Form 10-K

0001376474-14-000108.txt : 20140415 0001376474-14-000108.hdr.sgml : 20140415 20140415164221 ACCESSION NUMBER: 0001376474-14-000108 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20131231 FILED AS OF DATE: 20140415 DATE AS OF CHANGE: 20140415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REAL ESTATE ASSOCIATES LTD VII CENTRAL INDEX KEY: 0000722648 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 953290316 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13810 FILM NUMBER: 14765428 BUSINESS ADDRESS: STREET 1: 9090 WILSHIRE BLVD STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 3102782191 MAIL ADDRESS: STREET 1: 9090 WILSHIRE BLVD STREET 2: STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 10-K 1 real7_10k.htm FORM 10-K Form 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)

[X]

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

For the fiscal year ended December 31, 2013

[ ]

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

For the transition period from _________to _________

Commission file number 0-13810

REAL ESTATE ASSOCIATES LIMITED VII

(Exact name of registrant as specified in its charter)


California	95-3290316
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

PO Box 91274

Los Angeles, California 90009

(Address of principal executive offices)

(720) 387-8135

(Registrant’s telephone number, including area code)

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

None

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

Limited Partnership Interests

(Title of class)

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

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

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

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

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

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

Large accelerated filer £

Accelerated filer £

Non-accelerated filer £ (Do not check if a

smaller reporting company)

Smaller reporting company S

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

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

DOCUMENTS INCORPORATED BY REFERENCE

None

FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Annual Report contains or may contain information that is forward-looking within the meaning of the federal securities laws. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond the Partnership’s control, including, without limitation: financing risks, including the availability and cost of financing and the risk that the Partnership’s cash flows from operations may be insufficient to meet required payments of principal and interest; national and local economic conditions, including the pace of job growth and the level of unemployment; the terms of governmental regulations that affect the Partnership and its investment in Local 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 Local Limited Partnerships in which the Partnership has invested. Readers should carefully review the Partnership’s consolidated financial statements and the notes thereto, as well as the other documents the Partnership files from time to time with the Securities and Exchange Commission.

PART I

Item 1.

Business.

Real Estate Associates Limited VII ("REAL VII" or the "Partnership") is a limited partnership which was formed under the laws of the State of California on May 24, 1983. On February 1, 1984, the Partnership offered 2,600 units consisting of 5,200 limited partnership interests and warrants to purchase a maximum of 10,400 additional limited partnership interests through a public offering managed by E.F. Hutton Inc. The Partnership received $39,000,000 in subscriptions for units of limited partnership interests (at $5,000 per unit) during the period from March 7, 1984 to June 11, 1985, pursuant to a registration statement on Form S-11.

The Partnership shall be dissolved only upon the expiration of 50 complete calendar years (December 31, 2033) from the date of the formation of the Partnership or the occurrence of various other events as specified in the Partnership agreement. The principal business of the Partnership is to invest, directly or indirectly, in other limited partnerships which own or lease and operate Federal, state and local government-assisted housing projects.

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

The Partnership held no limited partnership interest in any local limited partnership as of December 31, 2013. The Partnership holds a general partner interest in Real Estate Associates IV (“REA IV”). One and ten Local Limited Partnerships sold their investment properties, and the Partnership sold its interest in two and six Local Limited Partnerships during 2013 and 2012, respectively. The other general partner of REA IV is NAPICO.

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

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

Item 1A.

Risk Factors.

Not applicable.

Item 2.

Properties.

During 2013, the projects in which the Partnership had invested were substantially rented. During 2013, the Partnership either sold the property of or its interest in the remaining three properties (Item 7).

Item 3.

Legal Proceedings.

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

Item 4.

Mine Safety Disclosures.

Not applicable.

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

The Limited Partnership Interests are not traded on a public exchange but were sold through a public offering managed by E.F. Hutton Inc. It is not anticipated that any public market will develop for the purchase and sale of any partnership interest; therefore, an investor may be unable to sell or otherwise dispose of his or her interest in the Partnership. Limited Partnership Interests may be transferred only if certain requirements are satisfied. At December 31, 2013, there were 2,816 registered holders, owning an aggregate of 15,055.5 limited partnership interests in the Partnership. The Partnership has invested in certain government assisted projects under programs which in many instances restrict the cash return available to project owners. The Partnership was not designed to provide cash distributions to investors in circumstances other than refinancing or disposition of its investments in limited partnerships. In March 1999, the Partnership made a distribution of approximately $272,000 to the limited partners and approximately $3,000 to the general partners, using proceeds from the sale of the Partnership interests. No other distributions have been made from the inception of the Partnership.

Bethesda and its affiliates owned 1,177.58 Limited Partnership Interests in the Partnership 7.82% of the outstanding interests in the Partnership at December 31, 2013. It is possible that Bethesda or its affiliates will acquire additional Limited Partnership Interests in the Partnership, either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the Limited Partnership Interests are entitled to take action with respect to a variety of matters, that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Item 6.

Selected Financial Data.

Not applicable.

Item 7.

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

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

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

Liquidity and Capital Resources

The Partnership's primary source of funds consists of the receipt of distributions from Local Limited Partnerships in which the Partnership has invested. The Partnership does not hold any limited partnership interests in any Local Limited Partnerships. The General Partner has determined that its cash and cash equivalents are to be reserved to fund Partnership reserves and operating expenses.

As of December 31, 2013 and 2012, the Partnership had cash and cash equivalents of approximately $610,000 and $992,000, respectively. All of this cash is on deposit with a financial institution.

Twelve of the Partnership's original investments involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. The Partnership was obligated for non-recourse notes payable and accrued interest. These obligations and the related interest were collateralized by the Partnership's investments in the Local Limited Partnerships and were payable only out of cash distributions from the Local Limited Partnerships, as defined in the notes. Accrued but unpaid interest was due at maturity of the notes. The Partnership had agreements with the non-recourse note holder for the 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. At December 31, 2013, these notes had been extinguished.

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 with notes payable 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 below, these ten Local Limited Partnerships sold their respective investment properties to the note holder during the year ended December 31, 2012. In connection with these sales, non-recourse notes payable of approximately $2,329,000 and associated accrued interest of approximately $6,036,000 were extinguished. 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.

On February 2, 2012, Oakwood Park Apartments I and Oakwood Park Apartments II each sold their respective investment properties to the holder of the Local Limited Partnership’s non-recourse notes payable in exchange for (i) full satisfaction of non-recourse notes payable due to an affiliate of the purchaser and (ii) the sum of one dollar with respect to each property. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in either Oakwood Park Apartments I or Oakwood Park Apartments II at the date of the sale.

On March 9, 2012, Birch Manor I sold its investment property to the holder of the Local Limited Partnership’s non-recourse note payable in exchange for (i) full satisfaction of the Local Limited Partnership’s non-recourse note payable due to an affiliate of the purchaser and (ii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Birch Manor I at the date of the sale.

On March 27, 2012, the Partnership assigned its limited partnership interest in Arkansas City and Oakview to a third party for a total of $3,000. This amount was recognized as gain on sale of interests in Local Limited Partnerships for the year ended December 31, 2012, as the Partnership had no investment balance remaining in either Arkansas City or Oakview at the date of the assignment.

On April 11, 2012, Oak Hill sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed above) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Oak Hill at the date of the sale.

On April 17, 2012, Richards Park sold its investment property to the holder of the Local Limited Partnership’s non-recourse note payable in exchange for (i) full satisfaction of the Local Limited Partnership’s non-recourse note payable due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Richards Park at the date of the sale.

On May 11, 2012, Yorkview sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed above) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of $150,000. After payment of closing costs, the Partnership received a distribution from the sale of Yorkview of $105,000, approximately $50,000 of which was received as a deposit during the year ended December 31, 2011. This amount was recognized as a distribution in excess of investment in Local Limited Partnership during the year ended December 31, 2012. The Partnership had no investment balance remaining in Yorkview at the date of the sale.

On May 11, 2012, Mount Union sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed above) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale of the property. The Partnership had no investment balance remaining in Mount Union at the date of the sale.

On May 16, 2012, Birch Manor II sold its investment property to the holder of the Local Limited Partnership’s non-recourse note payable in exchange for (i) full satisfaction of the Local Limited Partnership’s non-recourse note payable due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Birch Manor II at the date of the sale.

On May 17, 2012, Bellair Manor sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed above) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Bellair Manor at the date of the sale.

On May 23, 2012, the Partnership assigned its limited partnership interests in Jasper, Pachuta and Shubuta to an affiliate of the Local Operating General Partner for a total of $66,000. This amount was recognized as gain on sale of interests in Local Limited Partnerships for the year ended December 31, 2012, as the Partnership had no investment balance remaining in Jasper, Pachuta or Shubuta at the date of the assignment.

On August 14, 2012, Ivywood sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed above) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Ivywood at the date of the sale.

On October 29, 2012, the Partnership assigned its limited partnership interest in Aristocrat Manor to an affiliate of the Local Operating General Partner for $5,000 and the assumption of the non-recourse note payable by an affiliate of the Local Operating General Partner. The proceeds received were recorded as gain on sale of interest in Local Limited Partnership for the year ended December 31, 2012, as the Partnership had no investment balance remaining in Aristocrat Manor at the date of the assignment. In connection with the sale, the Partnership’s non-recourse note payable of approximately $1,400,000 and associated accrued interest of approximately $3,837,000 were extinguished.

On May 6, 2013, the Partnership assigned its limited partnership interest in Bluewater Limited Dividend Housing Association (“Bluewater”) to an affiliate of the Local Operating General Partner. The Partnership's investment balance in this local partnership was zero at December 31, 2013 and 2012.

On September 17, 2013, the Partnership assigned its limited partnership interest in Tradewinds East to an affiliate of the Operating General Partner. The fund received no proceeds from the transaction. The Partnership's investment balance in this local partnership was zero at December 31, 2013 and 2012.

On December 27, 2013, the Partnership sold the limited partnership interests it held in Newton Apartments for $5,000. The Partnership's investment balance in this local partnership was zero at December 31, 2013 and 2012.

As of December 31, 2013 and 2012, the Partnership recorded gains from sale of Partnership interests of approximately $5,000 and $74,000, and gains of extinguishment of debt of approximately $8,204,000 and $13,602,000.

The consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data” have been prepared assuming the Partnership will continue as a going concern. The Partnership continues to generate recurring operating losses. In addition, the Partnership is in default on notes payable and related accrued interest payable that matured between December 1999 and December 2004. As a result, there is substantial doubt about the Partnership's ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects of the recoverability and classification of assets or amounts and classifications of liabilities that may result from the outcome of these uncertainties.

Results of Operations

At December 31, 2013 and 2012, the Partnership held investments in zero and one Local Limited Partnerships, respectively, and a general partner interest in REA IV which, in turn, held limited partnership interests in zero and two additional Local Limited Partnerships, respectively; therefore, the Partnership held interests, either directly or indirectly through REA IV, in zero and three Local Limited Partnerships, respectively. The other general partner of REA IV is NAPICO.

There was no recognition of equity in losses from the Local Limited Partnerships for the years ended December 31, 2013 and 2012, as the Partnership's investment in all Local Limited Partnerships has been sold.

The Partnership did not receive any operating distributions from Local Limited Partnerships during the years ended December 31, 2013 and 2012.

