Form 10-Q

0001376474-13-000529.txt : 20131114 0001376474-13-000529.hdr.sgml : 20131114 20131114131633 ACCESSION NUMBER: 0001376474-13-000529 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131114 DATE AS OF CHANGE: 20131114 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-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-10673 FILM NUMBER: 131218502 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-Q 1 real3_10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

(Mark One)

[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the quarterly period ended September 30, 2013

[ ]

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

ACT OF 1934

For the transition period from __________ to __________

Commission file number 0-10673

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.)

PO Box 91274

Los Angeles, California 90009

(Address of principal executive offices)

(720) 387-8135

(Registrant’s telephone number, including area code)

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. [X] Yes [ ] 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 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 [X]

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

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

REAL ESTATE ASSOCIATES LIMITED III

BALANCE SHEETS

(Unaudited)

(In thousands)


	September 30,	December 31,
	2013	2012

ASSETS

Investments in and advances to Local Partnerships	$ --	$ --
Cash and cash equivalents	359	138
Total assets	$ 359	$ 138

LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities:
Accounts payable and accrued expenses	$ 6	$ 36
Accrued fees due to General Partner	17	--
	23	36

Contingencies		--

Partners' (deficiency) capital:
General partners	(118)	(120)
Limited partners	454	222
Total partners’ (deficiency) capital	336	102
Total liabilities and partners' (deficiency)
capital	$ 359	$ 138

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED III

STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per interest data)


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2013	2012	2013	2012

Revenues	$ --	$ --	$ --	$ --

Operating expenses:
Management fees – General Partner	9	13	27	37
General and administrative	5	1	13	14
Legal and accounting	13	21	66	44
Total operating expenses	27	35	106	95

Income (loss) from partnership
operations	(27)	(35)	(106)	(95)
Gain from sale of local partnership
interest	407	(35)	407	(95)
Advances made to Local Partnerships
recognized as expense	0	(10)	(67)	(37)

Net Income(loss)	$ 380	$ (45)	$ 234	$ (132)

Net Income (loss) allocated to general
partners (1%)	$ 4	$ --	$ 2	$ (1)
Net Income (loss) allocated to limited
partners (99%)	$ 376	$ (45)	$ 232	$ (131)

Net Income (loss) per limited
partnership interest	$ 33.22	$ (3.96)	$ 20.49	$ (11.53)

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED III

STATEMENT OF CHANGES IN PARTNERS' (DEFICIENCY) CAPITAL

(Unaudited)

(In thousands)


	General Partners	Limited Partners	Total

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

Net Income for the nine months ended September 30, 2013	2	232	234

Partners' (deficiency) capital, September 30, 2013	$ (118)	$ 454	$ 336

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED III

STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Nine Months Ended
	September 30,
	2013	2012
Cash flows from operating activities:
Net Income (loss)	$ 234	$ (132)
Adjustments to reconcile net Income (loss) to net cash used in
operating activities:
Advances made to Local Partnerships recognized as expense	67	37
Sale of Local Limited Partnership interest	(407)	--
Change in accounts:
Accounts payable and accrued expenses	(30)	--
Net cash provided (used) in operating activities	(136)	(95)

Cash flows used in investing activities:
Sale of Local Limited Partnership interest	407	--
Advances to Local Partnerships	(67)	(37)
Accrued fees due to General Partner	17	--
Net cash provided (used) in investing activities:	357	(37)

Net increase (decrease) in cash and cash equivalents	221	(132)
Cash and cash equivalents, beginning of period	138	327

Cash and cash equivalents, end of period	$ 359	$ 195

See Accompanying Notes to Financial Statements

REAL ESTATE ASSOCIATES LIMITED III

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Note 1 – Organization and Summary of Significant Accounting Policies

General

The information contained in the following notes to the unaudited financial statements is condensed from that which would appear in the annual audited financial statements; accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and related notes thereto contained in the annual report for the fiscal year ended December 31, 2012 prepared by Real Estate Associates Limited III (the "Partnership" or "Registrant"). Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim periods presented are not necessarily indicative of the results expected for the entire year.

In the opinion of the Partnership’s management, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring items) considered necessary for a fair presentation. The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements.

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 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”). The business of the Partnership is conducted primarily by NAPICO.

At September 30, 2013 and December 31, 2012, the Partnership had outstanding 11,298 and 11,320 limited partnership interests, respectively.

