SECURITIES AND EXCHANGE COMMISSION

0000711642-13-000079.txt : 20130401 0000711642-13-000079.hdr.sgml : 20130401 20130401161805 ACCESSION NUMBER: 0000711642-13-000079 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 III CENTRAL INDEX KEY: 0000318986 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 953547611 STATE OF INCORPORATION: CA FISCAL YEAR END: 0125 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10673 FILM NUMBER: 13731378 BUSINESS ADDRESS: STREET 1: 9090 WILSHIRE BLVD STREET 2: STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 3102782192 MAIL ADDRESS: STREET 1: 9090 WILSHIRE BLVD STREET 2: STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 10-K 1 real31212_10k.htm FORM 10-K SECURITIES AND EXCHANGE COMMISSION

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

[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 0-10673

REAL ESTATE ASSOCIATES LIMITED III

(Exact name of registrant as specified in its charter)

California	95-3547611
(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:

Units of 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 III (“REAL III” or the “Partnership”) is a limited partnership formed under the laws of the State of California on July 25, 1980. On January 5, 1981, REAL III 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 III received $14,320,000 in subscriptions for units of Limited Partnership Interests (at $5,000 per unit) during the period March 31, 1981 to October 30, 1981, pursuant to a registration statement on Form S-11. As of March 10, 1982, REAL III received an additional $14,320,000 in subscriptions pursuant to the exercise of warrants and the sale of Additional Limited Partnership Interests. Since these two transactions, REAL III has not received, nor are limited partners required to make, additional capital contributions. The Partnership shall be dissolved only upon the expiration of 52 complete calendar years (December 31, 2032) from the date of the formation of the Partnership or the occurrence of other events as specified in the terms of the Partnership Agreement.

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

REAL III holds limited partnership interests in four local partnerships (the “Local Partnerships”) as of December 31, 2012. During the year ended December 31, 2012, the Partnership assigned its limited partnership interest in one Local Partnership to an affiliate of the operating general partner of the Local Partnership. During the year ended December 31, 2011, the Partnership assigned its limited partnership interest in one Local Partnership to an affiliate of the operating general partner of the Local Partnership. Prior to 2011, the Partnership sold its interest in 24 Local Partnerships and two Local Partnerships sold their investment properties. Each of the remaining four Local Partnerships owns a low income housing project which is subsidized and/or has a mortgage note payable to or insured by agencies of the federal or local government.

The partnerships in which REAL III 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 III became the principal limited partner in these Local Partnerships pursuant to arm’s-length negotiations with these developers, or others, who act as general partners. As a limited partner, REAL III’s liability for obligations of the Local Partnerships is limited to its investment. The local general partner of the Local Partnerships retains responsibility for developing, constructing, maintaining, operating and managing the project. Under certain circumstances of default, REAL III has the right to replace the general partner of the Local Partnerships, but otherwise does not exercise control over the activities and operations, including refinancing or selling decisions of the Local Partnerships.

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

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

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

Item 1A. Risk Factors

Not applicable.

Item 2. Properties

During 2012, the projects in which REAL III had invested were substantially rented except for Lakeside Apartments and Ramblewood Apartments. The Partnership believes that the low occupancy for Lakeside Apartments is due to the difficulty in renting the apartment units which do not receive full subsidies. The Partnership believes that the low occupancy for Ramblewood Apartments is primarily due to the rural location of the property as well as the increase in unemployment in the area. The following is a schedule of the status as of December 31, 2012, of the projects owned by Local Partnerships in which REAL III is a limited partner.

SCHEDULE OF PROJECTS OWNED BY LOCAL PARTNERSHIPS

IN WHICH REAL III HAS AN INVESTMENT

DECEMBER 31, 2012

			Units
			Authorized
			For Rental
		Financed	Assistance Under
		Insured	Section 8	Percentage of	Percentage of
		And	Or Other Rent	Total Units	Total Units
	No. of	Subsidized	Supplement	Occupied	Occupied
Name and Location	Units	Under	Program	2012	2011

LakesideApts.	32	(A)	23	71%	76%
Stuart, FL

Ramblewood Apts.	64	(A)	13	74%	80%
Fort Payne, AL

Santa MariaApts.	86	(A)	86	99%	99%
San German, Puerto Rico

Vincente Geigel	80	(A)	80	99%	100%
Polanco Apts
Isabela, Puerto Rico
	___		___
TOTALS	262		202

(A) The mortgage is insured by USDA, Rural Development.

The following table details the Partnership's ownership percentages of the Local 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 Partnerships as of December 31, 2012.

	REAL III	Original Cost
	Percentage	of Ownership	Mortgage
Partnership	Interest	Interest	Note
		(in thousands)	(in thousands)
Alabama Properties Ltd. V	99%	$ 205	$ 1,331
Lakeside Apartments Ltd.	95%	65	843
Santa Maria Limited Dividend
Partnership Assoc.	99%	420	2,111
Marina Del Rey Limited
Dividend Partnership Assoc.	99%	395	2,129
		$ 1,085	$ 6,414

Although each Local Partnership in which the Partnership has invested owns an apartment complex which must compete with other apartment complexes for tenants, government mortgage interest and rent subsidies make it possible to rent units to eligible tenants at below market rates. In general, the Partnership believes this insulates the properties from market competition.

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 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, there were 1,829 registered holders of interests in the Partnership owning a total of 11,320 limited partnership interests. The Partnership has invested in certain government assisted projects under programs which in many instances restrict the cash return available to project owners. The Partnership was not designed to provide cash distributions to investors in circumstances other than refinancing or disposition of its investment in the Local Partnerships. A distribution in the aggregate amount of $3,345,000 (or $584 per interest) was made in 1989. This represented the proceeds from the sale of one of the Partnership's real estate investments. In March 1999, the Partnership made distributions of approximately $6,881,000 to the limited partners and approximately $70,000 to the general partners, which included using proceeds from the sale of the partnership interests. In 2001, the Partnership paid a distribution of $3,000,000 to the limited partners. In 2003, the Partnership made distributions of approximately $1,295,000 to the limited partners, which involved using proceeds from the sale of partnership interests of approximately $210,000 and excess reserves of approximately $1,085,000 to the limited partners. In October 2007, the Partnership made distributions of approximately $2,800,000 (or $245.18 per interest) to the limited partners from the proceeds of the sale of the Partnership’s interest in 300 Broadway Associates. In December 2009, the Partnership made a distribution of approximately $500,000 (or $43.78 per interest) to the limited partners from excess reserves.

In addition to its indirect ownership of the general partnership interest in the Partnership, Bethesda and its affiliates owned 984 limited partnership interests in the Partnership representing 8.69% 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 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 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 document.

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

Liquidity and Capital Resources

The Partnership's primary source of funds includes the receipt of distributions from the Local Partnerships in which the Partnership has invested. It is not expected that any of the Local Partnerships in which the Partnership has invested will generate cash flow from operations sufficient to provide for distributions to the Partnership's 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 Partnership or the Partnership’s sale of its interest in a Local Partnership. There were no distributions made by the Partnership to its limited partners during the years ended December 31, 2012 and 2011.

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

As of December 31, 2012 and 2011, the Partnership had cash and cash equivalents of approximately $138,000 and $327,000, respectively. The decrease in cash and cash equivalents of approximately $189,000 is due to cash used in operating and investing activities of approximately $164,000 and $25,000, respectively. Cash used in investing activities consisted of advances made to Local Partnerships, partially offset by proceeds received from the sale of the Partnership’s interest in one Local Partnership.

Results of Operations

Two Local Partnerships, Santa Maria Limited Dividend Partnership Assoc. (“Santa Maria”) and Marina Del Rey Limited Dividend Partnership Assoc. (“Marina Del Rey”), have been marketing their properties for sale. On October 26, 2011, Santa Maria and Marina Del Rey each entered into separate purchase and sale contracts to sell their respective investment properties to a third party for a gross sales price of $2,600,000 and $2,750,000, respectively. After payment of closing costs and repayment of the notes payable encumbering the properties, the Partnership expects to receive approximately $330,000 and $500,000 from Santa Maria and Marina Del Rey, respectively, for advance repayments and distributions. The sales are expected to close during 2013. The Partnership has no investment balances remaining in these two Local Partnerships at December 31, 2012 and 2011.

In December 2012, the Partnership assigned its limited partnership interest in Vista Housing Associates (“Vista Housing”) to a third party, for approximately $22,000, which was recognized as gain on sale of interest in Local Partnership. The Partnership’s investment balance in Vista Housing was zero at the date of assignment and December 31, 2011.

In May 2011, the Partnership assigned its limited partnership interest in Village Apartments (“Village”) to an affiliate of the operating general partner of Village. The Partnership believed that Village’s liabilities exceeded the fair value of the property. In addition, Village faced foreclosure as the lender had issued an acceleration notice on Village’s mortgage. The Partnership did not receive any proceeds for the assignment. The Partnership’s investment balance in Village was zero at the date of the assignment.

At December 31, 2012 and 2011, the investment balance in the four and five Local Partnerships, respectively, had been reduced to zero.

An annual management fee is payable to the General Partner of the Partnership and is calculated at 0.4 percent of the Partnership's original remaining invested assets of the Local Partnership at the beginning of each year. The management fee is paid to the General Partner for the General Partner’s management of the Partnership’s affairs. The fee is payable beginning with the month following the Partnership's initial investment in a Local Partnership. Management fees were approximately $49,000 and $55,000 for the years ended December 31, 2012 and 2011, respectively. The decrease in management fees is due to the assignment of interest in one Local Partnership 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 $107,000 and $53,000 for the years ended December 31, 2012 and 2011, respectively. The increase in legal and accounting fees is primarily due to an increase in legal and professional costs incurred in 2012 associated with the expected sales of the investment properties of the two Local Partnerships, Santa Maria and Marina Del Rey. General and administrative expenses were approximately $18,000 and $14,000 for the years ended December 31, 2012 and 2011, respectively. The increase in general and administrative expenses is primarily due to administrative costs incurred in 2012 associated with the expected sales of the investment properties of the two Local Partnerships, Santa Maria and Marina Del Rey.

At times, advances are made to the Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership’s investment in the Local Partnerships. Advances to Local Partnerships for which the investment has been reduced to zero are charged to expense. During the years ended December 31, 2012 and 2011, the Partnership advanced approximately $47,000 and $69,000, respectively, to two Local Partnerships, Santa Maria Ltd. and Marina Del Rey Limited Dividend Partnership Assoc., for entity taxes, which was recognized as expense for advances. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.

Total revenues from continuing operations for the Local Partnerships were approximately $1,860,000 and $1,821,000 for the years ended December 31, 2012 and 2011, respectively.

Total expenses from continuing operations for the Local Partnerships were approximately $1,753,000 and $1,850,000 for the years ended December 31, 2012 and 2011, respectively.