At times, advances are made to the Local Limited Partnerships. Advances made by the Partnership to the individual Local Limited Partnerships are considered part of the Partnership's investment in limited partnerships. Advances made to Local Limited Partnerships for which the investment has been reduced to zero are charged to expense. During the year ended December 31, 2012, the Partnership advanced approximately $41,000 to six Local Limited Partnerships, Oakwood Park Apartments I, Oakwood Park Apartments II, Birch Manor I, Birch Manor II, Richards Park and Ivywood, to fund tax payments associated with the sales of the underlying properties. These amounts are included in advances made to Local Limited Partnerships recognized as expense for the year ended December 31, 2012.

Operating expenses, other than interest expense and 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 $47,000 and $112,000 for the years ended December 31, 2013 and 2012, respectively. General and administrative expenses were approximately $21,000 and $25,000 for the years ended December 31, 2013 and 2012, respectively.

A recurring partnership expense is the annual management fee. The fee is payable to the General Partner of the Partnership and is calculated at 0.5 percent of the Partnership's original remaining invested assets and is calculated at the beginning of each year. The management fee is paid to the General Partner for its continuing management of Partnership affairs. Management fees were approximately $48,000 and $180,000 for the years ended December 31, 2013 and 2012, respectively.

The Partnership, as a limited partner in the Local Limited 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 economy, including substantial unemployment, concurrent inflation and changing legislation, 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

As of December 31, 2013, the Partnership held no limited partnership interests in any Local Limited Partnerships. As of December 31, 2013, the Partnership owned limited partnership interests in unconsolidated Local Limited Partnerships, in which the Partnership’s ownership percentage is 99%. However, based on the provisions of the relevant partnership agreements, the Partnership, as a limited partner, did not have control or a contractual relationship with the Local Limited Partnerships that would require or allow for consolidation under accounting principles generally accepted in the United States (see “Note 2 – Organization and Summary of Significant Accounting Policies” of the consolidated financial statements in “Item 8. Financial Statements and Supplementary Data”). There were no lines of credit, side agreements or any other derivative financial instruments between the Local Limited Partnerships and the Partnership. Accordingly the Partnership’s maximum risk of loss related to those unconsolidated Local Limited Partnerships is limited to the recorded investments in and receivables from the Local Limited Partnerships. See “Note 3 – Investments in and Advances to Local Limited Partnerships” of the consolidated financial statements in “Item 8. Financial Statements and Supplementary Data” for additional information about the Partnership’s investments in unconsolidated Local Limited Partnerships.

Variable Interest Entities

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

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

At December 31, 2013 and 2012, the Partnership held variable interests in zero and three 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 Limited Partnerships, that the general partner of each of the Local Limited Partnerships is the primary beneficiary of the respective Local Limited Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

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

Critical Accounting Policies and Estimates

A summary of the Partnership’s significant accounting policies is included in "Note 2 – Organization and Summary of Significant Accounting Policies" which is included in the consolidated financial statements in "Item 8. Financial Statements and Supplementary Data". The General Partner believes that the consistent application of these policies enables the Partnership to provide readers of the consolidated financial statements with useful and reliable information about the Partnership’s operating results and financial condition. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires the Partnership to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Judgments and assessments of uncertainties are required in applying the Partnership’s accounting policies in many areas. The Partnership believes that of its significant accounting policies, the following may involve a higher degree of judgment and complexity.

Method of Accounting for Investments in Limited Partnerships

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

The individual investments are carried at cost plus the Partnership’s share of each Local Limited Partnership’s profits less the Partnership’s share of such Local Limited Partnership’s losses, distributions and impairment charges. See “Note 2 – Organization and Summary of Significant Accounting Policies” to the consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data” for a description of the impairment policy. The Partnership is not legally liable for the obligations of the Local Limited Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once its investment in each of the Local Limited Partnerships reaches zero. Distributions from the Local Limited Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the consolidated statements of operations included in “Item 8. Financial Statements and Supplementary Data”.

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

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 8.

Financial Statements and Supplementary Data.

Real Estate Associate Limited VII

List of Financial Statements

Reports of Independent Registered Public Accounting Firms

Consolidated Balance Sheets – December 31, 2013 and 2012

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

Consolidated Statements of Changes in Partners’ Equity (Deficit) - Years ended December 31, 2013 and 2012

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

Notes to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

The Partners

Real Estate Associates Limited VII

We have audited the accompanying consolidated balance sheet of Real Estate Associates Limited VII as of December 31, 2013, and the related consolidated statements of operations, changes in partners' equity and cash flows for the year ended December 31, 2013. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Partnership’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Real Estate Associates Limited VII at December 31, 2013, and the consolidated results of its operations and its cash flows for the year ended December 31, 2013, in conformity with U.S. generally accepted accounting principles.

/s/Carter & Company, CPA, LLC

Destin, Florida

April 15, 2014

Report of Independent Registered Public Accounting Firm

The Partners

Real Estate Associates Limited VII

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

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Partnership’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

The accompanying consolidated financial statements have been prepared assuming that the Partnership will continue as a going concern. As more fully described in Note 1 to the consolidated financial statements, the Partnership continues to generate recurring operating losses. In addition, notes payable and related accrued interest totaling approximately $8,091,000 are in default due to non-payment. These conditions raise substantial doubt about the Partnership's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1 to the consolidated financial statements. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

/s/Ernst & Young LLP

Greenville, South Carolina

April 12, 2013

REAL ESTATE ASSOCIATES LIMITED VII

CONSOLIDATED BALANCE SHEETS

(in thousands)


	December 31,
	2013	2012
Assets

Investments in and advances to Local Limited
Partnerships	$ --	$ --
Cash and cash equivalents	610	992
Receivables – limited partners	266	57
Total assets	$ 876	$ 1,049

Liabilities and Partners’ Equity (Deficit)

Liabilities:
Notes payable, in default	$ --	$ 2,341
Accrued interest payable, in default	--	5,750
Accounts payable and accrued expenses	26	87
Total liabilities	26	8,178

Contingencies	--	--

Partners' equity (deficit):
General partners	(317)	(396)
Limited partners	1,167	(6,733)
Total partners’ equity (deficit)	850	(7,129)
Total liabilities and partners' equity (deficit)	$ 876	$ 1,049

See Accompanying Notes to Consolidated Financial Statements

REAL ESTATE ASSOCIATES LIMITED VII

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per interest data)


	Years Ended December 31,
	2013	2012

Revenues:	$ --	$ --

Operating expenses:
Management fees – General Partner	48	180
General and administrative	21	25
Legal and accounting	47	112
Interest	114	408
Total operating expenses	230	725

Loss from partnership operations	(230)	(725)

Gain on sale of interests in Local Limited Partnerships	5	74
Distribution in excess of investment in Local
Limited Partnership	--	105
Advances to Local Limited Partnerships recognized as
expense	--	(41)
Gain on extinguishment of debt	8,204	13,602
Net income	$7,979	$13,015

Net income allocated to general partners (1%)	$ 79	$ 130
Net income allocated to limited partners (99%)	$7,900	$12,885

Net income per limited partnership interest	$520.23	$844.95

See Accompanying Notes to Consolidated Financial Statements

REAL ESTATE ASSOCIATES LIMITED VII

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT)

(in thousands)


	General	Limited
	Partners	Partners	Total

Partners' deficit, December 31, 2011	$ (526)	$(19,618)	$(20,144)

Net income for the year ended
December 31, 2012	130	12,885	13,015

Partners' deficit, December 31, 2012	(396)	(6,733)	(7,129)

Net income for the year ended
December 31, 2013	79	7,900	7,979

Partners' Equity, December 31, 2013	$ (317)	$ 1,167	$ 850

See Accompanying Notes to Consolidated Financial Statements

REAL ESTATE ASSOCIATES LIMITED VII

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	Years Ended
	December 31,
	2013	2012
Cash flows from operating activities:
Net income	$ 7,979	$13,015
Adjustments to reconcile net income (loss) to net cash used
in operating activities:
Gain on sale of interests in Local Limited Partnerships	(5)	(74)
Distribution from sale of Local Limited Partnership
property recognized as income	--	(105)
Gain on extinguishment of debt	(8,204)	(13,602)
Change in accounts:
Receivables – limited partners	(209)	--
Accrued interest payable	113	408
Accounts payable and accrued expenses	(61)	43
Net cash used in operating activities	(387)	(315)

Cash flows from investing activities:
Proceeds from sale of interests in Local Limited
Partnerships	5	74
Distribution from sale of Local Limited
Partnership property	0	55
Net cash provided by investing activities	5	129

Net decrease in cash and cash equivalents	(382)	(186)

Cash and cash equivalents, beginning of the year	992	1,178

Cash and cash equivalents, end of the year	$ 610	$ 992

See Accompanying Notes to Consolidated Financial Statements

REAL ESTATE ASSOCIATES LIMITED VII

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Organization and Summary of Significant Accounting Policies

Organization

The Partnership was formed under the California Limited Partnership Act on May 24, 1983. The Partnership was formed to invest primarily in other limited partnerships or joint ventures which own and operate primarily federal, state or local government-assisted housing projects. The general partners of the Partnership are National Partnership Investments, LLC ("NAPICO or “General Partner"), a California limited liability company and National Partnership Investments Associates II, a California limited partnership. The business of the Partnership is conducted primarily by NAPICO. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust.

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

Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partners will be entitled to a liquidation fee as stipulated in the Partnership Agreement. The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. No such fees were accrued or paid during the years ended December 31, 2013 and 2012.

Basis of Presentation

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

Principles of Consolidation

These consolidated financial statements include the accounts of Real Estate Associates Limited VII and Real Estate Associates IV (“REA IV”), a California general partnership in which the Partnership holds 99 percent of the general partner interest. Losses in excess of the minority investment that would otherwise be attributed to the non-controlling interest are being allocated to the Partnership.

Use of Estimates

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

REAL ESTATE ASSOCIATES LIMITED VII

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

Method of Accounting for Investments in Local Limited Partnership

The investments in Local Limited Partnerships were accounted for using the equity method.

Abandonment of Limited Partnership Interests

In 2013 and 2012, the number of Limited Partnership Interests decreased by 130 and 64 interests, respectively, due to limited partners abandoning their interests. At December 31, 2013 and 2012, the Partnership had outstanding 15,055.50 and 15,185.50 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment.

Net Income (Loss) Per Limited Partnership Interest

Net income (loss) per limited partnership interest was computed by dividing the limited partners’ share of net income (loss) by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 15,185.50 and 15,249.50 for the years ended December 31, 2013 and 2012, respectively.

Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand and in bank accounts. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balance at December 31, 2012 was maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account. In 2013 the affiliated management company maintained separate cash accounts with an FDIC insured bank for each of its affiliated entities including REAL VII.

Impairment of Long-Lived Assets

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

Segment Reporting

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

Fair Value of Financial Instruments

ASC Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. The notes payable and amounts due for partnership interests are collateralized by the Partnership’s investment in two Local Limited Partnerships and are payable only out of cash distributions from the Local Limited Partnerships. The operations generated by the Local Limited Partnerships, which account for the Partnership’s primary source of revenues, are subject to various government rules, regulations and restrictions which make it impracticable to estimate the fair value of the notes and related accrued interest payable. At December 31, 2013, the Partnership believes that the carrying amount of its other assets and liabilities reported on the consolidated balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Variable Interest Entities

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

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

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

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

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

The Partnership was involved with the 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 the VIEs, which were zero at December 31, 2013 and 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Going Concern

During fiscal year 2012, the Partnership continued to generate recurring operating losses. In addition, the Partnership was in default on notes payable and related accrued interest payable that matured between December 1999 and December 2004.

