in cash and cash equivalents	1,107	107
Cash and cash equivalents, beginning of year	185	78

Cash and cash equivalents, end of year	$ 1,292	$ 185

See Accompanying Notes to Consolidated Financial Statements

REAL ESTATE ASSOCIATES LIMITED

CONSOLDIATED STATEMENTS OF CASH FLOWS - continued

(In thousands)


	Years Ended December 31,
	2013	2012

Supplemental disclosure of cash flow information:
Cash paid for interest	$ --	$ 6
Non-cash transaction associated with consolidation of
Local Partnership:
Investment property	--	4,069
Receivables and deposits	--	80
Other assets	--	131
Restricted escrows	--	463
Accounts payable and accrued expenses	--	73
Tenant security deposit liability	--	63
Deferred revenue	--	94
Accrued property taxes	--	80
Mortgage notes payable	--	3,221

See Accompanying Notes to Consolidated Financial Statements

REAL ESTATE ASSOCIATES LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2013

Note 1 - Organization and Summary of Significant Accounting Policies

Organization

Real Estate Associates Limited (“REAL” or the “Partnership”) was formed under the California Limited Partnership Act on September 15, 1977. The Partnership was formed to invest either directly or indirectly in other partnerships which own or lease and operate primarily federal, state and local government-assisted housing projects. The general partner is National Partnership Investments, LLC, a California limited liability company (“NAPICO” or the "General Partner"). The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The Partnership shall be dissolved only upon the expiration of 53 complete calendar years (December 31, 2031) from the date of the formation of the Partnership or the occurrence of other events as specified in the terms of the Partnership agreement. The business of the Partnership is conducted primarily by NAPICO.

The general partner has a one percent interest in profits and losses of the Partnership. The limited partners have the remaining 99 percent interest in proportion to their respective investments. A withdrawal amendment was entered into as of September 12, 2002 and became effective 90 days thereafter by and among NAPICO and Charles Boxenbaum, whereby Boxenbaum’s 45% general partner interest was converted to that of a limited partner in the Partnership entitled to participate in the profits and losses of the Partnership in an amount equal to 45% of the amounts otherwise allocable to the general partners of the Partnership. The General Partner is the sole remaining general partner of the Partnership.

Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partner will be entitled to a liquidation fee as stipulated in the Partnership agreement. The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions.

Basis of Presentation

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

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Principles of Consolidation

As a result of the assignment of the local operating general partner interest in Bethel Towers Limited Dividend Housing Association (“Bethel Towers”) to the Partnership on December 10, 2012 (as discussed in Note 2), the Partnership began consolidating the assets, liabilities, and operations of Bethel Towers as of December 10, 2012. The consolidated financial statements of the Partnership include its 99.99% general and limited partner interests in Bethel Towers. All significant inter-partnership balances have been eliminated. The apartment property owned by Bethel Towers is located in Detroit, Michigan.

Method of Accounting for Investments in Limited Partnerships

With the exception of Bethel Towers, the investments in local partnerships (the “Local Partnerships”) were accounted for on the equity method.

Abandonment of Limited Partnership Interests

During the years ended December 31, 2013 and 2012, the number of limited partnership interests decreased by 34.55 and 17 interests, respectively, due to limited partners abandoning their interests. In abandoning his or her limited partnership interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year. At December 31, 2013 and 2012, the Partnership had outstanding 16,216.45 and 16,251 limited partnership interests, respectively.

Net Income (Loss) Per Limited Partnership Interest

Net income (loss) per limited partnership interest was computed by dividing the limited partners' share of net income (loss) by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 16,251 and 16,268 for the years ended December 31, 2013 and 2012, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. Cash balances included approximately $47,000 at December 31, 2012, that were maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account. In 2013 the affiliated management company maintained separate cash accounts with an FDIC insured bank for each of its affiliated entities including REAL.

Impairment of Long-Lived Assets

The Partnership reviews its investments in long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. There were no impairment losses recognized during the years ended December 31, 2013 and 2012.

Fair Value of Financial Instruments

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement. Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date. Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 includes fair value measurements based on unobservable inputs. The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments approximates their fair value due to the short-term maturity of these instruments. See Note 2 regarding fair value determinations for the assets and liabilities of Bethel Towers.

Segment Reporting

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

Variable Interest Entities

financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

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

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

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

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

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

Tenant Security Deposits

At December 31, 2012, Bethel Towers required security deposits from lessees for the duration of the lease. Deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments.

Investment Property

At December 31, 2012, investment property consisted of one apartment complex and is stated at fair value as of the date the Partnership began consolidating Bethel Towers. Bethel Towers capitalizes costs incurred in connection with capital additions activities, including construction projects, other tangible property improvements and replacements of existing property components. Bethel Towers capitalizes interest during periods in which construction projects are in progress. Capitalized costs are depreciated over the estimated useful life of the asset. Bethel charges to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance and resident turnover costs.

Depreciation

Depreciation was provided by the straight-line method over the estimated life of the apartment property and related personal property.

Leases

Bethel Towers generally leased apartment units for twelve-month terms or less. Rental income attributable to leases is recognized as rents become due. Bethel Towers evaluated all accounts receivable from residents and established an allowance, after the application of security deposits, for all receivables due from former tenants.

Restricted Escrows

Bethel Towers had established escrows for real estate taxes, insurance, capital improvements and certain operating expenses for its investment property. The balance in the escrow accounts at December 31, 2012 was approximately $412,000.

Intangible Assets

Intangible assets, associated with the consolidation of Bethel Towers, consisted of in-place leases and was included in other assets at December 31, 2012. The intangible assets related to in-place leases were comprised of:

1) The value of the above-market and below-market leases in-place. An asset or liability is recognized based on the difference between (a) the contractual amounts to be paid pursuant to the in-place leases and (b) the Partnership’s estimate of fair market lease rates for the corresponding in-place leases, measured over the period, including estimated lease renewals for below-market leases, that the leases are expected to remain in effect.

2) The estimated unamortized portion of avoided leasing commissions and other costs that would be incurred to originate the in-place leases.

3) The value associated with vacant units during the absorption period (estimates of lost rental revenue during the expected lease-up periods based on current market demand and stabilized occupancy levels). The values of the above-market and below-market leases are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization expense over the expected remaining terms of the associated leases.

Note 2 – Investment in and Advances to Local Partnerships

As of December 31, 2013 and 2012, the Partnership held limited partnership interests in zero and five Local Partnerships, respectively. The Local Partnerships as of December 31, 2013 and 2012, owned residential low income rental projects consisting of zero and 350 apartment units, respectively. The mortgage loans for these projects were payable to or insured by various government agencies.

Effective December 10, 2012, the Partnership designated itself as the operating general partner of Bethel Towers pursuant to the terms of the partnership agreement for Bethel Towers whereby the Partnership was to be named the operating general partner of Bethel Towers upon the death of the existing operating general partner. Accordingly, the 0.99% local operating general partner interest in Bethel Towers was assigned to the Partnership as of December 10, 2012. As a result of this assignment, the Partnership now consolidates this Local Partnership (as discussed in Note 1). All assets and liabilities of Bethel Towers were consolidated, effective December 10, 2012, at fair value. The Partnership recorded an intangible asset for the value of the in-place lease assets of approximately $131,000 determined by using internal valuation techniques that consider the terms of the in-place leases and current market data for comparable leases. This intangible asset will be amortized over a period of six months. The investment property was recorded at fair value determined by using internal valuation techniques that considered comparable market transactions, discounted cash flow techniques, replacement costs and other available information. The investment property will be depreciated over 30 years. The mortgage notes payable were recorded at fair value determined by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term mortgage notes payable. Due to the short term nature of the balances, the Partnership assumed the fair value of all other current assets and liabilities approximated their carrying value and no adjustments were recorded. The consolidation resulted in a gain of $1,385,000 as a result of the fair value of the assets of

Bethel Towers exceeding the fair value of Bethel Towers’ liabilities. The fair value measurements of the investment property, mortgage notes payable and intangible assets have been classified by the Partnership within Level 2 of the fair value hierarchy as described in Note 1.

In December 2013, the Partnership sold Bethel Towers. The Partnership received approximately $1,079,000 in proceeds from the sale.

The individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once its investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying consolidated statements of operations. The Partnership received operating distributions of approximately $148,000 and $136,000 from four Local Partnerships for the years ended December 31, 2013 and 2012, respectively.

Prior to January 1, 2011, the investment balance in four of the Local Partnerships had been reduced to zero. The Partnership’s investment balance in Bethel Towers was zero prior to its consolidation effective December 10, 2012.

Note 3 – Transactions with Affiliated Parties

Under the terms of the Restated Certificate and Agreement of Limited Partners, the Partnership is obligated to NAPICO for an annual management fee equal to 0.5 percent of the Partnership’s original invested assets of the limited partnerships and is calculated at the beginning of each year. Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interest in the capital accounts of the respective Local Partnerships. The management fee incurred was approximately $54,000 for both years ended December 31, 2013 and 2012. At December 31, 2013 and 2012, the Partnership owed NAPICO approximately $538,000 and $484,000, respectively, for management fees and this amount is included in accrued fees due to General Partner.

The General Partner was entitled to receive a liquidation fee of approximately $51,000 related to the sale of the limited partnership interest in Cherry Hill Apartments, which was sold in September 2003. This fee was accrued and is included in accrued fees due to General Partner. The fee will not be paid until the limited partners have received a return of their original invested capital.

Note 4 - Income Taxes

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


A reconciliation between the Partnership’s reported net income (loss) and the taxable income per the tax return is as follows (in thousands):

	Years Ended December 31,
	2013	2012

Net income (loss) per financial statements	$ 592	$ 1,258
Add (deduct):
Other	54	56
Investment in and advances to Local Partnerships	3,950	(1,110)
Federal taxable income per tax return	$ 4,596	$ 204
Federal taxable income per limited partnership interest	282.82	$ 12.43



The following is a reconciliation between the Partnership’s reported amounts and the federal tax basis of net assets and liabilities (in thousands):

	December 31,
	2013	2012
Net assets (liabilities) as reported	$ 597	$ 5
Add (deduct):
Investment in Local Partnerships	--	(3,948)
Deferred offering costs	2,568	2,568
Other	624	531


Net liabilities – Federal tax basis	$3,789	$ (844)

Note 5 – Mortgage Notes Payable


Property	Principal Balance At December 31, 2012	Monthly Payment Including Interest (1)	Stated Interest Rate	Maturity Date	Principal Balance Due At Maturity
	(in thousands)	(in thousands)			(in thousands)

Bethel Towers 1^st mortgage	$ 984	$ 30	8.625%	3/1/2016	$ --
Bethel Towers Home Rehabilitation mortgage	2,160	--	0.00%	3/1/2016	2,160
Mortgage premium, net	77	--			--
	$3,221	$ 30			$2,160

(1) Monthly payment of principal and interest has not been reduced by the monthly government interest subsidy of approximately $20,000.

The mortgage notes payable were secured by pledge of the Partnership’s consolidated property.

On December 10, 2013, the mortgage was repaid as part of the sale (Note 2).

Note 6 – Contingencies

Note 7 – Pro Forma Financial Statements (unaudited)

The following pro forma condensed consolidated statements of operations for the years ended December 31, 2012, have been prepared as if the Bethel Towers transaction (see Note 2) had occurred on January 1, 2012. The pro forma information is not necessarily indicative of what the Partnership’s results of operations would have been assuming the consolidation nor does it purport to project the Partnership’s results of operations for any future period.