Total income from continuing operations for the Local Partnerships for 2012 totaled approximately $107,000, compared to a loss from continuing operations of approximately $29,000 for 2011. The net income (loss) allocated to the Partnership was approximately $107,000 and ($29,000) for the years 2012 and 2011, respectively. However, none of the net income or loss for 2012 or 2011 was recognized by the Partnership as the investment balance had already been reduced to zero for all of the Local Partnerships.

The Partnership, as a limited partner in the Local Partnerships in which it has invested, is subject to the risks incident to the management and ownership of improved real estate. The Partnership investments are also subject to adverse general economic conditions, and, accordingly, the status of the national 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.

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 to 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 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.

Off-Balance Sheet Arrangements

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

Variable Interest Entities

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

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

At December 31, 2012 and 2011, the Partnership holds variable interests in four and five VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The four VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of four apartment properties with a total of 262 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 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 Partnerships

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

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

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 8. Financial Statements and Supplementary Data

REAL ESTATE ASSOCIATES LIMITED III

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' (Deficiency) Capital - 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 III

We have audited the accompanying balance sheets of Real Estate Associates Limited III as of December 31, 2012 and 2011, and the related statements of operations, changes in partners' (deficiency) capital, 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 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 III 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 III

BALANCE SHEETS

(In thousands)

	December 31,
	2012	2011
ASSETS

Investments in and advances to Local Partnerships	$ --	$ --
Cash and cash equivalents	138	327
Total assets	$ 138	$ 327

LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities:
Accounts payable and accrued expenses	$ 36	$ 26

Contingencies	--	--

Partners' (deficiency) capital:
General partners	(120)	(118)
Limited partners	222	419
Total partners’ (deficiency) capital	102	301
Total liabilities and partners' (deficiency)
capital	$ 138	$ 327

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED III

STATEMENTS OF OPERATIONS

(In thousands, except per interest data)

	Years Ended
	December 31,
	2012	2011

Revenues	$ --	$ --

Operating expenses:
Management fees – General Partner	49	55
General and administrative	18	14
Legal and accounting	107	53
Total operating expenses	174	122

Loss from partnership operations	(174)	(122)
Gain on sale of interest in Local Partnership	22	--
Advances made to Local Partnerships recognized as expense	(47)	(69)

Net loss	$ (199)	$ (191)

Net loss allocated to general partners (1%)	$ (2)	$ (2)
Net loss allocated to limited partners (99%)	$ (197)	$ (189)

Net loss per limited partnership interest	$ (17.34)	$ (16.58)

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED III

STATEMENTS OF CHANGES IN PARTNERS' (DEFICIENCY) CAPITAL

(In thousands)


	General	Limited
	Partners	Partners	Total

Partners' (deficiency) capital,
December 31, 2010	$ (116)	$ 608	$ 492

Net loss for the year ended
December 31, 2011	(2)	(189)	(191)

Partners' (deficiency) capital,
December 31, 2011	(118)	419	301

Net loss for the year ended
December 31, 2012	(2)	(197)	(199)

Partners’ (deficiency) capital,
December 31, 2012	$ (120)	$ 222	$ 102

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED III

STATEMENTS OF CASH FLOWS

(In thousands)

	Years Ended
	December 31,
	2012	2011

Cash flows from operating activities:
Net loss	$ (199)	$ (191)
Adjustments to reconcile net loss to net cash
used in operating activities:
Gain on sale of interest in Local Partnership	(22)	--
Advances made to Local Partnerships
recognized as expense	47	69
Change in accounts:
Accounts payable and accrued expenses	10	2
Net cash used in operating activities	(164)	(120)

Cash flows from investing activities:
Proceeds received from sale of interest in Local Partnership	22	--
Advances to Local Partnerships	(47)	(69)
Net cash used in investing activities	(25)	(69)

Net decrease in cash and cash equivalents	(189)	(189)

Cash and cash equivalents, beginning of year	327	516

Cash and cash equivalents, end of year	$ 138	$ 327

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED III

NOTES TO FINANCIAL STATEMENTS

December 31, 2012

Note 1. Organization and Summary of Significant Accounting Policies

Organization

Real Estate Associates Limited III (the “Partnership”, or “Registrant”) was formed under the California Limited Partnership Act on July 25, 1980. The Partnership was formed to invest either directly or indirectly in other partnerships which own and operate primarily federal, state and local government-assisted housing projects. The general partners are National Partnership Investments, LLC (“NAPICO” or the “General Partner”), a California limited liability company, and National Partnership Investment Associates, a limited partnership. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The business of the Partnership is conducted primarily by NAPICO.

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, 2032) from the date of the formation of the Partnership or the occurrence of 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 and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. 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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Method of Accounting for Investments in Local Partnerships

The investment in local limited partnerships (the “Local Partnerships”) is accounted for using the equity method.

Abandoned Units

During the years ended December 31, 2012 and 2011, the number of limited partnership interests decreased by 38 and 40 interests, respectively, due to limited partners abandoning their interests. At December 31, 2012 and 2011, the Partnership had outstanding 11,320 and 11,358 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year.

Net Loss Per Limited Partnership Interest

Net loss per limited partnership interest was computed by dividing the limited partners’ share of net loss by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 11,358 and 11,398 for the years ended December 31, 2012 and 2011, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at both 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 has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. There were no impairment losses recorded 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 establishes 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. At December 31, 2012, the Partnership believes that the carrying amount of liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Variable Interest Entities

At December 31, 2012 and 2011, the Partnership holds variable interests in 4 and 5 VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

The 4 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 262 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 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 Partnerships

As of December 31, 2012 and 2011, the Partnership holds limited partnership interests in 4 and 5 Local Partnerships, respectively, located in two states and Puerto Rico, that own residential low income rental projects consisting of 262 and 335 apartment units, respectively. 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 Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once its investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying statements of operations.

At December 31, 2012 and 2011, the investment balance in the four and five Local Partnerships, respectively, had been reduced to zero.

At times, advances are made to the Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership’s investment in the Local Partnerships. Advances to Local Partnerships for which the investment has been reduced to zero are charged to expense. During the years ended December 31, 2012 and 2011, the Partnership advanced approximately $47,000 and $69,000, respectively, to two Local Partnerships, Santa Maria and Marina Del Rey, for entity taxes. During the years ended December 31, 2012 and 2011, the Partnership recognized approximately $47,000 and $69,000 as expense for advances, respectively. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.

Although the Partnership’s recorded value of its investments and its equity in losses/income and/or distributions from the Local Partnerships are individually not material to the overall financial position of the Partnership, the following are summaries of the unaudited condensed combined balance sheets of the aforementioned Local Partnerships as of December 31, 2012 and 2011 and the unaudited condensed combined results of operations for each of the two years in the period ended December 31, 2012.

The 2012 and 2011 amounts exclude the operations of Vista Housing for which the Partnership assigned its interest in December 2012 and the 2011 amounts also exclude Village Apartments for which the Partnership assigned its interest in May 2011:

Condensed Combined Balance Sheets of the Local Partnerships
(In thousands)

	December 31,
	2012	2011
	(unaudited)	(unaudited)
Assets
Land	$ 356	$ 356
Building and improvements	10,116	10,091
Accumulated depreciation	(8,889)	(8,699)
Other assets	842	598
Total assets	$ 2,425	$ 2,346

Liabilities and Partners’ Deficit:
Liabilities:
Mortgage notes payable	$ 6,414	$ 6,557
Other liabilities	461	344
Total liabilities	6,875	6,901
Partners' deficit	(4,450)	(4,555)
Total Liabilities and Partners' Deficit	$ 2,425	$ 2,346

Condensed Combined Results of Operations of the Local Partnerships (In thousands)
	Year Ended December 31, 2012	Year Ended December 31, 2011
	(unaudited)	(unaudited)
Rental and other income	$ 1,860	$ 1,821

Expenses:
Operating expenses	879	954
Financial expenses	684	704
Depreciation and amortization	190	192
Total expenses	1,753	1,850
Income (loss) from continuing operations	$ 107	$ (29)

Real Estate and Accumulated Depreciation of Local Partnerships

The following is an unaudited summary of real estate, accumulated depreciation and encumbrances of the Local Partnerships (in thousands-unaudited):


Description	Encumbrances	Land	Buildings and Related PersonalProperty	Total(1)	Accumulated Depreciation (1)	Date of Construction

Alabama Properties Ltd. V	$ 1,331	$ 53	$ 2,258	$ 2,311	$ 1,746	1980-1981
Lakeside Apts. Ltd.	843	72	1,036	1,108	924	1980-1981
Santa Maria Ltd. Dividend Partnership Assoc.	2,111	107	3,604	3,711	3,373	1981-1982
Marina Del Rey Ltd. Dividend Partnership Assoc.	2,129	124	3,218	3,342	2,846	1981-1982
Totals	$ 6,414	$ 356	$ 10,116	$10,472	$ 8,889

(1) Reconciliation of real estate (unaudited)

	Year Ended December 31, 2012	Year Ended December 31, 2011
	(in thousands)
Balance at beginning of year	$ 10,447	$ 10,433
Improvements	25	18
Disposals of assets	--	(4)
Balance at end of year	$ 10,472	$ 10,447

Reconciliation of accumulated depreciation (unaudited)

	Year Ended December 31, 2012	Year Ended December 31, 2011
	(in thousands)
Balance at beginning of year	$ 8,699	$ 8,512
Depreciation expense	190	191
Disposals of assets	--	(4)
Balance at end of year	$ 8,889	$ 8,699

In addition to being the General Partner of the Partnership, NAPICO or one of its affiliates is the local operating general partner for two of the Local Partnerships included above.

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 to 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 Partnerships in which the Partnership has an investment will be permitted to restructure their 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 3 – Transactions with Affiliated Parties

Under the terms of the Restated Certificate and Agreement of Limited Partnership, the Partnership is obligated to NAPICO for an annual management fee equal to 0.4 percent of the Partnership’s original remaining invested assets of the Local Partnerships and is calculated at the beginning of each year. Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interest in the capital accounts of the respective Local Partnerships. The management fee incurred for the years ended December 31, 2012 and 2011 was approximately $49,000 and $55,000, respectively.

In addition to being the General Partner of the Partnership, NAPICO or one of NAPICO’s affiliates is the local operating general partner for two of the Local Partnerships.

In addition to Bethesda’s indirect ownership of the general partnership interest in the Partnership, Bethesda and its affiliates owned 984 limited partnership interests in the Partnership representing 8.69% 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 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 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.

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 Partnerships as discussed below. The tax loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.