Two of the Partnership's three remaining investments at December 31, 2012 involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. As of December 31, 2012, the Partnership was obligated for non-recourse notes payable of approximately $2,341,000 to the sellers of the partnership interests, bearing interest at 9.5 to 10 percent. Total outstanding accrued interest was approximately $5,750,000 at December 31, 2012. These obligations and the related interest were collateralized by the Partnership's investments in the local limited partnerships (the “Local Limited Partnerships”) and were payable only out of cash distributions from the Local Limited Partnerships, as defined in the notes. Unpaid interest was due at maturity of the notes. Both of the notes payable had matured and remained unpaid at December 31, 2012.

No payments were made on the notes payable during the year ended December 31, 2012. The Partnership had agreements with the non-recourse note holder for the two 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. These sales were expected to close during 2013.

As a result of the above, there was substantial doubt about the Partnership's ability to continue as a going concern. The Partnership’s previous independent registered public accounting firm included an explanatory paragraph in their audit report for the Partnership’s 2012 consolidated financial statements that indicated there was uncertainty that the Partnership would continue as a going concern.

As of December 31, 2013, the Partnership's independent registered public accounting firm issued an unqualified opinion that did not include an explanatory paragraph with respect to going concern uncertainty.

Note 2 - Investments in and Advances to Local Limited Partnerships

As of December 31, 2013 and 2012, the Partnership holds limited partnership interests in zero and one Local Limited Partnerships, respectively, and a general partner interest in REA IV which, in turn, holds limited partnership interests in zero and two additional Local Limited Partnerships, respectively; therefore, the Partnership holds interests, either directly or indirectly through REA IV, in zero and three Local Limited Partnerships, respectively. The other general partner of REA IV is NAPICO. The Local Limited Partnerships owned residential low income rental projects consisting of 302 apartment units 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 Limited Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Limited Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Limited Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Limited Partnerships based upon its respective ownership percentage of 99%. Distributions of surplus cash from operations from most of the Local Limited Partnerships are restricted by the Local Limited Partnerships’ Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”). These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Limited Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Limited Partnerships’ partnership agreements. These agreements usually limit the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Limited Partnership.

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

The Partnership has no carrying value in investments in Local Limited Partnerships as of December 31, 2013 and 2012.

On April 11, 2012, Oak Hill sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in “Note 3”) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Oak Hill at the date of the sale.

On May 11, 2012, Yorkview sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in “Note 3”) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of $150,000. After payment of closing costs, the Partnership received a distribution from the sale of Yorkview of $105,000, approximately $50,000 of which was received as a deposit during the year ended December 31, 2011. This amount was recognized as a distribution in excess of investment in Local Limited Partnership during the year ended December 31, 2012. The Partnership had no investment balance remaining in Yorkview at the date of the sale.

On May 11, 2012, Mount Union sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in “Note 3”) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale of the property. The Partnership had no investment balance remaining in Mount Union at the date of the sale.

On May 17, 2012, Bellair Manor sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in “Note 3”) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Bellair Manor at the date of the sale.

Local Limited Partnerships for the year ended December 31, 2012, as the Partnership had no investment balance remaining in Jasper, Pachuta or Shubuta at the date of the assignment.

On August 14, 2012, Ivywood sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in “Note 3”) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Ivywood at the date of the sale.

On October 29, 2012, the Partnership assigned its limited partnership interest in Aristocrat Manor to an affiliate of the Local Operating General Partner for $5,000 and the assumption of the non-recourse note payable (as discussed in “Note 4”) by an affiliate of the Local Operating General Partner. The proceeds received were recorded as gain on sale of interest in Local Limited Partnership for the year ended December 31, 2012, as the Partnership had no investment balance remaining in Aristocrat Manor at the date of the assignment. In connection with the sale, the Partnership’s non-recourse note payable of approximately $1,400,000 and associated accrued interest of approximately $3,837,000 were extinguished.

On May 6, 2013, the Partnership assigned its limited partnership interest in Bluewater Limited Dividend Housing Association (“Bluewater”) to an affiliate of the Local Operating General Partner. The Partnership had no investment balance remaining in Bluewater at December 31,2013 and 2012.

On September 17, 2013, the Partnership assigned its limited partnership interest in Tradewinds East to an affiliate of the Operating General Partner. The Partnership received no proceeds from the transaction. The Partnership's investment balance in this local partnership was zero at both December 31, 2013 and 2012.

NOTE 3 - NOTES PAYABLE

Twelve of the original investments involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. As of December 31, 2013 and 2012, the Partnership was obligated on non-recourse notes payable of approximately zero and $2,341,000, respectively, bearing interest at 9.5 percent annually. The Partnership recognized interest expense of approximately $114,000 and $408,000 for the years ended December 31, 2013 and 2012, respectively. Accrued interest was approximately zero and $5,750,000 as of December 31, 2013 and 2012, respectively. These notes matured between December 1999 and December 2004. 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 Local Limited Partnerships, as defined in the notes. Unpaid interest was due at maturity of the notes.

The Partnership previously entered into an agreement with the holders of the non-recourse notes payable collateralized by the Partnership’s investment in twelve Local Limited Partnerships with notes payable in which the note holder agreed to forebear taking any action under these notes pending the purchase by the note holder the properties owned by twelve of the Local Limited Partnerships. All twelve of these Local Limited Partnerships sold their respective investment properties to the note holders during 2012 and 2013. In connection with these sales, non-recourse notes payable and associated accrued interest totaling approximately $21,806,000 were extinguished.

There were no principal or interest payments made on these notes during the years ended December 31, 2013 or 2012.

Note 4 - 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 0.5 percent of the original remaining invested assets of the remaining 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 partnerships. The fee was approximately $48,000 and $180,000 for the years ended December 31, 2013 and 2012, respectively.

Bethesda and its affiliates owned 1,177.58 limited partnership interests in the Partnership representing 7.82% of the outstanding interests in the Partnership at December 31, 2013. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests in the Partnership, either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters, that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Note 5 - Income Taxes

The Partnership is not taxed on its income. The partners are taxed in their individual capacities based upon their distributive share of the Partnership's taxable income or loss and are allowed the benefits to be derived from off-setting their distributive share of the tax losses against taxable income from other sources subject to passive loss limitations. The taxable income or loss differs from amounts

included in the consolidated statements of operations because different methods are used in determining the losses of the Local Limited Partnerships as discussed below. The tax loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.

A reconciliation is as follows (in thousands, except per limited partnership interest data):


	Years Ended December 31,
	2013	2012

Net income (loss) per financial statements	$ 7,979	$ 13,015
Other	213	458
Gain on sale and assignment of interests in		2,462
Local Limited Partnerships	1,973
Gain on extinguishment of debt	(6,075)	(13,609)
Partnership’s share of Local Limited Partnership	--	7,890
Net income per tax return	$ 4,090	$ 10,216
Net income per limited partnership interest	$269.34	$1,305.32

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


	December 31,
	2013	2012

Net deficit as reported	$ 850	$ (7,129)
Add (deduct):
Deferred offering costs	5,091	5,091
Investment in Local Limited Partnerships	--	(1,797)
Accrued interest	--	5,808
Other	107	(15)
Net asset (deficit) – Federal tax basis	$ 6,048	$ 1,958

Note 6 - Contingencies

Note 7 - Subsequent Events

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

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Effective June 7, 2013, the Registrant dismissed its prior independent registered public accounting firm, Ernst & Young LLP and retained as its new independent registered public accounting firm, Carter & Company, CPA, LLC. The reports of Ernst & Young LLP on the financial statements of the Registrant as of and for the years ended December 31, 2012 and 2011 did contain a modification related to a going concern uncertainty. The decision to change independent accountants was approved by the board of directors of the Managing General Partner of the Partnership. During the two fiscal years ended 2012 and through June 7, 2013, there were no disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which disagreements if not resolved to the satisfaction of Ernst & Young LLP, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Partnership's financial statements for the fiscal years ended December 31, 2012 and 2011.

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

Item 9A.

Controls and Procedures.

(a)

Disclosure Controls and Procedures

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

Management’s Report on Internal Control Over Financial Reporting

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

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

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

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

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

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

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

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

(b)

Changes in Internal Control Over Financial Reporting.

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

Item 9B.

Other Information.

None.

PART III

Item 10.

Directors, Executive Officers and Corporate Governance.

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

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


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

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

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

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

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

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

Item 11.

Executive Compensation.

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

Item 12.

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

Security Ownership of Certain Beneficial Owners

(a)

The general partners own all of the outstanding general partnership interests of the Partnership.

The following table sets forth certain information regarding Limited Partnership Interests of the Partnership owned by each person or entity as known by the Partnership to own beneficially or exercise voting or dispositive control over more than 5% of the Partnership’s Limited Partnership Interests as of December 31, 2013.


Name of Beneficial Owner	Number of Interests	% of Class

Bethesda Holdings II, LLC	1,177.58	7.82%

(b)

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

Item 13.

Certain Relationships and Related Transactions, and Director Independence

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 0.5 percent of the original remaining invested assets of the remaining 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 partnerships. The fee was approximately $48,000 and $180,000 for each the years ended December 31, 2013 and 2012, respectively.

An affiliate of the General Partner is the local general partner in one of the Partnership’s three remaining Local Limited Partnerships.

The General Partner has no directors.

Item 14.

Principal Accounting Fees and Services.

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

Audit Fees. Fees for audit services totaled approximately $20,000 and $42,000 for 2013 and 2012, respectively. Fees for audit services also include fees for the reviews of the Partnership’s Quarterly Reports on Form 10-Q.

Tax Fees. Fees for tax services totaled approximately $10,000 and $24,000 for 2013 and 2012, respectively.

PART IV

Item 15.

Exhibits, Financial Statement Schedules.

(a)

The following consolidated financial statements are included in Item 8:

Consolidated Balance Sheets – December 31, 2013 and 2012

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

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

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

Notes to Consolidated Financial Statements

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

(b)

Exhibits:

See Exhibit Index.

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

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

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

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

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

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

SIGNATURES

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


	REAL ESTATE ASSOCIATES LIMITED VII

	By: National Partnership Investments, LLC
	General Partner

Date: April 15, 2014	By: /s/Brian Flaherty
	Brian Flaherty
	Senior Managing Director

Date: April 15, 2014	By: /s/Joseph Dryden
	Joseph Dryden
	VP of Finance/CFO

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


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

/s/Joseph Dryden	VP of Finance/CFO	Date: April 15, 2014
Joseph Dryden

REAL ESTATE ASSOCIATES LIMITED VII

EXHIBIT INDEX

Exhibit

Description of Exhibit

Restated Certificate and Agreement of Limited Partnership dated May 24, 1983 filed with the Securities and Exchange Commission Form S-11 No. 2-84816, which is hereby incorporated by reference.

10.3

Third Amendment to Amended and Restated Agreement and Certificate of Limited Partnership by and between Real Estate Associates VII, a California limited partnership, David B. Gibson III, O.L. Puryear and Sons Construction Co. Inc., an Arkansas Corporation, and Southland Properties, Inc., an Arkansas Corporation, dated January 1, 2012, incorporated by reference to the Partnership’s Current Report on Form 8-K dated March 27, 2012.

10.4

Third Amendment to Amended and Restated Agreement and Certificate of Limited Partnership by and between Real Estate Associates VII, a California limited partnership, David B. Gibson III, O.L. Puryear and Sons Construction Co. Inc., an Arkansas Corporation, Professional Counseling Service, Inc., a Tennessee Corporation, and Southland Properties, Inc., an Arkansas Corporation, dated January 1, 2012, incorporated by reference to the Partnership’s Current Report on Form 8-K dated March 27, 2012.