Pro Forma Condensed Consolidated Statement of Operations
(In thousands, except per Interest data) (Unaudited)
		2012

Rental and other income		$ 1,466
Expenses		(1,310)
Net income		$ 156

Net income per limited partnership interest		$ 9.47

Note 8 - Subsequent Event

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

During January 2014, the Partnership received approximately $451,000 of remaining escrow funds from the sale of Bethel Towers.

Item 9.

Changes In and Disagreements With Accountants On Accounting and Financial Disclosure

Effective June 7, 2013, the Registrant dismissed its prior independent registered public accounting firm, Ernst & Young LLP and retained as its new independent registered public accounting firm, Carter & Company, CPA, LLC. The reports of Ernst & Young LLP on the financial statements of the Registrant as of and for the years ended December 31, 2012 and 2011 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. The decision to change independent accountants was approved by the board of directors of the Managing General Partner of the Partnership. During the two fiscal years ended 2012 and through June 7, 2013, there were no disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which disagreements if not resolved to the satisfaction of Ernst & Young LLP, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Partnership's financial statements for the fiscal years ended December 31, 2012 and 2011.

Effective June 7, 2013, the Registrant engaged Carter & Company, CPA, LLC as its independent registered public accounting firm. During the Partnership's two fiscal years ended December 31, 2012 and the subsequent interim period through June 7, 2013, the Registrant did not consult with Carter & Company, CPA, LLC with respect to the application of accounting principles to a specialized transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Partnership's financial statements, or any other matters or reportable events as set forth in Items 304(a)(2) of Regulation S-K.

Item 9A.

Controls and Procedures

(a)

Disclosure Controls and Procedures

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

Management’s Report on Internal Control Over Financial Reporting

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

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

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

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

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

The Partnership’s management assessed the effectiveness of the Partnership’s internal control over financial reporting as of December 31, 2013. In making this assessment, the Partnership’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.

Based on the Partnership’s management’s assessment, the Partnership’s management concluded that, as of December 31, 2013, the Partnership’s internal control over financial reporting is effective.

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

(b)

Changes in Internal Control Over Financial Reporting

There has been no change in the Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of 2013 that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

Item 9B.

Other Information

None.

PART III

Item 10.

Directors, Executive Officers and Corporate Governance

Real Estate Associates Limited (the “Partnership” or the “Registrant”) has no directors or officers. The general partner responsible for conducting the business of the Partnership is National Partnership Investments, LLC, a California limited liability company (“NAPICO” or the “General Partner”).

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


Name	Age	Position

Brian Flaherty	45	Senior Managing Director
Joseph Dryden	52	VP of Finance/CFO

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

Mr. Joseph Dryden is the Director of Reporting of the general partner of the Partnership and of Bethesda Holdings, II, LLC, and the Chief Financial Officer of the Partnership since October 3, 2013. Since August 2013, Mr. Dryden has worked with McGrath Investment Management, LLC, most recently as CFO. Mr. Dryden joins the Partnership from Republic-Financial, a multinational finance and private equity firm he joined in March 2010, where he served as Republic’s Corporate Controller. As the Corporate Controller, Mr. Dryden was responsible for the development and management of highly complex multi-level consolidated audited financial statements. Prior to Republic, Mr. Dryden was the CFO for Decision Display, a Denver based audio visual company specializing in high tech command centers and control rooms he joined in 2005. In this role Mr. Dryden was responsible for all accounting and finance functions including all financial reporting, detailed cash management and forecasting and also managed the company’s banking relationships. Additionally, from 2007 to 2010 Mr. Dryden was the President of Dryden Consulting, an accounting and management consulting firm specializing in GAAP and SEC reporting, internal and external audit assistance and Sarbanes-Oxley compliance. Dryden Consulting’s client list included 1st Data, AIMCO, Crocs, Woodward Governor, McData, and several other large publicly traded companies. Mr. Dryden’s expertise in GAAP financial reporting, SEC reporting, cash management and process improvement will enable him to create immediate value for the company. Mr. Dryden received a Bachelor of Arts Degree in Accounting from Clarke University in 1984.

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

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

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

Item 11.

Executive Compensation

None of the officers of the General Partner received any remuneration from the Partnership during the year ended December 31, 2013.

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

(a)

Security Ownership of Certain Beneficial Owners

The general partner owns all of the outstanding general partnership interests of the Partnership. Except as noted below, no person or entity is known to own beneficially in excess of 5% of the outstanding limited partnership interests.


Entity	Number of Interests	Percentage
Aimco Properties, LP	4,728	29.16%

(b)

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

Item 13.

Certain Relationships and Related Transactions, and Director Independence

Under the terms of the Restated Certificate and Agreement of Limited Partners, the Partnership is obligated to NAPICO for an annual management fee equal to 0.5 percent of the original invested assets of the Local Partnerships and is calculated at the beginning of each year. Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interest in the capital accounts of the respective Local Partnerships. The management fee incurred was approximately $54,000 for both years ended December 31, 2013 and 2012. At December 31, 2013 and 2012, the Partnership owed NAPICO approximately $538,000 and $484,000, respectively for management fees, which is included in accrued fees due to General Partner.

The General Partner and its affiliates made no advances to the Partnership during the years ended December 31, 2013 and 2012. Interest on advances is charged at prime plus 2%, or 5.25% at December 31, 2013. Interest expense was approximately $29,000 and $45,000 for years ended December 31, 2013 and 2012, respectively. There were accrued interest payments of $226,000 made during the year ended December 31, 2013. There were no accrued interest payments made in 2012. At December 31, 2013 and 2012, the Partnership owed approximately $543,000 and $877,000, respectively, in advances and related accrued interest to the General Partner and its affiliates.

The General Partner has no directors.

Item 14.

Principal Accounting Fees and Services

Ernst & Young LLP was previously the independent registered public accounting firm for the Partnership. On June 7, 2013, that firm was dismissed and Carter & Company CPA, LLC was engaged as independent auditors for the year ended December 31, 2013. The managing General Partner has reappointed Carter & Company, CPA, LLC as independent auditors to audit the financial statements of the Partnership for 2014. The aggregate fees billed for services rendered for 2013 and 2012 are described below:

Audit Fees. Fees for audit services totaled approximately $22,000 and $30,000 for 2013 and 2012, respectively. Fees for audit services also include fees for the reviews of the Partnership’s Quarterly Reports on Form 10-Q.

Tax Fees. Fees for tax services totaled approximately $10,000 and $11,000 for 2013 and 2012, respectively.

PART IV

Item 15.

Exhibits, Financial Statement Schedules

(a)

The following financial statements of the Registrant are included in Item 8:

Consolidated Balance Sheets – December 31, 2013 and 2012.

Consolidated Statements of Operations - Years ended December 31, 2013 and 2012.

Consolidated Statements of Changes in Partners' Capital (Deficiency) - Years ended December 31, 2013 and 2012.

Consolidated Statements of Cash Flows - Years ended December 31, 2013 and 2012.

Notes to Consolidated Financial Statements.

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

(b)

Exhibits:

See Exhibit Index.

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

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

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

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

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

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

SIGNATURES

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


	REAL ESTATE ASSOCIATES LIMITED
	(a California Limited Partnership)

	By: National Partnership Investments, LLC
	General Partner

	By: /s/Brian Flaherty
	Brian Flaherty
	Senior Managing Director

	By: /s/Joseph Dryden
	Joseph Dryden
	VP of Finance/CFO

	Date: April 15, 2014

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



/s/Brian Flaherty	Chief Executive Officer	Date: April 15, 2014
Brian Flaherty

/s/Joseph Dryden	Chief Financial Officer	Date: April 15, 2014
Joseph Dryden

REAL ESTATE ASSOCIATES LIMITED

EXHIBIT INDEX

Exhibit

Description of Exhibit

Articles of incorporation and bylaws: The Registrant is not incorporated. The Partnership Agreement was filed with Form S-11 registration #260561, incorporated by reference.

3.1

Amendments to Third Restated Certificate and Agreement of Limited Partnership, incorporated by reference to the Registrant’s Current Report on Form 8-K dated January 23, 2004.

3.2

Third Restated Certificate and Agreement of Limited Partnership, incorporated by reference to the Registrant’s Current Report on Form 8-K dated January 23, 2004.

10.1

First Amendment to Agreement and Certificate of Limited Partnership of Bethel Towers Limited Dividend Housing Association, dated December 10, 2012. Incorporated by reference to the Registrant’s Current Report on Form 8-K dated December 10, 2012.

Code of Ethics of Real Estate Associates Limited. Incorporated by reference to the Partnership's Annual Report on Form 10-K dated April 15, 2013.

31.1

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

31.2

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

32.1

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

101

XBRL (Extensible Business Reporting Language). The following materials from Real Estate Associates Limited’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, formatted in XBRL: (i) consolidated balance sheets, (ii) consolidated statements of operations, (iii) consolidated statements of changes in partners’ capital (deficiency), (iv) consolidated statements of cash flows, and (v) notes to consolidated financial statements (1).

(1)

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

EX-31.1 2 rea1_ex31z1.htm CERTIFICATION Certification

Exhibit 31.1

CERTIFICATION

I, Brian Flaherty, certify that:

I have reviewed this annual report on Form 10-K of Real Estate Associates Limited;

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;

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;

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

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

(a)

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

(b)

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

Date: April 15, 2014

/s/Brian Flaherty

Brian Flaherty

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

EX-31.2 3 rea1_ex31z2.htm CERTIFICATION Certification

Exhibit 31.2

CERTIFICATION

I, Joseph Dryden, certify that:

I have reviewed this annual report on Form 10-K of Real Estate Associates Limited;

(a)

(b)

(c)

(d)

(a)

(b)

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

Date: April 15, 2014

/s/Joseph Dryden

Joseph Dryden

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

EX-32.1 4 rea1_ex32z1.htm CERTIFICATION Certification

Exhibit 32.1

Certification of CEO and CFO

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report on Form 10-K of Real Estate Associates Limited (the "Partnership"), for the fiscal year ended December 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Brian Flaherty, as the equivalent of the chief executive officer of the Partnership, and Joseph Dryden, as the equivalent of the chief financial officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1)

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

(2)