A reconciliation between the Partnership’s reported net loss and the net income (loss) per tax return follows (in thousands, except per limited partnership interest):

	Years Ended December 31,
	2012	2011
Net loss per financial statements	$ (199)	$ (191)
Gain on assignment of limited partnership interest	1,744	1,150
Other	53	72
Partnership's share of Local Partnerships income	317	261
Net income (loss) per tax return	$ 1,915	$ 1,292

Net income (loss) per limited partnership interest	$ 333.80	$ 224.52

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

	December 31, 2012	December 31, 2011

Net assets as reported	$ 102	$ 301
Add (deduct):
Investment in Local Partnerships	(5,394)	(7,471)
Deferred offering expenses	3,896	3,896
Other	786	733
Net liabilities – federal tax basis	$ (610)	$ (2,541)

Note 5. Contingencies

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 the Partnership’s management’s 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 III (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, no person or entity is known to own beneficially in excess of 5% of the outstanding limited partnership interests.

Entity Number of Interests Percentage

Bethesda Holdings II, LLC 984 8.69%

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

Item 13. Certain Relationships and Related Transactions, and Director Independence

Under the terms of the Restated Certificate and Agreement of Limited Partners, the Partnership is obligated to NAPICO for an annual management fee equal to 0.4 percent of the Partnership’s original remaining invested assets of the Local Partnerships and is calculated at the beginning of each year. Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interest in the capital accounts of the respective Local Partnerships. The management fee incurred for the years ended December 31, 2012 and 2011 was approximately $49,000 and $55,000, respectively.

In addition to being the General Partner of the Partnership, NAPICO, or one of NAPICO’s affiliates is the local operating general partner for two of the Local Partnerships.

In addition to Bethesda’s indirect ownership of the general partnership interest in the Partnership, Bethesda and its affiliates owned 984 limited partnership interests in the Partnership representing 8.69% 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 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 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.

Item14. 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 $17,000 and $14,000 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' (Deficiency) Capital - 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 each applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

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

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

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

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

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

SIGNATURES

Pursuant to the requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934 the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	REAL ESTATE ASSOCIATES LIMITED III
	(a California Limited Partnership)

	By: National Partnership Investments, LLC
	General Partner

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

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

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

REAL ESTATE ASSOCIATES LIMITED III

EXHIBIT INDEX

Exhibit Description of Exhibit

3 Restated Certificate and Agreement of Limited Partnership herein dated January 5, 1981 incorporated by reference to the Partnership's Form S-11 No. 268983.

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

3.2 Restated Certificate and Agreement of Limited Partnership incorporated by reference to the Registrant’s Current Report on Form 8-K dated January 24, 2005.

10.2 Second Amendment to Amended and Restated Agreement and Certificate of Limited Partnership of Village Apartment, Ltd., dated May 18, 2011, by and between R. L. Ayers, an individual; Village Apartment Limited, Inc., a Tennessee corporation; Real Estate Associates Limited III, a California limited partnership; and Helen Ayers, an individual. (Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the period ended June 30, 2011.)

10.3 Assignment and Assumption of Limited Partner Interests and Second Amendment to the Agreement and Amended Certificate of Limited Partnership of Vista Housing Associates, a California limited partnership, Real Estate Associates Limited III, a California limited partnership, Alvarez Bracero LP, LLC, a Delaware limited liability company and Bucare Development Corporation, a Puerto Rico corporation, dated December 14, 2012. (Incorporated by reference to the Registrant’s Current Report on Form 8-K dated December 14, 2012).

14 Code of Ethics of Real Estates Associates Limited III.

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 III’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’ (deficiency) capital, (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 real3_ex14.htm EXHIBIT 14

Exhibit 14

REAL ESTATE ASSOCIATES LIMITED III

CODE OF BUSINESS CONDUCT AND ETHICS

Introduction

This code of business conduct and ethics (this “Code”) has been adopted by Real Estate Associates Limited III, 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 Company business. 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 tothe 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 real3_ex311.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 III;

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

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

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

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

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

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

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

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

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

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

Date: 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 real3_ex312.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 III;

(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 real3_ex321.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 III (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 1.  Organization and Summary of Significant Accounting Policies   Organization   Real Estate Associates Limited III (the Partnership, or Registrant) was formed under the California Limited Partnership Act on July 25, 1980.  The Partnership was formed to invest either directly or indirectly in other partnerships which own and operate primarily federal, state and local government-assisted housing projects.  The general partners are National Partnership Investments, LLC (NAPICO or the General Partner), a California limited liability company, and National Partnership Investment Associates, a limited partnership.  The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (Bethesda). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (Aimco), a publicly traded real estate investment trust. The business of the Partnership is conducted primarily by NAPICO.   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, 2032) from the date of the formation of the Partnership or the occurrence of 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 and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect.  The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. 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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.   Method of Accounting for Investments in Local Partnerships   The investment in local limited partnerships (the Local Partnerships) is accounted for using the equity method.    Abandoned Units   During the years ended December 31, 2012 and 2011, the number of limited partnership interests decreased by 38 and 40 interests, respectively, due to limited partners abandoning their interests. At December 31, 2012 and 2011, the Partnership had outstanding 11,320 and 11,358 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year.   Net Loss Per Limited Partnership Interest   Net loss per limited partnership interest was computed by dividing the limited partners share of net loss by the number of limited partnership interests outstanding at the beginning of the year.  The number of limited partnership interests used was 11,358 and 11,398 for the years ended December 31, 2012 and 2011, respectively.   Cash and Cash Equivalents   Cash and cash equivalents include cash in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at both 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 has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss.  There were no impairment losses recorded 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 establishes 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. At December 31, 2012, the Partnership believes that the carrying amount of liabilities reported on the balance sheet 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 5 VIEs, respectively, for which the Partnership is not the primary beneficiary.  The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:   ·        the general partners conduct and manage the business of the Local Partnerships; ·        the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·        the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·        the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·        the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·        the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The 4 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 262 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 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 Partnerships   As of December 31, 2012 and 2011, the Partnership holds limited partnership interests in 4 and 5 Local Partnerships, respectively, located in two states and Puerto Rico, that own residential low income rental projects consisting of 262 and 335 apartment units, respectively.  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 Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (between 95% and 99%). Distributions of surplus cash from operations from most of the Local Partnerships are restricted by the Local Partnerships Regulatory Agreements with the United States Department of Housing and Urban Development (HUD). These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships partnership agreements. These agreements usually limit the Partnerships distributions to an amount substantially less than its ownership percentage in the Local Partnership.   The individual investments are carried at cost plus the Partnerships share of the Local Partnerships profits less the Partnerships share of the Local Partnerships losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once its investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying 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 Partnerships policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize.   Two Local Partnerships, Santa Maria Limited Dividend Partnership Assoc. (Santa Maria) and Marina Del Rey Limited Dividend Partnership Assoc. (Marina Del Rey), have been marketing their properties for sale. On October 26, 2011, Santa Maria and Marina Del Rey each entered into separate purchase and sale contracts to sell their respective investment properties to a third party for a gross sales price of $2,600,000 and $2,750,000, respectively. After payment of closing costs and repayment of the notes payable encumbering the properties, the Partnership expects to receive approximately $330,000 and $500,000 from Santa Maria and Marina Del Rey, respectively, for advance repayments and distributions. The sales are expected to close during 2013. The Partnership has no investment balances remaining in these two Local Partnerships at December 31, 2012 and 2011.   <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;punctuation-wrap:simple;text-autospace:none;border:none;padding:0in;margin-left:0in;text-align:justify;text-indent:0in;border:none'>At December 31, 2012 and 2011, the investment balance in the four and five Local Partnerships, respectively, had been reduced to zero. <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;punctuation-wrap:simple;text-autospace:none;border:none;padding:0in;margin-left:0in;text-align:justify;text-indent:0in;border:none'>  <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;punctuation-wrap:simple;text-autospace:none;border:none;padding:0in;margin-left:0in;text-align:justify;text-indent:0in;border:none'>In December 2012, the Partnership assigned its limited partnership interest in Vista Housing Associates (Vista Housing) to a third party, for approximately $22,000, which was recognized as gain on sale of interest in Local Partnership. The Partnerships investment balance in Vista Housing was zero at the date of assignment and December 31, 2011. <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;punctuation-wrap:simple;text-autospace:none;border:none;padding:0in;margin-left:0in;text-align:justify;text-indent:0in;border:none'>  <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;punctuation-wrap:simple;text-autospace:none;border:none;padding:0in;margin-left:0in;text-align:justify;text-indent:0in;border:none'>In May 2011, the Partnership assigned its limited partnership interest in Village Apartments (Village) to an affiliate of the operating general partner of Village. The Partnership believed that Villages liabilities exceeded the fair value of the property. In addition, Village faced foreclosure as the lender had issued an acceleration notice on Villages mortgage. The Partnership did not receive any proceeds for the assignment. The Partnerships investment balance in Village was zero at the date of assignment. <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;punctuation-wrap:simple;text-autospace:none;border:none;padding:0in;margin-left:0in;text-align:justify;text-indent:0in;border:none'>  At times, advances are made to the Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnerships investment in the Local Partnerships. Advances to Local Partnerships for which the investment has been reduced to zero are charged to expense. During the years ended December 31, 2012 and 2011, the Partnership advanced approximately $47,000 and $69,000, respectively, to two Local Partnerships, Santa Maria and Marina Del Rey, for entity taxes. During the years ended December 31, 2012 and 2011, the Partnership recognized approximately $47,000 and $69,000 as expense for advances, respectively. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.   Although the Partnerships recorded value of its investments and its equity in losses/income and/or distributions from the Local Partnerships are individually not material to the overall financial position of the Partnership, the following are summaries of the unaudited condensed combined balance sheets of the aforementioned Local Partnerships as of December 31, 2012 and 2011 and the unaudited condensed combined results of operations for each of the two years in the period ended December 31, 2012.   The 2012 and 2011 amounts exclude the operations of Vista Housing for which the Partnership assigned its interest in December 2012 and the 2011 amounts also exclude Village Apartments for which the Partnership assigned its interest in May 2011:     <table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td colspan="3" valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Condensed Combined Balance Sheets of the Local Partnerships </td> </tr> <tr style='height:12.25pt'> <td colspan="3" valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (In thousands) </td> </tr> <tr style='height:6.3pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td colspan="2" valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> December 31, </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2011 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (unaudited) </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (unaudited) </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Assets </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Land </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $    356 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    356 </td> </tr> <tr style='height:23.4pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:23.4pt'> Building and improvements </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt;height:23.4pt'>   10,116 </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt;height:23.4pt'>  10,091 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Accumulated depreciation </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (8,889) </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (8,699) </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Other assets </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       842 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      598 </td> </tr> <tr style='height:13.05pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:13.05pt'> Total assets </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:13.05pt'>  $  2,425 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:13.05pt'> $  2,346 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficit: </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Mortgage notes payable </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  6,414 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,557 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Other liabilities </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       461 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      344 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total liabilities </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     6,875 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    6,901 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partners' deficit </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (4,450) </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (4,555) </td> </tr> <tr style='height:16.65pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:16.65pt'> Total Liabilities and Partners' Deficit </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:16.65pt'>  $  2,425 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:16.65pt'> $  2,346 </td> </tr> </table>     <table border="0" cellspacing="0" cellpadding="0" width="878" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:23.85pt'> <td width="878" colspan="3" valign="top" style='width:526.5pt;padding:0in 5.4pt 0in 5.4pt;height:23.85pt'> Condensed Combined Results of Operations of the Local Partnerships (In thousands) </td> </tr> <tr style='height:35.55pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:35.55pt'>   </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:35.55pt'> Year Ended December 31, 2012 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:35.55pt'> Year Ended December 31, 2011 </td> </tr> <tr style='height:12.25pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (unaudited) </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (unaudited) </td> </tr> <tr style='height:14.85pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> Rental and other income </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> $ 1,860 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> $ 1,821 </td> </tr> <tr style='height:12.25pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Expenses: </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:17.55pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'>   Operating expenses </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'>     879 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'>     954 </td> </tr> <tr style='height:16.2pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:16.2pt'>   Financial expenses </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.2pt'>     684 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:16.2pt'>     704 </td> </tr> <tr style='height:13.5pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>   Depreciation and amortization </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>     190 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>     192 </td> </tr> <tr style='height:13.5pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Total expenses </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>   1,753 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>   1,850 </td> </tr> <tr style='height:.25in'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:.25in'> Income (loss) from continuing operations </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:.25in'> $   107 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.25in'>  $   (29) </td> </tr> </table>   Real Estate and Accumulated Depreciation of Local Partnerships   The following is an unaudited summary of real estate, accumulated depreciation and encumbrances of the Local Partnerships (in thousands-unaudited):     <table border="0" cellspacing="0" cellpadding="0" width="915" style='margin-left:-17.1pt;border-collapse:collapse'> <tr style='height:12.0pt'> <td width="285" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> </tr> <tr style='height:44.55pt'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Description </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Encumbrances </td> <td width="83" valign="bottom" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Land </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Buildings and Related Personal Property </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Total(1) </td> <td width="135" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Accumulated Depreciation (1) </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Date of Construction </td> </tr> <tr style='height:.15in'> <td width="285" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> </tr> <tr style='height:12.0pt'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> Alabama Properties Ltd. V </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> $  1,331 </td> <td width="83" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> $   53 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> $ 2,258 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> $ 2,311 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> $ 1,746 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1980-1981 </td> </tr> <tr style='height:12.0pt'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> Lakeside Apts. Ltd. </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 843 </td> <td width="83" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 72 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1,036 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1,108 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 924 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1980-1981 </td> </tr> <tr style='height:12.0pt'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> Santa Maria Ltd. Dividend Partnership Assoc. </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 2,111 </td> <td width="83" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 107 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 3,604 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 3,711 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 3,373 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1981-1982 </td> </tr> <tr style='height:12.0pt'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> Marina Del Rey Ltd. Dividend Partnership Assoc. </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 2,129 </td> <td width="83" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 124 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 3,218 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 3,342 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 2,846 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1981-1982 </td> </tr> <tr style='height:.2in'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Totals </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $  6,414 </td> <td width="83" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $  356 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 10,116 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $10,472 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 8,889 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> </tr> <tr style='height:9.0pt'> <td width="285" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="105" valign="top" style='width:63.0pt;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="105" valign="top" style='width:63.0pt;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="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> </tr> </table>      (1)  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="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 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'> $ 10,447 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 10,433 </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'>  Improvements </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       25 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       18 </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'>  Disposals of assets </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'>        (4) </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'> $ 10,472 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 10,447 </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="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 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'> $  8,699 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $  8,512 </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 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      190 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      191 </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'>  Disposals of assets </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'>        (4) </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'> $  8,889 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $  8,699 </td> </tr> </table>       In addition to being the General Partner of the Partnership, NAPICO or one of its affiliates is the local operating general partner for two of the Local Partnerships included above.   <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;punctuation-wrap:simple;text-autospace:none;border:none;padding:0in;margin-left:0in;text-align:justify;text-indent:0in;border:none'>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 to 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 Partnerships in which the Partnership has an investment will be permitted to restructure their 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 3 Transactions with Affiliated Parties   Under the terms of the Restated Certificate and Agreement of Limited Partnership, the Partnership is obligated to NAPICO for an annual management fee equal to 0.4 percent of the Partnerships original remaining invested assets of the Local Partnerships and is calculated at the beginning of each year. Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interest in the capital accounts of the respective Local Partnerships.  The management fee incurred for the years ended December 31, 2012 and 2011 was approximately $49,000 and $55,000, respectively.   In addition to being the General Partner of the Partnership, NAPICO or one of NAPICOs affiliates is the local operating general partner for two of the Local Partnerships.   In addition to Bethesdas indirect ownership of the general partnership interest in the Partnership, Bethesda and its affiliates owned 984 limited partnership interests in the Partnership representing 8.69% 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 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 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.

