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0000711642-13-000081.txt : 20130401 0000711642-13-000081.hdr.sgml : 20130401 20130401162441 ACCESSION NUMBER: 0000711642-13-000081 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130401 DATE AS OF CHANGE: 20130401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REAL ESTATE ASSOCIATES LTD II CENTRAL INDEX KEY: 0000314237 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 953547609 STATE OF INCORPORATION: CA FISCAL YEAR END: 0125 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09782 FILM NUMBER: 13731472 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 10-K 1 real21212_10k.htm 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, 2012

[ ] 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 0-09782

REAL ESTATE ASSOCIATES LIMITED II

(Exact name of registrant as specified in its charter)

California	95-3547609
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

80 International Drive

Greenville, South Carolina 29615

(Address of principal executive offices)

Registrant’s telephone number, including area code (864) 239-1000

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

None

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

Limited Partnership Interests

(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. 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; national and local economic conditions, including the pace of job growth and the level of unemployment; the terms of governmental regulations that affect the Partnership and its 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 ; 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 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 II ("REAL II" or the "Partnership") is a limited partnership which was formed under the laws of the State of California on December 4, 1979. On March 17, 1980, REAL II offered 3,000 units consisting of 6,000 Limited Partnership Interests and Warrants to purchase a maximum of 6,000 Additional Limited Partnership Interests through a public offering managed by E.F. Hutton Inc. REAL II received $13,365,000 in subscriptions for units of Limited Partnership Interests (at $5,000 per unit) during the period March 17, 1979 to September 15, 1980, pursuant to a registration statement on Form S-11. As of December 31, 1981, REAL II had received an additional $13,365,000 in subscriptions pursuant to the exercise of warrants and the sale of additional Limited Partnership Interests.

The Partnership shall be dissolved only upon the expiration of 52 complete calendar years (December 31, 2031) from the date of the formation of the Partnership or the occurrence of various 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 partners of REAL II are National Partnership Investments, LLC. ("NAPICO" or the "General Partner"), a California limited liability company, and National Partnership Investments Associates, a California limited partnership. The business of REAL II is conducted primarily by NAPICO. 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.

REAL II holds limited partnership interests in four local limited partnerships (the “Local Limited Partnerships”) as of December 31, 2012, as a result of six Local Limited Partnerships selling their investment properties, one each in December 2012, June 2012, March 2007, February 2005, August 2004, and April 2003 and after REAL II sold its interest in seven Local Limited Partnerships in December 1998, one in May 2010, one in August 2011 and one in December 2011. All of the Local Limited Partnerships own low income housing projects which are subsidized and/or have mortgage notes payable to or insured by agencies of the Federal or local government.

The partnerships in which REAL II 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 II became the principal limited partner in these Local Limited Partnerships pursuant to arm's-length negotiations with these developers, or others, who act as general partners. As a limited partner, REAL II's liability for obligations of the Local Limited Partnership is limited to its investment. The local general partner of the Local Limited Partnership retains responsibility for developing, constructing, maintaining, operating and managing the project. Under certain circumstances of default, REAL II has the right to replace the general partner of the Local Limited Partnerships, but otherwise does not have control of sale or refinancing, etc.

Although each of the partnerships in which REAL II has invested 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

The following table details the Partnership’s ownership percentages of the Local Limited Partnerships and the cost of acquisition of such ownership. All interests are limited partner interests. Also included is the total mortgage encumbrance on each property for each of the Local Limited Partnerships as of December 31, 2012.

	REAL II	Original Cost
	Percentage	Of Ownership	Mortgage
Partnership	Interest	Interest	Notes
		(in thousands)	(in thousands)

Azalea Court	95%	$ 165	$ 1,292
Crystal Springs	99%	95	529
Lakeside Apts.	99%	285	1,481
Magnolia Estates	99%	200	2,958
		$ 745	$ 6,260

During 2012, all of the projects in which REAL II had invested were substantially rented except for Magnolia Estates, which had an average occupancy of 64%. The Partnership believes that the low occupancy at Magnolia Estates is due to difficulty in renting the apartment units which do not receive full subsidies. The following is a schedule of the status as of December 31, 2012 of the projects owned by the Local Limited Partnerships in which REAL II has invested as a limited partner.

SCHEDULE OF PROJECTS OWNED BY LOCAL LIMITED PARTNERSHIPS

IN WHICH REAL II HAS AN INVESTMENT

DECEMBER 31, 2012


			Units
			Authorized
			For Rental
		Financed,	Assistance
		Insured	Under Section	Occupancy Percentage
		And	8 or Other	For the Years Ended
Property Name	No. of	Subsidized	Rent Supplement	December 31,
and Location	Units	Under	Program (C)	2012	2011
Azalea Court
Theodore, AL	48	(A)	46	99%	99%
Crystal Springs
Crystal Springs, MS	28	(A)	28	100%	100%
Lakeside Apts.
Mishawaka, IN	48	(B)	48	98%	100%
Magnolia Estates
Gulfport, MS	60	(A)	24	64%	68%
TOTALS	184		146

(A) The project is financed by the Rural Housing Services Section 515 which also provides for interest and rental subsidies.

(B) The mortgage is insured by the Federal Housing Administration under the provisions of Section 236 of the National Housing Act.

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 STOCKHOLDER 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, 2012, the Partnership had 5,265 limited partnership units (“Units”) or 10,530 interests outstanding held by 1,339 limited partners of record. 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 investments in limited partnerships.

During the year ended December 31, 2012, the Partnership distributed approximately $1,132,000 to its limited partners, or $106.99 per limited partnership interest, from initial proceeds received from the sale of the investment property owned by Landmark Associates and from excess cash reserves. There were no distributions made by the Partnership to its limited partners during the year ended December 31, 2011. Subsequent to December 31, 2012, the Partnership distributed approximately $1,500,000 to the limited partners, or $142.45 per limited partnership interest, from excess cash reserves.

Neither the General Partner nor its affiliates currently own any of the outstanding limited partnership interests in the Partnership at December 31, 2012. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests in the Partnership, either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. A “Unit” consists of two limited partnership interests. Although the General Partner and its affiliates do not currently own any of the outstanding limited partnership interests in the Partnership, Bethesda has entered into a management agreement with a holder of 870 Units or 1,740 limited partnership interests in the Partnership representing 16.52% of the outstanding limited partnership interests in the Partnership as of December 31, 2012. Pursuant to such management agreement, Bethesda manages the business of such holder in exchange for a management fee, part of which includes all payments received by such holder with respect to such holder’s ownership of limited partnership interests in the Partnership. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as corporate general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

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 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 consists of distributions from Local Limited Partnerships in which the Partnership has invested. It is not expected that any of the Local Limited Partnerships in which the Partnership has invested will generate cash flow from operations sufficient to provide for distributions to limited partners in any material amount. An infrequent source of funds would be funds received by the Partnership as its share of any proceeds from the sale of a property owned by a Local Limited Partnership or the Partnership's sale of its interest in a Local Limited Partnership. As discussed below, Landmark Associates and Alabama Properties sold their investment properties during the year ended December 31, 2012 and the Partnership assigned its limited partnership interests in Cherrywood Associates and Branford Development Associates during the year ended December 31, 2011. During the year ended December 31, 2012, the Partnership distributed approximately $1,132,000 to the limited partners, or $106.99 per limited partnership interest, from initial proceeds received from the sale of the investment property owned by Landmark Associates and from excess cash reserves. There were no distributions made by the Partnership to its limited partners during the year ended December 31, 2011. Subsequent to December 31, 2012, the Partnership distributed approximately $1,500,000 to the limited partners, or $142.45 per limited partnership interest, from excess cash reserves.

The properties in which the Partnership has invested, through its investments in the Local Limited Partnerships, receive one or more forms of assistance from the Federal Government. As a result, the Local Limited Partnerships’ ability to transfer funds either to the Partnership or among themselves in the form of distributions, loans or advances is generally restricted by these government assistance programs. These restrictions, however, are not expected to impact the Partnership’s ability to meet its cash obligations.

Distributions received from Local Limited Partnerships are accounted for as a reduction of the investment balance until the investment balance has been reduced to zero. Subsequent distributions received are recognized as income. During the years ended December 31, 2012 and 2011, the Partnership received operating distributions of approximately $60,000 and $17,000, respectively, from the Local Limited Partnerships in which the Partnership’s investment in the Local Limited Partnership has been reduced to zero.

In August 2011, the Partnership assigned its limited partnership interest in Cherrywood Associates to an affiliate of the general partner of the Local Limited Partnership for approximately $650,000. The proceeds received were recorded as gain on sale of interest in Local Limited Partnership during the year ended December 31, 2011, as the Partnership’s investment balance in Cherrywood Associates was zero as of the date of the assignment.

In December 2011, the Partnership assigned its limited partnership interest in Branford Development Associates to a third party for a total price of $1,100,000. The proceeds received were recorded as gain on sale of interest in Local Limited Partnership during the year ended December 31, 2011, as the Partnership’s investment balance in Branford Development Associates was zero as of the date of the assignment.

In June 2012, Landmark Associates sold its investment property for a gross sale price of $1,500,000. The Partnership received distributions of approximately $1,199,000, which were recognized as distributions in excess of investment in Local Limited Partnership during the year ended December 31, 2012. The Partnership had no investment balance remaining in Landmark Associates as of the date of the sale or December 31, 2011.

In December 2012, Alabama Properties sold its investment property for a gross sale price of approximately $59,000 and release of the investment property’s mortgage debt. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Alabama Properties as of the date of the sale or December 31, 2011.

As of December 31, 2012 and 2011, the Partnership had cash and cash equivalents of approximately $2,329,000 and $2,266,000, respectively. Cash and cash equivalents are on deposit with a financial institution.

Results of Operations

At December 31, 2012, the Partnership has investments in four Local Limited Partnerships, all of which own housing projects, most of which were substantially rented. The Partnership, as a limited partner, does not have a contractual relationship with the Local Limited Partnerships or exercise control over the activities and operations, including refinancing or selling decisions of the Local Limited Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investment in the Local Limited Partnerships using the equity method. Thus the individual investments are carried at cost plus the Partnership’s share of the Local Limited Partnership’s profits less the Partnership’s share of the Local Limited Partnership’s losses, distributions and impairment charges. However, since the Partnership is not legally liable for the obligations of the Local Limited Partnerships, or is not otherwise committed to provide additional support to them, it does not recognize losses once its investment in each of the Local Limited Partnerships reaches zero. Distributions from the Local Limited 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 statements of operations included in “Item 8. Financial Statements and Supplementary Data”. 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 Limited Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Limited Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize. The Partnership recognized no equity in loss of limited partnerships for the years ended December 31, 2012 and 2011, as the Partnership’s investment in all Local Limited Partnerships had been reduced to zero prior to January 1, 2011.

Operating distributions from the Local Limited Partnerships in which the Partnership’s investment in the Local Limited Partnerships has been reduced to zero were approximately $60,000 and $17,000 for the years ended December 31, 2012 and 2011, respectively. These amounts were recognized as income on the statements of operations included in “Item 8. Financial Statements and Supplementary Data”, in accordance with the equity method of accounting.

At times, advances are made to the Local Limited Partnerships. Advances made by the Partnership to the individual Local Limited Partnerships are considered part of the Partnership’s investment in limited partnerships. Advances made to Local Limited Partnerships for which the investment has been reduced to zero are charged to expense. During the year ended December 31, 2011, the Partnership advanced approximately $7,000, to one Local Limited Partnership, Branford Development Associates, to fund tax payments. This advance was not expensed as the Partnership expected to receive repayment. This advance was repaid during the year ended December 31, 2011. While not obligated to make advances to any of the Local Limited Partnerships, the Partnership made this advance in order to protect its economic investment in the Local Limited Partnership. There were no advances made during the year ended December 31, 2012.

The current policy of the United States Department of Housing and Urban Development (“HUD”) is to not renew the Housing Assistance Payment (“HAP”) Contracts on a long term basis on the existing terms. In connection with renewals of the HAP Contracts under current law and policy, the amount of rental assistance payments under renewed HAP Contracts will be based on market rentals instead of above market rentals, which may be the case under existing HAP Contracts. The payments under the renewed HAP Contracts may not be in an amount that would provide sufficient cash flow to permit owners of properties subject to HAP Contracts to meet the debt service requirements of existing loans insured by the Federal Housing Administration of HUD (“FHA”) unless such mortgage loans are restructured. In order to address the reduction in payments under HAP Contracts as a result of current policy, the Multi-family Assisted Housing Reform and Affordability Act of 1997 (“MAHRAA”) provides for the restructuring of mortgage loans insured by the FHA with respect to properties subject to the Section 8 program. Under MAHRAA, an FHA-insured mortgage loan can be restructured into a first mortgage loan which will be amortized on a current basis and a low interest second mortgage loan payable to FHA which will only be payable on maturity of the first mortgage loan. This restructuring results in a reduction in annual debt service payable by the owner of the FHA-insured mortgage loan and is expected to result in an insurance payment from FHA to the holder of the FHA-insured loan due to the reduction in the principal amount. MAHRAA also phases out project-based subsidies on selected properties serving families not located in rental markets with limited supply, converting such subsidies to a tenant-based subsidy.

When the HAP Contracts are subject to renewal, there can be no assurance that the Local Limited Partnerships in which the Partnership has an investment will be permitted to restructure its mortgage indebtedness under MAHRAA. In addition, the economic impact on the Partnership of the combination of the reduced payments under the HAP Contracts and the restructuring of the existing FHA-insured mortgage loans under MAHRAA is uncertain.

A recurring partnership expense is the annual management fee. The fee is payable to the General Partner and is calculated at 0.4 percent of the Partnership's original remaining invested assets at the beginning of each year. The management fee is paid to the General Partner for its continuing management of Partnership affairs. Management fees were approximately $25,000 and $39,000 for the years ended December 31, 2012 and 2011, respectively. The management fee decreased due to the assignment of the Partnership’s interests in Cherrywood Associates and Branford Development Associates during 2011.