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


	/s/Brian Flaherty
	Name: Brian Flaherty
	Date: April 15, 2014

	/s/Joseph Dryden
	Name: Joseph Dryden
	Date: April 15, 2014

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

EX-101.INS 5 real-20131231.xml XBRL INSTANCE DOCUMENT

Note 1 - Organization and Summary of Significant Accounting Policies   Organization   Real Estate Associates Limited (REAL or the Partnership) was formed under the California Limited Partnership Act on September 15, 1977.  The Partnership was formed to invest either directly or indirectly in other partnerships which own or lease and operate primarily federal, state and local government-assisted housing projects.  The general partner is National Partnership Investments, LLC, a California limited liability company (NAPICO or the "General Partner").  The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (Bethesda). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (Aimco), a publicly traded real estate investment trust.  The Partnership shall be dissolved only upon the expiration of 53 complete calendar years (December 31, 2031) from the date of the formation of the Partnership or the occurrence of other events as specified in the terms of the Partnership agreement.  The business of the Partnership is conducted primarily by NAPICO.   The general partner has a one percent interest in profits and losses of the Partnership.  The limited partners have the remaining 99 percent interest in proportion to their respective investments. A withdrawal amendment was entered into as of September 12, 2002 and became effective 90 days thereafter by and among NAPICO and Charles Boxenbaum, whereby Boxenbaums 45% general partner interest was converted to that of a limited partner in the Partnership entitled to participate in the profits and losses of the Partnership in an amount equal to 45% of the amounts otherwise allocable to the general partners of the Partnership.  The General Partner is the sole remaining general partner of the Partnership.   Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partner will be entitled to a liquidation fee as stipulated in the Partnership agreement.  The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions.   Basis of Presentation   The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States.   Use of Estimates   The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.   Principles of Consolidation   As a result of the assignment of the local operating general partner interest in Bethel Towers Limited Dividend Housing Association (Bethel Towers) to the Partnership on December 10, 2012 (as discussed in Note 2), the Partnership began consolidating the assets, liabilities, and operations of Bethel Towers as of December 10, 2012. The consolidated financial statements of the Partnership include its 99.99% general and limited partner interests in Bethel Towers. All significant inter-partnership balances have been eliminated. The apartment property owned by Bethel Towers is located in Detroit, Michigan.   Method of Accounting for Investments in Limited Partnerships   With the exception of Bethel Towers, the investments in local partnerships (the Local Partnerships) were accounted for on the equity method.   Abandonment of Limited Partnership Interests   During the years ended December 31, 2013 and 2012, the number of limited partnership interests decreased by 34.55 and 17 interests, respectively, due to limited partners abandoning their interests. In abandoning his or her limited partnership interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year. At December 31, 2013 and 2012, the Partnership had outstanding 16,216.45 and 16,251 limited partnership interests, respectively.   Net Income (Loss) Per Limited Partnership Interest   Net income (loss) per limited partnership interest was computed by dividing the limited partners' share of net income (loss) by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 16,251 and 16,268 for the years ended December 31, 2013 and 2012, respectively.   Cash and Cash Equivalents   Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. Cash balances included approximately $47,000 at December 31, 2012, that were maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account. In 2013 the affiliated management company maintained separate cash accounts with an FDIC insured bank for each of its affiliated entities including REAL.   Impairment of Long-Lived Assets   The Partnership reviews its investments in long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss.  There were no impairment losses recognized during the years ended December 31, 2013 and 2012.   Fair Value of Financial Instruments   Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement.  Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date.  Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.  Level 3 includes fair value measurements based on unobservable inputs.  The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments approximates their fair value due to the short-term maturity of these instruments. See Note 2 regarding fair value determinations for the assets and liabilities of Bethel Towers.   Segment Reporting   ASC 280-10, "Segment Reporting", established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports.  ASC 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC 280-10, the Partnership has only one reportable segment.   Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   On December 10, 2012, the Partnership became the operating general partner of Bethel Towers, as a result of the assignment of the local operating general partner interest in Bethel Towers to the Partnership. Therefore, effective December 10, 2012, the Partnership began consolidating this Local Partnership and it is no longer considered a VIE (see Note 2).   At December 31, 2013 and 2012, the Partnership held variable interests in zero and four VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:   ·         the general partners conduct and manage the business of the Local Partnerships; ·         the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·         the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·         the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·         the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·         the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The Partnership was involved with those VIEs as a non-controlling limited partner equity holder. The Partnerships maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnerships recorded investments in and receivables from these VIEs, which were zero at December 31, 2013 and 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.   Tenant Security Deposits   At December 31, 2012, Bethel Towers required security deposits from lessees for the duration of the lease. Deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments.   Investment Property   At December 31, 2012, investment property consisted of one apartment complex and is stated at fair value as of the date the Partnership began consolidating Bethel Towers. Bethel Towers capitalizes costs incurred in connection with capital additions activities, including construction projects, other tangible property improvements and replacements of existing property components. Bethel Towers capitalizes interest during periods in which construction projects are in progress. Capitalized costs are depreciated over the estimated useful life of the asset. Bethel charges to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance and resident turnover costs.   Depreciation   Depreciation was provided by the straight-line method over the estimated life of the apartment property and related personal property.   Leases   Bethel Towers generally leased apartment units for twelve-month terms or less.  Rental income attributable to leases is recognized as rents become due.  Bethel Towers evaluated all accounts receivable from residents and established an allowance, after the application of security deposits, for all receivables due from former tenants.   Restricted Escrows   Bethel Towers had established escrows for real estate taxes, insurance, capital improvements and certain operating expenses for its investment property. The balance in the escrow accounts at December 31, 2012 was approximately $412,000.   Intangible Assets   Intangible assets, associated with the consolidation of Bethel Towers, consisted of in-place leases and was included in other assets at December 31, 2012. The intangible assets related to in-place leases were comprised of:   1) The value of the above-market and below-market leases in-place.  An asset or liability is recognized based on the difference between (a) the contractual amounts to be paid pursuant to the in-place leases and (b) the Partnerships estimate of fair market lease rates for the corresponding in-place leases, measured over the period, including estimated lease renewals for below-market leases, that the leases are expected to remain in effect.   2) The estimated unamortized portion of avoided leasing commissions and other costs that would be incurred to originate the in-place leases.   3) The value associated with vacant units during the absorption period (estimates of lost rental revenue during the expected lease-up periods based on current market demand and stabilized occupancy levels).  The values of the above-market and below-market leases are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods.  Other intangible assets related to in-place leases are amortized to depreciation and amortization expense over the expected remaining terms of the associated leases.

Note 2 Investment in and Advances to Local Partnerships   As of December 31, 2013 and 2012, the Partnership held limited partnership interests in zero and five Local Partnerships, respectively. The Local Partnerships as of December 31, 2013 and 2012, owned residential low income rental projects consisting of zero and 350 apartment units, respectively. The mortgage loans for these projects were payable to or insured by various government agencies.   Effective December 10, 2012, the Partnership designated itself as the operating general partner of Bethel Towers pursuant to the terms of the partnership agreement for Bethel Towers whereby the Partnership was to be named the operating general partner of Bethel Towers upon the death of the existing operating general partner.  Accordingly, the 0.99% local operating general partner interest in Bethel Towers was assigned to the Partnership as of December 10, 2012. As a result of this assignment, the Partnership now consolidates this Local Partnership (as discussed in Note 1). All assets and liabilities of Bethel Towers were consolidated, effective December 10, 2012, at fair value.  The Partnership recorded an intangible asset for the value of the in-place lease assets of approximately $131,000 determined by using internal valuation techniques that consider the terms of the in-place leases and current market data for comparable leases.  This intangible asset will be amortized over a period of six months.  The investment property was recorded at fair value determined by using internal valuation techniques that considered comparable market transactions, discounted cash flow techniques, replacement costs and other available information.  The investment property will be depreciated over 30 years.  The mortgage notes payable were recorded at fair value determined by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term mortgage notes payable.  Due to the short term nature of the balances, the Partnership assumed the fair value of all other current assets and liabilities approximated their carrying value and no adjustments were recorded.  The consolidation resulted in a gain of $1,385,000 as a result of the fair value of the assets of Bethel Towers exceeding the fair value of Bethel Towers liabilities.  The fair value measurements of the investment property, mortgage notes payable and intangible assets have been classified by the Partnership within Level 2 of the fair value hierarchy as described in Note 1.   In July 2013, the Partnership sold its limited partnership interest in New-Bel-Mo Enterprises L.P. (Belleville Manor) to an affiliate of the Local Operating General Partner. The Partnership received $20,500 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.   In July 2013, the Partnership sold its limited partnership interest in Clinton Apartments, Ltd. to an affiliate of the Local Operating General Partner. The Partnership received $37,000 in proceeds from the sale.  The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.   In July 2013, the Partnership sold its limited partnership interest in Emporia Limited (Northwood Village) to an affiliate of the Local Operating General Partner. The Partnership received $400,000 in proceeds from the sale.  The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.   In August 2013, the Partnership sold its limited partnership interest in Williamson Towers to an affiliate of the Local Operating General Partner. The Partnership received $25,000 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.   In December 2013, the Partnership sold Bethel Towers. The Partnership received approximately $1,079,000 in proceeds from the sale.   With the exception of its investment in Bethel Towers, the Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (between 95% and 99%). Distributions of surplus cash from operations from most of the Local Partnerships are restricted by the Local Partnerships Regulatory Agreements with the United States Department of Housing and Urban Development (HUD). These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships partnership agreements. These agreements usually limit the Partnerships distributions to an amount substantially less than its ownership percentage in the Local Partnership.   The individual investments are carried at cost plus the Partnerships share of the Local Partnerships profits less the Partnerships share of the Local Partnerships losses, distributions and impairment charges.  The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once its investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying consolidated statements of operations. The Partnership received operating distributions of approximately $148,000 and $136,000 from four Local Partnerships for the years ended December 31, 2013 and 2012, respectively.   For those investments where the Partnership has determined that the carrying value of its investments approximates the estimated fair value of those investments, the Partnerships policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize.   Prior to January 1, 2011, the investment balance in four of the Local Partnerships had been reduced to zero.  The Partnerships investment balance in Bethel Towers was zero prior to its consolidation effective December 10, 2012.   At times, advances are made to the Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership's investment in the Local Partnerships.  Advances made to Local Partnerships for which the investment has been reduced to zero are charged to expense.  During the years ended December 31, 2013 and 2012 the Partnership made no such advances.

Note 3 Transactions with Affiliated Parties   Under the terms of the Restated Certificate and Agreement of Limited Partners, the Partnership is obligated to NAPICO for an annual management fee equal to 0.5 percent of the Partnerships original invested assets of the limited partnerships and is calculated at the beginning of each year.  Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interest in the capital accounts of the respective Local Partnerships. The management fee incurred was approximately $54,000 for both years ended December 31, 2013 and 2012.   At December 31, 2013 and 2012, the Partnership owed NAPICO approximately $538,000 and $484,000, respectively, for management fees and this amount is included in accrued fees due to General Partner.   The General Partner was entitled to receive a liquidation fee of approximately $51,000 related to the sale of the limited partnership interest in Cherry Hill Apartments, which was sold in September 2003. This fee was accrued and is included in accrued fees due to General Partner. The fee will not be paid until the limited partners have received a return of their original invested capital.   The General Partner and its affiliates made no advances to the Partnership during the years ended December 31, 2013 and 2012.  Interest on advances is charged at prime plus 2%, or 5.25% at December 31, 2013. Interest expense was approximately $42,000 and $45,000 for the years ended December 31, 2013 and 2012, respectively. There were accrued interest payments of $226,000 made during the year ended December 31, 2013. No payments were made in 2012. At December 31, 2013 and 2012, the Partnership owed approximately $543,000 and $877,000, respectively, in advances and related accrued interest to the General Partner and its affiliates.