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 Partnerships as discussed below. The tax loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.   A reconciliation between the Partnerships reported net loss and the net income (loss) per tax return follows (in thousands, except per limited partnership interest):     <table border="0" cellspacing="0" cellpadding="0" width="863" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:13.95pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'>   </td> <td width="330" colspan="2" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> Years Ended December 31, </td> </tr> <tr style='height:12.25pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2011 </td> </tr> <tr style='height:.2in'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Net loss per financial statements </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>    $    (199) </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>    $    (191) </td> </tr> <tr style='height:13.5pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Gain on assignment of limited partnership interest </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>        1,744 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>        1,150 </td> </tr> <tr style='height:13.05pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'> Other </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'>           53 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'>           72 </td> </tr> <tr style='height:13.05pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'> Partnership's share of Local Partnerships income </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'>          317 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'>          261 </td> </tr> <tr style='height:13.5pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Net income (loss) per tax return </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>    $   1,915 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>    $   1,292 </td> </tr> <tr style='height:.1in'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:.2in'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Net income (loss) per limited partnership interest </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>    $  333.80 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>    $  224.52 </td> </tr> </table>       The following is a reconciliation between the Partnerships reported amounts and the federal tax basis of net assets and liabilities (in thousands):     <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.5in;border-collapse:collapse'> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'> December 31, 2012 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'> December 31, 2011 </td> </tr> <tr align="left"> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'> Net assets as reported </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>     $    102 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>    $    301 </td> </tr> <tr align="left"> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'> Add (deduct): </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>  Investment in Local Partnerships </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>       (5,394) </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>      (7,471) </td> </tr> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>  Deferred offering expenses </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>        3,896 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>       3,896 </td> </tr> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>  Other </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>          786 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>         733 </td> </tr> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'> Net liabilities federal tax basis </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>     $   (610) </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>    $ (2,541) </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.

Organization   Real Estate Associates Limited III (the Partnership, or Registrant) was formed under the California Limited Partnership Act on July 25, 1980.  The Partnership was formed to invest either directly or indirectly in other partnerships which own and operate primarily federal, state and local government-assisted housing projects.  The general partners are National Partnership Investments, LLC (NAPICO or the General Partner), a California limited liability company, and National Partnership Investment Associates, a limited partnership.  The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (Bethesda). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (Aimco), a publicly traded real estate investment trust. The business of the Partnership is conducted primarily by NAPICO.   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, 2032) from the date of the formation of the Partnership or the occurrence of 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 and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect.  The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. 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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

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

Abandoned Units   During the years ended December 31, 2012 and 2011, the number of limited partnership interests decreased by 38 and 40 interests, respectively, due to limited partners abandoning their interests. At December 31, 2012 and 2011, the Partnership had outstanding 11,320 and 11,358 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year. Net Loss Per Limited Partnership Interest   Net loss per limited partnership interest was computed by dividing the limited partners share of net loss by the number of limited partnership interests outstanding at the beginning of the year.  The number of limited partnership interests used was 11,358 and 11,398 for the years ended December 31, 2012 and 2011, respectively.