Basis of Presentation

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

Method of Accounting for Investments in Local Partnerships

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

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 11,320 for the three and nine months ended September 30, 2013, respectively and 11,358 for the three and nine months ended September 30, 2012, respectively.

REAL ESTATE ASSOCIATES LIMITED III

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 1 – Organization and Summary of Significant Accounting Policies (continued)

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 September 30, 2013 and December 31, 2012, the Partnership held variable interests in two and four VIEs, respectively, for which the Partnership was 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.

REAL ESTATE ASSOCIATES LIMITED III

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 1 – Organization and Summary of Significant Accounting Policies (continued)

The two VIEs at September 30, 2013 consist of Local Partnerships that are directly engaged in the ownership and management of two apartment properties with a total of 144 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 September 30, 2013 and December 31, 2012. 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 September 30, 2013 and December 31, 2012, the Partnership held limited partnership interests in two and four Local Partnerships, respectively, that owned residential low income rental projects consisting of 144 and 262 apartment units, respectively. The rental projects were located in one state and Puerto Rico at September 30, 2013 and two states and Puerto Rico at December 31, 2012. 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.

REAL ESTATE ASSOCIATES LIMITED III

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 2 – Investments in and Advances to Local Partnerships (continued)

Marina Del Rey Limited Dividend Partnership Assoc. (“Marina Del Rey”), has been marketing its property for sale. On October 26, 2011, Marina Del Rey entered into a purchase and sale contract to sell its investment property to a third party for a gross sales price of $ $2,500,000. After payment of closing costs and repayment of the notes payable encumbering the property, the Partnership expects to receive approximately $350,000 from Marina Del Rey for advance repayments and distributions. The sale is expected to close during the first quarter of 2014. The Partnership had no investment balances remaining in this Local Partnership at September 30, 2013 and December 31, 2012.

At September 30, 2013 and December 31, 2012, the investment balance in all of the Local Partnerships 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 during the fourth quarter of 2012. The Partnership’s investment balance in Vista Housing was zero at the date of assignment.

In July 2013, the Partnership sold its limited partnership interest in Lakeside Apartments, Ltd. to an affiliate of the operating General Partner for no consideration. The Partnership's investment balance in this local partnership was zero at both September 30, 2013 and 2012.

In August 2013, the Partnership sold the real estate of Santa Maria Limited Dividend Partnership Assoc. and received $400,062 in proceeds from the sale. The Partnership's investment balance in this local partnership was zero at both September 30, 2013 and 2012.

At times, advances are made to the Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership’s investment in the Local Partnerships. Advances to Local Partnerships for which the investment has been reduced to zero are charged to expense. During the nine months ended September 30, 2013 and 2012, the Partnership advanced approximately $67,000 and $37,000, respectively, to two Local Partnerships, Santa Maria Ltd. and Marina Del Ray Limited Dividend Partnership Assoc., for taxes of those Local Partnerships. The advances were recognized as expense. 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.

The following are unaudited condensed combined estimated statements of operations for the three and nine months ended September 30, 2013 and 2012 for the Local Partnerships in which the Partnership has invested (in thousands). The 2013 and 2012 amount exclude Santa Maria Ltd. and Lakeside which sold the Limited Partner interest in July and August. The 2012 amounts exclude the operations of Vista Housing for which the Partnership assigned its interests in December 2012:

REAL ESTATE ASSOCIATES LIMITED III

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 2 – Investments in and Advances to Local Partnerships (continued)


	Three Months Ended September 30, 2013	Three Months Ended September 30, 2012	Nine Months Ended September 30, 2013	Nine Months Ended September 30, 2012

Rental and other income	$ 193	$ 217	$ 695	$ 651

Expenses:
Operating expenses	47	85	335	256
Financial expenses	126	23	281	68
Depreciation and amortization	22	124	68	371
Total expenses	195	232	684	695
Income from continuing operations	$ (2)	$ (15)	$ 11	$ (44)

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.

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 three months ended September 30, 2013 and 2012 was approximately $9,000 and $13,000, respectively, and for the nine months ended September 30, 2013 and 2012 was approximately $27,000 and $37,000, respectively.

Note 4 – Fair Value of Financial Instruments

Financial Accounting Standards Board Accounting Standards Codification 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 September 30, 2013, 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.