Note 4 - Income Taxes   The Partnership is not taxed on its income. The partners are taxed in their individual capacities based upon their distributive share of the Partnership's taxable income or loss and are allowed the benefits to be derived from off-setting their distributive share of the tax losses against taxable income from other sources subject to passive loss limitations. The taxable income or loss differs from amounts included in the consolidated statements of operations because different methods are used in determining the losses of the Local Partnerships as discussed below. The taxable income or loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="643" colspan="3" valign="bottom" style='width:6.7in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> A reconciliation between the Partnerships reported net income (loss) and the taxable income per the tax return is as follows (in thousands): </td> </tr> <tr style='height:8.05pt'> <td width="643" colspan="3" valign="bottom" style='width:6.7in;padding:0in 5.4pt 0in 5.4pt;height:8.05pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="210" colspan="2" valign="bottom" style='width:157.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Years Ended December 31, </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2013 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2012 </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Net income (loss) per financial statements </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 592  </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 1,258  </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Add (deduct): </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Other </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 54  </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 56  </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Investment in and advances to Local Partnerships </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 3,950  </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> (1,110)  </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Federal taxable income per tax return </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 4,596  </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 204  </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Federal taxable income per limited partnership interest </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 282.82  </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 12.43  </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:5.8pt'> <td width="620" colspan="3" valign="bottom" style='width:464.7pt;padding:0in 5.4pt 0in 5.4pt;height:5.8pt'>   </td> </tr> <tr style='height:5.8pt'> <td width="620" colspan="3" valign="bottom" style='width:464.7pt;padding:0in 5.4pt 0in 5.4pt;height:5.8pt'> The following is a reconciliation between the Partnerships reported amounts and the federal tax basis of net assets and liabilities (in thousands): </td> </tr> <tr style='height:5.8pt'> <td width="620" colspan="3" valign="bottom" style='width:464.7pt;padding:0in 5.4pt 0in 5.4pt;height:5.8pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="228" colspan="2" valign="bottom" style='width:171.1pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> December 31, </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2013 </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2012 </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Net assets (liabilities) as reported </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 597  </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 5  </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Add (deduct): </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Investment in Local Partnerships </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> --  </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> (3,948)  </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Deferred offering costs </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2,568  </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2,568  </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Other </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 624  </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 531  </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Net liabilities Federal tax basis </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $3,789  </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ (844)  </td> </tr> </table>

Note 5 Mortgage Notes Payable   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:43.6pt'> <td width="198" valign="bottom" style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt;height:43.6pt'> Property </td> <td width="126" valign="bottom" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:43.6pt'> Principal Balance At December 31, 2012 </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:43.6pt'> Monthly Payment Including Interest (1) </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:43.6pt'> Stated Interest Rate </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:43.6pt'> Maturity Date </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:43.6pt'> Principal Balance Due At Maturity </td> </tr> <tr style='height:13.7pt'> <td width="198" valign="bottom" style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="126" valign="bottom" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> </tr> <tr style='height:3.2pt'> <td width="198" valign="bottom" style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt;height:3.2pt'>   </td> <td width="126" valign="bottom" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:3.2pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:3.2pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:3.2pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:3.2pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:3.2pt'>   </td> </tr> <tr style='height:.2in'> <td width="198" valign="bottom" style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Bethel Towers 1st mortgage </td> <td width="126" valign="bottom" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 984  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 30  </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> 8.625%  </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> 3/1/2016  </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ --  </td> </tr> <tr style='height:.3in'> <td width="198" valign="bottom" style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Bethel Towers Home Rehabilitation mortgage </td> <td width="126" valign="bottom" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> 2,160  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.3in'> --  </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> 0.00%  </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> 3/1/2016  </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> 2,160  </td> </tr> <tr style='height:16.6pt'> <td width="198" valign="bottom" style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.6pt'> Mortgage premium, net </td> <td width="126" valign="bottom" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.6pt'> 77  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:16.6pt'> --  </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:16.6pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:16.6pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.6pt'> --  </td> </tr> <tr style='height:13.0pt'> <td width="198" valign="bottom" style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.0pt'>   </td> <td width="126" valign="bottom" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.0pt'> $3,221  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.0pt'> $ 30  </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.0pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.0pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.0pt'> $2,160  </td> </tr> <tr style='height:13.7pt'> <td width="198" valign="bottom" style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="126" valign="bottom" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:.4in'> <td width="726" colspan="6" valign="bottom" style='width:544.5pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'> (1)  Monthly payment of principal and interest has not been reduced by the monthly government interest subsidy of approximately $20,000. </td> </tr> </table>   The mortgage notes payable were secured by pledge of the Partnerships consolidated property.   On December 10, 2013, the mortgage was repaid as part of the sale (Note 2).

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

Note 7 Pro Forma Financial Statements (unaudited)   The following pro forma condensed consolidated statements of operations for the years ended December 31, 2012, have been prepared as if the Bethel Towers transaction (see Note 2) had occurred on January 1, 2012.  The pro forma information is not necessarily indicative of what the Partnerships results of operations would have been assuming the consolidation nor does it purport to project the Partnerships results of operations for any future period.   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.2in;border-collapse:collapse'> <tr style='height:12.95pt'> <td width="606" colspan="3" valign="bottom" style='width:454.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="606" colspan="3" valign="bottom" style='width:454.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Pro Forma Condensed Consolidated Statement of Operations </td> </tr> <tr style='height:12.95pt'> <td width="606" colspan="3" valign="bottom" style='width:454.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> (In thousands, except per Interest data) (Unaudited) </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2012 </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Rental and other income </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 1,466  </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Expenses </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> (1,310)  </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Net income </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 156  </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:.2in'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Net income per limited partnership interest </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 9.47  </td> </tr> </table>

Note 8 - Subsequent Event   The Partnerships management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.   During January 2014, the Partnership received approximately $451,000 of remaining escrow funds from the sale of Bethel Towers.

Organization   Real Estate Associates Limited (REAL or the Partnership) was formed under the California Limited Partnership Act on September 15, 1977.  The Partnership was formed to invest either directly or indirectly in other partnerships which own or lease and operate primarily federal, state and local government-assisted housing projects.  The general partner is National Partnership Investments, LLC, a California limited liability company (NAPICO or the "General Partner").  The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (Bethesda). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (Aimco), a publicly traded real estate investment trust.  The Partnership shall be dissolved only upon the expiration of 53 complete calendar years (December 31, 2031) from the date of the formation of the Partnership or the occurrence of other events as specified in the terms of the Partnership agreement.  The business of the Partnership is conducted primarily by NAPICO.   The general partner has a one percent interest in profits and losses of the Partnership.  The limited partners have the remaining 99 percent interest in proportion to their respective investments. A withdrawal amendment was entered into as of September 12, 2002 and became effective 90 days thereafter by and among NAPICO and Charles Boxenbaum, whereby Boxenbaums 45% general partner interest was converted to that of a limited partner in the Partnership entitled to participate in the profits and losses of the Partnership in an amount equal to 45% of the amounts otherwise allocable to the general partners of the Partnership.  The General Partner is the sole remaining general partner of the Partnership.   Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partner will be entitled to a liquidation fee as stipulated in the Partnership agreement.  The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions.

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

Use of Estimates   The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Principles of Consolidation   As a result of the assignment of the local operating general partner interest in Bethel Towers Limited Dividend Housing Association (Bethel Towers) to the Partnership on December 10, 2012 (as discussed in Note 2), the Partnership began consolidating the assets, liabilities, and operations of Bethel Towers as of December 10, 2012. The consolidated financial statements of the Partnership include its 99.99% general and limited partner interests in Bethel Towers. All significant inter-partnership balances have been eliminated. The apartment property owned by Bethel Towers is located in Detroit, Michigan.

Method of Accounting for Investments in Limited Partnerships   With the exception of Bethel Towers, the investments in local partnerships (the Local Partnerships) were accounted for on the equity method. Abandonment of Limited Partnership Interests   During the years ended December 31, 2013 and 2012, the number of limited partnership interests decreased by 34.55 and 17 interests, respectively, due to limited partners abandoning their interests. In abandoning his or her limited partnership interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year. At December 31, 2013 and 2012, the Partnership had outstanding 16,216.45 and 16,251 limited partnership interests, respectively.

Net Income (Loss) Per Limited Partnership Interest   Net income (loss) per limited partnership interest was computed by dividing the limited partners' share of net income (loss) by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 16,251 and 16,268 for the years ended December 31, 2013 and 2012, respectively.

Cash and Cash Equivalents   Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. Cash balances included approximately $47,000 at December 31, 2012, that were maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account. In 2013 the affiliated management company maintained separate cash accounts with an FDIC insured bank for each of its affiliated entities including REAL.

Impairment of Long-Lived Assets   The Partnership reviews its investments in long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss.  There were no impairment losses recognized during the years ended December 31, 2013 and 2012.

Fair Value of Financial Instruments   Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement.  Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date.  Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.  Level 3 includes fair value measurements based on unobservable inputs.  The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments approximates their fair value due to the short-term maturity of these instruments. See Note 2 regarding fair value determinations for the assets and liabilities of Bethel Towers.

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

Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   On December 10, 2012, the Partnership became the operating general partner of Bethel Towers, as a result of the assignment of the local operating general partner interest in Bethel Towers to the Partnership. Therefore, effective December 10, 2012, the Partnership began consolidating this Local Partnership and it is no longer considered a VIE (see Note 2).   At December 31, 2013 and 2012, the Partnership held variable interests in zero and four VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:   ·         the general partners conduct and manage the business of the Local Partnerships; ·         the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·         the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·         the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·         the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·         the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The Partnership was involved with those VIEs as a non-controlling limited partner equity holder. The Partnerships maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnerships recorded investments in and receivables from these VIEs, which were zero at December 31, 2013 and 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future. Tenant Security Deposits   At December 31, 2012, Bethel Towers required security deposits from lessees for the duration of the lease. Deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments. Investment Property   At December 31, 2012, investment property consisted of one apartment complex and is stated at fair value as of the date the Partnership began consolidating Bethel Towers. Bethel Towers capitalizes costs incurred in connection with capital additions activities, including construction projects, other tangible property improvements and replacements of existing property components. Bethel Towers capitalizes interest during periods in which construction projects are in progress. Capitalized costs are depreciated over the estimated useful life of the asset. Bethel charges to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance and resident turnover costs.

Depreciation   Depreciation was provided by the straight-line method over the estimated life of the apartment property and related personal property.

Leases   Bethel Towers generally leased apartment units for twelve-month terms or less.  Rental income attributable to leases is recognized as rents become due.  Bethel Towers evaluated all accounts receivable from residents and established an allowance, after the application of security deposits, for all receivables due from former tenants.

Restricted Escrows   Bethel Towers had established escrows for real estate taxes, insurance, capital improvements and certain operating expenses for its investment property. The balance in the escrow accounts at December 31, 2012 was approximately $412,000.

Intangible Assets   Intangible assets, associated with the consolidation of Bethel Towers, consisted of in-place leases and was included in other assets at December 31, 2012. The intangible assets related to in-place leases were comprised of:   1) The value of the above-market and below-market leases in-place.  An asset or liability is recognized based on the difference between (a) the contractual amounts to be paid pursuant to the in-place leases and (b) the Partnerships estimate of fair market lease rates for the corresponding in-place leases, measured over the period, including estimated lease renewals for below-market leases, that the leases are expected to remain in effect.   2) The estimated unamortized portion of avoided leasing commissions and other costs that would be incurred to originate the in-place leases.   3) The value associated with vacant units during the absorption period (estimates of lost rental revenue during the expected lease-up periods based on current market demand and stabilized occupancy levels).  The values of the above-market and below-market leases are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods.  Other intangible assets related to in-place leases are amortized to depreciation and amortization expense over the expected remaining terms of the associated leases.