Operating expenses, other than management fees, consist of legal and accounting fees for services rendered to the Partnership and general and administrative expenses. Legal and accounting fees were approximately $69,000 and $54,000 for the years ended December 31, 2012 and 2011, respectively. The increase in legal and accounting expense is primarily due to increases in costs incurred during 2012 related to the Partnership’s review of the sale of the investment property held by Landmark Associates and the cost to prepare the Partnership’s annual tax return. General and administrative expenses were approximately $10,000 and $11,000 for the years ended December 31, 2012 and 2011, respectively.

Total revenues from continuing operations for the Local Limited Partnerships were approximately $1,197,000 and $1,204,000 for the years ended December 31, 2012 and 2011, respectively. Total expenses from continuing operations for the Local Limited Partnerships were approximately $1,214,000 and $1,186,000 for the years ended December 31, 2012 and 2011, respectively. (Loss) income from continuing operations for the Local Limited Partnerships for 2012 and 2011 aggregated approximately $(17,000) and $18,000, respectively. The (loss) income from continuing operations allocated to the Partnership was approximately $(18,000) and $17,000 for 2012 and 2011, respectively. However, none of this allocated loss was recognized by the Partnership as the investment balance had already been reduced to zero from prior years' losses.

The Partnership, as a limited partner in the Local Limited Partnerships in which it has invested, is subject to the risks incident to the construction, management, and ownership of improved real estate. The Partnership’s 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

The Partnership owns limited partnership interests in unconsolidated Local Limited 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 Limited 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 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 Limited Partnerships and the Partnership. Accordingly the Partnership’s maximum risk of loss related to these unconsolidated Local Limited Partnerships is limited to the recorded investments in and receivables from the Local Limited Partnerships. See “Note 2 – Investments in and Advances to Local Limited Partnerships” of the financial statements in “Item 8. Financial Statements and Supplementary Data” for additional information about the Partnership’s investments in unconsolidated Local Limited 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 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.

At December 31, 2012 and 2011, the Partnership holds variable interests in four and six 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 Limited Partnerships, that the general partner of each of the Local Limited Partnerships is the primary beneficiary of the respective Local Limited Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The four VIEs at December 31, 2012 consist of Local Limited Partnerships that are directly engaged in the ownership and management of four apartment properties with a total of 184 units. The Partnership is 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 both December 31, 2012 and 2011. 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 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 financial statements with useful and reliable information about the Partnership’s operating results and financial condition. The preparation of 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 Local Limited Partnerships

The Partnership, as a limited partner, does not have a contractual relationship with the Local Limited Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Limited Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Limited Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Limited Partnerships based upon its respective ownership percentage (between 95% and 99%). Distributions of surplus cash from operations from most of the Local Limited Partnerships are restricted by the Local Limited Partnerships’ Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”) and /or are restricted by the terms of the mortgages encumbering the Projects. 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 Limited Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Limited Partnerships’ partnership agreements. These agreements usually limit the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Limited Partnership.

The individual investments are carried at cost plus the Partnership’s share of the Local Limited Partnership’s profits less the Partnership’s share of the Local Limited Partnership’s losses, distributions and impairment charges. See “Item 8. Financial Statements and Supplementary Data - Note 1 – Organization and Summary of Significant Accounting Policies” for a description of the impairment policy. The Partnership is not legally liable for the obligations of the Local Limited 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 Limited Partnerships reaches zero. Distributions from the Local Limited 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 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 Limited Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Limited Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

REAL ESTATE ASSOCIATES LIMITED II

LIST OF FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm

Balance Sheets - December 31, 2012 and 2011

Statements of Operations - Years ended December 31, 2012 and 2011

Statements of Changes in Partners' Capital (Deficiency) - Years ended December 31, 2012 and 2011

Statements of Cash Flows - Years ended December 31, 2012 and 2011

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

The Partners

Real Estate Associates Limited II

We have audited the accompanying balance sheets of Real Estate Associates Limited II as of December 31, 2012 and 2011, and the related statements of operations, changes in partners' capital (deficiency), and cash flows for each of the two years in the period 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 audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Partnership’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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 the management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Real Estate Associates Limited II at December 31, 2012 and 2011, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2012, in conformity with U.S. generally accepted accounting principles.

/s/Ernst & Young LLP

Greenville, South Carolina

April 1, 2013

REAL ESTATE ASSOCIATES LIMITED II

BALANCE SHEETS

(in thousands)

	December 31,
	2012	2011
ASSETS
Cash and cash equivalents	$ 2,329	$ 2,266
Investments in and advances to Local Limited Partnerships	--	--
Receivables – limited partners	--	31
Total assets	$ 2,329	$ 2,297

LIABILITIES AND PARTNERS' CAPITAL (DEFICIENCY)

Liabilities:
Accounts payable and accrued expenses	$ 32	$ 24

Contingencies	--	--

Partners' capital (deficiency):
General partners	(134)	(146)
Limited partners	2,431	2,419
Total partners’ capital (deficiency)	2,297	2,273
Total liabilities and partners’ capital (deficiency)	$ 2,329	$ 2,297

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED II

STATEMENTS OF OPERATIONS

(in thousands, except per interest data)

	Years Ended December 31,
	2012	2011
Revenues:
Other income	$ 1	$ --

Operating expenses:
Management fees - General Partner	25	39
General and administrative	10	11
Legal and accounting	69	54
Total operating expenses	104	104

Loss from partnership operations	(103)	(104)
Gain on sale of interests in Local Limited
Partnerships	--	1,750
Distributions in excess of investment in Local
Limited Partnerships	1,259	17

Net income	$ 1,156	$ 1,663

Net income allocated to general partners (1%)	$ 12	$ 17
Net income allocated to limited partners (99%)	$ 1,144	$ 1,646

Net income per limited partnership interest	$108.13	$155.02

Distribution per limited partnership interest	$106.99	$ --

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED II

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIENCY)

(in thousands)

	General	Limited
	Partners	Partners	Total

Partners’ capital (deficiency) at
December 31, 2010	$ (163)	$ 773	$ 610

Net income for the year ended
December 31, 2011	17	1,646	1,663

Partners’ capital (deficiency) at
December 31, 2011	(146)	2,419	2,273

Distribution to limited partners	--	(1,132)	(1,132)

Net income for the year ended
December 31, 2012	12	1,144	1,156

Partners’ capital (deficiency) at
December 31, 2012	$ (134)	$ 2,431	$ 2,297

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED II

STATEMENTS OF CASH FLOWS

(in thousands)

	Years Ended
	December 31,
	2012	2011
Cash flows from operating activities:
Net income	$ 1,156	$ 1,663
Adjustments to reconcile net income to net cash used in
operating activities:
Distributions from sale of Local Limited Partnership property recognized as income	(1,199)	--
Gain on sale of interests in Local Limited Partnerships	--	(1,750)
Changes in accounts:
Receivables – limited partners	31	(31)
Accounts payable and accrued expenses	8	2
Net cash used in operating activities	(4)	(116)

Cash flows from investing activities:
Distributions from sale of Local Limited Partnership property	1,199	--
Proceeds from sale of interests in Local Limited
Partnerships	--	1,750
Advance to Local Limited Partnership	--	(7)
Repayment of advance to Local Limited Partnership	--	7
Net cash provided by investing activities	1,199	1,750

Cash flows used in financing activities
Distribution to limited partners	(1,132)	--

Net increase in cash and cash equivalents	63	1,634
Cash and cash equivalents, beginning of the year	2,266	632

Cash and cash equivalents, end of the year	$ 2,329	$ 2,266

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED II

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Real Estate Associates Limited II (the “Partnership”) was formed under the California Limited Partnership Act on December 4, 1979. The Partnership was formed to invest in other limited partnerships which own and operate primarily federal, state or local government-assisted housing projects. The general partners are National Partnership Investments Associates, a California limited partnership, and National Partnership Investments, LLC, a California limited liability company (“NAPICO” or the “General Partner”). The business of the Partnership is conducted primarily by NAPICO. 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 general partners share a one percent interest in profits and losses of the Partnership. The limited partners share the remaining 99 percent interest in proportion to their respective investments.

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 partners 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. 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. No such fees were accrued or paid during the years ended December 31, 2012 and 2011.

Basis of Presentation

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

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

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Method of Accounting for Investments in Local Limited Partnerships

The investments in local limited partnerships (the “Local Limited Partnerships”) are accounted for using the equity method.

Abandoned Units

During 2012 and 2011, the number of Limited Partnership Interests decreased by 50 and 38 interests, respectively, due to limited partners abandoning their interests. At December 31, 2012 and 2011, the Partnership had outstanding 10,530 and 10,580 Limited Partnership Interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all right, title, and interest in the partnership as of the date of abandonment.

Net Income and Distribution Per Limited Partnership Interest

Net income per limited partnership interest was computed by dividing the limited partners’ share of net income by the number of limited partnership interests outstanding at the beginning of the year. Distribution per limited partnership interest for the year ended December 31, 2012 was computed by dividing the limited partners’ distribution by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 10,580 and 10,618 for the years ended December 31, 2012 and 2011, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and in bank accounts. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.

Impairment of Long-Lived Assets

The Partnership reviews its investments in long-lived assets to determine if there have been any impairments whenever events or changes in circumstances indicate that the carrying amount of the assets 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. No impairment losses were recognized during the years ended December 31, 2012 and 2011.

Segment Reporting

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 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 Topic 280-10 also established standards for related disclosures about products and services, geographic areas and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.

Fair Value of Financial Instruments

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 believes that the carrying amounts of other assets and liabilities reported on the balance sheet at December 31, 2012 that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Variable Interest Entities

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.

At December 31, 2012 and 2011, the Partnership holds variable interests in 4 and 6 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 Limited Partnerships, that the general partner of each of the Local Limited Partnerships is the primary beneficiary of the respective Local Limited Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

The 4 VIEs at December 31, 2012 consist of Local Limited Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 184 units. The Partnership is 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 both December 31, 2012 and 2011. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

NOTE 2 – INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

As of December 31, 2012 and 2011, the Partnership holds limited partnership interests in 4 and 6 Local Limited Partnerships, respectively. As of December 31, 2012, the Local Limited Partnerships own residential low income rental projects consisting of 184 apartment units. The mortgage loans of these projects are payable to or insured by various governmental agencies.

The individual investments are carried at cost plus the Partnership’s share of the Local Limited Partnership’s profits less the Partnership’s share of the Local Limited Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Limited 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 Limited Partnerships reaches zero. Distributions from the Local Limited 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 statements of operations. Operating distributions from the Local Limited Partnerships in which the Partnership’s investment in the Local Limited Partnerships has been reduced to zero were approximately $60,000 and $17,000 for the years ended December 31, 2012 and 2011, respectively.

At times, advances are made to the Local Limited Partnerships. Advances made by the Partnership to the individual Local Limited Partnerships are considered part of the Partnership’s investment in limited partnerships. Advances made to Local Limited Partnerships for which the investment has been reduced to zero are generally charged to expense. During the year ended December 31, 2011, the Partnership advanced approximately $7,000 to one Local Limited Partnership, Branford Development Associates, to fund tax payments. This advance was not expensed as the Partnership expected to receive repayment. This advance was repaid during the year ended December 31, 2011. While not obligated to make advances to any of the Local Limited Partnerships, the Partnership made this advance in order to protect its economic investment in the Local Limited Partnership. There were no advances made during the year ended December 31, 2012.

The Partnership has no carrying value in investments in Local Limited Partnerships as of December 31, 2012 and 2011.

In August 2011, the Partnership assigned its limited partnership interest in Cherrywood Associates to an affiliate of the general partner of the Local Limited Partnership for approximately $650,000. The proceeds received were recorded as gain on sale of interest in Local Limited Partnership during the year ended December 31, 2011 as the Partnership’s investment balance in Cherrywood Associates was zero as of the date of the assignment.

In June 2012, Landmark Associates sold its investment property for a gross sale price of $1,500,000. The Partnership received distributions of approximately $1,199,000, which were recognized as distributions in excess of investment in Local Limited Partnership during the year ended December 31, 2012. The Partnership had no investment balance remaining in Landmark Associates as of the date of the sale or December 31, 2011.

The difference between the investment per the accompanying balance sheets at December 31, 2012 and 2011 and the partners’ deficiency per the Local Limited Partnerships' condensed combined financial statements is due primarily to cumulative unrecognized equity in losses of certain Local Limited Partnerships, costs capitalized to the investment account, cumulative distributions recognized as income and recognition of impairment losses.

Although the Partnership’s recorded value of its investments and its equity in distributions from the Local Limited Partnerships are not individually material to the overall financial position of the Partnership, the unaudited condensed combined balance sheets of the aforementioned Local Limited Partnerships as of December 31, 2012 and 2011, and the unaudited condensed combined results of operations for each of the two years in the periods ended December 31, 2012 and 2011 are as follows (2012 and 2011 amounts exclude the operations of Landmark Associates and Alabama Properties, which sold their investment properties in June 2012 and December 2012, respectively, and Cherrywood Associates and Branford Development Associates due to the assignment of the Partnership’s interest in the Local Limited Partnerships in August 2011 and December 2011, respectively):


Condensed Combined Balance Sheets of the Local Limited Partnerships
	December 31,
	2012	2011
Assets:	(in thousands - unaudited)
Land	$ 257	$ 257
Buildings and improvements	8,536	8,401
Accumulated depreciation	(5,608)	(5,434)
Other assets	1,204	1,352
Total Assets	$ 4,389	$ 4,576

Liabilities and Partners’ Deficiency:
Liabilities:
Mortgage notes payable	$ 6,260	$ 6,405
Other liabilities	265	251
Total Liabilities	6,525	6,656

Partners’ Deficiency	(2,136)	(2,080)
Total Liabilities & Partners' Deficiency	$ 4,389	$ 4,576


Condensed Combined Results of Operations of the Local Limited Partnerships
	Year Ended December 31, 2012	Year Ended December 31, 2011
	(in thousands – unaudited)
Revenues
Rental income	$ 1,135	$ 1,141
Other income	62	63
Total revenues	1,197	1,204
Expenses
Depreciation	174	176
Interest	181	185
Operating	859	825
Total expenses	1,214	1,186

Income (loss) from continuing operations	$ (17)	$ 18

Real Estate and Accumulated Depreciation of Local Limited Partnerships

The following unaudited data is a summary of real estate, accumulated depreciation and encumbrances of the Local Limited Partnerships.