Note 5 - Contingencies

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

Note 6 - Subsequent Event

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

REAL ESTATE ASSOCIATES LIMITED III

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 6 - Subsequent Event (continued)

On October 2, 2013, the Partnership assigned its limited partnership interest in Alabama Properties, Ltd., V (Ramblewood I) to an affiliate of the operating General Partner for a total of $17,600. The Partnership had no investment balance remaining at the date of the assignment.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Quarterly 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.

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

Liquidity and Capital Resources

The Partnership's primary source of funds is the receipt of distributions 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 nine months ended September 30, 2013 and 2012.

The properties in which the Partnership has invested, through its 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 themselves 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 September 30, 2013 and December 31, 2012, the Partnership had cash and cash equivalents of approximately $359,000 and $138,000, respectively. The increase in cash and cash equivalents of approximately $211,000 is due to proceeds from sale of Santa Maria offset partially by cash used in operating and investing activities. Cash used in investing activities consisted of advances made to Local Partnerships.

Results of Operations

At September 30, 2013, the Partnership has investments in two Local Partnerships, both of which own housing projects that were substantially rented. 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 Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investment in the Local Partnerships using the equity method. Thus the individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. However, since the Partnership is not legally liable for the obligations of the Local Partnerships, or is not otherwise committed to provide additional support to them, it does not recognize losses once the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. Subsequent distributions received are recognized as income in the statements of operations. For those investments where the Partnership has determined that the carrying value of the Partnership’s investments approximates the estimated fair value of those investments, the Partnership’s policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received, and amortization of acquisition costs from those Local Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize. The Partnership recognized no equity in income or loss from Local Partnerships during the nine months ended September 30, 2013 and 2012. The

Partnership did not receive any distributions from Local Partnerships during the nine months ended September 30, 2013 and 2012.

Marina Del Rey Limited Dividend Partnership Assoc. (“Marina Del Rey”), has been marketing its property for sale. On October 26, 2011, Marina Del Rey entered into a purchase and sale contract to sell its investment property to a third party for a gross sales price of $ $2,750,000. After payment of closing costs and repayment of the notes payable encumbering the property, the Partnership expects to receive approximately $500,000 from Marina Del Rey for advance repayments and distributions. The sale is expected to close during 2013. The Partnership has no investment balances remaining in this Local Partnerships at September 30, 2013 and December 31, 2012.

In July 2013, the Partnership sold its limited partnership interest in Lakeside Apartments, Ltd. with zero proceeds from the sale. The Partnership's investment balance in this local partnership was zero at both September 30, 2013 and 2012.

At September 30, 2013 and December 31, 2012, the investment balance in all of the Local Partnerships 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 Partnerships at the beginning of each year. The management fee is paid to the General Partner for its continuing 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 $9,000 and $13,000 for the three months ended September 30, 2013 and 2012, respectively, and approximately $27,000 and $37,000 for the nine months ended September 30, 2013 and 2012, respectively. The decrease in management fees is due to the assignment of interest in one Local Partnership during 2012.

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 $12,000 and $21,000 for the three months ended September 30, 2013 and 2012, respectively, and approximately $64,000 and $44,000 for the nine months ended September 30, 2013 and 2012, respectively. The increase in legal

and accounting fees is primarily due to an increase in legal costs incurred 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 $6,000 and $1,000 for the three months ended September 30, 2013 and 2012,respectively, and approximately $13,000 and $14,000 for the nine months ended September 30, 2013 and 2012, respectively. The decrease in general and administrative expenses is primarily due to registration and filing fees incurred during 2012 associated with the Partnership’s investment in 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.

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 1. Financial Statements”). 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 1. Financial Statements” for additional information about the Partnership’s investments in unconsolidated Local Partnerships.

Other

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.

Variable Interest Entities

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

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Partnership to make estimates and assumptions. Judgments and assessments of uncertainties are required in applying the Partnership’s accounting policies in many areas. The following may involve a higher degree of judgment and complexity.

Method of Accounting for Investments in Local Partnerships

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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. 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.

(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 fiscal quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 6. EXHIBITS

See Exhibit Index.

SIGNATURES

Pursuant to the requirements 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: November 13, 2013	By: /s/Brian Flaherty
	Brian Flaherty
	Senior Managing Director

Date: November 13, 2013	By: /s/Joseph Dryden
	Joseph Dryden
	V.P. of Finance/CFO

REAL ESTATE ASSOCIATES LIMITED III

EXHIBIT INDEX

Exhibit

Description of Exhibit

3.1

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

3.2

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.