<table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="643" colspan="3" valign="bottom" style='width:6.7in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> A reconciliation between the Partnerships reported net income (loss) and the taxable income per the tax return is as follows (in thousands): </td> </tr> <tr style='height:8.05pt'> <td width="643" colspan="3" valign="bottom" style='width:6.7in;padding:0in 5.4pt 0in 5.4pt;height:8.05pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="210" colspan="2" valign="bottom" style='width:157.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Years Ended December 31, </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2013 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2012 </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Net income (loss) per financial statements </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 592  </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 1,258  </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Add (deduct): </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Other </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 54  </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 56  </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Investment in and advances to Local Partnerships </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 3,950  </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> (1,110)  </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Federal taxable income per tax return </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 4,596  </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 204  </td> </tr> <tr style='height:12.95pt'> <td width="433" valign="bottom" style='width:324.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Federal taxable income per limited partnership interest </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 282.82  </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 12.43  </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:5.8pt'> <td width="620" colspan="3" valign="bottom" style='width:464.7pt;padding:0in 5.4pt 0in 5.4pt;height:5.8pt'>   </td> </tr> <tr style='height:5.8pt'> <td width="620" colspan="3" valign="bottom" style='width:464.7pt;padding:0in 5.4pt 0in 5.4pt;height:5.8pt'> The following is a reconciliation between the Partnerships reported amounts and the federal tax basis of net assets and liabilities (in thousands): </td> </tr> <tr style='height:5.8pt'> <td width="620" colspan="3" valign="bottom" style='width:464.7pt;padding:0in 5.4pt 0in 5.4pt;height:5.8pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="228" colspan="2" valign="bottom" style='width:171.1pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> December 31, </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2013 </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2012 </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Net assets (liabilities) as reported </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 597  </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 5  </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Add (deduct): </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Investment in Local Partnerships </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> --  </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> (3,948)  </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Deferred offering costs </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2,568  </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2,568  </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Other </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 624  </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 531  </td> </tr> <tr style='height:12.95pt'> <td width="391" valign="bottom" style='width:293.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Net liabilities Federal tax basis </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $3,789  </td> <td width="111" valign="bottom" style='width:83.6pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ (844)  </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.2in;border-collapse:collapse'> <tr style='height:12.95pt'> <td width="606" colspan="3" valign="bottom" style='width:454.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="606" colspan="3" valign="bottom" style='width:454.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Pro Forma Condensed Consolidated Statement of Operations </td> </tr> <tr style='height:12.95pt'> <td width="606" colspan="3" valign="bottom" style='width:454.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> (In thousands, except per Interest data) (Unaudited) </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2012 </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Rental and other income </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 1,466  </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Expenses </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> (1,310)  </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Net income </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 156  </td> </tr> <tr style='height:12.95pt'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:.2in'> <td width="372" valign="bottom" style='width:279.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Net income per limited partnership interest </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 9.47  </td> </tr> </table> 1977-09-15 16251 16268 20500 0 0 37000 0 0 400000 0 0 25000 0

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Contingencies Note 2 - Investments in and Advances To Local Partnerships Other Significant Noncash Transaction Limited Partners Total assets Total assets Consolidated Balance Sheets Amendment Flag Document Period End Date Reconciliation between the Partnership's reported net income and the net income (loss) per tax return Organization Increase in cash from consolidation of Local Partnership Proceeds from sale of rental property Accrued interest on advances Partners' capital equity (deficiency), beginning balance Partners' capital equity (deficiency), beginning balance Partners' capital equity (deficiency), ending balance Consolidated Statements of Changes in Partners' Capital (Deficiency) Rental income Entity Well-known Seasoned Issuer Entity Central Index Key Bethel Towers 1st mortgage Tenant Security Deposits Net increase (decrease) in cash and cash equivalents Net increase (decrease) in cash and cash equivalents Gain on consolidation of Local Partnership Gain on consolidation of Local Partnership Other income Revenues: Document Type Investment Balance Details Investment Property Note 4 - Income Taxes Accrued property taxes {1} Accrued property taxes General partner Other assets Document Fiscal Period Focus Entity Registrant Name Document and Entity Information: Pro Forma Bethel Towers Home Rehabilitation mortgage Investment in Local Partnerships Emporia Limited New-Bel-Mo Enterprises L.P. Net Income (Loss) Per Limited Partnership Interest Abandonment of Limited Partnership Interests Policies Note 5 - Mortgage Notes Payable Cash paid for interest Change in Accounts payable and accrued expenses Change in Accounts payable and accrued expenses Interest expense Operating Expenses: Investment property, net Investment property, net Rental and other income Note payable, Stated Interest Rate Depreciation {1} Depreciation Change in Deferred Revenues Change in Deferred Revenues Change in accounts: Restricted escrows {1} Restricted escrows Equity Components Net Income (Loss) per limited partnership interest Net Income (Loss) allocated to limited partners (99%) Management fees - General Partner Operating Costs Total partners' capital equity (deficiency) Total partners' capital equity (deficiency) Accrued fees due to General Partner Total investment property Total investment property Entity Filer Category Net income per limited partnership interest Property Clinton Apartments, Ltd. Segment Reporting Other assets {1} Other assets Consolidated Statements of Cash Flows General Partner Accrued property taxes Entity Public Float Scenario Net assets (liabilities) as reported Federal taxable income per limited partnership interest Proceeds from sale of limited partnership interest Leases Cash flows provided by (used in) financing activities: Change in Accrued fees due to General Partner Income (Loss) from partnership operations General and administrative Consolidated Statements of Operations Total liabilities Total liabilities Advances and accrued interest due to General Partner or affiliates Debt Instrument, Maturity Date Monthly Payment Including Interest Deferred offering costs Federal taxable income per tax return Partnership Interest {1} Partnership Interest Partnership Interest Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets Use of Estimates Cash flows provided by (used in) investing activities: Change in Tenant security deposit liability Change in Tenant security deposit liability Cash flows from operating activities: Gain on sale of Limited Partner Interest in Local Partnerships Total liabilities and partners' capital equity (deficiency) Total liabilities and partners' capital equity (deficiency) Mortgage notes payable Document Fiscal Year Focus Entity Voluntary Filers Scenario, Unspecified Net liabilities - Federal tax basis Variable Interest Entities Fair Value of Financial Instruments Principal payments on mortgage notes payable Principal payments on mortgage notes payable Net Income (Loss) Net Income (Loss) Liabilities: Receivables and deposits Entity Current Reporting Status Principal Balance Due At Maturity Notes Payable Notes Payable Mortgage premium, net Impairment of Long-lived Assets Method of Accounting For Investment in Local Partnerships Principles of Consolidation Deferred revenue {1} Deferred revenue Accounts payable and accrued expenses {1} Accounts payable and accrued expenses Receivables and deposits {1} Receivables and deposits Other Significant Noncash Transaction, Name Property taxes Effective Income Tax Rate Reconciliation, Other Adjustments, Amount Williamson Towers Pro Forma Condensed Consolidated Statement of Operations Non-cash transaction associated with consolidation of Local Partnership Gain on sale of rental property Gain on sale of rental property Less accumulated depreciation Less accumulated depreciation Land Investment property: Assets Reconciliation, Other Tables/Schedules Intangible Assets Cash and Cash Equivalents Note 7 - Pro Forma Financial Statements (unaudited) Cash and cash equivalents, beginning of period Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Net cash provided by (used in) investing activities Net cash provided by (used in) investing activities Distributions in excess of investment in Local Partnerships Total operating expenses Total operating expenses Limited partners Buildings and related personal property Assets {1} Assets Current Fiscal Year End Date Note 1 - Organization and Summary of Significant Accounting Policies Equity Component Net Income (Loss) allocated to general partner (1%) Total revenues Total revenues Deferred revenue Accounts payable and accrued expenses Restricted escrows Investment in and Advances To Local Partnerships Restricted Escrows Note 8 - Subsequent Event Note 3 - Transactions With Affiliated Parties Change in Accrued property tax Change in Accrued property tax Tenant security deposit liability {1} Tenant security deposit liability Statement {1} Statement Statement Legal and accounting Cash and cash equivalents EX-101.PRE 9 real-20131231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.SCH 10 real-20131231.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000220 - 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Note 4 - Income Taxes: Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Details
Net assets (liabilities) as reported	$ 597	$ 5
Investment in Local Partnerships		(3,948)
Deferred offering costs	2,568	2,568
Assets Reconciliation, Other	624	531
Net liabilities - Federal tax basis	$ 3,789	$ (844)

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Note 4 - Income Taxes: Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets (Tables)
12 Months Ended

Dec. 31, 2013

Tables/Schedules

Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets

The following is a reconciliation between the Partnership’s reported amounts and the federal tax basis of net assets and liabilities (in thousands):

December 31,

2013

2012

Net assets (liabilities) as reported

$ 597

$ 5

Add (deduct):

Investment in Local Partnerships

--

(3,948)

Deferred offering costs

2,568

2,568

Other

624

531

Net liabilities – Federal tax basis

$3,789

$ (844)

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

Dec. 31, 2013

Policies

Variable Interest Entities
Variable Interest Entities

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

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

On December 10, 2012, the Partnership became the operating general partner of Bethel Towers, as a result of the assignment of the local operating general partner interest in Bethel Towers to the Partnership. Therefore, effective December 10, 2012, the Partnership began consolidating this Local Partnership and it is no longer considered a VIE (see Note 2).

At December 31, 2013 and 2012, the Partnership held variable interests in zero and four VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The Partnership was involved with those VIEs as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnership’s recorded investments in and receivables from these VIEs, which were zero at December 31, 2013 and 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

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

Dec. 31, 2013

Dec. 31, 2012

New-Bel-Mo Enterprises L.P.

Proceeds from sale of limited partnership interest $ 20,500

Investment Balance 0 0

Clinton Apartments, Ltd.

Proceeds from sale of limited partnership interest 37,000

Investment Balance 0 0

Emporia Limited

Proceeds from sale of limited partnership interest 400,000

Investment Balance 0 0

Williamson Towers

Proceeds from sale of limited partnership interest 25,000

Investment Balance $ 0

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Note 4 - Income Taxes
12 Months Ended

Dec. 31, 2013

Notes

Note 4 - Income Taxes
Note 4 - Income Taxes

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

A reconciliation between the Partnership’s reported net income (loss) and the taxable income per the tax return is as follows (in thousands):

Years Ended December 31,

2013

2012

Net income (loss) per financial statements

$ 592

$ 1,258

Add (deduct):

Other

54

56

Investment in and advances to Local Partnerships

3,950

(1,110)

Federal taxable income per tax return

$ 4,596

$ 204

Federal taxable income per limited partnership interest

282.82

$ 12.43

The following is a reconciliation between the Partnership’s reported amounts and the federal tax basis of net assets and liabilities (in thousands):

December 31,

2013

2012

Net assets (liabilities) as reported

$ 597

$ 5

Add (deduct):

Investment in Local Partnerships

--

(3,948)

Deferred offering costs

2,568

2,568

Other

624

531

Net liabilities – Federal tax basis

$3,789

$ (844)

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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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-Publisher FASB

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

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-Publisher SEC

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

Dec. 31, 2013

Policies

Leases
Leases

Bethel Towers generally leased apartment units for twelve-month terms or less. Rental income attributable to leases is recognized as rents become due. Bethel Towers evaluated all accounts receivable from residents and established an allowance, after the application of security deposits, for all receivables due from former tenants.

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Disclosure of accounting policy for leasing arrangements (both lessor and lessee). This disclosure may address (1) lease classification (that is, operating versus capital), (2) how the term of a lease is determined (for example, the circumstances in which a renewal option is considered part of the lease term), (3) how rental revenue or expense is recognized for a lease that contains rent escalations, (4) an entity's accounting treatment for deferred rent, including that which arises from lease incentives, rent abatements, rent holidays, or tenant allowances (5) an entity's accounting treatment for contingent rental payments and (6) an entity's policy for reviewing, at least annually, the residual values of sales-type and direct-finance leases. The disclosure also may indicate how the entity accounts for its capital leases, leveraged leases or sale-leaseback transactions.