Cash and Cash Equivalents   Cash and cash equivalents include cash in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at both 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 has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss.  There were no impairment losses recorded 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 establishes 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. At December 31, 2012, the Partnership believes that the carrying amount of liabilities reported on the balance sheet 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 5 VIEs, respectively, for which the Partnership is not the primary beneficiary.  The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:   ·        the general partners conduct and manage the business of the Local Partnerships; ·        the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·        the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·        the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·        the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·        the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The 4 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 262 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 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="863" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:13.95pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'>   </td> <td width="330" colspan="2" valign="top" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:13.95pt'> Years Ended December 31, </td> </tr> <tr style='height:12.25pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2011 </td> </tr> <tr style='height:.2in'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Net loss per financial statements </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>    $    (199) </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>    $    (191) </td> </tr> <tr style='height:13.5pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Gain on assignment of limited partnership interest </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>        1,744 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>        1,150 </td> </tr> <tr style='height:13.05pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'> Other </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'>           53 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'>           72 </td> </tr> <tr style='height:13.05pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'> Partnership's share of Local Partnerships income </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'>          317 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.05pt'>          261 </td> </tr> <tr style='height:13.5pt'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Net income (loss) per tax return </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>    $   1,915 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>    $   1,292 </td> </tr> <tr style='height:.1in'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:.2in'> <td width="533" valign="top" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Net income (loss) per limited partnership interest </td> <td width="173" valign="top" style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>    $  333.80 </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>    $  224.52 </td> </tr> </table>     <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.5in;border-collapse:collapse'> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'> December 31, 2012 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'> December 31, 2011 </td> </tr> <tr align="left"> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'> Net assets as reported </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>     $    102 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>    $    301 </td> </tr> <tr align="left"> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'> Add (deduct): </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>  Investment in Local Partnerships </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>       (5,394) </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>      (7,471) </td> </tr> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>  Deferred offering expenses </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>        3,896 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>       3,896 </td> </tr> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>  Other </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>          786 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>         733 </td> </tr> <tr style='height:15.85pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'> Net liabilities federal tax basis </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>     $   (610) </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:15.85pt'>    $ (2,541) </td> </tr> </table>     <table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td colspan="3" valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Condensed Combined Balance Sheets of the Local Partnerships </td> </tr> <tr style='height:12.25pt'> <td colspan="3" valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (In thousands) </td> </tr> <tr style='height:6.3pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td colspan="2" valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> December 31, </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2011 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (unaudited) </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (unaudited) </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Assets </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Land </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $    356 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    356 </td> </tr> <tr style='height:23.4pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:23.4pt'> Building and improvements </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt;height:23.4pt'>   10,116 </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt;height:23.4pt'>  10,091 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Accumulated depreciation </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (8,889) </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (8,699) </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Other assets </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       842 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      598 </td> </tr> <tr style='height:13.05pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:13.05pt'> Total assets </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:13.05pt'>  $  2,425 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:13.05pt'> $  2,346 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficit: </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Mortgage notes payable </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  6,414 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,557 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Other liabilities </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       461 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      344 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total liabilities </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     6,875 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    6,901 </td> </tr> <tr style='height:12.25pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partners' deficit </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (4,450) </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (4,555) </td> </tr> <tr style='height:16.65pt'> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:16.65pt'> Total Liabilities and Partners' Deficit </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:16.65pt'>  $  2,425 </td> <td valign="top" style='padding:0in 5.4pt 0in 5.4pt;height:16.65pt'> $  2,346 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="915" style='margin-left:-17.1pt;border-collapse:collapse'> <tr style='height:12.0pt'> <td width="285" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> </tr> <tr style='height:44.55pt'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Description </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Encumbrances </td> <td width="83" valign="bottom" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Land </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Buildings and Related Personal Property </td> <td width="98" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Total(1) </td> <td width="135" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Accumulated Depreciation (1) </td> <td width="105" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:44.55pt'> Date of Construction </td> </tr> <tr style='height:.15in'> <td width="285" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="83" valign="top" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="98" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.15in'>   </td> </tr> <tr style='height:12.0pt'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> Alabama Properties Ltd. V </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> $  1,331 </td> <td width="83" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> $   53 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> $ 2,258 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> $ 2,311 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> $ 1,746 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1980-1981 </td> </tr> <tr style='height:12.0pt'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> Lakeside Apts. Ltd. </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 843 </td> <td width="83" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 72 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1,036 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1,108 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 924 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1980-1981 </td> </tr> <tr style='height:12.0pt'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> Santa Maria Ltd. Dividend Partnership Assoc. </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 2,111 </td> <td width="83" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 107 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 3,604 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 3,711 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 3,373 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1981-1982 </td> </tr> <tr style='height:12.0pt'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> Marina Del Rey Ltd. Dividend Partnership Assoc. </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 2,129 </td> <td width="83" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 124 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 3,218 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 3,342 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 2,846 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'> 1981-1982 </td> </tr> <tr style='height:.2in'> <td width="285" valign="bottom" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Totals </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $  6,414 </td> <td width="83" style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $  356 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 10,116 </td> <td width="98" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $10,472 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 8,889 </td> <td width="105" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> </tr> <tr style='height:9.0pt'> <td width="285" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="105" valign="top" style='width:63.0pt;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="105" valign="top" style='width:63.0pt;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="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </td> <td width="105" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.0pt'>   </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="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 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'> $ 10,447 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 10,433 </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'>  Improvements </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       25 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       18 </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'>  Disposals of assets </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'>        (4) </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'> $ 10,472 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 10,447 </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="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 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'> $  8,699 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $  8,512 </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 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      190 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      191 </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'>  Disposals of assets </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'>        (4) </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'> $  8,889 </td> <td width="144" valign="top" style='width:1.2in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $  8,699 </td> </tr> </table>       <table border="0" cellspacing="0" cellpadding="0" width="878" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:23.85pt'> <td width="878" colspan="3" valign="top" style='width:526.5pt;padding:0in 5.4pt 0in 5.4pt;height:23.85pt'> Condensed Combined Results of Operations of the Local Partnerships (In thousands) </td> </tr> <tr style='height:35.55pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:35.55pt'>   </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:35.55pt'> Year Ended December 31, 2012 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:35.55pt'> Year Ended December 31, 2011 </td> </tr> <tr style='height:12.25pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (unaudited) </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (unaudited) </td> </tr> <tr style='height:14.85pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> Rental and other income </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> $ 1,860 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:14.85pt'> $ 1,821 </td> </tr> <tr style='height:12.25pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Expenses: </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:17.55pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'>   Operating expenses </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'>     879 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:17.55pt'>     954 </td> </tr> <tr style='height:16.2pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:16.2pt'>   Financial expenses </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:16.2pt'>     684 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:16.2pt'>     704 </td> </tr> <tr style='height:13.5pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>   Depreciation and amortization </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>     190 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>     192 </td> </tr> <tr style='height:13.5pt'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Total expenses </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>   1,753 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>   1,850 </td> </tr> <tr style='height:.25in'> <td width="570" valign="top" style='width:4.75in;padding:0in 5.4pt 0in 5.4pt;height:.25in'> Income (loss) from continuing operations </td> <td width="158" valign="top" style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt;height:.25in'> $   107 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.25in'>  $   (29) </td> </tr> </table> 11320 38 40 11320 11358 11358 11398 4 5 4 262 4 5 262 335 2600000 2750000 330000 500000 22000 47000 69000 47000 69000

356000

10116000

10091000

-8889000

-8699000

842000

598000

2425000 2346000 6414000 6557000

461000

344000

6875000 6901000 -4450000 -4555000 2425000 2346000 1860000 1821000 879000 954000 684000 704000 190000 192000 1753000 1850000 107000 -29000

1331000

53000

2258000

2311000

1746000

843000

72000

1036000

1108000

924000

2111000

107000

3604000

3711000

3373000

2129000

124000

3218000

3342000

2846000

6414000

356000

10116000

10472000

8889000

10447000 10433000

25000

18000

-4000

10472000

10447000

8699000 8512000

190000

191000

-4000

8889000

8699000

49000 55000 984 0.0869

-199000

-191000

1744000 1150000 53000 72000 317000 261000 1915000 1292000 333.80 224.52 102000 301000 -5394000 -7471000