3.3

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

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 Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013, formatted in XBRL: (i) balance sheets, (ii) statements of operations, (iii) statement 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-31.1 2 real3_ex31z1.htm CERTIFICATION Certification

Exhibit 31.1

CERTIFICATION

I, Brian Flaherty, certify that:

I have reviewed this quarterly report on Form 10-Q of Real Estate Associates Limited III;

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

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

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

(a)

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

(b)

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

(c)

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

(d)

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

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

(a)

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

(b)

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

Date: November 13, 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 3 real3_ex31z2.htm CERTIFICATION Certification

Exhibit 31.2

CERTIFICATION

I, Joseph Dryden, certify that:

I have reviewed this quarterly report on Form 10-Q of Real Estate Associates Limited III;

(a)

(b)

(c)

(d)

(a)

(b)

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

Date: November 13, 2013

/s/Joseph Dryden

Joseph Dryden

V.P. of Finance/CFO

EX-32.1 4 real3_ex32z1.htm CERTIFICATION Certification

Exhibit 32.1

Certification of CEO and CFO

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Real Estate Associates Limited III (the "Partnership"), for the quarterly period ended September 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Brian Flaherty, as the equivalent of the chief executive officer of the Partnership, and 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: November 13, 2013

	/s/Joseph Dryden
	Name: Joseph Dryden
	Date: November 13, 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.

EX-101.INS 5 real3-20130930.xml XBRL INSTANCE DOCUMENT

359000

138000

6000

36000

17000

23000

36000

-118000

-120000

454000

222000

336000

102000

359000

138000

9000 13000 27000 37000

5000

1000

13000

14000

13000

21000

66000

44000

27000

35000

106000

95000

-27000

-35000

-106000

-95000

407000 -35000 407000 -95000 0 -10000 -67000 -37000

380000

-45000

4000

2000

-1000

376000

-45000

232000

-131000

33.22

-3.96

20.49

-11.53

-120000 222000 102000

2000

232000

234000

-118000 454000 336000

234000

-132000

-67000 -37000

30000

-136000

-95000

407000 -67000 -37000 17000

357000

-37000

221000

-132000

138000

327000

359000

195000

Note 1 Organization and Summary of Significant Accounting Policies   General   The information contained in the following notes to the unaudited financial statements is condensed from that which would appear in the annual audited financial statements; accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and related notes thereto contained in the annual report for the fiscal year ended December 31, 2012 prepared by Real Estate Associates Limited III (the "Partnership" or "Registrant"). Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end.  The results of operations for the interim periods presented are not necessarily indicative of the results expected for the entire year.   In the opinion of the Partnerships management, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring items) considered necessary for a fair presentation. The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements.   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 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).  The business of the Partnership is conducted primarily by NAPICO.   At September 30, 2013 and December 31, 2012, the Partnership had outstanding 11,298 and 11,320 limited partnership interests, respectively.   Basis of Presentation   The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States.    Method of Accounting for Investments in Local Partnerships   The investments in local limited partnerships (the Local Partnerships) are accounted for on the equity method.   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 11,320 for the three and nine months ended September 30, 2013, respectively and 11,358 for the three and nine months ended September 30, 2012, respectively.   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 September 30, 2013 and December 31, 2012, the Partnership held variable interests in two and four VIEs, respectively, for which the Partnership was 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 two VIEs at September 30, 2013 consist of Local Partnerships that are directly engaged in the ownership and management of two apartment properties with a total of 144 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 September 30, 2013 and December 31, 2012. 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 September 30, 2013 and December 31, 2012, the Partnership held limited partnership interests in two and four Local Partnerships, respectively, that owned residential low income rental projects consisting of 144 and 262 apartment units, respectively. The rental projects were located in one state and Puerto Rico at September 30, 2013 and two states and Puerto Rico at December 31, 2012. 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.   Marina Del Rey Limited Dividend Partnership Assoc. (Marina Del Rey), has been marketing its property for sale. On October 26, 2011, Marina Del Rey entered into a purchase and sale contract to sell its investment property to a third party for a gross sales price of $ $2,500,000. After payment of closing costs and repayment of the notes payable encumbering the property, the Partnership expects to receive approximately $350,000 from Marina Del Rey for advance repayments and distributions. The sale is expected to close during the first quarter of 2014. The Partnership had no investment balances remaining in this Local Partnership at September 30, 2013 and December 31, 2012.   At September 30, 2013 and December 31, 2012, the investment balance in all of the Local Partnerships 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 during the fourth quarter of 2012. The Partnerships investment balance in Vista Housing was zero at the date of assignment.   In July 2013, the Partnership sold its limited partnership interest in Lakeside Apartments, Ltd. to an affiliate of the operating General Partner for no consideration. The Partnership's investment balance in this local partnership was zero at both September 30, 2013 and 2012.   In August 2013, the Partnership sold the real estate of Santa Maria Limited Dividend Partnership Assoc. and received $400,062 in proceeds from the sale. The Partnership's investment balance in this local partnership was zero at both September 30, 2013 and 2012.   At times, advances are made to the Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the 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 nine months ended September 30, 2013 and 2012, the Partnership advanced approximately $67,000 and $37,000, respectively, to two Local Partnerships, Santa Maria Ltd. and Marina Del Ray Limited Dividend Partnership Assoc., for taxes of those Local Partnerships. The advances were recognized as expense. 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.   The following are unaudited condensed combined estimated statements of operations for the three and nine months ended September 30, 2013 and 2012 for the Local Partnerships in which the Partnership has invested (in thousands). The 2013 and 2012 amount exclude Santa Maria Ltd. and Lakeside which sold the Limited Partner interest in July and August. The 2012 amounts exclude the operations of Vista Housing for which the Partnership assigned its interests in December 2012:   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Three Months Ended September 30, 2013 </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Three Months Ended September 30, 2012 </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Nine Months Ended September 30, 2013 </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Nine Months Ended September 30, 2012 </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Rental and other income </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ 193  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ 217  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ 695  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ 651  </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Expenses: </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   Operating expenses </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 47  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 85  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 335  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 256  </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   Financial expenses </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 126  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 23  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 281  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 68  </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   Depreciation and     amortization </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 22  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 124  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 68  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 371  </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Total expenses </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 195  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 232  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 684  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 695  </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Income from   continuing operations </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ (2)  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ (15)  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ 11  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ (44)  </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.