	Gross Amount At Which Carried
	At December 31, 2012
	(in thousands-unaudited)
Description	Encumbrances	Land	Buildings and Related Personal Property	Total	Accumulated Depreciation	Date of Construction

Azalea Court	$ 1,292	$ 62	$ 2,045	$ 2,107	$ 1,472	10/80-3/81

Crystal Springs	529	36	923	959	801	7/80-3/81

Lakeside Apartments	1,481	102	2,097	2,199	1,689	10/80-6/81

Magnolia Estates	2,958	57	3,471	3,528	1,646	3/80-8/80

Totals	$ 6,260	$ 257	$ 8,536	$ 8,793	$ 5,608

Reconciliation of real estate (unaudited)

	Years Ended December 31,
	2012	2011
	(in thousands)

Balance at beginning of year	$ 11,140	$ 15,840
Additions during the year	135	218
Disposal of property	(2,482)	(4,918)
Balance at end of year	$ 8,793	$ 11,140

Reconciliation of accumulated depreciation (unaudited)

	Years Ended December 31,
	2012	2011
	(in thousands)
Balance at beginning of year	$ 7,713	$10,986
Disposal of property	(2,279)	(3,490)
Depreciation expense for the year	174	217
Balance at end of year	$ 5,608	$ 7,713

The current policy of the United States Department of Housing and Urban Development (“HUD”) is to not renew the Housing Assistance Payment (“HAP”) Contracts on a long term basis on the existing terms. In connection with renewals of the HAP Contracts under current law and policy, the amount of rental assistance payments under renewed HAP Contracts will be based on market rentals instead of above market rentals, which may not be the case under existing HAP Contracts. The payments under the renewed HAP Contracts may not be in an amount that would provide sufficient cash flow to permit owners of properties subject to HAP Contracts to meet the debt service requirements of existing loans insured by the Federal Housing Administration of HUD (“FHA”) unless such mortgage loans are restructured. In order to address the reduction in payments under HAP Contracts as a result of current policy, the Multi-family Assisted Housing Reform and Affordability Act of 1997 (“MAHRAA”) provides for the restructuring of mortgage loans insured by the FHA with respect to properties subject to the Section 8 program. Under MAHRAA, an FHA-insured mortgage loan can be restructured into a first mortgage loan which will be amortized on a current basis and a low interest second mortgage loan payable to FHA which will only be payable on maturity of the first mortgage loan. This restructuring results in a reduction in annual debt service payable by the owner of the FHA-insured mortgage loan and is expected to result in an insurance payment from FHA to the holder of the FHA-insured loan due to the reduction in the principal amount. MAHRAA also phases out project-based subsidies on selected properties serving families not located in rental markets with limited supply, converting such subsidies to a tenant-based subsidy.

NOTE 3 – TRANSACTIONS WITH AFFILIATED PARTIES

Under the terms of the Restated Certificate and Agreement of Limited Partnership, the Partnership is liable to NAPICO for an annual management fee equal to 0.4 percent of the Partnership’s original remaining invested assets of the Local 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 interests in the capital accounts of the respective partnerships. The fee was approximately $25,000 and $39,000 for the years ended December 31, 2012 and 2011, respectively.

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 statements of operations because different methods are used in determining the losses of the Local Limited Partnerships as discussed below.

A reconciliation is as follows:

	Years Ended December 31,
	2012	2011
	(in thousands)
Net income per financial statements	$ 1,156		$ 1,663
Gain on sale of interest in Local Limited Partnership	--		(939)
Loss on sale of Local Limited Partnership property	(805)		--
Partnership’s share of Local Limited Partnership	1,780		263

Income per tax return	$ 2,131		$ 987
Income per limited partnership interest	$ 398.74		$ 184.02

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

	December 31, 2012	December 31, 2011
	(in thousands)	(in thousands)
Net assets as reported	$ 2,297	$ 2,273
(Deduct) add:
Investment in Partnerships	(2,529)	(3,499)
Deferred offering costs	1,422	1,422
Receivable	2,094	2,094
Other	46	41
Net assets – Federal tax basis	$ 3,330	$ 2,331

NOTE 5 – CONTINGENCIES

NOTE 6 – DISTRIBUTION

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

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 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, 2012. 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 their assessment, the Partnership’s management concluded that, as of December 31, 2012, 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 2012 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 II (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	44	Senior Managing Director
Edward Schmidt	28	Director of Reporting

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.

Edward Schmidt is the Director of Reporting of the General Partner and Bethesda Holdings II, LLC, and has served as the equivalent of the chief financial officer of the Partnership since February 28, 2013. Since February 2012, Mr. Schmidt has worked with McGrath Investment Management, LLC, most recently as a Director with responsibilities for fund management and investor reporting. From 2010 through 2012, Mr. Schmidt served as a senior analyst for Aimco, a public reporting real estate investment trust, working in various management capacities, including within the finance function, the transaction finance and analytics department and the fund management department, which handled the internal investor reporting for Aimco. Prior to that, Mr. Schmidt worked in public accounting with Clifton Gunderson, LLP, now known as Clifton Larson Allen, LLP, where he served as a financial accountant for Special District Services, local government consultant, and, from 2008 to 2010, as auditor for the California State Revolving Fund. Mr. Schmidt received a Bachelor of Science Degree with a double concentration in Finance and Accounting from Colorado State University.

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 Edward Schmidt 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, 2012.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

(a) Security Ownership of Certain Beneficial Owners

The general partners own all of the outstanding general partnership interests of the Partnership. Except as noted below as of December 31, 2012, no person or entity is known to the Partnership to own beneficially in excess of 5 percent of the outstanding limited partnership interests.

	Number of Limited
Entity	Partnership Interests	Percentage
Bethesda Holdings III	1,740	16.52%

(b) None of the officers of the General Partner owns directly or beneficially any limited partnership interests in REAL II.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Neither the General Partner nor its affiliates currently own any of the outstanding limited partnership interests in the Partnership at December 31, 2012. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests in the Partnership, either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner and its affiliates do not currently own any of the outstanding limited partnership interests in the Partnership, Bethesda has entered into a management agreement with a holder of 870 Units or 1,740 limited partnership interests in the Partnership representing 16.52% of the outstanding limited partnership interests in the Partnership as of December 31, 2012. Pursuant to such management agreement, Bethesda manages the business of such holder in exchange for a management fee, part of which includes all payments received by such holder with respect to such holder’s ownership of limited partnership interests in the Partnership. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as corporate general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

The General Partner has no directors.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The General Partner has reappointed Ernst & Young LLP as independent auditors to audit the financial statements of the Partnership for 2013. The aggregate fees billed for services rendered by Ernst & Young LLP for 2012 and 2011 are described below.

Audit Fees. Fees for audit services totaled approximately $30,000 and $26,000 for 2012 and 2011, 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 $15,000 and $12,000 for 2012 and 2011, respectively.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) The following financial statements are included in Item 8:

Balance Sheets – December 31, 2012 and 2011.

Statements of Operations - Years ended December 31, 2012 and 2011.

Statements of Changes in Partners' Capital (Deficiency) - Years ended December 31, 2012 and 2011.

Statements of Cash Flows - Years ended December 31, 2012 and 2011.

Notes to 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 the 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, these 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 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 II

	By: National Partnership Investments, LLC
	General Partner

Date: April 1, 2013	By: /s/Brian Flaherty
	Brian Flaherty
	Title: Senior Managing Director

Date: April 1, 2013	By: /s/Edward Schmidt
	Edward Schmidt
	Title: Director of Reporting

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 1, 2013
Brian Flaherty

/s/Edward Schmidt	Chief Accounting Officer	Date: April 1, 2013
Edward Schmidt

REAL ESTATE ASSOCIATES LIMITED II

EXHIBIT INDEX

Exhibit Description of Exhibit

3 Articles of incorporation and bylaws: The Registrant is not incorporated. The Partnership Agreement was filed with Form S-11 #266171 which is hereby incorporated by reference.

3.1 Amendments to Restated Certificate and Agreement of Limited Partnership. Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on January 24, 2005.

3.2 Restated Certificate and Agreement of Limited Partnership (complete text as amended). Incorporated by reference to the Registrant’s Current

Report on Form 8-K filed on January 24, 2005.

10.2 First Amendment to Amended and Restated Agreement and Certificate of Limited Partnership of Cherrywood Associates by and between Real Estate Associates Limited II, a California limited partnership, and James R. Tomlinson, Thomas E. Dillon and Gerald C. Bauman, dated August 10, 2011. (Incorporated by reference to the Registrant’s Current Report on Form 8-K dated August 10, 2011).

10.3 Assignment and Assumption Agreement by and between Real Estate Associates Limited II, a California limited partnership, Wendell C. Harp and Michael P. Piscitelli and Branford Development Housing, LLC, a Connecticut limited liability company, dated October 20, 2011. (Incorporated by reference to the Registrant’s Current Report on Form 8-K dated October 20, 2011).

14 Code of Ethics of Real Estate Associates Limited II.

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 equivalent of 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 II’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, formatted in XBRL: (i) balance sheets, (ii) statements of operations, (iii) statements of changes in partners’ capital (deficiency), (iv) statements of cash flows, and (v) notes to 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-14 2 real2_ex14.htm EXHIBIT 14

Exhibit 14

REAL ESTATE ASSOCIATES LIMITED II

CODE OF BUSINESS CONDUCT AND ETHICS

Introduction

This code of business conduct and ethics (this “Code”) has been adopted by Real Estate Associates Limited II, on behalf of itself (collectively, the “Company”) pursuant to Item 406 of Regulation S-K (“Regulation S-K”) of the Securities and Exchange Commission (“SEC”), referred to herein as the “Applicable Rules,” in order to provide written standards and guidance to the Company’s directors, officers and employees (collectively, the “Covered Persons”) and covers a wide range of business practices and procedures. While it does not cover every issue that may arise, it sets out basic principles to guide the way Covered Persons conduct the Company’s business. All Covered Persons must conduct themselves accordingly and seek to avoid even the appearance of improper behavior.

The Company is committed to maintaining the highest standards of business conduct and ethics. This Code reflects the business practices and principles of behavior that support this commitment. We expect every Covered Person to read and understand this Code and its application to the performance of your business responsibilities.

Officers, managers and other supervisors are expected to develop in employees a sense of commitment to the spirit, as well as the letter, of this Code. Supervisors are also expected to use best efforts to ensure that all agents and contractors conform to Code standards when working for or on behalf of the Company. The compliance environment within each supervisor’s assigned area of responsibility will be a significant factor in evaluating the quality of that individual’s performance. In addition, any Covered Person who makes an exemplary effort to implement and uphold the Company’s legal and ethical standards will be recognized for that effort in their performance review. Nothing in this Code alters the employment at-will policy of the Company applicable to employees.

This Code cannot possibly describe every practice or principle related to honest and ethical conduct. This Code addresses conduct that is particularly important to proper dealings with the people and entities with which we interact on behalf of the Company, but reflects only a part of our commitment. The Company’s employee handbook contains additional policies of the Company that supplement or amplify this Code in certain areas and should be read in conjunction with this Code.

Action by members of your immediate family, significant others or other persons who live in your household also may potentially result in ethical issues to the extent that they involve Companybusiness. For example, acceptance of inappropriate gifts by a family member from one of the Company’s suppliers could create a conflict of interest and result in a Code violation attributable to you. Consequently, in complying with this Code, you should consider not only your own conduct, but also that of your immediate family members, significant others and other persons who live in your household.

The integrity and reputation of the Company depends on the honesty, fairness and integrity brought to the job by each person associated with us. It is the responsibility of each Covered Person to apply common sense, together with their own highest personal ethical standards, in making business decisions where there is no stated guideline in this Code. Unyielding personal integrity is the foundation of corporate integrity.

You should not hesitate to ask questions about whether any conduct may violate this Code, voice concerns or clarify ambiguous areas. Section 14 below details the compliance resources available to you. In addition, you should be alert to potential violations of this Code by others and report suspected violations, without fear of any form of retaliation, as further described in Section 14. Violations of this Code will not be tolerated. Any Covered Person who violates the standards in this Code may be subject to disciplinary action, up to and including termination of employment and, in appropriate cases, civil legal action or referral for criminal prosecution.

1. Legal Compliance

Obeying the law, both in letter and in spirit, is the foundation of this Code. Our success depends upon each employee operating within legal guidelines and cooperating with local, national and international authorities. It is therefore essential that you understand the legal and regulatory requirements applicable to your business unit and area of responsibility. We will hold periodic training sessions to ensure that all Covered Persons understand the relevant laws, rules and regulations associated with their employment, including laws prohibiting insider trading (which are discussed in further detail in Section 2 below). While we do not expect you to memorize every detail of these laws, rules and regulations, we want you to be able to determine when to seek advice from others. If you do have a question in the area of legal compliance, it is important that you not hesitate to seek answers from your supervisor or the Company’s legal counsel.

Disregard of the law will not be tolerated. Violation of domestic or foreign laws, rules and regulations may subject an individual, as well as the Company, to civil and/or criminal penalties. You should be aware that conduct and records, including emails, are subject to internal and external audits, and to discovery by third parties in the event of a government investigation or civil litigation. It is in everyone’s best interests to know and comply with our legal and ethical obligations.

2. Insider Trading

Covered Persons who have access to confidential (or “inside”) information of the Company are not permitted to use or share that information for trading purposes or for any other purpose except to conduct our business. All non-public information about the Company or about companies with which we do business is considered confidential information of the Company. To use material non-public information in connection with buying or selling securities, including “tipping” others who might make an investment decision on the basis of this information, is not only unethical, it is illegal. Covered Persons must exercise the utmost care when handling material inside information.

3. Environment Compliance

Federal law imposes criminal liability on any person or company that contaminates the environment with any hazardous substance that could cause injury to the community or environment. Violation of environmental laws can be a criminal offense and can involve monetary fines and imprisonment. We expect Covered Persons to comply with all applicable environmental laws.