3896000

786000 733000 -610000 -2541000 0000318986 2012-01-01 2012-12-31 0000318986 2012-12-31 0000318986 2011-12-31 0000318986 2011-01-01 2011-12-31 0000318986 us-gaap:GeneralPartnerMember 2011-01-01 2011-12-31 0000318986 us-gaap:LimitedPartnerMember 2011-01-01 2011-12-31 0000318986 us-gaap:GeneralPartnerMember 2010-12-31 0000318986 us-gaap:LimitedPartnerMember 2010-12-31 0000318986 2010-12-31 0000318986 us-gaap:GeneralPartnerMember 2011-12-31 0000318986 us-gaap:LimitedPartnerMember 2011-12-31 0000318986 us-gaap:GeneralPartnerMember 2012-01-01 2012-12-31 0000318986 us-gaap:LimitedPartnerMember 2012-01-01 2012-12-31 0000318986 us-gaap:GeneralPartnerMember 2012-12-31 0000318986 us-gaap:LimitedPartnerMember 2012-12-31 0000318986 fil:AlabamaPropertiesLtdVMember 2012-12-31 0000318986 fil:LakesideAptsLtdMember 2012-12-31 0000318986 fil:SantaMariaLtdDividendPartnershipAssocMember 2012-12-31 0000318986 fil:MarinaDelReyLtdDividendPartnershipAssocMember 2012-12-31 pure iso4217:USD shares iso4217:USD shares EX-101.CAL 7 real3-20121231_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 8 real3-20121231_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 9 real3-20121231_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT Santa Maria Ltd. Dividend Partnership Assoc. Estimated proceeds to Partnership for advance repayment & distributions upon sale - Marina Del Rey Abandoned Units Notes Partners' (deficiency) capital, beginning balance Partners' (deficiency) capital, beginning balance Partners (deficiency) capital, ending balance Legal and accounting Partners' (deficiency) capital: Investments in and advances to Local Partnerships Entity Filer Category Amendment Flag Other book tax income/expense differences Management fee expense - related party Land Schedule of Results of Operations of Investment Partnerships Schedule of Balance Sheet of Investment Partnerships Variable Interest Entities Segment Reporting Accounts payable and accrued expenses {1} Accounts payable and accrued expenses General Partners Statement, Equity Components Total assets Total assets Document and Entity Information Deferred Offering Costs Rental and other income Mortgage notes payable Number of Variable Interest Entities held by Partnership Proceeds received from sale of interest in Local Partnership Operating expenses: ASSETS Document Fiscal Year Focus Investment in Local Partnerships book tax difference Total expenses Apartment units within Investment Partnerships Schedule of Real Estate and Accumulated Depreciation of Local Partnerships Basis of Presentation Organization Gain on sale of interest in Local Partnership {1} Gain on sale of interest in Local Partnership Net loss allocated to limited partners (99%) Total operating expenses Total operating expenses Revenues Total liabilities and partners' (deficiency) capital Total liabilities and partners' (deficiency) capital General partners LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL Entity Well-known Seasoned Issuer Property, Plant and Equipment, Gross Partnership Interest in Vista Housing sale proceeds December 2012 Limited Partnership Interests Abandoned during the year Reconciliation of Accumulated Depreciation of Local Partnerships Note 1. Organization and Summary of Significant Accounting Policies Advances made to Local Partnerships recognized as expense {1} Advances made to Local Partnerships recognized as expense Statement of changes in partners (deficiency) capital Statements of Operations Limited partners Accounts payable and accrued expenses Liabilities: Cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Partnership's share of Local Partnerships income (loss) Limited partnership interests Owned by Affiliates Property, Plant and Equipment, Disposals Advances made to Investment Partnerships Outstanding Limited Partnership Units Cash and Cash Equivalents Policies Net cash used in operating activities Net cash used in operating activities Gain on sale of interest in Local Partnership Net income (loss) tax basis per limited partnership interest Real Estate Accumulated Depreciation Number of apartment properties held by VIEs Net Loss Per Limited Partnership Interest Contingencies Balance Sheets Entity Common Stock, Shares Outstanding Other book tax balance sheet differences Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment Property, Plant and Equipment, Type {1} Property, Plant and Equipment, Type Operating expenses Total liabilities Cash flows from operating activities: Total partners' (deficiency) capital Total partners' (deficiency) capital Statement Document Fiscal Period Focus Real Estate and Accumulated Depreciation, Accumulated Depreciation Real Estate and Accumulated Depreciation, Amount of Encumbrances Alabama Properties Ltd. V Income (loss) from continuing operations Investment Partnership under contract 2013 sale date, sale price for Marina Del Rey Reconciliation of Real Estate of Local Partnerships Tables/Schedules Entity Voluntary Filers Document Period End Date Marina Del Rey Ltd. Dividend Partnership Assoc. Advances made to Investment Partnerships charged to expense Reconciliation of Book Net Income (Loss) to Federal Taxable Income (Loss) Note 3 - Transactions With Affiliated Parties Change in accounts: Statements of Cash Flows Net loss per limited partnership interest Current Fiscal Year End Date Entity Registrant Name Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements Real Estate and Accumulated Depreciation, Carrying Amount of Land Total assets {1} Total assets Number of apartment units within VIEs Method of Accounting For Investments in Local Partnerships Net decrease in cash and cash equivalents Cash flows from investing activities: Limited Partners Document Type Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Financial expenses Total Equity Other Liabilities Other Assets Limited Partnership Interests held by Partnership Reconciliation of Book Net Assets (Liabilities) to Tax Basis Net Assets (Liabilities) Fair Value of Financial Instruments Net cash used in investing activities Net cash used in investing activities Net loss Net loss Property, Plant and Equipment, Additions Property Plant and Equipment Gross Beginning of Year Investment Partnership under contract 2013 sale date, sale price for Santa Maria Use of Estimates Note 2 - Investments in and Advances To Local Partnerships Adjustments to reconcile net loss to net cash used in operating activities: Advances made to Local Partnerships recognized as expense Management fees - General Partner Entity Current Reporting Status Gain on assignment of limited partnership interest book tax difference Accumulated Depreciation Gross Beginning of Year Lakeside Apts. Ltd. Estimated proceeds to Partnership for advance repayment & distributions upon sale - Santa Maria Advances to Local Partnerships Net loss {1} Net loss Entity Central Index Key Net income (loss) per tax return Limited Partnership Percentage Owned by Affiliates Property, Plant and Equipment, Type Limited Partnership Units Outstanding for net loss per unit calculation Impairment of Long-lived Assets Equity Component Loss from partnership operations Net assets (liabilities) per book Note 4. Income Taxes Net loss allocated to general partners (1%) Net assets (liabilities) - federal tax basis Depreciation Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements Depreciation and amortization Total Liabilities and Partners' Equity Buildings and Improvements, Gross Details Note 5 - Contingencies General and administrative Statement {1} Statement EX-101.PRE 10 real3-20121231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.SCH 11 real3-20121231.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000140 - Disclosure - Note 1. Organization and Summary of Significant Accounting Policies: Method of Accounting For Investments in Local Partnerships (Policies) link:presentationLink link:definitionLink link:calculationLink 000180 - Disclosure - Note 1. Organization and Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies) link:presentationLink link:definitionLink link:calculationLink 000250 - Disclosure - Note 2 - Investments in and Advances To Local Partnerships: Reconciliation of Real Estate of Local Partnerships (Tables) link:presentationLink link:definitionLink link:calculationLink 000260 - Disclosure - Note 2 - Investments in and Advances To Local Partnerships: Reconciliation of Accumulated Depreciation of Local Partnerships (Tables) link:presentationLink link:definitionLink link:calculationLink 000080 - Disclosure - Note 3 - Transactions With Affiliated Parties link:presentationLink link:definitionLink link:calculationLink 000290 - Disclosure - Note 1. Organization and Summary of Significant Accounting Policies: Abandoned Units (Details) link:presentationLink link:definitionLink link:calculationLink 000330 - Disclosure - Note 2 - Investments in and Advances To Local Partnerships: Schedule of Balance Sheet of Investment Partnerships (Details) link:presentationLink link:definitionLink link:calculationLink 000170 - Disclosure - Note 1. Organization and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) link:presentationLink link:definitionLink link:calculationLink 000110 - Disclosure - Note 1. Organization and Summary of Significant Accounting Policies: Organization (Policies) link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - Balance Sheets link:presentationLink link:definitionLink link:calculationLink 000120 - Disclosure - Note 1. Organization and Summary of Significant Accounting Policies: Basis of Presentation (Policies) link:presentationLink link:definitionLink link:calculationLink 000160 - Disclosure - Note 1. Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Policies) link:presentationLink link:definitionLink link:calculationLink 000360 - Disclosure - Note 2 - Investments in and Advances To Local Partnerships: Reconciliation of Real Estate of Local Partnerships (Details) link:presentationLink link:definitionLink link:calculationLink 000220 - Disclosure - Note 2 - Investments in and Advances To Local Partnerships: Schedule of Balance Sheet of Investment Partnerships (Tables) link:presentationLink link:definitionLink link:calculationLink 000310 - Disclosure - Note 1. 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Organization and Summary of Significant Accounting Policies: Variable Interest Entities (Policies) link:presentationLink link:definitionLink link:calculationLink 000240 - Disclosure - Note 2 - Investments in and Advances To Local Partnerships: Schedule of Real Estate and Accumulated Depreciation of Local Partnerships (Tables) link:presentationLink link:definitionLink link:calculationLink 000400 - Disclosure - Note 4. Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Tax Basis Net Assets (Liabilities) (Details) link:presentationLink link:definitionLink link:calculationLink 000100 - Disclosure - Note 5 - Contingencies link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 000200 - Disclosure - Note 1. Organization and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) link:presentationLink link:definitionLink link:calculationLink 000230 - Disclosure - Note 2 - Investments in and Advances To Local Partnerships: Schedule of Results of Operations of Investment Partnerships (Tables) link:presentationLink link:definitionLink link:calculationLink 000130 - Disclosure - Note 1. Organization and Summary of Significant Accounting Policies: Use of Estimates (Policies) link:presentationLink link:definitionLink link:calculationLink 000320 - Disclosure - Note 2 - Investments in and Advances To Local Partnerships (Details) link:presentationLink link:definitionLink link:calculationLink 000300 - Disclosure - Note 1. Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Details) link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - Statements of Operations link:presentationLink link:definitionLink link:calculationLink 000350 - Disclosure - Note 2 - Investments in and Advances To Local Partnerships: Schedule of Real Estate and Accumulated Depreciation of Local Partnerships (Details) link:presentationLink link:definitionLink link:calculationLink 000380 - Disclosure - Note 3 - Transactions With Affiliated Parties (Details) link:presentationLink link:definitionLink link:calculationLink 000270 - Disclosure - Note 4. Income Taxes: Reconciliation of Book Net Income (Loss) to Federal Taxable Income (Loss) (Tables) link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - Statement of Shareholder Equity (Deficit) link:presentationLink link:definitionLink link:calculationLink 000090 - Disclosure - Note 4. Income Taxes link:presentationLink link:definitionLink link:calculationLink 000280 - Disclosure - Note 4. Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Tax Basis Net Assets (Liabilities) (Tables) link:presentationLink link:definitionLink link:calculationLink 000340 - Disclosure - Note 2 - Investments in and Advances To Local Partnerships: Schedule of Results of Operations of Investment Partnerships (Details) link:presentationLink link:definitionLink link:calculationLink 000390 - Disclosure - Note 4. Income Taxes: Reconciliation of Book Net Income (Loss) to Federal Taxable Income (Loss) (Details) link:presentationLink link:definitionLink link:calculationLink 000150 - Disclosure - Note 1. Organization and Summary of Significant Accounting Policies: Abandoned Units (Policies) link:presentationLink link:definitionLink link:calculationLink XML 12 R39.htm IDEA: XBRL DOCUMENT

Note 4. Income Taxes: Reconciliation of Book Net Income (Loss) to Federal Taxable Income (Loss) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Net loss	$ (199)	$ (191)
Gain on assignment of limited partnership interest book tax difference	1,744	1,150
Other book tax income/expense differences	53	72
Partnership's share of Local Partnerships income (loss)	317	261
Net income (loss) per tax return	$ 1,915	$ 1,292
Net income (loss) tax basis per limited partnership interest	$ 333.80	$ 224.52

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

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

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

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Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

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Reference 11: http://www.xbrl.org/2003/role/presentationRef

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Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Note 2 - Investments in and Advances To Local Partnerships: Schedule of Balance Sheet of Investment Partnerships (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Land	$ 356	$ 356
Buildings and Improvements, Gross	10,116	10,091
Real Estate Accumulated Depreciation	(8,889)	(8,699)
Other Assets	842	598
Total assets	2,425	2,346
Mortgage notes payable	6,414	6,557
Other Liabilities	461	344
Total liabilities	6,875	6,901
Total Equity	(4,450)	(4,555)
Total Liabilities and Partners' Equity	$ 2,425	$ 2,346

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Note 2 - Investments in and Advances To Local Partnerships: Schedule of Balance Sheet of Investment Partnerships (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Dec. 31, 2011

Land $ 356 $ 356

Buildings and Improvements, Gross 10,116 10,091

Real Estate Accumulated Depreciation (8,889) (8,699)

Other Assets 842 598

Total assets 2,425 2,346

Mortgage notes payable 6,414 6,557

Other Liabilities 461 344

Total liabilities 6,875 6,901

Total Equity (4,450) (4,555)

Total Liabilities and Partners' Equity $ 2,425 $ 2,346

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Note 2 - Investments in and Advances To Local Partnerships: Reconciliation of Real Estate of Local Partnerships (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconciliation of Real Estate of Local Partnerships

Year Ended December 31, 2012

Year Ended December 31, 2011

(in thousands)

Balance at beginning of year

$ 10,447

$ 10,433

Improvements

 25

 18

Disposals of assets

 --

 (4)

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$ 10,472

$ 10,447

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Note 2 - Investments in and Advances To Local Partnerships: Reconciliation of Accumulated Depreciation of Local Partnerships (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

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Depreciation 190 191

Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment (4)

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Note 4. Income Taxes
12 Months Ended

Dec. 31, 2012

Notes

Note 4. Income Taxes
Note 4. Income Taxes

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

A reconciliation between the Partnership’s reported net loss and the net income (loss) per tax return follows (in thousands, except per limited partnership interest):

Years Ended December 31,

2012

2011

Net loss per financial statements

 $ (199)

 $ (191)

Gain on assignment of limited partnership interest

 1,744

 1,150

Other

 53

 72

Partnership's share of Local Partnerships income

 317

 261

Net income (loss) per tax return

 $ 1,915

 $ 1,292

Net income (loss) per limited partnership interest

 $ 333.80

 $ 224.52

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

December 31, 2012

December 31, 2011

Net assets as reported

 $ 102

 $ 301

Add (deduct):

Investment in Local Partnerships

 (5,394)

 (7,471)

Deferred offering expenses

 3,896

 3,896

Other

 786

 733

Net liabilities – federal tax basis

 $ (610)

 $ (2,541)

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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 38 40

Outstanding Limited Partnership Units 11,320 11,358

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Note 4. Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Tax Basis Net Assets (Liabilities) (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

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

December 31, 2012

December 31, 2011

Net assets as reported

 $ 102

 $ 301

Add (deduct):

Investment in Local Partnerships

 (5,394)

 (7,471)

Deferred offering expenses

 3,896

 3,896

Other

 786

 733

Net liabilities – federal tax basis

 $ (610)

 $ (2,541)

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Note 1. Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Details)

Dec. 31, 2012

Dec. 31, 2011

Limited Partnership Units Outstanding for net loss per unit calculation 11,358 11,398

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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 5

Number of apartment properties held by VIEs 4

Number of apartment units within VIEs 262

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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

Under the terms of the Restated Certificate and Agreement of Limited Partnership, the Partnership is obligated to NAPICO for an annual management fee equal to 0.4 percent of the Partnership’s original remaining invested assets of the Local Partnerships and is calculated at the beginning of each year. Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interest in the capital accounts of the respective Local Partnerships. The management fee incurred for the years ended December 31, 2012 and 2011 was approximately $49,000 and $55,000, respectively.

In addition to being the General Partner of the Partnership, NAPICO or one of NAPICO’s affiliates is the local operating general partner for two of the Local Partnerships.

In addition to Bethesda’s indirect ownership of the general partnership interest in the Partnership, Bethesda and its affiliates owned 984 limited partnership interests in the Partnership representing 8.69% 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 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 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.