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 three months ended September 30, 2013 and 2012 was approximately $9,000 and $13,000, respectively, and for the nine months ended September 30, 2013 and 2012 was approximately $27,000 and $37,000, respectively.

Note 4 Fair Value of Financial Instruments   Financial Accounting Standards Board Accounting Standards Codification 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 September 30, 2013, 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.

Note 5 - Contingencies   The General Partner is involved in various lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the General Partner, the claims will not result in any material liability to the Partnership.

Note 6 - Subsequent Event   The Partnerships management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed.   On October 2, 2013, the Partnership assigned its limited partnership interest in Alabama Properties, Ltd., V (Ramblewood I) to an affiliate of the operating General Partner for a total of $17,600. The Partnership had no investment balance remaining at the date of the assignment.

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

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

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 11,320 for the three and nine months ended September 30, 2013, respectively and 11,358 for the three and nine months ended September 30, 2012, respectively.

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 September 30, 2013 and December 31, 2012, the Partnership held variable interests in two and four VIEs, respectively, for which the Partnership was 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 two VIEs at September 30, 2013 consist of Local Partnerships that are directly engaged in the ownership and management of two apartment properties with a total of 144 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 September 30, 2013 and December 31, 2012. 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" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Three Months Ended September 30, 2013 </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Three Months Ended September 30, 2012 </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Nine Months Ended September 30, 2013 </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Nine Months Ended September 30, 2012 </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Rental and other income </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ 193  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ 217  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ 695  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ 651  </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Expenses: </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   Operating expenses </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 47  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 85  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 335  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 256  </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   Financial expenses </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 126  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 23  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 281  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 68  </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>   Depreciation and     amortization </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 22  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 124  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 68  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 371  </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Total expenses </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 195  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 232  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 684  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> 695  </td> </tr> <tr style='height:1.0pt'> <td width="216" valign="top" style='width:2.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> Income from   continuing operations </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ (2)  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ (15)  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ 11  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'> $ (44)  </td> </tr> </table> 11298 11320 11320 11358