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

Dec. 31, 2013

Policies

Depreciation
Depreciation

Depreciation was provided by the straight-line method over the estimated life of the apartment property and related personal property.

X

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Disclosure of accounting policy for depreciation, depletion, and amortization of property and equipment costs, including methods used and estimated useful lives and how impairment of such assets is assessed and recognized.

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

Dec. 31, 2013

Policies

Restricted Escrows
Restricted Escrows

Bethel Towers had established escrows for real estate taxes, insurance, capital improvements and certain operating expenses for its investment property. The balance in the escrow accounts at December 31, 2012 was approximately $412,000.

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

Dec. 31, 2013

Policies

Intangible Assets
Intangible Assets

Intangible assets, associated with the consolidation of Bethel Towers, consisted of in-place leases and was included in other assets at December 31, 2012. The intangible assets related to in-place leases were comprised of:

1) The value of the above-market and below-market leases in-place. An asset or liability is recognized based on the difference between (a) the contractual amounts to be paid pursuant to the in-place leases and (b) the Partnership’s estimate of fair market lease rates for the corresponding in-place leases, measured over the period, including estimated lease renewals for below-market leases, that the leases are expected to remain in effect.

2) The estimated unamortized portion of avoided leasing commissions and other costs that would be incurred to originate the in-place leases.

3) The value associated with vacant units during the absorption period (estimates of lost rental revenue during the expected lease-up periods based on current market demand and stabilized occupancy levels). The values of the above-market and below-market leases are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization expense over the expected remaining terms of the associated leases.

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Note 3 - Transactions With Affiliated Parties
12 Months Ended

Dec. 31, 2013

Notes

Note 3 - Transactions With Affiliated Parties
Note 3 – Transactions with Affiliated Parties

Under the terms of the Restated Certificate and Agreement of Limited Partners, the Partnership is obligated to NAPICO for an annual management fee equal to 0.5 percent of the Partnership’s original invested assets of the limited partnerships and is calculated at the beginning of each year. Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interest in the capital accounts of the respective Local Partnerships. The management fee incurred was approximately $54,000 for both years ended December 31, 2013 and 2012.

At December 31, 2013 and 2012, the Partnership owed NAPICO approximately $538,000 and $484,000, respectively, for management fees and this amount is included in accrued fees due to General Partner.

The General Partner was entitled to receive a liquidation fee of approximately $51,000 related to the sale of the limited partnership interest in Cherry Hill Apartments, which was sold in September 2003. This fee was accrued and is included in accrued fees due to General Partner. The fee will not be paid until the limited partners have received a return of their original invested capital.

The General Partner and its affiliates made no advances to the Partnership during the years ended December 31, 2013 and 2012. Interest on advances is charged at prime plus 2%, or 5.25% at December 31, 2013. Interest expense was approximately $42,000 and $45,000 for the years ended December 31, 2013 and 2012, respectively. There were accrued interest payments of $226,000 made during the year ended December 31, 2013. No payments were made in 2012. At December 31, 2013 and 2012, the Partnership owed approximately $543,000 and $877,000, respectively, in advances and related accrued interest to the General Partner and its affiliates.

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Note 4 - Income Taxes: Reconciliation between the Partnership's reported net income and the net income (loss) per tax return (Tables)
12 Months Ended

Dec. 31, 2013

Tables/Schedules

Reconciliation between the Partnership's reported net income and the net income (loss) per tax return

A reconciliation between the Partnership’s reported net income (loss) and the taxable income per the tax return is as follows (in thousands):

Years Ended December 31,

2013

2012

Net income (loss) per financial statements

$ 592

$ 1,258

Add (deduct):

Other

54

56

Investment in and advances to Local Partnerships

3,950

(1,110)

Federal taxable income per tax return

$ 4,596

$ 204

Federal taxable income per limited partnership interest

282.82

$ 12.43

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Note 5 - Mortgage Notes Payable (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Notes Payable $ 3,221

Monthly Payment Including Interest 30

Principal Balance Due At Maturity 2,160

Bethel Towers 1st mortgage

Notes Payable 984

Monthly Payment Including Interest 30

Note payable, Stated Interest Rate 8.63%

Debt Instrument, Maturity Date Mar. 01, 2016

Bethel Towers Home Rehabilitation mortgage

Notes Payable 2,160

Note payable, Stated Interest Rate 0.00%

Debt Instrument, Maturity Date Mar. 01, 2016

Principal Balance Due At Maturity 2,160

Mortgage premium, net

Notes Payable $ 77

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

Dec. 31, 2013

Dec. 31, 2012

Assets

Cash and cash equivalents $ 1,292 $ 185

Receivables and deposits 35 91

Restricted escrows 452 412

Other assets 163

Investment property:

Land 366

Buildings and related personal property 3,703

Total investment property 4,069

Less accumulated depreciation (7)

Investment property, net 4,062

Total assets 1,779 4,913

Liabilities:

Accounts payable and accrued expenses 49 104

Accrued fees due to General Partner 590 535

Advances and accrued interest due to General Partner or affiliates 543 877

Tenant security deposit liability 63

Accrued property taxes 85

Deferred revenue 23

Mortgage notes payable 3,221

Total liabilities 1,182 4,908

Partners' Capital Equity (Deficiency):

General partner (121) (127)

Limited partners 718 132

Total partners' capital equity (deficiency) 597 5

Total liabilities and partners' capital equity (deficiency) $ 1,779 $ 4,913

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

Dec. 31, 2013

Notes

Note 1 - Organization and Summary of Significant Accounting Policies
Note 1 - Organization and Summary of Significant Accounting Policies

Organization

Real Estate Associates Limited (“REAL” or the “Partnership”) was formed under the California Limited Partnership Act on September 15, 1977. The Partnership was formed to invest either directly or indirectly in other partnerships which own or lease and operate primarily federal, state and local government-assisted housing projects. The general partner is National Partnership Investments, LLC, a California limited liability company (“NAPICO” or the "General Partner"). The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The Partnership shall be dissolved only upon the expiration of 53 complete calendar years (December 31, 2031) from the date of the formation of the Partnership or the occurrence of other events as specified in the terms of the Partnership agreement. The business of the Partnership is conducted primarily by NAPICO.

The general partner has a one percent interest in profits and losses of the Partnership. The limited partners have the remaining 99 percent interest in proportion to their respective investments. A withdrawal amendment was entered into as of September 12, 2002 and became effective 90 days thereafter by and among NAPICO and Charles Boxenbaum, whereby Boxenbaum’s 45% general partner interest was converted to that of a limited partner in the Partnership entitled to participate in the profits and losses of the Partnership in an amount equal to 45% of the amounts otherwise allocable to the general partners of the Partnership. The General Partner is the sole remaining general partner of the Partnership.

Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partner will be entitled to a liquidation fee as stipulated in the Partnership agreement. The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions.

Basis of Presentation

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

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Principles of Consolidation

As a result of the assignment of the local operating general partner interest in Bethel Towers Limited Dividend Housing Association (“Bethel Towers”) to the Partnership on December 10, 2012 (as discussed in Note 2), the Partnership began consolidating the assets, liabilities, and operations of Bethel Towers as of December 10, 2012. The consolidated financial statements of the Partnership include its 99.99% general and limited partner interests in Bethel Towers. All significant inter-partnership balances have been eliminated. The apartment property owned by Bethel Towers is located in Detroit, Michigan.

Method of Accounting for Investments in Limited Partnerships

With the exception of Bethel Towers, the investments in local partnerships (the “Local Partnerships”) were accounted for on the equity method.

Abandonment of Limited Partnership Interests

During the years ended December 31, 2013 and 2012, the number of limited partnership interests decreased by 34.55 and 17 interests, respectively, due to limited partners abandoning their interests. In abandoning his or her limited partnership interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year. At December 31, 2013 and 2012, the Partnership had outstanding 16,216.45 and 16,251 limited partnership interests, respectively.

Net Income (Loss) Per Limited Partnership Interest

Net income (loss) per limited partnership interest was computed by dividing the limited partners' share of net income (loss) by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 16,251 and 16,268 for the years ended December 31, 2013 and 2012, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. Cash balances included approximately $47,000 at December 31, 2012, that were maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account. In 2013 the affiliated management company maintained separate cash accounts with an FDIC insured bank for each of its affiliated entities including REAL.

Impairment of Long-Lived Assets

The Partnership reviews its investments in long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. There were no impairment losses recognized during the years ended December 31, 2013 and 2012.

Fair Value of Financial Instruments

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement. Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date. Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 includes fair value measurements based on unobservable inputs. The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments approximates their fair value due to the short-term maturity of these instruments. See Note 2 regarding fair value determinations for the assets and liabilities of Bethel Towers.

Segment Reporting

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

Variable Interest Entities

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

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

On December 10, 2012, the Partnership became the operating general partner of Bethel Towers, as a result of the assignment of the local operating general partner interest in Bethel Towers to the Partnership. Therefore, effective December 10, 2012, the Partnership began consolidating this Local Partnership and it is no longer considered a VIE (see Note 2).

At December 31, 2013 and 2012, the Partnership held variable interests in zero and four VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The Partnership was involved with those VIEs as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnership’s recorded investments in and receivables from these VIEs, which were zero at December 31, 2013 and 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Tenant Security Deposits

At December 31, 2012, Bethel Towers required security deposits from lessees for the duration of the lease. Deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments.

Investment Property

At December 31, 2012, investment property consisted of one apartment complex and is stated at fair value as of the date the Partnership began consolidating Bethel Towers. Bethel Towers capitalizes costs incurred in connection with capital additions activities, including construction projects, other tangible property improvements and replacements of existing property components. Bethel Towers capitalizes interest during periods in which construction projects are in progress. Capitalized costs are depreciated over the estimated useful life of the asset. Bethel charges to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance and resident turnover costs.

Depreciation

Depreciation was provided by the straight-line method over the estimated life of the apartment property and related personal property.

Leases

Bethel Towers generally leased apartment units for twelve-month terms or less. Rental income attributable to leases is recognized as rents become due. Bethel Towers evaluated all accounts receivable from residents and established an allowance, after the application of security deposits, for all receivables due from former tenants.

Restricted Escrows

Bethel Towers had established escrows for real estate taxes, insurance, capital improvements and certain operating expenses for its investment property. The balance in the escrow accounts at December 31, 2012 was approximately $412,000.

Intangible Assets

Intangible assets, associated with the consolidation of Bethel Towers, consisted of in-place leases and was included in other assets at December 31, 2012. The intangible assets related to in-place leases were comprised of:

1) The value of the above-market and below-market leases in-place. An asset or liability is recognized based on the difference between (a) the contractual amounts to be paid pursuant to the in-place leases and (b) the Partnership’s estimate of fair market lease rates for the corresponding in-place leases, measured over the period, including estimated lease renewals for below-market leases, that the leases are expected to remain in effect.

2) The estimated unamortized portion of avoided leasing commissions and other costs that would be incurred to originate the in-place leases.

3) The value associated with vacant units during the absorption period (estimates of lost rental revenue during the expected lease-up periods based on current market demand and stabilized occupancy levels). The values of the above-market and below-market leases are amortized to rental revenue over the expected remaining terms of the associated leases, which include reasonably assured renewal periods. Other intangible assets related to in-place leases are amortized to depreciation and amortization expense over the expected remaining terms of the associated leases.

