Note 4 - Notes Payable	6 Months Ended
Jun. 30, 2012
Note 4 - Notes Payable:
Note 4 - Notes Payable	NOTE 4 - NOTES PAYABLE Four of the Partnership's five remaining investments involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. As of June 30, 2012 and December 31, 2011, the Partnership is obligated on non-recourse notes payable of approximately $4,463,000 and $6,070,000, respectively, bearing interest at 9.5 to 10 percent, to the sellers of the partnership interests. The Partnership recognized interest expense of approximately $252,000 and $281,000 for the six months ended June 30, 2012 and 2011, respectively. Accrued interest is approximately $11,323,000 and $15,215,000 as of June 30, 2012 and December 31, 2011, respectively. These notes matured between December 1999 and January 2012. These obligations and related interest are collateralized by the Partnership's investments in the Local Limited Partnerships and are payable only out of cash distributions from the investee partnerships, as defined in the notes. Unpaid interest was due at maturity of the notes. All of the notes payable have matured and remain unpaid at June 30, 2012. In 2005, the Partnership entered into an agreement with the holder of the non-recourse notes payable collateralized by the Partnership’s investment in five Local Limited Partnerships in which the note holder agreed to forebear taking any action under these notes pending the purchase by the note holder of a series of projects including the properties owned by ten of the Local Limited Partnerships. As discussed in “Note 3”, nine of these Local Limited Partnerships sold their respective investment properties to the note holder during the six months ended June 30, 2012. In connection with these sales, non-recourse notes payable of approximately $1,607,000 and associated accrued interest of approximately $4,144,000 was extinguished. If the remaining sale closes, a note payable totaling approximately $722,000 and associated accrued interest of approximately $1,885,000 as of June 30, 2012 would be extinguished. The Partnership has no remaining investment balance in this Local Limited Partnership as of June 30, 2012 and December 31, 2011. The sales of Oakwood Park Apartments I, Oakwood Park Apartments II, Richards Park, Birch Manor I and Birch Manor II had no impact on the Partnership’s notes payable outstanding. There were no principal or interest payments made on these notes during the six months ended June 30, 2012 or 2011. The Partnership has agreements with the non-recourse note holder for the remaining three notes payable in which the note holder agreed to forebear taking any action under these notes in order to permit the Partnership to negotiate the sale of its limited partnership interests in these Local Limited Partnerships to the local general partner of the respective Local Limited Partnerships. The sales are expected to close during 2013.

Note 4 - Notes Payable

6 Months Ended

Jun. 30, 2012

NOTE 4 - NOTES PAYABLE

Four of the Partnership's five remaining investments involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. As of June 30, 2012 and December 31, 2011, the Partnership is obligated on non-recourse notes payable of approximately $4,463,000 and $6,070,000, respectively, bearing interest at 9.5 to 10 percent, to the sellers of the partnership interests. The Partnership recognized interest expense of approximately $252,000 and $281,000 for the six months ended June 30, 2012 and 2011, respectively. Accrued interest is approximately $11,323,000 and $15,215,000 as of June 30, 2012 and December 31, 2011, respectively. These notes matured between December 1999 and January 2012. These obligations and related interest are collateralized by the Partnership's investments in the Local Limited Partnerships and are payable only out of cash distributions from the investee partnerships, as defined in the notes. Unpaid interest was due at maturity of the notes. All of the notes payable have matured and remain unpaid at June 30, 2012.

In 2005, the Partnership entered into an agreement with the holder of the non-recourse notes payable collateralized by the Partnership’s investment in five Local Limited Partnerships in which the note holder agreed to forebear taking any action under these notes pending the purchase by the note holder of a series of projects including the properties owned by ten of the Local Limited Partnerships. As discussed in “Note 3”, nine of these Local Limited Partnerships sold their respective investment properties to the note holder during the six months ended June 30, 2012. In connection with these sales, non-recourse notes payable of approximately $1,607,000 and associated accrued interest of approximately $4,144,000 was extinguished. If the remaining sale closes, a note payable totaling approximately $722,000 and associated accrued interest of approximately $1,885,000 as of June 30, 2012 would be extinguished. The Partnership has no remaining investment balance in this Local Limited Partnership as of June 30, 2012 and December 31, 2011. The sales of Oakwood Park Apartments I, Oakwood Park Apartments II, Richards Park, Birch Manor I and Birch Manor II had no impact on the Partnership’s notes payable outstanding.

There were no principal or interest payments made on these notes during the six months ended June 30, 2012 or 2011. The Partnership has agreements with the non-recourse note holder for the remaining three notes payable in which the note holder agreed to forebear taking any action under these notes in order to permit the Partnership to negotiate the sale of its limited partnership interests in these Local Limited Partnerships to the local general partner of the respective Local Limited Partnerships. The sales are expected to close during 2013.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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