193000

217000

695000

651000

47000

85000

335000

256000

126000

23000

281000

68000

22000

124000

68000

371000

195000 232000 684000 695000

-2000

-15000

11000

-44000

10-Q 2013-09-30 false REAL ESTATE ASSOCIATES LTD III 0000318986 --12-31 11298 Smaller Reporting Company Yes No No 2013 Q3 0000318986 2013-01-01 2013-09-30 0000318986 2013-09-30 0000318986 2012-12-31 0000318986 2013-07-01 2013-09-30 0000318986 us-gaap:PartnershipInterestMember 2013-01-01 2013-09-30 0000318986 2012-07-01 2012-09-30 0000318986 2012-01-01 2012-09-30 0000318986 us-gaap:PartnershipInterestMember 2013-07-01 2013-09-30 0000318986 us-gaap:PartnershipInterestMember 2012-07-01 2012-09-30 0000318986 us-gaap:PartnershipInterestMember 2012-01-01 2012-09-30 0000318986 us-gaap:GeneralPartnerMember 2013-01-01 2013-09-30 0000318986 us-gaap:LimitedPartnerMember 2013-01-01 2013-09-30 0000318986 us-gaap:GeneralPartnerMember 2012-12-31 0000318986 us-gaap:LimitedPartnerMember 2012-12-31 0000318986 us-gaap:GeneralPartnerMember 2013-09-30 0000318986 us-gaap:LimitedPartnerMember 2013-09-30 0000318986 2011-12-31 0000318986 2012-09-30 iso4217:USD shares iso4217:USD shares

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Note 1 - Organization and Summary of Significant Accounting Policies (Details)	Sep. 30, 2013	Dec. 31, 2012
Details
Outstanding Limited Partnership Interests	11,298	11,320

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XML 13 R4.htm IDEA: XBRL DOCUMENT

Statement of Shareholder Equity (Deficit) (Unaudited) (USD $) In Thousands	General Partners	Limited Partners	Total
Partners' (deficiency) capital, beginning balance at Dec. 31, 2012	$ (120)	$ 222	$ 102
Net Income (Loss)	2	232	234
Partners' (deficiency) capital, ending balance at Sep. 30, 2013	$ (118)	$ 454	$ 336

XML 14 R10.htm IDEA: XBRL DOCUMENT

Note 5 - Contingencies	9 Months Ended
Sep. 30, 2013
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.

Note 5 - Contingencies

9 Months Ended

Sep. 30, 2013

Notes

Note 5 - Contingencies

Note 5 - Contingencies

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

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Note 1 - Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Details
Number of limited partnership interests	11,320	11,358

XML 17 R6.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Summary of Significant Accounting Policies	9 Months Ended
Sep. 30, 2013
Notes
Note 1 - Organization and Summary of Significant Accounting Policies	Note 1 – Organization and Summary of Significant Accounting Policies General The information contained in the following notes to the unaudited financial statements is condensed from that which would appear in the annual audited financial statements; accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and related notes thereto contained in the annual report for the fiscal year ended December 31, 2012 prepared by Real Estate Associates Limited III (the "Partnership" or "Registrant"). Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim periods presented are not necessarily indicative of the results expected for the entire year. In the opinion of the Partnership’s management, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring items) considered necessary for a fair presentation. The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. 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 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”). The business of the Partnership is conducted primarily by NAPICO. At September 30, 2013 and December 31, 2012, the Partnership had outstanding 11,298 and 11,320 limited partnership interests, respectively. Basis of Presentation The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States. Method of Accounting for Investments in Local Partnerships The investments in local limited partnerships (the “Local Partnerships”) are accounted for on the equity method. 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 11,320 for the three and nine months ended September 30, 2013, respectively and 11,358 for the three and nine months ended September 30, 2012, respectively. 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 September 30, 2013 and December 31, 2012, the Partnership held variable interests in two and four VIEs, respectively, for which the Partnership was 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 two VIEs at September 30, 2013 consist of Local Partnerships that are directly engaged in the ownership and management of two apartment properties with a total of 144 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 September 30, 2013 and December 31, 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Note 1 - Organization and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Notes

Note 1 - Organization and Summary of Significant Accounting Policies

Note 1 – Organization and Summary of Significant Accounting Policies

General

At September 30, 2013 and December 31, 2012, the Partnership had outstanding 11,298 and 11,320 limited partnership interests, respectively.

Basis of Presentation

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

Method of Accounting for Investments in Local Partnerships

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

Net Loss Per Limited Partnership Interest

Variable Interest Entities

· 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.

- Definition

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

+ References+ Details

XML 18 R8.htm IDEA: XBRL DOCUMENT

Note 3 - Transactions With Affiliated Parties	9 Months Ended
Sep. 30, 2013
Notes
Note 3 - Transactions With Affiliated Parties	Note 3 – Transactions with Affiliated Parties Under the terms of the Restated Certificate and Agreement of Limited 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 three months ended September 30, 2013 and 2012 was approximately $9,000 and $13,000, respectively, and for the nine months ended September 30, 2013 and 2012 was approximately $27,000 and $37,000, respectively.