10.5

Fourth Amendment to Amended and Restated Agreement and Certificate of Limited Partnership of Jasper County Properties, Ltd. by and between Real Estate Associates Limited VII, a California limited partnership, Herbert B. Ivison, Jr., and H.I. Family, LLC, a Mississippi limited liability company, dated May 21, 2012, incorporated by reference to the Partnership’s Current Report on Form 8-K dated May 23, 2012.

10.6

Fifth Amendment to Amended and Restated Agreement and Certificate of Limited Partnership of Pachuta, Ltd. by and between Real Estate Associates Limited VII, a California limited partnership, Herbert B. Ivison, Jr., and H.I. Family, LLC, a Mississippi limited liability company, dated May 21, 2012, incorporated by reference to the Partnership’s Current Report on Form 8-K dated May 23, 2012.

10.7

Fourth Amendment to Amended and Restated Agreement and Certificate of Limited Partnership of Shubuta Properties, Ltd. by and between Real Estate Associates Limited VII, a California limited partnership, Herbert B. Ivison, Jr., and H.I. Family, LLC, a Mississippi limited liability company, dated May 21, 2012, incorporated by reference to the Partnership’s Current Report on Form 8-K dated May 23, 2012.

10.8

Fourth Amendment to Amended and Restated Agreement and Certificate of Limited Partnership of Aristocrat Manor, Ltd. by and between Real Estate Associates IV, a California general partnership, Marshall Barclay Coffman, George S. Mackey, and Coffman Holdings, LLC, an Arkansas limited liability company, dated October 29, 2012, incorporated by reference to the Partnership’s Current Report on Form 8-K dated October 29, 2012.

Code of Ethics of Real Estate Associates Limited VII, incorporated by reference to the Partnership's Annual Report on Form 10-K dated April 12, 2013.

31.1

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

31.2

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

32.1

Certification of the equivalent of the Chief Executive Officer and the 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 VII’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, formatted in XBRL: (i) consolidated balance sheets, (ii) consolidated statements of operations, (iii) consolidated statement of changes in partners’ deficit, (iv) consolidated statements of cash flows, and (v) notes to consolidated financial statements (1)

(1)

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

EX-31.1 2 real7_ex31z1.htm CERTIFICATION Certification

Exhibit 31.1

CERTIFICATION

I, Brian Flaherty, certify that:

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

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

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

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

(a)

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

(b)

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

(c)

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

(d)

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

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

(a)

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

(b)

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

Date: April 15, 2014

/s/Brian Flaherty

Brian Flaherty

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

EX-31.2 3 real7_ex31z2.htm CERTIFICATION Certification

Exhibit 31.2

CERTIFICATION

I, Joseph Dryden, certify that:

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

(a)

(b)

(c)

(d)

(a)

(b)

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

Date: April 15, 2014

/s/Joseph Dryden

Joseph Dryden

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

EX-32.1 4 real7_ex32z1.htm CERTIFICATION Certification

Exhibit 32.1

Certification of CEO and CFO

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

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

(1)

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

(2)

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


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

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

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

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10-K 2013-12-31 false REAL ESTATE ASSOCIATES LTD VII 0000722648 --12-31 15055.5 0 Smaller Reporting Company Yes No No 2013 FY

Note 1 - Organization and Summary of Significant Accounting Policies   Organization   The Partnership was formed under the California Limited Partnership Act on May 24, 1983.  The Partnership was formed to invest primarily in other limited partnerships or joint ventures which own and operate primarily federal, state or local government-assisted housing projects.  The general partners of the Partnership are National Partnership Investments, LLC ("NAPICO or General Partner"), a California limited liability company and National Partnership Investments Associates II, a California limited partnership. The business of the Partnership is conducted primarily by NAPICO. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (Bethesda).  Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (Aimco), a publicly traded real estate investment trust.   The general partners collectively share a one percent interest in profits and losses of the Partnership.  The limited partners share the remaining 99 percent interest which is allocated in proportion to their respective individual investments.   The Partnership shall be dissolved only upon the expiration of 50 complete calendar years (December 31, 2033) from the date of the formation of the Partnership or the occurrence of various other events as specified in the Partnership Agreement.   Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partners will be entitled to a liquidation fee as stipulated in the Partnership Agreement.  The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. No such fees were accrued or paid during the years ended December 31, 2013 and 2012.   Basis of Presentation   The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States.   Principles of Consolidation   These consolidated financial statements include the accounts of Real Estate Associates Limited VII and Real Estate Associates IV (REA IV), a California general partnership in which the Partnership holds 99 percent of the general partner interest. Losses in excess of the minority investment that would otherwise be attributed to the non-controlling interest are being allocated to the Partnership.     Use of Estimates   The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.  Actual results could differ from those estimates.   Method of Accounting for Investments in Local Limited Partnership   The investments in Local Limited Partnerships were accounted for using the equity method.   Abandonment of Limited Partnership Interests   In 2013 and 2012, the number of Limited Partnership Interests decreased by 130 and 64 interests, respectively, due to limited partners abandoning their interests. At December 31, 2013 and 2012, the Partnership had outstanding 15,055.50 and 15,185.50 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment.   Net Income (Loss) Per Limited Partnership Interest   Net income (loss) per limited partnership interest was computed by dividing the limited partners share of net income (loss) by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 15,185.50 and 15,249.50 for the years ended December 31, 2013 and 2012, respectively.   Cash and Cash Equivalents   Cash and cash equivalents includes cash on hand and in bank accounts.  At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balance at December 31, 2012 was maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account. In 2013 the affiliated management company maintained separate cash accounts with an FDIC insured bank for each of its affiliated entities including REAL VII.   Impairment of Long-Lived Assets   The Partnership reviews its investments in long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss.  There were no impairment losses recognized during the years ended December 31, 2013 and 2012.   Segment Reporting   Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 280-10, Segment Reporting, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.   Fair Value of Financial Instruments   ASC Topic 825, Financial Instruments, requires disclosure of fair value information about financial instruments whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. The notes payable and amounts due for partnership interests are collateralized by the Partnerships investment in two Local Limited Partnerships and are payable only out of cash distributions from the Local Limited Partnerships. The operations generated by the Local Limited Partnerships, which account for the Partnerships primary source of revenues, are subject to various government rules, regulations and restrictions which make it impracticable to estimate the fair value of the notes and related accrued interest payable. At December 31, 2013, the Partnership believes that the carrying amount of its other assets and liabilities reported on the consolidated balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.   Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   At December 31, 2013 and 2012, the Partnership held variable interests in zero and three 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 Limited Partnerships, that the general partner of each of the Local Limited Partnerships is the primary beneficiary of the respective Local Limited Partnership. In making this determination, the Partnership considered the following factors:   ·         the general partners conduct and manage the business of the Local Limited Partnerships; ·         the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Limited Partnerships underlying real estate properties; ·         the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Limited Partnerships; ·         the general partners are obligated to fund any recourse obligations of the Local Limited Partnerships; ·         the general partners are authorized to borrow funds on behalf of the Local Limited Partnerships; and ·         the Partnership, as a limited partner in each of the Local Limited Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Limited Partnerships that most significantly impact such entities economic performance.   The Partnership was involved with the 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 the VIEs, which were zero at December 31, 2013 and 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.   Going Concern   During fiscal year 2012, the Partnership continued to generate recurring operating losses. In addition, the Partnership was in default on notes payable and related accrued interest payable that matured between December 1999 and December 2004.   Two of the Partnership's three remaining investments at December 31, 2012 involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. As of December 31, 2012, the Partnership was obligated for non-recourse notes payable of approximately $2,341,000 to the sellers of the partnership interests, bearing interest at 9.5 to 10 percent. Total outstanding accrued interest was approximately $5,750,000 at December 31, 2012. These obligations and the related interest were collateralized by the Partnership's investments in the local limited partnerships (the Local Limited Partnerships) and were payable only out of cash distributions from the Local Limited Partnerships, as defined in the notes. Unpaid interest was due at maturity of the notes. Both of the notes payable had matured and remained unpaid at December 31, 2012.   No payments were made on the notes payable during the year ended December 31, 2012. The Partnership had agreements with the non-recourse note holder for the two 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. These sales were expected to close during 2013.   As a result of the above, there was substantial doubt about the Partnership's ability to continue as a going concern. The Partnerships previous independent registered public accounting firm included an explanatory paragraph in their audit report for the Partnerships 2012 consolidated financial statements that indicated there was uncertainty that the Partnership would continue as a going concern.   As of December 31, 2013, the Partnership's independent registered public accounting firm issued an unqualified opinion that did not include an explanatory paragraph with respect to going concern uncertainty.