It is our policy to conduct our business in an environmentally responsible way that minimizes environmental impacts. We are committed to minimizing and, if possible, eliminating the use of any substance or material that may cause environmental damage, reducing waste generation and disposing of all waste through safe and responsible methods, minimizing environmental risks by employing safe technologies and operating procedures, and being prepared to respond appropriately to accidents and emergencies.

4. Conflicts of Interest

A “conflict of interest” occurs when an individual’s personal interest (or the interest of a member of his or her family) may interfere in any way with the performance of his or her duties or the interests of the Company as a whole. A conflict of interest can arise when a Covered Person (or a member of his or her family) takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when a Covered Person (or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company. We expect our employees, officers and directors to be free from influences that conflict with the interests of the Company. Even the appearance of a conflict of interest where none actually exists can be damaging and should be avoided. Whether or not a conflict of interest exists or will exist can be unclear.

If you have any questions about a potential conflict or if you become aware of an actual or potential conflict and you are not an officer or director of the Company, you should discuss the matter with your supervisor or the Company’s legal counsel. Conflicts of interest are prohibited unless specifically approved by authorized persons. Supervisors are not authorized to approve a conflict of interest without first seeking the approval of the Company’s legal counsel and filing with the Company’s legal counsel a written description of the approved activity. If your supervisor is involved in the potential or actual conflict, initially, you should discuss the matter directly with the Company’s legal counsel. Officers and directors may seek authorization from individuals serving in roles functioning as the principal executive officer (the “PEO”) or the principal financial officer (the “PFO”) of the Company. Factors that may be considered in evaluating a potential conflict of interest are, among others:

· whether it may interfere with the Covered Person’s job performance, responsibilities or morale;

· whether the Covered Person has access to confidential information;

· whether it may interfere with the job performance, responsibilities or morale of others within the organization;

· any potential adverse or beneficial impact on our business;

· any potential adverse or beneficial impact on our relationships with our customers or suppliers or other service providers;

· whether it would enhance or support a competitor’s position;

· the extent to which it would result in financial or other benefit (direct or indirect) to the Covered Person;

· the extent to which it would result in financial or other benefit (direct or indirect) to one of our customers, suppliers or other service providers; and

· the extent to which it would appear improper to an outside observer.

The following are examples of situations that may, depending on the facts and circumstances, involve conflicts of interests:

· Employment by (including consulting for) or service on the board of a competitor, customer or supplier or other service provider. Activity that enhances or supports the position of a competitor to the detriment of the Company is prohibited, including employment by or service on the board of a competitor. Employment by or service on the board of a customer or supplier or other service provider is generally discouraged and you must seek authorization in advance if you plan to take such action.

· Lending to, borrowing from or having a material interest (equity or otherwise) in any entity that does business, seeks to do business or competes with us. In addition to the factors described above, persons evaluating ownership for conflicts of interest will consider the size and nature of the investment; the nature of the relationship between the other entity and the Company; the Covered Person’s access to confidential information and the Covered Person’s ability to influence the Company’s decisions. If you would like to acquire a financial interest of that kind, you must seek approval in advance.

· Soliciting or accepting gifts, favors, loans or preferential treatment from any person or entity that does business or seeks to do business with us. See Section 8 for further discussion of the issues involved in this type of conflict.

· Soliciting contributions to any charity or for any political candidate from any person or entity that does business or seeks to do business with us.

· Taking personal advantage of corporate opportunities. See Section 5 for further discussion of the issues involved in this type of conflict.

· Moonlighting without permission.

· Conducting our business transactions with your family member, significant other or person who shares your household or a business in which you have a significant financial interest. Material related-party transactions approved by the Audit Committee and involving any executive officer or director will be publicly disclosed as required by applicable laws and regulations.

· Accepting compensation (in any form) for services performed for the Company from any source other than the Company.

Loans to, or guarantees of obligations of, Covered Persons or their Family Members by the Company could constitute an improper personal benefit to the recipients of these loans or guarantees, depending on the facts and circumstances. Some loans are expressly prohibited by law and applicable law requires that our Board of Directors approve all loans and guarantees to Covered Persons. As a result, all loans and guarantees by the Company must be approved in advance by the Audit Committee.

5. Corporate Opportunities

You may not take personal advantage of opportunities that are presented to you or discovered by you as a result of your position with usor through your use of corporate property or information, unless authorized by the PEO, the PFO or the Company’s legal counsel. Even opportunities that are acquired privately by you may be questionable if they are related to the Company’s existing or proposed lines of business. You cannot use your position with usor corporate property or information for improper personal gain. Unless otherwise set forth in any agreement between you and the Company or otherwise approved by the PEO, the PFO or the Company’s legal counsel, you may not compete with us in any way during the term of your engagement with the Company.

6. Maintenance of Corporate Books, Records, Documents and Accounts; Financial Integrity; Public Reporting

The integrity of our records and public disclosure depends on the validity, accuracy and completeness of the information supporting the entries to our books of account. Therefore, our corporate and business records should be completed accurately and honestly. The making of false or misleading entries, whether they relate to financial results or test results, is strictly prohibited. Our records serve as a basis for managing our business and are important in meeting our obligations to customers, suppliers, creditors, employees and others with whom we do business. As a result, it is important that our books, records and accounts accurately and fairly reflect, in reasonable detail, our assets, liabilities, revenues, costs and expenses, as well as all transactions and changes in assets and liabilities.

Our accounting records are also relied upon to produce reports for our management, unitholders and creditors, as well as for governmental agencies. In particular, we rely upon our accounting and other business and corporate records in preparing the periodic and current reports that we file with the SEC. These reports must provide full, fair, accurate, timely and understandable disclosure and fairly present our financial condition and results of operations. Covered Persons who collect, provide or analyze information for or otherwise contribute in any way in preparing or verifying these reports should strive to ensure that our financial disclosure is accurate and transparent and that our reports contain all of the information about the Company that would be important to enable unitholders and potential investors to assess the soundness and risks of our business and finances and the quality and integrity of our accounting and disclosures. In addition:

· no Covered Person may take or authorize any action that would cause our financial records or financial disclosure to fail to comply with generally accepted accounting principles, the rules and regulations of the SEC or other applicable laws, rules and regulations;

· all Covered Persons must cooperate fully with our independent public accountants and counsel, respond to their questions with candor and provide them with complete and accurate information to help ensure that our books and records, as well as our reports filed with the SEC, are accurate and complete; and

· no Covered Person should knowingly make (or cause or encourage any other person to make) any false or misleading statement in any of our reports filed with the SEC or knowingly omit (or cause or encourage any other person to omit) any information necessary to make the disclosure in any of our reports accurate in all material respects.

Any Covered Person who becomes aware of any departure from these standards has a responsibility to report his or her knowledge promptly to a supervisor or one of the other compliance resources described in Section 14. In addition, each Covered Person must promptly bring to the attention of the PEO, the PFO or the Company’s legal counsel any information that the Covered Person may have concerning (a) significant deficiencies in the design or operation of internal control over financial reporting that could adversely affect the Company’s ability to record, process, summarize and report financial data or (b) any fraud, whether or not material, that involves management, directors, or other Covered Persons who have a significant role in the Company’s financial reporting, disclosures or internal controls.

7. Fair Dealing

Each Covered Person must endeavor to deal fairly with the Company’s customers, suppliers, competitors and employees. No Covered Person should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

The purpose of business entertainment and gifts in a commercial setting is to create good will and sound working relationships, not to gain unfair advantage. No business gift or entertainment should ever be offered, given, provided or accepted by any Covered Person unless it:

is not a cash or cash equivalent gift;
is consistent with customary business practices;
is objectively not excessive in value;
cannot be construed as a bribe, a payoff, or as otherwise intended to inappropriately influence a business decision; and
does not violate any laws, regulations, or applicable policies.

Please discuss with your supervisor or the Company’s legal counsel any business entertainment or gifts which you are not certain are appropriate.

8. Health and Safety

The Company strives to provide each employee with a safe and healthy work environment. Each Covered Person has responsibility for maintaining a safe and healthy workplace for all employees by following security, health and safety rules. Suspicious or criminal activity, accidents, injuries and unsafe equipment, practices or conditions should be immediately reported to your supervisor. Performing work while under the influence of alcohol, illegal drugs or improperly used prescription medication is unsafe and puts us all at risk. This is prohibited, and working under the influence of such substances will not be tolerated. The only exception to this rule is when alcohol is used responsibly and in moderation at business dinners and at certain authorized events. Violence and threatening behavior are not permitted. Any acts or threatened acts of violence must be immediately reported to your supervisor and Human Resources.

9. Political Involvement or Contributions

The Company respects your right to be involved in, and to participate in, the political process as you see fit. However, when engaging in personal civic and political affairs, your views and actions are your own, and not those of the Company. You may not use the Company’s resources (including work time) to support political parties, causes or candidates, or to promote your personal political views.

10. Protection and Proper Use of Company Assets

All Covered Persons are expected to protect our assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on our profitability. Company property is expected to be used only for legitimate business purposes, although incidental personal use may be permitted. Covered Persons should be mindful of the fact that we retain the right to access, review, monitor and disclose any information transmitted, received or stored using our electronic equipment, with or without an employee’s or third party’s knowledge, consent or approval. Any misuse or suspected misuse of our assets must be immediately reported to your supervisor or the Company’s legal counsel.

11. Confidentiality

One of our most important assets is our confidential information. Covered Persons who have received or have access to confidential information about the Company should take care to keep this information confidential. Except when disclosure is authorized or legally mandated, you must not share our or our affiliates’ or customers’ confidential information with third parties or others within the Company who have no legitimate business purpose for receiving that information. Unauthorized use or distribution of this information could also be illegal and result in civil liability and/or criminal penalties.

You should also take care not to inadvertently disclose confidential information about the Company. Materials that contain confidential information, such as memos, notebooks and computers should be stored securely. Unauthorized posting or discussion of any information concerning our business, information or prospects on the Internet is prohibited. Be cautious when discussing sensitive information in public places like elevators or airports. All business related emails, voicemails and other communications are presumed confidential and should not be forwarded or otherwise disseminated outside of the Company, except where required for legitimate business purposes.

12. Encouraging the Reporting of any Illegal or Unethical Behavior

When there is any ambiguity about the proper ethical or legal action to take in a particular situation, Company employees and other Covered Persons should talk to supervisors or other appropriate personnel. Covered Persons must promptly report potential violations of applicable laws, rules, regulations or this Code (“Potential Violations”). Reports of Potential Violations may be submitted to the Company’s legal counsel anonymously if the Covered Person so desires. The Company will not allow retaliation for reports of Potential Violations that are made in good faith.

13. Waivers

Any waiver of this Code for any Covered Person, including the executive officers (including our principal executive officer, principa l financial officer, principal accounting officer or controller (or persons performing similar functions)) or directors may be authorized only by our general partner. All waivers of this Code will be disclosed to unitholders as required by applicable laws, rules and regulations.

14. Compliance Standards and Procedures

Compliance Resources

The PEO, the PFO and the Company’s legal counsel are responsible for:

· investigating Potential Violations;

· training new employees in Code policies;

· conducting annual training sessions to refresh employees’ familiarity with this Code;

· distributing copies of this Code annually via email to each employee with a reminder that each employee is responsible for reading, understanding and complying with this Code;

· updating this Code as needed and alerting employees to any updates, with appropriate approval of the Audit Committee of the Board of Directors, to reflect changes in the law, the Company operations and in recognized best practices, and to reflect the Company’s experience; and

· otherwise promoting an atmosphere of responsible and ethical conduct.

Your most immediate resource for any matter related to this Code is your supervisor. Your supervisor may have the information you need, or may be able to refer the question to another appropriate source. There may, however, be times when you prefer not to go to your supervisor. In these instances, you should feel free to discuss your concern with the PEO, the PFO or the Company’s legal counsel.

Clarifying Questions and Concerns; Reporting Potential Violations

If you encounter a situation or are considering a course of action and its appropriateness is unclear, discuss the matter promptly with your supervisor; even the appearance of impropriety can be very damaging and should be avoided.

If you are aware of Potential Violation of Code standards by others, you have a responsibility to report it. You are expected to promptly provide a compliance resource with a specific description of the Potential Violation that you believe has occurred, including any information you have about the persons involved and the time of the Potential Violation.Whether you choose to speak with your supervisor or the Compliance Hotline, you should do so without fear of any form of retaliation. We will take prompt disciplinary action against any employee who retaliates against you, up to and including termination of employment.

Supervisors must promptly report any complaints or observations of Potential Violations to the PEO, the PFO or the Company’s legal counsel, who will report to the designated Company contacts your concern for investigation promptly and with the highest degree of confidentiality that is possible under the specific circumstances. Your cooperation in the investigation will be expected. As needed, the PEO or the PFO will consult with legal counsel and/or the general partner.

If the investigation indicates that a violation of this Code has probably occurred, we will take such action as we believe to be appropriate under the circumstances. If we determine that an employee is responsible for a Code violation, he or she will be subject to disciplinary action up to , and including, termination of employment and , in appropriate cases, civil action or referral for criminal prosecution. Appropriate action may also be taken to deter any future Code violations.

EX-31.1 3 real2_311.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Brian Flaherty, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: April 1, 2013

/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 4 real2_312.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, Edward Schmidt, certify that:

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

(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 1, 2013

/s/Edward Schmidt

Edward Schmidt

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

EX-32.1 5 real2_321.htm EXHIBIT 32.1

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 II (the "Partnership"), for the fiscal year ended December 31, 2012 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 Edward Schmidt, 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 1, 2013

	/s/Edward Schmidt
	Name: Edward Schmidt
	Date: April 1, 2013

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.