Note 3 - Transactions With Affiliated Parties

9 Months Ended

Sep. 30, 2013

Notes

Note 3 - Transactions With Affiliated Parties

Note 3 – Transactions with Affiliated Parties

- Definition

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

+ References+ Details

XML 19 R11.htm IDEA: XBRL DOCUMENT

Note 6 - Subsequent Event	9 Months Ended
Sep. 30, 2013
Notes
Note 6 - Subsequent Event	Note 6 - Subsequent Event The Partnership’s management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed. On October 2, 2013, the Partnership assigned its limited partnership interest in Alabama Properties, Ltd., V (Ramblewood I) to an affiliate of the operating General Partner for a total of $17,600. The Partnership had no investment balance remaining at the date of the assignment.

Note 6 - Subsequent Event

9 Months Ended

Sep. 30, 2013

Notes

Note 6 - Subsequent Event

Note 6 - Subsequent Event

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

XML 20 R9.htm IDEA: XBRL DOCUMENT

Note 4 - Fair Value of Financial Instruments	9 Months Ended
Sep. 30, 2013
Notes
Note 4 - Fair Value of Financial Instruments	Note 4 – Fair Value of Financial Instruments Financial Accounting Standards Board Accounting Standards Codification 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 September 30, 2013, 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.

Note 4 - Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2013

Notes

Note 4 - Fair Value of Financial Instruments

Note 4 – Fair Value of Financial Instruments

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Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Operating expenses:
Management fees - General Partner	$ 9	$ 13	$ 27	$ 37
General and administrative	5	1	13	14
Legal and accounting	13	21	66	44
Total operating expenses	27	35	106	95
Income (Loss) from partnership operations	(27)	(35)	(106)	(95)
Gain from sale of local partnership interest	407	(35)	407	(95)
Advances made to Local Partnerships recognized as expense	0	(10)	(67)	(37)
Net Income (Loss)	380	(45)	234	(132)
Net Income (Loss) allocated to general partners (1%)	4		2	(1)
Net Income (Loss) allocated to limited partners (99%)	$ 376	$ (45)	$ 232	$ (131)
Net Income (Loss) per limited partnership interest	$ 33.22	$ (3.96)	$ 20.49	$ (11.53)

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

9 Months Ended

Sep. 30, 2013

Policies

Net Loss Per Limited Partnership Interest

- Definition

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

+ References+ Details

XML 25 R5.htm IDEA: XBRL DOCUMENT

Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net loss	$ 234	$ (132)
Adjustments to reconcile net loss to net cash used in operating activities:
Advances made to Local Partnerships recognized as expense	67	37
Sale of local limited partnership interest	(407)
Change in accounts:
Accounts payable and accrued expenses	(30)
Net cash used in operating activities	(136)	(95)
Cash flows used in investing activities:
Sale of local limited partnership interest	407
Advances to Local Partnerships	(67)	(37)
Accrued fees due to General Partner	17
Net cash used in investing activities	357	(37)
Net decrease in cash and cash equivalents	221	(132)
Cash and cash equivalents, beginning of period	138	327
Cash and cash equivalents, end of period	$ 359	$ 195

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

Sep. 30, 2013

Dec. 31, 2012

ASSETS

Cash and cash equivalents $ 359 $ 138

Total assets 359 138

Liabilities:

Accounts payable and accrued expenses 6 36

Accrued fees due to General Partner 17

Total Liabilities 23 36

Contingencies

Partners' (deficiency) capital:

General partners (118) (120)

Limited partners 454 222

Total partners' (deficiency) capital 336 102

Total liabilities and partners' (deficiency) capital $ 359 $ 138

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

Sep. 30, 2013

Policies

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

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

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Note 2 - Investments in and Advances To Local Partnerships: Estimated condensed combined statements of operations for Local Partnerships (Tables)
9 Months Ended

Sep. 30, 2013

Tables/Schedules

Estimated condensed combined statements of operations for Local Partnerships

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Three Months

Ended

September 30,

2012

Nine Months

Ended

September 30,

2013

Nine Months

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September 30,

2012

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$ 217

$ 695

$ 651

Expenses:

Operating expenses

47

85

335

256

Financial expenses

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23

281

68

Depreciation and

 amortization

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124

68

371

Total expenses

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232

684

695

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$ (15)

$ 11

$ (44)

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

Sep. 30, 2013

Policies

Basis of Presentation
Basis of Presentation

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

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

Sep. 30, 2013

Notes

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

As of September 30, 2013 and December 31, 2012, the Partnership held limited partnership interests in two and four Local Partnerships, respectively, that owned residential low income rental projects consisting of 144 and 262 apartment units, respectively. The rental projects were located in one state and Puerto Rico at September 30, 2013 and two states and Puerto Rico at December 31, 2012. 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.