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The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

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

Dec. 31, 2013

Details

Entity Incorporation, Date of Incorporation Sep. 15, 1977

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

Dec. 31, 2013

Policies

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

The Partnership reviews its investments in long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. There were no impairment losses recognized during the years ended December 31, 2013 and 2012.

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

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

Dec. 31, 2013

Dec. 31, 2012

Details

Number of limited partnership interests 16,251 16,268

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

Dec. 31, 2013

Policies

Segment Reporting
Segment Reporting

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

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

Dec. 31, 2013

Notes

Note 2 - Investments in and Advances To Local Partnerships
Note 2 – Investment in and Advances to Local Partnerships

As of December 31, 2013 and 2012, the Partnership held limited partnership interests in zero and five Local Partnerships, respectively. The Local Partnerships as of December 31, 2013 and 2012, owned residential low income rental projects consisting of zero and 350 apartment units, respectively. The mortgage loans for these projects were payable to or insured by various government agencies.

Effective December 10, 2012, the Partnership designated itself as the operating general partner of Bethel Towers pursuant to the terms of the partnership agreement for Bethel Towers whereby the Partnership was to be named the operating general partner of Bethel Towers upon the death of the existing operating general partner. Accordingly, the 0.99% local operating general partner interest in Bethel Towers was assigned to the Partnership as of December 10, 2012. As a result of this assignment, the Partnership now consolidates this Local Partnership (as discussed in Note 1). All assets and liabilities of Bethel Towers were consolidated, effective December 10, 2012, at fair value. The Partnership recorded an intangible asset for the value of the in-place lease assets of approximately $131,000 determined by using internal valuation techniques that consider the terms of the in-place leases and current market data for comparable leases. This intangible asset will be amortized over a period of six months. The investment property was recorded at fair value determined by using internal valuation techniques that considered comparable market transactions, discounted cash flow techniques, replacement costs and other available information. The investment property will be depreciated over 30 years. The mortgage notes payable were recorded at fair value determined by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term mortgage notes payable. Due to the short term nature of the balances, the Partnership assumed the fair value of all other current assets and liabilities approximated their carrying value and no adjustments were recorded. The consolidation resulted in a gain of $1,385,000 as a result of the fair value of the assets of Bethel Towers exceeding the fair value of Bethel Towers’ liabilities. The fair value measurements of the investment property, mortgage notes payable and intangible assets have been classified by the Partnership within Level 2 of the fair value hierarchy as described in Note 1.

In July 2013, the Partnership sold its limited partnership interest in New-Bel-Mo Enterprises L.P. (Belleville Manor) to an affiliate of the Local Operating General Partner. The Partnership received $20,500 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.

In July 2013, the Partnership sold its limited partnership interest in Clinton Apartments, Ltd. to an affiliate of the Local Operating General Partner. The Partnership received $37,000 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.

In July 2013, the Partnership sold its limited partnership interest in Emporia Limited (Northwood Village) to an affiliate of the Local Operating General Partner. The Partnership received $400,000 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.

In August 2013, the Partnership sold its limited partnership interest in Williamson Towers to an affiliate of the Local Operating General Partner. The Partnership received $25,000 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at both December 31, 2013 and 2012.

In December 2013, the Partnership sold Bethel Towers. The Partnership received approximately $1,079,000 in proceeds from the sale.

With the exception of its investment in Bethel Towers, the Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (between 95% and 99%). Distributions of surplus cash from operations from most of the Local Partnerships are restricted by the Local Partnerships’ Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”). These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships’ partnership agreements. These agreements usually limit the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Partnership.

The individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once its investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying consolidated statements of operations. The Partnership received operating distributions of approximately $148,000 and $136,000 from four Local Partnerships for the years ended December 31, 2013 and 2012, respectively.

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

Prior to January 1, 2011, the investment balance in four of the Local Partnerships had been reduced to zero. The Partnership’s investment balance in Bethel Towers was zero prior to its consolidation effective December 10, 2012.

At times, advances are made to the Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership's investment in the Local Partnerships. Advances made to Local Partnerships for which the investment has been reduced to zero are charged to expense. During the years ended December 31, 2013 and 2012 the Partnership made no such advances.

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

Dec. 31, 2013

Dec. 31, 2012

Revenues:

Rental income $ 1,024 $ 50

Other income 300 17

Total revenues 1,324 67

Operating Expenses:

Operating Costs 923 39

Depreciation and amortization (155) (12)

Property taxes 146 5

Management fees - General Partner 54 54

General and administrative 11 7

Legal and accounting 149 162

Interest expense 129 51

Total operating expenses 1,567 330

Income (Loss) from partnership operations (243) (263)

Gain on sale of Limited Partner Interest in Local Partnerships 483

Gain on sale of rental property 204

Distributions in excess of investment in Local Partnerships 148 136

Gain on consolidation of Local Partnership 1,385

Net Income (Loss) 592 1,258

Net Income (Loss) allocated to general partner (1%) 6 13

Net Income (Loss) allocated to limited partners (99%) $ 586 $ 1,245

Net Income (Loss) per limited partnership interest $ 36.06 $ 76.53

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

Dec. 31, 2013

Policies

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As a result of the assignment of the local operating general partner interest in Bethel Towers Limited Dividend Housing Association (“Bethel Towers”) to the Partnership on December 10, 2012 (as discussed in Note 2), the Partnership began consolidating the assets, liabilities, and operations of Bethel Towers as of December 10, 2012. The consolidated financial statements of the Partnership include its 99.99% general and limited partner interests in Bethel Towers. All significant inter-partnership balances have been eliminated. The apartment property owned by Bethel Towers is located in Detroit, Michigan.

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12 Months Ended

Dec. 31, 2013

Policies

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

With the exception of Bethel Towers, the investments in local partnerships (the “Local Partnerships”) were accounted for on the equity method.

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Consolidated Statements of Changes in Partners' Capital (Deficiency) (USD $)
In Thousands

General Partner

Limited Partners

Total

Partners' capital equity (deficiency), beginning balance at Dec. 31, 2011 $ (140) $ (1,113) $ (1,253)

Net Income (Loss) 13 1,245 1,258

Partners' capital equity (deficiency), ending balance at Dec. 31, 2012 (127) 132 5

Net Income (Loss) 6 586 592

Partners' capital equity (deficiency), ending balance at Dec. 31, 2013 $ (121) $ 718 $ 597

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Note 7 - Pro Forma Financial Statements (unaudited)
12 Months Ended

Dec. 31, 2013

Notes

Note 7 - Pro Forma Financial Statements (unaudited)
Note 7 – Pro Forma Financial Statements (unaudited)

The following pro forma condensed consolidated statements of operations for the years ended December 31, 2012, have been prepared as if the Bethel Towers transaction (see Note 2) had occurred on January 1, 2012. The pro forma information is not necessarily indicative of what the Partnership’s results of operations would have been assuming the consolidation nor does it purport to project the Partnership’s results of operations for any future period.

Pro Forma Condensed Consolidated Statement of Operations

(In thousands, except per Interest data) (Unaudited)

2012

Rental and other income

$ 1,466

Expenses

(1,310)

Net income

$ 156

Net income per limited partnership interest

$ 9.47

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Note 6 - Contingencies
12 Months Ended

Dec. 31, 2013

Notes

Note 6 - Contingencies
Note 6 – Contingencies

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

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

Dec. 31, 2013

Policies

Fair Value of Financial Instruments
Fair Value of Financial Instruments

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement. Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date. Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 includes fair value measurements based on unobservable inputs. The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments approximates their fair value due to the short-term maturity of these instruments. See Note 2 regarding fair value determinations for the assets and liabilities of Bethel Towers.

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

Dec. 31, 2013

Policies

Abandonment of Limited Partnership Interests
Abandonment of Limited Partnership Interests

During the years ended December 31, 2013 and 2012, the number of limited partnership interests decreased by 34.55 and 17 interests, respectively, due to limited partners abandoning their interests. In abandoning his or her limited partnership interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year. At December 31, 2013 and 2012, the Partnership had outstanding 16,216.45 and 16,251 limited partnership interests, respectively.

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

Dec. 31, 2013

Policies

Basis of Presentation
Basis of Presentation

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

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Note 8 - Subsequent Event
12 Months Ended

Dec. 31, 2013

Notes

Note 8 - Subsequent Event
Note 8 - Subsequent Event

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

During January 2014, the Partnership received approximately $451,000 of remaining escrow funds from the sale of Bethel Towers.

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

Dec. 31, 2013

Policies

Organization
Organization

Real Estate Associates Limited (“REAL” or the “Partnership”) was formed under the California Limited Partnership Act on September 15, 1977. The Partnership was formed to invest either directly or indirectly in other partnerships which own or lease and operate primarily federal, state and local government-assisted housing projects. The general partner is National Partnership Investments, LLC, a California limited liability company (“NAPICO” or the "General Partner"). The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The Partnership shall be dissolved only upon the expiration of 53 complete calendar years (December 31, 2031) from the date of the formation of the Partnership or the occurrence of other events as specified in the terms of the Partnership agreement. The business of the Partnership is conducted primarily by NAPICO.

The general partner has a one percent interest in profits and losses of the Partnership. The limited partners have the remaining 99 percent interest in proportion to their respective investments. A withdrawal amendment was entered into as of September 12, 2002 and became effective 90 days thereafter by and among NAPICO and Charles Boxenbaum, whereby Boxenbaum’s 45% general partner interest was converted to that of a limited partner in the Partnership entitled to participate in the profits and losses of the Partnership in an amount equal to 45% of the amounts otherwise allocable to the general partners of the Partnership. The General Partner is the sole remaining general partner of the Partnership.

Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partner will be entitled to a liquidation fee as stipulated in the Partnership agreement. The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions.

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

Dec. 31, 2013

Policies

Use of Estimates
Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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Note 7 - Pro Forma Financial Statements (unaudited): Pro Forma Condensed Consolidated Statement of Operations (Tables)
12 Months Ended

Dec. 31, 2013

Tables/Schedules

Pro Forma Condensed Consolidated Statement of Operations

Pro Forma Condensed Consolidated Statement of Operations

(In thousands, except per Interest data) (Unaudited)

2012

Rental and other income

$ 1,466

Expenses

(1,310)

Net income

$ 156

Net income per limited partnership interest

$ 9.47

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

Dec. 31, 2013

Policies

Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. Cash balances included approximately $47,000 at December 31, 2012, that were maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account. In 2013 the affiliated management company maintained separate cash accounts with an FDIC insured bank for each of its affiliated entities including REAL.

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

Dec. 31, 2013

Policies

Tenant Security Deposits
Tenant Security Deposits

At December 31, 2012, Bethel Towers required security deposits from lessees for the duration of the lease. Deposits are refunded when the tenant vacates, provided the tenant has not damaged the space and is current on rental payments.