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NOTE 2 INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS   As of December 31, 2012 and 2011, the Partnership holds limited partnership interests in 4 and 6 Local Limited Partnerships, respectively. As of December 31, 2012, the Local Limited Partnerships own residential low income rental projects consisting of 184 apartment units. The mortgage loans of these projects are payable to or insured by various governmental agencies.    The Partnership, as a limited partner, does not have a contractual relationship with the Local Limited Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Limited Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Limited Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Limited Partnerships based upon its respective ownership percentage (between 95% and 99%). Distributions of surplus cash from operations from most of the Local Limited Partnerships are restricted by the Local Limited Partnerships Regulatory Agreements with the United States Department of Housing and Urban Development (HUD) and/or are restricted by the terms of the mortgages encumbering the Projects. 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 Limited Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Limited Partnerships partnership agreements. These agreements usually limit the Partnerships distributions to an amount substantially less than its ownership percentage in the Local Limited Partnership.   The individual investments are carried at cost plus the Partnerships share of the Local Limited Partnerships profits less the Partnerships share of the Local Limited Partnerships losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Limited 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 Limited Partnerships reaches zero. Distributions from the Local Limited 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 statements of operations. Operating distributions from the Local Limited Partnerships in which the Partnerships investment in the Local Limited Partnerships has been reduced to zero were approximately $60,000 and $17,000 for the years ended December 31, 2012 and 2011, respectively.   At times, advances are made to the Local Limited Partnerships. Advances made by the Partnership to the individual Local Limited Partnerships are considered part of the Partnerships investment in limited partnerships. Advances made to Local Limited Partnerships for which the investment has been reduced to zero are generally charged to expense. During the year ended December 31, 2011, the Partnership advanced approximately $7,000 to one Local Limited Partnership, Branford Development Associates, to fund tax payments. This advance was not expensed as the Partnership expected to receive repayment. This advance was repaid during the year ended December 31, 2011.  While not obligated to make advances to any of the Local Limited Partnerships, the Partnership made this advance in order to protect its economic investment in the Local Limited Partnership. There were no advances made during the year ended December 31, 2012.   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 Limited Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Limited Partnerships.  Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize.   The Partnership has no carrying value in investments in Local Limited Partnerships as of December 31, 2012 and 2011.   In August 2011, the Partnership assigned its limited partnership interest in Cherrywood Associates to an affiliate of the general partner of the Local Limited Partnership for approximately $650,000. The proceeds received were recorded as gain on sale of interest in Local Limited Partnership during the year ended December 31, 2011 as the Partnerships investment balance in Cherrywood Associates was zero as of the date of the assignment.   In December 2011, the Partnership assigned its limited partnership interest in Branford Development Associates to a third party for a total price of $1,100,000. The proceeds received were recorded as gain on sale of interest in Local Limited Partnership during the year ended December 31, 2011, as the Partnerships investment balance in Branford Development Associates was zero as of the date of the assignment.   In June 2012, Landmark Associates sold its investment property for a gross sale price of $1,500,000. The Partnership received distributions of approximately $1,199,000, which were recognized as distributions in excess of investment in Local Limited Partnership during the year ended December 31, 2012. The Partnership had no investment balance remaining in Landmark Associates as of the date of the sale or December 31, 2011.   In December 2012, Alabama Properties sold its investment property for a gross sale price of approximately $59,000 and release of the investment propertys mortgage debt. The Partnership did not receive any proceeds from the sale.  The Partnerhsip had no investment balance remaining in Alabama Properties as of the date of the sale or December 31, 2011.   The difference between the investment per the accompanying balance sheets at December 31, 2012 and 2011 and the partners deficiency per the Local Limited Partnerships' condensed combined financial statements is due primarily to cumulative unrecognized equity in losses of certain Local Limited Partnerships, costs capitalized to the investment account, cumulative distributions recognized as income and recognition of impairment losses.   Although the Partnerships recorded value of its investments and its equity in distributions from the Local Limited Partnerships are not individually material to the overall financial position of the Partnership, the unaudited condensed combined balance sheets of the aforementioned Local Limited Partnerships as of December 31, 2012 and 2011, and the unaudited condensed combined results of operations for each of the two years in the periods ended December 31, 2012 and 2011 are as follows (2012 and 2011 amounts exclude the operations of Landmark Associates and Alabama Properties, which sold their investment properties in June 2012 and December 2012, respectively, and Cherrywood Associates and Branford Development Associates due to the assignment of the Partnerships interest in the Local Limited Partnerships in August 2011 and December 2011, respectively):       <table border="0" cellspacing="0" cellpadding="0" width="849" style='width:509.4pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="279" colspan="2" style='width:167.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:19.35pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:19.35pt'> Condensed Combined Balance Sheets of the Local Limited Partnerships </td> <td width="279" colspan="2" style='width:167.4pt;padding:0in 5.4pt 0in 5.4pt;height:19.35pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="279" colspan="2" style='width:167.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> December 31, </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> <td width="137" valign="top" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2011 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Assets: </td> <td width="279" colspan="2" style='width:167.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands - unaudited) </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Land </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   257 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   257 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Buildings and improvements </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   8,536 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   8,401 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Accumulated depreciation </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (5,608) </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (5,434) </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Other assets </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,204 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,352 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      Total Assets </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 4,389 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 4,576 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficiency: </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Mortgage notes payable </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 6,260 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 6,405 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other liabilities </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     265 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     251 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       Total Liabilities </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   6,525 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   6,656 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partners Deficiency </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (2,136) </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (2,080) </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       Total Liabilities & Partners' Deficiency </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 4,389 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 4,576 </td> </tr> </table>     <table border="0" cellspacing="0" cellpadding="0" width="863" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:.2in'>   </td> <td width="360" colspan="2" valign="top" style='width:3.0in;padding:0in 5.75pt 0in 5.75pt;height:.2in'></td> </tr> <tr style='height:24.75pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:24.75pt'> Condensed Combined Results of Operations of the Local Limited Partnerships </td> <td width="360" colspan="2" valign="top" style='width:3.0in;padding:0in 5.75pt 0in 5.75pt;height:24.75pt'>   </td> </tr> <tr style='height:34.2pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:34.2pt'>   </td> <td width="180" valign="top" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:34.2pt'> Year Ended December 31, 2012 </td> <td width="180" valign="top" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:34.2pt'> Year Ended December 31, 2011 </td> </tr> <tr style='height:12.25pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.25pt'>   </td> <td width="360" colspan="2" valign="top" style='width:3.0in;padding:0in 5.75pt 0in 5.75pt;height:12.25pt'> (in thousands unaudited) </td> </tr> <tr style='height:.15in'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:.15in'> Revenues </td> <td width="180" valign="top" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:.15in'>   </td> <td width="180" valign="top" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:.15in'>   </td> </tr> <tr style='height:12.95pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>  Rental income </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'> $ 1,135 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'> $ 1,141 </td> </tr> <tr style='height:12.95pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>  Other income </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>      62 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>     63 </td> </tr> <tr style='height:.2in'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:.2in'> Total revenues </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:.2in'>   1,197 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:.2in'>  1,204 </td> </tr> <tr style='height:12.25pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.25pt'> Expenses </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.25pt'>   </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.25pt'>   </td> </tr> <tr style='height:13.05pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:13.05pt'>   Depreciation </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:13.05pt'>    174 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:13.05pt'>    176 </td> </tr> <tr style='height:12.95pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>   Interest </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>    181 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>    185 </td> </tr> <tr style='height:12.95pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>   Operating </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>    859 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>    825 </td> </tr> <tr style='height:12.95pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'> Total expenses </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>  1,214 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>  1,186 </td> </tr> <tr style='height:2.9pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:2.9pt'>   </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:2.9pt'>   </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:2.9pt'>   </td> </tr> <tr style='height:13.95pt'> <td width="503" valign="bottom" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:13.95pt'> Income (loss) from continuing operations </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:13.95pt'> $   (17) </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:13.95pt'> $   18 </td> </tr> </table>   Real Estate and Accumulated Depreciation of Local Limited Partnerships   The following unaudited data is a summary of real estate, accumulated depreciation and encumbrances of the Local Limited Partnerships.     <table border="0" cellspacing="0" cellpadding="0" width="908" style='margin-left:-17.1pt;border-collapse:collapse'> <tr style='height:11.7pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:11.7pt'>   </td> <td width="330" colspan="3" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:11.7pt'> Gross Amount At Which Carried </td> <td width="353" colspan="3" style='border:none;padding:0'> </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="330" colspan="3" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> At December 31, 2012 </td> <td width="353" colspan="3" style='border:none;padding:0'> </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="330" colspan="3" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands-unaudited) </td> <td width="353" colspan="3" style='border:none;padding:0'> </td> </tr> <tr style='height:41.85pt'> <td width="225" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Description </td> <td width="128" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Encumbrances </td> <td width="83" valign="bottom" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Land </td> <td width="120" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Buildings and Related Personal Property </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Total </td> <td width="128" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Accumulated Depreciation </td> <td width="128" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Date of Construction </td> </tr> <tr style='height:9.0pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Azalea Court </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 1,292 </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  62 </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 2,045 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,107 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   $ 1,472 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 10/80-3/81 </td> </tr> <tr style='height:5.85pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Crystal Springs </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      529 </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    36 </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      923 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     959 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       801 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 7/80-3/81 </td> </tr> <tr style='height:5.4pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Lakeside Apartments </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,481 </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   102 </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    2,097 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,199 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     1,689 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 10/80-6/81 </td> </tr> <tr style='height:5.85pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Magnolia Estates </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    2,958 </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    57 </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    3,471 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   3,528 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     1,646 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 3/80-8/80 </td> </tr> <tr style='height:4.95pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Totals </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 6,260 </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 257 </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 8,536 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 8,793 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   $ 5,608 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> </table>   Reconciliation of real estate (unaudited)     <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="288" colspan="2" valign="top" style='width:2.4in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Years Ended December 31, </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2011 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="288" colspan="2" valign="top" style='width:2.4in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 11,140 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 15,840 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Additions during the year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      135 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      218 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Disposal of property </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    (2,482) </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    (4,918) </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $  8,793 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 11,140 </td> </tr> </table>   Reconciliation of accumulated depreciation (unaudited)     <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="288" colspan="2" valign="top" style='width:2.4in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Years Ended December 31, </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2011 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="288" colspan="2" valign="top" style='width:2.4in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 7,713 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $10,986 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Disposal of property </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   (2,279) </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   (3,490) </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Depreciation expense for the year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     174 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     217 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 5,608 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 7,713 </td> </tr> </table>   The current policy of the United States Department of Housing and Urban Development (HUD) is to not renew the Housing Assistance Payment (HAP) Contracts on a long term basis on the existing terms.  In connection with renewals of the HAP Contracts under current law and policy, the amount of rental assistance payments under renewed HAP Contracts will be based on market rentals instead of above market rentals, which may not be the case under existing HAP Contracts.  The payments under the renewed HAP Contracts may not be in an amount that would provide sufficient cash flow to permit owners of properties subject to HAP Contracts to meet the debt service requirements of existing loans insured by the Federal Housing Administration of HUD (FHA) unless such mortgage loans are restructured.  In order to address the reduction in payments under HAP Contracts as a result of current policy, the Multi-family Assisted Housing Reform and Affordability Act of 1997 (MAHRAA) provides for the restructuring of mortgage loans insured by the FHA with respect to properties subject to the Section 8 program.  Under MAHRAA, an FHA-insured mortgage loan can be restructured into a first mortgage loan which will be amortized on a current basis and a low interest second mortgage loan payable to FHA which will only be payable on maturity of the first mortgage loan.  This restructuring results in a reduction in annual debt service payable by the owner of the FHA-insured mortgage loan and is expected to result in an insurance payment from FHA to the holder of the FHA-insured loan due to the reduction in the principal amount. MAHRAA also phases out project-based subsidies on selected properties serving families not located in rental markets with limited supply, converting such subsidies to a tenant-based subsidy.   When the HAP Contracts are subject to renewal, there can be no assurance that the Local Limited Partnerships in which the Partnership has an investment will be permitted to restructure its mortgage indebtedness under MAHRAA.  In addition, the economic impact on the Partnership of the combination of the reduced payments under the HAP Contracts and the restructuring of the existing FHA-insured mortgage loans under MAHRAA is uncertain.

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 statements of operations because different methods are used in determining the losses of the Local Limited Partnerships as discussed below.   A reconciliation is as follows:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="270" colspan="3" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Years Ended December 31, </td> </tr> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> <td width="135" colspan="2" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2011 </td> </tr> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="270" colspan="3" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> </tr> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Net income per financial statements </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $   1,156 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $   1,663 </td> </tr> <tr style='height:14.85pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> Gain on sale of interest in Local Limited Partnership </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'>       -- </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'>       (939) </td> </tr> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Loss on sale of Local Limited Partnership property </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       (805) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       -- </td> </tr> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Partnerships share of Local Limited Partnership </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     1,780 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       263 </td> </tr> <tr style='height:5.05pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Income per tax return </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $   2,131 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $     987 </td> </tr> <tr style='height:.2in'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Income per limited partnership interest </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $  398.74 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $  184.02 </td> </tr> <tr align="left"> <td width="489" style='border:none'></td> <td width="129" style='border:none'></td> <td width="7" style='border:none'></td> <td width="123" style='border:none'></td> </tr> </table>   The following is a reconciliation between the Partnerships reported amounts and the Federal tax basis of net assets (in thousands):     <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> December 31, 2012 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> December 31, 2011 </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Net assets as reported </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     $ 2,297 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     $ 2,273 </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (Deduct) add: </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Investment in Partnerships </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      (2,529) </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      (3,499) </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Deferred offering costs </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       1,422 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       1,422 </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Receivable </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       2,094 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       2,094 </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Other </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>          46 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>          41 </td> </tr> <tr style='height:15.75pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Net assets Federal tax basis </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     $ 3,330 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     $ 2,331 </td> </tr> </table>

NOTE 5 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 6 DISTRIBUTION   During the year ended December 31, 2012, the Partnership distributed approximately $1,132,000 to its limited partners, or $106.99 per limited partnership interest, from initial proceeds received from the sale of the investment property owned by Landmark Associates and from excess cash reserves. There were no distributions made by the Partnership to its limited partners during the year ended December 31, 2011. Subsequent to December 31, 2012, the Partnership distributed approximately $1,500,000 to the limited partners, or $142.45 per limited partnership interest, from excess cash reserves.

