Related Party Disclosures

3 Months Ended

Mar. 31, 2012

Related Party Disclosures

Related Party Transactions Disclosure [Text Block]

NOTE 4 – TRANSACTIONS WITH AFFILIATED PARTIES

Under the terms of the Restated Certificate and Agreement of the Limited Partnership, the Partnership is obligated to pay to the general partners an annual management fee equal to 0.5 percent of the Partnership’s original remaining invested assets of the Local Limited Partnerships at the beginning of the year. Invested assets is defined as the costs of acquiring project interests including the proportionate amount of the mortgage loans related to the Partnership's interests in the capital accounts of the respective Local Limited Partnerships. Approximately $7,000 and $23,000 for the period from January 1 to January 31, 2012 and the three months ended March 31, 2011, respectively, have been expensed. At December 31, 2011, approximately $694,000 of such fees were unpaid and are included in accrued fees due to affiliates. During the period from February 1 to March 31, 2012, the Partnership paid approximately $157,000 of management fees with proceeds from the sale of its limited partnership interest in Oshtemo Limited Dividend Housing Association.

As of January 31, 2012 and December 31, 2011, the accrued fees due to the Corporate General Partner exceeded the Partnership’s cash. The Partnership Agreement provides that the fees and advances due to the Corporate General Partner may only be paid from the Partnership’s available cash. Prior to the adoption of liquidation basis, the Partnership had accrued fees due to affiliates of approximately $701,000. As the balance of the accrued fees exceeded the amount of proceeds received from the January 2012 sale of the Partnership’s last remaining investment, the Partnership will be unable to repay the entire balance of accrued fees due to the Corporate General Partner and therefore adjusted the balance to $157,000, its estimated settlement value. As noted above, the remaining $157,000 was paid in February 2012.

Pursuant to the Partnership Agreement, AIMCO Properties, L.P., an affiliate of the Corporate General Partner, advanced the Partnership approximately $12,000 during the three months ended March 31, 2011 to fund partnership operating expenses. There were no advances made during the three months ended March 31, 2012. AIMCO Properties, L.P. charged interest on advances under the terms permitted by the Partnership Agreement.  The advances bore interest at the prime rate plus 2%. Interest expense for both the period from January 1 to January 31, 2012 and the three months ended March 31, 2011 was approximately $1,000. At December 31, 2011, the total advances and accrued interest due to AIMCO Properties, L.P. was approximately $117,000. During the three months ended March 31, 2012, the Partnership repaid the entire balance of approximately $118,000 of advances and accrued interest with proceeds from the sale of its limited partnership interest in Oshtemo Limited Dividend Housing Association.

An affiliate of NAPICO was the property manager for one of the Local Limited Partnerships. During the three months ended March 31, 2011, affiliates of the Corporate General Partner were paid approximately $6,000 for providing property management services.