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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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-Publisher FASB

-Name Accounting Standards Codification

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-SubTopic 10

-Section 50

-Paragraph 6

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

Dec. 31, 2012

Dec. 31, 2011

Limited Partnership Interests held by Partnership 4 5

Apartment units within Investment Partnerships 262 335

Investment Partnership under contract 2013 sale date, sale price for Santa Maria $ 2,600,000

Investment Partnership under contract 2013 sale date, sale price for Marina Del Rey 2,750,000

Estimated proceeds to Partnership for advance repayment & distributions upon sale - Santa Maria 330,000

Estimated proceeds to Partnership for advance repayment & distributions upon sale - Marina Del Rey 500,000

Partnership Interest in Vista Housing sale proceeds December 2012 22,000

Advances made to Investment Partnerships 47,000 69,000

Advances made to Investment Partnerships charged to expense $ 47,000 $ 69,000

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

Dec. 31, 2012

Dec. 31, 2011

Net assets (liabilities) per book $ 102 $ 301

Investment in Local Partnerships book tax difference (5,394) (7,471)

Deferred Offering Costs 3,896 3,896

Other book tax balance sheet differences 786 733

Net assets (liabilities) - federal tax basis $ (610) $ (2,541)

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Dec. 31, 2011

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Cash and cash equivalents 138 327

Total assets 138 327

Liabilities:

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Total partners' (deficiency) capital 102 301

Total liabilities and partners' (deficiency) capital $ 138 $ 327

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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

Real Estate Associates Limited III (the “Partnership”, or “Registrant”) was formed under the California Limited Partnership Act on July 25, 1980. The Partnership was formed to invest either directly or indirectly in other partnerships which own and operate primarily federal, state and local government-assisted housing projects. The general partners are National Partnership Investments, LLC (“NAPICO” or the “General Partner”), a California limited liability company, and National Partnership Investment Associates, a limited partnership. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The business of the Partnership is conducted primarily by NAPICO.

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, 2032) from the date of the formation of the Partnership or the occurrence of 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 and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. 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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Method of Accounting for Investments in Local Partnerships

The investment in local limited partnerships (the “Local Partnerships”) is accounted for using the equity method.

Abandoned Units

During the years ended December 31, 2012 and 2011, the number of limited partnership interests decreased by 38 and 40 interests, respectively, due to limited partners abandoning their interests. At December 31, 2012 and 2011, the Partnership had outstanding 11,320 and 11,358 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year.

Net Loss Per Limited Partnership Interest

Net loss per limited partnership interest was computed by dividing the limited partners’ share of net loss by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 11,358 and 11,398 for the years ended December 31, 2012 and 2011, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at both 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 has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. There were no impairment losses recorded 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 establishes 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. At December 31, 2012, the Partnership believes that the carrying amount of liabilities reported on the balance sheet 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 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 5 VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The 4 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 262 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 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 Partnerships: Schedule of Real Estate and Accumulated Depreciation of Local Partnerships (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Real Estate and Accumulated Depreciation, Amount of Encumbrances $ 6,414

Real Estate and Accumulated Depreciation, Carrying Amount of Land 356

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 10,116

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 10,472

Real Estate and Accumulated Depreciation, Accumulated Depreciation 8,889

Alabama Properties Ltd. V

Real Estate and Accumulated Depreciation, Amount of Encumbrances 1,331

Real Estate and Accumulated Depreciation, Carrying Amount of Land 53

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 2,258

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 2,311

Real Estate and Accumulated Depreciation, Accumulated Depreciation 1,746

Lakeside Apts. Ltd.

Real Estate and Accumulated Depreciation, Amount of Encumbrances 843

Real Estate and Accumulated Depreciation, Carrying Amount of Land 72

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 1,036

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 1,108

Real Estate and Accumulated Depreciation, Accumulated Depreciation 924

Santa Maria Ltd. Dividend Partnership Assoc.

Real Estate and Accumulated Depreciation, Amount of Encumbrances 2,111

Real Estate and Accumulated Depreciation, Carrying Amount of Land 107

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 3,604

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 3,711

Real Estate and Accumulated Depreciation, Accumulated Depreciation 3,373

Marina Del Rey Ltd. Dividend Partnership Assoc.

Real Estate and Accumulated Depreciation, Amount of Encumbrances 2,129

Real Estate and Accumulated Depreciation, Carrying Amount of Land 124

Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements 3,218

Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements 3,342

Real Estate and Accumulated Depreciation, Accumulated Depreciation $ 2,846

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Note 2 - Investments in and Advances To Local Partnerships: Schedule of Balance Sheet of Investment Partnerships (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Schedule of Balance Sheet of Investment Partnerships

Condensed Combined Balance Sheets of the Local Partnerships

(In thousands)

December 31,

2012

2011

(unaudited)

(unaudited)

Assets

Land

$ 356

$ 356

Building and improvements

10,116

10,091

Accumulated depreciation

 (8,889)

(8,699)

Other assets

 842

 598

Total assets

$ 2,425

$ 2,346

Liabilities and Partners’ Deficit:

Liabilities:

Mortgage notes payable

$ 6,414

$ 6,557

Other liabilities

 461

 344

Total liabilities

 6,875

 6,901

Partners' deficit

(4,450)

 (4,555)

Total Liabilities and Partners' Deficit

$ 2,425

$ 2,346

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In Thousands, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Property Plant and Equipment Gross Beginning of Year $ 10,447 $ 10,433

Property, Plant and Equipment, Additions 25 18

Property, Plant and Equipment, Disposals (4)

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

Dec. 31, 2012

Tables/Schedules

Schedule of Real Estate and Accumulated Depreciation of Local Partnerships

Description

Encumbrances

Land

Buildings and Related Personal Property

Total(1)

Accumulated Depreciation (1)

Date of Construction

Alabama Properties Ltd. V

$ 1,331

$ 53

$ 2,258

$ 2,311

$ 1,746

1980-1981

Lakeside Apts. Ltd.

843

72

1,036

1,108

924

1980-1981

Santa Maria Ltd. Dividend Partnership Assoc.

2,111

107

3,604

3,711

3,373

1981-1982

Marina Del Rey Ltd. Dividend Partnership Assoc.

2,129

124

3,218

3,342

2,846

1981-1982

Totals

$ 6,414

$ 356

$ 10,116

$10,472

$ 8,889

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

Dec. 31, 2012

Notes

Note 2 - Investments in and Advances To Local Partnerships
Note 2. Investments in and Advances to Local Partnerships

As of December 31, 2012 and 2011, the Partnership holds limited partnership interests in 4 and 5 Local Partnerships, respectively, located in two states and Puerto Rico, that own residential low income rental projects consisting of 262 and 335 apartment units, respectively. 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 Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (between 95% and 99%). Distributions of surplus cash from operations from most of the Local Partnerships are restricted by the Local Partnerships’ Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”). These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships’ partnership agreements. These agreements usually limit the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Partnership.

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

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

Two Local Partnerships, Santa Maria Limited Dividend Partnership Assoc. (“Santa Maria”) and Marina Del Rey Limited Dividend Partnership Assoc. (“Marina Del Rey”), have been marketing their properties for sale. On October 26, 2011, Santa Maria and Marina Del Rey each entered into separate purchase and sale contracts to sell their respective investment properties to a third party for a gross sales price of $2,600,000 and $2,750,000, respectively. After payment of closing costs and repayment of the notes payable encumbering the properties, the Partnership expects to receive approximately $330,000 and $500,000 from Santa Maria and Marina Del Rey, respectively, for advance repayments and distributions. The sales are expected to close during 2013. The Partnership has no investment balances remaining in these two Local Partnerships at December 31, 2012 and 2011.

At December 31, 2012 and 2011, the investment balance in the four and five Local Partnerships, respectively, had been reduced to zero.

In December 2012, the Partnership assigned its limited partnership interest in Vista Housing Associates (“Vista Housing”) to a third party, for approximately $22,000, which was recognized as gain on sale of interest in Local Partnership. The Partnership’s investment balance in Vista Housing was zero at the date of assignment and December 31, 2011.

In May 2011, the Partnership assigned its limited partnership interest in Village Apartments (“Village”) to an affiliate of the operating general partner of Village. The Partnership believed that Village’s liabilities exceeded the fair value of the property. In addition, Village faced foreclosure as the lender had issued an acceleration notice on Village’s mortgage. The Partnership did not receive any proceeds for the assignment. The Partnership’s investment balance in Village was zero at the date of assignment.

At times, advances are made to the Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership’s investment in the Local Partnerships. Advances to Local Partnerships for which the investment has been reduced to zero are charged to expense. During the years ended December 31, 2012 and 2011, the Partnership advanced approximately $47,000 and $69,000, respectively, to two Local Partnerships, Santa Maria and Marina Del Rey, for entity taxes. During the years ended December 31, 2012 and 2011, the Partnership recognized approximately $47,000 and $69,000 as expense for advances, respectively. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.

Although the Partnership’s recorded value of its investments and its equity in losses/income and/or distributions from the Local Partnerships are individually not material to the overall financial position of the Partnership, the following are summaries of the unaudited condensed combined balance sheets of the aforementioned Local Partnerships as of December 31, 2012 and 2011 and the unaudited condensed combined results of operations for each of the two years in the period ended December 31, 2012.

The 2012 and 2011 amounts exclude the operations of Vista Housing for which the Partnership assigned its interest in December 2012 and the 2011 amounts also exclude Village Apartments for which the Partnership assigned its interest in May 2011:

Condensed Combined Balance Sheets of the Local Partnerships

(In thousands)

December 31,

2012

2011

(unaudited)

(unaudited)

Assets

Land

$ 356

$ 356

Building and improvements

10,116

10,091

Accumulated depreciation

 (8,889)

(8,699)

Other assets

 842

 598

Total assets

$ 2,425

$ 2,346

Liabilities and Partners’ Deficit:

Liabilities:

Mortgage notes payable

$ 6,414

$ 6,557

Other liabilities

 461

 344

Total liabilities

 6,875

 6,901

Partners' deficit

(4,450)

 (4,555)

Total Liabilities and Partners' Deficit

$ 2,425

$ 2,346

Condensed Combined Results of Operations of the Local Partnerships

(In thousands)

Year Ended December 31, 2012

Year Ended December 31, 2011

(unaudited)

(unaudited)

Rental and other income

$ 1,860

$ 1,821

Expenses:

Operating expenses

 879

 954

Financial expenses

 684

 704

Depreciation and amortization

 190

 192

Total expenses

 1,753

 1,850

Income (loss) from continuing operations

$ 107

$ (29)

Real Estate and Accumulated Depreciation of Local Partnerships

The following is an unaudited summary of real estate, accumulated depreciation and encumbrances of the Local Partnerships (in thousands-unaudited):

Description

Encumbrances

Land

Buildings and Related Personal Property

Total(1)

Accumulated Depreciation (1)

Date of Construction

Alabama Properties Ltd. V

$ 1,331

$ 53

$ 2,258

$ 2,311

$ 1,746

1980-1981

Lakeside Apts. Ltd.