Organization   Real Estate Associates Limited II (the Partnership) was formed under the California Limited Partnership Act on December 4, 1979.  The Partnership was formed to invest in other limited partnerships which own and operate primarily federal, state or local government-assisted housing projects. The general partners are National Partnership Investments Associates, a California limited partnership, and National Partnership Investments, LLC, a California limited liability company (NAPICO or the General Partner).  The business of the Partnership is conducted primarily by NAPICO. 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 general partners share a one percent interest in profits and losses of the Partnership.  The limited partners share the remaining 99 percent interest in proportion to their respective investments.   The Partnership shall be dissolved only upon the expiration of 52 complete calendar years (December 31, 2031) from the date of the formation of the Partnership or the occurrence of various other events as specified in the terms of the Partnership Agreement.   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 partners 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. 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. No such fees were accrued or paid during the years ended December 31, 2012 and 2011.

Basis of Presentation   The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.   The Partnerships management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.

Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.

Method of Accounting for Investments in Local Limited Partnerships   The investments in local limited partnerships (the Local Limited Partnerships) are accounted for using the equity method.

Abandoned Units   During 2012 and 2011, the number of Limited Partnership Interests decreased by 50 and 38 interests, respectively, due to limited partners abandoning their interests. At December 31, 2012 and 2011, the Partnership had outstanding 10,530 and 10,580 Limited Partnership Interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all right, title, and interest in the partnership as of the date of abandonment. Net Income and Distribution Per Limited Partnership Interest   Net income per limited partnership interest was computed by dividing the limited partners share of net income by the number of limited partnership interests outstanding at the beginning of the year. Distribution per limited partnership interest for the year ended December 31, 2012 was computed by dividing the limited partners distribution by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 10,580 and 10,618 for the years ended December 31, 2012 and 2011, respectively.

Cash and Cash Equivalents   Cash and cash equivalents include cash on hand and in bank accounts.  At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.

Impairment of Long-Lived Assets   The Partnership reviews its investments in long-lived assets to determine if there have been any impairments whenever events or changes in circumstances indicate that the carrying amount of the assets 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.  No impairment losses were recognized during the years ended December 31, 2012 and 2011.

Segment Reporting   Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 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 Topic 280-10 also established standards for related disclosures about products and services, geographic areas and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.

Fair Value of Financial Instruments   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 believes that the carrying amounts of other assets and liabilities reported on the balance sheet at December 31, 2012 that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

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.   At December 31, 2012 and 2011, the Partnership holds variable interests in 4 and 6 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 Limited Partnerships, that the general partner of each of the Local Limited Partnerships is the primary beneficiary of the respective Local Limited Partnership. In making this determination, the Partnership considered the following factors:   ·        the general partners conduct and manage the business of the Local Limited Partnerships; ·        the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Limited Partnerships underlying real estate properties; ·        the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Limited Partnerships; ·        the general partners are obligated to fund any recourse obligations of the Local Limited Partnerships; ·        the general partners are authorized to borrow funds on behalf of the Local Limited Partnerships; and ·        the Partnership, as a limited partner in each of the Local Limited Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Limited Partnerships that most significantly impact such entities economic performance.   The 4 VIEs at December 31, 2012 consist of Local Limited Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 184 units.  The Partnership is 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 both December 31, 2012 and 2011. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

<table border="0" cellspacing="0" cellpadding="0" width="849" style='width:509.4pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="279" colspan="2" style='width:167.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:19.35pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:19.35pt'> Condensed Combined Balance Sheets of the Local Limited Partnerships </td> <td width="279" colspan="2" style='width:167.4pt;padding:0in 5.4pt 0in 5.4pt;height:19.35pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="279" colspan="2" style='width:167.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> December 31, </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> <td width="137" valign="top" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2011 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Assets: </td> <td width="279" colspan="2" style='width:167.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands - unaudited) </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Land </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   257 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   257 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Buildings and improvements </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   8,536 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   8,401 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Accumulated depreciation </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (5,608) </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (5,434) </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Other assets </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,204 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,352 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      Total Assets </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 4,389 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 4,576 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficiency: </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Mortgage notes payable </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 6,260 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 6,405 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other liabilities </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     265 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     251 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       Total Liabilities </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   6,525 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   6,656 </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partners Deficiency </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (2,136) </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (2,080) </td> </tr> <tr style='height:12.25pt'> <td width="570" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       Total Liabilities & Partners' Deficiency </td> <td width="143" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 4,389 </td> <td width="137" style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 4,576 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="863" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:.2in'>   </td> <td width="360" colspan="2" valign="top" style='width:3.0in;padding:0in 5.75pt 0in 5.75pt;height:.2in'></td> </tr> <tr style='height:24.75pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:24.75pt'> Condensed Combined Results of Operations of the Local Limited Partnerships </td> <td width="360" colspan="2" valign="top" style='width:3.0in;padding:0in 5.75pt 0in 5.75pt;height:24.75pt'>   </td> </tr> <tr style='height:34.2pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:34.2pt'>   </td> <td width="180" valign="top" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:34.2pt'> Year Ended December 31, 2012 </td> <td width="180" valign="top" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:34.2pt'> Year Ended December 31, 2011 </td> </tr> <tr style='height:12.25pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.25pt'>   </td> <td width="360" colspan="2" valign="top" style='width:3.0in;padding:0in 5.75pt 0in 5.75pt;height:12.25pt'> (in thousands unaudited) </td> </tr> <tr style='height:.15in'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:.15in'> Revenues </td> <td width="180" valign="top" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:.15in'>   </td> <td width="180" valign="top" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:.15in'>   </td> </tr> <tr style='height:12.95pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>  Rental income </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'> $ 1,135 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'> $ 1,141 </td> </tr> <tr style='height:12.95pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>  Other income </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>      62 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>     63 </td> </tr> <tr style='height:.2in'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:.2in'> Total revenues </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:.2in'>   1,197 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:.2in'>  1,204 </td> </tr> <tr style='height:12.25pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.25pt'> Expenses </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.25pt'>   </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.25pt'>   </td> </tr> <tr style='height:13.05pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:13.05pt'>   Depreciation </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:13.05pt'>    174 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:13.05pt'>    176 </td> </tr> <tr style='height:12.95pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>   Interest </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>    181 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>    185 </td> </tr> <tr style='height:12.95pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>   Operating </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>    859 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>    825 </td> </tr> <tr style='height:12.95pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'> Total expenses </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>  1,214 </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:12.95pt'>  1,186 </td> </tr> <tr style='height:2.9pt'> <td width="503" valign="top" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:2.9pt'>   </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:2.9pt'>   </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:2.9pt'>   </td> </tr> <tr style='height:13.95pt'> <td width="503" valign="bottom" style='width:301.85pt;padding:0in 5.75pt 0in 5.75pt;height:13.95pt'> Income (loss) from continuing operations </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:13.95pt'> $   (17) </td> <td width="180" style='width:1.5in;padding:0in 5.75pt 0in 5.75pt;height:13.95pt'> $   18 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="908" style='margin-left:-17.1pt;border-collapse:collapse'> <tr style='height:11.7pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:11.7pt'>   </td> <td width="330" colspan="3" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:11.7pt'> Gross Amount At Which Carried </td> <td width="353" colspan="3" style='border:none;padding:0'> </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="330" colspan="3" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> At December 31, 2012 </td> <td width="353" colspan="3" style='border:none;padding:0'> </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="330" colspan="3" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands-unaudited) </td> <td width="353" colspan="3" style='border:none;padding:0'> </td> </tr> <tr style='height:41.85pt'> <td width="225" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Description </td> <td width="128" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Encumbrances </td> <td width="83" valign="bottom" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Land </td> <td width="120" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Buildings and Related Personal Property </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Total </td> <td width="128" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Accumulated Depreciation </td> <td width="128" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:41.85pt'> Date of Construction </td> </tr> <tr style='height:9.0pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Azalea Court </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 1,292 </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  62 </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 2,045 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,107 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   $ 1,472 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 10/80-3/81 </td> </tr> <tr style='height:5.85pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Crystal Springs </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      529 </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    36 </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      923 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     959 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       801 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 7/80-3/81 </td> </tr> <tr style='height:5.4pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.4pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Lakeside Apartments </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    1,481 </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   102 </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    2,097 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,199 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     1,689 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 10/80-6/81 </td> </tr> <tr style='height:5.85pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.85pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Magnolia Estates </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    2,958 </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    57 </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    3,471 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   3,528 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     1,646 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 3/80-8/80 </td> </tr> <tr style='height:4.95pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:4.95pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="225" valign="top" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Totals </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 6,260 </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 257 </td> <td width="120" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 8,536 </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 8,793 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   $ 5,608 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="288" colspan="2" valign="top" style='width:2.4in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Years Ended December 31, </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2011 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="288" colspan="2" valign="top" style='width:2.4in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 11,140 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 15,840 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Additions during the year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      135 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      218 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Disposal of property </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    (2,482) </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    (4,918) </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $  8,793 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 11,140 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="288" colspan="2" valign="top" style='width:2.4in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Years Ended December 31, </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2011 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="288" colspan="2" valign="top" style='width:2.4in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 7,713 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $10,986 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Disposal of property </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   (2,279) </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   (3,490) </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Depreciation expense for the year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     174 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     217 </td> </tr> <tr style='height:13.7pt'> <td width="456" valign="top" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 5,608 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 7,713 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="270" colspan="3" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Years Ended December 31, </td> </tr> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> <td width="135" colspan="2" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2011 </td> </tr> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="270" colspan="3" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> </tr> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Net income per financial statements </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $   1,156 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $   1,663 </td> </tr> <tr style='height:14.85pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> Gain on sale of interest in Local Limited Partnership </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'>       -- </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'>       (939) </td> </tr> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Loss on sale of Local Limited Partnership property </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       (805) </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       -- </td> </tr> <tr style='height:13.7pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Partnerships share of Local Limited Partnership </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     1,780 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       263 </td> </tr> <tr style='height:5.05pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Income per tax return </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $   2,131 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $     987 </td> </tr> <tr style='height:.2in'> <td width="527" valign="top" style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Income per limited partnership interest </td> <td width="143" colspan="2" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $  398.74 </td> <td width="128" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $  184.02 </td> </tr> <tr align="left"> <td width="489" style='border:none'></td> <td width="129" style='border:none'></td> <td width="7" style='border:none'></td> <td width="123" style='border:none'></td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> December 31, 2012 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> December 31, 2011 </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Net assets as reported </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     $ 2,297 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     $ 2,273 </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (Deduct) add: </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Investment in Partnerships </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      (2,529) </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      (3,499) </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Deferred offering costs </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       1,422 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       1,422 </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Receivable </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       2,094 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       2,094 </td> </tr> <tr style='height:13.7pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Other </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>          46 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>          41 </td> </tr> <tr style='height:15.75pt'> <td width="398" valign="top" style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Net assets Federal tax basis </td> <td width="203" valign="top" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     $ 3,330 </td> <td width="195" valign="top" style='width:117.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     $ 2,331 </td> </tr> </table> 10530 50 38 10530 10580 10580 10618 4 6 4 184 4 6 184 60000 17000 7000 650000 1100000 1500000 1199000 59000

257000

8536000

8401000

-5608000

-5434000

1204000

1352000

4389000 4576000 6260000 6405000

265000

251000

6525000 6656000 -2136000 -2080000 4389000 4576000

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1141000

62000

63000

1197000

1204000

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36000

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57000

3471000

3528000

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218000

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8793000

11140000

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174000

217000

5608000

7713000

25000 39000 870 1740 0.1652

1156000

1663000

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2297000

2273000

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1422000

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Note 3 - Transactions With Affiliated Parties (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Management fee expense - related party	$ 25,000	$ 39,000
Limited partnership units owned by Related Party unit is two interests	870
Limited partnership interests owned by Related Party	1,740
Limited partnership percentage owned by Related Party	16.52%

XML 13 R33.htm IDEA: XBRL DOCUMENT

Note 2 - Investments in and Advances To Local Limited Partnerships (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Limited Partnership Interests held by Partnership	4	6
Apartment units within Investment Partnerships	184
Operating distributions received from Investment Partnerships	$ 60,000	$ 17,000
Advances made to Investment Partnerships		7,000
Proceeds from assignment of Partnership Interest in Cherrywood		650,000
Proceeds from assignment of Partnership Interest in Branford		1,100,000
Landmark Associates investment property sale price	1,500,000
Distributions received from Investment Partnership property sale - Landmark	1,199,000
Alabama Properties investment property sale price	$ 59,000

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Note 2 - Investments in and Advances To Local Limited Partnerships: Schedule of Real Estate and Accumulated Depreciation of Local Limited Partnerships (Tables)

12 Months Ended

Dec. 31, 2012

Tables/Schedules

Schedule of Real Estate and Accumulated Depreciation of Local Limited Partnerships

	Gross Amount At Which Carried
	At December 31, 2012
	(in thousands-unaudited)
Description	Encumbrances	Land	Buildings and Related Personal Property	Total	Accumulated Depreciation	Date of Construction

Azalea Court	$ 1,292	$ 62	$ 2,045	$ 2,107	$ 1,472	10/80-3/81

Crystal Springs	529	36	923	959	801	7/80-3/81

Lakeside Apartments	1,481	102	2,097	2,199	1,689	10/80-6/81

Magnolia Estates	2,958	57	3,471	3,528	1,646	3/80-8/80

Totals	$ 6,260	$ 257	$ 8,536	$ 8,793	$ 5,608

XML 16 R42.htm IDEA: XBRL DOCUMENT

Note 6 - Distribution (Details) (USD $)	12 Months Ended
Note 6 - Distribution (Details) (USD $)	Dec. 31, 2012
Distribution to Limited Partners	$ 1,132,000
Per Limited Partnership Unit distribution	$ 106.99
Distribution to Limited Partners subsequent to reporting period	$ 1,500,000
Distribution per limited partnership unit - subsequent to reporting period	$ 142.45

XML 17 R37.htm IDEA: XBRL DOCUMENT

Note 2 - Investments in and Advances To Local Limited Partnerships: Reconciliation of real estate of Local Limited Partnerships (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Real Estate Balance at Beginning of Year	$ 11,140	$ 15,840
Property, Plant and Equipment, Additions	135	218
Property, Plant and Equipment, Disposals	(2,482)	(4,918)
Property, Plant and Equipment, Gross	$ 8,793	$ 11,140