Marina Del Rey Limited Dividend Partnership Assoc. (“Marina Del Rey”), has been marketing its property for sale. On October 26, 2011, Marina Del Rey entered into a purchase and sale contract to sell its investment property to a third party for a gross sales price of $ $2,500,000. After payment of closing costs and repayment of the notes payable encumbering the property, the Partnership expects to receive approximately $350,000 from Marina Del Rey for advance repayments and distributions. The sale is expected to close during the first quarter of 2014. The Partnership had no investment balances remaining in this Local Partnership at September 30, 2013 and December 31, 2012.

At September 30, 2013 and December 31, 2012, the investment balance in all of the Local Partnerships 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 during the fourth quarter of 2012. The Partnership’s investment balance in Vista Housing was zero at the date of assignment.

In July 2013, the Partnership sold its limited partnership interest in Lakeside Apartments, Ltd. to an affiliate of the operating General Partner for no consideration. The Partnership's investment balance in this local partnership was zero at both September 30, 2013 and 2012.

In August 2013, the Partnership sold the real estate of Santa Maria Limited Dividend Partnership Assoc. and received $400,062 in proceeds from the sale. The Partnership's investment balance in this local partnership was zero at both September 30, 2013 and 2012.

At times, advances are made to the Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership’s investment in the Local Partnerships. Advances to Local Partnerships for which the investment has been reduced to zero are charged to expense. During the nine months ended September 30, 2013 and 2012, the Partnership advanced approximately $67,000 and $37,000, respectively, to two Local Partnerships, Santa Maria Ltd. and Marina Del Ray Limited Dividend Partnership Assoc., for taxes of those Local Partnerships. The advances were recognized as expense. 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.

The following are unaudited condensed combined estimated statements of operations for the three and nine months ended September 30, 2013 and 2012 for the Local Partnerships in which the Partnership has invested (in thousands). The 2013 and 2012 amount exclude Santa Maria Ltd. and Lakeside which sold the Limited Partner interest in July and August. The 2012 amounts exclude the operations of Vista Housing for which the Partnership assigned its interests in December 2012:

Three Months

Ended

September 30,

2013

Three Months

Ended

September 30,

2012

Nine Months

Ended

September 30,

2013

Nine Months

Ended

September 30,

2012

Rental and other income

$ 193

$ 217

$ 695

$ 651

Expenses:

Operating expenses

47

85

335

256

Financial expenses

126

23

281

68

Depreciation and

 amortization

22

124

68

371

Total expenses

195

232

684

695

Income from

continuing operations

$ (2)

$ (15)

$ 11

$ (44)

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.

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Note 2 - Investments in and Advances To Local Partnerships: Estimated condensed combined statements of operations for Local Partnerships (Details) (Partnership Interest, USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Partnership Interest

Rental Income, Nonoperating $ 193 $ 217 $ 695 $ 651

Expenses

Operating Costs and Expenses 47 85 335 256

Financial Expense 126 23 281 68

Depreciation, Depletion and Amortization, Nonproduction 22 124 68 371

Total Expenses 195 232 684 695

Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest $ (2) $ (15) $ 11 $ (44)

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

Sep. 30, 2013

Policies

Variable Interest Entities
Variable Interest Entities

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

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

At September 30, 2013 and December 31, 2012, the Partnership held variable interests in two and four VIEs, respectively, for which the Partnership was 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 two VIEs at September 30, 2013 consist of Local Partnerships that are directly engaged in the ownership and management of two apartment properties with a total of 144 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 September 30, 2013 and December 31, 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

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Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents	$ 359	$ 138
Total assets	359	138
Liabilities:
Accounts payable and accrued expenses	6	36
Accrued fees due to General Partner	17
Total Liabilities	23	36
Contingencies
Partners' (deficiency) capital:
General partners	(118)	(120)
Limited partners	454	222
Total partners' (deficiency) capital	336	102
Total liabilities and partners' (deficiency) capital	$ 359	$ 138

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