Note 2 - Investments in and Advances to Local Limited Partnerships   As of December 31, 2013 and 2012, the Partnership holds limited partnership interests in zero and one Local Limited Partnerships, respectively, and a general partner interest in REA IV which, in turn, holds limited partnership interests in zero and two additional Local Limited Partnerships, respectively; therefore, the Partnership holds interests, either directly or indirectly through REA IV, in  zero   and three Local Limited Partnerships, respectively. The other general partner of REA IV is NAPICO. The Local Limited Partnerships owned residential low income rental projects consisting of 302 apartment units 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 Limited Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Limited Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Limited Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Limited Partnerships based upon its respective ownership percentage of 99%. Distributions of surplus cash from operations from most of the Local Limited Partnerships are restricted by the Local Limited Partnerships Regulatory Agreements with the United States Department of Housing and Urban Development (HUD). These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Limited Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Limited Partnerships partnership agreements. These agreements usually limit the Partnerships distributions to an amount substantially less than its ownership percentage in the Local Limited Partnership.   The individual investments are carried at cost plus the Partnerships share of the Local Limited Partnerships profits less the Partnerships share of the Local Limited Partnerships losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Limited Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once its investment in each of the Local Limited Partnerships reaches zero. Distributions from the Local Limited Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying consolidated statements of operations. The Partnership did not receive any operating distributions from Local Limited Partnerships during the years ended December 31, 2013 and 2012.   At times, advances are made to the Local Limited Partnerships. Advances made by the Partnership to the individual Local Limited Partnerships are considered part of the Partnership's investment in limited partnerships. Advances made to Local Limited Partnerships for which the investment has been reduced to zero are charged to expense.  During the year ended December 31, 2012, the Partnership advanced approximately $41,000 to six Local Limited Partnerships, Oakwood Park Apartments I, Oakwood Park Apartments II, Birch Manor I, Birch Manor II, Richards Park and Ivywood, to fund tax payments associated with the sales of the underlying properties.  These amounts are included in advances made to Local Limited Partnerships recognized as expense for the year ended December 31, 2012.   For those investments where the Partnership has determined that the carrying value of its investments approximates the estimated fair value of those investments, the Partnerships policy is to recognize equity in income of the Local Limited Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Limited Partnerships.  Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize.   The Partnership has no carrying value in investments in Local Limited Partnerships as of December 31, 2013 and 2012.   On February 2, 2012, Oakwood Park Apartments I and Oakwood Park Apartments II each sold their respective investment properties to the holder of the Local Limited Partnerships non-recourse notes payable in exchange for (i) full satisfaction of non-recourse notes payable due to an affiliate of the purchaser and (ii) the sum of one dollar with respect to each property. The Partnership did not receive any proceeds from the sale.  The Partnership had no investment balance remaining in either Oakwood Park Apartments I or Oakwood Park Apartments II at the date of the sale.   On March 9, 2012, Birch Manor I sold its investment property to the holder of the Local Limited Partnerships non-recourse note payable in exchange for (i) full satisfaction of the Local Limited Partnerships non-recourse note payable due to an affiliate of the purchaser and (ii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Birch Manor I at the date of the sale.   On March 27, 2012, the Partnership assigned its limited partnership interest in Arkansas City and Oakview to a third party for a total of $3,000. This amount was recognized as gain on sale of interests in Local Limited Partnerships for the year ended December 31, 2012, as the Partnership had no investment balance remaining in either Arkansas City or Oakview at the date of the assignment.   On April 11, 2012, Oak Hill sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in Note 3) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Oak Hill at the date of the sale.   On April 17, 2012, Richards Park sold its investment property to the holder of the Local Limited Partnerships non-recourse note payable in exchange for (i) full satisfaction of the Local Limited Partnerships non-recourse note payable due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Richards Park at the date of the sale.   On May 11, 2012, Yorkview sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in Note 3) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of $150,000. After payment of closing costs, the Partnership received a distribution from the sale of Yorkview of $105,000, approximately $50,000 of which was received as a deposit during the year ended December 31, 2011. This amount was recognized as a distribution in excess of investment in Local Limited Partnership during the year ended December 31, 2012. The Partnership had no investment balance remaining in Yorkview at the date of the sale.   On May 11, 2012, Mount Union sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in Note 3) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale of the property. The Partnership had no investment balance remaining in Mount Union at the date of the sale.   On May 16, 2012, Birch Manor II sold its investment property to the holder of the Local Limited Partnerships non-recourse note payable in exchange for (i) full satisfaction of the Local Limited Partnerships non-recourse note payable due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Birch Manor II at the date of the sale.   On May 17, 2012, Bellair Manor sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in Note 3) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Bellair Manor at the date of the sale.   On May 23, 2012, the Partnership assigned its limited partnership interests in Jasper, Pachuta and Shubuta to an affiliate of the Local Operating General Partner for a total of $66,000. This amount was recognized as gain on sale of interests in Local Limited Partnerships for the year ended December 31, 2012, as the Partnership had no investment balance remaining in Jasper, Pachuta or Shubuta at the date of the assignment.   On August 14, 2012, Ivywood sold its investment property to the holder  of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in Note 3) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Ivywood at the date of the sale.   On October 29, 2012, the Partnership assigned its limited partnership interest in Aristocrat Manor to an affiliate of the Local Operating General Partner for $5,000 and the assumption of the non-recourse note payable (as discussed in Note 4) by an affiliate of the Local Operating General Partner. The proceeds received were recorded as gain on sale of interest in Local Limited Partnership for the year ended December 31, 2012, as the Partnership had no investment balance remaining in Aristocrat Manor at the date of the assignment.  In connection with the sale, the Partnerships non-recourse note payable of approximately $1,400,000 and associated accrued interest of approximately $3,837,000 were extinguished.   On May 6, 2013, the Partnership assigned its limited partnership interest in Bluewater Limited Dividend Housing Association (Bluewater) to an affiliate of the Local Operating General Partner. The Partnership had no investment balance remaining in Bluewater at December 31,2013 and 2012.   On September 17, 2013, the Partnership assigned its limited partnership interest in Tradewinds East to an affiliate of the Operating General Partner. The Partnership received no proceeds from the transaction. The Partnership's investment balance in this local partnership was zero at both December 31, 2013 and 2012.   On December 27, 2013, the Partnership sold the limited partnership interests it held in Newton Apartments for $5,000. The Partnership's investment balance in this local partnership was zero at both December 31, 2013 and 2012.   As of December 31, 2013 and 2012, the Partnership recorded gains from sale of Partnership interests of approximately $5,000 and $74,000, and gains of extinguishment of debt of approximately $8,204,000 and $13,602,000.

NOTE 3 - NOTES PAYABLE   Twelve of the original investments involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. As of December 31, 2013 and 2012, the Partnership was obligated on non-recourse notes payable of approximately zero and $2,341,000, respectively, bearing interest at 9.5 percent annually. The Partnership recognized interest expense of approximately $114,000 and $408,000 for the years ended December 31, 2013 and 2012, respectively. Accrued   interest was approximately zero and $5,750,000 as of December 31, 2013 and 2012, respectively. These notes matured between December 1999 and December 2004. 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 Local Limited Partnerships, as defined in the notes. Unpaid interest was due at maturity of the notes.   The Partnership previously entered into an agreement with the holders of the non-recourse notes payable collateralized by the Partnerships investment in twelve Local Limited Partnerships with notes payable in which the note holder agreed to forebear taking any action under these notes pending the purchase by the note holder the properties owned by twelve of the Local Limited Partnerships. All twelve of these Local Limited Partnerships sold their respective investment properties to the note holders during 2012 and 2013. In connection with these sales, non-recourse notes payable and associated accrued interest totaling approximately $21,806,000 were extinguished.   There were no principal or interest payments made on these notes during the years ended December 31, 2013 or 2012.

Note 4 - 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 0.5 percent of the original remaining invested assets of the remaining 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 partnerships. The fee was approximately $48,000 and $180,000 for the years ended December 31, 2013 and 2012, respectively.   Bethesda and its affiliates owned 1,177.58 limited partnership interests in the Partnership representing 7.82% of the outstanding interests in the Partnership at December 31, 2013. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests in the Partnership, either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters, that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Note 5 - Income Taxes   The Partnership is not taxed on its income. The partners are taxed in their individual capacities based upon their distributive share of the Partnership's taxable income or loss and are allowed the benefits to be derived from off-setting their distributive share of the tax losses against taxable income from other sources subject to passive loss limitations. The taxable income or loss differs from amounts   included in the consolidated statements of operations because different methods are used in determining the losses of the Local Limited Partnerships as discussed below. The tax loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.   A reconciliation is as follows (in thousands, except per limited partnership interest data):   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="234" colspan="2" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Years Ended December 31, </td> </tr> <tr style='height:12.95pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2013 </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2012 </td> </tr> <tr style='height:.1in'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="234" colspan="2" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per financial statements </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 7,979  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 13,015  </td> </tr> <tr style='height:12.95pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Other </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 213  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 458  </td> </tr> <tr style='height:12.1pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.1pt'> Gain on sale and assignment of interests in </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.1pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.1pt'> 2,462  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Local Limited Partnerships </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 1,973  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Gain on extinguishment of debt </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (6,075)  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (13,609)  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partnerships share of Local Limited Partnership </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> --  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 7,890  </td> </tr> <tr style='height:13.45pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> Net income per tax return </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $ 4,090  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $ 10,216  </td> </tr> <tr style='height:.2in'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Net income per limited partnership interest </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $269.34  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $1,305.32  </td> </tr> </table>   The following is a reconciliation between the Partnerships reported amounts and the Federal tax basis of net assets (liabilities) (in thousands):   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:9.4pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.4pt'>   </td> <td width="234" colspan="2" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.4pt'> December 31, </td> </tr> <tr style='height:12.95pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2013 </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2012 </td> </tr> <tr style='height:.05in'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:.05in'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.05in'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.05in'>   </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net deficit as reported </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 850  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ (7,129)  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Add (deduct): </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Deferred offering costs </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 5,091  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 5,091  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Investment in Local Limited Partnerships </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> --  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (1,797)  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Accrued interest </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> --  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 5,808  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Other </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 107  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (15)  </td> </tr> <tr style='height:.2in'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Net asset (deficit) Federal tax basis </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 6,048  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 1,958  </td> </tr> </table>

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

Note 7 - Subsequent Events   The Partnerships management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.

Organization   The Partnership was formed under the California Limited Partnership Act on May 24, 1983.  The Partnership was formed to invest primarily in other limited partnerships or joint ventures which own and operate primarily federal, state or local government-assisted housing projects.  The general partners of the Partnership are National Partnership Investments, LLC ("NAPICO or General Partner"), a California limited liability company and National Partnership Investments Associates II, a California limited partnership. The business of the Partnership is conducted primarily by NAPICO. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (Bethesda).  Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (Aimco), a publicly traded real estate investment trust.   The general partners collectively share a one percent interest in profits and losses of the Partnership.  The limited partners share the remaining 99 percent interest which is allocated in proportion to their respective individual investments.   The Partnership shall be dissolved only upon the expiration of 50 complete calendar years (December 31, 2033) from the date of the formation of the Partnership or the occurrence of various other events as specified in the Partnership Agreement.   Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partners will be entitled to a liquidation fee as stipulated in the Partnership Agreement.  The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. No such fees were accrued or paid during the years ended December 31, 2013 and 2012.

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

Principles of Consolidation   These consolidated financial statements include the accounts of Real Estate Associates Limited VII and Real Estate Associates IV (REA IV), a California general partnership in which the Partnership holds 99 percent of the general partner interest. Losses in excess of the minority investment that would otherwise be attributed to the non-controlling interest are being allocated to the Partnership.

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

Method of Accounting for Investments in Local Limited Partnership   The investments in Local Limited Partnerships were accounted for using the equity method. Abandonment of Limited Partnership Interests   In 2013 and 2012, the number of Limited Partnership Interests decreased by 130 and 64 interests, respectively, due to limited partners abandoning their interests. At December 31, 2013 and 2012, the Partnership had outstanding 15,055.50 and 15,185.50 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment.

Net Income (Loss) Per Limited Partnership Interest   Net income (loss) per limited partnership interest was computed by dividing the limited partners share of net income (loss) by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 15,185.50 and 15,249.50 for the years ended December 31, 2013 and 2012, respectively.

Cash and Cash Equivalents   Cash and cash equivalents includes cash on hand and in bank accounts.  At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balance at December 31, 2012 was maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account. In 2013 the affiliated management company maintained separate cash accounts with an FDIC insured bank for each of its affiliated entities including REAL VII.

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

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

Fair Value of Financial Instruments   ASC Topic 825, Financial Instruments, requires disclosure of fair value information about financial instruments whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. The notes payable and amounts due for partnership interests are collateralized by the Partnerships investment in two Local Limited Partnerships and are payable only out of cash distributions from the Local Limited Partnerships. The operations generated by the Local Limited Partnerships, which account for the Partnerships primary source of revenues, are subject to various government rules, regulations and restrictions which make it impracticable to estimate the fair value of the notes and related accrued interest payable. At December 31, 2013, the Partnership believes that the carrying amount of its other assets and liabilities reported on the consolidated balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   At December 31, 2013 and 2012, the Partnership held variable interests in zero and three 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 Limited Partnerships, that the general partner of each of the Local Limited Partnerships is the primary beneficiary of the respective Local Limited Partnership. In making this determination, the Partnership considered the following factors:   ·         the general partners conduct and manage the business of the Local Limited Partnerships; ·         the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Limited Partnerships underlying real estate properties; ·         the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Limited Partnerships; ·         the general partners are obligated to fund any recourse obligations of the Local Limited Partnerships; ·         the general partners are authorized to borrow funds on behalf of the Local Limited Partnerships; and ·         the Partnership, as a limited partner in each of the Local Limited Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Limited Partnerships that most significantly impact such entities economic performance.   The Partnership was involved with the 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 the VIEs, which were zero at December 31, 2013 and 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Going Concern   During fiscal year 2012, the Partnership continued to generate recurring operating losses. In addition, the Partnership was in default on notes payable and related accrued interest payable that matured between December 1999 and December 2004.   Two of the Partnership's three remaining investments at December 31, 2012 involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. As of December 31, 2012, the Partnership was obligated for non-recourse notes payable of approximately $2,341,000 to the sellers of the partnership interests, bearing interest at 9.5 to 10 percent. Total outstanding accrued interest was approximately $5,750,000 at December 31, 2012. These obligations and the related interest were collateralized by the Partnership's investments in the local limited partnerships (the Local Limited Partnerships) and were payable only out of cash distributions from the Local Limited Partnerships, as defined in the notes. Unpaid interest was due at maturity of the notes. Both of the notes payable had matured and remained unpaid at December 31, 2012.   No payments were made on the notes payable during the year ended December 31, 2012. The Partnership had agreements with the non-recourse note holder for the two 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. These sales were expected to close during 2013.   As a result of the above, there was substantial doubt about the Partnership's ability to continue as a going concern. The Partnerships previous independent registered public accounting firm included an explanatory paragraph in their audit report for the Partnerships 2012 consolidated financial statements that indicated there was uncertainty that the Partnership would continue as a going concern.   As of December 31, 2013, the Partnership's independent registered public accounting firm issued an unqualified opinion that did not include an explanatory paragraph with respect to going concern uncertainty.