- Definition

Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

+ References+ Details

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Note 4 - Income Tax Disclosure

12 Months Ended

Dec. 31, 2012

Notes

Note 4 - Income Tax Disclosure

NOTE 4 – INCOME TAXES

A reconciliation is as follows:

	Years Ended December 31,
	2012	2011
	(in thousands)
Net income per financial statements	$ 1,156		$ 1,663
Gain on sale of interest in Local Limited Partnership	--		(939)
Loss on sale of Local Limited Partnership property	(805)		--
Partnership’s share of Local Limited Partnership	1,780		263

Income per tax return	$ 2,131		$ 987
Income per limited partnership interest	$ 398.74		$ 184.02

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

	December 31, 2012	December 31, 2011
	(in thousands)	(in thousands)
Net assets as reported	$ 2,297	$ 2,273
(Deduct) add:
Investment in Partnerships	(2,529)	(3,499)
Deferred offering costs	1,422	1,422
Receivable	2,094	2,094
Other	46	41
Net assets – Federal tax basis	$ 3,330	$ 2,331

- Definition

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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Note 4 - Income Tax Disclosure: Reconciliation of Book Net Assets (Liabilities) to Federal Tax Basis Net Assets (Liabilities) (Tables)

12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconciliation of Book Net Assets (Liabilities) to Federal Tax Basis Net Assets (Liabilities)

	December 31, 2012	December 31, 2011
	(in thousands)	(in thousands)
Net assets as reported	$ 2,297	$ 2,273
(Deduct) add:
Investment in Partnerships	(2,529)	(3,499)
Deferred offering costs	1,422	1,422
Receivable	2,094	2,094
Other	46	41
Net assets – Federal tax basis	$ 3,330	$ 2,331

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Note 4 - Income Tax Disclosure: Reconciliation of Book Net Income (Loss) to Federal Taxable Net Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconciliation of Book Net Income (Loss) to Federal Taxable Net Income (Loss)

	Years Ended December 31,
	2012	2011
	(in thousands)
Net income per financial statements	$ 1,156		$ 1,663
Gain on sale of interest in Local Limited Partnership	--		(939)
Loss on sale of Local Limited Partnership property	(805)		--
Partnership’s share of Local Limited Partnership	1,780		263

Income per tax return	$ 2,131		$ 987
Income per limited partnership interest	$ 398.74		$ 184.02

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Note 1 - Organization and Summary of Significant Accounting Policies: Abandoned Units (Details)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Limited Partnership Interests abandoned during the year	50	38
Outstanding Limited Partnership Units	10,530	10,580

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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, 2012	Dec. 31, 2011
Limited Partnership Units Outstanding for net income (loss) and distributions per unit calculation	10,580	10,618

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Note 3 - Transactions With Affiliated Parties

12 Months Ended

Dec. 31, 2012

Notes

Note 3 - Transactions With Affiliated Parties

NOTE 3 – TRANSACTIONS WITH AFFILIATED PARTIES

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Note 1 - Organization and Summary of Significant Accounting Policies: Variable Interest Entities (Details)	Dec. 31, 2012	Dec. 31, 2011
Number of Variable Interest Entities held by Partnership	4	6
Number of apartment properties held by VIEs	4
Number of apartment units within VIE's	184

XML 26 R40.htm IDEA: XBRL DOCUMENT

Note 4 - Income Tax Disclosure: Reconciliation of Book Net Income (Loss) to Federal Taxable Net Income (Loss) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Net income	$ 1,156	$ 1,663
Gain on sale of interest in Local Limited Partnership book tax difference		(939)
Loss on sale of Local Limited Partnership property	(805)
Partnership's share of Local Limited Partnership book tax difference	1,780	263
Income (loss) per tax return	$ 2,131	$ 987
Taxable income (loss) per limited partnership interest	$ 398.74	$ 184.02

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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XML 27 R2.htm IDEA: XBRL DOCUMENT

Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 2,329	$ 2,266
Investments in and advances to Local Limited Partnerships	0	0
Receivables - limited partners	0	31
Total assets	2,329	2,297
Liabilities:
Accounts payable and accrued expenses	32	24
Contingencies	0	0
Partners' capital (deficiency)
General partners	(134)	(146)
Limited partners	2,431	2,419
Total partners' capital (deficiency)	2,297	2,273
Total liabilities and partners' capital (deficiency)	$ 2,329	$ 2,297

XML 28 R6.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Notes

Note 1 - Organization and Summary of Significant Accounting Policies

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

The general partners share a one percent interest in profits and losses of the Partnership. The limited partners share the remaining 99 percent interest in proportion to their respective investments.

Basis of Presentation

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

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

Use of Estimates

Method of Accounting for Investments in Local Limited Partnerships

The investments in local limited partnerships (the “Local Limited Partnerships”) are accounted for using the equity method.

Abandoned Units

Net Income and Distribution Per Limited Partnership Interest

Cash and Cash Equivalents

Impairment of Long-Lived Assets

Segment Reporting

Fair Value of Financial Instruments

Variable Interest Entities

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.

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

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

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

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

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

- Definition

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.

+ References+ Details

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Note 2 - Investments in and Advances To Local Limited Partnerships: Condensed Combined Results of Operations of the Local Limited Partnerships (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Real Estate Revenue, Net $ 1,135 $ 1,141

Other Operating Income 62 63

Revenues: 1,197 1,204

Depreciation 174 176

Interest 181 185

Operating 859 825

Total expenses 1,214 1,186

Income (loss) from continuing operations of Local Limited Partnerships $ (17) $ 18

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-SubTopic 10

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

Dec. 31, 2012

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.

At December 31, 2012 and 2011, the Partnership holds variable interests in 4 and 6 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 Limited Partnerships, that the general partner of each of the Local Limited Partnerships is the primary beneficiary of the respective Local Limited Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The 4 VIEs at December 31, 2012 consist of Local Limited Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 184 units. The Partnership is 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 both December 31, 2012 and 2011. 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 Limited Partnerships: Schedule of Real Estate and Accumulated Depreciation of Local Limited Partnerships (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Real Estate and Accumulated Depreciation, Amount of Encumbrances $ 6,260

Real Estate and Accumulated Depreciation, Carrying Amount of Land 257

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 8,536

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 8,793

Real Estate and Accumulated Depreciation, Accumulated Depreciation 5,608

Azalea Court

Real Estate and Accumulated Depreciation, Amount of Encumbrances 1,292

Real Estate and Accumulated Depreciation, Carrying Amount of Land 62

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 2,045

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 2,107

Real Estate and Accumulated Depreciation, Accumulated Depreciation 1,472

Crystal Springs

Real Estate and Accumulated Depreciation, Amount of Encumbrances 529

Real Estate and Accumulated Depreciation, Carrying Amount of Land 36

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 923

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 959

Real Estate and Accumulated Depreciation, Accumulated Depreciation 801

Lakeside Apartments

Real Estate and Accumulated Depreciation, Amount of Encumbrances 1,481

Real Estate and Accumulated Depreciation, Carrying Amount of Land 102

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 2,097

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 2,199

Real Estate and Accumulated Depreciation, Accumulated Depreciation 1,689

Magnolia Estates

Real Estate and Accumulated Depreciation, Amount of Encumbrances 2,958

Real Estate and Accumulated Depreciation, Carrying Amount of Land 57

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 3,471

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 3,528

Real Estate and Accumulated Depreciation, Accumulated Depreciation $ 1,646

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Note 2 - Investments in and Advances To Local Limited Partnerships: Condensed Combined Results of Operations of the Local Limited Partnerships (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Condensed Combined Results of Operations of the Local Limited Partnerships

Condensed Combined Results of Operations of the Local Limited Partnerships

Year Ended December 31, 2012

Year Ended December 31, 2011

(in thousands – unaudited)

Revenues

Rental income

$ 1,135

$ 1,141

Other income

 62

 63

Total revenues

1,197

1,204

Expenses

Depreciation

 174

 176

Interest

 181

 185

Operating

 859

 825

Total expenses

1,214

1,186

Income (loss) from continuing operations

$ (17)

$ 18

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

Dec. 31, 2012

Notes

Note 2 - Investments in and Advances To Local Limited Partnerships

NOTE 2 – INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

As of December 31, 2012 and 2011, the Partnership holds limited partnership interests in 4 and 6 Local Limited Partnerships, respectively. As of December 31, 2012, the Local Limited Partnerships own residential low income rental projects consisting of 184 apartment units. The mortgage loans of these projects are payable to or insured by various governmental agencies.

The Partnership, as a limited partner, does not have a contractual relationship with the Local Limited Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Limited Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Limited Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Limited Partnerships based upon its respective ownership percentage (between 95% and 99%). Distributions of surplus cash from operations from most of the Local Limited Partnerships are restricted by the Local Limited Partnerships’ Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”) and/or are restricted by the terms of the mortgages encumbering the Projects. 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 Limited Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Limited Partnerships’ partnership agreements. These agreements usually limit the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Limited Partnership.

The individual investments are carried at cost plus the Partnership’s share of the Local Limited Partnership’s profits less the Partnership’s share of the Local Limited Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Limited 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 Limited Partnerships reaches zero. Distributions from the Local Limited 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 statements of operations. Operating distributions from the Local Limited Partnerships in which the Partnership’s investment in the Local Limited Partnerships has been reduced to zero were approximately $60,000 and $17,000 for the years ended December 31, 2012 and 2011, respectively.

At times, advances are made to the Local Limited Partnerships. Advances made by the Partnership to the individual Local Limited Partnerships are considered part of the Partnership’s investment in limited partnerships. Advances made to Local Limited Partnerships for which the investment has been reduced to zero are generally charged to expense. During the year ended December 31, 2011, the Partnership advanced approximately $7,000 to one Local Limited Partnership, Branford Development Associates, to fund tax payments. This advance was not expensed as the Partnership expected to receive repayment. This advance was repaid during the year ended December 31, 2011. While not obligated to make advances to any of the Local Limited Partnerships, the Partnership made this advance in order to protect its economic investment in the Local Limited Partnership. There were no advances made during the year ended December 31, 2012.

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 Limited Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Limited Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize.

The Partnership has no carrying value in investments in Local Limited Partnerships as of December 31, 2012 and 2011.

In August 2011, the Partnership assigned its limited partnership interest in Cherrywood Associates to an affiliate of the general partner of the Local Limited Partnership for approximately $650,000. The proceeds received were recorded as gain on sale of interest in Local Limited Partnership during the year ended December 31, 2011 as the Partnership’s investment balance in Cherrywood Associates was zero as of the date of the assignment.

In December 2011, the Partnership assigned its limited partnership interest in Branford Development Associates to a third party for a total price of $1,100,000. The proceeds received were recorded as gain on sale of interest in Local Limited Partnership during the year ended December 31, 2011, as the Partnership’s investment balance in Branford Development Associates was zero as of the date of the assignment.

In June 2012, Landmark Associates sold its investment property for a gross sale price of $1,500,000. The Partnership received distributions of approximately $1,199,000, which were recognized as distributions in excess of investment in Local Limited Partnership during the year ended December 31, 2012. The Partnership had no investment balance remaining in Landmark Associates as of the date of the sale or December 31, 2011.

In December 2012, Alabama Properties sold its investment property for a gross sale price of approximately $59,000 and release of the investment property’s mortgage debt. The Partnership did not receive any proceeds from the sale. The Partnerhsip had no investment balance remaining in Alabama Properties as of the date of the sale or December 31, 2011.

The difference between the investment per the accompanying balance sheets at December 31, 2012 and 2011 and the partners’ deficiency per the Local Limited Partnerships' condensed combined financial statements is due primarily to cumulative unrecognized equity in losses of certain Local Limited Partnerships, costs capitalized to the investment account, cumulative distributions recognized as income and recognition of impairment losses.

Although the Partnership’s recorded value of its investments and its equity in distributions from the Local Limited Partnerships are not individually material to the overall financial position of the Partnership, the unaudited condensed combined balance sheets of the aforementioned Local Limited Partnerships as of December 31, 2012 and 2011, and the unaudited condensed combined results of operations for each of the two years in the periods ended December 31, 2012 and 2011 are as follows (2012 and 2011 amounts exclude the operations of Landmark Associates and Alabama Properties, which sold their investment properties in June 2012 and December 2012, respectively, and Cherrywood Associates and Branford Development Associates due to the assignment of the Partnership’s interest in the Local Limited Partnerships in August 2011 and December 2011, respectively):

Condensed Combined Balance Sheets of the Local Limited Partnerships

December 31,

2012

2011

Assets:

(in thousands - unaudited)

 Land

$ 257

$ 257

 Buildings and improvements

8,536

8,401

 Accumulated depreciation

(5,608)

(5,434)

 Other assets

 1,204

 1,352

 Total Assets

$ 4,389

$ 4,576

Liabilities and Partners’ Deficiency:

Liabilities:

Mortgage notes payable

$ 6,260

$ 6,405

Other liabilities

 265

 251

 Total Liabilities

6,525

6,656

Partners’ Deficiency

(2,136)

(2,080)

 Total Liabilities & Partners' Deficiency

$ 4,389

$ 4,576

Condensed Combined Results of Operations of the Local Limited Partnerships

Year Ended December 31, 2012

Year Ended December 31, 2011

(in thousands – unaudited)

Revenues

Rental income

$ 1,135

$ 1,141

Other income

 62

 63

Total revenues

1,197

1,204

Expenses

Depreciation

 174

 176

Interest

 181

 185

Operating

 859

 825

Total expenses

1,214

1,186

Income (loss) from continuing operations

$ (17)

$ 18

Real Estate and Accumulated Depreciation of Local Limited Partnerships

The following unaudited data is a summary of real estate, accumulated depreciation and encumbrances of the Local Limited Partnerships.