843

72

1,036

1,108

924

1980-1981

Santa Maria Ltd. Dividend Partnership Assoc.

2,111

107

3,604

3,711

3,373

1981-1982

Marina Del Rey Ltd. Dividend Partnership Assoc.

2,129

124

3,218

3,342

2,846

1981-1982

Totals

$ 6,414

$ 356

$ 10,116

$10,472

$ 8,889

(1) Reconciliation of real estate (unaudited)

Year Ended December 31, 2012

Year Ended December 31, 2011

(in thousands)

Balance at beginning of year

$ 10,447

$ 10,433

Improvements

 25

 18

Disposals of assets

 --

 (4)

Balance at end of year

$ 10,472

$ 10,447

 Reconciliation of accumulated depreciation (unaudited)

Year Ended December 31, 2012

Year Ended December 31, 2011

(in thousands)

Balance at beginning of year

$ 8,699

$ 8,512

Depreciation expense

 190

 191

Disposals of assets

 --

 (4)

Balance at end of year

$ 8,889

$ 8,699

In addition to being the General Partner of the Partnership, NAPICO or one of its affiliates is the local operating general partner for two of the Local Partnerships included above.

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 to 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 Partnerships in which the Partnership has an investment will be permitted to restructure their 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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Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Revenues $ 0 $ 0

Operating expenses:

Management fees - General Partner 49 55

General and administrative 18 14

Legal and accounting 107 53

Total operating expenses 174 122

Loss from partnership operations (174) (122)

Gain on sale of interest in Local Partnership 22 0

Advances made to Local Partnerships recognized as expense (47) (69)

Net loss (199) (191)

Net loss allocated to general partners (1%) (2) (2)

Net loss allocated to limited partners (99%) $ (197) $ (189)

Net loss per limited partnership interest $ (17.34) $ (16.58)

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

Dec. 31, 2012

Policies

Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents include cash in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balances at both 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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Note 1. Organization and Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies)
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Dec. 31, 2012

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Impairment of Long-Lived Assets

The Partnership reviews its investments in long-lived assets to determine if there has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. There were no impairment losses recorded during the years ended December 31, 2012 and 2011.

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

General Partners

Limited Partners

Total

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Note 1. Organization and Summary of Significant Accounting Policies: Basis of Presentation (Policies)
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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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Note 1. Organization and Summary of Significant Accounting Policies: Organization (Policies)
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Real Estate Associates Limited III (the “Partnership”, or “Registrant”) was formed under the California Limited Partnership Act on July 25, 1980. The Partnership was formed to invest either directly or indirectly in other partnerships which own and operate primarily federal, state and local government-assisted housing projects. The general partners are National Partnership Investments, LLC (“NAPICO” or the “General Partner”), a California limited liability company, and National Partnership Investment Associates, a limited partnership. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The business of the Partnership is conducted primarily by NAPICO.

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, 2032) from the date of the formation of the Partnership or the occurrence of 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 and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. No such fees were accrued or paid during the years ended December 31, 2012 and 2011.

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Note 2 - Investments in and Advances To Local Partnerships: Schedule of Results of Operations of Investment Partnerships (Tables)
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Dec. 31, 2012

Tables/Schedules

Schedule of Results of Operations of Investment Partnerships

Condensed Combined Results of Operations of the Local Partnerships

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Year Ended December 31, 2011

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$ 1,821

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Total expenses

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$ (29)

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Note 1. Organization and Summary of Significant Accounting Policies: Segment Reporting (Policies)
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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 establishes 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 1. Organization and Summary of Significant Accounting Policies: Abandoned Units (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Abandoned Units
Abandoned Units

During the years ended December 31, 2012 and 2011, the number of limited partnership interests decreased by 38 and 40 interests, respectively, due to limited partners abandoning their interests. At December 31, 2012 and 2011, the Partnership had outstanding 11,320 and 11,358 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year.

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Note 1. Organization and Summary of Significant Accounting Policies: Use of Estimates (Policies)
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Dec. 31, 2012

Policies

Use of Estimates
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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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

Dec. 31, 2012

Policies

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

The investment in local limited partnerships (the “Local Partnerships”) is accounted for using the equity method.

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-Paragraph 28

-Subparagraph (f)

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-Number 210

-Section 02

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-Article 5

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

Dec. 31, 2012

Policies

Net Loss Per Limited Partnership Interest
Net Loss Per Limited Partnership Interest

Net loss per limited partnership interest was computed by dividing the limited partners’ share of net loss by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 11,358 and 11,398 for the years ended December 31, 2012 and 2011, respectively.

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

Dec. 31, 2012

Dec. 31, 2011

Rental and other income $ 1,860 $ 1,821

Operating expenses 879 954

Financial expenses 684 704

Depreciation and amortization 190 192

Total expenses 1,753 1,850

Income (loss) from continuing operations $ 107 $ (29)

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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 5 VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The 4 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of 4 apartment properties with a total of 262 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 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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-Paragraph 24

-Subparagraph e

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Note 2 - Investments in and Advances To Local Partnerships: Reconciliation of Accumulated Depreciation of Local Partnerships (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconciliation of Accumulated Depreciation of Local Partnerships

Year Ended December 31, 2012

Year Ended December 31, 2011

(in thousands)

Balance at beginning of year

$ 8,699

$ 8,512

Depreciation expense

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 191

Disposals of assets

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 (4)

Balance at end of year

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$ 8,699

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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 loss $ (199) $ (191)

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

Gain on sale of interest in Local Partnership (22) 0

Advances made to Local Partnerships recognized as expense 47 69

Accounts payable and accrued expenses 10 2

Net cash used in operating activities (164) (120)

Cash flows from investing activities:

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Advances to Local Partnerships (47) (69)

Net cash used in investing activities (25) (69)

Net decrease in cash and cash equivalents (189) (189)

Cash and cash equivalents, beginning of period 327 516

Cash and cash equivalents, end of period $ 138 $ 327

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-Section 02

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-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

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-Name Accounting Research Bulletin (ARB)

-Number 51

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Note 5 - Contingencies
12 Months Ended

Dec. 31, 2012

Notes

Note 5 - Contingencies
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.

X

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The entire disclosure for commitments and contingencies.

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Note 4. Income Taxes: Reconciliation of Book Net Income (Loss) to Federal Taxable Income (Loss) (Tables)
12 Months Ended

Dec. 31, 2012

Tables/Schedules

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

Years Ended December 31,

2012

2011

Net loss per financial statements

 $ (199)

 $ (191)

Gain on assignment of limited partnership interest

 1,744

 1,150

Other

 53

 72

Partnership's share of Local Partnerships income

 317

 261

Net income (loss) per tax return

 $ 1,915

 $ 1,292

Net income (loss) per limited partnership interest

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 $ 224.52

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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 $ 49,000 $ 55,000

Limited partnership interests Owned by Affiliates 984

Limited Partnership Percentage Owned by Affiliates 8.69%

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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. At December 31, 2012, the Partnership believes that the carrying amount of liabilities reported on the balance sheet 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 Partnerships: Reconciliation of Accumulated Depreciation of Local Partnerships (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Accumulated Depreciation Gross Beginning of Year	$ 8,699	$ 8,512
Depreciation	190	191
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment		(4)
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 8,889	$ 8,699

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	38	40
Outstanding Limited Partnership Units	11,320	11,358

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	5
Number of apartment properties held by VIEs	4
Number of apartment units within VIEs	262

Note 2 - Investments in and Advances To Local Partnerships (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Limited Partnership Interests held by Partnership	4	5
Apartment units within Investment Partnerships	262	335
Investment Partnership under contract 2013 sale date, sale price for Santa Maria	$ 2,600,000
Investment Partnership under contract 2013 sale date, sale price for Marina Del Rey	2,750,000
Estimated proceeds to Partnership for advance repayment & distributions upon sale - Santa Maria	330,000
Estimated proceeds to Partnership for advance repayment & distributions upon sale - Marina Del Rey	500,000
Partnership Interest in Vista Housing sale proceeds December 2012	22,000
Advances made to Investment Partnerships	47,000	69,000
Advances made to Investment Partnerships charged to expense	$ 47,000	$ 69,000

Note 4. Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Tax Basis Net Assets (Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Net assets (liabilities) per book	$ 102	$ 301
Investment in Local Partnerships book tax difference	(5,394)	(7,471)
Deferred Offering Costs	3,896	3,896
Other book tax balance sheet differences	786	733
Net assets (liabilities) - federal tax basis	$ (610)	$ (2,541)

Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Investments in and advances to Local Partnerships	$ 0	$ 0
Cash and cash equivalents	138	327
Total assets	138	327
Liabilities:
Accounts payable and accrued expenses	36	26
Contingencies	0	0
Partners' (deficiency) capital:
General partners	(120)	(118)
Limited partners	222	419
Total partners' (deficiency) capital	102	301
Total liabilities and partners' (deficiency) capital	$ 138	$ 327

Note 2 - Investments in and Advances To Local Partnerships: Reconciliation of Real Estate of Local Partnerships (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Property Plant and Equipment Gross Beginning of Year	$ 10,447	$ 10,433
Property, Plant and Equipment, Additions	25	18
Property, Plant and Equipment, Disposals		(4)
Property, Plant and Equipment, Gross	$ 10,472	$ 10,447

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 III
Document Type	10-K
Document Period End Date	Dec. 31, 2012
Amendment Flag	false
Entity Central Index Key	0000318986
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	11,320
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

Statement of Shareholder Equity (Deficit) (USD $) In Thousands	General Partners	Limited Partners	Total
Partners' (deficiency) capital, beginning balance at Dec. 31, 2010	$ (116)	$ 608	$ 492
Net loss	(2)	(189)	(191)
Partners (deficiency) capital, ending balance at Dec. 31, 2011	(118)	419	301
Net loss	(2)	(197)	(199)
Partners (deficiency) capital, ending balance at Dec. 31, 2012	$ (120)	$ 222	$ 102

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 loss	$ (199)	$ (191)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on sale of interest in Local Partnership	(22)	0
Advances made to Local Partnerships recognized as expense	47	69
Accounts payable and accrued expenses	10	2
Net cash used in operating activities	(164)	(120)
Cash flows from investing activities:
Proceeds received from sale of interest in Local Partnership	22	0
Advances to Local Partnerships	(47)	(69)
Net cash used in investing activities	(25)	(69)
Net decrease in cash and cash equivalents	(189)	(189)
Cash and cash equivalents, beginning of period	327	516
Cash and cash equivalents, end of period	$ 138	$ 327

Note 3 - Transactions With Affiliated Parties (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Management fee expense - related party	$ 49,000	$ 55,000
Limited partnership interests Owned by Affiliates	984
Limited Partnership Percentage Owned by Affiliates	8.69%