<table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="234" colspan="2" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Years Ended December 31, </td> </tr> <tr style='height:12.95pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2013 </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2012 </td> </tr> <tr style='height:.1in'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="234" colspan="2" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per financial statements </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 7,979  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 13,015  </td> </tr> <tr style='height:12.95pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Other </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 213  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 458  </td> </tr> <tr style='height:12.1pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.1pt'> Gain on sale and assignment of interests in </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.1pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.1pt'> 2,462  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Local Limited Partnerships </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 1,973  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Gain on extinguishment of debt </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (6,075)  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (13,609)  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partnerships share of Local Limited Partnership </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> --  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 7,890  </td> </tr> <tr style='height:13.45pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> Net income per tax return </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $ 4,090  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $ 10,216  </td> </tr> <tr style='height:.2in'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Net income per limited partnership interest </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $269.34  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $1,305.32  </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:9.4pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.4pt'>   </td> <td width="234" colspan="2" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.4pt'> December 31, </td> </tr> <tr style='height:12.95pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2013 </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> 2012 </td> </tr> <tr style='height:.05in'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:.05in'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.05in'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.05in'>   </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net deficit as reported </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 850  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ (7,129)  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Add (deduct): </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Deferred offering costs </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 5,091  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 5,091  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Investment in Local Limited Partnerships </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> --  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (1,797)  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Accrued interest </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> --  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 5,808  </td> </tr> <tr style='height:12.25pt'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Other </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 107  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (15)  </td> </tr> <tr style='height:.2in'> <td width="378" valign="bottom" style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Net asset (deficit) Federal tax basis </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 6,048  </td> <td width="120" valign="bottom" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> $ 1,958  </td> </tr> </table> 15185.50 15249.50 0 0 0 0 0 0 0 0 105000 0 0 0 0 0 0 0 0 0 0 5000

7979000

13015000

213000

458000

2462000 -6075000 -13609000

7890000

4090000 10216000 269.34 1305.32

850000

-7129000

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Note 3 - Notes Payable link:presentationLink link:definitionLink link:calculationLink 000160 - Disclosure - Note 1 - Organization and Summary of Significant Accounting Policies: Use of Estimates (Policies) link:presentationLink link:definitionLink link:calculationLink 000290 - Disclosure - Note 2 - Investments in and Advances To Local Limited Partnerships (Details) link:presentationLink link:definitionLink link:calculationLink 000170 - Disclosure - Note 1 - Organization and Summary of Significant Accounting Policies: Method of Accounting For Investment in Local Limited Partnerships (Policies) link:presentationLink link:definitionLink link:calculationLink 000320 - Disclosure - Note 5 - Income Taxes: Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets (Details) link:presentationLink link:definitionLink link:calculationLink 000280 - Disclosure - Note 1 - Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Details) link:presentationLink link:definitionLink link:calculationLink 000260 - 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Note 1 - Organization and Summary of Significant Accounting Policies: Going Concern (Policies)	12 Months Ended
Dec. 31, 2013
Policies
Going Concern	Going Concern During fiscal year 2012, the Partnership continued to generate recurring operating losses. In addition, the Partnership was in default on notes payable and related accrued interest payable that matured between December 1999 and December 2004. Two of the Partnership's three remaining investments at December 31, 2012 involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. As of December 31, 2012, the Partnership was obligated for non-recourse notes payable of approximately $2,341,000 to the sellers of the partnership interests, bearing interest at 9.5 to 10 percent. Total outstanding accrued interest was approximately $5,750,000 at December 31, 2012. These obligations and the related interest were collateralized by the Partnership's investments in the local limited partnerships (the “Local Limited Partnerships”) and were payable only out of cash distributions from the Local Limited Partnerships, as defined in the notes. Unpaid interest was due at maturity of the notes. Both of the notes payable had matured and remained unpaid at December 31, 2012. No payments were made on the notes payable during the year ended December 31, 2012. The Partnership had agreements with the non-recourse note holder for the two 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. These sales were expected to close during 2013. As a result of the above, there was substantial doubt about the Partnership's ability to continue as a going concern. The Partnership’s previous independent registered public accounting firm included an explanatory paragraph in their audit report for the Partnership’s 2012 consolidated financial statements that indicated there was uncertainty that the Partnership would continue as a going concern. As of December 31, 2013, the Partnership's independent registered public accounting firm issued an unqualified opinion that did not include an explanatory paragraph with respect to going concern uncertainty.

Note 1 - Organization and Summary of Significant Accounting Policies: Going Concern (Policies)

12 Months Ended

Dec. 31, 2013

Policies

Going Concern

- Definition

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

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XML 14 R9.htm IDEA: XBRL DOCUMENT

Note 4 - Transactions With Affiliated Parties	12 Months Ended
Dec. 31, 2013
Notes
Note 4 - Transactions With Affiliated Parties	Note 4 - 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 0.5 percent of the original remaining invested assets of the remaining 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 partnerships. The fee was approximately $48,000 and $180,000 for the years ended December 31, 2013 and 2012, respectively. Bethesda and its affiliates owned 1,177.58 limited partnership interests in the Partnership representing 7.82% of the outstanding interests in the Partnership at December 31, 2013. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests in the Partnership, either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters, that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Note 4 - Transactions With Affiliated Parties

12 Months Ended

Dec. 31, 2013

Notes

Note 4 - Transactions With Affiliated Parties

Note 4 - 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

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

Dec. 31, 2013

Oakwood Park Apartments I and Oakwood Park Apartments II

Proceeds from sale of limited partnership interest $ 0

Investment Balance 0

Birch Manor I

Proceeds from sale of limited partnership interest 0

Investment Balance 0

Oak Hill

Proceeds from sale of limited partnership interest 0

Investment Balance 0

Richards Park

Proceeds from sale of limited partnership interest 0

Investment Balance 0

Yorkview

Proceeds from sale of limited partnership interest 105,000

Investment Balance 0

Mount Union

Proceeds from sale of limited partnership interest 0

Investment Balance 0

Birch Manor II

Proceeds from sale of limited partnership interest 0

Investment Balance 0

Bellair Manor

Proceeds from sale of limited partnership interest 0

Investment Balance 0

Ivywood

Proceeds from sale of limited partnership interest 0

Investment Balance 0

Tradewinds East

Proceeds from sale of limited partnership interest 0

Newton Apartments

Proceeds from sale of limited partnership interest $ 5,000

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Note 1 - Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Details)
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Dec. 31, 2013

Dec. 31, 2012

Details

Number of limited partnership interests 15,185.50 15,249.50

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Note 3 - Notes Payable (Details) (USD $)
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Dec. 31, 2013

Dec. 31, 2012

Details

Repayments of Debt $ 0 $ 0

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Note 5 - Income Taxes: Reconciliation between the Partnership's reported net income and the net income (loss) per tax return (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Details

Net Income (Loss) $ 7,979 $ 13,015

Effective Income Tax Rate Reconciliation, Other Adjustments, Amount 213 458

Gain on sale and assignment of interests in Local Limited Partnerships 2,462

Income Reconciliation - Gain on sale and assignment of interests in Local Limited Partnerships (6,075) (13,609)

Partnership's Share of Local Partnerships Income 7,890

Net income (loss) per tax return $ 4,090 $ 10,216

Net income (loss) per limited partnership interest $ 269.34 $ 1,305.32

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Note 3 - Notes Payable
12 Months Ended

Dec. 31, 2013

Notes

Note 3 - Notes Payable
NOTE 3 - NOTES PAYABLE

Twelve of the original investments involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. As of December 31, 2013 and 2012, the Partnership was obligated on non-recourse notes payable of approximately zero and $2,341,000, respectively, bearing interest at 9.5 percent annually. The Partnership recognized interest expense of approximately $114,000 and $408,000 for the years ended December 31, 2013 and 2012, respectively. Accrued

interest was approximately zero and $5,750,000 as of December 31, 2013 and 2012, respectively. These notes matured between December 1999 and December 2004. 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 Local Limited Partnerships, as defined in the notes. Unpaid interest was due at maturity of the notes.

The Partnership previously entered into an agreement with the holders of the non-recourse notes payable collateralized by the Partnership’s investment in twelve Local Limited Partnerships with notes payable in which the note holder agreed to forebear taking any action under these notes pending the purchase by the note holder the properties owned by twelve of the Local Limited Partnerships. All twelve of these Local Limited Partnerships sold their respective investment properties to the note holders during 2012 and 2013. In connection with these sales, non-recourse notes payable and associated accrued interest totaling approximately $21,806,000 were extinguished.

There were no principal or interest payments made on these notes during the years ended December 31, 2013 or 2012.

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Note 5 - Income Taxes: Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Details

Net Assets (Liabilities) as reported $ 850 $ (7,129)

Assets Reconciliation - Deferred Offering Costs 5,091 5,091

Investment in Local Limited Partnerships (1,797)

Assets Reconciliation - Accrued Interest 5,808

Assets Reconciliation, Other 107 (15)

Net assets (liabilities) - Federal tax basis $ 6,048 $ 1,958

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

Dec. 31, 2013

Dec. 31, 2012

Assets

Cash and cash equivalents $ 610 $ 992

Receivables - limited partners 266 57

Total assets 876 1,049

Liabilities

Notes payable, in default 2,341

Accrued interest payable, in default 5,750

Accounts payable and accrued expenses 26 87

Total liabilities 26 8,178

Partners' Capital Equity (Deficit):

General partners (317) (396)

Limited partners 1,167 (6,733)

Total partners' capital equity (deficit) 850 (7,129)

Total liabilities and partners' capital equity (deficit) $ 876 $ 1,049

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

Dec. 31, 2013

Notes

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

Organization

The Partnership was formed under the California Limited Partnership Act on May 24, 1983. The Partnership was formed to invest primarily in other limited partnerships or joint ventures which own and operate primarily federal, state or local government-assisted housing projects. The general partners of the Partnership are National Partnership Investments, LLC ("NAPICO or “General Partner"), a California limited liability company and National Partnership Investments Associates II, a California limited partnership. The business of the Partnership is conducted primarily by NAPICO. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust.

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

The Partnership shall be dissolved only upon the expiration of 50 complete calendar years (December 31, 2033) from the date of the formation of the Partnership or the occurrence of various other events as specified in the Partnership Agreement.

Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partners will be entitled to a liquidation fee as stipulated in the Partnership Agreement. The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. No such fees were accrued or paid during the years ended December 31, 2013 and 2012.