Gross Amount At Which Carried

At December 31, 2012

(in thousands-unaudited)

Description

Encumbrances

Land

Buildings and Related Personal Property

Total

Accumulated Depreciation

Date of Construction

Azalea Court

$ 1,292

$ 62

$ 2,045

$ 2,107

$ 1,472

10/80-3/81

Crystal Springs

 529

 36

 923

 959

 801

7/80-3/81

Lakeside Apartments

 1,481

102

 2,097

2,199

 1,689

10/80-6/81

Magnolia Estates

2,958

 57

3,471

 3,528

 1,646

3/80-8/80

Totals

$ 6,260

$ 257

$ 8,536

$ 8,793

$ 5,608

Reconciliation of real estate (unaudited)

Years Ended December 31,

2012

2011

(in thousands)

Balance at beginning of year

$ 11,140

$ 15,840

Additions during the year

 135

 218

Disposal of property

 (2,482)

 (4,918)

Balance at end of year

$ 8,793

$ 11,140

Reconciliation of accumulated depreciation (unaudited)

Years Ended December 31,

2012

2011

(in thousands)

Balance at beginning of year

$ 7,713

$10,986

Disposal of property

(2,279)

(3,490)

Depreciation expense for the year

 174

 217

Balance at end of year

$ 5,608

$ 7,713

The current policy of the United States Department of Housing and Urban Development (“HUD”) is to not renew the Housing Assistance Payment (“HAP”) Contracts on a long term basis on the existing terms. In connection with renewals of the HAP Contracts under current law and policy, the amount of rental assistance payments under renewed HAP Contracts will be based on market rentals instead of above market rentals, which may not be the case under existing HAP Contracts. The payments under the renewed HAP Contracts may not be in an amount that would provide sufficient cash flow to permit owners of properties subject to HAP Contracts to meet the debt service requirements of existing loans insured by the Federal Housing Administration of HUD (“FHA”) unless such mortgage loans are restructured. In order to address the reduction in payments under HAP Contracts as a result of current policy, the Multi-family Assisted Housing Reform and Affordability Act of 1997 (“MAHRAA”) provides for the restructuring of mortgage loans insured by the FHA with respect to properties subject to the Section 8 program. Under MAHRAA, an FHA-insured mortgage loan can be restructured into a first mortgage loan which will be amortized on a current basis and a low interest second mortgage loan payable to FHA which will only be payable on maturity of the first mortgage loan. This restructuring results in a reduction in annual debt service payable by the owner of the FHA-insured mortgage loan and is expected to result in an insurance payment from FHA to the holder of the FHA-insured loan due to the reduction in the principal amount. MAHRAA also phases out project-based subsidies on selected properties serving families not located in rental markets with limited supply, converting such subsidies to a tenant-based subsidy.

When the HAP Contracts are subject to renewal, there can be no assurance that the Local Limited Partnerships in which the Partnership has an investment will be permitted to restructure its mortgage indebtedness under MAHRAA. In addition, the economic impact on the Partnership of the combination of the reduced payments under the HAP Contracts and the restructuring of the existing FHA-insured mortgage loans under MAHRAA is uncertain.

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The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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12 Months Ended

Dec. 31, 2012

Policies

Net Income (loss) Per Limited Partnership Interest
Net Income and Distribution Per Limited Partnership Interest

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Cash and cash equivalents include cash on hand and in bank accounts. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.

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Statement of Shareholder Equity (Deficit) (USD $)
In Thousands

General Partners

Limited Partners

Total

Partners' capital (deficiency), beginning balance at Dec. 31, 2010 $ (163) $ 773 $ 610

Net income 17 1,646 1,663

Partners' capital (deficiency), ending balance at Dec. 31, 2011 (146) 2,419 2,273

Distribution to limited partners 0 (1,132) (1,132)

Net income 12 1,144 1,156

Partners' capital (deficiency), ending balance at Dec. 31, 2012 $ (134) $ 2,431 $ 2,297

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-Name Accounting Research Bulletin (ARB)

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

Dec. 31, 2012

Policies

Organization
Organization

Real Estate Associates Limited II (the “Partnership”) was formed under the California Limited Partnership Act on December 4, 1979. The Partnership was formed to invest in other limited partnerships which own and operate primarily federal, state or local government-assisted housing projects. The general partners are National Partnership Investments Associates, a California limited partnership, and National Partnership Investments, LLC, a California limited liability company (“NAPICO” or the “General Partner”). The business of the Partnership is conducted primarily by NAPICO. 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 general partners share a one percent interest in profits and losses of the Partnership. The limited partners share the remaining 99 percent interest in proportion to their respective investments.

The Partnership shall be dissolved only upon the expiration of 52 complete calendar years (December 31, 2031) from the date of the formation of the Partnership or the occurrence of various other events as specified in the terms of the Partnership Agreement.

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 partners 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. 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. No such fees were accrued or paid during the years ended December 31, 2012 and 2011.

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Note 6 - Distribution
12 Months Ended

Dec. 31, 2012

Notes

Note 6 - Distribution

Note 6 – DISTRIBUTION

During the year ended December 31, 2012, the Partnership distributed approximately $1,132,000 to its limited partners, or $106.99 per limited partnership interest, from initial proceeds received from the sale of the investment property owned by Landmark Associates and from excess cash reserves. There were no distributions made by the Partnership to its limited partners during the year ended December 31, 2011. Subsequent to December 31, 2012, the Partnership distributed approximately $1,500,000 to the limited partners, or $142.45 per limited partnership interest, from excess cash reserves.

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Note 2 - Investments in and Advances To Local Limited Partnerships: Condensed Combined Balance Sheets of the Local Limited Partnerships (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Condensed Combined Balance Sheets of the Local Limited Partnerships

Condensed Combined Balance Sheets of the Local Limited Partnerships

December 31,

2012

2011

Assets:

(in thousands - unaudited)

 Land

$ 257

$ 257

 Buildings and improvements

8,536

8,401

 Accumulated depreciation

(5,608)

(5,434)

 Other assets

 1,204

 1,352

 Total Assets

$ 4,389

$ 4,576

Liabilities and Partners’ Deficiency:

Liabilities:

Mortgage notes payable

$ 6,260

$ 6,405

Other liabilities

 265

 251

 Total Liabilities

6,525

6,656

Partners’ Deficiency

(2,136)

(2,080)

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$ 4,389

$ 4,576

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Note 1 - Organization and Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies)
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Dec. 31, 2012

Policies

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

The Partnership reviews its investments in long-lived assets to determine if there have been any impairments whenever events or changes in circumstances indicate that the carrying amount of the assets 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. No impairment losses were recognized during the years ended December 31, 2012 and 2011.

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Note 1 - Organization and Summary of Significant Accounting Policies: Method of Accounting For Investments in Local Limited Partnerships (Policies)
12 Months Ended

Dec. 31, 2012

Policies

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

The investments in local limited partnerships (the “Local Limited Partnerships”) are accounted for using the equity method.

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

Dec. 31, 2012

Policies

Basis of Presentation
Basis of Presentation

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

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

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Dec. 31, 2012

Policies

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

Dec. 31, 2012

Policies

Abandoned Units
Abandoned Units

During 2012 and 2011, the number of Limited Partnership Interests decreased by 50 and 38 interests, respectively, due to limited partners abandoning their interests. At December 31, 2012 and 2011, the Partnership had outstanding 10,530 and 10,580 Limited Partnership Interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all right, title, and interest in the partnership as of the date of abandonment.

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Note 2 - Investments in and Advances To Local Limited Partnerships: Condensed Combined Balance Sheets of the Local Limited Partnerships (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Dec. 31, 2011

Land $ 257 $ 257

Buildings and Improvements, Gross 8,536 8,401

Real Estate Accumulated Depreciation (5,608) (5,434)

Other Assets 1,204 1,352

Total Assets 4,389 4,576

Mortgage notes payable 6,260 6,405

Other Liabilities 265 251

Total Liabilities 6,525 6,656

Total Equity (2,136) (2,080)

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Amount before accumulated depreciation of building structures held for productive use including addition, improvement, or renovation to the structure, including, but not limited to, interior masonry, interior flooring, electrical, and plumbing.

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

Dec. 31, 2012

Policies

Fair Value of Financial Instruments
Fair Value of Financial Instruments

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 believes that the carrying amounts of other assets and liabilities reported on the balance sheet at December 31, 2012 that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

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Note 2 - Investments in and Advances To Local Limited Partnerships: Reconciliation of real estate of Local Limited Partnerships (Tables)
12 Months Ended

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Tables/Schedules

Reconciliation of real estate of Local Limited Partnerships

Years Ended December 31,

2012

2011

(in thousands)

Balance at beginning of year

$ 11,140

$ 15,840

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 218

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Note 4 - Income Tax Disclosure: Reconciliation of Book Net Assets (Liabilities) to Federal Tax Basis Net Assets (Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Dec. 31, 2011

Assets, Net $ 2,297 $ 2,273

Investment in Partnerships book tax differences (2,529) (3,499)

Deferred Offering Costs 1,422 1,422

Receivables book tax differences 2,094 2,094

Other book tax differences 46 41

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

Dec. 31, 2012

Dec. 31, 2011

Cash flows from operating activities:

Net income $ 1,156 $ 1,663

Adjustments to reconcile net income to net cash used in operating activities:

Distributions from sale of Local Limited Partnership property recognized as income (1,199) 0

Gain on sale of interest in Local Limited Partnership 0 (1,750)

Changes in accounts:

Receivables - limited partners 31 (31)

Accounts payable and accrued expenses 8 2

Net cash used in operating activities (4) (116)

Cash flows from investing activities:

Distributions from sale of Local Limited Partnership property 1,199 0

Proceeds from sale of interest in Local Limited Partnership 0 1,750

Advance to Local Limited Partnership 0 (7)

Repayment of advance to Local Limited Partnership 0 7

Net cash provided by investing activities 1,199 1,750

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Net increase in cash and cash equivalents 63 1,634

Cash and cash equivalents, beginning of period 2,266 632

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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 2 - Investments in and Advances To Local Limited Partnerships: Reconciliation of accumulated depreciation of Local Limited Partnerships (Tables)
12 Months Ended

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2011

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In Thousands, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

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Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment (2,279) (3,490)

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

Dec. 31, 2012

Policies

Segment Reporting
Segment Reporting

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 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 Topic 280-10 also established standards for related disclosures about products and services, geographic areas and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.

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Note 2 - Investments in and Advances To Local Limited Partnerships: Condensed Combined Results of Operations of the Local Limited Partnerships (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Real Estate Revenue, Net	$ 1,135	$ 1,141
Other Operating Income	62	63
Revenues:	1,197	1,204
Depreciation	174	176
Interest	181	185
Operating	859	825
Total expenses	1,214	1,186
Income (loss) from continuing operations of Local Limited Partnerships	$ (17)	$ 18

Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Revenues:
Other income	$ 1	$ 0
Operating Expenses:
Management fees - General Partner	25	39
General and administrative	10	11
Legal and accounting	69	54
Total operating expenses	104	104
Loss from partnership operations	(103)	(104)
Gain on sale of interests in Local Limited Partnerships	0	1,750
Distributions in excess of investment in Local Limited Partnerships	1,259	17
Net income	1,156	1,663
Net income allocated to general partners (1%)	12	17
Net income allocated to limited partners (99%)	$ 1,144	$ 1,646
Net income per limited partnership interest	$ 108.13	$ 155.02
Distribution per limited partnership interest	$ 106.99	$ 0.00

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2012
Document and Entity Information
Entity Registrant Name	REAL ESTATE ASSOCIATES LTD II
Document Type	10-K
Document Period End Date	Dec. 31, 2012
Amendment Flag	false
Entity Central Index Key	0000314237
Current Fiscal Year End Date	--12-31
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	2012
Document Fiscal Period Focus	FY
Entity Common Stock, Shares Outstanding	10,530

Statement of Shareholder Equity (Deficit) (USD $) In Thousands	General Partners	Limited Partners	Total
Partners' capital (deficiency), beginning balance at Dec. 31, 2010	$ (163)	$ 773	$ 610
Net income	17	1,646	1,663
Partners' capital (deficiency), ending balance at Dec. 31, 2011	(146)	2,419	2,273
Distribution to limited partners	0	(1,132)	(1,132)
Net income	12	1,144	1,156
Partners' capital (deficiency), ending balance at Dec. 31, 2012	$ (134)	$ 2,431	$ 2,297

Note 4 - Income Tax Disclosure: Reconciliation of Book Net Assets (Liabilities) to Federal Tax Basis Net Assets (Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Assets, Net	$ 2,297	$ 2,273
Investment in Partnerships book tax differences	(2,529)	(3,499)
Deferred Offering Costs	1,422	1,422
Receivables book tax differences	2,094	2,094
Other book tax differences	46	41
Net assets (liabilities) - Federal tax basis	$ 3,330	$ 2,331

Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Net income	$ 1,156	$ 1,663
Adjustments to reconcile net income to net cash used in operating activities:
Distributions from sale of Local Limited Partnership property recognized as income	(1,199)	0
Gain on sale of interest in Local Limited Partnership	0	(1,750)
Changes in accounts:
Receivables - limited partners	31	(31)
Accounts payable and accrued expenses	8	2
Net cash used in operating activities	(4)	(116)
Cash flows from investing activities:
Distributions from sale of Local Limited Partnership property	1,199	0
Proceeds from sale of interest in Local Limited Partnership	0	1,750
Advance to Local Limited Partnership	0	(7)
Repayment of advance to Local Limited Partnership	0	7
Net cash provided by investing activities	1,199	1,750
Cash flows used in financing activities:
Distribution to limited partners	(1,132)
Net increase in cash and cash equivalents	63	1,634
Cash and cash equivalents, beginning of period	2,266	632
Cash and cash equivalents, end of period	$ 2,329	$ 2,266

Note 2 - Investments in and Advances To Local Limited Partnerships: Reconciliation of accumulated depreciation of Local Limited Partnerships (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Accumulated Depreciation Balance at Beginning of Year	$ 7,713	$ 10,986
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment	(2,279)	(3,490)
Depreciation	174	217
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 5,608	$ 7,713

Interest

Critical Accounting Policies and Estimates

Method of Accounting for Investments in Local Limited Partnerships

ASSETS

LIABILITIES AND PARTNERS' CAPITAL (DEFICIENCY)

Percentage

SIGNATURES