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Note 7 - Pro Forma Financial Statements (unaudited): Pro Forma Condensed Consolidated Statement of Operations (Details) (Pro Forma, USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Pro Forma

Rental and other income $ 1,466

Expenses (1,310)

Net income $ 156

Net income per limited partnership interest $ 9,470

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

Dec. 31, 2013

Dec. 31, 2012

Cash flows from operating activities:

Net Income (Loss) $ 592 $ 1,258

Adjustments to reconcile Net Income (Loss) to net cash provided by (used in) operating activities:

Gain on consolidation of Local Partnership (1,385)

Gain on sale of Limited Partner interest (483)

Gain on sale of rental property (204)

Distributions in excess of investments (148)

Depreciation and amortization 155 12

Change in accounts:

Change in Receivables and deposits 56 (5)

Change in Restricted escrows (40) 51

Change in Other assets 163 (37)

Change in Accounts payable and accrued expenses (55) 7

Change in Accrued fees due to General Partner 55 54

Change in Tenant security deposit liability (63)

Accrued interest on advances (184) 45

Change in Deferred Revenues (23) (71)

Change in Accrued property tax (85) 5

Net cash provided by (used in) operating activities (264) (66)

Cash flows provided by (used in) investing activities:

Proceeds from sale of rental property 4,111

Distributions in excess of investments 148

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Increase in cash from consolidation of Local Partnership 173

Net cash provided by (used in) investing activities 4,742 173

Cash flows provided by (used in) financing activities:

Repayment of advances from General Partner (150)

Principal payments on mortgage notes payable (3,221)

Net cash flows provided by (used in) financing activities (3,371)

Net increase (decrease) in cash and cash equivalents 1,107 107

Cash and cash equivalents, beginning of period 185 78

Cash and cash equivalents, end of period 1,292 185

Supplemental disclosure of cash flow information:

Cash paid for interest 6

Investment property

Supplemental disclosure of cash flow information:

Non-cash transaction associated with consolidation of Local Partnership 4,069

Receivables and deposits

Supplemental disclosure of cash flow information:

Non-cash transaction associated with consolidation of Local Partnership 80

Other assets

Supplemental disclosure of cash flow information:

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Restricted escrows

Supplemental disclosure of cash flow information:

Non-cash transaction associated with consolidation of Local Partnership 463

Accounts payable and accrued expenses

Supplemental disclosure of cash flow information:

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Tenant security deposit liability

Supplemental disclosure of cash flow information:

Non-cash transaction associated with consolidation of Local Partnership 63

Deferred revenue

Supplemental disclosure of cash flow information:

Non-cash transaction associated with consolidation of Local Partnership 94

Accrued property taxes

Supplemental disclosure of cash flow information:

Non-cash transaction associated with consolidation of Local Partnership 80

Mortgage notes payable

Supplemental disclosure of cash flow information:

Non-cash transaction associated with consolidation of Local Partnership $ 3,221

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Note 5 - Mortgage Notes Payable
12 Months Ended

Dec. 31, 2013

Notes

Note 5 - Mortgage Notes Payable
Note 5 – Mortgage Notes Payable

Property

Principal Balance At December 31, 2012

Monthly Payment Including Interest (1)

Stated Interest Rate

Maturity Date

Principal Balance Due At Maturity

(in thousands)

(in thousands)

(in thousands)

Bethel Towers 1^st mortgage

$ 984

$ 30

8.625%

3/1/2016

$ --

Bethel Towers Home Rehabilitation mortgage

2,160

--

0.00%

3/1/2016

2,160

Mortgage premium, net

77

--

--

$3,221

$ 30

$2,160

(1) Monthly payment of principal and interest has not been reduced by the monthly government interest subsidy of approximately $20,000.

The mortgage notes payable were secured by pledge of the Partnership’s consolidated property.

On December 10, 2013, the mortgage was repaid as part of the sale (Note 2).

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

Dec. 31, 2013

Policies

Investment Property
Investment Property

At December 31, 2012, investment property consisted of one apartment complex and is stated at fair value as of the date the Partnership began consolidating Bethel Towers. Bethel Towers capitalizes costs incurred in connection with capital additions activities, including construction projects, other tangible property improvements and replacements of existing property components. Bethel Towers capitalizes interest during periods in which construction projects are in progress. Capitalized costs are depreciated over the estimated useful life of the asset. Bethel charges to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance and resident turnover costs.

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Note 4 - Income Taxes: Reconciliation between the Partnership's reported net income and the net income (loss) per tax return (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Details

Net Income (Loss) $ 592 $ 1,258

Effective Income Tax Rate Reconciliation, Other Adjustments, Amount 54 56

Investment in and Advances To Local Partnerships 3,950 (1,110)

Federal taxable income per tax return $ 4,596 $ 204

Federal taxable income per limited partnership interest $ 282,820 $ 12,430

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

Dec. 31, 2013

Policies

Net Income (Loss) Per Limited Partnership Interest
Net Income (Loss) Per Limited Partnership Interest

Net income (loss) per limited partnership interest was computed by dividing the limited partners' share of net income (loss) by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 16,251 and 16,268 for the years ended December 31, 2013 and 2012, respectively.

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Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.

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Note 2 - Investments in and Advances To Local Partnerships (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
New-Bel-Mo Enterprises L.P.
Proceeds from sale of limited partnership interest	$ 20,500
Investment Balance	0	0
Clinton Apartments, Ltd.
Proceeds from sale of limited partnership interest	37,000
Investment Balance	0	0
Emporia Limited
Proceeds from sale of limited partnership interest	400,000
Investment Balance	0	0
Williamson Towers
Proceeds from sale of limited partnership interest	25,000
Investment Balance	$ 0

Note 5 - Mortgage Notes Payable (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Notes Payable	$ 3,221
Monthly Payment Including Interest	30
Principal Balance Due At Maturity		2,160
Bethel Towers 1st mortgage
Notes Payable	984
Monthly Payment Including Interest	30
Note payable, Stated Interest Rate	8.63%
Debt Instrument, Maturity Date	Mar. 01, 2016
Bethel Towers Home Rehabilitation mortgage
Notes Payable	2,160
Note payable, Stated Interest Rate	0.00%
Debt Instrument, Maturity Date	Mar. 01, 2016
Principal Balance Due At Maturity		2,160
Mortgage premium, net
Notes Payable		$ 77

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 1,292	$ 185
Receivables and deposits	35	91
Restricted escrows	452	412
Other assets		163
Investment property:
Land		366
Buildings and related personal property		3,703
Total investment property		4,069
Less accumulated depreciation		(7)
Investment property, net		4,062
Total assets	1,779	4,913
Liabilities:
Accounts payable and accrued expenses	49	104
Accrued fees due to General Partner	590	535
Advances and accrued interest due to General Partner or affiliates	543	877
Tenant security deposit liability		63
Accrued property taxes		85
Deferred revenue		23
Mortgage notes payable		3,221
Total liabilities	1,182	4,908
Partners' Capital Equity (Deficiency):
General partner	(121)	(127)
Limited partners	718	132
Total partners' capital equity (deficiency)	597	5
Total liabilities and partners' capital equity (deficiency)	$ 1,779	$ 4,913

Note 1 - Organization and Summary of Significant Accounting Policies: Organization (Details)	12 Months Ended
	Dec. 31, 2013
Details
Entity Incorporation, Date of Incorporation	Sep. 15, 1977

Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Rental income	$ 1,024	$ 50
Other income	300	17
Total revenues	1,324	67
Operating Expenses:
Operating Costs	923	39
Depreciation and amortization	(155)	(12)
Property taxes	146	5
Management fees - General Partner	54	54
General and administrative	11	7
Legal and accounting	149	162
Interest expense	129	51
Total operating expenses	1,567	330
Income (Loss) from partnership operations	(243)	(263)
Gain on sale of Limited Partner Interest in Local Partnerships	483
Gain on sale of rental property	204
Distributions in excess of investment in Local Partnerships	148	136
Gain on consolidation of Local Partnership		1,385
Net Income (Loss)	592	1,258
Net Income (Loss) allocated to general partner (1%)	6	13
Net Income (Loss) allocated to limited partners (99%)	$ 586	$ 1,245
Net Income (Loss) per limited partnership interest	$ 36.06	$ 76.53

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2013	Jun. 30, 2013
Document and Entity Information:
Entity Registrant Name	REAL ESTATE ASSOCIATES LTD/CA
Document Type	10-K
Document Period End Date	Dec. 31, 2013
Amendment Flag	false
Entity Central Index Key	0000225789
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	16,216.45
Entity Public Float		$ 0
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Entity Incorporation, Date of Incorporation	Sep. 15, 1977

Consolidated Statements of Changes in Partners' Capital (Deficiency) (USD $) In Thousands	General Partner	Limited Partners	Total
Partners' capital equity (deficiency), beginning balance at Dec. 31, 2011	$ (140)	$ (1,113)	$ (1,253)
Net Income (Loss)	13	1,245	1,258
Partners' capital equity (deficiency), ending balance at Dec. 31, 2012	(127)	132	5
Net Income (Loss)	6	586	592
Partners' capital equity (deficiency), ending balance at Dec. 31, 2013	$ (121)	$ 718	$ 597

Note 7 - Pro Forma Financial Statements (unaudited): Pro Forma Condensed Consolidated Statement of Operations (Details) (Pro Forma, USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012
Pro Forma
Rental and other income	$ 1,466
Expenses	(1,310)
Net income	$ 156
Net income per limited partnership interest	$ 9,470

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net Income (Loss)	$ 592	$ 1,258
Adjustments to reconcile Net Income (Loss) to net cash provided by (used in) operating activities:
Gain on consolidation of Local Partnership		(1,385)
Gain on sale of Limited Partner interest	(483)
Gain on sale of rental property	(204)
Distributions in excess of investments	(148)
Depreciation and amortization	155	12
Change in accounts:
Change in Receivables and deposits	56	(5)
Change in Restricted escrows	(40)	51
Change in Other assets	163	(37)
Change in Accounts payable and accrued expenses	(55)	7
Change in Accrued fees due to General Partner	55	54
Change in Tenant security deposit liability	(63)
Accrued interest on advances	(184)	45
Change in Deferred Revenues	(23)	(71)
Change in Accrued property tax	(85)	5
Net cash provided by (used in) operating activities	(264)	(66)
Cash flows provided by (used in) investing activities:
Proceeds from sale of rental property	4,111
Distributions in excess of investments	148
Gain on sale of Limited Partner interest	483
Increase in cash from consolidation of Local Partnership		173
Net cash provided by (used in) investing activities	4,742	173
Cash flows provided by (used in) financing activities:
Repayment of advances from General Partner	(150)
Principal payments on mortgage notes payable	(3,221)
Net cash flows provided by (used in) financing activities	(3,371)
Net increase (decrease) in cash and cash equivalents	1,107	107
Cash and cash equivalents, beginning of period	185	78
Cash and cash equivalents, end of period	1,292	185
Supplemental disclosure of cash flow information:
Cash paid for interest		6
Investment property
Supplemental disclosure of cash flow information:
Non-cash transaction associated with consolidation of Local Partnership		4,069
Receivables and deposits
Supplemental disclosure of cash flow information:
Non-cash transaction associated with consolidation of Local Partnership		80
Other assets
Supplemental disclosure of cash flow information:
Non-cash transaction associated with consolidation of Local Partnership		131
Restricted escrows
Supplemental disclosure of cash flow information:
Non-cash transaction associated with consolidation of Local Partnership		463
Accounts payable and accrued expenses
Supplemental disclosure of cash flow information:
Non-cash transaction associated with consolidation of Local Partnership		73
Tenant security deposit liability
Supplemental disclosure of cash flow information:
Non-cash transaction associated with consolidation of Local Partnership		63
Deferred revenue
Supplemental disclosure of cash flow information:
Non-cash transaction associated with consolidation of Local Partnership		94
Accrued property taxes
Supplemental disclosure of cash flow information:
Non-cash transaction associated with consolidation of Local Partnership		80
Mortgage notes payable
Supplemental disclosure of cash flow information:
Non-cash transaction associated with consolidation of Local Partnership		$ 3,221