Basis of Presentation

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

Principles of Consolidation

These consolidated financial statements include the accounts of Real Estate Associates Limited VII and Real Estate Associates IV (“REA IV”), a California general partnership in which the Partnership holds 99 percent of the general partner interest. Losses in excess of the minority investment that would otherwise be attributed to the non-controlling interest are being allocated to the Partnership.

Use of Estimates

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

Method of Accounting for Investments in Local Limited Partnership

The investments in Local Limited Partnerships were accounted for using the equity method.

Abandonment of Limited Partnership Interests

In 2013 and 2012, the number of Limited Partnership Interests decreased by 130 and 64 interests, respectively, due to limited partners abandoning their interests. At December 31, 2013 and 2012, the Partnership had outstanding 15,055.50 and 15,185.50 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment.

Net Income (Loss) Per Limited Partnership Interest

Net income (loss) per limited partnership interest was computed by dividing the limited partners’ share of net income (loss) by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 15,185.50 and 15,249.50 for the years ended December 31, 2013 and 2012, respectively.

Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand and in bank accounts. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balance at December 31, 2012 was maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account. In 2013 the affiliated management company maintained separate cash accounts with an FDIC insured bank for each of its affiliated entities including REAL VII.

Impairment of Long-Lived Assets

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

Segment Reporting

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

Fair Value of Financial Instruments

ASC Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. The notes payable and amounts due for partnership interests are collateralized by the Partnership’s investment in two Local Limited Partnerships and are payable only out of cash distributions from the Local Limited Partnerships. The operations generated by the Local Limited Partnerships, which account for the Partnership’s primary source of revenues, are subject to various government rules, regulations and restrictions which make it impracticable to estimate the fair value of the notes and related accrued interest payable. At December 31, 2013, the Partnership believes that the carrying amount of its other assets and liabilities reported on the consolidated balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Variable Interest Entities

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

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

At December 31, 2013 and 2012, the Partnership held variable interests in zero and three 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 Limited Partnerships, that the general partner of each of the Local Limited Partnerships is the primary beneficiary of the respective Local Limited Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The Partnership was involved with the 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 the VIEs, which were zero at December 31, 2013 and 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Going Concern

During fiscal year 2012, the Partnership continued to generate recurring operating losses. In addition, the Partnership was in default on notes payable and related accrued interest payable that matured between December 1999 and December 2004.

Two of the Partnership's three remaining investments at December 31, 2012 involved purchases of partnership interests from partners who subsequently withdrew from the operating partnership. As of December 31, 2012, the Partnership was obligated for non-recourse notes payable of approximately $2,341,000 to the sellers of the partnership interests, bearing interest at 9.5 to 10 percent. Total outstanding accrued interest was approximately $5,750,000 at December 31, 2012. These obligations and the related interest were collateralized by the Partnership's investments in the local limited partnerships (the “Local Limited Partnerships”) and were payable only out of cash distributions from the Local Limited Partnerships, as defined in the notes. Unpaid interest was due at maturity of the notes. Both of the notes payable had matured and remained unpaid at December 31, 2012.

No payments were made on the notes payable during the year ended December 31, 2012. The Partnership had agreements with the non-recourse note holder for the two 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. These sales were expected to close during 2013.

As a result of the above, there was substantial doubt about the Partnership's ability to continue as a going concern. The Partnership’s previous independent registered public accounting firm included an explanatory paragraph in their audit report for the Partnership’s 2012 consolidated financial statements that indicated there was uncertainty that the Partnership would continue as a going concern.

As of December 31, 2013, the Partnership's independent registered public accounting firm issued an unqualified opinion that did not include an explanatory paragraph with respect to going concern uncertainty.

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

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

Dec. 31, 2013

Policies

Segment Reporting
Segment Reporting

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

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

Dec. 31, 2013

Policies

Variable Interest Entities
Variable Interest Entities

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

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

At December 31, 2013 and 2012, the Partnership held variable interests in zero and three 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 Limited Partnerships, that the general partner of each of the Local Limited Partnerships is the primary beneficiary of the respective Local Limited Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The Partnership was involved with the 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 the VIEs, which were zero at December 31, 2013 and 2012. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

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

Dec. 31, 2013

Notes

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

As of December 31, 2013 and 2012, the Partnership holds limited partnership interests in zero and one Local Limited Partnerships, respectively, and a general partner interest in REA IV which, in turn, holds limited partnership interests in zero and two additional Local Limited Partnerships, respectively; therefore, the Partnership holds interests, either directly or indirectly through REA IV, in zero and three Local Limited Partnerships, respectively. The other general partner of REA IV is NAPICO. The Local Limited Partnerships owned residential low income rental projects consisting of 302 apartment units 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 Limited Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Limited Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Limited Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Limited Partnerships based upon its respective ownership percentage of 99%. Distributions of surplus cash from operations from most of the Local Limited Partnerships are restricted by the Local Limited Partnerships’ Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”). These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Limited Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Limited Partnerships’ partnership agreements. These agreements usually limit the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Limited Partnership.

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

At times, advances are made to the Local Limited Partnerships. Advances made by the Partnership to the individual Local Limited Partnerships are considered part of the Partnership's investment in limited partnerships. Advances made to Local Limited Partnerships for which the investment has been reduced to zero are charged to expense. During the year ended December 31, 2012, the Partnership advanced approximately $41,000 to six Local Limited Partnerships, Oakwood Park Apartments I, Oakwood Park Apartments II, Birch Manor I, Birch Manor II, Richards Park and Ivywood, to fund tax payments associated with the sales of the underlying properties. These amounts are included in advances made to Local Limited Partnerships recognized as expense for the year ended December 31, 2012.

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

The Partnership has no carrying value in investments in Local Limited Partnerships as of December 31, 2013 and 2012.

On February 2, 2012, Oakwood Park Apartments I and Oakwood Park Apartments II each sold their respective investment properties to the holder of the Local Limited Partnership’s non-recourse notes payable in exchange for (i) full satisfaction of non-recourse notes payable due to an affiliate of the purchaser and (ii) the sum of one dollar with respect to each property. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in either Oakwood Park Apartments I or Oakwood Park Apartments II at the date of the sale.

On March 9, 2012, Birch Manor I sold its investment property to the holder of the Local Limited Partnership’s non-recourse note payable in exchange for (i) full satisfaction of the Local Limited Partnership’s non-recourse note payable due to an affiliate of the purchaser and (ii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Birch Manor I at the date of the sale.

On March 27, 2012, the Partnership assigned its limited partnership interest in Arkansas City and Oakview to a third party for a total of $3,000. This amount was recognized as gain on sale of interests in Local Limited Partnerships for the year ended December 31, 2012, as the Partnership had no investment balance remaining in either Arkansas City or Oakview at the date of the assignment.

On April 11, 2012, Oak Hill sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in “Note 3”) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Oak Hill at the date of the sale.

On April 17, 2012, Richards Park sold its investment property to the holder of the Local Limited Partnership’s non-recourse note payable in exchange for (i) full satisfaction of the Local Limited Partnership’s non-recourse note payable due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Richards Park at the date of the sale.

On May 11, 2012, Yorkview sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in “Note 3”) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of $150,000. After payment of closing costs, the Partnership received a distribution from the sale of Yorkview of $105,000, approximately $50,000 of which was received as a deposit during the year ended December 31, 2011. This amount was recognized as a distribution in excess of investment in Local Limited Partnership during the year ended December 31, 2012. The Partnership had no investment balance remaining in Yorkview at the date of the sale.

On May 11, 2012, Mount Union sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in “Note 3”) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale of the property. The Partnership had no investment balance remaining in Mount Union at the date of the sale.

On May 16, 2012, Birch Manor II sold its investment property to the holder of the Local Limited Partnership’s non-recourse note payable in exchange for (i) full satisfaction of the Local Limited Partnership’s non-recourse note payable due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Birch Manor II at the date of the sale.

On May 17, 2012, Bellair Manor sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in “Note 3”) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Bellair Manor at the date of the sale.

On May 23, 2012, the Partnership assigned its limited partnership interests in Jasper, Pachuta and Shubuta to an affiliate of the Local Operating General Partner for a total of $66,000. This amount was recognized as gain on sale of interests in Local Limited Partnerships for the year ended December 31, 2012, as the Partnership had no investment balance remaining in Jasper, Pachuta or Shubuta at the date of the assignment.

On August 14, 2012, Ivywood sold its investment property to the holder of the non-recourse note payable in exchange for (i) full satisfaction of the non-recourse note payable (as discussed in “Note 3”) due to an affiliate of the purchaser, (ii) the assumption of the outstanding mortgage loan encumbering the property, and (iii) the sum of one dollar. The Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in Ivywood at the date of the sale.

On October 29, 2012, the Partnership assigned its limited partnership interest in Aristocrat Manor to an affiliate of the Local Operating General Partner for $5,000 and the assumption of the non-recourse note payable (as discussed in “Note 4”) by an affiliate of the Local Operating General Partner. The proceeds received were recorded as gain on sale of interest in Local Limited Partnership for the year ended December 31, 2012, as the Partnership had no investment balance remaining in Aristocrat Manor at the date of the assignment. In connection with the sale, the Partnership’s non-recourse note payable of approximately $1,400,000 and associated accrued interest of approximately $3,837,000 were extinguished.

On May 6, 2013, the Partnership assigned its limited partnership interest in Bluewater Limited Dividend Housing Association (“Bluewater”) to an affiliate of the Local Operating General Partner. The Partnership had no investment balance remaining in Bluewater at December 31,2013 and 2012.

On September 17, 2013, the Partnership assigned its limited partnership interest in Tradewinds East to an affiliate of the Operating General Partner. The Partnership received no proceeds from the transaction. The Partnership's investment balance in this local partnership was zero at both December 31, 2013 and 2012.

On December 27, 2013, the Partnership sold the limited partnership interests it held in Newton Apartments for $5,000. The Partnership's investment balance in this local partnership was zero at both December 31, 2013 and 2012.

As of December 31, 2013 and 2012, the Partnership recorded gains from sale of Partnership interests of approximately $5,000 and $74,000, and gains of extinguishment of debt of approximately $8,204,000 and $13,602,000.

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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
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Management fees - General Partner $ 48 $ 180

General and administrative 21 25

Legal and accounting 47 112

Interest 114 408

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Distribution in excess of investment in Local Limited Partnership 105

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Net Income (Loss) allocated to general partners (1%) 79 130

Net Income (Loss) allocated to limited partners (99%) $ 7,900 $ 12,885

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

Dec. 31, 2013

Policies

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

The investments in Local Limited Partnerships were accounted for using the equity method.

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Document and Entity Information (USD $)
12 Months Ended

Dec. 31, 2013

Jun. 30, 2013

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

Dec. 31, 2013

Policies

Abandonment of Limited Partnership Interests
Abandonment of Limited Partnership Interests

In 2013 and 2012, the number of Limited Partnership Interests decreased by 130 and 64 interests, respectively, due to limited partners abandoning their interests. At December 31, 2013 and 2012, the Partnership had outstanding 15,055.50 and 15,185.50 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment.

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Consolidated Statement of Changes in Partners' Equity (Deficit) (USD $)
In Thousands

General Partners

Limited Partners

Total

Partners' capital equity (deficit), beginning balance at Dec. 31, 2011 $ (526) $ (19,618) $ (20,144)

Net Income (Loss) 130 12,885 13,015

Partners' capital equity (deficit), ending balance at Dec. 31, 2012 (396) (6,733) (7,129)

Net Income (Loss) 79 7,900 7,979

Partners' capital equity (deficit), ending balance at Dec. 31, 2013 $ (317) $ 1,167 $ 850

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Note 7 - Subsequent Event
12 Months Ended

Dec. 31, 2013

Notes

Note 7 - Subsequent Event
Note 7 - Subsequent Events

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

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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

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Note 6 - Contingencies
12 Months Ended

Dec. 31, 2013

Notes

Note 6 - Contingencies
Note 6 - Contingencies

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

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The entire disclosure for commitments and contingencies.

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

Dec. 31, 2013

Policies

Fair Value of Financial Instruments
Fair Value of Financial Instruments

ASC Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. The notes payable and amounts due for partnership interests are collateralized by the Partnership’s investment in two Local Limited Partnerships and are payable only out of cash distributions from the Local Limited Partnerships. The operations generated by the Local Limited Partnerships, which account for the Partnership’s primary source of revenues, are subject to various government rules, regulations and restrictions which make it impracticable to estimate the fair value of the notes and related accrued interest payable. At December 31, 2013, the Partnership believes that the carrying amount of its other assets and liabilities reported on the consolidated balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

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Disclosure of accounting policy for determining the fair value of financial instruments.

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

Dec. 31, 2013

Policies

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

Net income (loss) per limited partnership interest was computed by dividing the limited partners’ share of net income (loss) by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 15,185.50 and 15,249.50 for the years ended December 31, 2013 and 2012, respectively.

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

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

Dec. 31, 2013

Policies

Principles of Consolidation
Principles of Consolidation

These consolidated financial statements include the accounts of Real Estate Associates Limited VII and Real Estate Associates IV (“REA IV”), a California general partnership in which the Partnership holds 99 percent of the general partner interest. Losses in excess of the minority investment that would otherwise be attributed to the non-controlling interest are being allocated to the Partnership.

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Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

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

Dec. 31, 2013

Policies

Organization
Organization

The Partnership was formed under the California Limited Partnership Act on May 24, 1983. The Partnership was formed to invest primarily in other limited partnerships or joint ventures which own and operate primarily federal, state or local government-assisted housing projects. The general partners of the Partnership are National Partnership Investments, LLC ("NAPICO or “General Partner"), a California limited liability company and National Partnership Investments Associates II, a California limited partnership. The business of the Partnership is conducted primarily by NAPICO. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust.

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

The Partnership shall be dissolved only upon the expiration of 50 complete calendar years (December 31, 2033) from the date of the formation of the Partnership or the occurrence of various other events as specified in the Partnership Agreement.

Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partners will be entitled to a liquidation fee as stipulated in the Partnership Agreement. The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect. The general partners' fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. No such fees were accrued or paid during the years ended December 31, 2013 and 2012.

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The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).

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

Dec. 31, 2013

Policies

Basis of Presentation
Basis of Presentation

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

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

Dec. 31, 2013

Policies

Use of Estimates
Use of Estimates

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

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

Dec. 31, 2013

Policies

Impairment of Long-lived Assets

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

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

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Note 5 - Income Taxes: Reconciliation between the Partnership's reported net income and the net income (loss) per tax return (Tables)
12 Months Ended

Dec. 31, 2013

Tables/Schedules

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

Years Ended December 31,

2013

2012

Net income (loss) per financial statements

$ 7,979

$ 13,015

Other

213

458

Gain on sale and assignment of interests in

2,462

Local Limited Partnerships

1,973

Gain on extinguishment of debt

(6,075)

(13,609)

Partnership’s share of Local Limited Partnership

--

7,890

Net income per tax return

$ 4,090

$ 10,216

Net income per limited partnership interest

$269.34

$1,305.32

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

Dec. 31, 2013

Dec. 31, 2012

Cash flows from operating activities:

Net Income (Loss) $ 7,979 $ 13,015

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

Gain (loss) on sale of interests in Local Limited Partnerships (5) (74)

Distribution from sale of Local Limited Partnership property recognized as income (loss) (105)

Gain (loss) on Extinguishment of Debt (8,204) (13,602)

Changes in accounts:

Change in Accounts Receivables - limited partners (209)

Change in Accrued interest payable 113 408

Change in Accounts payable and accrued expenses (61) 43

Net cash used in operating activities (387) (315)

Cash flows from investing activities:

Proceeds from sale of interests in Local Limited Partnerships 5 74

Distribution from sale of Local Limited Partnership property 0 55

Net cash provided by (used in) investing activities 5 129

Net decrease in cash and cash equivalents (382) (186)

Cash and cash equivalents, beginning of period 992 1,178

Cash and cash equivalents, end of period $ 610 $ 992

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Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.

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Note 5 - Income Taxes
12 Months Ended

Dec. 31, 2013

Notes

Note 5 - Income Taxes
Note 5 - Income Taxes

The Partnership is not taxed on its income. The partners are taxed in their individual capacities based upon their distributive share of the Partnership's taxable income or loss and are allowed the benefits to be derived from off-setting their distributive share of the tax losses against taxable income from other sources subject to passive loss limitations. The taxable income or loss differs from amounts

included in the consolidated statements of operations because different methods are used in determining the losses of the Local Limited Partnerships as discussed below. The tax loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.

A reconciliation is as follows (in thousands, except per limited partnership interest data):

Years Ended December 31,

2013

2012

Net income (loss) per financial statements

$ 7,979

$ 13,015

Other

213

458

Gain on sale and assignment of interests in

2,462

Local Limited Partnerships

1,973

Gain on extinguishment of debt

(6,075)

(13,609)

Partnership’s share of Local Limited Partnership

--

7,890

Net income per tax return

$ 4,090

$ 10,216

Net income per limited partnership interest

$269.34

$1,305.32

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

December 31,

2013

2012

Net deficit as reported

$ 850

$ (7,129)

Add (deduct):

Deferred offering costs

5,091

5,091

Investment in Local Limited Partnerships

--

(1,797)

Accrued interest

--

5,808

Other

107

(15)

Net asset (deficit) – Federal tax basis

$ 6,048

$ 1,958

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12 Months Ended

Dec. 31, 2013

Tables/Schedules

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

December 31,

2013

2012

Net deficit as reported

$ 850

$ (7,129)

Add (deduct):

Deferred offering costs

5,091

5,091

Investment in Local Limited Partnerships

--

(1,797)

Accrued interest

--

5,808

Other

107

(15)

Net asset (deficit) – Federal tax basis

$ 6,048

$ 1,958

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

Dec. 31, 2013

Policies

Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand and in bank accounts. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balance at December 31, 2012 was maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account. In 2013 the affiliated management company maintained separate cash accounts with an FDIC insured bank for each of its affiliated entities including REAL VII.

X

- Definition

Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.

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Note 2 - Investments in and Advances To Local Limited Partnerships (Details) (USD $)	12 Months Ended
	Dec. 31, 2013
Oakwood Park Apartments I and Oakwood Park Apartments II
Proceeds from sale of limited partnership interest	$ 0
Investment Balance	0
Birch Manor I
Proceeds from sale of limited partnership interest	0
Investment Balance	0
Oak Hill
Proceeds from sale of limited partnership interest	0
Investment Balance	0
Richards Park
Proceeds from sale of limited partnership interest	0
Investment Balance	0
Yorkview
Proceeds from sale of limited partnership interest	105,000
Investment Balance	0
Mount Union
Proceeds from sale of limited partnership interest	0
Investment Balance	0
Birch Manor II
Proceeds from sale of limited partnership interest	0
Investment Balance	0
Bellair Manor
Proceeds from sale of limited partnership interest	0
Investment Balance	0
Ivywood
Proceeds from sale of limited partnership interest	0
Investment Balance	0
Tradewinds East
Proceeds from sale of limited partnership interest	0
Newton Apartments
Proceeds from sale of limited partnership interest	$ 5,000

Note 1 - Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Details
Number of limited partnership interests	15,185.50	15,249.50

Note 3 - Notes Payable (Details) (USD $)	12 Months Ended
Note 3 - Notes Payable (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Details
Repayments of Debt	$ 0	$ 0

Note 5 - Income Taxes: Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Details
Net Assets (Liabilities) as reported	$ 850	$ (7,129)
Assets Reconciliation - Deferred Offering Costs	5,091	5,091
Investment in Local Limited Partnerships		(1,797)
Assets Reconciliation - Accrued Interest		5,808
Assets Reconciliation, Other	107	(15)
Net assets (liabilities) - Federal tax basis	$ 6,048	$ 1,958

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 610	$ 992
Receivables - limited partners	266	57
Total assets	876	1,049
Liabilities
Notes payable, in default		2,341
Accrued interest payable, in default		5,750
Accounts payable and accrued expenses	26	87
Total liabilities	26	8,178
Partners' Capital Equity (Deficit):
General partners	(317)	(396)
Limited partners	1,167	(6,733)
Total partners' capital equity (deficit)	850	(7,129)
Total liabilities and partners' capital equity (deficit)	$ 876	$ 1,049

Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Operating Expenses:
Management fees - General Partner	$ 48	$ 180
General and administrative	21	25
Legal and accounting	47	112
Interest	114	408
Total operating expenses	230	725
Income (Loss) from partnership operations	(230)	(725)
Gain (loss) on sale of interests in Local Limited Partnerships	5	74
Distribution in excess of investment in Local Limited Partnership		105
Advances to Local Limited Partnerships recognized as expense		(41)
Gain (loss) on Extinguishment of Debt	8,204	13,602
Net Income (Loss)	7,979	13,015
Net Income (Loss) allocated to general partners (1%)	79	130
Net Income (Loss) allocated to limited partners (99%)	$ 7,900	$ 12,885
Net Income (Loss) per limited partnership interest	$ 520.23	$ 844.95

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2013	Jun. 30, 2013
Document and Entity Information:
Entity Registrant Name	REAL ESTATE ASSOCIATES LTD VII
Document Type	10-K
Document Period End Date	Dec. 31, 2013
Amendment Flag	false
Entity Central Index Key	0000722648
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	15,055.5
Entity Public Float		$ 0
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY

Consolidated Statement of Changes in Partners' Equity (Deficit) (USD $) In Thousands	General Partners	Limited Partners	Total
Partners' capital equity (deficit), beginning balance at Dec. 31, 2011	$ (526)	$ (19,618)	$ (20,144)
Net Income (Loss)	130	12,885	13,015
Partners' capital equity (deficit), ending balance at Dec. 31, 2012	(396)	(6,733)	(7,129)
Net Income (Loss)	79	7,900	7,979
Partners' capital equity (deficit), ending balance at Dec. 31, 2013	$ (317)	$ 1,167	$ 850

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net Income (Loss)	$ 7,979	$ 13,015
Adjustments to reconcile Net Income (Loss) to net cash used in operating activities:
Gain (loss) on sale of interests in Local Limited Partnerships	(5)	(74)
Distribution from sale of Local Limited Partnership property recognized as income (loss)		(105)
Gain (loss) on Extinguishment of Debt	(8,204)	(13,602)
Changes in accounts:
Change in Accounts Receivables - limited partners	(209)
Change in Accrued interest payable	113	408
Change in Accounts payable and accrued expenses	(61)	43
Net cash used in operating activities	(387)	(315)
Cash flows from investing activities:
Proceeds from sale of interests in Local Limited Partnerships	5	74
Distribution from sale of Local Limited Partnership property	0	55
Net cash provided by (used in) investing activities	5	129
Net decrease in cash and cash equivalents	(382)	(186)
Cash and cash equivalents, beginning of period	992	1,178
Cash and cash equivalents, end of period	$ 610	$ 992